Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Oct. 31, 2013 | Mar. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'GRIFFON CORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 59,023,635 | ' |
Entity Public Float | ' | ' | $527,000,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000050725 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and equivalents | $178,130 | $209,654 |
Accounts receivable, net of allowances of $6,136 and $5,433 | 256,215 | 239,857 |
Contract costs and recognized income not yet billed, net of progress payments of $6,941 and $3,748 | 109,828 | 70,777 |
Inventories, net | 230,120 | 257,868 |
Prepaid and other current assets | 48,903 | 47,472 |
Assets of discontinued operations | 1,214 | 587 |
Total Current Assets | 824,410 | 826,215 |
PROPERTY, PLANT AND EQUIPMENT, net | 353,593 | 356,879 |
GOODWILL | 357,730 | 358,372 |
INTANGIBLE ASSETS, net | 221,391 | 230,473 |
OTHER ASSETS | 28,580 | 31,317 |
ASSETS OF DISCONTINUED OPERATIONS | 3,075 | 2,936 |
Total Assets | 1,788,779 | 1,806,192 |
CURRENT LIABILITIES | ' | ' |
Notes payable and current portion of long-term debt | 10,768 | 17,703 |
Accounts payable | 163,610 | 141,704 |
Accrued liabilities | 106,743 | 110,337 |
Liabilities of discontinued operations | 3,288 | 3,639 |
Total Current Liabilities | 284,409 | 273,383 |
LONG-TERM DEBT, net of debt discount of $13,246 and $16,607 | 678,487 | 681,907 |
OTHER LIABILITIES | 170,675 | 193,107 |
LIABILITIES OF DISCONTINUED OPERATIONS | 4,744 | 3,643 |
Total Liabilities | 1,138,315 | 1,152,040 |
COMMITMENTS AND CONTINGENCIES - See Note 14 | ' | ' |
SHAREHOLDERS’ EQUITY | ' | ' |
Preferred stock, par value $0.25 per share, authorized 3,000 shares, no shares issued | 0 | 0 |
Common stock, par value $0.25 per share, authorized 85,000 shares, issued 77,616 shares and 76,509 shares | 19,404 | 19,127 |
Capital in excess of par value | 494,412 | 482,009 |
Retained earnings | 434,363 | 436,421 |
Treasury shares, at cost, 18,527 common shares and 15,621 common shares | -274,602 | -242,081 |
Accumulated other comprehensive loss | -3,339 | -19,559 |
Deferred compensation | -19,774 | -21,765 |
Total Shareholders’ Equity | 650,464 | 654,152 |
Total Liabilities and Shareholders’ Equity | $1,788,779 | $1,806,192 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts receivable, net allowances (in Dollars) | $6,136 | $5,433 |
Contract costs, net of progress payments (in Dollars) | 6,941 | 3,748 |
Debt discount, long term debt (in Dollars) | $13,246 | $16,607 |
Preferred stock, par value (in Dollars per share) | $0.25 | $0.25 |
Preferred stock, share authorized (in Shares) | 3,000 | 3,000 |
Preferred stock, shares issued (in Shares) | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.25 | $0.25 |
Common stock, share authorized (in Shares) | 85,000 | 85,000 |
Common stock, shares issued (in Shares) | 77,616 | 76,509 |
Treasury shares (in Shares) | 18,527 | 15,621 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Revenue | $1,871,327 | $1,861,145 | $1,830,802 |
Cost of goods and services | 1,453,742 | 1,442,340 | 1,437,341 |
Gross profit | 417,585 | 418,805 | 393,461 |
Selling, general and administrative expenses | 340,469 | 341,696 | 330,369 |
Restructuring and other related charges | 13,262 | 4,689 | 7,543 |
Total operating expenses | 353,731 | 346,385 | 337,912 |
Income from operations | 63,854 | 72,420 | 55,549 |
Other income (expense) | ' | ' | ' |
Interest expense | -52,520 | -52,007 | -47,846 |
Interest income | 353 | 292 | 398 |
Loss from debt extinguishment, net | ' | ' | -26,164 |
Other, net | 2,646 | 1,236 | 3,714 |
Total other income (expense) | -49,521 | -50,479 | -69,898 |
Income (loss) before taxes | 14,333 | 21,941 | -14,349 |
Provision (benefit) for income taxes | 7,543 | 4,930 | -6,918 |
Income (loss) from continuing operations | 6,790 | 17,011 | -7,431 |
Discontinued operations: | ' | ' | ' |
Loss from operations of discontinued businesses | -4,651 | ' | ' |
Benefit from income taxes | 1,628 | ' | ' |
Loss from discontinued operations | -3,023 | ' | ' |
Net income (loss) | 3,767 | 17,011 | -7,431 |
Income (loss) from continuing operations (in Dollars per share) | $0.12 | $0.30 | ($0.13) |
Loss from discontinued operations (in Dollars per share) | ($0.06) | $0 | $0 |
Basic earnings (loss) per common share (in Dollars per share) | $0.07 | $0.30 | ($0.13) |
Weighted-average shares outstanding (in Shares) | 54,428 | 55,914 | 58,919 |
Income (loss) from continuing operations (in Dollars per share) | $0.12 | $0.30 | ($0.13) |
Loss from discontinued operations (in Dollars per share) | ($0.05) | $0 | $0 |
Diluted earnings (loss) per common share (in Dollars per share) | $0.07 | $0.30 | ($0.13) |
Weighted-average shares outstanding (in Shares) | 56,563 | 57,329 | 58,919 |
Net income (loss) | 3,767 | 17,011 | -7,431 |
Other comprehensive income (loss), net of taxes: | ' | ' | ' |
Foreign currency translation adjustments | -3,090 | -6,754 | -11,232 |
Pension amortization | 19,310 | -5,081 | -14,074 |
Total other comprehensive income (loss), net of taxes | 16,220 | -11,835 | -25,306 |
Comprehensive income (loss) | $19,987 | $5,176 | ($32,737) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | $3,767 | $17,011 | ($7,431) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Loss from discontinued operations | 3,023 | ' | ' |
Depreciation and amortization | 70,748 | 66,264 | 60,712 |
Fair value write-up of acquired inventory sold | ' | ' | 15,152 |
Stock-based compensation | 12,495 | 10,439 | 8,956 |
Asset impairment charges - restructuring | 4,316 | ' | ' |
Provision for losses on accounts receivable | 1,801 | 1,212 | 1,225 |
Amortization of deferred financing costs and debt discounts | 6,232 | 6,023 | 6,733 |
Loss from debt extinguishment, net | ' | ' | 26,164 |
Deferred income taxes | 5,075 | -2,627 | -2,749 |
(Gain) loss on sale/disposal of assets | -498 | 56 | -251 |
Change in assets and liabilities, net of assets and liabilities acquired: | ' | ' | ' |
(Increase) decrease in accounts receivable and contract costs and recognized income not yet billed | -58,026 | 27,269 | -30,593 |
(Increase) decrease in inventories | 26,887 | 9,011 | -12,803 |
(Increase) decrease in prepaid and other assets | 6,678 | -3,281 | 9,065 |
Decrease in accounts payable, accrued liabilities and income taxes payable | 652 | -46,368 | -42,604 |
Other changes, net | 2,533 | 5,121 | 3,809 |
Net cash provided by operating activities | 85,683 | 90,130 | 35,385 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Acquisition of property, plant and equipment | -64,441 | -68,851 | -87,617 |
Acquired business, net of cash acquired | ' | -22,432 | -855 |
Change in funds restricted for capital projects | ' | ' | 4,629 |
Proceeds from sale of assets | 1,573 | 309 | 1,510 |
Net cash used in investing activities | -62,868 | -90,974 | -82,333 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Dividends paid | -5,825 | -4,743 | ' |
Purchase of shares for treasury | -32,521 | -10,382 | -18,139 |
Proceeds from issuance of long-term debt | 303 | 4,000 | 674,251 |
Payments of long-term debt | -16,867 | -18,546 | -498,572 |
Change in short-term borrowings | 2,950 | -1,859 | 3,538 |
Financing costs | -833 | -97 | -21,653 |
Purchase of ESOP shares | ' | ' | -19,973 |
Exercise of stock options | ' | ' | 2,306 |
Tax effect from exercise/vesting of equity awards, net | 150 | 834 | 7 |
Other, net | 394 | 100 | 345 |
Net cash used in financing activities | -52,249 | -30,693 | 122,110 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' | ' |
Net cash used in operating activities | -2,090 | -2,801 | -962 |
Net cash used in discontinued operations | -2,090 | -2,801 | -962 |
Effect of exchange rate changes on cash and equivalents | ' | 963 | -973 |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | -31,524 | -33,375 | 73,227 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 209,654 | 243,029 | 169,802 |
CASH AND EQUIVALENTS AT END OF PERIOD | 178,130 | 209,654 | 243,029 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Cash paid for interest | 47,243 | 49,533 | 21,396 |
Cash paid for taxes | $15,665 | $8,713 | $10,219 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deferred Compensation, Share-based Payments [Member] | Total |
In Thousands | |||||||
Balance at Sep. 30, 2010 | $18,645 | $460,955 | $431,584 | ($213,560) | $17,582 | ($4,491) | $710,715 |
Balance (in Shares) at Sep. 30, 2010 | 74,580 | ' | ' | 12,466 | ' | ' | ' |
Net income (loss) | ' | ' | -7,431 | ' | ' | ' | -7,431 |
Common stock issued for options exercised | 85 | 2,425 | ' | ' | ' | ' | 2,510 |
Common stock issued for options exercised (in Shares) | 339 | ' | ' | ' | ' | ' | ' |
Tax effect from exercise/vesting of equity awards, net | ' | 7 | ' | ' | ' | ' | 7 |
Amortization of deferred compensation | ' | ' | ' | ' | ' | 668 | 668 |
Common stock acquired | ' | ' | ' | -18,139 | ' | ' | -18,139 |
Common stock acquired (in Shares) | ' | ' | ' | 1,968 | ' | ' | ' |
Equity awards granted, net | 316 | -588 | ' | ' | ' | ' | -272 |
Equity awards granted, net (in Shares) | 1,265 | ' | ' | ' | ' | ' | ' |
ESOP purchase of common stock | ' | ' | ' | ' | ' | -19,973 | -19,973 |
ESOP allocation of common stock | ' | 173 | ' | ' | ' | ' | 173 |
Stock-based compensation | ' | 8,956 | ' | ' | ' | ' | 8,956 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | -25,306 | ' | -25,306 |
Balance at Sep. 30, 2011 | 19,046 | 471,928 | 424,153 | -231,699 | -7,724 | -23,796 | 651,908 |
Balance (in Shares) at Sep. 30, 2011 | 76,184 | ' | ' | 14,434 | ' | ' | ' |
Net income (loss) | ' | ' | 17,011 | ' | ' | ' | 17,011 |
Dividend | ' | ' | -4,743 | ' | ' | ' | -4,743 |
Tax effect from exercise/vesting of equity awards, net | ' | 834 | ' | ' | ' | ' | 834 |
Amortization of deferred compensation | ' | ' | ' | ' | ' | 2,031 | 2,031 |
Common stock acquired | ' | ' | ' | -10,382 | ' | ' | -10,382 |
Common stock acquired (in Shares) | ' | ' | ' | 1,187 | ' | ' | ' |
Equity awards granted, net | 81 | -1,064 | ' | ' | ' | ' | -983 |
Equity awards granted, net (in Shares) | 325 | ' | ' | ' | ' | ' | ' |
ESOP allocation of common stock | ' | -128 | ' | ' | ' | ' | -128 |
Stock-based compensation | ' | 10,439 | ' | ' | ' | ' | 10,439 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | -11,835 | ' | -11,835 |
Balance at Sep. 30, 2012 | 19,127 | 482,009 | 436,421 | -242,081 | -19,559 | -21,765 | 654,152 |
Balance (in Shares) at Sep. 30, 2012 | 76,509 | ' | ' | 15,621 | ' | ' | ' |
Net income (loss) | ' | ' | 3,767 | ' | ' | ' | 3,767 |
Dividend | ' | ' | -5,825 | ' | ' | ' | -5,825 |
Tax effect from exercise/vesting of equity awards, net | ' | 150 | ' | ' | ' | ' | 150 |
Amortization of deferred compensation | ' | ' | ' | ' | ' | 1,991 | 1,991 |
Common stock acquired | ' | ' | ' | -32,521 | ' | ' | -32,521 |
Common stock acquired (in Shares) | ' | ' | ' | 2,906 | ' | ' | ' |
Equity awards granted, net | 277 | -472 | ' | ' | ' | ' | -195 |
Equity awards granted, net (in Shares) | 1,107 | ' | ' | ' | ' | ' | ' |
ESOP allocation of common stock | ' | 230 | ' | ' | ' | ' | 230 |
Stock-based compensation | ' | 12,495 | ' | ' | ' | ' | 12,495 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | 16,220 | ' | 16,220 |
Balance at Sep. 30, 2013 | $19,404 | $494,412 | $434,363 | ($274,602) | ($3,339) | ($19,774) | $650,464 |
Balance (in Shares) at Sep. 30, 2013 | 77,616 | ' | ' | 18,527 | ' | ' | ' |
DESCRIPTION_OF_BUSINESS_AND_SU
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||
Sep. 30, 2013 | |||
Disclosure Text Block [Abstract] | ' | ||
Business Description and Basis of Presentation [Text Block] | ' | ||
NOTE 1 — DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Description of business | |||
Griffon Corporation (the “Company” or “Griffon”) 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. Griffon, to further diversify, also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital. | |||
Headquartered in New York, N.Y., the Company was founded in 1959 and is incorporated in Delaware. Griffon is listed on the New York Stock Exchange and trades under the symbol GFF. | |||
Griffon currently conducts its operations through three segments: | |||
· | Home & Building Products (“HBP”) consists of two companies, Ames True Temper, Inc (“ATT”) and Clopay Building Products (“CBP”): | ||
- | ATT, acquired by Griffon on September 30, 2010, is a global provider of non-powered landscaping products that make work easier for homeowners and professionals. | ||
- | CBP is a leading manufacturer and marketer of residential, commercial and industrial garage doors to professional installing dealers and major home center retail chains. | ||
· | Telephonics Corporation (“Telephonics”) designs, develops and manufactures high-technology integrated information, communication and sensor system solutions to military and commercial markets worldwide. | ||
· | Clopay Plastic Products Company (“Plastics”) is an international leader in the development and production of embossed, laminated and printed specialty plastic films used in a variety of hygienic, health-care and industrial applications. | ||
Consolidation | |||
The consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. | |||
Earnings (Loss) per share | |||
Due to rounding, the sum of earnings per share of Continuing operations and Discontinued operations may not equal earnings per share of Net income. | |||
Discontinued operations – Installation Services | |||
In 2008, as a result of the downturn in the residential housing market, Griffon exited substantially all operating activities of its Installation Services segment which sold, installed and serviced garage doors and openers, fireplaces, floor coverings, cabinetry and a range of related building products, primarily for the new residential housing market. Operating results of substantially all of this segment have been reported as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income (Loss) for all periods presented; the Installation Services segment is excluded from segment reporting. | |||
At September 30, 2013, Griffon’s assets and liabilities for discontinued operations primarily related to income taxes and product liability, warranty and environmental reserves. | |||
Reclassifications and adoption of new accounting guidance | |||
Certain amounts in prior years have been reclassified to conform to the current year presentation. | |||
Use of estimates | |||
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, percentage of completion method of accounting, pension assumptions, useful lives associated with depreciation and amortization of intangible and fixed assets, warranty reserves, sales incentive accruals, stock based compensation assumptions, income taxes and tax valuation reserves, environmental reserves, legal reserves, insurance reserves and the valuation of discontinued assets and liabilities, 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. | |||
Cash and equivalents | |||
Griffon considers all highly liquid investments purchased with an initial maturity of three months or less to be cash equivalents. Cash equivalents primarily consist of overnight commercial paper, highly-rated liquid money market funds backed by U.S. Treasury securities and U.S. Agency securities, as well as insured bank deposits. Griffon had cash in non-U.S. bank accounts of approximately $21,400 and $15,900 at September 30, 2013 and 2012, respectively. Substantially all U.S. cash and equivalents are covered by government insurance or backed by government securities. Griffon regularly evaluates the financial stability of all institutions and funds that hold its cash and equivalents. | |||
Fair value of financial instruments | |||
The carrying values of cash and equivalents, accounts receivable, accounts and notes payable and revolving credit 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 debt is based upon current market rates. | |||
The fair values of Griffon’s 2018 senior notes and 2017 4% convertible notes approximated $583,000 and $112,600, respectively, on September 30, 2013. Fair values were based upon quoted market prices (level 1 inputs). | |||
Insurance contracts with a value of $3,789 and $4,183 and trading securities with a value of $1,194 and $697 at September 30, 2013 and 2012, respectively, are measured and recorded at fair value based upon quoted prices in active markets for identical assets (level 2 inputs) and are included in Other current assets on the consolidated balance sheet. | |||
Items Measured at Fair Value on a Recurring Basis | |||
In the normal course of business, Griffon’s operations are exposed to the effect of changes in foreign currency exchange rates. In order to manage these risks, Griffon may enter into various derivative contracts such as foreign currency exchange contracts, including forwards and options. During 2013, Griffon entered into several such contracts in order to lock into a foreign currency rate for planned settlements of inter-company liabilities payable in USD. At inception, these hedges were all deemed effective as cash flow hedges with gains and losses related to changes in fair value deferred and recorded in Other comprehensive income (loss) and Prepaid and other current assets until settlement. Upon settlement, gains and losses were recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss) as Other income. A gain of $81 was recorded in Other Income in 2013 for the settled contacts and there were 0 unsettled contracts that qualify for hedge accounting as of September 30, 2013. | |||
At September 30, 2013, Griffon had $750 of Australian dollar contracts at a weighted average rate of $1.07. The contracts, which protect Australia operations from currency fluctuations for U.S. dollar based purchases, do not qualify for hedge accounting and a fair value loss of $46 was recorded in Accrued liabilities and to Other income, net for the outstanding contracts, based on similar contract values (level 2 inputs), for the year ended September 30, 2013, respectively. All contracts expire in 15 to 90 days. | |||
Pension plan assets with a fair value of $153,731 at September 30, 2013, are measured and recorded at fair value based upon quoted prices in active markets for identical assets (level 1 inputs), quoted market prices for similar assets (level 2 inputs) and derived from audited financial statements (level 3 inputs). | |||
Non-U.S. currency translation | |||
Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted average exchange rates. Adjustments resulting from currency translation have been recorded in the equity section of the balance sheet in Accumulated other comprehensive loss as cumulative translation adjustments. Cumulative translation adjustments were $20,113 and $23,202 at September 30, 2013 and 2012, respectively. Assets and liabilities of an entity that are denominated in currencies other than that entity’s functional currency are remeasured into the functional currency using period end exchange rates, or historical rates where applicable to certain balances. Gains and losses arising on remeasurements are recorded within the Consolidated Statement of Operations and Comprehensive Income (Loss) as a component of Other income (expense). | |||
Revenue recognition | |||
Revenue is recognized when the following circumstances are satisfied: a) persuasive evidence of an arrangement exists, b) delivery has occurred, title has transferred or services are rendered, c) price is fixed and determinable and d) collectability is reasonably assured.Goods are sold on terms which transfer title and risk of loss at a specified location. Revenue recognition from product sales occurs when all factors are met, including transfer of title and risk of loss, which occurs either upon shipment or upon receipt by customers at the location specified in the terms of sale. Other than standard product warranty provisions, sales arrangements provide for no other significant post-shipment obligations. From time to time and for certain customers, rebates and other sales incentives, promotional allowances or discounts are offered, typically related to customer purchase volumes, all of which are fixed or determinable and are classified as a reduction of revenue and recorded at the time of sale. Griffon provides for sales returns allowances based upon historical returns experience. | |||
Telephonics earns a substantial portion of its revenue as either a prime or subcontractor from contract awards with the U.S. Government, as well as non-U.S. governments and other commercial customers. These formal contracts are typically long-term in nature, usually greater than one year. Revenue and profits from these long-term fixed price contracts are recognized under the percentage-of-completion method of accounting. Revenue and profits on fixed-price contracts that contain engineering as well as production requirements are recorded based on the ratio of total actual incurred costs to date to the total estimated costs for each contract (cost-to-cost method). Using the cost-to-cost method, revenue is recorded at amounts equal to the ratio of actual cumulative costs incurred divided by total estimated costs at completion, multiplied by the total estimated contract revenue, less the cumulative revenue recognized in prior periods. The profit recorded on a contract using this method is equal to the current estimated total profit margin multiplied by the cumulative revenue recognized, less the amount of cumulative profit previously recorded for the contract in prior periods. As this method relies on the substantial use of estimates, these projections may be revised throughout the life of a contract. Components of this formula and ratio that may be estimated include gross profit margin and total costs at completion. The cost performance and estimates to complete on long-term contracts are reviewed, at a minimum, on a quarterly basis, as well as when information becomes available that would necessitate a review of the current estimate. Adjustments to estimates for a contract’s estimated costs at completion and estimated profit or loss often are required as experience is gained, and as more information is obtained, even though the scope of work required under the contract may or may not change, or if contract modifications occur. The impact of such adjustments or changes to estimates is made on a cumulative basis in the period when such information has become known. Gross profit is affected by a variety of factors, including the mix of products, systems and services, production efficiencies, price competition and general economic conditions. | |||
Revenue and profits on cost-reimbursable type contracts are recognized as allowable costs, and are incurred on the contract at an amount equal to the allowable costs plus the estimated profit on those costs. The estimated profit on a cost-reimbursable contract may be fixed or variable based on the contractual fee arrangement. Incentive and award fees on these contracts are recorded as revenue when the criteria under which they are earned are reasonably assured of being met and can be estimated. | |||
For contracts whose 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. | |||
Amounts representing contract change orders or claims are included in revenue only when they can be reliably estimated and their realization is probable, and are determined on a percentage-of-completion basis measured by the cost-to-cost method. | |||
From time to time, Telephonics may combine contracts if they are negotiated together, have specific requirements to combine, or are otherwise closely related. Contracts are segmented based on customer requirements. | |||
Accounts receivable, allowance for doubtful accounts and concentrations of credit risk | |||
Accounts receivable is composed principally of trade accounts receivable that arise primarily from the sale of goods or services on account and is stated at historical cost. A substantial portion of Griffon’s trade receivables are from customers of HBP, of which the largest customer is Home Depot, whose financial condition is dependent on the construction and related retail sectors of the economy. In addition, a significant portion of Griffon’s trade receivables are from one Plastics customer, P&G, whose financial condition is dependent on the consumer products and related sectors of the economy. As a percentage of consolidated accounts receivable, U.S. Government related programs were 19%, P&G was 12% and Home Depot was 10%. Griffon performs continuing evaluations of the financial condition of its customers, and although Griffon generally does not require collateral, letters of credit may be required from customers in certain circumstances. | |||
Trade receivables are recorded at the stated amount, less allowance for doubtful accounts and, when appropriate, for customer program reserves and cash discounts. The allowance represents estimated uncollectible receivables associated with potential customer defaults on contractual obligations (usually due to customers’ potential insolvency). The allowance for doubtful accounts includes amounts for certain customers where 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. The provision related to the allowance for doubtful accounts is recorded in SG&A expenses. The Company writes-off accounts receivable when they are deemed to be uncollectible. | |||
Customer program reserves and cash discounts are netted against accounts receivable when it is customer practice to reduce invoices for these amounts. The amount netted against accounts receivable in 2013 and 2012 was $6,556 and $8,653, respectively. | |||
Contract costs and recognized income not yet billed | |||
Contract costs and recognized income not yet billed consists of amounts accounted for under the percentage of completion method of accounting, 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 specified milestones or product delivery, are met. | |||
Inventories | |||
Inventories, stated at the lower of cost (first-in, first-out or average) or market, include material, labor and manufacturing overhead costs. | |||
Griffon’s businesses typically do not require inventory that is susceptible to becoming obsolete or dated. In general, Telephonics sells products in connection with programs authorized and approved under contracts awarded by the U.S. Government or agencies thereof and in accordance with customer specifications. Plastics primarily produces fabricated materials used by customers in the production of their products and these materials are produced against orders from those customers. HBP produces doors and non-powered lawn and garden tools in response to orders from customers of retailers and dealers or based on expected orders, as applicable. | |||
Property, plant and equipment | |||
Property, plant and equipment includes the historical cost of land, buildings, equipment and significant improvements to existing plant and equipment. Expenditures for maintenance, repairs and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss is recognized. | |||
Depreciation expense, which includes amortization of assets under capital leases, was $62,911, $58,216 and $52,844 for the years ended September 30, 2013, 2012 and 2011, respectively, and was calculated on a straight-line basis over the estimated useful lives of the assets. Estimated useful lives for property, plant and equipment are as follows: buildings and building improvements, 25 to 40 years; machinery and equipment, 2 to 15 years and leasehold improvements, over the term of the lease or life of the improvement, whichever is shorter. | |||
Capitalized interest costs included in Property, plant and equipment were $4,030, $2,975 and $2,250 for the years ended September 30, 2013, 2012 and 2011, respectively. The original cost of fully-depreciated property, plant and equipment remaining in use at September 30, 2013 was approximately $216,000. | |||
Goodwill and indefinite-lived intangibles | |||
Goodwill is the excess of the acquisition cost of a business over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but is subject to an annual impairment test unless during an interim period, impairment indicators, such as a significant change in the business climate, exist. | |||
Griffon performed its annual impairment testing of goodwill as of September 30, 2013. The performance of the test involves a two-step process. The first step involves comparing the fair value of Griffon’s reporting units with the reporting unit’s carrying amount, including goodwill. Griffon generally determines the fair value of its reporting units using the income approach methodology of valuation that includes the present value of expected future cash flows. This method uses market assumptions specific to Griffon’s reporting units. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, Griffon performs the second step of the goodwill impairment test to determine the amount of impairment loss. The second step compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. | |||
Griffon defines its reporting units as its three segments. | |||
Griffon used five year projections and a 3.0% terminal value to which discount rates between 9% and 11.25% were applied to calculate each unit’s fair value. To substantiate fair values derived from the income approach methodology of valuation, the implied fair value was reconciled to Griffon’s market capitalization, the results of which supported the implied fair values. Any changes in key assumptions or management judgment with respect to a reporting unit or its prospects, which may result from a decline in Griffon’s stock price, a change in market conditions, market trends, interest rates or other factors outside Griffon’s control, or significant underperformance relative to historical or project future operating results, could result in a significantly different estimate of the fair value of the reporting units, which could result in a future impairment charge. | |||
Based upon the results of the annual impairment review, it was determined that the fair value of each reporting unit substantially exceeded the carrying value of the assets, as performed under step one, and no impairment existed. | |||
Similar to goodwill, Griffon tests indefinite-lived intangible assets at least annually and when indicators of impairment exist. Griffon uses a discounted cash flow method to calculate and compare the fair value of the intangible to its book value. This method uses market assumptions specific to Griffon’s reporting units, which are reasonable and supportable. If the fair value is less than the book value of the indefinite-lived intangibles, an impairment charge would be recognized. | |||
There was 0 impairment related to any goodwill or indefinite-lived intangible assets in 2013, 2012 or 2011. | |||
Definite-lived long-lived assets | |||
Amortizable intangible assets are carried at cost less accumulated amortization. For financial reporting purposes, definite-lived intangible assets are amortized on a straight-line basis over their useful lives, generally eight to twenty-five years. Long-lived assets and certain identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. | |||
There were no indicators of impairment during the three years ending September 30, 2013. | |||
Income taxes | |||
Income taxes are accounted for under the liability method. Deferred taxes reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts. The carrying value of Griffon’s deferred tax assets is dependent upon Griffon’s ability to generate sufficient future taxable income in certain tax jurisdictions. Should Griffon determine that it is more likely than not that some portion of the deferred tax assets will not be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made. | |||
Griffon provides for uncertain tax positions and any related interest and penalties based upon Management’s assessment of whether a tax benefit is more likely than not of being sustained upon examination by tax authorities. At September 30, 2013 Griffon believes that it has appropriately accounted for all unrecognized tax benefits. As of September 30, 2013, 2012 and 2011, Griffon has recorded unrecognized tax benefits in the amount of $10,520, $11,876 and $12,910, respectively. Accrued interest and penalties related to income tax matters are recorded in the provision for income taxes. | |||
Research and development costs, shipping and handling costs and advertising costs | |||
Research and development costs not recoverable under contractual arrangements are charged to SG&A expense as incurred and amounted to $22,400, $23,600 and $23,900 in 2013, 2012 and 2011, respectively. | |||
Selling, general and administrative (“SG&A”) expenses include shipping and handling costs of $39,600 in 2013, $40,200 in 2012 and $41,600 in 2011 and advertising costs, which are expensed as incurred, of $23,000 in 2013, $22,000 in 2012 and $23,000 in 2011. | |||
Risk, retention and insurance | |||
Griffon’s property and casualty insurance programs contain various deductibles that, based on Griffon’s experience, are reasonable and customary for a company of its size and risk profile. Griffon generally maintains deductibles for claims and liabilities related primarily to workers’ compensation, general, product and automobile liability as well as property damage and business interruption losses resulting from certain events. Griffon does not consider any of the deductibles to represent a material risk to Griffon. Griffon accrues for claim exposures that are probable of occurrence and can be reasonably estimated. Insurance is maintained to transfer risk beyond the level of self-retention and provides protection on both an individual claim and annual aggregate basis. | |||
In the U.S., Griffon currently self-assumes its general and product liability claims up to $350 per occurrence and its workers’ compensation and automobile liability claims up to $250 per occurrence. Third-party insurance provides primary level coverage in excess of these deductible amounts up to certain specified limits. In addition, Griffon has excess liability insurance from third-party insurers on both an aggregate and an individual occurrence basis substantially in excess of the limits of the primary coverage. | |||
Griffon has local insurance coverage in Germany, Canada, Brazil, Australia, Turkey, China, Sweden, and Mexico. Griffon has worldwide excess coverage above these local programs. | |||
Griffon Corporation and its U.S. subsidiaries also self insures health related claims to a maximum of $300 per participant, per year. | |||
Pension benefits | |||
Griffon sponsors defined and supplemental benefit pension plans for certain active and retired employees. Annual amounts relating to these plans are recorded based on actuarial projections, which include various actuarial assumptions, including discount rates, assumed rates of return, compensation increases and turnover rates. The actuarial assumptions used to determine pension liabilities and assets, as well as pension expense, are reviewed on an annual basis when modifications to assumptions are made based on current economic conditions and trends. The expected return on plan assets is determined based on the nature of the plans’ investments and expectations for long-term rates of return. The discount rate used to measure obligations is based on a corporate bond spot-rate yield curve that matches projected future benefit payments with the appropriate spot rate applicable to the timing of the projected future benefit payments. The assumptions utilized in recording Griffon’s obligations under the defined benefit pension plans are believed to be reasonable based on experience and advice from independent actuaries; however, differences in actual experience or changes in the assumptions may materially affect Griffon’s financial position or results of operations. | |||
The U.S. components of the defined benefit plans, which excludes the supplemental and post retirement healthcare and insurance benefit plans, are frozen and have ceased accruing benefits. | |||
Newly issued but not yet effective accounting pronouncements | |||
In February 2013, the FASB issued new accounting guidance requiring enhanced disclosures for items reclassified out of accumulated other comprehensive income. The guidance does not amend any existing requirements for reporting net income or other comprehensive income in the financial statements. This guidance is effective prospectively for annual reporting periods beginning after December 15, 2012, with early adoption permitted. As this new guidance is related to presentation only, the implementation of this guidance in the first quarter of fiscal year 2014 will not have a material effect on the Company’s financial condition or results of operations. | |||
In July 2013, the FASB issued new accounting guidance requiring an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss or tax credit carryforward, except for instances when the carryforward is not available to settle any additional income taxes and an entity does not intend to use the deferred tax benefit for these purposes. In these circumstances, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This guidance is effective for the Company beginning in 2015 and is not expected to have a material impact on the Company’s financial condition or results of operations. | |||
Recently issued effective accounting pronouncements | |||
In June 2011, the FASB issued new accounting guidance requiring the presentation of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income, or in two separate but consecutive statements. The new accounting rules eliminate the option to present components of other comprehensive income as part of the statement of changes in shareholders’ equity. The new accounting rules were effective for the Company beginning in 2013 and did not have a material effect on the Company’s financial condition or results of operations and the Company presented comparable financial results. | |||
In September 2011, the FASB issued new accounting guidance that allows an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative impairment testing of goodwill and indefinite life intangibles. This guidance is effective for the Company beginning in 2013 and did not have an impact on the Company’s financial condition or results of operations. | |||
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. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||
NOTE 2 — ACQUISITIONS | |||||||||
On October 17, 2011, Griffon acquired the pots and planters business of Southern Sales & Marketing Group, Inc. (“SSMG”) for $22,432. The acquired business, which markets its products under the Southern Patio brand name (“Southern Patio”), is a leading designer, manufacturer and marketer of landscape accessories. Southern Patio, which, upon acquisition, was integrated with ATT, had revenue exceeding $40,000 in 2011. | |||||||||
The accounts of the acquired company, after adjustments to reflect fair market values assigned to assets purchased from SSMG, have been included in the consolidated financial statements from date of acquisition; acquired inventory was not significant. | |||||||||
The following table summarizes the fair values of the assets acquired as of the date of the acquisition and the amounts assigned to goodwill and intangible asset classifications: | |||||||||
Inventory | $ | 3,673 | |||||||
PP&E | 416 | ||||||||
Goodwill | 4,655 | ||||||||
Amortizable intangible assets | 11,077 | ||||||||
Indefinite life intangible assets | 2,611 | ||||||||
Total assets acquired | $ | 22,432 | |||||||
The amounts assigned to goodwill and major intangible asset classifications, all of which are tax deductible, for the Southern Patio acquisition are as follows: | |||||||||
Amortization | |||||||||
Period (Years) | |||||||||
Goodwill | $ | 4,655 | N/A | ||||||
Tradenames | 2,611 | Indefinite | |||||||
Customer relationships | 11,077 | 25 | |||||||
$ | 18,343 | ||||||||
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE 3 — INVENTORIES | |||||||||
The following table details the components of inventory: | |||||||||
At September 30, | At September 30, | ||||||||
2013 | 2012 | ||||||||
Raw materials and supplies | $ | 65,560 | $ | 63,596 | |||||
Work in process | 63,930 | 67,077 | |||||||
Finished goods | 100,630 | 127,195 | |||||||
Total | $ | 230,120 | $ | 257,868 | |||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 4 — PROPERTY, PLANT AND EQUIPMENT | |||||||||
The following table details the components of property, plant and equipment, net: | |||||||||
At September 30, | At September 30, | ||||||||
2013 | 2012 | ||||||||
Land, building and building improvements | $ | 130,905 | $ | 125,330 | |||||
Machinery and equipment | 661,094 | 622,983 | |||||||
Leasehold improvements | 35,884 | 34,890 | |||||||
827,883 | 783,203 | ||||||||
Accumulated depreciation and amortization | (474,290 | ) | (426,324 | ) | |||||
Total | $ | 353,593 | $ | 356,879 | |||||
GOODWILL_AND_OTHER_INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
NOTE 5 — GOODWILL AND OTHER INTANGIBLES | |||||||||||||||||||||||||
The following table provides changes in carrying value of goodwill by segment through the year ended September 30, 2013: | |||||||||||||||||||||||||
At September 30, 2011 | Goodwill from | Other adjustments including currency translations | At September 30, 2012 | Other adjustments including currency translations | At September 30, 2013 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||
acquisitions | |||||||||||||||||||||||||
Home & Building Products | $ | 265,147 | $ | 4,655 | $ | — | $ | 269,802 | $ | — | $ | 269,802 | |||||||||||||
Telephonics | 18,545 | — | — | 18,545 | — | 18,545 | |||||||||||||||||||
Plastics | 74,196 | — | (4,171 | ) | 70,025 | (642 | ) | 69,383 | |||||||||||||||||
Total | $ | 357,888 | $ | 4,655 | $ | (4,171 | ) | $ | 358,372 | $ | (642 | ) | $ | 357,730 | |||||||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset: | |||||||||||||||||||||||||
At September 30, 2013 | At September 30, 2012 | ||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Average | Gross Carrying | Accumulated Amortization | |||||||||||||||||||||
Life | Amount | ||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||
Customer relationships | $ | 166,985 | $ | 29,049 | 25 | $ | 167,603 | $ | 21,799 | ||||||||||||||||
Unpatented technology | 6,804 | 2,916 | 12.5 | 6,751 | 2,334 | ||||||||||||||||||||
Total amortizable intangible assets | 173,789 | 31,965 | 174,354 | 24,133 | |||||||||||||||||||||
Trademarks | 79,567 | — | 80,252 | — | |||||||||||||||||||||
Total intangible assets | $ | 253,356 | $ | 31,965 | $ | 254,606 | $ | 24,133 | |||||||||||||||||
Amortization expense for intangible assets subject to amortization was $7,837, $8,048 and $7,867 for the years ended September 30, 2013, 2012 and 2011, respectively. Amortization expense for each of the next five years and thereafter, based on current intangible balances and classifications, is estimated as follows: 2014 - $7,513; 2015 - $7,357; 2016 - $7,244; 2017 - $7,164 and 2018 - $7,092; thereafter - $105,454. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
NOTE 6 — DISCONTINUED OPERATIONS | |||||||||
In 2008, as a result of the downturn in the residential housing market, Griffon exited substantially all operating activities of its Installation Services segment which sold, installed and serviced garage doors and openers, fireplaces, floor coverings, cabinetry and a range of related building products, primarily for the new residential housing market. Operating results of substantially all of this segment have been reported as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income (Loss) for all periods presented; the Installation Services segment is excluded from segment reporting. | |||||||||
In 2008, Griffon’s Board of Directors approved a plan to exit substantially all operating activities of the Installation Services segment. In 2008, Griffon sold eleven units, closed one unit and merged two units into CBP. | |||||||||
Griffon substantially concluded its remaining disposal activities in 2009. There was 0 reported revenue in 2013, 2012 and 2011. | |||||||||
In 2013, the Company recorded a $4,651 charge to discontinued operations increasing environmental and casualty insurance reserves. A portion of this charge relates to ongoing and potential future homeowner association claims related to the former Installation Services business; claims experience has been greater than anticipated when reserves were initially established in 2008. The adjustment to environmental reserves relates to changes in status of and approach to cleanup requirements for businesses that were discontinued several years ago. | |||||||||
At September 30, 2013, Griffon’s assets and liabilities for discontinued operations primarily related to income taxes and product liability, warranty and environmental reserves. | |||||||||
The following amounts related primarily to the Installation Services segment have been segregated from Griffon’s continuing operations and are reported as assets and liabilities of discontinued operations in the consolidated balance sheets: | |||||||||
At September 30, | At September 30, | ||||||||
2013 | 2012 | ||||||||
Assets of discontinued operations: | |||||||||
Prepaid and other current assets | $ | 1,214 | $ | 587 | |||||
Other long-term assets | 3,075 | 2,936 | |||||||
Total assets of discontinued operations | $ | 4,289 | $ | 3,523 | |||||
Liabilities of discontinued operations: | |||||||||
Accrued liabilities, current | $ | 3,288 | $ | 3,639 | |||||
Other long-term liabilities | 4,744 | 3,643 | |||||||
Total liabilities of discontinued operations | $ | 8,032 | $ | 7,282 | |||||
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
NOTE 7 — ACCRUED LIABILITIES | |||||||||
The following table details the components of accrued liabilities: | |||||||||
At September 30, | At September 30, | ||||||||
2013 | 2012 | ||||||||
Compensation | $ | 44,771 | $ | 42,637 | |||||
Interest | 20,616 | 20,588 | |||||||
Warranties and rebates | 10,245 | 10,589 | |||||||
Insurance | 7,511 | 8,373 | |||||||
Rent, utilities and freight | 2,224 | 3,649 | |||||||
Income and other taxes | 5,045 | 4,072 | |||||||
Royalties | 343 | 2,071 | |||||||
Marketing and advertising | 1,985 | 1,513 | |||||||
Deferred income taxes | — | 129 | |||||||
Restructuring | 3,857 | 3,640 | |||||||
Other | 10,146 | 13,076 | |||||||
Total | $ | 106,743 | $ | 110,337 | |||||
RESTRUCTURING_AND_OTHER_RELATE
RESTRUCTURING AND OTHER RELATED CHARGES | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 8 – RESTRUCTURING AND OTHER RELATED CHARGES | |||||||||||||||||||||
In January 2013, ATT announced its intention to close certain of its manufacturing facilities and consolidate affected operations primarily into its Camp Hill and Carlisle, PA locations. The intended actions, to be completed by the end of calendar 2014, will improve manufacturing and distribution efficiencies, allow for in-sourcing of certain production currently performed by third party suppliers, and improve material flow and absorption of fixed costs. | |||||||||||||||||||||
ATT anticipates incurring pre-tax restructuring and related exit costs approximating $8,000, comprised of cash charges of $4,000 and non-cash, asset-related charges of $4,000; the cash charges will include $3,000 for one-time termination benefits and other personnel-related costs and $1,000 for facility exit costs. ATT expects $20,000 in capital expenditures in connection with this initiative and, to date, has incurred $6,553 and $11,937 in restructuring costs and capital expenditures, respectively. | |||||||||||||||||||||
In 2013, 2012 and 2011, HBP recognized $7,739, $874 and $4,497, respectively, in restructuring and other related exit costs. In 2013, restructuring and other related charges primarily related to one-time termination benefits, facility costs, other personnel costs and asset impairment charges related to the ATT and BPC plant consolidation initiatives. In 2012 and 2011, ATT restructuring and other related exit costs primarily related to termination benefits for operating personnel due to the closing of the Bernie, MO facility and other administrative personnel. Over the three years, headcount was reduced by 144. | |||||||||||||||||||||
During 2013, BPC completed the consolidation of its Auburn, Washington facility into its Russia, Ohio facility. | |||||||||||||||||||||
In June 2009, BPC undertook to consolidate its manufacturing facilities. These actions were completed in 2011. CBP incurred total pre-tax exit and restructuring costs approximating $9,031, substantially all of which were cash charges; charges include $1,160 for one-time termination benefits and other personnel costs, $210 for excess facilities and related costs, and $7,661 for other exit costs, primarily in connection with production realignment, and had $10,365 of capital expenditures. The restructuring costs were $3,611 in 2011 and $4,180 in 2010. | |||||||||||||||||||||
During 2013, Plastics Europe undertook to exit low margin businesses and eliminate approximately 80 positions, resulting in a restructuring cash charge of $4,773. These actions were essentially complete at September 30, 2013. | |||||||||||||||||||||
During 2013, Telephonics recognized $750 in restructuring costs in connection with the termination of a facility lease. The facility was vacated as a result of the headcount reductions and changes in organizational structure undertaken by Telephonics in the past two years. In 2012 and 2011, Telephonics recognized $3,815 and $3,046 of restructuring charges primarily related to two separate voluntary early retirement plan and other restructuring costs, reducing headcount by 185 over the two year period. | |||||||||||||||||||||
A summary of the restructuring and other related charges included in the line item “Restructuring and other related charges” in the Consolidated Statements of Operations recognized for 2011, 2012 and 2013 were as follows: | |||||||||||||||||||||
Workforce | Facilities & | Other Related | Non-cash | Total | |||||||||||||||||
Reduction | Exit Costs | Costs | Facility and | ||||||||||||||||||
Other | |||||||||||||||||||||
Amounts incurred in the year ended: | |||||||||||||||||||||
30-Sep-11 | $ | 3,789 | $ | 1,809 | $ | 1,945 | $ | — | $ | 7,543 | |||||||||||
30-Sep-12 | 4,204 | 379 | 106 | — | 4,689 | ||||||||||||||||
30-Sep-13 | 5,649 | 1,668 | 1,629 | 4,316 | 13,262 | ||||||||||||||||
The activity in the restructuring accrual recorded in Accrued liabilities consisted of the following: | |||||||||||||||||||||
Workforce | Facilities & | Other Related | Total | ||||||||||||||||||
Reduction | Exit Costs | Costs | |||||||||||||||||||
Accrued liability at September 30, 2011 | $ | 2,657 | $ | — | $ | — | $ | 2,657 | |||||||||||||
Charges | 4,204 | 379 | 106 | 4,689 | |||||||||||||||||
Payments | (3,361 | ) | (239 | ) | (106 | ) | (3,706 | ) | |||||||||||||
Accrued liability at September 30, 2012 | $ | 3,500 | $ | 140 | $ | — | $ | 3,640 | |||||||||||||
Charges | 5,649 | 1,668 | 1,629 | 8,946 | |||||||||||||||||
Payments | (6,092 | ) | (1,415 | ) | (1,222 | ) | (8,729 | ) | |||||||||||||
Accrued liability at September 30, 2013 | $ | 3,057 | $ | 393 | $ | 407 | $ | 3,857 | |||||||||||||
WARRANTY_LIABILITY
WARRANTY LIABILITY | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||
NOTE 9 – WARRANTY LIABILITY | |||||||||
Telephonics offers warranties against product defects for periods generally ranging from one to two years, depending on the specific product and terms of the customer purchase agreement. Typical warranties require Telephonics to repair or replace the defective products during the warranty period at no cost to the customer. At the time revenue is recognized, Griffon records a liability for warranty costs, estimated based on historical experience, and periodically assesses its warranty obligations and adjusts the liability as necessary. ATT offers an express limited warranty for a period of ninety days on all products unless otherwise stated on the product or packaging from the date of original purchase. | |||||||||
Changes in Griffon’s warranty liability, included in Accrued liabilities, were as follows: | |||||||||
Years Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of period | $ | 8,856 | $ | 7,963 | |||||
Warranties issued and changes in estimated pre-existing warranties | 2,331 | 6,088 | |||||||
Actual warranty costs incurred | (4,538 | ) | (5,195 | ) | |||||
Balance, end of period | $ | 6,649 | $ | 8,856 | |||||
NOTES_PAYABLE_CAPITALIZED_LEAS
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||
Long-term Debt [Text Block] | ' | ||||||||||||||||||||||
NOTE 10 — NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT | |||||||||||||||||||||||
The present value of the net minimum payments on capitalized leases as of September 30, 2013 was follows: | |||||||||||||||||||||||
At September 30, | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||
Total minimum lease payments | $ | 11,972 | |||||||||||||||||||||
Less amount representing interest payments | (2,128 | ) | |||||||||||||||||||||
Present value of net minimum lease payments | 9,844 | ||||||||||||||||||||||
Current portion | (1,106 | ) | |||||||||||||||||||||
Capitalized lease obligation, less current portion | $ | 8,738 | |||||||||||||||||||||
Minimum payments under capital leases for the next five years are as follows: $1,579 in 2014, $1,550 in 2015, $1,511 in 2016, $1,437 in 2017, $1,425 in 2018 and $4,470 thereafter. | |||||||||||||||||||||||
Included in the consolidated balance sheet at September 30, 2013 under Property, plant and equipment are costs and accumulated depreciation subject to capitalized leases of $15,304 and $5,460, respectively, and included in Other assets are deferred interest charges of $207. Included in the consolidated balance sheet at September 30, 2012 under property, plant and equipment are costs and accumulated depreciation subject to capitalized leases of $15,342 and $4,414, respectively, and included in other assets are deferred interest charges of $232. The capitalized leases carry interest rates from 5% to 10% and mature from 2014 through 2022. Amortization expense was $1,605, $1,598, and $1,663 in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
In October 2006, a subsidiary of Griffon entered into a capital lease totaling $14,290 for real estate it occupies in Troy, Ohio. Approximately $10,000 was used to acquire the building and the remaining amount was used for improvements. The lease matures in 2022, bears interest at a fixed rate of 5.0%, is secured by a mortgage on the real estate and is guaranteed by Griffon. | |||||||||||||||||||||||
Debt at September 30, 2013 and 2012 consisted of the following: | |||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||
Outstanding | Original | Balance | Capitalized | Coupon | |||||||||||||||||||
Balance | Issuer | Sheet | Fees & | Interest Rate | |||||||||||||||||||
Discount | Expenses | ||||||||||||||||||||||
Senior notes due 2018 | (a) | $ | 550,000 | $ | — | $ | 550,000 | $ | 7,328 | 7.1 | % | ||||||||||||
Revolver due 2018 | (a) | — | — | — | 2,425 | n/a | |||||||||||||||||
Convert. debt due 2017 | (b) | 100,000 | (13,246 | ) | 86,754 | 1,478 | 4 | % | |||||||||||||||
Real estate mortgages | (c) | 13,212 | — | 13,212 | 185 | n/a | |||||||||||||||||
ESOP Loans | (d) | 21,098 | — | 21,098 | 24 | n/a | |||||||||||||||||
Capital lease - real estate | (e) | 9,529 | — | 9,529 | 207 | 5 | % | ||||||||||||||||
Term loan due 2013 | (f) | 2,704 | — | 2,704 | 23 | n/a | |||||||||||||||||
Revolver due 2013 | (f) | — | — | — | — | n/a | |||||||||||||||||
Foreign lines of credit | (g) | 4,606 | — | 4,606 | — | n/a | |||||||||||||||||
Foreign term loan | (g) | 411 | — | 411 | 4 | n/a | |||||||||||||||||
Other long term debt | (h) | 941 | — | 941 | — | n/a | |||||||||||||||||
Totals | 702,501 | (13,246 | ) | 689,255 | $ | 11,674 | |||||||||||||||||
less: Current portion | (10,768 | ) | — | (10,768 | ) | ||||||||||||||||||
Long-term debt | $ | 691,733 | $ | (13,246 | ) | $ | 678,487 | ||||||||||||||||
At September 30, 2012 | |||||||||||||||||||||||
Outstanding | Original | Balance | Capitalized | Coupon | |||||||||||||||||||
Balance | Issuer | Sheet | Fees & | Interest Rate | |||||||||||||||||||
Discount | Expenses | ||||||||||||||||||||||
Senior notes due 2018 | (a) | $ | 550,000 | $ | — | $ | 550,000 | $ | 8,862 | 7.125 | % | ||||||||||||
Revolver due 2016 | (a) | — | — | — | 2,175 | n/a | |||||||||||||||||
Convert. debt due 2017 | (b) | 100,000 | (16,607 | ) | 83,393 | 1,921 | 4 | % | |||||||||||||||
Real estate mortgages | (c) | 14,063 | — | 14,063 | 271 | n/a | |||||||||||||||||
ESOP Loans | (d) | 22,723 | — | 22,723 | 32 | n/a | |||||||||||||||||
Capital lease - real estate | (e) | 10,455 | — | 10,455 | 232 | 5 | % | ||||||||||||||||
Term loan due 2013 | (f) | 12,873 | — | 12,873 | 107 | n/a | |||||||||||||||||
Revolver due 2013 | (f) | — | — | — | — | n/a | |||||||||||||||||
Foreign lines of credit | (g) | 2,064 | — | 2,064 | — | n/a | |||||||||||||||||
Foreign term loan | (g) | 2,693 | — | 2,693 | 19 | n/a | |||||||||||||||||
Other long term debt | (h) | 1,346 | — | 1,346 | — | ||||||||||||||||||
Totals | 716,217 | (16,607 | ) | 699,610 | $ | 13,619 | |||||||||||||||||
less: Current portion | (17,703 | ) | — | (17,703 | ) | ||||||||||||||||||
Long-term debt | $ | 698,514 | $ | (16,607 | ) | $ | 681,907 | ||||||||||||||||
Interest expense consists of the following for the years ended September 30, 2013, 2012 and 2011. | |||||||||||||||||||||||
Year Ended September 30, 2013 | |||||||||||||||||||||||
Effective | Cash Interest | Amort. Debt | Amort. | Total Interest | |||||||||||||||||||
Interest Rate | Discount | Deferred Cost | Expense | ||||||||||||||||||||
& Other Fees | |||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.4 | % | $ | 39,188 | $ | — | $ | 1,626 | $ | 40,814 | ||||||||||||
Revolver due 2018 | (a) | n/a | 785 | — | 582 | 1,367 | |||||||||||||||||
Convert. debt due 2017 | (b) | 9.1 | % | 4,000 | 3,361 | 443 | 7,804 | ||||||||||||||||
Real estate mortgages | (c) | 4.9 | % | 538 | — | 86 | 624 | ||||||||||||||||
ESOP Loans | (d) | 2.9 | % | 628 | — | 8 | 636 | ||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 504 | — | 25 | 529 | ||||||||||||||||
Term loan due 2013 | (f) | 3.9 | % | 271 | — | 87 | 358 | ||||||||||||||||
Revolver due 2013 | (f) | 0.5 | % | 68 | — | — | 68 | ||||||||||||||||
Foreign lines of credit | (g) | 12.9 | % | 520 | — | — | 520 | ||||||||||||||||
Foreign term loan | (g) | 9.8 | % | 216 | — | 14 | 230 | ||||||||||||||||
Other long term debt | (h) | 553 | — | — | 553 | ||||||||||||||||||
Capitalized interest | (983 | ) | — | — | (983 | ) | |||||||||||||||||
Totals | $ | 46,288 | $ | 3,361 | $ | 2,871 | $ | 52,520 | |||||||||||||||
Year Ended September 30, 2012 | |||||||||||||||||||||||
Effective | Cash Interest | Amort. Debt | Amort. | Total Interest | |||||||||||||||||||
Interest Rate | Discount | Deferred Cost | Expense | ||||||||||||||||||||
& Other Fees | |||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.4 | % | $ | 39,188 | $ | — | $ | 1,623 | $ | 40,811 | ||||||||||||
Revolver due 2016 | (a) | n/a | 881 | — | 622 | 1,503 | |||||||||||||||||
Convert. debt due 2017 | (b) | 9.2 | % | 4,000 | 3,086 | 443 | 7,529 | ||||||||||||||||
Real estate mortgages | (c) | 4 | % | 575 | — | 86 | 661 | ||||||||||||||||
ESOP Loans | (d) | 3 | % | 707 | — | 6 | 713 | ||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 551 | — | 25 | 576 | ||||||||||||||||
Term loan due 2013 | (f) | 5 | % | 831 | — | 87 | 918 | ||||||||||||||||
Foreign lines of credit | (g) | 14.3 | % | 228 | — | — | 228 | ||||||||||||||||
Foreign term loan | (g) | 10.5 | % | 238 | — | 11 | 249 | ||||||||||||||||
Other long term debt | (h) | 680 | — | 34 | 714 | ||||||||||||||||||
Capitalized interest | (1,895 | ) | — | — | (1,895 | ) | |||||||||||||||||
Totals | $ | 45,984 | $ | 3,086 | $ | 2,937 | $ | 52,007 | |||||||||||||||
Year Ended September 30, 2011 | |||||||||||||||||||||||
Effective | Cash Interest | Amort. Debt | Amort. | Total Interest | |||||||||||||||||||
Interest Rate | Discount | Deferred Cost | Expense | ||||||||||||||||||||
& Other Fees | |||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.4 | % | $ | 21,118 | $ | — | $ | 881 | $ | 21,999 | ||||||||||||
Revolver due 2016 | (a) | n/a | — | — | 332 | 332 | |||||||||||||||||
Convert. debt due 2017 | (b) | 9 | % | 3,944 | 2,832 | 443 | 7,219 | ||||||||||||||||
Real estate mortgages | (c) | 5.6 | % | 761 | — | 86 | 847 | ||||||||||||||||
ESOP Loans | (d) | 2.7 | % | 345 | — | 67 | 412 | ||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 602 | — | 26 | 628 | ||||||||||||||||
Term loan due 2013 | (f) | n/a | 338 | — | 71 | 409 | |||||||||||||||||
Revolver due 2013 | (f) | 1.2 | % | 160 | — | 79 | 239 | ||||||||||||||||
Foreign lines of credit | (g) | 3 | % | 91 | — | — | 91 | ||||||||||||||||
Foreign term loan | (g) | n/a | — | — | — | — | |||||||||||||||||
Term loan due 2016 | (i) | 9.5 | % | 13,405 | 572 | 838 | 14,815 | ||||||||||||||||
Asset based loan | (i) | 6.2 | % | 1,076 | 58 | 341 | 1,475 | ||||||||||||||||
Other long term debt | (h) | 214 | — | 107 | 321 | ||||||||||||||||||
Capitalized interest | (941 | ) | — | — | (941 | ) | |||||||||||||||||
Totals | $ | 41,113 | $ | 3,462 | $ | 3,271 | $ | 47,846 | |||||||||||||||
Minimum payments under debt agreements for the next five years are as follows: $10,768 in 2014, $6,488 in 2015, $17,863 in 2016, $112,048 in 2017, $551,207 in 2018 and $4,127 thereafter. | |||||||||||||||||||||||
(a) | On March 17, 2011, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $550,000 of 7.125% Senior Notes due in 2018 (“Senior Notes”); interest is payable semi-annually. On August 9, 2011, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer. | ||||||||||||||||||||||
Proceeds from the Senior Notes were used to pay down outstanding borrowings under a senior secured term loan facility and two senior secured revolving credit facilities of certain of the Company’s subsidiaries. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. | |||||||||||||||||||||||
On March 28, 2013, Griffon amended and increased the amount available under its Revolving Credit Facility (“Credit Agreement”) from $200,000 to $225,000 and extended its maturity from March 18, 2016 to March 28, 2018 (except that if the Company’s 7-1/8 Senior Notes due 2018 are still outstanding on October 1, 2017, the Facility will mature on October 1, 2017). The facility includes a letter of credit sub-facility with a limit of $60,000, a multi-currency sub-facility of $50,000 and a swingline sub-facility with a limit of $30,000. Borrowings under the Credit Agreement may be repaid and re-borrowed at any time, subject to final maturity of the facility or the occurrence of a default or event of default under the Credit Agreement. Interest is payable on borrowings at either a LIBOR or base rate benchmark rate, in each case without a floor, plus an applicable margin, which adjusts based on financial performance. The current margins are 1.00% for base rate loans and 2.00% 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 Credit Agreement also includes certain restrictions, such as limitations on the incurrence of indebtedness and liens and the making of 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 assets of the Company and the guarantors and a pledge of not greater than two-thirds of the equity interest in each of Griffon’s material, first-tier foreign subsidiaries. | |||||||||||||||||||||||
At September 30, 2013, there were $25,457 of standby letters of credit outstanding under the Credit Agreement; $199,543 was available, subject to certain covenants, for borrowing at that date. | |||||||||||||||||||||||
(b) | On December 21, 2009, Griffon issued $100,000 principal of 4% convertible subordinated notes due 2017 (the “2017 Notes”). The current conversion rate of the 2017 Notes is 67.8495 shares of Griffon’s common stock per $1,000 principal amount of notes, corresponding to a conversion price of $14.74 per share. When a cash dividend is declared that would result in an adjustment to the conversion ratio of less than 1%, any adjustment to the conversion ratio is deferred until the first to occur of (i) actual conversion; (ii) the 42nd trading day prior to maturity of the notes; and (iii) such time as the cumulative adjustment equals or exceeds 1%. As of September 30, 2013, aggregate dividends since the last conversion price adjustment of $0.075 per share would have resulted in an adjustment to the conversion ratio of approximately 0.66%. At both September 30, 2013 and 2012, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. | ||||||||||||||||||||||
(c) | On December 20, 2010, Griffon entered into two second lien real estate mortgages to secure new loans totaling $11,834. The loans mature in February 2016, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 3% with the option to swap to a fixed rate. On October 21, 2013, Griffon refinanced these real estate mortgages with total principal of $17,175, maturing in October 2018 and bearing interest at LIBOR plus 2.75%. | ||||||||||||||||||||||
Griffon has other real estate mortgages, collateralized by real property, which bear interest at 6.3% and mature in 2016. | |||||||||||||||||||||||
(d) | Griffon’s Employee Stock Ownership Plan (“ESOP”) entered into a loan agreement in August 2010 to borrow $20,000 over a one-year period. The proceeds were used to purchase 1,874,737 shares of Griffon common stock in the open market for $19,973. The loan bears interest at a) LIBOR plus 2.5% or b) the lender’s prime rate, at Griffon’s option. In November 2011, Griffon exercised an option to convert the outstanding loan to a five-year term loan; principal is payable in quarterly installments of $250, beginning December 2011, with a balloon payment of $15,223 due at maturity (November 2016). The loan is secured by shares purchased with the proceeds of the loan, and repayment is guaranteed by Griffon. At September 30, 2013, $17,973 was outstanding. | ||||||||||||||||||||||
In addition, the ESOP is party to a loan agreement which requires quarterly principal payments of $156 and interest through the extended expiration date of December 2013, at which time the $3,125 balance of the loan, and any outstanding interest, will be payable. Griffon has the intent and ability to refinance the December 2013 balance and has classified the balance in Long-Term Debt. The primary purpose of this loan was to purchase 547,605 shares of Griffon’s common stock in October 2008. The loan is secured by shares purchased with the proceeds of the loan and repayment is guaranteed by Griffon. The loan bears interest at rates based upon the prime rate or LIBOR. At September 30, 2013, $3,125 was outstanding and classified as long-term debt as the Company has the intent and ability to refinance in 2014. | |||||||||||||||||||||||
(e) | In October 2006, CBP entered into a capital lease totaling $14,290 for real estate in Troy, Ohio. The lease matures in 2022, bears interest at a fixed rate of 5.0%, is secured by a mortgage on the real estate and is guaranteed by Griffon. | ||||||||||||||||||||||
(f) | In November 2010, Clopay Europe GMBH (“Clopay Europe”) entered into a €10,000 revolving credit facility and a €20,000 term loan. The facility accrues interest at EURIBOR plus 2.45% per annum and the term loan accrues interest at EURIBOR plus 2.20% per annum. The revolving facility matures in November 2013, but is renewable upon mutual agreement with the bank. In July 2011, the full €20,000 was drawn on the term loan, with a portion of the proceeds used to repay borrowings under the revolving credit facility. The term loan is payable in ten equal quarterly installments which began in September 2011, with maturity in December 2013. Under the term loan, Clopay Europe is required to maintain a certain minimum equity to assets ratio and keep leverage below a certain level, defined as the ratio of total debt to EBITDA. | ||||||||||||||||||||||
(g) | In February 2012, Clopay do Brazil, a subsidiary of Plastics, borrowed $4,000 at a rate of 104.5% of Brazilian CDI (9.10% at September 30, 2013). The loan was used to refinance existing loans, is collateralized by accounts receivable and a 50% guaranty by Plastics and is to be repaid in four equal, semi-annual installments of principal plus accrued interest beginning in August 2012. Clopay do Brazil also maintains lines of credit of approximately $4,950. Interest on borrowings accrue at a rate of Brazilian CDI plus 6.0% (15.23% at September 30, 2013). At September 30, 2013 there was approximately $4,600 borrowed under the lines. | ||||||||||||||||||||||
In November 2012, Garant G.P. (“Garant”) entered into a CAD $15,000 revolving credit facility. The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum (1.48% LIBOR USD and 2.46% Bankers Acceptance Rate CDN as of September 30, 2013). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At September 30, 2013, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing | |||||||||||||||||||||||
(h) | At September 30, 2012, Griffon had $532 of 4% convertible subordinated notes due 2023 (“2023 Notes”) outstanding. On April 15, 2013, the 2023 Notes were redeemed at par plus accrued interest. Other long term debt also includes capital leases. | ||||||||||||||||||||||
(i) | In connection with the ATT acquisition, Clopay Ames True Temper Holding Corp. (“Clopay Ames”), a subsidiary of Griffon, entered into a $375,000 secured term Loan (“Term Loan”) and a $125,000 asset based lending agreement (“ABL”). | ||||||||||||||||||||||
On November 30, 2010, Clopay Ames, as required under the Term Loan agreement, entered into an interest rate swap on a notional amount of $200,000 of the Term Loan. The agreement fixed the LIBOR component of the Term Loan interest rate at 2.085% for the notional amount of the swap. | |||||||||||||||||||||||
On March 17, 2011, the Term Loan and swap were terminated, and on March 18, 2011, the ABL was terminated, in connection with the issuance of the Senior Notes and Credit Agreement. | |||||||||||||||||||||||
At September 30, 2013, Griffon and its subsidiaries were in compliance with the terms and covenants of its credit and loan agreements. | |||||||||||||||||||||||
In 2011, in connection with the termination of a previously existing term loan, asset-backed credit facility and cash flow facility, Griffon recorded a $26,164 loss on extinguishment of debt consisting of $21,617 of deferred financing charges and original issuer discounts, a call premium of $3,703 on the term loan, and $844 of swap and other breakage costs. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] | ' | ||||||||||||||||||||||||
NOTE 11 – EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||||
Griffon offers defined contribution plans to most of its U.S. employees. In addition to employee contributions to the plans, Griffon makes contributions based upon various percentages of compensation and/or employee contributions, which were $6,950 in 2013, $7,300 in 2012 and $7,500 in 2011. | |||||||||||||||||||||||||
The Company also provides healthcare and life insurance benefits for certain groups of retirees through several plans. For certain employees, the benefits are at fixed amounts per retiree and are partially contributory by the retiree. The post-retirement benefit obligation was $1,972 and $2,262 as of September 30, 2013 and 2012. The accumulated other comprehensive income (loss) for these plans was $161 and ($79) as of September 30, for 2013 and 2012, respectively and the 2013 and 2012 benefit expense was $65 and $76, respectively. It is the Company’s practice to fund these benefits as incurred. | |||||||||||||||||||||||||
Griffon also has qualified and non-qualified defined benefit plans covering certain employees with benefits based on years of service and employee compensation. Over time, these amounts will be recognized as part of net periodic pension costs in the Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||||||||||||||||||||||
Griffon is responsible for overseeing the management of the investments of the qualified defined benefit plan and uses the service of an investment manager to manage these assets based on agreed upon risk profiles set by Griffon management. The primary objective of the qualified defined benefit plan is to secure participant retirement benefits. As such, the key objective in this plan’s financial management is to promote stability and, to the extent appropriate, growth in the funded status. Financial objectives are established in conjunction with a review of current and projected plan financial requirements. The fair value of a majority of the plan assets were determined by the plans’ trustee using quoted market prices for identical instruments (level 1 inputs) as of September 30, 2013 and 2012. The fair value of various other investments were determined by the plan’s trustee using direct observable market corroborated inputs, including quoted market prices for similar assets (level 2 inputs). The fair value of investments with significant unobservable inputs was supported by audited financial statements (level 3 inputs). | |||||||||||||||||||||||||
Effective January 1, 2012, the Clopay Pension Plan merged with the Ames True Temper Inc. Pension Plan. The merged qualified defined benefit plan was named the Clopay Ames True Temper Pension Plan (the “CATT Plan”). | |||||||||||||||||||||||||
The Clopay portion of the CATT Plan has been frozen to new entrants since December 2000. Certain employees who were part of the plan prior to December 2000 continued to accrue a service benefit through December 2010, at which time all plan participants stopped accruing service benefits. | |||||||||||||||||||||||||
The ATT portion of the CATT Plan has been frozen to all new entrants since November 2009 and stopped accruing benefits in December 2009. | |||||||||||||||||||||||||
The ATT supplemental executive retirement plan was frozen to new entrants and participants in the plan stopped accruing benefits in 2008. | |||||||||||||||||||||||||
In 2013, SG&A expenses included a $2,142, non-cash, pension settlement loss resulting from the lump-sum buyout of certain participant’s balances in the Company’s defined benefit plan. The buyouts, funded by the pension plan, reduced the Company’s net pension liability by $3,472 and increased Accumulated Other Comprehensive Income (Loss) by $3,649. | |||||||||||||||||||||||||
Griffon uses judgment to estimate the assumptions used in determining the future liability of the plan, as well as the investment returns on the assets invested for the plan. The expected return on assets assumption used for pension expense was developed through analysis of historical market returns, current market conditions and the past experience of plan asset investments. The long-term rate of return assumption represents the expected average rate of earnings on the funds invested, or to be invested, to provide for the benefits included in the benefit obligations. The assumption is based on several factors including historical market index returns, the anticipated long-term asset allocation of plan assets and the historical return. The discount rate assumption is determined by developing a yield curve based on high quality bonds with maturities matching the plans’ expected benefit payment stream. The plans’ expected cash flows are then discounted by the resulting year-by-year spot rates. A 10% change in the discount rate, average wage increase or return on assets would not have a material effect on the financial statements of Griffon. | |||||||||||||||||||||||||
Net periodic costs (benefits) were as follows: | |||||||||||||||||||||||||
Defined Benefits for the Years Ended | Supplemental Benefits for the Years | ||||||||||||||||||||||||
September 30, | Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net periodic (benefits) costs: | |||||||||||||||||||||||||
Service cost | $ | 165 | $ | 238 | $ | 377 | $ | 35 | $ | 36 | $ | 34 | |||||||||||||
Interest cost | 7,977 | 9,191 | 9,552 | 1,344 | 1,692 | 1,759 | |||||||||||||||||||
Expected return on plan assets | (11,870 | ) | (11,896 | ) | (11,501 | ) | — | — | — | ||||||||||||||||
Recognition of settlement | 2,143 | — | — | — | — | — | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Prior service costs | 6 | 6 | 8 | 14 | 171 | 328 | |||||||||||||||||||
Actuarial loss | 1,795 | 1,735 | 1,144 | 1,288 | 1,137 | 1,141 | |||||||||||||||||||
Total net periodic (benefits) costs | $ | 216 | $ | (726 | ) | $ | (420 | ) | $ | 2,681 | $ | 3,036 | $ | 3,262 | |||||||||||
The tax benefits in 2013, 2012 and 2011 for the amortization of pension costs in Other comprehensive income (loss) were $1,086, $1,067 and $917, respectively. | |||||||||||||||||||||||||
The estimated net actuarial loss and prior service cost that will be amortized from Accumulated other comprehensive income into Net periodic pension cost during 2014 are $1,954 and $15, respectively. | |||||||||||||||||||||||||
The weighted-average assumptions used in determining the net periodic (benefits) costs were as follows: | |||||||||||||||||||||||||
Defined Benefits for the Years Ended | Supplemental Benefits for the Years | ||||||||||||||||||||||||
September 30, | Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rate | 3.67 | % | 4.44 | % | 4.89 | % | 3.4 | % | 4.3 | % | 4.26 | % | |||||||||||||
Average wage increase | 0.11 | % | 0.11 | % | 0.72 | % | 4.87 | % | 4.89 | % | 4.89 | % | |||||||||||||
Expected return on assets | 7.8 | % | 7.71 | % | 7.72 | % | — | — | — | ||||||||||||||||
Plan assets and benefit obligation of the defined and supplemental benefit plans were as follows: | |||||||||||||||||||||||||
Defined Benefits at | Supplemental Benefits at | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of fiscal year | $ | 232,939 | $ | 212,660 | $ | 41,473 | $ | 41,285 | |||||||||||||||||
Benefits earned during the year | 165 | 238 | 35 | 36 | |||||||||||||||||||||
Interest cost | 7,977 | 9,191 | 1,344 | 1,692 | |||||||||||||||||||||
Plan participant contributions | 15 | 16 | — | — | |||||||||||||||||||||
Benefits paid | (10,632 | ) | (10,369 | ) | (4,051 | ) | (3,936 | ) | |||||||||||||||||
Benefits paid - settlement | (11,548 | ) | — | — | — | ||||||||||||||||||||
Effect of foreign currency | 462 | (413 | ) | — | — | ||||||||||||||||||||
Actuarial (gain) loss | (19,945 | ) | 21,616 | (127 | ) | 2,396 | |||||||||||||||||||
Actuarial gain - settlement | (3,472 | ) | — | — | — | ||||||||||||||||||||
Benefit obligation at end of fiscal year | 195,961 | 232,939 | 38,674 | 41,473 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of fiscal year | 160,823 | 137,678 | — | — | |||||||||||||||||||||
Actual return on plan assets | 12,537 | 25,190 | — | — | |||||||||||||||||||||
Plan participant contributions | 15 | 16 | — | — | |||||||||||||||||||||
Company contributions | 2,203 | 8,638 | 4,051 | 3,936 | |||||||||||||||||||||
Effect of foreign currency | 333 | (330 | ) | — | — | ||||||||||||||||||||
Benefits paid | (10,632 | ) | (10,369 | ) | (4,051 | ) | (3,936 | ) | |||||||||||||||||
Benefits paid - settlement | (11,548 | ) | — | — | — | ||||||||||||||||||||
Fair value of plan assets at end of fiscal year | 153,731 | 160,823 | — | — | |||||||||||||||||||||
Projected benefit obligation in excess of plan assets | $ | (42,230 | ) | $ | (72,116 | ) | $ | (38,674 | ) | $ | (41,473 | ) | |||||||||||||
Amounts recognized in the statement of financial position consist of: | |||||||||||||||||||||||||
Accrued liabilities | $ | — | $ | — | $ | (4,031 | ) | $ | (3,897 | ) | |||||||||||||||
Other liabilities (long-term) | (42,230 | ) | (72,116 | ) | (34,643 | ) | (37,576 | ) | |||||||||||||||||
Total Liabilities | (42,230 | ) | (72,116 | ) | (38,674 | ) | (41,473 | ) | |||||||||||||||||
Net actuarial losses | 16,679 | 44,656 | 19,335 | 20,750 | |||||||||||||||||||||
Prior service cost | 4 | 10 | 99 | 113 | |||||||||||||||||||||
Deferred taxes | (5,839 | ) | (15,633 | ) | (6,802 | ) | (7,302 | ) | |||||||||||||||||
Total Accumulated other comprehensive loss, net of tax | 10,844 | 29,033 | 12,632 | 13,561 | |||||||||||||||||||||
Net amount recognized at September 30, | $ | (31,386 | ) | $ | (43,083 | ) | $ | (26,042 | ) | $ | (27,912 | ) | |||||||||||||
Accumulated benefit obligations | $ | 195,590 | $ | 232,574 | $ | 38,674 | $ | 41,473 | |||||||||||||||||
Information for plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||
ABO | $ | 195,590 | $ | 232,574 | $ | 38,674 | $ | 41,473 | |||||||||||||||||
PBO | 195,961 | 232,939 | 38,674 | 41,473 | |||||||||||||||||||||
Fair value of plan assets | 153,731 | 160,823 | — | — | |||||||||||||||||||||
The weighted-average assumptions used in determining the benefit obligations were as follows: | |||||||||||||||||||||||||
Defined Benefits at | Supplemental Benefits at | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Weighted average discount rate | 4.49 | % | 3.67 | % | 4.09 | % | 3.4 | % | |||||||||||||||||
Weighted average wage increase | 0.15 | % | 0.11 | % | 0 | % | 4.87 | % | |||||||||||||||||
The actual and weighted-average asset allocation for qualified benefit plans were as follows: | |||||||||||||||||||||||||
At September 30, | |||||||||||||||||||||||||
2013 | 2012 | Target | |||||||||||||||||||||||
Equity securities | 55.8 | % | 66 | % | 63 | % | |||||||||||||||||||
Fixed income | 41.3 | % | 29 | % | 37 | % | |||||||||||||||||||
Other | 2.9 | % | 5 | % | 0 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
Estimated future benefit payments to retirees, which reflect expected future service, are as follows: | |||||||||||||||||||||||||
For the fiscal years ending September 30, | Defined | Supplemental Benefits | |||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | $ | 10,794 | $ | 4,085 | |||||||||||||||||||||
2015 | 10,866 | 4,010 | |||||||||||||||||||||||
2016 | 11,049 | 3,954 | |||||||||||||||||||||||
2017 | 11,192 | 3,895 | |||||||||||||||||||||||
2018 | 11,322 | 3,453 | |||||||||||||||||||||||
2019 through 2023 | 59,464 | 14,632 | |||||||||||||||||||||||
Griffon expects to contribute $6,942 to the Defined Benefit plans in 2014, in addition to the $4,085 in payments related to the Supplemental Benefits that will primarily be funded from the general assets of Griffon. | |||||||||||||||||||||||||
The CATT Plan is covered by the Pension Protection Act of 2006. The Adjusted Funding Target Attainment Percent for the plan as of January 1, 2013 was 89.8%. Since the plan was in excess of the 80% funding threshold there were no plan restrictions. The expected level of 2014 catch up contributions is $4,028. | |||||||||||||||||||||||||
The following is a description of the valuation methodologies used for plan assets measured at fair value: | |||||||||||||||||||||||||
Short-term investment funds – The fair value is determined using the Net Asset Value (“NAV”) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. The NAV is a quoted price in a market that is not active and is primarily classified as Level 2. These investments can be liquidated on demand. | |||||||||||||||||||||||||
Government and agency securities – When quoted market prices are available in an active market, the investments are classified as Level 1. When quoted market prices are not available in an active market, the investments are classified as Level 2. | |||||||||||||||||||||||||
Equity securities – The fair values reflect the closing price reported on a major market where the individual securities are traded. These investments are classified within Level 1 of the valuation hierarchy. | |||||||||||||||||||||||||
Debt securities – The fair values are based on a compilation of primarily observable market information or a broker quote in a non-active market. These investments are primarily classified within Level 2 of the valuation hierarchy. | |||||||||||||||||||||||||
Commingled funds – The fair values are determined using NAV provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the trust/entity, minus its liabilities, and then divided by the number of shares outstanding. These investments are generally classified within Level 2 of the valuation hierarchy and can be liquidated on demand. | |||||||||||||||||||||||||
Interest in limited partnerships and hedge funds - One limited partnership investment is a private equity fund and the fair value is determined by the fund managers based on the estimated value of the various holdings of the fund portfolio. One of the commingled mutual funds is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding; these asset values are estimated by underlying managers of the assets in which the fund invests. These investments are classified within Level 2 of the valuation hierarchy. | |||||||||||||||||||||||||
The following table presents the fair values of Griffon’s pension and post-retirement plan assets by asset category: | |||||||||||||||||||||||||
At September 30, 2013 | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Short-term investment funds | — | 2,949 | — | 2,949 | |||||||||||||||||||||
Government agency securities | 3,006 | — | — | 3,006 | |||||||||||||||||||||
Debt instruments | 30,856 | — | — | 30,856 | |||||||||||||||||||||
Equity securities | 47,690 | — | — | 47,690 | |||||||||||||||||||||
Commingled funds | — | 66,130 | — | 66,130 | |||||||||||||||||||||
Limited partnerships and hedge fund investments | — | 3,101 | — | 3,101 | |||||||||||||||||||||
Total | $ | 81,552 | $ | 72,180 | $ | — | $ | 153,732 | |||||||||||||||||
The activity for the level 3 assets was as follows: | |||||||||||||||||||||||||
Beginning Balance At September 30, 2012 | $ | 3,016 | |||||||||||||||||||||||
Transfers out of Level 3 | (3,016 | ) | |||||||||||||||||||||||
Ending Balance At September 30, 2013 | $ | — | |||||||||||||||||||||||
Transfers were due to the availability of observable inputs in the current year. | |||||||||||||||||||||||||
At September 30, 2012 | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
Cash and equivalents | $ | 29 | $ | — | $ | — | $ | 29 | |||||||||||||||||
Short-term investment funds | — | 5,231 | — | 5,231 | |||||||||||||||||||||
Government agency securities | — | 2,899 | — | 2,899 | |||||||||||||||||||||
Debt instruments | — | 30,616 | — | 30,616 | |||||||||||||||||||||
Equity securities | 62,713 | — | — | 62,713 | |||||||||||||||||||||
Commingled funds | — | 56,329 | — | 56,329 | |||||||||||||||||||||
Insurance contracts | — | — | — | — | |||||||||||||||||||||
Limited partnerships and hedge fund investments | — | — | 3,016 | 3,016 | |||||||||||||||||||||
Total | $ | 62,742 | $ | 95,075 | $ | 3,016 | $ | 160,833 | |||||||||||||||||
Griffon has an ESOP that covers substantially all domestic employees. All U.S. employees of Griffon, who are not members of a collective bargaining unit, automatically become eligible to participate in the plan on the October 1st following completion of one year of service. Griffon’s securities are allocated to participants’ individual accounts based on the proportion of each participant’s aggregate compensation (not to exceed $255 for the plan year ended September 30, 2013), to the total of all participants’ compensation. Shares of the ESOP which have been allocated to employee accounts are charged to expense based on the fair value of the shares transferred and are treated as outstanding in determining earnings per share. Dividens paid on shares held by the ESOP are used to offset debt service on ESOP Loans. Dividends paid on shares held in participant accounts are utilized to allocate shares from the aggregate number of shares to be released, equal in value tdo those dividends, based on the closing price of Griffon common stock on the dividend payment date. Compensation expense under the ESOP was $2,015 in 2013, $1,796 in 2012 and $841 in 2011. The cost of the shares held by the ESOP and not yet allocated to employees is reported as a reduction of Shareholders’ Equity. The fair value of the unallocated ESOP shares as of September 30, 2013 and 2012 based on the closing stock price of Griffon’s stock was $24,257 and $21,993, respectively. The ESOP shares were as follows: | |||||||||||||||||||||||||
At September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Allocated shares | 2,309,812 | 2,335,040 | |||||||||||||||||||||||
Unallocated shares | 1,934,338 | 2,135,287 | |||||||||||||||||||||||
4,244,150 | 4,470,327 | ||||||||||||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
NOTE 12 – INCOME TAXES | |||||||||||||
Income taxes have been based on the following components of Income before taxes and discontinued operations: | |||||||||||||
For the Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 16,083 | $ | 27,910 | $ | (17,869 | ) | ||||||
Non-U.S. | (1,750 | ) | (5,969 | ) | 3,520 | ||||||||
$ | 14,333 | $ | 21,941 | $ | (14,349 | ) | |||||||
Provision (benefit) for income taxes on income from continuing operations was comprised of the following: | |||||||||||||
For the Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | $ | 2,468 | $ | 7,557 | $ | (4,169 | ) | ||||||
Deferred | 5,075 | (2,627 | ) | (2,749 | ) | ||||||||
Total | $ | 7,543 | $ | 4,930 | $ | (6,918 | ) | ||||||
U.S. Federal | $ | 5,807 | $ | 3,400 | $ | (8,988 | ) | ||||||
State and local | 2,915 | (1,301 | ) | 91 | |||||||||
Non-U.S. | (1,179 | ) | 2,831 | 1,979 | |||||||||
Total provision | $ | 7,543 | $ | 4,930 | $ | (6,918 | ) | ||||||
Griffon’s Income tax provision (benefit) included benefits of ($3,209) in 2013, ($3,356) in 2012 and ($733) in 2011 reflecting the reversal of previously recorded tax liabilities primarily due to the resolution of various tax audits and due to the closing of certain statutes for prior years’ tax returns. | |||||||||||||
Differences between the effective income tax rate applied to Income from continuing operations and U.S. Federal income statutory rate were as follows: | |||||||||||||
For the Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. Federal income tax provision (benefit) rate | 35 | % | 35 | % | (35.0 | )% | |||||||
State and local taxes, net of Federal benefit | 2.8 | 3.6 | (1.9 | ) | |||||||||
Non-U.S. taxes | 5.3 | 7 | 5.3 | ||||||||||
Change in tax contingency reserves | (10.9 | ) | (6.7 | ) | 2.2 | ||||||||
Executive compensation limits | 10 | 7.1 | 13.1 | ||||||||||
Repatriation of foreign earnings | (8.3 | ) | (12.3 | ) | — | ||||||||
Valuation allowance on foreign tax credits | 10.1 | (2.4 | ) | (27.2 | ) | ||||||||
Non-deductible meals and entertainment | 1.6 | 1.2 | 2 | ||||||||||
Research credits | (7.4 | ) | (0.7 | ) | (5.4 | ) | |||||||
Deferred tax impact of state rate change | 15 | (11.0 | ) | — | |||||||||
Other | (0.6 | ) | 1.6 | (1.3 | ) | ||||||||
Effective tax provision (benefit) rate | 52.6 | % | 22.5 | % | (48.2 | )% | |||||||
The tax effect of temporary differences that give rise to future deferred tax assets and liabilities are as follows: | |||||||||||||
At September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Bad debt reserves | $ | 2,202 | $ | 2,071 | |||||||||
Inventory reserves | 9,295 | 12,589 | |||||||||||
Deferred compensation (equity compensation and defined benefit plans) | 32,645 | 42,773 | |||||||||||
Compensation benefits | 3,059 | 2,706 | |||||||||||
Insurance reserve | 3,360 | 3,924 | |||||||||||
Restructuring reserve | 699 | 489 | |||||||||||
Warranty reserve | 3,320 | 3,587 | |||||||||||
Net operating loss | 26,644 | 25,708 | |||||||||||
Tax credits | 7,311 | 5,622 | |||||||||||
Other reserves and accruals | 2,924 | 651 | |||||||||||
91,459 | 100,120 | ||||||||||||
Valuation allowance | (13,421 | ) | (10,541 | ) | |||||||||
Total deferred tax assets | 78,038 | 89,579 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Deferred income | (13,124 | ) | (14,051 | ) | |||||||||
Goodwill and intangibles | (70,216 | ) | (70,463 | ) | |||||||||
Property, plant and equipment | (36,469 | ) | (33,673 | ) | |||||||||
Interest | (5,154 | ) | (6,542 | ) | |||||||||
Other | (5,164 | ) | (1,323 | ) | |||||||||
Total deferred tax liabilities | (130,127 | ) | (126,052 | ) | |||||||||
Net deferred tax liabilities | $ | (52,089 | ) | $ | (36,473 | ) | |||||||
The change in the valuation allowance relates to the U.S., foreign tax credits and the valuation allowance for certain state, local and foreign tax attributes. | |||||||||||||
The components of the net deferred tax liability, by balance sheet account, were as follows: | |||||||||||||
At September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Prepaid and other current assets | $ | 9,118 | $ | 16,059 | |||||||||
Other assets | 3,205 | 2,956 | |||||||||||
Current liabilities | — | (129 | ) | ||||||||||
Other liabilities | (66,422 | ) | (55,882 | ) | |||||||||
Assets of discontinued operations | 2,010 | 523 | |||||||||||
Net deferred liability assets | $ | (52,089 | ) | $ | (36,473 | ) | |||||||
At September 30, 2013 and at September 30, 2012, Griffon has not recorded deferred income taxes on the undistributed earnings of its non-U.S. subsidiaries because of management’s ability and intent to indefinitely reinvest such earnings outside the U.S. At September 30, 2013, Griffon’s share of the undistributed earnings of the non-U.S. subsidiaries amounted to approximately $74,923. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. | |||||||||||||
At September 30, 2011 deferred income taxes were recorded on pre-acquisition undistributed earnings of non-U.S. subsidiaries for the ATT group of entities. The deferred income taxes were recorded as these earnings were historically not indefinitely reinvested outside of the U.S. At September 30, 2012 the pre-acquisition unremitted foreign earnings of ATT group were distributed as a dividend to the U.S. Parent Corp. recognizing the previously recorded deferred tax liability. | |||||||||||||
At September 30, 2013 and 2012, Griffon had loss carryforwards for non-U.S. tax purposes of $83,564 and $75,400, respectively. The non-U.S. loss carryforwards are available for carryforward indefinitely. | |||||||||||||
Griffon had State and local loss carryforwards at September 30, 2013 and 2012 of $6,057 and $6,303, respectively, which expire in varying amounts through 2033. | |||||||||||||
Griffon had foreign tax credit carryforwards of $5,151 and $3,361 at September 30, 2013 and 2012, respectively, which are available for use through 2017. | |||||||||||||
Griffon files U.S. Federal, state and local tax returns, as well as Germany, Canada, Brazil, Australia, Sweden, Mexico, Ireland and other non-U.S. jurisdiction tax returns. Griffon’s U.S. Federal income tax returns are no longer subject to income tax examination for years before 2008, the German income tax returns are no longer subject to income tax examination for years through 2010 and major U.S. state and other non-U.S. jurisdictions are no longer subject to income tax examinations for years before 2003. Various U.S. state and non-U.S. statutory tax audits are currently underway. | |||||||||||||
The following is a roll forward of the unrecognized tax benefits: | |||||||||||||
Balance at September 30, 2011 | $ | 12,910 | |||||||||||
Additions based on tax positions related to the current year | 1,840 | ||||||||||||
Reductions based on tax positions related to prior years | (822 | ) | |||||||||||
Lapse of Statutes | (617 | ) | |||||||||||
Settlements | (1,435 | ) | |||||||||||
Balance at September 30, 2012 | 11,876 | ||||||||||||
Additions based on tax positions related to the current year | 1,343 | ||||||||||||
Reductions based on tax positions related to prior years | 111 | ||||||||||||
Lapse of Statutes | (974 | ) | |||||||||||
Settlements | (1,836 | ) | |||||||||||
Balance at September 30, 2013 | $ | 10,520 | |||||||||||
If recognized, the amount of potential tax benefits that would impact Griffon’s effective tax rate is $7,248. Griffon recognizes potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. At September 30, 2013 and 2012, the combined amount of accrued interest and penalties related to tax positions taken or to be taken on Griffon’s tax returns and recorded as part of the reserves for uncertain tax positions was $1,672 and $2,141, respectively.Griffon cannot reasonably estimate the extent to which existing liabilities for uncertain tax positions may increase or decrease within the next twelve months as a result of the progression of ongoing tax audits or other events. Griffon believes that it has adequately provided for all open tax years by tax jurisdiction. |
STOCKHOLDERS_EQUITY_AND_EQUITY
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||||||||
NOTE 13 – STOCKHOLDERS’ EQUITY AND EQUITY COMPENSATION | |||||||||||||||||||||||
0 cash dividends on Common Stock were declared or paid during the three years ended September 30, 2011. On November 17, 2011, the Company began declaring quarterly dividends. During 2013 and 2012, the Company declared and paid dividends totaling $0.10 per share and $0.08 per share, respectively. The Company currently intends to pay dividends each quarter; however, the payment of dividends is determined by the Board of Directors at its discretion based on various factors, and no assurance can be provided as to future dividends. | |||||||||||||||||||||||
Compensation expense for restricted stock 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 date of grant, and for performance shares, the likelihood of achieving the performance criteria. Compensation cost related to stock-based awards with graded vesting is recognized using the straight-line attribution method. | |||||||||||||||||||||||
In February 2011, shareholders approved the Griffon Corporation 2011 Equity Incentive Plan (“Incentive Plan”) under which awards of performance shares, performance units, stock options, stock appreciation rights, restricted shares, deferred shares and other stock-based awards may be granted. 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 3,000,000 (600,000 of which may be issued as incentive stock options) plus any shares underlying awards outstanding on the effective date of the Incentive Plan under the 200 Incentive Plan that are subsequently cancelled or forfeited. As of September 30, 2013, 672,332 shares were available for grant. | |||||||||||||||||||||||
Incentive Plan that are subsequently cancelled or forfeited. As of September 30, 2013, 672,332 shares were available for grant. | |||||||||||||||||||||||
All grants outstanding under the Griffon Corporation 2001 Stock Option Plan, 2006 Equity Incentive Plan and Outside Director Stock Award Plan will continue under their terms; 0 additional awards will be granted under such plans. | |||||||||||||||||||||||
A summary of stock option activity for the years ended September 30, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||
Options | |||||||||||||||||||||||
Shares | Weighted | Aggregated | Weighted | ||||||||||||||||||||
Average | Intrinsic | Average | |||||||||||||||||||||
Exercise | Value | Contractual | |||||||||||||||||||||
Price | Term (Years) | ||||||||||||||||||||||
Outstanding at September 30, 2010 | 1,544,221 | $ | 15.42 | ||||||||||||||||||||
Granted | — | ||||||||||||||||||||||
Exercised | (333,125 | ) | 7.74 | 1,848 | |||||||||||||||||||
Forfeited/expired | (41,435 | ) | 18.34 | ||||||||||||||||||||
Outstanding at September 30, 2011 | 1,169,661 | 17.5 | 1,667 | 3.7 | |||||||||||||||||||
Exercisable at September 30, 2011 | 1,169,661 | 17.5 | 1,667 | 3.7 | |||||||||||||||||||
Outstanding at September 30, 2011 | 1,169,661 | 17.5 | |||||||||||||||||||||
Granted | — | ||||||||||||||||||||||
Exercised | — | ||||||||||||||||||||||
Forfeited/expired | (239,900 | ) | 12.74 | ||||||||||||||||||||
Outstanding at September 30, 2012 | 929,761 | 18.73 | — | 3.4 | |||||||||||||||||||
Exercisable at September 30, 2012 | 929,761 | 18.73 | 1,667 | 3.4 | |||||||||||||||||||
Outstanding at September 30, 2012 | 929,761 | 18.73 | |||||||||||||||||||||
Granted | — | ||||||||||||||||||||||
Exercised | — | ||||||||||||||||||||||
Forfeited/Expired | (215,526 | ) | 14.01 | ||||||||||||||||||||
Outstanding at September 30, 2013 | 714,235 | 20.15 | — | 3.2 | |||||||||||||||||||
Exercisable at September 30, 2013 through: | |||||||||||||||||||||||
30-Sep-14 | 130,750 | 19.84 | 0.6 | ||||||||||||||||||||
30-Sep-15 | 149,035 | 18.6 | 1.6 | ||||||||||||||||||||
30-Sep-16 | 71,450 | 25.65 | 2.6 | ||||||||||||||||||||
30-Sep-17 | 13,000 | 14.78 | 3.8 | ||||||||||||||||||||
30-Sep-18 | — | ||||||||||||||||||||||
30-Sep-19 | 350,000 | 20 | 5 | ||||||||||||||||||||
Total Exercisable | 714,235 | $ | 20.15 | 3.2 | |||||||||||||||||||
Options Outstanding & Exercisable | |||||||||||||||||||||||
Range of | Shares | Weighted | Aggregated | Weighted | |||||||||||||||||||
Exercises Prices | Average | Intrinsic | Average | ||||||||||||||||||||
Exercise | Value | Contractual | |||||||||||||||||||||
Minimum | Maximum | Price | Term (Years) | ||||||||||||||||||||
$14.78 | 14,000 | $ | 14.78 | $ | — | 3.6 | |||||||||||||||||
$17.23 | 133,535 | 17.23 | — | 1.5 | |||||||||||||||||||
$19.49 | $22.41 | 496,000 | 20.24 | — | 3.8 | ||||||||||||||||||
$26.06 | 70,700 | 26.06 | — | 2.4 | |||||||||||||||||||
Totals | 714,235 | $ | — | ||||||||||||||||||||
All stock options were fully vested at September 30, 2011. The fair value of options vested during the year ended September 30, 2011 was $270. | |||||||||||||||||||||||
A summary of restricted stock activity, inclusive of restricted stock units, for the years ended September 30, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||
Shares | Weighted Average | Aggregated Intrinsic | Weighted | ||||||||||||||||||||
Grant Price | Value* | Average | |||||||||||||||||||||
Contractual | |||||||||||||||||||||||
Term (Years) | |||||||||||||||||||||||
Outstanding at September 30, 2010 | 2,231,524 | $ | 9.71 | $ | 6,281 | 2.5 | |||||||||||||||||
Granted | 1,415,700 | 12.68 | 17,946 | ||||||||||||||||||||
Fully Vested | (407,268 | ) | 10.67 | 5,209 | |||||||||||||||||||
Forfeited | (130,009 | ) | 11.75 | 1,527 | |||||||||||||||||||
Outstanding at September 30, 2011 | 3,109,947 | 10.85 | 493 | 2.8 | |||||||||||||||||||
Granted | 439,500 | 9.33 | 4,101 | ||||||||||||||||||||
Fully Vested | (41,045 | ) | 11.35 | 428 | |||||||||||||||||||
Forfeited | (65,400 | ) | 11.13 | 728 | |||||||||||||||||||
Outstanding at September 30, 2012 | 3,443,002 | 10.38 | 2,828 | 1.5 | |||||||||||||||||||
Granted | 1,225,285 | 11.03 | 13,517 | ||||||||||||||||||||
Fully Vested | (1,146,493 | ) | 8.42 | 13,270 | |||||||||||||||||||
Forfeited | (93,126 | ) | 10.35 | 978 | |||||||||||||||||||
Outstanding at September 30, 2013 | 3,428,668 | 11.27 | 4,827 | 1.6 | |||||||||||||||||||
*Aggregated intrinsic value at the date the shares were outstanding, granted, vested or forfeited, as applicable. | |||||||||||||||||||||||
During 2013, Griffon granted 1,225,285 restricted stock awards with vesting periods up to four years, 1,146,892 of which are also subject to certain performance conditions. During 2012, Griffon granted 439,500 restricted stock awards with vesting periods of three years, 268,000 of which are also subject to certain performance conditions. | |||||||||||||||||||||||
Unrecognized compensation expense related to non-vested shares of restricted stock was $15,275 at September 30, 2013 and will be recognized over a weighted average vesting period of 1.4 years. | |||||||||||||||||||||||
At September 30, 2013, a total of approximately 4,815,235 shares of Griffon’s authorized Common Stock were reserved for issuance in connection with stock compensation plans. | |||||||||||||||||||||||
For the years ended September 30, 2013, 2012 and 2011, stock based compensation expense totaled $12,495, $10,439 and $8,956, respectively. Tax benefits related to stock based compensation expense were $3,068, $2,547 and $2,598 for the years ended September 30, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
In August 2011, Griffon’s Board of Directors authorized the repurchase of up to $50,000 of Griffon’s outstanding common stock; this was in addition to the 1,366,000 shares of common stock authorized for repurchase under an existing buyback program. Under the repurchase programs, the Company may, from time to time, purchase shares of its common stock, depending upon market conditions, in open market or privately negotiated transactions, including pursuant to a 10b5-1 plan. During 2011, Griffon purchased 1,531,379 shares of common stock, for a total of $12,367, or $8.08 per share, exhausting the shares under the original program; $48,690 remained under the $50,000 authorization. During 2012, Griffon purchased 1,187,066 shares of common stock under the plan for a total of $10,379, or $8.74 per share; $38,312 remained under the $50,000 authorization. During 2013, Griffon purchased 2,369,786 shares of common stock under the plan for a total of $26,285, or $11.09 per share; as of September 30, 2013, $12,027 remained under the $50,000 authorization. Share repurchases are recorded at cost. | |||||||||||||||||||||||
In addition to the repurchases under the $50,000 program, during 2013, 536,183 shares, with a market value of $6,236, or $11.63 per share, were withheld to settle employee taxes due upon the vesting of restricted stock. |
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
NOTE 14 – COMMITMENTS AND CONTINGENT LIABILITIES | |
Operating leases | |
Griffon rents real property and equipment under operating leases expiring at various dates. Most of the real property leases have escalation clauses related to increases in real property taxes. Rent expense for all operating leases totaled approximately $22,265, $30,598 and $34,600 in 2013, 2012 and 2011, respectively. Aggregate future minimum lease payments for operating leases at September 30, 2013 are $21,762 in 2014, $18,173 in 2015, $14,461 in 2016, $10,474 in 2017, $9,444 in 2018 and $15,006 thereafter. | |
Legal and environmental | |
Department of Environmental Conservation of New York State (“DEC”), with ISC Properties, Inc. Lightron Corporation (“Lightron”), a wholly-owned subsidiary of Griffon, once conducted operations at a location in Peekskill in the Town of Cortlandt, New York (the “Peekskill Site”) owned by ISC Properties, Inc. (“ISC”), a wholly-owned subsidiary of Griffon. ISC sold the Peekskill Site in November 1982. | |
Subsequently, Griffon was advised by the DEC that random sampling at the Peekskill Site and in a creek near the Peekskill Site indicated concentrations of solvents and other chemicals common to Lightron’s prior plating operations. ISC then entered into a consent order with the DEC in 1996 (the “Consent Order”) to perform a remedial investigation and prepare a feasibility study. After completing the initial remedial investigation pursuant to the Consent Order, ISC was required by the DEC, and did conduct accordingly over the next several years, supplemental remedial investigations, including soil vapor investigations, under the Consent Order. | |
In April 2009, the DEC advised ISC’s representatives 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. With the acceptance of these reports, ISC completed the remedial investigation required under the Consent Order and was authorized, accordingly, by the DEC to conduct the Feasibility Study required by the Consent Order. Pursuant to the requirements of the Consent Order and its obligations thereunder, ISC, without acknowledging any responsibility to perform any remediation at the Site, submitted to the DEC in August 2009, a draft feasibility study which recommended for the soil, groundwater and sediment medias, remediation alternatives having a current net capital cost value, in the aggregate, of approximately $5,000. In February 2011, DEC advised ISC it has accepted and approved the feasibility study. Accordingly, ISC has 0 further obligations under the consent order. | |
Upon acceptance of the feasibility study, DEC issued a Proposed Remedial Action Plan (“PRAP”) that sets forth the proposed remedy for the site. The PRAP accepted the recommendation contained in the feasibility study for remediation of the soil and groundwater medias, but selected a different remediation alternative for the sediment medium. The approximate cost and the current net capital cost value of the remedy proposed by DEC in the PRAP is approximately $10,000. After receiving public comments on the PRAP, the DEC issued a Record of Decision (“ROD”) that set forth the specific remedies selected and responded to public comments. The remedies selected by the DEC in the ROD are the same remedies as those set forth in the PRAP. | |
It is now expected that DEC will enter into negotiations with potentially responsible parties to request they undertake performance of the remedies selected in the ROD, and if such parties do not agree to implement such remedies, then the State may use State Superfund money to remediate the Peekskill site and seek recovery of costs from such parties. Griffon does not acknowledge any responsibility to perform any remediation at the Peekskill Site. | |
Improper Advertisement Claim involving Union Tools Products. Since December 2004, a customer of ATT has been named in various litigation matters relating to certain Union Tools products. The plaintiffs in those litigation matters have asserted causes of action against the customer of ATT for improper advertisement to end consumers. The allegations suggest that advertisements led the consumers to believe that Union Tools’ hand tools were wholly manufactured within boundaries of the United States. The complaints assert various causes of action against the customer of ATT under federal and state law, including common law fraud. At some point, likely once the litigation against the customer of ATT ends, the customer may seek indemnity (including recovery of its legal fees and costs) against ATT for an unspecified amount. Presently, ATT cannot estimate the amount of loss, if any, if the customer were to seek legal recourse against ATT. | |
Department of Environmental Conservation of New York State, regarding Frankfort, NY site. During fiscal 2009, an underground fuel tank with surrounding soil contamination was discovered at the Frankfort, N.Y. site, which is the result of historical facility operations prior to ATT’s ownership. While ATT was actively working with the DEC and the New York State Department of Health to define remediation requirements relative to the underground fuel tank, the DEC took the position that ATT was responsible to remediate other types of contamination on the site. After negotiations with the DEC, on August 15, 2011, ATT executed an Order on Consent with the DEC. The Order is without admission or finding of liability or acknowledgement that there has been a release of hazardous substances at the site. Importantly, the Order does not waive any rights that ATT has under a 1991 Consent Judgment entered into between the DEC and a predecessor of ATT relating to the site. The Order requires that ATT identify Areas of Concern at the site, and formulate a strategy to investigate and remedy both on and off site conditions in compliance with applicable environmental law. At the conclusion of the remedy phase of the remediation to the satisfaction of the DEC, the DEC will issue a Certificate of Completion. On August 1, 2012, a fire occurred during the course of demolition of certain structures at the Frankfort, NY site, requiring cleanup and additional remediation under the oversight of the DEC. Demolition of the structures on the property has been substantially completed. The DEC has inspected the progress of the work and is satisfied with the results thus far. On February 12, 2013, the DEC issued comments to the Remedial Investigation Work Plan previously submitted by ATT in October 2011, and in response, ATT issued a Revised Remedial Investigation Work Plan. Completion of the remedial investigation is dependent on timing of the DEC approval; no additional comments have been provided by the DEC to date. On October 21, 2013 ATT filed its revised Remedial Investigation Report with the DEC. | |
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 (“DCAA”), the Defense Criminal Investigative Service (“DCIS”), and the Department of Justice which has responsibility for asserting claims on behalf of the U.S. government. In addition to ongoing audits, pursuant to an administrative subpoena Griffon is currently providing information to the U.S. Department of Defense Office of the Inspector General. 0 claim has been asserted against Griffon, and Griffon is unaware of any material financial exposure in connection with the Inspector General’s inquiry. | |
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 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. |
EARNINGS_LOSS_PER_SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
NOTE 15 – EARNINGS (LOSS) PER SHARE | |||||||||||||
Basic and diluted EPS for the years ended September 30, 2013, 2012 and 2011 were determined using the following information (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average shares outstanding - basic | 54,428 | 55,914 | 58,919 | ||||||||||
Incremental shares from stock based compensation | 2,135 | 1,415 | — | ||||||||||
Weighted average shares outstanding - diluted | 56,563 | 57,329 | 58,919 | ||||||||||
Anti-dilutive options excluded from diluted EPS computation | 714 | 930 | 1,170 | ||||||||||
Anti-dilutive restricted stock excluded from diluted EPS computation | — | — | 1,235 | ||||||||||
Griffon has the intent and ability to settle the principal amount of the 2017 Notes in cash, as such, the potential issuance of shares related to the principal amount of the 2017 Notes does not affect diluted shares. Shares of the ESOP which have been allocated to employee accounts are treated as outstanding in determining earnings per share. |
RELATED_PARTIES
RELATED PARTIES | 12 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE 16 – RELATED PARTIES | |
An affiliate of GS Direct acted as placement agent for the sale of the 2017 notes in December 2009; provided financial advice to Griffon in connection with the ATT acquisition in 2010; acted as co-lead arranger, co-bookrunner and co-syndication agent in connection with a former term Loan in 2010; acted as dealer manager for the tender of two prior issuances of ATT bonds in 2010; and acted as a co-manager with respect to the sale of the 7.125% senior notes due 2018 in March 2011. Fees and expenses paid in 2011 were approximately $825. |
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
NOTE 17 — QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||||||
Quarterly results of operations for the years ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||||||
Quarter ended | Revenue | Gross Profit | Net Income | Per Share - | Per Share - | ||||||||||||||||
(loss) | Basic | Diluted | |||||||||||||||||||
2013 | |||||||||||||||||||||
31-Dec-12 | $ | 423,749 | $ | 97,670 | $ | 558 | $ | 0.01 | $ | 0.01 | |||||||||||
31-Mar-13 | 488,743 | 105,497 | (819 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||
30-Jun-13 | 509,826 | 108,311 | 3,603 | 0.07 | 0.06 | ||||||||||||||||
30-Sep-13 | 449,009 | 106,107 | 425 | 0.01 | 0.01 | ||||||||||||||||
$ | 1,871,327 | $ | 417,585 | $ | 3,767 | $ | 0.07 | $ | 0.07 | ||||||||||||
2012 | |||||||||||||||||||||
31-Dec-11 | $ | 451,032 | $ | 102,708 | $ | 2,488 | $ | 0.04 | $ | 0.04 | |||||||||||
31-Mar-12 | 482,431 | 102,801 | 2,027 | 0.04 | 0.04 | ||||||||||||||||
30-Jun-12 | 480,246 | 115,645 | 9,048 | 0.16 | 0.16 | ||||||||||||||||
30-Sep-12 | 447,436 | 97,651 | 3,448 | 0.06 | 0.06 | ||||||||||||||||
$ | 1,861,145 | $ | 418,805 | $ | 17,011 | $ | 0.3 | $ | 0.3 | ||||||||||||
Notes to Quarterly Financial Information (unaudited): | |||||||||||||||||||||
· | Earnings (loss) per share are computed independently for each quarter and year presented; as such the sum of the quarters may not be equal to the full year amounts. | ||||||||||||||||||||
· | 2013 Net income, and the related per share earnings, includsed, net of tax, restructuring and other related charges of $721, $5,788, $994 and $763 for the first, second, third and fourth quarters, respectively, and $8,266 for the year; and loss on pension settlement of $1,392 for the first quarter and for the year. | ||||||||||||||||||||
· | 2012 Net income, and the related per share earnings, included, net of tax, restructuring and other related charges of $1,167 and $1,881 for the first and fourth quarters, respectively, and $3,048 for the year; and acquisition related costs of $116 and $194 for the first and fourth quarters, repectively, and $310 for the year. | ||||||||||||||||||||
REPORTABLE_SEGMENTS
REPORTABLE SEGMENTS | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
NOTE 18 — REPORTABLE SEGMENTS | |||||||||||||
Griffon’s reportable segments are as follows: | |||||||||||||
· | HBP is a leading manufacturer and marketer of residential, commercial and industrial garage doors to professional installing dealers and major home center retail chains, as well as a global provider of non-powered landscaping products that make work easier for homeowners and professionals. | ||||||||||||
· | Telephonics develops, designs and manufactures high-technology integrated information, communication and sensor system solutions to military and commercial markets worldwide. | ||||||||||||
· | Plastics is an international leader in the development and production of embossed, laminated and printed specialty plastic films used in a variety of hygienic, health-care and industrial applications. | ||||||||||||
Griffon evaluates performance and allocates resources based on operating results before interest income or expense, income taxes and certain nonrecurring items of income or expense. | |||||||||||||
Information on Griffon’s reportable segments is as follows: | |||||||||||||
For the Years Ended September 30, | |||||||||||||
REVENUE | 2013 | 2012 | 2011 | ||||||||||
Home & Building Products: | |||||||||||||
ATT | $ | 419,549 | $ | 433,866 | $ | 434,789 | |||||||
CBP | 435,416 | 422,674 | 404,947 | ||||||||||
Home & Building Products | 854,965 | 856,540 | 839,736 | ||||||||||
Telephonics | 453,351 | 441,503 | 455,353 | ||||||||||
Plastics | 563,011 | 563,102 | 535,713 | ||||||||||
Total consolidated net sales | $ | 1,871,327 | $ | 1,861,145 | $ | 1,830,802 | |||||||
For the Years Ended September 30, | |||||||||||||
INCOME (LOSS) BEFORE TAXES | 2013 | 2012 | 2011 | ||||||||||
Segment operating profit: | |||||||||||||
Home & Building Products | $ | 26,130 | $ | 37,082 | $ | 28,228 | |||||||
Telephonics | 55,076 | 49,232 | 40,595 | ||||||||||
Plastics | 16,589 | 13,688 | 13,308 | ||||||||||
Total segment operating profit | 97,795 | 100,002 | 82,131 | ||||||||||
Net interest expense | (52,167 | ) | (51,715 | ) | (47,448 | ) | |||||||
Unallocated amounts | (29,153 | ) | (26,346 | ) | (22,868 | ) | |||||||
Loss from debt extinguishment, net | — | — | (26,164 | ) | |||||||||
Loss on pension settlement | (2,142 | ) | — | — | |||||||||
Income (loss) before taxes from continuing operations | $ | 14,333 | $ | 21,941 | $ | (14,349 | ) | ||||||
Griffon evaluates performance and allocates resources based on each segments’ operating results before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead), restructuring charges, acquisition-related expenses including the impact of the fair value of inventory acquired as part of a business combination, and gains (losses) from pension settlement and debt extinguishment, as applicable (“Segment adjusted EBITDA”, a non-GAAP measure). Griffon believes this information is useful to investors for the same reason. | |||||||||||||
The following table provides a reconciliation of Segment adjusted EBITDA to Income (loss) before taxes and discontinued operations: | |||||||||||||
For the Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Segment adjusted EBITDA: | |||||||||||||
Home & Building Products | $ | 70,064 | $ | 70,467 | $ | 77,119 | |||||||
Telephonics | 63,199 | 60,565 | 50,875 | ||||||||||
Plastics | 48,100 | 40,000 | 37,639 | ||||||||||
Total Segment adjusted EBITDA | 181,363 | 171,032 | 165,633 | ||||||||||
Net interest expense | (52,167 | ) | (51,715 | ) | (47,448 | ) | |||||||
Segment depreciation and amortization | (70,306 | ) | (65,864 | ) | (60,361 | ) | |||||||
Unallocated amounts | (29,153 | ) | (26,346 | ) | (22,868 | ) | |||||||
Loss from debt extinguishment, net | — | — | (26,164 | ) | |||||||||
Restructuring charges | (13,262 | ) | (4,689 | ) | (7,543 | ) | |||||||
Fair value write-up of acquired inventory sold | — | — | (15,152 | ) | |||||||||
Acquisition costs | — | (477 | ) | (446 | ) | ||||||||
Loss on pension settlement | (2,142 | ) | — | — | |||||||||
Income (loss) before taxes from continuing operations | $ | 14,333 | $ | 21,941 | $ | (14,349 | ) | ||||||
For the Years Ended September 30, | |||||||||||||
DEPRECIATION and AMORTIZATION | 2013 | 2012 | 2011 | ||||||||||
Segment: | |||||||||||||
Home & Building Products | $ | 36,195 | $ | 32,034 | $ | 28,796 | |||||||
Telephonics | 7,373 | 7,518 | 7,234 | ||||||||||
Plastics | 26,738 | 26,312 | 24,331 | ||||||||||
Total segment depreciation and amortization | 70,306 | 65,864 | 60,361 | ||||||||||
Corporate | 442 | 400 | 351 | ||||||||||
Total consolidated depreciation and amortization | $ | 70,748 | $ | 66,264 | $ | 60,712 | |||||||
CAPITAL EXPENDITURES | |||||||||||||
Segment: | |||||||||||||
Home & Building Products | $ | 30,695 | $ | 24,648 | $ | 28,083 | |||||||
Telephonics | 11,112 | 11,979 | 8,291 | ||||||||||
Plastics | 22,509 | 32,069 | 50,824 | ||||||||||
Total segment | 64,316 | 68,696 | 87,198 | ||||||||||
Corporate | 125 | 155 | 419 | ||||||||||
Total consolidated capital expenditures | $ | 64,441 | $ | 68,851 | $ | 87,617 | |||||||
ASSETS | At September | At September | At September | ||||||||||
30, 2013 | 30, 2012 | 30, 2011 | |||||||||||
Segment assets: | |||||||||||||
Home & Building Products | $ | 908,386 | $ | 943,766 | $ | 972,714 | |||||||
Telephonics | 296,919 | 255,420 | 288,968 | ||||||||||
Plastics | 422,730 | 430,395 | 450,452 | ||||||||||
Total segment assets | 1,628,035 | 1,629,581 | 1,712,134 | ||||||||||
Corporate | 156,455 | 173,088 | 148,064 | ||||||||||
Total continuing assets | 1,784,490 | 1,802,669 | 1,860,198 | ||||||||||
Assets of discontinued operations | 4,289 | 3,523 | 5,056 | ||||||||||
Consolidated total | $ | 1,788,779 | $ | 1,806,192 | $ | 1,865,254 | |||||||
Segment information by geographic region was as follows: | |||||||||||||
For the Years Ended September 30, | |||||||||||||
REVENUE BY GEOGRAPHIC AREA | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 1,319,740 | $ | 1,317,911 | $ | 1,265,977 | |||||||
Europe | 255,733 | 255,323 | 262,518 | ||||||||||
Canada | 114,984 | 120,457 | 125,330 | ||||||||||
South America | 103,840 | 93,243 | 96,340 | ||||||||||
All other countries | 77,030 | 74,211 | 80,637 | ||||||||||
Consolidated revenue | $ | 1,871,327 | $ | 1,861,145 | $ | 1,830,802 | |||||||
LONG-LIVED ASSETS BY GEOGRAPHIC AREA | At September | At September | At September | ||||||||||
30, 2013 | 30, 2012 | 30, 2011 | |||||||||||
United States | $ | 421,604 | $ | 422,647 | $ | 394,313 | |||||||
Germany | 82,314 | 84,480 | 94,800 | ||||||||||
Canada | 46,792 | 50,894 | 50,093 | ||||||||||
All other countries | 24,274 | 29,331 | 34,033 | ||||||||||
Consolidated property, plant and equipment, net | $ | 574,984 | $ | 587,352 | $ | 573,239 | |||||||
As a percentage of consolidated revenue, HBP sales to the Home Depot were approximately 11% in 2013, and 12% in both 2012 and 2011; Plastics sales to P&G were approximately 14% in 2013, 13% in 2012 and 14% in 2011; and Telephonics’ sales to the United States Government and its agencies aggregated approximately 19% in 2013, 2012 and 2011. |
OTHER_INCOME_EXPENSE
OTHER INCOME (EXPENSE) | 12 Months Ended |
Sep. 30, 2013 | |
Other Income and Expenses [Abstract] | ' |
Other Income and Other Expense Disclosure [Text Block] | ' |
NOTE 19 – OTHER INCOME (EXPENSE) | |
Other income (expense) included ($166), ($1,414) and $626 for the years ended September 30, 2013, 2012 and 2011, respectively, of currency exchange gains (losses) in connection with the translation of receivables and payables denominated in currencies other than the functional currencies of Griffon and its subsidiaries, as well as $565, $12 and $392, respectively, of investment income (loss). |
CONSOLIDATING_GUARANTOR_AND_NO
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Consolidating Guarantor And Non Guarantor Financial Information [Abstract] | ' | ||||||||||||||||||||
Consolidating Guarantor And Non Guarantor Financial Information [Text Block] | ' | ||||||||||||||||||||
NOTE 20 – CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | |||||||||||||||||||||
Griffon’s Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by the domestic assets of Clopay Building Products Company, Inc., Clopay Plastic Products Company, Inc., Telephonics Corporation, Ames True Temper Inc., and ATT Southern, Inc. In accordance with Rule 3-10 of Regulation S-X promulgated under the Securities Act of 1933, presented below are condensed consolidating financial information as of September 30, 2013 and 2012, and for the years ended September 30, 2013, 2012 and 2011. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor companies or non-guarantor companies operated as independent entities. The guarantor companies and the non-guarantor companies include the consolidated financial results of their wholly-owned subsidiaries accounted for under the equity method. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidation | |||||||||||||||||
Company | Companies | Companies | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and equivalents | $ | 68,994 | $ | 25,343 | $ | 83,793 | $ | — | $ | 178,130 | |||||||||||
Accounts receivable, net of allowances | — | 213,506 | 76,241 | (33,532 | ) | 256,215 | |||||||||||||||
Contract costs and recognized income not yet billed, net of progress payments | — | 109,683 | 145 | — | 109,828 | ||||||||||||||||
Inventories, net | — | 173,406 | 56,723 | (9 | ) | 230,120 | |||||||||||||||
Prepaid and other current assets | (712 | ) | 21,854 | 17,330 | 10,431 | 48,903 | |||||||||||||||
Assets of discontinued operations | — | — | 1,214 | — | 1,214 | ||||||||||||||||
Total Current Assets | 68,282 | 543,792 | 235,446 | (23,110 | ) | 824,410 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 972 | 248,973 | 103,648 | — | 353,593 | ||||||||||||||||
GOODWILL | — | 288,146 | 69,584 | — | 357,730 | ||||||||||||||||
INTANGIBLE ASSETS, net | — | 160,349 | 61,042 | — | 221,391 | ||||||||||||||||
INTERCOMPANY RECEIVABLE | 547,903 | 911,632 | 573,269 | (2,032,804 | ) | — | |||||||||||||||
EQUITY INVESTMENTS IN SUBSIDIARIES | 2,217,864 | 533,742 | 2,718,956 | (5,470,562 | ) | — | |||||||||||||||
OTHER ASSETS | 45,968 | 50,423 | 7,423 | (75,234 | ) | 28,580 | |||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS | — | — | 3,075 | — | 3,075 | ||||||||||||||||
Total Assets | $ | 2,880,989 | $ | 2,737,057 | $ | 3,772,443 | $ | (7,601,710 | ) | $ | 1,788,779 | ||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 1,000 | $ | 1,079 | $ | 8,689 | $ | — | $ | 10,768 | |||||||||||
Accounts payable and accrued liabilities | 41,121 | 182,765 | 70,427 | (23,960 | ) | 270,353 | |||||||||||||||
Liabilities of discontinued operations | — | — | 3,288 | — | 3,288 | ||||||||||||||||
Total Current Liabilities | 42,121 | 183,844 | 82,404 | (23,960 | ) | 284,409 | |||||||||||||||
LONG-TERM DEBT, net of debt discounts | 656,852 | 9,006 | 12,629 | — | 678,487 | ||||||||||||||||
INTERCOMPANY PAYABLES | 20,607 | 796,741 | 1,188,017 | (2,005,365 | ) | — | |||||||||||||||
OTHER LIABILITIES | 65,455 | 153,970 | 25,578 | (74,328 | ) | 170,675 | |||||||||||||||
LIABILITIES OF DISCONTINUED OPERATIONS | — | — | 4,744 | — | 4,744 | ||||||||||||||||
Total Liabilities | 785,035 | 1,143,561 | 1,313,372 | (2,103,653 | ) | 1,138,315 | |||||||||||||||
SHAREHOLDERS’ EQUITY | 2,095,954 | 1,593,496 | 2,459,071 | (5,498,057 | ) | 650,464 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 2,880,989 | $ | 2,737,057 | $ | 3,772,443 | $ | (7,601,710 | ) | $ | 1,788,779 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
At September 30, 2012 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and equivalents | $ | 125,093 | $ | 34,782 | $ | 49,779 | $ | — | $ | 209,654 | |||||||||||
Accounts receivable, net of allowances | — | 187,487 | 81,274 | (28,904 | ) | 239,857 | |||||||||||||||
Contract costs and recognized income not yet billed, net of progress payments | — | 69,216 | 1,561 | — | 70,777 | ||||||||||||||||
Inventories, net | — | 194,618 | 63,203 | 47 | 257,868 | ||||||||||||||||
Prepaid and other current assets | (851 | ) | 23,929 | 21,968 | 2,426 | 47,472 | |||||||||||||||
Assets of discontinued operations | — | — | 587 | — | 587 | ||||||||||||||||
Total Current Assets | 124,242 | 510,032 | 218,372 | (26,431 | ) | 826,215 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 1,224 | 244,261 | 111,394 | — | 356,879 | ||||||||||||||||
GOODWILL | — | 288,147 | 70,225 | — | 358,372 | ||||||||||||||||
INTANGIBLE ASSETS, net | — | 164,633 | 65,840 | — | 230,473 | ||||||||||||||||
INTERCOMPANY RECEIVABLE | 508,984 | 648,347 | 542,025 | (1,699,356 | ) | — | |||||||||||||||
EQUITY INVESTMENTS IN SUBSIDIARIES | 2,143,427 | 528,411 | 2,650,078 | (5,321,916 | ) | — | |||||||||||||||
OTHER ASSETS | 49,718 | 60,609 | 8,188 | (87,198 | ) | 31,317 | |||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS | — | — | 2,936 | — | 2,936 | ||||||||||||||||
Total Assets | $ | 2,827,595 | $ | 2,444,440 | $ | 3,669,058 | $ | (7,134,901 | ) | $ | 1,806,192 | ||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 1,625 | $ | 1,032 | $ | 15,046 | $ | — | $ | 17,703 | |||||||||||
Accounts payable and accrued liabilities | 44,649 | 167,230 | 66,640 | (26,478 | ) | 252,041 | |||||||||||||||
Liabilities of discontinued operations | — | — | 3,639 | — | 3,639 | ||||||||||||||||
Total Current Liabilities | 46,274 | 168,262 | 85,325 | (26,478 | ) | 273,383 | |||||||||||||||
LONG-TERM DEBT, net of debt discounts | 655,023 | 9,782 | 17,102 | — | 681,907 | ||||||||||||||||
INTERCOMPANY PAYABLES | — | 558,905 | 1,149,748 | (1,708,653 | ) | — | |||||||||||||||
OTHER LIABILITIES | 68,827 | 183,989 | 27,489 | (87,198 | ) | 193,107 | |||||||||||||||
LIABILITIES OF DISCONTINUED OPERATIONS | — | — | 3,643 | — | 3,643 | ||||||||||||||||
Total Liabilities | 770,124 | 920,938 | 1,283,307 | (1,822,329 | ) | 1,152,040 | |||||||||||||||
SHAREHOLDERS’ EQUITY | 2,057,471 | 1,523,502 | 2,385,751 | (5,312,572 | ) | 654,152 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 2,827,595 | $ | 2,444,440 | $ | 3,669,058 | $ | (7,134,901 | ) | $ | 1,806,192 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Year Ended September 30, 2013 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
Revenue | $ | — | $ | 1,459,705 | $ | 463,767 | $ | (52,145 | ) | $ | 1,871,327 | ||||||||||
Cost of goods and services | — | 1,107,440 | 392,588 | (46,286 | ) | 1,453,742 | |||||||||||||||
Gross profit | — | 352,265 | 71,179 | (5,859 | ) | 417,585 | |||||||||||||||
Selling, general and administrative expenses | 24,248 | 269,654 | 52,819 | (6,252 | ) | 340,469 | |||||||||||||||
Restructuring and other related charges | — | 9,236 | 4,026 | — | 13,262 | ||||||||||||||||
Total operating expenses | 24,248 | 278,890 | 56,845 | (6,252 | ) | 353,731 | |||||||||||||||
Income (loss) from operations | (24,248 | ) | 73,375 | 14,334 | 393 | 63,854 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (14,381 | ) | (27,660 | ) | (10,126 | ) | — | (52,167 | ) | ||||||||||||
Other, net | 569 | 9,656 | (5,731 | ) | (1,848 | ) | 2,646 | ||||||||||||||
Total other income (expense) | (13,812 | ) | (18,004 | ) | (15,857 | ) | (1,848 | ) | (49,521 | ) | |||||||||||
Income (loss) before taxes | (38,060 | ) | 55,371 | (1,523 | ) | (1,455 | ) | 14,333 | |||||||||||||
Provision (benefit) for income taxes | (14,888 | ) | 20,603 | 1,781 | 47 | 7,543 | |||||||||||||||
Income (loss) before equity in net income of subsidiaries | (23,172 | ) | 34,768 | (3,304 | ) | (1,502 | ) | 6,790 | |||||||||||||
Equity in net income (loss) of subsidiaries | 28,441 | 35 | 34,768 | (63,244 | ) | — | |||||||||||||||
Income (loss) from continuing operations | $ | 5,269 | $ | 34,803 | $ | 31,464 | $ | (64,746 | ) | $ | 6,790 | ||||||||||
Loss from operations of discontinued businesses | — | — | (4,651 | ) | — | (4,651 | ) | ||||||||||||||
Benefit from income taxes | — | — | 1,628 | — | 1,628 | ||||||||||||||||
Loss from discontinued operations | — | — | (3,023 | ) | — | (3,023 | ) | ||||||||||||||
Net income (loss) | $ | 5,269 | $ | 34,803 | $ | 28,441 | $ | (64,746 | ) | $ | 3,767 | ||||||||||
Net Income (loss) | $ | 5,269 | $ | 34,803 | $ | 28,441 | $ | (64,746 | ) | $ | 3,767 | ||||||||||
Other comprehensive income (loss), net of taxes | 886 | (22,398 | ) | 37,732 | — | 16,220 | |||||||||||||||
Comprehensive income (loss) | $ | 6,155 | $ | 12,405 | $ | 66,173 | $ | (64,746 | ) | $ | 19,987 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Year Ended September 30, 2012 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
Revenue | $ | — | $ | 1,414,910 | $ | 499,860 | $ | (53,625 | ) | $ | 1,861,145 | ||||||||||
Cost of goods and services | — | 1,060,183 | 428,760 | (46,603 | ) | 1,442,340 | |||||||||||||||
Gross profit | — | 354,727 | 71,100 | (7,022 | ) | 418,805 | |||||||||||||||
Selling, general and administrative expenses | 18,982 | 267,677 | 62,564 | (7,527 | ) | 341,696 | |||||||||||||||
Restructuring and other related charges | — | 4,674 | 15 | — | 4,689 | ||||||||||||||||
Total operating expenses | 18,982 | 272,351 | 62,579 | (7,527 | ) | 346,385 | |||||||||||||||
Income (loss) from operations | (18,982 | ) | 82,376 | 8,521 | 505 | 72,420 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (14,541 | ) | (25,183 | ) | (11,991 | ) | — | (51,715 | ) | ||||||||||||
Other, net | 13 | 10,826 | (7,756 | ) | (1,847 | ) | 1,236 | ||||||||||||||
Total other income (expense) | (14,528 | ) | (14,357 | ) | (19,747 | ) | (1,847 | ) | (50,479 | ) | |||||||||||
Income (loss) before taxes | (33,510 | ) | 68,019 | (11,226 | ) | (1,342 | ) | 21,941 | |||||||||||||
Provision (benefit) for income taxes | (20,363 | ) | 25,366 | (73 | ) | — | 4,930 | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (13,147 | ) | 42,653 | (11,153 | ) | (1,342 | ) | 17,011 | |||||||||||||
Equity in net income (loss) of subsidiaries | 31,500 | (11,007 | ) | 42,653 | (63,146 | ) | — | ||||||||||||||
Net income (loss) | $ | 18,353 | $ | 31,646 | $ | 31,500 | $ | (64,488 | ) | $ | 17,011 | ||||||||||
Net Income (loss) | $ | 18,353 | $ | 31,646 | $ | 31,500 | $ | (64,488 | ) | $ | 17,011 | ||||||||||
Other comprehensive income (loss), net of taxes | (619 | ) | 19,777 | (30,993 | ) | — | (11,835 | ) | |||||||||||||
Comprehensive income (loss) | $ | 17,734 | $ | 51,423 | $ | 507 | $ | (64,488 | ) | $ | 5,176 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
For the Year Ended September 30, 2011 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
Revenue | $ | — | $ | 1,379,535 | $ | 489,342 | $ | (38,075 | ) | $ | 1,830,802 | ||||||||||
Cost of goods and services | — | 1,055,520 | 421,261 | (39,440 | ) | 1,437,341 | |||||||||||||||
Gross profit | — | 324,015 | 68,081 | 1,365 | 393,461 | ||||||||||||||||
Selling, general and administrative expenses | 16,292 | 256,880 | 57,538 | (341 | ) | 330,369 | |||||||||||||||
Restructuring and other related charges | 364 | 7,018 | 161 | — | 7,543 | ||||||||||||||||
Total operating expenses | 16,656 | 263,898 | 57,699 | (341 | ) | 337,912 | |||||||||||||||
Income (loss) from operations | (16,656 | ) | 60,117 | 10,382 | 1,706 | 55,549 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (12,607 | ) | (26,414 | ) | (8,427 | ) | — | (47,448 | ) | ||||||||||||
Loss from debt extinguishment, net | — | (397 | ) | (25,767 | ) | — | (26,164 | ) | |||||||||||||
Other, net | (648 | ) | 6,882 | (1,338 | ) | (1,182 | ) | 3,714 | |||||||||||||
Total other income (expense) | (13,255 | ) | (19,929 | ) | (35,532 | ) | (1,182 | ) | (69,898 | ) | |||||||||||
Income (loss) before taxes | (29,911 | ) | 40,188 | (25,150 | ) | 524 | (14,349 | ) | |||||||||||||
Provision (benefit) for income taxes | (14,943 | ) | 17,977 | (9,952 | ) | (6,918 | ) | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (14,968 | ) | 22,211 | (15,198 | ) | 524 | (7,431 | ) | |||||||||||||
Equity in net income (loss) of subsidiaries | 7,013 | 1,139 | 22,211 | (30,363 | ) | — | |||||||||||||||
Net income (loss) | $ | (7,955 | ) | $ | 23,350 | $ | 7,013 | $ | (29,839 | ) | $ | (7,431 | ) | ||||||||
Net Income (loss) | $ | (7,955 | ) | $ | 23,350 | $ | 7,013 | $ | (29,839 | ) | $ | (7,431 | ) | ||||||||
Other comprehensive income (loss), net of taxes | 866 | (36,069 | ) | (27,615 | ) | 37,512 | (25,306 | ) | |||||||||||||
Comprehensive income (loss) | $ | (7,089 | ) | $ | (12,719 | ) | $ | (20,602 | ) | $ | 7,673 | $ | (32,737 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended September 30, 2013 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | 5,269 | $ | 34,803 | $ | 28,441 | $ | (64,746 | ) | $ | 3,767 | ||||||||||
Net cash provided by (used in) operating activities | (25,184 | ) | 83,177 | 27,690 | — | 85,683 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Acquisition of property, plant and equipment | (123 | ) | (56,617 | ) | (7,701 | ) | — | (64,441 | ) | ||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | |||||||||||||||
Proceeds from sale of assets | — | 1,404 | 169 | — | 1,573 | ||||||||||||||||
Net cash provided by (used in) investing activities | 9,877 | (65,213 | ) | (7,532 | ) | — | (62,868 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Purchase of shares for treasury | (32,521 | ) | — | — | — | (32,521 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | — | 303 | — | — | 303 | ||||||||||||||||
Payments of long-term debt | (2,157 | ) | (1,032 | ) | (13,678 | ) | — | (16,867 | ) | ||||||||||||
Change in short-term borrowings | — | — | 2,950 | — | 2,950 | ||||||||||||||||
Financing costs | (833 | ) | — | — | — | (833 | ) | ||||||||||||||
Tax effect from exercise/vesting of equity awards, net | 150 | — | — | — | 150 | ||||||||||||||||
Dividend | (5,825 | ) | — | — | — | (5,825 | ) | ||||||||||||||
Other, net | 394 | (26,674 | ) | 26,674 | — | 394 | |||||||||||||||
Net cash provided by (used in) financing activities | (40,792 | ) | (27,403 | ) | 15,946 | — | (52,249 | ) | |||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||||||||||
Net cash used in discontinued operations | — | — | (2,090 | ) | — | (2,090 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | — | — | — | ||||||||||||||||
NET DECREASE IN CASH AND EQUIVALENTS | (56,099 | ) | (9,439 | ) | 34,014 | — | (31,524 | ) | |||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 125,093 | 34,782 | 49,779 | — | 209,654 | ||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 68,994 | $ | 25,343 | $ | 83,793 | $ | — | $ | 178,130 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended September 30, 2012 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | 18,353 | $ | 31,646 | $ | 31,500 | $ | (64,488 | ) | $ | 17,011 | ||||||||||
Net cash provided by (used in) operating activities | (24,315 | ) | 93,349 | 21,096 | — | 90,130 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Acquisition of property, plant and equipment | (155 | ) | (63,388 | ) | (5,308 | ) | — | (68,851 | ) | ||||||||||||
Acquired business, net of cash acquired | — | (22,432 | ) | — | — | (22,432 | ) | ||||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | |||||||||||||||
Proceeds from sale of assets | — | 200 | 109 | — | 309 | ||||||||||||||||
Net cash provided by (used in) investing activities | 9,845 | (95,620 | ) | (5,199 | ) | — | (90,974 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Purchase of shares for treasury | (10,382 | ) | — | — | — | (10,382 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | (23,000 | ) | 491,372 | 27,000 | (491,372 | ) | 4,000 | ||||||||||||||
Payments of long-term debt | (1,625 | ) | (4,351 | ) | (12,570 | ) | — | (18,546 | ) | ||||||||||||
Change in short-term borrowings | — | — | (1,859 | ) | — | (1,859 | ) | ||||||||||||||
Financing costs | (65 | ) | — | (32 | ) | — | (97 | ) | |||||||||||||
Tax effect from exercise/vesting of equity awards, net | 834 | — | — | — | 834 | ||||||||||||||||
Dividend | (4,743 | ) | (219,516 | ) | 219,516 | — | (4,743 | ) | |||||||||||||
Other, net | 96 | (245,616 | ) | (245,752 | ) | 491,372 | 100 | ||||||||||||||
Net cash provided by (used in) financing activities | (38,885 | ) | 21,889 | (13,697 | ) | — | (30,693 | ) | |||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||||||||||
Net cash used in discontinued operations | — | — | (2,801 | ) | — | (2,801 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | 963 | — | 963 | ||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | (53,355 | ) | 19,618 | 362 | — | (33,375 | ) | ||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 178,448 | 15,164 | 49,417 | — | 243,029 | ||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 125,093 | $ | 34,782 | $ | 49,779 | $ | — | $ | 209,654 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended September 30, 2011 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (7,955 | ) | $ | 23,350 | $ | 7,013 | $ | (29,839 | ) | $ | (7,431 | ) | ||||||||
Net cash provided by (used in) operating activities | 43,407 | 38,657 | (46,679 | ) | — | 35,385 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Acquisition of property, plant and equipment | (418 | ) | (55,455 | ) | (31,744 | ) | — | (87,617 | ) | ||||||||||||
Acquired business, net of cash acquired | — | (1,066 | ) | 211 | — | (855 | ) | ||||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | |||||||||||||||
Funds restricted for capital projects | — | 4,629 | — | — | 4,629 | ||||||||||||||||
Proceeds from sale of assets | — | 68 | 1,442 | — | 1,510 | ||||||||||||||||
Net cash provided by (used in) investing activities | 9,582 | (61,824 | ) | (30,091 | ) | — | (82,333 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Purchase of shares for treasury | (18,139 | ) | — | (18,139 | ) | ||||||||||||||||
Proceeds from issuance of long-term debt | 569,973 | — | 104,278 | — | 674,251 | ||||||||||||||||
Payments of long-term debt | (625 | ) | (31,138 | ) | (466,809 | ) | — | (498,572 | ) | ||||||||||||
Change in short-term borrowings | — | — | 3,538 | 3,538 | |||||||||||||||||
Intercompany debt | (468,372 | ) | — | 468,372 | — | ||||||||||||||||
Financing costs | (14,663 | ) | — | (6,990 | ) | — | (21,653 | ) | |||||||||||||
Purchase of ESOP shares | (19,973 | ) | — | — | — | (19,973 | ) | ||||||||||||||
Exercise of stock options | 2,306 | — | — | — | 2,306 | ||||||||||||||||
Tax effect from exercise/vesting of equity awards, net | 7 | — | — | — | 7 | ||||||||||||||||
Other, net | 345 | 12,356 | (12,356 | ) | — | 345 | |||||||||||||||
Net cash provided by (used in) financing activities | 50,859 | (18,782 | ) | 90,033 | — | 122,110 | |||||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||||||||||
Net cash used in discontinued operations | — | — | (962 | ) | — | (962 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | (973 | ) | — | (973 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | 103,848 | (41,949 | ) | 11,328 | — | 73,227 | |||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 74,600 | 57,113 | 38,089 | — | 169,802 | ||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 178,448 | $ | 15,164 | $ | 49,417 | $ | — | $ | 243,029 | |||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 21 – SUBSEQUENT EVENTS | |
On November 13, 2013, Griffon announced that it will repurchase 4,444,444 shares of its common stock for $50,000 from GS Direct, L.L.C. (“GS Direct”), an affiliate of The Goldman Sachs Group, Inc. The repurchase will be effected in a private transaction at a per share price of $11.25, an approximate 9.2% discount to the stock’s closing price on November 12, 2013. The transaction is exclusive of the Company´s current $50,000 authorized share repurchase program, of which $12,027 remained as of September 30, 2013. After closing of the transaction, GS Direct will continue to hold approximately 5.56 million shares (approximately 10%) of Griffon’s common stock. GS Direct has also agreed that, subject to certain exceptions, if it intends to sell its remaining shares of Griffon common stock at any time prior to December 31, 2014, it will first negotiate with the Company in good faith to sell the shares to the Company. Griffon will fund the purchase with cash on hand and the transaction will be completed in December. | |
On November 13, 2013, Griffon declared a $0.03 per share dividend payable on December 24, 2013 to shareholders of record as of December 5, 2013. Griffon currently intends to pay dividends each quarter; however, the payment of dividends is determined by the Board of Directors at its discretion based on various factors, and no assurance can be provided as to future dividends. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
GRIFFON CORPORATION | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
FOR THE YEARS ENDED SEPTEMBER 30, 2013, 2012 AND 2011 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Description | Balance at | Recorded to | Accounts | Other | Balance at | ||||||||||||||||
Beginning of | Cost and | Written Off, | End of Year | ||||||||||||||||||
Year | Expense | net | |||||||||||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2013 | |||||||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||||
Bad debts | $ | 4,146 | $ | 2,939 | $ | (3,948 | ) | $ | 9 | $ | 3,146 | ||||||||||
Sales returns and allowances | 1,287 | 1,859 | (146 | ) | (10 | ) | 2,990 | ||||||||||||||
$ | 5,433 | $ | 4,798 | $ | (4,094 | ) | $ | (1 | ) | $ | 6,136 | ||||||||||
Inventory valuation | $ | 18,787 | $ | 5,788 | $ | (8,490 | ) | $ | (357 | ) | $ | 15,728 | |||||||||
Deferred tax valuation allowance | $ | 10,541 | $ | 2,880 | $ | — | $ | — | $ | 13,421 | |||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||||
Bad debts | $ | 4,610 | $ | 2,009 | $ | (2,284 | ) | $ | (189 | ) | $ | 4,146 | |||||||||
Sales returns and allowances | 1,462 | 2,018 | (2,160 | ) | (33 | ) | 1,287 | ||||||||||||||
$ | 6,072 | $ | 4,027 | $ | (4,444 | ) | $ | (222 | ) | $ | 5,433 | ||||||||||
Inventory valuation | $ | 19,557 | $ | 3,487 | $ | (3,995 | ) | $ | (262 | ) | $ | 18,787 | |||||||||
Deferred tax valuation allowance | $ | 9,481 | $ | 1,060 | $ | — | $ | — | $ | 10,541 | |||||||||||
FOR THE YEAR ENDED SEPTEMBER 30, 2011 | |||||||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||||
Bad debts | $ | 5,091 | $ | 1,121 | $ | (1,405 | ) | $ | (197 | ) | $ | 4,610 | |||||||||
Sales returns and allowances | 1,490 | 2,741 | (2,748 | ) | (21 | ) | 1,462 | ||||||||||||||
$ | 6,581 | $ | 3,862 | $ | (4,153 | ) | $ | (218 | ) | $ | 6,072 | ||||||||||
Inventory valuation | $ | 16,720 | $ | 8,651 | $ | (5,631 | ) | $ | (183 | ) | $ | 19,557 | |||||||||
Deferred tax valuation allowance | $ | 13,977 | $ | (4,496 | ) | $ | — | $ | — | $ | 9,481 | ||||||||||
Note: This Schedule II is for continuing operations only. | |||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Consolidation | |
The consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings (Loss) per share | |
Due to rounding, the sum of earnings per share of Continuing operations and Discontinued operations may not equal earnings per share of Net income. | |
Discontinued Operations, Policy [Policy Text Block] | ' |
Discontinued operations – Installation Services | |
In 2008, as a result of the downturn in the residential housing market, Griffon exited substantially all operating activities of its Installation Services segment which sold, installed and serviced garage doors and openers, fireplaces, floor coverings, cabinetry and a range of related building products, primarily for the new residential housing market. Operating results of substantially all of this segment have been reported as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income (Loss) for all periods presented; the Installation Services segment is excluded from segment reporting. | |
At September 30, 2013, Griffon’s assets and liabilities for discontinued operations primarily related to income taxes and product liability, warranty and environmental reserves. | |
Reclassifications and Adoption of New Accounting Guidance Policy [Text Block] | ' |
Reclassifications and adoption of new accounting guidance | |
Certain amounts in prior years have been reclassified to conform to the current year presentation. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of estimates | |
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, percentage of completion method of accounting, pension assumptions, useful lives associated with depreciation and amortization of intangible and fixed assets, warranty reserves, sales incentive accruals, stock based compensation assumptions, income taxes and tax valuation reserves, environmental reserves, legal reserves, insurance reserves and the valuation of discontinued assets and liabilities, 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. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and equivalents | |
Griffon considers all highly liquid investments purchased with an initial maturity of three months or less to be cash equivalents. Cash equivalents primarily consist of overnight commercial paper, highly-rated liquid money market funds backed by U.S. Treasury securities and U.S. Agency securities, as well as insured bank deposits. Griffon had cash in non-U.S. bank accounts of approximately $21,400 and $15,900 at September 30, 2013 and 2012, respectively. Substantially all U.S. cash and equivalents are covered by government insurance or backed by government securities. Griffon regularly evaluates the financial stability of all institutions and funds that hold its cash and equivalents. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair value of financial instruments | |
The carrying values of cash and equivalents, accounts receivable, accounts and notes payable and revolving credit 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 debt is based upon current market rates. | |
The fair values of Griffon’s 2018 senior notes and 2017 4% convertible notes approximated $583,000 and $112,600, respectively, on September 30, 2013. Fair values were based upon quoted market prices (level 1 inputs). | |
Insurance contracts with a value of $3,789 and $4,183 and trading securities with a value of $1,194 and $697 at September 30, 2013 and 2012, respectively, are measured and recorded at fair value based upon quoted prices in active markets for identical assets (level 2 inputs) and are included in Other current assets on the consolidated balance sheet. | |
Items Measured at Fair Value on a Recurring Basis | |
In the normal course of business, Griffon’s operations are exposed to the effect of changes in foreign currency exchange rates. In order to manage these risks, Griffon may enter into various derivative contracts such as foreign currency exchange contracts, including forwards and options. During 2013, Griffon entered into several such contracts in order to lock into a foreign currency rate for planned settlements of inter-company liabilities payable in USD. At inception, these hedges were all deemed effective as cash flow hedges with gains and losses related to changes in fair value deferred and recorded in Other comprehensive income (loss) and Prepaid and other current assets until settlement. Upon settlement, gains and losses were recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss) as Other income. A gain of $81 was recorded in Other Income in 2013 for the settled contacts and there were 0 unsettled contracts that qualify for hedge accounting as of September 30, 2013. | |
At September 30, 2013, Griffon had $750 of Australian dollar contracts at a weighted average rate of $1.07. The contracts, which protect Australia operations from currency fluctuations for U.S. dollar based purchases, do not qualify for hedge accounting and a fair value loss of $46 was recorded in Accrued liabilities and to Other income, net for the outstanding contracts, based on similar contract values (level 2 inputs), for the year ended September 30, 2013, respectively. All contracts expire in 15 to 90 days. | |
Pension plan assets with a fair value of $153,731 at September 30, 2013, are measured and recorded at fair value based upon quoted prices in active markets for identical assets (level 1 inputs), quoted market prices for similar assets (level 2 inputs) and derived from audited financial statements (level 3 inputs). | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
Non-U.S. currency translation | |
Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted average exchange rates. Adjustments resulting from currency translation have been recorded in the equity section of the balance sheet in Accumulated other comprehensive loss as cumulative translation adjustments. Cumulative translation adjustments were $20,113 and $23,202 at September 30, 2013 and 2012, respectively. Assets and liabilities of an entity that are denominated in currencies other than that entity’s functional currency are remeasured into the functional currency using period end exchange rates, or historical rates where applicable to certain balances. Gains and losses arising on remeasurements are recorded within the Consolidated Statement of Operations and Comprehensive Income (Loss) as a component of Other income (expense). | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue recognition | |
Revenue is recognized when the following circumstances are satisfied: a) persuasive evidence of an arrangement exists, b) delivery has occurred, title has transferred or services are rendered, c) price is fixed and determinable and d) collectability is reasonably assured.Goods are sold on terms which transfer title and risk of loss at a specified location. Revenue recognition from product sales occurs when all factors are met, including transfer of title and risk of loss, which occurs either upon shipment or upon receipt by customers at the location specified in the terms of sale. Other than standard product warranty provisions, sales arrangements provide for no other significant post-shipment obligations. From time to time and for certain customers, rebates and other sales incentives, promotional allowances or discounts are offered, typically related to customer purchase volumes, all of which are fixed or determinable and are classified as a reduction of revenue and recorded at the time of sale. Griffon provides for sales returns allowances based upon historical returns experience. | |
Telephonics earns a substantial portion of its revenue as either a prime or subcontractor from contract awards with the U.S. Government, as well as non-U.S. governments and other commercial customers. These formal contracts are typically long-term in nature, usually greater than one year. Revenue and profits from these long-term fixed price contracts are recognized under the percentage-of-completion method of accounting. Revenue and profits on fixed-price contracts that contain engineering as well as production requirements are recorded based on the ratio of total actual incurred costs to date to the total estimated costs for each contract (cost-to-cost method). Using the cost-to-cost method, revenue is recorded at amounts equal to the ratio of actual cumulative costs incurred divided by total estimated costs at completion, multiplied by the total estimated contract revenue, less the cumulative revenue recognized in prior periods. The profit recorded on a contract using this method is equal to the current estimated total profit margin multiplied by the cumulative revenue recognized, less the amount of cumulative profit previously recorded for the contract in prior periods. As this method relies on the substantial use of estimates, these projections may be revised throughout the life of a contract. Components of this formula and ratio that may be estimated include gross profit margin and total costs at completion. The cost performance and estimates to complete on long-term contracts are reviewed, at a minimum, on a quarterly basis, as well as when information becomes available that would necessitate a review of the current estimate. Adjustments to estimates for a contract’s estimated costs at completion and estimated profit or loss often are required as experience is gained, and as more information is obtained, even though the scope of work required under the contract may or may not change, or if contract modifications occur. The impact of such adjustments or changes to estimates is made on a cumulative basis in the period when such information has become known. Gross profit is affected by a variety of factors, including the mix of products, systems and services, production efficiencies, price competition and general economic conditions. | |
Revenue and profits on cost-reimbursable type contracts are recognized as allowable costs, and are incurred on the contract at an amount equal to the allowable costs plus the estimated profit on those costs. The estimated profit on a cost-reimbursable contract may be fixed or variable based on the contractual fee arrangement. Incentive and award fees on these contracts are recorded as revenue when the criteria under which they are earned are reasonably assured of being met and can be estimated. | |
For contracts whose 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. | |
Amounts representing contract change orders or claims are included in revenue only when they can be reliably estimated and their realization is probable, and are determined on a percentage-of-completion basis measured by the cost-to-cost method. | |
From time to time, Telephonics may combine contracts if they are negotiated together, have specific requirements to combine, or are otherwise closely related. Contracts are segmented based on customer requirements. | |
Accounts Receivable Allowance for Doubtful Accounts and Concentrations of Credit Risk [Policy Text Block] | ' |
Accounts receivable, allowance for doubtful accounts and concentrations of credit risk | |
Accounts receivable is composed principally of trade accounts receivable that arise primarily from the sale of goods or services on account and is stated at historical cost. A substantial portion of Griffon’s trade receivables are from customers of HBP, of which the largest customer is Home Depot, whose financial condition is dependent on the construction and related retail sectors of the economy. In addition, a significant portion of Griffon’s trade receivables are from one Plastics customer, P&G, whose financial condition is dependent on the consumer products and related sectors of the economy. As a percentage of consolidated accounts receivable, U.S. Government related programs were 19%, P&G was 12% and Home Depot was 10%. Griffon performs continuing evaluations of the financial condition of its customers, and although Griffon generally does not require collateral, letters of credit may be required from customers in certain circumstances. | |
Trade receivables are recorded at the stated amount, less allowance for doubtful accounts and, when appropriate, for customer program reserves and cash discounts. The allowance represents estimated uncollectible receivables associated with potential customer defaults on contractual obligations (usually due to customers’ potential insolvency). The allowance for doubtful accounts includes amounts for certain customers where 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. The provision related to the allowance for doubtful accounts is recorded in SG&A expenses. The Company writes-off accounts receivable when they are deemed to be uncollectible. | |
Customer program reserves and cash discounts are netted against accounts receivable when it is customer practice to reduce invoices for these amounts. The amount netted against accounts receivable in 2013 and 2012 was $6,556 and $8,653, respectively. | |
Contract Costs and Recognized Income Not Yet Billed [Policy Text Block] | ' |
Contract costs and recognized income not yet billed | |
Contract costs and recognized income not yet billed consists of amounts accounted for under the percentage of completion method of accounting, 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 specified milestones or product delivery, are met. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories | |
Inventories, stated at the lower of cost (first-in, first-out or average) or market, include material, labor and manufacturing overhead costs. | |
Griffon’s businesses typically do not require inventory that is susceptible to becoming obsolete or dated. In general, Telephonics sells products in connection with programs authorized and approved under contracts awarded by the U.S. Government or agencies thereof and in accordance with customer specifications. Plastics primarily produces fabricated materials used by customers in the production of their products and these materials are produced against orders from those customers. HBP produces doors and non-powered lawn and garden tools in response to orders from customers of retailers and dealers or based on expected orders, as applicable. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property, plant and equipment | |
Property, plant and equipment includes the historical cost of land, buildings, equipment and significant improvements to existing plant and equipment. Expenditures for maintenance, repairs and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss is recognized. | |
Depreciation expense, which includes amortization of assets under capital leases, was $62,911, $58,216 and $52,844 for the years ended September 30, 2013, 2012 and 2011, respectively, and was calculated on a straight-line basis over the estimated useful lives of the assets. Estimated useful lives for property, plant and equipment are as follows: buildings and building improvements, 25 to 40 years; machinery and equipment, 2 to 15 years and leasehold improvements, over the term of the lease or life of the improvement, whichever is shorter. | |
Capitalized interest costs included in Property, plant and equipment were $4,030, $2,975 and $2,250 for the years ended September 30, 2013, 2012 and 2011, respectively. The original cost of fully-depreciated property, plant and equipment remaining in use at September 30, 2013 was approximately $216,000. | |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | ' |
Goodwill and indefinite-lived intangibles | |
Goodwill is the excess of the acquisition cost of a business over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but is subject to an annual impairment test unless during an interim period, impairment indicators, such as a significant change in the business climate, exist. | |
Griffon performed its annual impairment testing of goodwill as of September 30, 2013. The performance of the test involves a two-step process. The first step involves comparing the fair value of Griffon’s reporting units with the reporting unit’s carrying amount, including goodwill. Griffon generally determines the fair value of its reporting units using the income approach methodology of valuation that includes the present value of expected future cash flows. This method uses market assumptions specific to Griffon’s reporting units. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, Griffon performs the second step of the goodwill impairment test to determine the amount of impairment loss. The second step compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. | |
Griffon defines its reporting units as its three segments. | |
Griffon used five year projections and a 3.0% terminal value to which discount rates between 9% and 11.25% were applied to calculate each unit’s fair value. To substantiate fair values derived from the income approach methodology of valuation, the implied fair value was reconciled to Griffon’s market capitalization, the results of which supported the implied fair values. Any changes in key assumptions or management judgment with respect to a reporting unit or its prospects, which may result from a decline in Griffon’s stock price, a change in market conditions, market trends, interest rates or other factors outside Griffon’s control, or significant underperformance relative to historical or project future operating results, could result in a significantly different estimate of the fair value of the reporting units, which could result in a future impairment charge. | |
Based upon the results of the annual impairment review, it was determined that the fair value of each reporting unit substantially exceeded the carrying value of the assets, as performed under step one, and no impairment existed. | |
Similar to goodwill, Griffon tests indefinite-lived intangible assets at least annually and when indicators of impairment exist. Griffon uses a discounted cash flow method to calculate and compare the fair value of the intangible to its book value. This method uses market assumptions specific to Griffon’s reporting units, which are reasonable and supportable. If the fair value is less than the book value of the indefinite-lived intangibles, an impairment charge would be recognized. | |
There was 0 impairment related to any goodwill or indefinite-lived intangible assets in 2013, 2012 or 2011. | |
Definite Lived Long Lived Assets [Policy Text Block] | ' |
Definite-lived long-lived assets | |
Amortizable intangible assets are carried at cost less accumulated amortization. For financial reporting purposes, definite-lived intangible assets are amortized on a straight-line basis over their useful lives, generally eight to twenty-five years. Long-lived assets and certain identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. | |
There were no indicators of impairment during the three years ending September 30, 2013 | |
Income Tax, Policy [Policy Text Block] | ' |
Income taxes | |
Income taxes are accounted for under the liability method. Deferred taxes reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts. The carrying value of Griffon’s deferred tax assets is dependent upon Griffon’s ability to generate sufficient future taxable income in certain tax jurisdictions. Should Griffon determine that it is more likely than not that some portion of the deferred tax assets will not be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made. | |
Griffon provides for uncertain tax positions and any related interest and penalties based upon Management’s assessment of whether a tax benefit is more likely than not of being sustained upon examination by tax authorities. At September 30, 2013 Griffon believes that it has appropriately accounted for all unrecognized tax benefits. As of September 30, 2013, 2012 and 2011, Griffon has recorded unrecognized tax benefits in the amount of $10,520, $11,876 and $12,910, respectively. Accrued interest and penalties related to income tax matters are recorded in the provision for income taxes. | |
Research Development Costs Shipping and Handling Costs and Advertising Costs [Policy Text Block] | ' |
Research and development costs, shipping and handling costs and advertising costs | |
Research and development costs not recoverable under contractual arrangements are charged to SG&A expense as incurred and amounted to $22,400, $23,600 and $23,900 in 2013, 2012 and 2011, respectively. | |
Selling, general and administrative (“SG&A”) expenses include shipping and handling costs of $39,600 in 2013, $40,200 in 2012 and $41,600 in 2011 and advertising costs, which are expensed as incurred, of $23,000 in 2013, $22,000 in 2012 and $23,000 in 2011. | |
Risk Retention and Insurance [Policy Text Block] | ' |
Risk, retention and insurance | |
Griffon’s property and casualty insurance programs contain various deductibles that, based on Griffon’s experience, are reasonable and customary for a company of its size and risk profile. Griffon generally maintains deductibles for claims and liabilities related primarily to workers’ compensation, general, product and automobile liability as well as property damage and business interruption losses resulting from certain events. Griffon does not consider any of the deductibles to represent a material risk to Griffon. Griffon accrues for claim exposures that are probable of occurrence and can be reasonably estimated. Insurance is maintained to transfer risk beyond the level of self-retention and provides protection on both an individual claim and annual aggregate basis. | |
In the U.S., Griffon currently self-assumes its general and product liability claims up to $350 per occurrence and its workers’ compensation and automobile liability claims up to $250 per occurrence. Third-party insurance provides primary level coverage in excess of these deductible amounts up to certain specified limits. In addition, Griffon has excess liability insurance from third-party insurers on both an aggregate and an individual occurrence basis substantially in excess of the limits of the primary coverage. | |
Griffon has local insurance coverage in Germany, Canada, Brazil, Australia, Turkey, China, Sweden, and Mexico. Griffon has worldwide excess coverage above these local programs. | |
Griffon Corporation and its U.S. subsidiaries also self insures health related claims to a maximum of $300 per participant, per year. | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' |
Pension benefits | |
Griffon sponsors defined and supplemental benefit pension plans for certain active and retired employees. Annual amounts relating to these plans are recorded based on actuarial projections, which include various actuarial assumptions, including discount rates, assumed rates of return, compensation increases and turnover rates. The actuarial assumptions used to determine pension liabilities and assets, as well as pension expense, are reviewed on an annual basis when modifications to assumptions are made based on current economic conditions and trends. The expected return on plan assets is determined based on the nature of the plans’ investments and expectations for long-term rates of return. The discount rate used to measure obligations is based on a corporate bond spot-rate yield curve that matches projected future benefit payments with the appropriate spot rate applicable to the timing of the projected future benefit payments. The assumptions utilized in recording Griffon’s obligations under the defined benefit pension plans are believed to be reasonable based on experience and advice from independent actuaries; however, differences in actual experience or changes in the assumptions may materially affect Griffon’s financial position or results of operations. | |
The U.S. components of the defined benefit plans, which excludes the supplemental and post retirement healthcare and insurance benefit plans, are frozen and have ceased accruing benefits. | |
Newly Issued But Not Yet Effective Accounting Pronouncements [Policy Text Block] | ' |
Newly issued but not yet effective accounting pronouncements | |
In February 2013, the FASB issued new accounting guidance requiring enhanced disclosures for items reclassified out of accumulated other comprehensive income. The guidance does not amend any existing requirements for reporting net income or other comprehensive income in the financial statements. This guidance is effective prospectively for annual reporting periods beginning after December 15, 2012, with early adoption permitted. As this new guidance is related to presentation only, the implementation of this guidance in the first quarter of fiscal year 2014 will not have a material effect on the Company’s financial condition or results of operations. | |
In July 2013, the FASB issued new accounting guidance requiring an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss or tax credit carryforward, except for instances when the carryforward is not available to settle any additional income taxes and an entity does not intend to use the deferred tax benefit for these purposes. In these circumstances, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This guidance is effective for the Company beginning in 2015 and is not expected to have a material impact on the Company’s financial condition or results of operations. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently issued effective accounting pronouncements | |
In June 2011, the FASB issued new accounting guidance requiring the presentation of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income, or in two separate but consecutive statements. The new accounting rules eliminate the option to present components of other comprehensive income as part of the statement of changes in shareholders’ equity. The new accounting rules were effective for the Company beginning in 2013 and did not have a material effect on the Company’s financial condition or results of operations and the Company presented comparable financial results. | |
In September 2011, the FASB issued new accounting guidance that allows an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative impairment testing of goodwill and indefinite life intangibles. This guidance is effective for the Company beginning in 2013 and did not have an impact on the Company’s financial condition or results of operations. | |
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. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 'The following table summarizes the fair values of the assets acquired as of the date of the acquisition and the amounts assigned to goodwill and intangible asset classifications: | ||||||||
Inventory | $ | 3,673 | |||||||
PP&E | 416 | ||||||||
Goodwill | 4,655 | ||||||||
Amortizable intangible assets | 11,077 | ||||||||
Indefinite life intangible assets | 2,611 | ||||||||
Total assets acquired | $ | 22,432 | |||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | 'The amounts assigned to goodwill and major intangible asset classifications, all of which are tax deductible, for the Southern Patio acquisition are as follows: | ||||||||
Amortization | |||||||||
Period (Years) | |||||||||
Goodwill | $ | 4,655 | N/A | ||||||
Tradenames | 2,611 | Indefinite | |||||||
Customer relationships | 11,077 | 25 | |||||||
$ | 18,343 |
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | 'The following table details the components of inventory: | ||||||||
At September 30, | At September 30, | ||||||||
2013 | 2012 | ||||||||
Raw materials and supplies | $ | 65,560 | $ | 63,596 | |||||
Work in process | 63,930 | 67,077 | |||||||
Finished goods | 100,630 | 127,195 | |||||||
Total | $ | 230,120 | $ | 257,868 |
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | 'The following table details the components of property, plant and equipment, net: | ||||||||
At September 30, | At September 30, | ||||||||
2013 | 2012 | ||||||||
Land, building and building improvements | $ | 130,905 | $ | 125,330 | |||||
Machinery and equipment | 661,094 | 622,983 | |||||||
Leasehold improvements | 35,884 | 34,890 | |||||||
827,883 | 783,203 | ||||||||
Accumulated depreciation and amortization | (474,290 | ) | (426,324 | ) | |||||
Total | $ | 353,593 | $ | 356,879 |
GOODWILL_AND_OTHER_INTANGIBLES1
GOODWILL AND OTHER INTANGIBLES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | 'The following table provides changes in carrying value of goodwill by segment through the year ended September 30, 2013: | ||||||||||||||||||||||||
At September 30, 2011 | Goodwill from | Other adjustments including currency translations | At September 30, 2012 | Other adjustments including currency translations | At September 30, 2013 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||
acquisitions | |||||||||||||||||||||||||
Home & Building Products | $ | 265,147 | $ | 4,655 | $ | — | $ | 269,802 | $ | — | $ | 269,802 | |||||||||||||
Telephonics | 18,545 | — | — | 18,545 | — | 18,545 | |||||||||||||||||||
Plastics | 74,196 | — | (4,171 | ) | 70,025 | (642 | ) | 69,383 | |||||||||||||||||
Total | $ | 357,888 | $ | 4,655 | $ | (4,171 | ) | $ | 358,372 | $ | (642 | ) | $ | 357,730 | |||||||||||
Schedule Of Identifiable Intangible Assets [Table Text Block] | 'The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset: | ||||||||||||||||||||||||
At September 30, 2013 | At September 30, 2012 | ||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Average | Gross Carrying | Accumulated Amortization | |||||||||||||||||||||
Life | Amount | ||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||
Customer relationships | $ | 166,985 | $ | 29,049 | 25 | $ | 167,603 | $ | 21,799 | ||||||||||||||||
Unpatented technology | 6,804 | 2,916 | 12.5 | 6,751 | 2,334 | ||||||||||||||||||||
Total amortizable intangible assets | 173,789 | 31,965 | 174,354 | 24,133 | |||||||||||||||||||||
Trademarks | 79,567 | — | 80,252 | — | |||||||||||||||||||||
Total intangible assets | $ | 253,356 | $ | 31,965 | $ | 254,606 | $ | 24,133 |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 'The following amounts related primarily to the Installation Services segment have been segregated from Griffon’s continuing operations and are reported as assets and liabilities of discontinued operations in the consolidated balance sheets: | ||||||||
At September 30, | At September 30, | ||||||||
2013 | 2012 | ||||||||
Assets of discontinued operations: | |||||||||
Prepaid and other current assets | $ | 1,214 | $ | 587 | |||||
Other long-term assets | 3,075 | 2,936 | |||||||
Total assets of discontinued operations | $ | 4,289 | $ | 3,523 | |||||
Liabilities of discontinued operations: | |||||||||
Accrued liabilities, current | $ | 3,288 | $ | 3,639 | |||||
Other long-term liabilities | 4,744 | 3,643 | |||||||
Total liabilities of discontinued operations | $ | 8,032 | $ | 7,282 |
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | 'The following table details the components of accrued liabilities: | ||||||||
At September 30, | At September 30, | ||||||||
2013 | 2012 | ||||||||
Compensation | $ | 44,771 | $ | 42,637 | |||||
Interest | 20,616 | 20,588 | |||||||
Warranties and rebates | 10,245 | 10,589 | |||||||
Insurance | 7,511 | 8,373 | |||||||
Rent, utilities and freight | 2,224 | 3,649 | |||||||
Income and other taxes | 5,045 | 4,072 | |||||||
Royalties | 343 | 2,071 | |||||||
Marketing and advertising | 1,985 | 1,513 | |||||||
Deferred income taxes | — | 129 | |||||||
Restructuring | 3,857 | 3,640 | |||||||
Other | 10,146 | 13,076 | |||||||
Total | $ | 106,743 | $ | 110,337 |
RESTRUCTURING_AND_OTHER_RELATE1
RESTRUCTURING AND OTHER RELATED CHARGES (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Schedule Of Restructuring And Other Related Charges [Table Text Block] | 'A summary of the restructuring and other related charges included in the line item “Restructuring and other related charges” in the Consolidated Statements of Operations recognized for 2011, 2012 and 2013 were as follows: | ||||||||||||||||||||
Workforce | Facilities & | Other Related | Non-cash | Total | |||||||||||||||||
Reduction | Exit Costs | Costs | Facility and | ||||||||||||||||||
Other | |||||||||||||||||||||
Amounts incurred in the year ended: | |||||||||||||||||||||
30-Sep-11 | $ | 3,789 | $ | 1,809 | $ | 1,945 | $ | — | $ | 7,543 | |||||||||||
30-Sep-12 | 4,204 | 379 | 106 | — | 4,689 | ||||||||||||||||
30-Sep-13 | 5,649 | 1,668 | 1,629 | 4,316 | 13,262 | ||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | 'The activity in the restructuring accrual recorded in Accrued liabilities consisted of the following: | ||||||||||||||||||||
Workforce | Facilities & | Other Related | Total | ||||||||||||||||||
Reduction | Exit Costs | Costs | |||||||||||||||||||
Accrued liability at September 30, 2011 | $ | 2,657 | $ | — | $ | — | $ | 2,657 | |||||||||||||
Charges | 4,204 | 379 | 106 | 4,689 | |||||||||||||||||
Payments | (3,361 | ) | (239 | ) | (106 | ) | (3,706 | ) | |||||||||||||
Accrued liability at September 30, 2012 | $ | 3,500 | $ | 140 | $ | — | $ | 3,640 | |||||||||||||
Charges | 5,649 | 1,668 | 1,629 | 8,946 | |||||||||||||||||
Payments | (6,092 | ) | (1,415 | ) | (1,222 | ) | (8,729 | ) | |||||||||||||
Accrued liability at September 30, 2013 | $ | 3,057 | $ | 393 | $ | 407 | $ | 3,857 |
WARRANTY_LIABILITY_Tables
WARRANTY LIABILITY (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | 'Changes in Griffon’s warranty liability, included in Accrued liabilities, were as follows: | ||||||||
Years Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of period | $ | 8,856 | $ | 7,963 | |||||
Warranties issued and changes in estimated pre-existing warranties | 2,331 | 6,088 | |||||||
Actual warranty costs incurred | (4,538 | ) | (5,195 | ) | |||||
Balance, end of period | $ | 6,649 | $ | 8,856 |
NOTES_PAYABLE_CAPITALIZED_LEAS1
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | 'The present value of the net minimum payments on capitalized leases as of September 30, 2013 was follows: | ||||||||||||||||||||||
At September 30, | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||
Total minimum lease payments | $ | 11,972 | |||||||||||||||||||||
Less amount representing interest payments | (2,128 | ) | |||||||||||||||||||||
Present value of net minimum lease payments | 9,844 | ||||||||||||||||||||||
Current portion | (1,106 | ) | |||||||||||||||||||||
Capitalized lease obligation, less current portion | $ | 8,738 | |||||||||||||||||||||
Schedule of Debt [Table Text Block] | 'Debt at September 30, 2013 and 2012 consisted of the following: | ||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||
Outstanding | Original | Balance | Capitalized | Coupon | |||||||||||||||||||
Balance | Issuer | Sheet | Fees & | Interest Rate | |||||||||||||||||||
Discount | Expenses | ||||||||||||||||||||||
Senior notes due 2018 | (a) | $ | 550,000 | $ | — | $ | 550,000 | $ | 7,328 | 7.1 | % | ||||||||||||
Revolver due 2018 | (a) | — | — | — | 2,425 | n/a | |||||||||||||||||
Convert. debt due 2017 | (b) | 100,000 | (13,246 | ) | 86,754 | 1,478 | 4 | % | |||||||||||||||
Real estate mortgages | (c) | 13,212 | — | 13,212 | 185 | n/a | |||||||||||||||||
ESOP Loans | (d) | 21,098 | — | 21,098 | 24 | n/a | |||||||||||||||||
Capital lease - real estate | (e) | 9,529 | — | 9,529 | 207 | 5 | % | ||||||||||||||||
Term loan due 2013 | (f) | 2,704 | — | 2,704 | 23 | n/a | |||||||||||||||||
Revolver due 2013 | (f) | — | — | — | — | n/a | |||||||||||||||||
Foreign lines of credit | (g) | 4,606 | — | 4,606 | — | n/a | |||||||||||||||||
Foreign term loan | (g) | 411 | — | 411 | 4 | n/a | |||||||||||||||||
Other long term debt | (h) | 941 | — | 941 | — | n/a | |||||||||||||||||
Totals | 702,501 | (13,246 | ) | 689,255 | $ | 11,674 | |||||||||||||||||
less: Current portion | (10,768 | ) | — | (10,768 | ) | ||||||||||||||||||
Long-term debt | $ | 691,733 | $ | (13,246 | ) | $ | 678,487 | ||||||||||||||||
At September 30, 2012 | |||||||||||||||||||||||
Outstanding | Original | Balance | Capitalized | Coupon | |||||||||||||||||||
Balance | Issuer | Sheet | Fees & | Interest Rate | |||||||||||||||||||
Discount | Expenses | ||||||||||||||||||||||
Senior notes due 2018 | (a) | $ | 550,000 | $ | — | $ | 550,000 | $ | 8,862 | 7.125 | % | ||||||||||||
Revolver due 2016 | (a) | — | — | — | 2,175 | n/a | |||||||||||||||||
Convert. debt due 2017 | (b) | 100,000 | (16,607 | ) | 83,393 | 1,921 | 4 | % | |||||||||||||||
Real estate mortgages | (c) | 14,063 | — | 14,063 | 271 | n/a | |||||||||||||||||
ESOP Loans | (d) | 22,723 | — | 22,723 | 32 | n/a | |||||||||||||||||
Capital lease - real estate | (e) | 10,455 | — | 10,455 | 232 | 5 | % | ||||||||||||||||
Term loan due 2013 | (f) | 12,873 | — | 12,873 | 107 | n/a | |||||||||||||||||
Revolver due 2013 | (f) | — | — | — | — | n/a | |||||||||||||||||
Foreign lines of credit | (g) | 2,064 | — | 2,064 | — | n/a | |||||||||||||||||
Foreign term loan | (g) | 2,693 | — | 2,693 | 19 | n/a | |||||||||||||||||
Other long term debt | (h) | 1,346 | — | 1,346 | — | ||||||||||||||||||
Totals | 716,217 | (16,607 | ) | 699,610 | $ | 13,619 | |||||||||||||||||
less: Current portion | (17,703 | ) | — | (17,703 | ) | ||||||||||||||||||
Long-term debt | $ | 698,514 | $ | (16,607 | ) | $ | 681,907 | ||||||||||||||||
(a) | On March 17, 2011, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $550,000 of 7.125% Senior Notes due in 2018 (“Senior Notes”); interest is payable semi-annually. On August 9, 2011, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer. | ||||||||||||||||||||||
Proceeds from the Senior Notes were used to pay down outstanding borrowings under a senior secured term loan facility and two senior secured revolving credit facilities of certain of the Company’s subsidiaries. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. | |||||||||||||||||||||||
On March 28, 2013, Griffon amended and increased the amount available under its Revolving Credit Facility (“Credit Agreement”) from $200,000 to $225,000 and extended its maturity from March 18, 2016 to March 28, 2018 (except that if the Company’s 7-1/8 Senior Notes due 2018 are still outstanding on October 1, 2017, the Facility will mature on October 1, 2017). The facility includes a letter of credit sub-facility with a limit of $60,000, a multi-currency sub-facility of $50,000 and a swingline sub-facility with a limit of $30,000. Borrowings under the Credit Agreement may be repaid and re-borrowed at any time, subject to final maturity of the facility or the occurrence of a default or event of default under the Credit Agreement. Interest is payable on borrowings at either a LIBOR or base rate benchmark rate, in each case without a floor, plus an applicable margin, which adjusts based on financial performance. The current margins are 1.00% for base rate loans and 2.00% 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 Credit Agreement also includes certain restrictions, such as limitations on the incurrence of indebtedness and liens and the making of 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 assets of the Company and the guarantors and a pledge of not greater than two-thirds of the equity interest in each of Griffon’s material, first-tier foreign subsidiaries. | |||||||||||||||||||||||
At September 30, 2013, there were $25,457 of standby letters of credit outstanding under the Credit Agreement; $199,543 was available, subject to certain covenants, for borrowing at that date. | |||||||||||||||||||||||
(b) | On December 21, 2009, Griffon issued $100,000 principal of 4% convertible subordinated notes due 2017 (the “2017 Notes”). The current conversion rate of the 2017 Notes is 67.8495 shares of Griffon’s common stock per $1,000 principal amount of notes, corresponding to a conversion price of $14.74 per share. When a cash dividend is declared that would result in an adjustment to the conversion ratio of less than 1%, any adjustment to the conversion ratio is deferred until the first to occur of (i) actual conversion; (ii) the 42nd trading day prior to maturity of the notes; and (iii) such time as the cumulative adjustment equals or exceeds 1%. As of September 30, 2013, aggregate dividends since the last conversion price adjustment of $0.075 per share would have resulted in an adjustment to the conversion ratio of approximately 0.66%. At both September 30, 2013 and 2012, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. | ||||||||||||||||||||||
(c) | On December 20, 2010, Griffon entered into two second lien real estate mortgages to secure new loans totaling $11,834. The loans mature in February 2016, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 3% with the option to swap to a fixed rate. On October 21, 2013, Griffon refinanced these real estate mortgages with total principal of $17,175, maturing in October 2018 and bearing interest at LIBOR plus 2.75%. | ||||||||||||||||||||||
Griffon has other real estate mortgages, collateralized by real property, which bear interest at 6.3% and mature in 2016. | |||||||||||||||||||||||
(d) | Griffon’s Employee Stock Ownership Plan (“ESOP”) entered into a loan agreement in August 2010 to borrow $20,000 over a one-year period. The proceeds were used to purchase 1,874,737 shares of Griffon common stock in the open market for $19,973. The loan bears interest at a) LIBOR plus 2.5% or b) the lender’s prime rate, at Griffon’s option. In November 2011, Griffon exercised an option to convert the outstanding loan to a five-year term loan; principal is payable in quarterly installments of $250, beginning December 2011, with a balloon payment of $15,223 due at maturity (November 2016). The loan is secured by shares purchased with the proceeds of the loan, and repayment is guaranteed by Griffon. At September 30, 2013, $17,973 was outstanding. | ||||||||||||||||||||||
In addition, the ESOP is party to a loan agreement which requires quarterly principal payments of $156 and interest through the extended expiration date of December 2013, at which time the $3,125 balance of the loan, and any outstanding interest, will be payable. Griffon has the intent and ability to refinance the December 2013 balance and has classified the balance in Long-Term Debt. The primary purpose of this loan was to purchase 547,605 shares of Griffon’s common stock in October 2008. The loan is secured by shares purchased with the proceeds of the loan and repayment is guaranteed by Griffon. The loan bears interest at rates based upon the prime rate or LIBOR. At September 30, 2013, $3,125 was outstanding and classified as long-term debt as the Company has the intent and ability to refinance in 2014. | |||||||||||||||||||||||
(e) | In October 2006, CBP entered into a capital lease totaling $14,290 for real estate in Troy, Ohio. The lease matures in 2022, bears interest at a fixed rate of 5.0%, is secured by a mortgage on the real estate and is guaranteed by Griffon. | ||||||||||||||||||||||
(f) | In November 2010, Clopay Europe GMBH (“Clopay Europe”) entered into a €10,000 revolving credit facility and a €20,000 term loan. The facility accrues interest at EURIBOR plus 2.45% per annum and the term loan accrues interest at EURIBOR plus 2.20% per annum. The revolving facility matures in November 2013, but is renewable upon mutual agreement with the bank. In July 2011, the full €20,000 was drawn on the term loan, with a portion of the proceeds used to repay borrowings under the revolving credit facility. The term loan is payable in ten equal quarterly installments which began in September 2011, with maturity in December 2013. Under the term loan, Clopay Europe is required to maintain a certain minimum equity to assets ratio and keep leverage below a certain level, defined as the ratio of total debt to EBITDA. | ||||||||||||||||||||||
(g) | In February 2012, Clopay do Brazil, a subsidiary of Plastics, borrowed $4,000 at a rate of 104.5% of Brazilian CDI (9.10% at September 30, 2013). The loan was used to refinance existing loans, is collateralized by accounts receivable and a 50% guaranty by Plastics and is to be repaid in four equal, semi-annual installments of principal plus accrued interest beginning in August 2012. Clopay do Brazil also maintains lines of credit of approximately $4,950. Interest on borrowings accrue at a rate of Brazilian CDI plus 6.0% (15.23% at September 30, 2013). At September 30, 2013 there was approximately $4,600 borrowed under the lines. | ||||||||||||||||||||||
In November 2012, Garant G.P. (“Garant”) entered into a CAD $15,000 revolving credit facility. The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum (1.48% LIBOR USD and 2.46% Bankers Acceptance Rate CDN as of September 30, 2013). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At September 30, 2013, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing | |||||||||||||||||||||||
(h) | At September 30, 2012, Griffon had $532 of 4% convertible subordinated notes due 2023 (“2023 Notes”) outstanding. On April 15, 2013, the 2023 Notes were redeemed at par plus accrued interest. Other long term debt also includes capital leases. | ||||||||||||||||||||||
Schedule of Interest Expense For Long Term Debt [Table Text Block] | 'Interest expense consists of the following for the years ended September 30, 2013, 2012 and 2011. | ||||||||||||||||||||||
Year Ended September 30, 2013 | |||||||||||||||||||||||
Effective | Cash Interest | Amort. Debt | Amort. | Total Interest | |||||||||||||||||||
Interest Rate | Discount | Deferred Cost | Expense | ||||||||||||||||||||
& Other Fees | |||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.4 | % | $ | 39,188 | $ | — | $ | 1,626 | $ | 40,814 | ||||||||||||
Revolver due 2018 | (a) | n/a | 785 | — | 582 | 1,367 | |||||||||||||||||
Convert. debt due 2017 | (b) | 9.1 | % | 4,000 | 3,361 | 443 | 7,804 | ||||||||||||||||
Real estate mortgages | (c) | 4.9 | % | 538 | — | 86 | 624 | ||||||||||||||||
ESOP Loans | (d) | 2.9 | % | 628 | — | 8 | 636 | ||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 504 | — | 25 | 529 | ||||||||||||||||
Term loan due 2013 | (f) | 3.9 | % | 271 | — | 87 | 358 | ||||||||||||||||
Revolver due 2013 | (f) | 0.5 | % | 68 | — | — | 68 | ||||||||||||||||
Foreign lines of credit | (g) | 12.9 | % | 520 | — | — | 520 | ||||||||||||||||
Foreign term loan | (g) | 9.8 | % | 216 | — | 14 | 230 | ||||||||||||||||
Other long term debt | (h) | 553 | — | — | 553 | ||||||||||||||||||
Capitalized interest | (983 | ) | — | — | (983 | ) | |||||||||||||||||
Totals | $ | 46,288 | $ | 3,361 | $ | 2,871 | $ | 52,520 | |||||||||||||||
Year Ended September 30, 2012 | |||||||||||||||||||||||
Effective | Cash Interest | Amort. Debt | Amort. | Total Interest | |||||||||||||||||||
Interest Rate | Discount | Deferred Cost | Expense | ||||||||||||||||||||
& Other Fees | |||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.4 | % | $ | 39,188 | $ | — | $ | 1,623 | $ | 40,811 | ||||||||||||
Revolver due 2016 | (a) | n/a | 881 | — | 622 | 1,503 | |||||||||||||||||
Convert. debt due 2017 | (b) | 9.2 | % | 4,000 | 3,086 | 443 | 7,529 | ||||||||||||||||
Real estate mortgages | (c) | 4 | % | 575 | — | 86 | 661 | ||||||||||||||||
ESOP Loans | (d) | 3 | % | 707 | — | 6 | 713 | ||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 551 | — | 25 | 576 | ||||||||||||||||
Term loan due 2013 | (f) | 5 | % | 831 | — | 87 | 918 | ||||||||||||||||
Foreign lines of credit | (g) | 14.3 | % | 228 | — | — | 228 | ||||||||||||||||
Foreign term loan | (g) | 10.5 | % | 238 | — | 11 | 249 | ||||||||||||||||
Other long term debt | (h) | 680 | — | 34 | 714 | ||||||||||||||||||
Capitalized interest | (1,895 | ) | — | — | (1,895 | ) | |||||||||||||||||
Totals | $ | 45,984 | $ | 3,086 | $ | 2,937 | $ | 52,007 | |||||||||||||||
Year Ended September 30, 2011 | |||||||||||||||||||||||
Effective | Cash Interest | Amort. Debt | Amort. | Total Interest | |||||||||||||||||||
Interest Rate | Discount | Deferred Cost | Expense | ||||||||||||||||||||
& Other Fees | |||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.4 | % | $ | 21,118 | $ | — | $ | 881 | $ | 21,999 | ||||||||||||
Revolver due 2016 | (a) | n/a | — | — | 332 | 332 | |||||||||||||||||
Convert. debt due 2017 | (b) | 9 | % | 3,944 | 2,832 | 443 | 7,219 | ||||||||||||||||
Real estate mortgages | (c) | 5.6 | % | 761 | — | 86 | 847 | ||||||||||||||||
ESOP Loans | (d) | 2.7 | % | 345 | — | 67 | 412 | ||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 602 | — | 26 | 628 | ||||||||||||||||
Term loan due 2013 | (f) | n/a | 338 | — | 71 | 409 | |||||||||||||||||
Revolver due 2013 | (f) | 1.2 | % | 160 | — | 79 | 239 | ||||||||||||||||
Foreign lines of credit | (g) | 3 | % | 91 | — | — | 91 | ||||||||||||||||
Foreign term loan | (g) | n/a | — | — | — | — | |||||||||||||||||
Term loan due 2016 | (i) | 9.5 | % | 13,405 | 572 | 838 | 14,815 | ||||||||||||||||
Asset based loan | (i) | 6.2 | % | 1,076 | 58 | 341 | 1,475 | ||||||||||||||||
Other long term debt | (h) | 214 | — | 107 | 321 | ||||||||||||||||||
Capitalized interest | (941 | ) | — | — | (941 | ) | |||||||||||||||||
Totals | $ | 41,113 | $ | 3,462 | $ | 3,271 | $ | 47,846 | |||||||||||||||
(a) | On March 17, 2011, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $550,000 of 7.125% Senior Notes due in 2018 (“Senior Notes”); interest is payable semi-annually. On August 9, 2011, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer. | ||||||||||||||||||||||
Proceeds from the Senior Notes were used to pay down outstanding borrowings under a senior secured term loan facility and two senior secured revolving credit facilities of certain of the Company’s subsidiaries. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. | |||||||||||||||||||||||
On March 28, 2013, Griffon amended and increased the amount available under its Revolving Credit Facility (“Credit Agreement”) from $200,000 to $225,000 and extended its maturity from March 18, 2016 to March 28, 2018 (except that if the Company’s 7-1/8 Senior Notes due 2018 are still outstanding on October 1, 2017, the Facility will mature on October 1, 2017). The facility includes a letter of credit sub-facility with a limit of $60,000, a multi-currency sub-facility of $50,000 and a swingline sub-facility with a limit of $30,000. Borrowings under the Credit Agreement may be repaid and re-borrowed at any time, subject to final maturity of the facility or the occurrence of a default or event of default under the Credit Agreement. Interest is payable on borrowings at either a LIBOR or base rate benchmark rate, in each case without a floor, plus an applicable margin, which adjusts based on financial performance. The current margins are 1.00% for base rate loans and 2.00% 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 Credit Agreement also includes certain restrictions, such as limitations on the incurrence of indebtedness and liens and the making of 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 assets of the Company and the guarantors and a pledge of not greater than two-thirds of the equity interest in each of Griffon’s material, first-tier foreign subsidiaries. | |||||||||||||||||||||||
At September 30, 2013, there were $25,457 of standby letters of credit outstanding under the Credit Agreement; $199,543 was available, subject to certain covenants, for borrowing at that date. | |||||||||||||||||||||||
(b) | On December 21, 2009, Griffon issued $100,000 principal of 4% convertible subordinated notes due 2017 (the “2017 Notes”). The current conversion rate of the 2017 Notes is 67.8495 shares of Griffon’s common stock per $1,000 principal amount of notes, corresponding to a conversion price of $14.74 per share. When a cash dividend is declared that would result in an adjustment to the conversion ratio of less than 1%, any adjustment to the conversion ratio is deferred until the first to occur of (i) actual conversion; (ii) the 42nd trading day prior to maturity of the notes; and (iii) such time as the cumulative adjustment equals or exceeds 1%. As of September 30, 2013, aggregate dividends since the last conversion price adjustment of $0.075 per share would have resulted in an adjustment to the conversion ratio of approximately 0.66%. At both September 30, 2013 and 2012, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. | ||||||||||||||||||||||
(c) | On December 20, 2010, Griffon entered into two second lien real estate mortgages to secure new loans totaling $11,834. The loans mature in February 2016, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 3% with the option to swap to a fixed rate. On October 21, 2013, Griffon refinanced these real estate mortgages with total principal of $17,175, maturing in October 2018 and bearing interest at LIBOR plus 2.75%. | ||||||||||||||||||||||
Griffon has other real estate mortgages, collateralized by real property, which bear interest at 6.3% and mature in 2016. | |||||||||||||||||||||||
(d) | Griffon’s Employee Stock Ownership Plan (“ESOP”) entered into a loan agreement in August 2010 to borrow $20,000 over a one-year period. The proceeds were used to purchase 1,874,737 shares of Griffon common stock in the open market for $19,973. The loan bears interest at a) LIBOR plus 2.5% or b) the lender’s prime rate, at Griffon’s option. In November 2011, Griffon exercised an option to convert the outstanding loan to a five-year term loan; principal is payable in quarterly installments of $250, beginning December 2011, with a balloon payment of $15,223 due at maturity (November 2016). The loan is secured by shares purchased with the proceeds of the loan, and repayment is guaranteed by Griffon. At September 30, 2013, $17,973 was outstanding. | ||||||||||||||||||||||
In addition, the ESOP is party to a loan agreement which requires quarterly principal payments of $156 and interest through the extended expiration date of December 2013, at which time the $3,125 balance of the loan, and any outstanding interest, will be payable. Griffon has the intent and ability to refinance the December 2013 balance and has classified the balance in Long-Term Debt. The primary purpose of this loan was to purchase 547,605 shares of Griffon’s common stock in October 2008. The loan is secured by shares purchased with the proceeds of the loan and repayment is guaranteed by Griffon. The loan bears interest at rates based upon the prime rate or LIBOR. At September 30, 2013, $3,125 was outstanding and classified as long-term debt as the Company has the intent and ability to refinance in 2014. | |||||||||||||||||||||||
(e) | In October 2006, CBP entered into a capital lease totaling $14,290 for real estate in Troy, Ohio. The lease matures in 2022, bears interest at a fixed rate of 5.0%, is secured by a mortgage on the real estate and is guaranteed by Griffon. | ||||||||||||||||||||||
(f) | In November 2010, Clopay Europe GMBH (“Clopay Europe”) entered into a €10,000 revolving credit facility and a €20,000 term loan. The facility accrues interest at EURIBOR plus 2.45% per annum and the term loan accrues interest at EURIBOR plus 2.20% per annum. The revolving facility matures in November 2013, but is renewable upon mutual agreement with the bank. In July 2011, the full €20,000 was drawn on the term loan, with a portion of the proceeds used to repay borrowings under the revolving credit facility. The term loan is payable in ten equal quarterly installments which began in September 2011, with maturity in December 2013. Under the term loan, Clopay Europe is required to maintain a certain minimum equity to assets ratio and keep leverage below a certain level, defined as the ratio of total debt to EBITDA. | ||||||||||||||||||||||
(g) | In February 2012, Clopay do Brazil, a subsidiary of Plastics, borrowed $4,000 at a rate of 104.5% of Brazilian CDI (9.10% at September 30, 2013). The loan was used to refinance existing loans, is collateralized by accounts receivable and a 50% guaranty by Plastics and is to be repaid in four equal, semi-annual installments of principal plus accrued interest beginning in August 2012. Clopay do Brazil also maintains lines of credit of approximately $4,950. Interest on borrowings accrue at a rate of Brazilian CDI plus 6.0% (15.23% at September 30, 2013). At September 30, 2013 there was approximately $4,600 borrowed under the lines. | ||||||||||||||||||||||
In November 2012, Garant G.P. (“Garant”) entered into a CAD $15,000 revolving credit facility. The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum (1.48% LIBOR USD and 2.46% Bankers Acceptance Rate CDN as of September 30, 2013). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At September 30, 2013, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing | |||||||||||||||||||||||
(h) | At September 30, 2012, Griffon had $532 of 4% convertible subordinated notes due 2023 (“2023 Notes”) outstanding. On April 15, 2013, the 2023 Notes were redeemed at par plus accrued interest. Other long term debt also includes capital leases. | ||||||||||||||||||||||
(i) | In connection with the ATT acquisition, Clopay Ames True Temper Holding Corp. (“Clopay Ames”), a subsidiary of Griffon, entered into a $375,000 secured term Loan (“Term Loan”) and a $125,000 asset based lending agreement (“ABL”). | ||||||||||||||||||||||
On November 30, 2010, Clopay Ames, as required under the Term Loan agreement, entered into an interest rate swap on a notional amount of $200,000 of the Term Loan. The agreement fixed the LIBOR component of the Term Loan interest rate at 2.085% for the notional amount of the swap. | |||||||||||||||||||||||
On March 17, 2011, the Term Loan and swap were terminated, and on March 18, 2011, the ABL was terminated, in connection with the issuance of the Senior Notes and Credit Agreement. |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | 'Net periodic costs (benefits) were as follows: | ||||||||||||||||||||||||
Defined Benefits for the Years Ended | Supplemental Benefits for the Years | ||||||||||||||||||||||||
September 30, | Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net periodic (benefits) costs: | |||||||||||||||||||||||||
Service cost | $ | 165 | $ | 238 | $ | 377 | $ | 35 | $ | 36 | $ | 34 | |||||||||||||
Interest cost | 7,977 | 9,191 | 9,552 | 1,344 | 1,692 | 1,759 | |||||||||||||||||||
Expected return on plan assets | (11,870 | ) | (11,896 | ) | (11,501 | ) | — | — | — | ||||||||||||||||
Recognition of settlement | 2,143 | — | — | — | — | — | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Prior service costs | 6 | 6 | 8 | 14 | 171 | 328 | |||||||||||||||||||
Actuarial loss | 1,795 | 1,735 | 1,144 | 1,288 | 1,137 | 1,141 | |||||||||||||||||||
Total net periodic (benefits) costs | $ | 216 | $ | (726 | ) | $ | (420 | ) | $ | 2,681 | $ | 3,036 | $ | 3,262 | |||||||||||
Schedule of Assumptions Used [Table Text Block] | 'The weighted-average assumptions used in determining the net periodic (benefits) costs were as follows: | ||||||||||||||||||||||||
Defined Benefits for the Years Ended | Supplemental Benefits for the Years | ||||||||||||||||||||||||
September 30, | Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rate | 3.67 | % | 4.44 | % | 4.89 | % | 3.4 | % | 4.3 | % | 4.26 | % | |||||||||||||
Average wage increase | 0.11 | % | 0.11 | % | 0.72 | % | 4.87 | % | 4.89 | % | 4.89 | % | |||||||||||||
Expected return on assets | 7.8 | % | 7.71 | % | 7.72 | % | — | — | — | ||||||||||||||||
Schedule Of Plan Assets And Benefit Obligation Of Defined Benefit Plan [Table Text Block] | 'Plan assets and benefit obligation of the defined and supplemental benefit plans were as follows: | ||||||||||||||||||||||||
Defined Benefits at | Supplemental Benefits at | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of fiscal year | $ | 232,939 | $ | 212,660 | $ | 41,473 | $ | 41,285 | |||||||||||||||||
Benefits earned during the year | 165 | 238 | 35 | 36 | |||||||||||||||||||||
Interest cost | 7,977 | 9,191 | 1,344 | 1,692 | |||||||||||||||||||||
Plan participant contributions | 15 | 16 | — | — | |||||||||||||||||||||
Benefits paid | (10,632 | ) | (10,369 | ) | (4,051 | ) | (3,936 | ) | |||||||||||||||||
Benefits paid - settlement | (11,548 | ) | — | — | — | ||||||||||||||||||||
Effect of foreign currency | 462 | (413 | ) | — | — | ||||||||||||||||||||
Actuarial (gain) loss | (19,945 | ) | 21,616 | (127 | ) | 2,396 | |||||||||||||||||||
Actuarial gain - settlement | (3,472 | ) | — | — | — | ||||||||||||||||||||
Benefit obligation at end of fiscal year | 195,961 | 232,939 | 38,674 | 41,473 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of fiscal year | 160,823 | 137,678 | — | — | |||||||||||||||||||||
Actual return on plan assets | 12,537 | 25,190 | — | — | |||||||||||||||||||||
Plan participant contributions | 15 | 16 | — | — | |||||||||||||||||||||
Company contributions | 2,203 | 8,638 | 4,051 | 3,936 | |||||||||||||||||||||
Effect of foreign currency | 333 | (330 | ) | — | — | ||||||||||||||||||||
Benefits paid | (10,632 | ) | (10,369 | ) | (4,051 | ) | (3,936 | ) | |||||||||||||||||
Benefits paid - settlement | (11,548 | ) | — | — | — | ||||||||||||||||||||
Fair value of plan assets at end of fiscal year | 153,731 | 160,823 | — | — | |||||||||||||||||||||
Projected benefit obligation in excess of plan assets | $ | (42,230 | ) | $ | (72,116 | ) | $ | (38,674 | ) | $ | (41,473 | ) | |||||||||||||
Amounts recognized in the statement of financial position consist of: | |||||||||||||||||||||||||
Accrued liabilities | $ | — | $ | — | $ | (4,031 | ) | $ | (3,897 | ) | |||||||||||||||
Other liabilities (long-term) | (42,230 | ) | (72,116 | ) | (34,643 | ) | (37,576 | ) | |||||||||||||||||
Total Liabilities | (42,230 | ) | (72,116 | ) | (38,674 | ) | (41,473 | ) | |||||||||||||||||
Net actuarial losses | 16,679 | 44,656 | 19,335 | 20,750 | |||||||||||||||||||||
Prior service cost | 4 | 10 | 99 | 113 | |||||||||||||||||||||
Deferred taxes | (5,839 | ) | (15,633 | ) | (6,802 | ) | (7,302 | ) | |||||||||||||||||
Total Accumulated other comprehensive loss, net of tax | 10,844 | 29,033 | 12,632 | 13,561 | |||||||||||||||||||||
Net amount recognized at September 30, | $ | (31,386 | ) | $ | (43,083 | ) | $ | (26,042 | ) | $ | (27,912 | ) | |||||||||||||
Accumulated benefit obligations | $ | 195,590 | $ | 232,574 | $ | 38,674 | $ | 41,473 | |||||||||||||||||
Information for plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||
ABO | $ | 195,590 | $ | 232,574 | $ | 38,674 | $ | 41,473 | |||||||||||||||||
PBO | 195,961 | 232,939 | 38,674 | 41,473 | |||||||||||||||||||||
Fair value of plan assets | 153,731 | 160,823 | — | — | |||||||||||||||||||||
Schedule Of Weighted Average Assumptions Used in Defined And Supplemental Benefit Obligations [Table Text Block] | 'The weighted-average assumptions used in determining the benefit obligations were as follows: | ||||||||||||||||||||||||
Defined Benefits at | Supplemental Benefits at | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Weighted average discount rate | 4.49 | % | 3.67 | % | 4.09 | % | 3.4 | % | |||||||||||||||||
Weighted average wage increase | 0.15 | % | 0.11 | % | 0 | % | 4.87 | % | |||||||||||||||||
Schedule Of Actual And Weighted Average Assets Allocation for Qualified Benefit plans [Table Text Block] | 'The actual and weighted-average asset allocation for qualified benefit plans were as follows: | ||||||||||||||||||||||||
At September 30, | |||||||||||||||||||||||||
2013 | 2012 | Target | |||||||||||||||||||||||
Equity securities | 55.8 | % | 66 | % | 63 | % | |||||||||||||||||||
Fixed income | 41.3 | % | 29 | % | 37 | % | |||||||||||||||||||
Other | 2.9 | % | 5 | % | 0 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | 'Estimated future benefit payments to retirees, which reflect expected future service, are as follows: | ||||||||||||||||||||||||
For the fiscal years ending September 30, | Defined | Supplemental Benefits | |||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | $ | 10,794 | $ | 4,085 | |||||||||||||||||||||
2015 | 10,866 | 4,010 | |||||||||||||||||||||||
2016 | 11,049 | 3,954 | |||||||||||||||||||||||
2017 | 11,192 | 3,895 | |||||||||||||||||||||||
2018 | 11,322 | 3,453 | |||||||||||||||||||||||
2019 through 2023 | 59,464 | 14,632 | |||||||||||||||||||||||
Schedule Of Fair Value Of Pension And Post Retirement Plan Assets By Asset Category [Table Text Block] | 'The following table presents the fair values of Griffon’s pension and post-retirement plan assets by asset category: | ||||||||||||||||||||||||
At September 30, 2013 | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Short-term investment funds | — | 2,949 | — | 2,949 | |||||||||||||||||||||
Government agency securities | 3,006 | — | — | 3,006 | |||||||||||||||||||||
Debt instruments | 30,856 | — | — | 30,856 | |||||||||||||||||||||
Equity securities | 47,690 | — | — | 47,690 | |||||||||||||||||||||
Commingled funds | — | 66,130 | — | 66,130 | |||||||||||||||||||||
Limited partnerships and hedge fund investments | — | 3,101 | — | 3,101 | |||||||||||||||||||||
Total | $ | 81,552 | $ | 72,180 | $ | — | $ | 153,732 | |||||||||||||||||
At September 30, 2012 | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||
Cash and equivalents | $ | 29 | $ | — | $ | — | $ | 29 | |||||||||||||||||
Short-term investment funds | — | 5,231 | — | 5,231 | |||||||||||||||||||||
Government agency securities | — | 2,899 | — | 2,899 | |||||||||||||||||||||
Debt instruments | — | 30,616 | — | 30,616 | |||||||||||||||||||||
Equity securities | 62,713 | — | — | 62,713 | |||||||||||||||||||||
Commingled funds | — | 56,329 | — | 56,329 | |||||||||||||||||||||
Insurance contracts | — | — | — | — | |||||||||||||||||||||
Limited partnerships and hedge fund investments | — | — | 3,016 | 3,016 | |||||||||||||||||||||
Total | $ | 62,742 | $ | 95,075 | $ | 3,016 | $ | 160,833 | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 'The activity for the level 3 assets was as follows: | ||||||||||||||||||||||||
Beginning Balance At September 30, 2012 | $ | 3,016 | |||||||||||||||||||||||
Transfers out of Level 3 | (3,016 | ) | |||||||||||||||||||||||
Ending Balance At September 30, 2013 | $ | — | |||||||||||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | 'The ESOP shares were as follows: | ||||||||||||||||||||||||
At September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Allocated shares | 2,309,812 | 2,335,040 | |||||||||||||||||||||||
Unallocated shares | 1,934,338 | 2,135,287 | |||||||||||||||||||||||
4,244,150 | 4,470,327 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule Of Income Loss From Continuing Operations Before Taxes [Table Text Block] | 'Income taxes have been based on the following components of Income before taxes and discontinued operations: | ||||||||||||
For the Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 16,083 | $ | 27,910 | $ | (17,869 | ) | ||||||
Non-U.S. | (1,750 | ) | (5,969 | ) | 3,520 | ||||||||
$ | 14,333 | $ | 21,941 | $ | (14,349 | ) | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 'Provision (benefit) for income taxes on income from continuing operations was comprised of the following: | ||||||||||||
For the Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | $ | 2,468 | $ | 7,557 | $ | (4,169 | ) | ||||||
Deferred | 5,075 | (2,627 | ) | (2,749 | ) | ||||||||
Total | $ | 7,543 | $ | 4,930 | $ | (6,918 | ) | ||||||
U.S. Federal | $ | 5,807 | $ | 3,400 | $ | (8,988 | ) | ||||||
State and local | 2,915 | (1,301 | ) | 91 | |||||||||
Non-U.S. | (1,179 | ) | 2,831 | 1,979 | |||||||||
Total provision | $ | 7,543 | $ | 4,930 | $ | (6,918 | ) | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 'Differences between the effective income tax rate applied to Income from continuing operations and U.S. Federal income statutory rate were as follows: | ||||||||||||
For the Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. Federal income tax provision (benefit) rate | 35 | % | 35 | % | (35.0 | )% | |||||||
State and local taxes, net of Federal benefit | 2.8 | 3.6 | (1.9 | ) | |||||||||
Non-U.S. taxes | 5.3 | 7 | 5.3 | ||||||||||
Change in tax contingency reserves | (10.9 | ) | (6.7 | ) | 2.2 | ||||||||
Executive compensation limits | 10 | 7.1 | 13.1 | ||||||||||
Repatriation of foreign earnings | (8.3 | ) | (12.3 | ) | — | ||||||||
Valuation allowance on foreign tax credits | 10.1 | (2.4 | ) | (27.2 | ) | ||||||||
Non-deductible meals and entertainment | 1.6 | 1.2 | 2 | ||||||||||
Research credits | (7.4 | ) | (0.7 | ) | (5.4 | ) | |||||||
Deferred tax impact of state rate change | 15 | (11.0 | ) | — | |||||||||
Other | (0.6 | ) | 1.6 | (1.3 | ) | ||||||||
Effective tax provision (benefit) rate | 52.6 | % | 22.5 | % | (48.2 | )% | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 'The tax effect of temporary differences that give rise to future deferred tax assets and liabilities are as follows: | ||||||||||||
At September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Bad debt reserves | $ | 2,202 | $ | 2,071 | |||||||||
Inventory reserves | 9,295 | 12,589 | |||||||||||
Deferred compensation (equity compensation and defined benefit plans) | 32,645 | 42,773 | |||||||||||
Compensation benefits | 3,059 | 2,706 | |||||||||||
Insurance reserve | 3,360 | 3,924 | |||||||||||
Restructuring reserve | 699 | 489 | |||||||||||
Warranty reserve | 3,320 | 3,587 | |||||||||||
Net operating loss | 26,644 | 25,708 | |||||||||||
Tax credits | 7,311 | 5,622 | |||||||||||
Other reserves and accruals | 2,924 | 651 | |||||||||||
91,459 | 100,120 | ||||||||||||
Valuation allowance | (13,421 | ) | (10,541 | ) | |||||||||
Total deferred tax assets | 78,038 | 89,579 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Deferred income | (13,124 | ) | (14,051 | ) | |||||||||
Goodwill and intangibles | (70,216 | ) | (70,463 | ) | |||||||||
Property, plant and equipment | (36,469 | ) | (33,673 | ) | |||||||||
Interest | (5,154 | ) | (6,542 | ) | |||||||||
Other | (5,164 | ) | (1,323 | ) | |||||||||
Total deferred tax liabilities | (130,127 | ) | (126,052 | ) | |||||||||
Net deferred tax liabilities | $ | (52,089 | ) | $ | (36,473 | ) | |||||||
Schedule Of Components of Net Deferred Tax Asset Liability By Balance Sheet Account [Table Text Block] | 'The components of the net deferred tax liability, by balance sheet account, were as follows: | ||||||||||||
At September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Prepaid and other current assets | $ | 9,118 | $ | 16,059 | |||||||||
Other assets | 3,205 | 2,956 | |||||||||||
Current liabilities | — | (129 | ) | ||||||||||
Other liabilities | (66,422 | ) | (55,882 | ) | |||||||||
Assets of discontinued operations | 2,010 | 523 | |||||||||||
Net deferred liability assets | $ | (52,089 | ) | $ | (36,473 | ) | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 'The following is a roll forward of the unrecognized tax benefits: | ||||||||||||
Balance at September 30, 2011 | $ | 12,910 | |||||||||||
Additions based on tax positions related to the current year | 1,840 | ||||||||||||
Reductions based on tax positions related to prior years | (822 | ) | |||||||||||
Lapse of Statutes | (617 | ) | |||||||||||
Settlements | (1,435 | ) | |||||||||||
Balance at September 30, 2012 | 11,876 | ||||||||||||
Additions based on tax positions related to the current year | 1,343 | ||||||||||||
Reductions based on tax positions related to prior years | 111 | ||||||||||||
Lapse of Statutes | (974 | ) | |||||||||||
Settlements | (1,836 | ) | |||||||||||
Balance at September 30, 2013 | $ | 10,520 |
STOCKHOLDERS_EQUITY_AND_EQUITY1
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 'A summary of stock option activity for the years ended September 30, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||
Options | |||||||||||||||||||||||
Shares | Weighted | Aggregated | Weighted | ||||||||||||||||||||
Average | Intrinsic | Average | |||||||||||||||||||||
Exercise | Value | Contractual | |||||||||||||||||||||
Price | Term (Years) | ||||||||||||||||||||||
Outstanding at September 30, 2010 | 1,544,221 | $ | 15.42 | ||||||||||||||||||||
Granted | — | ||||||||||||||||||||||
Exercised | (333,125 | ) | 7.74 | 1,848 | |||||||||||||||||||
Forfeited/expired | (41,435 | ) | 18.34 | ||||||||||||||||||||
Outstanding at September 30, 2011 | 1,169,661 | 17.5 | 1,667 | 3.7 | |||||||||||||||||||
Exercisable at September 30, 2011 | 1,169,661 | 17.5 | 1,667 | 3.7 | |||||||||||||||||||
Outstanding at September 30, 2011 | 1,169,661 | 17.5 | |||||||||||||||||||||
Granted | — | ||||||||||||||||||||||
Exercised | — | ||||||||||||||||||||||
Forfeited/expired | (239,900 | ) | 12.74 | ||||||||||||||||||||
Outstanding at September 30, 2012 | 929,761 | 18.73 | — | 3.4 | |||||||||||||||||||
Exercisable at September 30, 2012 | 929,761 | 18.73 | 1,667 | 3.4 | |||||||||||||||||||
Outstanding at September 30, 2012 | 929,761 | 18.73 | |||||||||||||||||||||
Granted | — | ||||||||||||||||||||||
Exercised | — | ||||||||||||||||||||||
Forfeited/Expired | (215,526 | ) | 14.01 | ||||||||||||||||||||
Outstanding at September 30, 2013 | 714,235 | 20.15 | — | 3.2 | |||||||||||||||||||
Exercisable at September 30, 2013 through: | |||||||||||||||||||||||
30-Sep-14 | 130,750 | 19.84 | 0.6 | ||||||||||||||||||||
30-Sep-15 | 149,035 | 18.6 | 1.6 | ||||||||||||||||||||
30-Sep-16 | 71,450 | 25.65 | 2.6 | ||||||||||||||||||||
30-Sep-17 | 13,000 | 14.78 | 3.8 | ||||||||||||||||||||
30-Sep-18 | — | ||||||||||||||||||||||
30-Sep-19 | 350,000 | 20 | 5 | ||||||||||||||||||||
Total Exercisable | 714,235 | $ | 20.15 | 3.2 | |||||||||||||||||||
Schedule Of Stock Options Range Of Exercises Prices Options Outstanding And Options Exercisable [Table Text Block] | ' | ||||||||||||||||||||||
Options Outstanding & Exercisable | |||||||||||||||||||||||
Range of | Shares | Weighted | Aggregated | Weighted | |||||||||||||||||||
Exercises Prices | Average | Intrinsic | Average | ||||||||||||||||||||
Exercise | Value | Contractual | |||||||||||||||||||||
Minimum | Maximum | Price | Term (Years) | ||||||||||||||||||||
$14.78 | 14,000 | $ | 14.78 | $ | — | 3.6 | |||||||||||||||||
$17.23 | 133,535 | 17.23 | — | 1.5 | |||||||||||||||||||
$19.49 | $22.41 | 496,000 | 20.24 | — | 3.8 | ||||||||||||||||||
$26.06 | 70,700 | 26.06 | — | 2.4 | |||||||||||||||||||
Totals | 714,235 | $ | — | ||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | 'A summary of restricted stock activity, inclusive of restricted stock units, for the years ended September 30, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||
Shares | Weighted Average | Aggregated Intrinsic | Weighted | ||||||||||||||||||||
Grant Price | Value* | Average | |||||||||||||||||||||
Contractual | |||||||||||||||||||||||
Term (Years) | |||||||||||||||||||||||
Outstanding at September 30, 2010 | 2,231,524 | $ | 9.71 | $ | 6,281 | 2.5 | |||||||||||||||||
Granted | 1,415,700 | 12.68 | 17,946 | ||||||||||||||||||||
Fully Vested | (407,268 | ) | 10.67 | 5,209 | |||||||||||||||||||
Forfeited | (130,009 | ) | 11.75 | 1,527 | |||||||||||||||||||
Outstanding at September 30, 2011 | 3,109,947 | 10.85 | 493 | 2.8 | |||||||||||||||||||
Granted | 439,500 | 9.33 | 4,101 | ||||||||||||||||||||
Fully Vested | (41,045 | ) | 11.35 | 428 | |||||||||||||||||||
Forfeited | (65,400 | ) | 11.13 | 728 | |||||||||||||||||||
Outstanding at September 30, 2012 | 3,443,002 | 10.38 | 2,828 | 1.5 | |||||||||||||||||||
Granted | 1,225,285 | 11.03 | 13,517 | ||||||||||||||||||||
Fully Vested | (1,146,493 | ) | 8.42 | 13,270 | |||||||||||||||||||
Forfeited | (93,126 | ) | 10.35 | 978 | |||||||||||||||||||
Outstanding at September 30, 2013 | 3,428,668 | 11.27 | 4,827 | 1.6 | |||||||||||||||||||
*Aggregated intrinsic value at the date the shares were outstanding, granted, vested or forfeited, as applicable. |
EARNINGS_LOSS_PER_SHARE_Tables
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 'Basic and diluted EPS for the years ended September 30, 2013, 2012 and 2011 were determined using the following information (in thousands): | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average shares outstanding - basic | 54,428 | 55,914 | 58,919 | ||||||||||
Incremental shares from stock based compensation | 2,135 | 1,415 | — | ||||||||||
Weighted average shares outstanding - diluted | 56,563 | 57,329 | 58,919 | ||||||||||
Anti-dilutive options excluded from diluted EPS computation | 714 | 930 | 1,170 | ||||||||||
Anti-dilutive restricted stock excluded from diluted EPS computation | — | — | 1,235 |
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 'Quarterly results of operations for the years ended September 30, 2013 and 2012 were as follows: | ||||||||||||||||||||
Quarter ended | Revenue | Gross Profit | Net Income | Per Share - | Per Share - | ||||||||||||||||
(loss) | Basic | Diluted | |||||||||||||||||||
2013 | |||||||||||||||||||||
31-Dec-12 | $ | 423,749 | $ | 97,670 | $ | 558 | $ | 0.01 | $ | 0.01 | |||||||||||
31-Mar-13 | 488,743 | 105,497 | (819 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||
30-Jun-13 | 509,826 | 108,311 | 3,603 | 0.07 | 0.06 | ||||||||||||||||
30-Sep-13 | 449,009 | 106,107 | 425 | 0.01 | 0.01 | ||||||||||||||||
$ | 1,871,327 | $ | 417,585 | $ | 3,767 | $ | 0.07 | $ | 0.07 | ||||||||||||
2012 | |||||||||||||||||||||
31-Dec-11 | $ | 451,032 | $ | 102,708 | $ | 2,488 | $ | 0.04 | $ | 0.04 | |||||||||||
31-Mar-12 | 482,431 | 102,801 | 2,027 | 0.04 | 0.04 | ||||||||||||||||
30-Jun-12 | 480,246 | 115,645 | 9,048 | 0.16 | 0.16 | ||||||||||||||||
30-Sep-12 | 447,436 | 97,651 | 3,448 | 0.06 | 0.06 | ||||||||||||||||
$ | 1,861,145 | $ | 418,805 | $ | 17,011 | $ | 0.3 | $ | 0.3 |
REPORTABLE_SEGMENTS_Tables
REPORTABLE SEGMENTS (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 'Information on Griffon’s reportable segments is as follows: | ||||||||||||
For the Years Ended September 30, | |||||||||||||
REVENUE | 2013 | 2012 | 2011 | ||||||||||
Home & Building Products: | |||||||||||||
ATT | $ | 419,549 | $ | 433,866 | $ | 434,789 | |||||||
CBP | 435,416 | 422,674 | 404,947 | ||||||||||
Home & Building Products | 854,965 | 856,540 | 839,736 | ||||||||||
Telephonics | 453,351 | 441,503 | 455,353 | ||||||||||
Plastics | 563,011 | 563,102 | 535,713 | ||||||||||
Total consolidated net sales | $ | 1,871,327 | $ | 1,861,145 | $ | 1,830,802 | |||||||
For the Years Ended September 30, | |||||||||||||
INCOME (LOSS) BEFORE TAXES | 2013 | 2012 | 2011 | ||||||||||
Segment operating profit: | |||||||||||||
Home & Building Products | $ | 26,130 | $ | 37,082 | $ | 28,228 | |||||||
Telephonics | 55,076 | 49,232 | 40,595 | ||||||||||
Plastics | 16,589 | 13,688 | 13,308 | ||||||||||
Total segment operating profit | 97,795 | 100,002 | 82,131 | ||||||||||
Net interest expense | (52,167 | ) | (51,715 | ) | (47,448 | ) | |||||||
Unallocated amounts | (29,153 | ) | (26,346 | ) | (22,868 | ) | |||||||
Loss from debt extinguishment, net | — | — | (26,164 | ) | |||||||||
Loss on pension settlement | (2,142 | ) | — | — | |||||||||
Income (loss) before taxes from continuing operations | $ | 14,333 | $ | 21,941 | $ | (14,349 | ) | ||||||
For the Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Segment adjusted EBITDA: | |||||||||||||
Home & Building Products | $ | 70,064 | $ | 70,467 | $ | 77,119 | |||||||
Telephonics | 63,199 | 60,565 | 50,875 | ||||||||||
Plastics | 48,100 | 40,000 | 37,639 | ||||||||||
Total Segment adjusted EBITDA | 181,363 | 171,032 | 165,633 | ||||||||||
Net interest expense | (52,167 | ) | (51,715 | ) | (47,448 | ) | |||||||
Segment depreciation and amortization | (70,306 | ) | (65,864 | ) | (60,361 | ) | |||||||
Unallocated amounts | (29,153 | ) | (26,346 | ) | (22,868 | ) | |||||||
Loss from debt extinguishment, net | — | — | (26,164 | ) | |||||||||
Restructuring charges | (13,262 | ) | (4,689 | ) | (7,543 | ) | |||||||
Fair value write-up of acquired inventory sold | — | — | (15,152 | ) | |||||||||
Acquisition costs | — | (477 | ) | (446 | ) | ||||||||
Loss on pension settlement | (2,142 | ) | — | — | |||||||||
Income (loss) before taxes from continuing operations | $ | 14,333 | $ | 21,941 | $ | (14,349 | ) | ||||||
For the Years Ended September 30, | |||||||||||||
DEPRECIATION and AMORTIZATION | 2013 | 2012 | 2011 | ||||||||||
Segment: | |||||||||||||
Home & Building Products | $ | 36,195 | $ | 32,034 | $ | 28,796 | |||||||
Telephonics | 7,373 | 7,518 | 7,234 | ||||||||||
Plastics | 26,738 | 26,312 | 24,331 | ||||||||||
Total segment depreciation and amortization | 70,306 | 65,864 | 60,361 | ||||||||||
Corporate | 442 | 400 | 351 | ||||||||||
Total consolidated depreciation and amortization | $ | 70,748 | $ | 66,264 | $ | 60,712 | |||||||
CAPITAL EXPENDITURES | |||||||||||||
Segment: | |||||||||||||
Home & Building Products | $ | 30,695 | $ | 24,648 | $ | 28,083 | |||||||
Telephonics | 11,112 | 11,979 | 8,291 | ||||||||||
Plastics | 22,509 | 32,069 | 50,824 | ||||||||||
Total segment | 64,316 | 68,696 | 87,198 | ||||||||||
Corporate | 125 | 155 | 419 | ||||||||||
Total consolidated capital expenditures | $ | 64,441 | $ | 68,851 | $ | 87,617 | |||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||
ASSETS | At September | At September | At September | ||||||||||
30, 2013 | 30, 2012 | 30, 2011 | |||||||||||
Segment assets: | |||||||||||||
Home & Building Products | $ | 908,386 | $ | 943,766 | $ | 972,714 | |||||||
Telephonics | 296,919 | 255,420 | 288,968 | ||||||||||
Plastics | 422,730 | 430,395 | 450,452 | ||||||||||
Total segment assets | 1,628,035 | 1,629,581 | 1,712,134 | ||||||||||
Corporate | 156,455 | 173,088 | 148,064 | ||||||||||
Total continuing assets | 1,784,490 | 1,802,669 | 1,860,198 | ||||||||||
Assets of discontinued operations | 4,289 | 3,523 | 5,056 | ||||||||||
Consolidated total | $ | 1,788,779 | $ | 1,806,192 | $ | 1,865,254 | |||||||
Schedule Of Segment Information By Geographic Region [Table Text Block] | 'Segment information by geographic region was as follows: | ||||||||||||
For the Years Ended September 30, | |||||||||||||
REVENUE BY GEOGRAPHIC AREA | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 1,319,740 | $ | 1,317,911 | $ | 1,265,977 | |||||||
Europe | 255,733 | 255,323 | 262,518 | ||||||||||
Canada | 114,984 | 120,457 | 125,330 | ||||||||||
South America | 103,840 | 93,243 | 96,340 | ||||||||||
All other countries | 77,030 | 74,211 | 80,637 | ||||||||||
Consolidated revenue | $ | 1,871,327 | $ | 1,861,145 | $ | 1,830,802 | |||||||
LONG-LIVED ASSETS BY GEOGRAPHIC AREA | At September | At September | At September | ||||||||||
30, 2013 | 30, 2012 | 30, 2011 | |||||||||||
United States | $ | 421,604 | $ | 422,647 | $ | 394,313 | |||||||
Germany | 82,314 | 84,480 | 94,800 | ||||||||||
Canada | 46,792 | 50,894 | 50,093 | ||||||||||
All other countries | 24,274 | 29,331 | 34,033 | ||||||||||
Consolidated property, plant and equipment, net | $ | 574,984 | $ | 587,352 | $ | 573,239 |
CONSOLIDATING_GUARANTOR_AND_NO1
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Consolidating Guarantor And Non Guarantor Financial Information [Abstract] | ' | ||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidation | |||||||||||||||||
Company | Companies | Companies | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and equivalents | $ | 68,994 | $ | 25,343 | $ | 83,793 | $ | — | $ | 178,130 | |||||||||||
Accounts receivable, net of allowances | — | 213,506 | 76,241 | (33,532 | ) | 256,215 | |||||||||||||||
Contract costs and recognized income not yet billed, net of progress payments | — | 109,683 | 145 | — | 109,828 | ||||||||||||||||
Inventories, net | — | 173,406 | 56,723 | (9 | ) | 230,120 | |||||||||||||||
Prepaid and other current assets | (712 | ) | 21,854 | 17,330 | 10,431 | 48,903 | |||||||||||||||
Assets of discontinued operations | — | — | 1,214 | — | 1,214 | ||||||||||||||||
Total Current Assets | 68,282 | 543,792 | 235,446 | (23,110 | ) | 824,410 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 972 | 248,973 | 103,648 | — | 353,593 | ||||||||||||||||
GOODWILL | — | 288,146 | 69,584 | — | 357,730 | ||||||||||||||||
INTANGIBLE ASSETS, net | — | 160,349 | 61,042 | — | 221,391 | ||||||||||||||||
INTERCOMPANY RECEIVABLE | 547,903 | 911,632 | 573,269 | (2,032,804 | ) | — | |||||||||||||||
EQUITY INVESTMENTS IN SUBSIDIARIES | 2,217,864 | 533,742 | 2,718,956 | (5,470,562 | ) | — | |||||||||||||||
OTHER ASSETS | 45,968 | 50,423 | 7,423 | (75,234 | ) | 28,580 | |||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS | — | — | 3,075 | — | 3,075 | ||||||||||||||||
Total Assets | $ | 2,880,989 | $ | 2,737,057 | $ | 3,772,443 | $ | (7,601,710 | ) | $ | 1,788,779 | ||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 1,000 | $ | 1,079 | $ | 8,689 | $ | — | $ | 10,768 | |||||||||||
Accounts payable and accrued liabilities | 41,121 | 182,765 | 70,427 | (23,960 | ) | 270,353 | |||||||||||||||
Liabilities of discontinued operations | — | — | 3,288 | — | 3,288 | ||||||||||||||||
Total Current Liabilities | 42,121 | 183,844 | 82,404 | (23,960 | ) | 284,409 | |||||||||||||||
LONG-TERM DEBT, net of debt discounts | 656,852 | 9,006 | 12,629 | — | 678,487 | ||||||||||||||||
INTERCOMPANY PAYABLES | 20,607 | 796,741 | 1,188,017 | (2,005,365 | ) | — | |||||||||||||||
OTHER LIABILITIES | 65,455 | 153,970 | 25,578 | (74,328 | ) | 170,675 | |||||||||||||||
LIABILITIES OF DISCONTINUED OPERATIONS | — | — | 4,744 | — | 4,744 | ||||||||||||||||
Total Liabilities | 785,035 | 1,143,561 | 1,313,372 | (2,103,653 | ) | 1,138,315 | |||||||||||||||
SHAREHOLDERS’ EQUITY | 2,095,954 | 1,593,496 | 2,459,071 | (5,498,057 | ) | 650,464 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 2,880,989 | $ | 2,737,057 | $ | 3,772,443 | $ | (7,601,710 | ) | $ | 1,788,779 | ||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and equivalents | $ | 125,093 | $ | 34,782 | $ | 49,779 | $ | — | $ | 209,654 | |||||||||||
Accounts receivable, net of allowances | — | 187,487 | 81,274 | (28,904 | ) | 239,857 | |||||||||||||||
Contract costs and recognized income not yet billed, net of progress payments | — | 69,216 | 1,561 | — | 70,777 | ||||||||||||||||
Inventories, net | — | 194,618 | 63,203 | 47 | 257,868 | ||||||||||||||||
Prepaid and other current assets | (851 | ) | 23,929 | 21,968 | 2,426 | 47,472 | |||||||||||||||
Assets of discontinued operations | — | — | 587 | — | 587 | ||||||||||||||||
Total Current Assets | 124,242 | 510,032 | 218,372 | (26,431 | ) | 826,215 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 1,224 | 244,261 | 111,394 | — | 356,879 | ||||||||||||||||
GOODWILL | — | 288,147 | 70,225 | — | 358,372 | ||||||||||||||||
INTANGIBLE ASSETS, net | — | 164,633 | 65,840 | — | 230,473 | ||||||||||||||||
INTERCOMPANY RECEIVABLE | 508,984 | 648,347 | 542,025 | (1,699,356 | ) | — | |||||||||||||||
EQUITY INVESTMENTS IN SUBSIDIARIES | 2,143,427 | 528,411 | 2,650,078 | (5,321,916 | ) | — | |||||||||||||||
OTHER ASSETS | 49,718 | 60,609 | 8,188 | (87,198 | ) | 31,317 | |||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS | — | — | 2,936 | — | 2,936 | ||||||||||||||||
Total Assets | $ | 2,827,595 | $ | 2,444,440 | $ | 3,669,058 | $ | (7,134,901 | ) | $ | 1,806,192 | ||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 1,625 | $ | 1,032 | $ | 15,046 | $ | — | $ | 17,703 | |||||||||||
Accounts payable and accrued liabilities | 44,649 | 167,230 | 66,640 | (26,478 | ) | 252,041 | |||||||||||||||
Liabilities of discontinued operations | — | — | 3,639 | — | 3,639 | ||||||||||||||||
Total Current Liabilities | 46,274 | 168,262 | 85,325 | (26,478 | ) | 273,383 | |||||||||||||||
LONG-TERM DEBT, net of debt discounts | 655,023 | 9,782 | 17,102 | — | 681,907 | ||||||||||||||||
INTERCOMPANY PAYABLES | — | 558,905 | 1,149,748 | (1,708,653 | ) | — | |||||||||||||||
OTHER LIABILITIES | 68,827 | 183,989 | 27,489 | (87,198 | ) | 193,107 | |||||||||||||||
LIABILITIES OF DISCONTINUED OPERATIONS | — | — | 3,643 | — | 3,643 | ||||||||||||||||
Total Liabilities | 770,124 | 920,938 | 1,283,307 | (1,822,329 | ) | 1,152,040 | |||||||||||||||
SHAREHOLDERS’ EQUITY | 2,057,471 | 1,523,502 | 2,385,751 | (5,312,572 | ) | 654,152 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 2,827,595 | $ | 2,444,440 | $ | 3,669,058 | $ | (7,134,901 | ) | $ | 1,806,192 | ||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
Revenue | $ | — | $ | 1,459,705 | $ | 463,767 | $ | (52,145 | ) | $ | 1,871,327 | ||||||||||
Cost of goods and services | — | 1,107,440 | 392,588 | (46,286 | ) | 1,453,742 | |||||||||||||||
Gross profit | — | 352,265 | 71,179 | (5,859 | ) | 417,585 | |||||||||||||||
Selling, general and administrative expenses | 24,248 | 269,654 | 52,819 | (6,252 | ) | 340,469 | |||||||||||||||
Restructuring and other related charges | — | 9,236 | 4,026 | — | 13,262 | ||||||||||||||||
Total operating expenses | 24,248 | 278,890 | 56,845 | (6,252 | ) | 353,731 | |||||||||||||||
Income (loss) from operations | (24,248 | ) | 73,375 | 14,334 | 393 | 63,854 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (14,381 | ) | (27,660 | ) | (10,126 | ) | — | (52,167 | ) | ||||||||||||
Other, net | 569 | 9,656 | (5,731 | ) | (1,848 | ) | 2,646 | ||||||||||||||
Total other income (expense) | (13,812 | ) | (18,004 | ) | (15,857 | ) | (1,848 | ) | (49,521 | ) | |||||||||||
Income (loss) before taxes | (38,060 | ) | 55,371 | (1,523 | ) | (1,455 | ) | 14,333 | |||||||||||||
Provision (benefit) for income taxes | (14,888 | ) | 20,603 | 1,781 | 47 | 7,543 | |||||||||||||||
Income (loss) before equity in net income of subsidiaries | (23,172 | ) | 34,768 | (3,304 | ) | (1,502 | ) | 6,790 | |||||||||||||
Equity in net income (loss) of subsidiaries | 28,441 | 35 | 34,768 | (63,244 | ) | — | |||||||||||||||
Income (loss) from continuing operations | $ | 5,269 | $ | 34,803 | $ | 31,464 | $ | (64,746 | ) | $ | 6,790 | ||||||||||
Loss from operations of discontinued businesses | — | — | (4,651 | ) | — | (4,651 | ) | ||||||||||||||
Benefit from income taxes | — | — | 1,628 | — | 1,628 | ||||||||||||||||
Loss from discontinued operations | — | — | (3,023 | ) | — | (3,023 | ) | ||||||||||||||
Net income (loss) | $ | 5,269 | $ | 34,803 | $ | 28,441 | $ | (64,746 | ) | $ | 3,767 | ||||||||||
Net Income (loss) | $ | 5,269 | $ | 34,803 | $ | 28,441 | $ | (64,746 | ) | $ | 3,767 | ||||||||||
Other comprehensive income (loss), net of taxes | 886 | (22,398 | ) | 37,732 | — | 16,220 | |||||||||||||||
Comprehensive income (loss) | $ | 6,155 | $ | 12,405 | $ | 66,173 | $ | (64,746 | ) | $ | 19,987 | ||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
Revenue | $ | — | $ | 1,414,910 | $ | 499,860 | $ | (53,625 | ) | $ | 1,861,145 | ||||||||||
Cost of goods and services | — | 1,060,183 | 428,760 | (46,603 | ) | 1,442,340 | |||||||||||||||
Gross profit | — | 354,727 | 71,100 | (7,022 | ) | 418,805 | |||||||||||||||
Selling, general and administrative expenses | 18,982 | 267,677 | 62,564 | (7,527 | ) | 341,696 | |||||||||||||||
Restructuring and other related charges | — | 4,674 | 15 | — | 4,689 | ||||||||||||||||
Total operating expenses | 18,982 | 272,351 | 62,579 | (7,527 | ) | 346,385 | |||||||||||||||
Income (loss) from operations | (18,982 | ) | 82,376 | 8,521 | 505 | 72,420 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (14,541 | ) | (25,183 | ) | (11,991 | ) | — | (51,715 | ) | ||||||||||||
Other, net | 13 | 10,826 | (7,756 | ) | (1,847 | ) | 1,236 | ||||||||||||||
Total other income (expense) | (14,528 | ) | (14,357 | ) | (19,747 | ) | (1,847 | ) | (50,479 | ) | |||||||||||
Income (loss) before taxes | (33,510 | ) | 68,019 | (11,226 | ) | (1,342 | ) | 21,941 | |||||||||||||
Provision (benefit) for income taxes | (20,363 | ) | 25,366 | (73 | ) | — | 4,930 | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (13,147 | ) | 42,653 | (11,153 | ) | (1,342 | ) | 17,011 | |||||||||||||
Equity in net income (loss) of subsidiaries | 31,500 | (11,007 | ) | 42,653 | (63,146 | ) | — | ||||||||||||||
Net income (loss) | $ | 18,353 | $ | 31,646 | $ | 31,500 | $ | (64,488 | ) | $ | 17,011 | ||||||||||
Net Income (loss) | $ | 18,353 | $ | 31,646 | $ | 31,500 | $ | (64,488 | ) | $ | 17,011 | ||||||||||
Other comprehensive income (loss), net of taxes | (619 | ) | 19,777 | (30,993 | ) | — | (11,835 | ) | |||||||||||||
Comprehensive income (loss) | $ | 17,734 | $ | 51,423 | $ | 507 | $ | (64,488 | ) | $ | 5,176 | ||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
Revenue | $ | — | $ | 1,379,535 | $ | 489,342 | $ | (38,075 | ) | $ | 1,830,802 | ||||||||||
Cost of goods and services | — | 1,055,520 | 421,261 | (39,440 | ) | 1,437,341 | |||||||||||||||
Gross profit | — | 324,015 | 68,081 | 1,365 | 393,461 | ||||||||||||||||
Selling, general and administrative expenses | 16,292 | 256,880 | 57,538 | (341 | ) | 330,369 | |||||||||||||||
Restructuring and other related charges | 364 | 7,018 | 161 | — | 7,543 | ||||||||||||||||
Total operating expenses | 16,656 | 263,898 | 57,699 | (341 | ) | 337,912 | |||||||||||||||
Income (loss) from operations | (16,656 | ) | 60,117 | 10,382 | 1,706 | 55,549 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (12,607 | ) | (26,414 | ) | (8,427 | ) | — | (47,448 | ) | ||||||||||||
Loss from debt extinguishment, net | — | (397 | ) | (25,767 | ) | — | (26,164 | ) | |||||||||||||
Other, net | (648 | ) | 6,882 | (1,338 | ) | (1,182 | ) | 3,714 | |||||||||||||
Total other income (expense) | (13,255 | ) | (19,929 | ) | (35,532 | ) | (1,182 | ) | (69,898 | ) | |||||||||||
Income (loss) before taxes | (29,911 | ) | 40,188 | (25,150 | ) | 524 | (14,349 | ) | |||||||||||||
Provision (benefit) for income taxes | (14,943 | ) | 17,977 | (9,952 | ) | (6,918 | ) | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (14,968 | ) | 22,211 | (15,198 | ) | 524 | (7,431 | ) | |||||||||||||
Equity in net income (loss) of subsidiaries | 7,013 | 1,139 | 22,211 | (30,363 | ) | — | |||||||||||||||
Net income (loss) | $ | (7,955 | ) | $ | 23,350 | $ | 7,013 | $ | (29,839 | ) | $ | (7,431 | ) | ||||||||
Net Income (loss) | $ | (7,955 | ) | $ | 23,350 | $ | 7,013 | $ | (29,839 | ) | $ | (7,431 | ) | ||||||||
Other comprehensive income (loss), net of taxes | 866 | (36,069 | ) | (27,615 | ) | 37,512 | (25,306 | ) | |||||||||||||
Comprehensive income (loss) | $ | (7,089 | ) | $ | (12,719 | ) | $ | (20,602 | ) | $ | 7,673 | $ | (32,737 | ) | |||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | 5,269 | $ | 34,803 | $ | 28,441 | $ | (64,746 | ) | $ | 3,767 | ||||||||||
Net cash provided by (used in) operating activities | (25,184 | ) | 83,177 | 27,690 | — | 85,683 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Acquisition of property, plant and equipment | (123 | ) | (56,617 | ) | (7,701 | ) | — | (64,441 | ) | ||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | |||||||||||||||
Proceeds from sale of assets | — | 1,404 | 169 | — | 1,573 | ||||||||||||||||
Net cash provided by (used in) investing activities | 9,877 | (65,213 | ) | (7,532 | ) | — | (62,868 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Purchase of shares for treasury | (32,521 | ) | — | — | — | (32,521 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | — | 303 | — | — | 303 | ||||||||||||||||
Payments of long-term debt | (2,157 | ) | (1,032 | ) | (13,678 | ) | — | (16,867 | ) | ||||||||||||
Change in short-term borrowings | — | — | 2,950 | — | 2,950 | ||||||||||||||||
Financing costs | (833 | ) | — | — | — | (833 | ) | ||||||||||||||
Tax effect from exercise/vesting of equity awards, net | 150 | — | — | — | 150 | ||||||||||||||||
Dividend | (5,825 | ) | — | — | — | (5,825 | ) | ||||||||||||||
Other, net | 394 | (26,674 | ) | 26,674 | — | 394 | |||||||||||||||
Net cash provided by (used in) financing activities | (40,792 | ) | (27,403 | ) | 15,946 | — | (52,249 | ) | |||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||||||||||
Net cash used in discontinued operations | — | — | (2,090 | ) | — | (2,090 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | — | — | — | ||||||||||||||||
NET DECREASE IN CASH AND EQUIVALENTS | (56,099 | ) | (9,439 | ) | 34,014 | — | (31,524 | ) | |||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 125,093 | 34,782 | 49,779 | — | 209,654 | ||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 68,994 | $ | 25,343 | $ | 83,793 | $ | — | $ | 178,130 | |||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | 18,353 | $ | 31,646 | $ | 31,500 | $ | (64,488 | ) | $ | 17,011 | ||||||||||
Net cash provided by (used in) operating activities | (24,315 | ) | 93,349 | 21,096 | — | 90,130 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Acquisition of property, plant and equipment | (155 | ) | (63,388 | ) | (5,308 | ) | — | (68,851 | ) | ||||||||||||
Acquired business, net of cash acquired | — | (22,432 | ) | — | — | (22,432 | ) | ||||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | |||||||||||||||
Proceeds from sale of assets | — | 200 | 109 | — | 309 | ||||||||||||||||
Net cash provided by (used in) investing activities | 9,845 | (95,620 | ) | (5,199 | ) | — | (90,974 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Purchase of shares for treasury | (10,382 | ) | — | — | — | (10,382 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | (23,000 | ) | 491,372 | 27,000 | (491,372 | ) | 4,000 | ||||||||||||||
Payments of long-term debt | (1,625 | ) | (4,351 | ) | (12,570 | ) | — | (18,546 | ) | ||||||||||||
Change in short-term borrowings | — | — | (1,859 | ) | — | (1,859 | ) | ||||||||||||||
Financing costs | (65 | ) | — | (32 | ) | — | (97 | ) | |||||||||||||
Tax effect from exercise/vesting of equity awards, net | 834 | — | — | — | 834 | ||||||||||||||||
Dividend | (4,743 | ) | (219,516 | ) | 219,516 | — | (4,743 | ) | |||||||||||||
Other, net | 96 | (245,616 | ) | (245,752 | ) | 491,372 | 100 | ||||||||||||||
Net cash provided by (used in) financing activities | (38,885 | ) | 21,889 | (13,697 | ) | — | (30,693 | ) | |||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||||||||||
Net cash used in discontinued operations | — | — | (2,801 | ) | — | (2,801 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | 963 | — | 963 | ||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | (53,355 | ) | 19,618 | 362 | — | (33,375 | ) | ||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 178,448 | 15,164 | 49,417 | — | 243,029 | ||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 125,093 | $ | 34,782 | $ | 49,779 | $ | — | $ | 209,654 | |||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (7,955 | ) | $ | 23,350 | $ | 7,013 | $ | (29,839 | ) | $ | (7,431 | ) | ||||||||
Net cash provided by (used in) operating activities | 43,407 | 38,657 | (46,679 | ) | — | 35,385 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Acquisition of property, plant and equipment | (418 | ) | (55,455 | ) | (31,744 | ) | — | (87,617 | ) | ||||||||||||
Acquired business, net of cash acquired | — | (1,066 | ) | 211 | — | (855 | ) | ||||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | |||||||||||||||
Funds restricted for capital projects | — | 4,629 | — | — | 4,629 | ||||||||||||||||
Proceeds from sale of assets | — | 68 | 1,442 | — | 1,510 | ||||||||||||||||
Net cash provided by (used in) investing activities | 9,582 | (61,824 | ) | (30,091 | ) | — | (82,333 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Purchase of shares for treasury | (18,139 | ) | — | (18,139 | ) | ||||||||||||||||
Proceeds from issuance of long-term debt | 569,973 | — | 104,278 | — | 674,251 | ||||||||||||||||
Payments of long-term debt | (625 | ) | (31,138 | ) | (466,809 | ) | — | (498,572 | ) | ||||||||||||
Change in short-term borrowings | — | — | 3,538 | 3,538 | |||||||||||||||||
Intercompany debt | (468,372 | ) | — | 468,372 | — | ||||||||||||||||
Financing costs | (14,663 | ) | — | (6,990 | ) | — | (21,653 | ) | |||||||||||||
Purchase of ESOP shares | (19,973 | ) | — | — | — | (19,973 | ) | ||||||||||||||
Exercise of stock options | 2,306 | — | — | — | 2,306 | ||||||||||||||||
Tax effect from exercise/vesting of equity awards, net | 7 | — | — | — | 7 | ||||||||||||||||
Other, net | 345 | 12,356 | (12,356 | ) | — | 345 | |||||||||||||||
Net cash provided by (used in) financing activities | 50,859 | (18,782 | ) | 90,033 | — | 122,110 | |||||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||||||||||
Net cash used in discontinued operations | — | — | (962 | ) | — | (962 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | (973 | ) | — | (973 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | 103,848 | (41,949 | ) | 11,328 | — | 73,227 | |||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 74,600 | 57,113 | 38,089 | — | 169,802 | ||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 178,448 | $ | 15,164 | $ | 49,417 | $ | — | $ | 243,029 |
DESCRIPTION_OF_BUSINESS_AND_SU1
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Number of Operating Segments | 3 | ' | ' |
Number of companies | 2 | ' | ' |
Cash In Non U.S. Bank Accounts | $21,400 | $15,900 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ' | ' |
Fair Value Of Insurance Contracts | 3,789 | 4,183 | ' |
Trading Securities | 1,194 | 697 | ' |
Derivative, Number of Instruments Held | 0 | ' | ' |
Contracts Revenue | 750 | ' | ' |
Contracts Weighted Average Rate Price (in Dollars per share) | $1.07 | ' | ' |
Foreign Currency Transaction Gain (Loss), Realized | 46 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 153,731 | 160,833 | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 20,113 | 23,202 | ' |
Contract Period | '1 year | ' | ' |
Customer Program Reserves And Cash Discounts Netted Against Accounts Receivable | 6,556 | 8,653 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 62,911 | 58,216 | 52,844 |
Accumulated Capitalized Interest Costs | 4,030 | 2,975 | 2,250 |
Original Cost Of Fully Depreciated Property Plant And Equipment | 216,000 | ' | ' |
Description of Fair Value Calculation | 'Griffon used five year projections and a 3.0% terminal value to which discount rates between 9% and 11.25% were applied to calculate each unit's fair value. | ' | ' |
Fair Value Projections | '5 years | ' | ' |
Fair Value Terminal Value | 3.00% | ' | ' |
Goodwill, Impairment Loss | 0 | 0 | 0 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | 0 |
Unrecognized Tax Benefits | 10,520 | 11,876 | 12,910 |
Research and Development Arrangement, Contract to Perform for Others, Costs Incurred, Gross | 22,400 | 23,600 | 23,900 |
Shipping, Handling and Transportation Costs | 39,600 | 40,200 | 41,600 |
Advertising Revenue Cost | 23,000 | 22,000 | 23,000 |
General And Product Liability Claims Maximum Amount Of Per Occurrence | 350 | ' | ' |
Workers Compensation And Automobile Liability Claims Maximum Amount Of Per Occurrence | 250 | ' | ' |
Health Related Claims Amount Of Per Participant, Per Year | 300 | ' | ' |
U S Government [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Percentage of Consolidated Accounts Receivable | 19.00% | ' | ' |
P And G [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Percentage of Consolidated Accounts Receivable | 12.00% | ' | ' |
Home Depot [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Percentage of Consolidated Accounts Receivable | 10.00% | ' | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '25 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '15 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Other Income [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 81 | ' | ' |
Senior Notes [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 7.13% |
Long-term Debt, Fair Value | 583,000 | ' | ' |
Convertible Debt 2017 [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Long-term Debt, Fair Value | $112,600 | ' | ' |
Maximum [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Maturity Period of Highly Liquid Investments | '3 months | ' | ' |
Contracts Expiration Days | '90 days | ' | ' |
Fair Value Discount Rates | 11.25% | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '25 years | ' | ' |
Minimum [Member] | ' | ' | ' |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' | ' |
Contracts Expiration Days | '15 days | ' | ' |
Fair Value Discount Rates | 9.00% | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '8 years | ' | ' |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Sep. 30, 2012 | Sep. 30, 2011 |
ACQUISITIONS (Details) [Line Items] | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | $22,432 | $855 |
Business Acquisition Revenue Exceeding | 40,000 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' |
ACQUISITIONS (Details) [Line Items] | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $22,432 | $22,432 | $1,066 |
ACQUISITIONS_Details_Summary_o
ACQUISITIONS (Details) - Summary of Fair Values of Assets Acquired (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Oct. 17, 2011 |
In Thousands, unless otherwise specified | Sales & Marketing Group, Inc. [Member] | |||
ACQUISITIONS (Details) - Summary of Fair Values of Assets Acquired [Line Items] | ' | ' | ' | ' |
Inventory | ' | ' | ' | $3,673 |
PP&E | ' | ' | ' | 416 |
Goodwill | 357,730 | 358,372 | 357,888 | 4,655 |
Amortizable intangible assets | ' | ' | ' | 11,077 |
Indefinite life intangible assets | ' | ' | ' | 2,611 |
Total assets acquired | ' | ' | ' | $22,432 |
ACQUISITIONS_Details_Summary_o1
ACQUISITIONS (Details) - Summary of Goodwill and Intangible Asset Classifications (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Oct. 17, 2011 |
ACQUISITIONS (Details) - Summary of Goodwill and Intangible Asset Classifications [Line Items] | ' | ' |
Goodwill | ' | $4,655 |
Goodwill | 'N/A | ' |
' | 18,343 | |
Trade Names [Member] | ' | ' |
ACQUISITIONS (Details) - Summary of Goodwill and Intangible Asset Classifications [Line Items] | ' | ' |
Tradenames | ' | 2,611 |
Tradenames | 'Indefinite | ' |
Customer Relationships [Member] | ' | ' |
ACQUISITIONS (Details) - Summary of Goodwill and Intangible Asset Classifications [Line Items] | ' | ' |
Customer relationships | ' | $11,077 |
Customer relationships | '25 years | ' |
INVENTORIES_Details_Summary_of
INVENTORIES (Details) - Summary of Inventories stated at lower cost (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Summary of Inventories stated at lower cost [Abstract] | ' | ' |
Raw materials and supplies | $65,560 | $63,596 |
Work in process | 63,930 | 67,077 |
Finished goods | 100,630 | 127,195 |
Total | $230,120 | $257,868 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) - Summary of property plant and equipment (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | $827,883 | $783,203 |
Accumulated depreciation and amortization | -474,290 | -426,324 |
Total | 353,593 | 356,879 |
Land, Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 130,905 | 125,330 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 661,094 | 622,983 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | $35,884 | $34,890 |
GOODWILL_AND_OTHER_INTANGIBLES2
GOODWILL AND OTHER INTANGIBLES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $7,837 | $8,048 | $7,867 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 7,513 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7,357 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7,244 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7,164 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 7,092 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $105,454 | ' | ' |
GOODWILL_AND_OTHER_INTANGIBLES3
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of changes in carrying value of goodwill (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $357,730 | $358,372 | $357,888 |
Goodwill from 2012 acquisitions | ' | 4,655 | ' |
Other adjustments including currency translations | -642 | -4,171 | ' |
Home And Building Products [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 269,802 | 269,802 | 265,147 |
Goodwill from 2012 acquisitions | ' | 4,655 | ' |
Telephonics [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 18,545 | 18,545 | 18,545 |
Goodwill from 2012 acquisitions | ' | 0 | ' |
Plastics [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 69,383 | 70,025 | 74,196 |
Other adjustments including currency translations | ($642) | ($4,171) | ' |
GOODWILL_AND_OTHER_INTANGIBLES4
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of gross carrying value and accumulated amortization of intangible assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of gross carrying value and accumulated amortization of intangible assets [Line Items] | ' | ' |
Gross Carrying Amount | $173,789 | $174,354 |
Accumulated Amortization | 31,965 | 24,133 |
Trademarks | 79,567 | 80,252 |
Total intangible assets | 253,356 | 254,606 |
Total intangible assets | 31,965 | 24,133 |
Customer Relationships [Member] | ' | ' |
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of gross carrying value and accumulated amortization of intangible assets [Line Items] | ' | ' |
Gross Carrying Amount | 166,985 | 167,603 |
Accumulated Amortization | 29,049 | 21,799 |
Average Life | '25 years | ' |
Total intangible assets | 29,049 | 21,799 |
Unpatented Technology [Member] | ' | ' |
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of gross carrying value and accumulated amortization of intangible assets [Line Items] | ' | ' |
Gross Carrying Amount | 6,804 | 6,751 |
Accumulated Amortization | 2,916 | 2,334 |
Average Life | '12 years 6 months | ' |
Total intangible assets | $2,916 | $2,334 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2008 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Number of Units Sold | ' | ' | ' | 11 |
Number of Closed Units | ' | ' | ' | 1 |
Number of Merged Units | ' | ' | ' | 2 |
Disposal Group, Including Discontinued Operation, Revenue | $0 | $0 | $0 | ' |
Disposal Group Including Discontinued Operation Environmental And Casualty Insurance Reserves Expenses | $4,651 | ' | ' | ' |
DISCONTINUED_OPERATIONS_Detail1
DISCONTINUED OPERATIONS (Details) - Summary of discontinued operations (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Assets of discontinued operations: | ' | ' |
Prepaid and other current assets | $1,214 | $587 |
Other long-term assets | 3,075 | 2,936 |
Total assets of discontinued operations | 4,289 | 3,523 |
Liabilities of discontinued operations: | ' | ' |
Accrued liabilities, current | 3,288 | 3,639 |
Other long-term liabilities | 4,744 | 3,643 |
Total liabilities of discontinued operations | $8,032 | $7,282 |
ACCRUED_LIABILITIES_Details_Sc
ACCRUED LIABILITIES (Details) - Schedule of accrued liabilities (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of accrued liabilities [Abstract] | ' | ' |
Compensation | $44,771 | $42,637 |
Interest | 20,616 | 20,588 |
Warranties and rebates | 10,245 | 10,589 |
Insurance | 7,511 | 8,373 |
Rent, utilities and freight | 2,224 | 3,649 |
Income and other taxes | 5,045 | 4,072 |
Royalties | 343 | 2,071 |
Marketing and advertising | 1,985 | 1,513 |
Deferred income taxes | ' | 129 |
Restructuring | 3,857 | 3,640 |
Other | 10,146 | 13,076 |
Total | $106,743 | $110,337 |
RESTRUCTURING_AND_OTHER_RELATE2
RESTRUCTURING AND OTHER RELATED CHARGES (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Ames True Temper Inc [Member] | Ames True Temper Inc [Member] | Ames True Temper Inc [Member] | Ames True Temper Inc [Member] | Ames True Temper Inc [Member] | Ames True Temper Inc [Member] | Ames True Temper Inc [Member] | Home And Building Products [Member] | Home And Building Products [Member] | Home And Building Products [Member] | Clopay Building Products [Member] | Clopay Building Products [Member] | Clopay Building Products [Member] | Clopay Building Products [Member] | Clopay Building Products [Member] | Plastics Europe [Member] | Telephonics [Member] | Telephonics [Member] | Telephonics [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | ||||
Restructuring Costs [Member] | Capital Expenditures [Member] | Cash Charges [Member] | Asset Impairment [Member] | One-time Termination Benefits [Member] | Facility Closing [Member] | One Time Termination Benefits and Other Personnel Costs [Member] | Excess Facilities and Related Costs [Member] | ||||||||||||||||||
RESTRUCTURING AND OTHER RELATED CHARGES (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | $13,262 | $4,689 | $7,543 | ' | ' | $4,000 | $4,000 | $3,000 | $1,000 | $8,000 | $7,739 | $874 | $4,497 | $1,160 | $210 | ' | ' | ' | $4,773 | ' | $3,815 | $3,046 | $1,668 | $379 | $1,809 |
Restructuring and Related Cost, Expected Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | ' | 6,553 | 11,937 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Number of Positions Eliminated, Inception to Date | 144 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | 185 | ' | ' | ' | ' | ' |
Pretax Exit and Restructuring Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,031 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Exit Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,661 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Restructuring Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,365 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,611 | 4,180 | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost Related with Termination of Facility lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $750 | ' | ' | ' | ' | ' |
RESTRUCTURING_AND_OTHER_RELATE3
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of the restructuring and other related charges (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Amounts incurred in the year ended: | ' | ' | ' |
Amounts incurred in | $13,262 | $4,689 | $7,543 |
Employee Severance [Member] | ' | ' | ' |
Amounts incurred in the year ended: | ' | ' | ' |
Amounts incurred in | 5,649 | 4,204 | 3,789 |
Facility Closing [Member] | ' | ' | ' |
Amounts incurred in the year ended: | ' | ' | ' |
Amounts incurred in | 1,668 | 379 | 1,809 |
Other Restructuring [Member] | ' | ' | ' |
Amounts incurred in the year ended: | ' | ' | ' |
Amounts incurred in | 1,629 | 106 | 1,945 |
Non-cash Facility and Other [Member] | ' | ' | ' |
Amounts incurred in the year ended: | ' | ' | ' |
Amounts incurred in | $4,316 | ' | ' |
RESTRUCTURING_AND_OTHER_RELATE4
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of accrued liability for the restructuring and related charges (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of accrued liability for the restructuring and related charges [Line Items] | ' | ' | ' |
Accrued liability | $3,857 | $3,640 | $2,657 |
Charges | 8,946 | 4,689 | ' |
Payments | -8,729 | -3,706 | ' |
Workforce Reduction [Member] | ' | ' | ' |
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of accrued liability for the restructuring and related charges [Line Items] | ' | ' | ' |
Accrued liability | 3,057 | 3,500 | 2,657 |
Charges | 5,649 | 4,204 | ' |
Payments | -6,092 | -3,361 | ' |
Facilities And Exit Costs [Member] | ' | ' | ' |
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of accrued liability for the restructuring and related charges [Line Items] | ' | ' | ' |
Accrued liability | 393 | 140 | ' |
Charges | 1,668 | 379 | ' |
Payments | -1,415 | -239 | ' |
Other Related Costs [Member] | ' | ' | ' |
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of accrued liability for the restructuring and related charges [Line Items] | ' | ' | ' |
Accrued liability | 407 | ' | ' |
Charges | 1,629 | 106 | ' |
Payments | ($1,222) | ($106) | ' |
WARRANTY_LIABILITY_Details
WARRANTY LIABILITY (Details) | 12 Months Ended |
Sep. 30, 2013 | |
Telephonics [Member] | Minimum [Member] | ' |
WARRANTY LIABILITY (Details) [Line Items] | ' |
Product Warranty Period | '1 year |
Telephonics [Member] | Maximum [Member] | ' |
WARRANTY LIABILITY (Details) [Line Items] | ' |
Product Warranty Period | '2 years |
Ames True Temper Inc [Member] | ' |
WARRANTY LIABILITY (Details) [Line Items] | ' |
Product Warranty Period | '90 days |
WARRANTY_LIABILITY_Details_Sum
WARRANTY LIABILITY (Details) - Summary of changes in warrant liability included in Accrued liabilities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Summary of changes in warrant liability included in Accrued liabilities [Abstract] | ' | ' |
Balance, beginning of period | $8,856 | $7,963 |
Warranties issued and changes in estimated pre-existing warranties | 2,331 | 6,088 |
Actual warranty costs incurred | -4,538 | -5,195 |
Balance, end of period | $6,649 | $8,856 |
NOTES_PAYABLE_CAPITALIZED_LEAS2
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2011 | Nov. 30, 2010 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2007 | Dec. 20, 2010 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 28, 2013 | Mar. 28, 2013 | Mar. 28, 2013 | Mar. 28, 2013 | Sep. 30, 2013 | Mar. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 | Dec. 21, 2009 | Sep. 30, 2010 | Sep. 30, 2013 | Aug. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2007 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Oct. 21, 2013 | Sep. 30, 2013 | Nov. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2009 | Sep. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2011 | Mar. 28, 2013 | Sep. 30, 2013 | Mar. 28, 2013 | ||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Plastics [Member] | Letter Of Credit Subfacility [Member] | Letter Of Credit Subfacility [Member] | Multicurrency Subfacility [Member] | Swingline Subfacility [Member] | Margin Rate [Member] | LIBOR Rate [Member] | LIBOR Rate [Member] | Bankers Acceptance Rate [Member] | Employee Stock Ownership Plan Loan [Member] | Convertible Debt 2017 [Member] | Convertible Debt 2017 [Member] | Convertible Debt 2017 [Member] | Convertible Debt 2017 [Member] | Convertible Debt 2017 [Member] | Employee Stock Ownership Plan Loan [Member] | Employee Stock Ownership Plan Loan [Member] | Employee Stock Ownership Plan Loan [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Senior Notes [Member] | Real Estate Mortgages Loan [Member] | Real Estate Mortgages Loan [Member] | Real Estate Mortgages Loan [Member] | Real Estate Mortgages Loan [Member] | Other Real Estate Mortgages Loan [Member] | Employee Stock Ownership Plan Loan [Member] | Employee Stock Ownership Plan Loan [Member] | Employee Stock Ownership Plan Loan [Member] | Employee Stock Ownership Plan Loan [Member] | Employee Stock Ownership Plan Loan [Member] | Employee Stock Ownership Plan Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolver Due 2013 [Member] | Revolver Due 2013 [Member] | Revolver Due 2013 [Member] | Foreign Term Loan [Member] | Foreign Term Loan [Member] | Foreign Term Loan [Member] | Foreign Term Loan [Member] | Foreign Term Loan [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Convertible Debt 2023 [Member] | Term Loan 2016 [Member] | Asset Based Loan [Member] | Asset Based Loan [Member] | Revolver Due 2016 [Member] | Revolver Due 2018 [Member] | Revolver Due 2018 [Member] | ||||||||||||||||||||||||
Foreign Term Loan [Member] | Revolver Due 2018 [Member] | Revolver Due 2018 [Member] | Revolver Due 2018 [Member] | Revolver Due 2018 [Member] | Revolver Due 2018 [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | Brazilian CDI [Member] | Brazilian CDI [Member] | USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | ' | ' | ' | $1,579 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | ' | ' | ' | 1,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | ' | ' | ' | 1,511 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Four Years | ' | ' | ' | 1,437 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Five Years | ' | ' | ' | 1,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | ' | ' | ' | 4,470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capital Leased Assets, Gross | ' | ' | ' | 15,304 | 15,342 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | ' | ' | ' | 5,460 | 4,414 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Deferred Interest Charges | ' | ' | ' | 207 | 232 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capitalized Leases Interest Rate Minimum | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capitalized Leases Interest Rate Maximum | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capitalized Leases Maturity Description | ' | ' | ' | '2014 through 2022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Amortization | ' | ' | ' | 1,605 | 1,598 | 1,663 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | ' | ' | ' | 303 | 4,000 | 674,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | 375,000 | 125,000 | ' | ' | ' | ' | ||||||||||||||||||||
Payments to Acquire Buildings | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Capital Lease Maturity Year | ' | ' | ' | ' | ' | ' | '2022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Agreements Future Minimum Payments Due, Next Twelve Months | ' | ' | ' | 10,768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Agreements Future Minimum Payments Due In Two Years | ' | ' | ' | 6,488 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Agreements Future Minimum Payments Due In Three Years | ' | ' | ' | 17,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Agreements Future Minimum Payments Due In Four Years | ' | ' | ' | 112,048 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Agreements Future Minimum Payments Due In Five Years | ' | ' | ' | 551,207 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Agreements Future Minimum Payments Due Thereafter | ' | ' | ' | 4,127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 11,834 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | 20,000 | ' | ' | ' | ' | 550,000 | ' | ' | ' | 17,175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | 7.13% | ' | ' | ' | ' | 6.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Number of Senior Secured Revolving Credit Facility | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | 200,000 | ' | 225,000 | ||||||||||||||||||||
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Line of Credit Facility, Amount Outstanding | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 25,457 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,543 | ' | ||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.8495 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.74 | $14.74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Last Conversion Price Adjustment (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.08 | $0.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Potential Conversion Rate Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.66% | 0.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument, Convertible, If-converted Value in Excess of Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,720 | 15,720 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument, Maturity Date | ' | 31-Dec-13 | ' | 29-Feb-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Oct-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Nov-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 2.75% | ' | 'The loans bear interest at a rate of LIBOR plus 3% with the option to swap to a fixed rate. | ' | ' | ' | ' | ' | ' | 'The loan bears interest at a) LIBOR plus 2.5% or b) the lender's prime rate, at Griffon's option. | ' | ' | ' | ' | 'The facility accrues interest at EURIBOR plus 2.45% per annum and the term loan accrues interest at EURIBOR plus 2.20% per annum. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 1.30% | ' | ' | 2.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | 3.00% | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | 2.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | '1 year 146 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,874,737 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Stock Repurchased During Period, Value | ' | ' | ' | 26,285 | 10,379 | 12,367 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,973 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument Exercised Period | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument Balloon Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Long-term Debt, Gross | ' | ' | ' | 702,501 | 716,217 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,973 | ' | 9,529 | [1] | 10,455 | [1] | ' | ' | ' | 13,212 | [2] | 14,063 | [2] | ' | ' | ' | ' | 21,098 | [3] | 22,723 | [3] | ' | ' | ' | ' | ' | 0 | [4] | ' | 0 | [4] | ' | ' | 411 | [5] | 2,693 | [5] | ' | ' | 4,606 | [5] | ' | 2,064 | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Employee Stock Ownership Plan Debt Structure Required Quarterly Principal Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Employee Stock Ownership Plan Debt Structure Balance Of Loan For Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 547,605 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Employer Loan Guarantee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Proceeds from Long-term Lines of Credit (in Euro) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | 10,000 | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Line of Credit Facility, Expiration Date | ' | ' | ' | 30-Nov-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Period of Installments for Term Loan | ' | ' | ' | ' | 4 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Debt Instrument, Interest Rate During Period | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.30% | [1] | 5.30% | [1] | 5.30% | [1] | ' | ' | 4.90% | [2] | 4.00% | [2] | 5.60% | [2] | ' | ' | ' | 2.90% | [3] | 3.00% | [3] | 2.70% | [3] | ' | ' | ' | ' | 0.50% | [4] | 1.20% | [4] | ' | 104.50% | ' | 9.80% | [5] | 10.50% | [5] | ' | [5] | ' | 12.90% | [5] | 12.90% | [5] | 14.30% | [5] | 3.00% | [5] | ' | ' | ' | 6.20% | [6] | ' | ' | ' | |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9.10% | ' | ' | 'The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Percentage of Guaranty by Segment | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Maintains Maximum Amount Of Line Of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.48% | ' | 2.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Proceeds from Long-term Lines of Credit (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | 10,000 | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Convertible Subordinated Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 532 | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ||||||||||||||||||||
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.09% | ' | ' | ' | ' | ' | ||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | ' | ' | -26,164 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Deferred Financing Charges And Original Issuer Discounts | ' | ' | ' | ' | ' | 21,617 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Premium On Term Loan | ' | ' | ' | ' | ' | 3,703 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Swap And Other Breakage Costs | ' | ' | ' | ' | ' | $844 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
[1] | In October 2006, CBP entered into a capital lease totaling $14,290 for real estate in Troy, Ohio. The lease matures in 2022, bears interest at a fixed rate of 5.0%, is secured by a mortgage on the real estate and is guaranteed by Griffon. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | On December 20, 2010, Griffon entered into two second lien real estate mortgages to secure new loans totaling $11,834. The loans mature in February 2016, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 3% with the option to swap to a fixed rate. On October 21, 2013, Griffon refinanced these real estate mortgages with total principal of $17,175, maturing in October 2018 and bearing interest at LIBOR plus 2.75%.Griffon has other real estate mortgages, collateralized by real property, which bear interest at 6.3% and mature in 2016. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Griffon's Employee Stock Ownership Plan ("ESOP") entered into a loan agreement in August 2010 to borrow $20,000 over a one-year period. The proceeds were used to purchase 1,874,737 shares of Griffon common stock in the open market for $19,973. The loan bears interest at a) LIBOR plus 2.5% or b) the lender's prime rate, at Griffon's option. In November 2011, Griffon exercised an option to convert the outstanding loan to a five-year term loan; principal is payable in quarterly installments of $250, beginning December 2011, with a balloon payment of $15,223 due at maturity (November 2016). The loan is secured by shares purchased with the proceeds of the loan, and repayment is guaranteed by Griffon. At September 30, 2013, $17,973 was outstanding.In addition, the ESOP is party to a loan agreement which requires quarterly principal payments of $156 and interest through the extended expiration date of December 2013, at which time the $3,125 balance of the loan, and any outstanding interest, will be payable. Griffon has the intent and ability to refinance the December 2013 balance and has classified the balance in Long-Term Debt. The primary purpose of this loan was to purchase 547,605 shares of Griffon's common stock in October 2008. The loan is secured by shares purchased with the proceeds of the loan and repayment is guaranteed by Griffon. The loan bears interest at rates based upon the prime rate or LIBOR. At September 30, 2013, $3,125 was outstanding and classified as long-term debt as the Company has the intent and ability to refinance in 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | In November 2010, Clopay Europe GMBH ("Clopay Europe") entered into a 10,000 revolving credit facility and a 20,000 term loan. The facility accrues interest at EURIBOR plus 2.45% per annum and the term loan accrues interest at EURIBOR plus 2.20% per annum. The revolving facility matures in November 2013, but is renewable upon mutual agreement with the bank. In July 2011, the full 20,000 was drawn on the term loan, with a portion of the proceeds used to repay borrowings under the revolving credit facility. The term loan is payable in ten equal quarterly installments which began in September 2011, with maturity in December 2013. Under the term loan, Clopay Europe is required to maintain a certain minimum equity to assets ratio and keep leverage below a certain level, defined as the ratio of total debt to EBITDA. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | In February 2012, Clopay do Brazil, a subsidiary of Plastics, borrowed $4,000 at a rate of 104.5% of Brazilian CDI (9.10% at September 30, 2013). The loan was used to refinance existing loans, is collateralized by accounts receivable and a 50% guaranty by Plastics and is to be repaid in four equal, semi-annual installments of principal plus accrued interest beginning in August 2012. Clopay do Brazil also maintains lines of credit of approximately $4,950. Interest on borrowings accrue at a rate of Brazilian CDI plus 6.0% (15.23% at September 30, 2013). At September 30, 2013 there was approximately $4,600 borrowed under the lines.In November 2012, Garant G.P. ("Garant") entered into a CAD $15,000 revolving credit facility. The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum (1.48% LIBOR USD and 2.46% Bankers Acceptance Rate CDN as of September 30, 2013). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At September 30, 2013, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | In connection with the ATT acquisition, Clopay Ames True Temper Holding Corp. ("Clopay Ames"), a subsidiary of Griffon, entered into a $375,000 secured term Loan ("Term Loan") and a $125,000 asset based lending agreement ("ABL").On November 30, 2010, Clopay Ames, as required under the Term Loan agreement, entered into an interest rate swap on a notional amount of $200,000 of the Term Loan. The agreement fixed the LIBOR component of the Term Loan interest rate at 2.085% for the notional amount of the swap.On March 17, 2011, the Term Loan and swap were terminated, and on March 18, 2011, the ABL was terminated, in connection with the issuance of the Senior Notes and Credit Agreement. |
NOTES_PAYABLE_CAPITALIZED_LEAS3
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of net minimum payments on capitalized leases (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Summary of net minimum payments on capitalized leases [Abstract] | ' |
Total minimum lease payments | $11,972 |
Less amount representing interest payments | -2,128 |
Present value of net minimum lease payments | 9,844 |
Current portion | -1,106 |
Capitalized lease obligation, less current portion | $8,738 |
NOTES_PAYABLE_CAPITALIZED_LEAS4
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | $702,501 | $716,217 | ||
Original Issuer Discount | -13,246 | -16,607 | ||
Balance Sheet | 689,255 | 699,610 | ||
Capitalized Fees & Expenses | 11,674 | 13,619 | ||
less: Current portion | -10,768 | -17,703 | ||
less: Current portion | 0 | 0 | ||
less: Current portion | -10,768 | -17,703 | ||
Long-term debt | 691,733 | 698,514 | ||
Long-term debt | -13,246 | -16,607 | ||
Long-term debt | 678,487 | 681,907 | ||
less: Current portion | -10,768 | -17,703 | ||
Senior Notes 2018 [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 550,000 | [1] | 550,000 | [1] |
Original Issuer Discount | 0 | [1] | 0 | [1] |
Balance Sheet | 550,000 | [1] | 550,000 | [1] |
Capitalized Fees & Expenses | 7,328 | [1] | 8,862 | [1] |
Coupon Interest Rate | 7.10% | [1] | 7.13% | [1] |
Revolver Due 2018 [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 0 | [1] | ' | |
Original Issuer Discount | 0 | [1] | ' | |
Balance Sheet | 0 | [1] | ' | |
Capitalized Fees & Expenses | 2,425 | [1] | ' | |
Coupon Interest Rate | ' | [1] | ' | |
Convertible Debt 2017 [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 100,000 | [2] | 100,000 | [2] |
Original Issuer Discount | -13,246 | [2] | -16,607 | [2] |
Balance Sheet | 86,754 | [2] | 83,393 | [2] |
Capitalized Fees & Expenses | 1,478 | [2] | 1,921 | [2] |
Coupon Interest Rate | 4.00% | [2] | 4.00% | [2] |
Real Estate Mortgages Loan [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 13,212 | [3] | 14,063 | [3] |
Original Issuer Discount | 0 | [3] | 0 | [3] |
Balance Sheet | 13,212 | [3] | 14,063 | [3] |
Capitalized Fees & Expenses | 185 | [3] | 271 | [3] |
Coupon Interest Rate | ' | [3] | ' | [3] |
Employee Stock Ownership Plan Loan [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 21,098 | [4] | 22,723 | [4] |
Original Issuer Discount | 0 | [4] | 0 | [4] |
Balance Sheet | 21,098 | [4] | 22,723 | [4] |
Capitalized Fees & Expenses | 24 | [4] | 32 | [4] |
Coupon Interest Rate | ' | [4] | ' | [4] |
Capital Lease Obligations [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 9,529 | [5] | 10,455 | [5] |
Original Issuer Discount | 0 | [5] | 0 | [5] |
Balance Sheet | 9,529 | [5] | 10,455 | [5] |
Capitalized Fees & Expenses | 207 | [5] | 232 | [5] |
Coupon Interest Rate | 5.00% | [5] | 5.00% | [5] |
Term Loan 2013 [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 2,704 | [6] | 12,873 | [6] |
Original Issuer Discount | 0 | [6] | 0 | [6] |
Balance Sheet | 2,704 | [6] | 12,873 | [6] |
Capitalized Fees & Expenses | 23 | [6] | 107 | [6] |
Coupon Interest Rate | ' | [6] | ' | [6] |
Revolver Due 2013 [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 0 | [6] | 0 | [6] |
Original Issuer Discount | 0 | [6] | 0 | [6] |
Balance Sheet | 0 | [6] | 0 | [6] |
Capitalized Fees & Expenses | 0 | [6] | 0 | [6] |
Coupon Interest Rate | ' | [6] | ' | [6] |
Foreign Line of Credit [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 4,606 | [7] | 2,064 | [7] |
Original Issuer Discount | 0 | [7] | 0 | [7] |
Balance Sheet | 4,606 | [7] | 2,064 | [7] |
Capitalized Fees & Expenses | 0 | [7] | 0 | [7] |
Coupon Interest Rate | ' | [7] | ' | [7] |
Foreign Term Loan [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 411 | [7] | 2,693 | [7] |
Original Issuer Discount | 0 | [7] | 0 | [7] |
Balance Sheet | 411 | [7] | 2,693 | [7] |
Capitalized Fees & Expenses | 4 | [7] | 19 | [7] |
Coupon Interest Rate | ' | [7] | ' | [7] |
Other Long Term Debt [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 941 | [8] | 1,346 | [8] |
Original Issuer Discount | 0 | [8] | 0 | [8] |
Balance Sheet | 941 | [8] | 1,346 | [8] |
Capitalized Fees & Expenses | 0 | [8] | 0 | [8] |
Coupon Interest Rate | ' | [8] | ' | |
Revolver Due 2016 [Member] | ' | ' | ||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | ' | 0 | [1] | |
Original Issuer Discount | ' | 0 | [1] | |
Balance Sheet | ' | 0 | [1] | |
Capitalized Fees & Expenses | ' | $2,175 | [1] | |
Coupon Interest Rate | ' | ' | [1] | |
[1] | On March 17, 2011, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $550,000 of 7.125% Senior Notes due in 2018 ("Senior Notes"); interest is payable semi-annually. On August 9, 2011, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer.Proceeds from the Senior Notes were used to pay down outstanding borrowings under a senior secured term loan facility and two senior secured revolving credit facilities of certain of the Company's subsidiaries. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions.On March 28, 2013, Griffon amended and increased the amount available under its Revolving Credit Facility ("Credit Agreement") from $200,000 to $225,000 and extended its maturity from March 18, 2016 to March 28, 2018 (except that if the Company's 7-1/8 Senior Notes due 2018 are still outstanding on October 1, 2017, the Facility will mature on October 1, 2017). The facility includes a letter of credit sub-facility with a limit of $60,000, a multi-currency sub-facility of $50,000 and a swingline sub-facility with a limit of $30,000. Borrowings under the Credit Agreement may be repaid and re-borrowed at any time, subject to final maturity of the facility or the occurrence of a default or event of default under the Credit Agreement. Interest is payable on borrowings at either a LIBOR or base rate benchmark rate, in each case without a floor, plus an applicable margin, which adjusts based on financial performance. The current margins are 1.00% for base rate loans and 2.00% 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 Credit Agreement also includes certain restrictions, such as limitations on the incurrence of indebtedness and liens and the making of 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 assets of the Company and the guarantors and a pledge of notgreater than two-thirds of the equity interest in each of Griffon's material, first-tier foreign subsidiaries.At September 30, 2013, there were $25,457 of standby letters of credit outstanding under the Credit Agreement; $199,543 was available, subject to certain covenants, for borrowing at that date. | |||
[2] | On December 21, 2009, Griffon issued $100,000 principal of 4% convertible subordinated notes due 2017 (the "2017 Notes"). The current conversion rate of the 2017 Notes is 67.8495 shares of Griffon's common stock per $1,000 principal amount of notes, corresponding to a conversion price of $14.74 per share. When a cash dividend is declared that would result in an adjustment to the conversion ratio of less than 1%, any adjustment to the conversion ratio is deferred until the first to occur of (i) actual conversion; (ii) the 42nd trading day prior to maturity of the notes; and (iii) such time as the cumulative adjustment equals or exceeds 1%. As of September 30, 2013, aggregate dividends since the last conversion price adjustment of $0.075 per share would have resulted in an adjustment to the conversion ratio of approximately 0.66%. At both September 30, 2013 and 2012, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. | |||
[3] | On December 20, 2010, Griffon entered into two second lien real estate mortgages to secure new loans totaling $11,834. The loans mature in February 2016, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 3% with the option to swap to a fixed rate. On October 21, 2013, Griffon refinanced these real estate mortgages with total principal of $17,175, maturing in October 2018 and bearing interest at LIBOR plus 2.75%.Griffon has other real estate mortgages, collateralized by real property, which bear interest at 6.3% and mature in 2016. | |||
[4] | Griffon's Employee Stock Ownership Plan ("ESOP") entered into a loan agreement in August 2010 to borrow $20,000 over a one-year period. The proceeds were used to purchase 1,874,737 shares of Griffon common stock in the open market for $19,973. The loan bears interest at a) LIBOR plus 2.5% or b) the lender's prime rate, at Griffon's option. In November 2011, Griffon exercised an option to convert the outstanding loan to a five-year term loan; principal is payable in quarterly installments of $250, beginning December 2011, with a balloon payment of $15,223 due at maturity (November 2016). The loan is secured by shares purchased with the proceeds of the loan, and repayment is guaranteed by Griffon. At September 30, 2013, $17,973 was outstanding.In addition, the ESOP is party to a loan agreement which requires quarterly principal payments of $156 and interest through the extended expiration date of December 2013, at which time the $3,125 balance of the loan, and any outstanding interest, will be payable. Griffon has the intent and ability to refinance the December 2013 balance and has classified the balance in Long-Term Debt. The primary purpose of this loan was to purchase 547,605 shares of Griffon's common stock in October 2008. The loan is secured by shares purchased with the proceeds of the loan and repayment is guaranteed by Griffon. The loan bears interest at rates based upon the prime rate or LIBOR. At September 30, 2013, $3,125 was outstanding and classified as long-term debt as the Company has the intent and ability to refinance in 2014. | |||
[5] | In October 2006, CBP entered into a capital lease totaling $14,290 for real estate in Troy, Ohio. The lease matures in 2022, bears interest at a fixed rate of 5.0%, is secured by a mortgage on the real estate and is guaranteed by Griffon. | |||
[6] | In November 2010, Clopay Europe GMBH ("Clopay Europe") entered into a 10,000 revolving credit facility and a 20,000 term loan. The facility accrues interest at EURIBOR plus 2.45% per annum and the term loan accrues interest at EURIBOR plus 2.20% per annum. The revolving facility matures in November 2013, but is renewable upon mutual agreement with the bank. In July 2011, the full 20,000 was drawn on the term loan, with a portion of the proceeds used to repay borrowings under the revolving credit facility. The term loan is payable in ten equal quarterly installments which began in September 2011, with maturity in December 2013. Under the term loan, Clopay Europe is required to maintain a certain minimum equity to assets ratio and keep leverage below a certain level, defined as the ratio of total debt to EBITDA. | |||
[7] | In February 2012, Clopay do Brazil, a subsidiary of Plastics, borrowed $4,000 at a rate of 104.5% of Brazilian CDI (9.10% at September 30, 2013). The loan was used to refinance existing loans, is collateralized by accounts receivable and a 50% guaranty by Plastics and is to be repaid in four equal, semi-annual installments of principal plus accrued interest beginning in August 2012. Clopay do Brazil also maintains lines of credit of approximately $4,950. Interest on borrowings accrue at a rate of Brazilian CDI plus 6.0% (15.23% at September 30, 2013). At September 30, 2013 there was approximately $4,600 borrowed under the lines.In November 2012, Garant G.P. ("Garant") entered into a CAD $15,000 revolving credit facility. The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum (1.48% LIBOR USD and 2.46% Bankers Acceptance Rate CDN as of September 30, 2013). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At September 30, 2013, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing | |||
[8] | At September 30, 2012, Griffon had $532 of 4% convertible subordinated notes due 2023 ("2023 Notes") outstanding. On April 15, 2013, the 2023 Notes were redeemed at par plus accrued interest. Other long term debt also includes capital leases. |
NOTES_PAYABLE_CAPITALIZED_LEAS5
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | 6.00% | ' | ' | |||
Cash Interest | $46,288 | $45,984 | $41,113 | |||
Amort. Debt Discount | 3,361 | 3,086 | 3,462 | |||
Amort. Deferred Cost & Other Fees | 2,871 | 2,937 | 3,271 | |||
Total Interest Expense | 52,520 | 52,007 | 47,846 | |||
Senior Notes 2018 [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | 7.40% | [1] | 7.40% | [1] | 7.40% | [1] |
Cash Interest | 39,188 | [1] | 39,188 | [1] | 21,118 | [1] |
Amort. Debt Discount | 0 | [1] | 0 | [1] | 0 | [1] |
Amort. Deferred Cost & Other Fees | 1,626 | [1] | 1,623 | [1] | 881 | [1] |
Total Interest Expense | 40,814 | [1] | 40,811 | [1] | 21,999 | [1] |
Revolver Due 2018 [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | ' | [1] | ' | ' | ||
Cash Interest | 785 | [1] | ' | ' | ||
Amort. Debt Discount | 0 | [1] | ' | ' | ||
Amort. Deferred Cost & Other Fees | 582 | [1] | ' | ' | ||
Total Interest Expense | 1,367 | [1] | ' | ' | ||
Convertible Debt 2017 [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | 9.10% | [2] | 9.20% | [2] | 9.00% | [2] |
Cash Interest | 4,000 | [2] | 4,000 | [2] | 3,944 | [2] |
Amort. Debt Discount | 3,361 | [2] | 3,086 | [2] | 2,832 | [2] |
Amort. Deferred Cost & Other Fees | 443 | [2] | 443 | [2] | 443 | [2] |
Total Interest Expense | 7,804 | [2] | 7,529 | [2] | 7,219 | [2] |
Real Estate Mortgages Loan [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | 4.90% | [3] | 4.00% | [3] | 5.60% | [3] |
Cash Interest | 538 | [3] | 575 | [3] | 761 | [3] |
Amort. Debt Discount | 0 | [3] | 0 | [3] | 0 | [3] |
Amort. Deferred Cost & Other Fees | 86 | [3] | 86 | [3] | 86 | [3] |
Total Interest Expense | 624 | [3] | 661 | [3] | 847 | [3] |
Employee Stock Ownership Plan Loan [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | 2.90% | [4] | 3.00% | [4] | 2.70% | [4] |
Cash Interest | 628 | [4] | 707 | [4] | 345 | [4] |
Amort. Debt Discount | 0 | [4] | 0 | [4] | 0 | [4] |
Amort. Deferred Cost & Other Fees | 8 | [4] | 6 | [4] | 67 | [4] |
Total Interest Expense | 636 | [4] | 713 | [4] | 412 | [4] |
Capital Lease Obligations [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | 5.30% | [5] | 5.30% | [5] | 5.30% | [5] |
Cash Interest | 504 | [5] | 551 | [5] | 602 | [5] |
Amort. Debt Discount | 0 | [5] | 0 | [5] | 0 | [5] |
Amort. Deferred Cost & Other Fees | 25 | [5] | 25 | [5] | 26 | [5] |
Total Interest Expense | 529 | [5] | 576 | [5] | 628 | [5] |
Term Loan 2013 [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | 3.90% | [6] | 5.00% | [6] | ' | [6] |
Cash Interest | 271 | [6] | 831 | [6] | 338 | [6] |
Amort. Debt Discount | 0 | [6] | 0 | [6] | 0 | [6] |
Amort. Deferred Cost & Other Fees | 87 | [6] | 87 | [6] | 71 | [6] |
Total Interest Expense | 358 | [6] | 918 | [6] | 409 | [6] |
Revolver Due 2013 [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | 0.50% | [6] | ' | 1.20% | [6] | |
Cash Interest | 68 | [6] | ' | 160 | [6] | |
Amort. Debt Discount | 0 | [6] | ' | 0 | [6] | |
Amort. Deferred Cost & Other Fees | 0 | [6] | ' | 79 | [6] | |
Total Interest Expense | 68 | [6] | ' | 239 | [6] | |
Foreign Line of Credit [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | 12.90% | [7] | 14.30% | [7] | 3.00% | [7] |
Cash Interest | 520 | [7] | 228 | [7] | 91 | [7] |
Amort. Debt Discount | 0 | [7] | 0 | [7] | 0 | [7] |
Amort. Deferred Cost & Other Fees | 0 | [7] | 0 | [7] | 0 | [7] |
Total Interest Expense | 520 | [7] | 228 | [7] | 91 | [7] |
Foreign Term Loan [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | 9.80% | [7] | 10.50% | [7] | ' | [7] |
Cash Interest | 216 | [7] | 238 | [7] | 0 | [7] |
Amort. Debt Discount | 0 | [7] | 0 | [7] | 0 | [7] |
Amort. Deferred Cost & Other Fees | 14 | [7] | 11 | [7] | 0 | [7] |
Total Interest Expense | 230 | [7] | 249 | [7] | 0 | [7] |
Other Long Term Debt [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Cash Interest | 553 | [8] | 680 | [8] | 214 | [8] |
Amort. Debt Discount | 0 | [8] | 0 | [8] | 0 | [8] |
Amort. Deferred Cost & Other Fees | 0 | [8] | 34 | [8] | 107 | [8] |
Total Interest Expense | 553 | [8] | 714 | [8] | 321 | [8] |
Capitalized Interest [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Cash Interest | -983 | -1,895 | -941 | |||
Amort. Debt Discount | 0 | 0 | 0 | |||
Amort. Deferred Cost & Other Fees | 0 | 0 | 0 | |||
Total Interest Expense | -983 | -1,895 | -941 | |||
Revolver Due 2016 [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | ' | ' | [1] | ' | [1] | |
Cash Interest | ' | 881 | [1] | 0 | [1] | |
Amort. Debt Discount | ' | 0 | [1] | 0 | [1] | |
Amort. Deferred Cost & Other Fees | ' | 622 | [1] | 332 | [1] | |
Total Interest Expense | ' | 1,503 | [1] | 332 | [1] | |
Term Loan Due 2016 [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | ' | ' | 9.50% | [9] | ||
Cash Interest | ' | ' | 13,405 | [9] | ||
Amort. Debt Discount | ' | ' | 572 | [9] | ||
Amort. Deferred Cost & Other Fees | ' | ' | 838 | [9] | ||
Total Interest Expense | ' | ' | 14,815 | [9] | ||
Asset Based Loan [Member] | ' | ' | ' | |||
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | |||
Effective Interest Rate | ' | ' | 6.20% | [9] | ||
Cash Interest | ' | ' | 1,076 | [9] | ||
Amort. Debt Discount | ' | ' | 58 | [9] | ||
Amort. Deferred Cost & Other Fees | ' | ' | 341 | [9] | ||
Total Interest Expense | ' | ' | $1,475 | [9] | ||
[1] | On March 17, 2011, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $550,000 of 7.125% Senior Notes due in 2018 ("Senior Notes"); interest is payable semi-annually. On August 9, 2011, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer.Proceeds from the Senior Notes were used to pay down outstanding borrowings under a senior secured term loan facility and two senior secured revolving credit facilities of certain of the Company's subsidiaries. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions.On March 28, 2013, Griffon amended and increased the amount available under its Revolving Credit Facility ("Credit Agreement") from $200,000 to $225,000 and extended its maturity from March 18, 2016 to March 28, 2018 (except that if the Company's 7-1/8 Senior Notes due 2018 are still outstanding on October 1, 2017, the Facility will mature on October 1, 2017). The facility includes a letter of credit sub-facility with a limit of $60,000, a multi-currency sub-facility of $50,000 and a swingline sub-facility with a limit of $30,000. Borrowings under the Credit Agreement may be repaid and re-borrowed at any time, subject to final maturity of the facility or the occurrence of a default or event of default under the Credit Agreement. Interest is payable on borrowings at either a LIBOR or base rate benchmark rate, in each case without a floor, plus an applicable margin, which adjusts based on financial performance. The current margins are 1.00% for base rate loans and 2.00% 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 Credit Agreement also includes certain restrictions, such as limitations on the incurrence of indebtedness and liens and the making of 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 assets of the Company and the guarantors and a pledge of notgreater than two-thirds of the equity interest in each of Griffon's material, first-tier foreign subsidiaries.At September 30, 2013, there were $25,457 of standby letters of credit outstanding under the Credit Agreement; $199,543 was available, subject to certain covenants, for borrowing at that date. | |||||
[2] | On December 21, 2009, Griffon issued $100,000 principal of 4% convertible subordinated notes due 2017 (the "2017 Notes"). The current conversion rate of the 2017 Notes is 67.8495 shares of Griffon's common stock per $1,000 principal amount of notes, corresponding to a conversion price of $14.74 per share. When a cash dividend is declared that would result in an adjustment to the conversion ratio of less than 1%, any adjustment to the conversion ratio is deferred until the first to occur of (i) actual conversion; (ii) the 42nd trading day prior to maturity of the notes; and (iii) such time as the cumulative adjustment equals or exceeds 1%. As of September 30, 2013, aggregate dividends since the last conversion price adjustment of $0.075 per share would have resulted in an adjustment to the conversion ratio of approximately 0.66%. At both September 30, 2013 and 2012, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. | |||||
[3] | On December 20, 2010, Griffon entered into two second lien real estate mortgages to secure new loans totaling $11,834. The loans mature in February 2016, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 3% with the option to swap to a fixed rate. On October 21, 2013, Griffon refinanced these real estate mortgages with total principal of $17,175, maturing in October 2018 and bearing interest at LIBOR plus 2.75%.Griffon has other real estate mortgages, collateralized by real property, which bear interest at 6.3% and mature in 2016. | |||||
[4] | Griffon's Employee Stock Ownership Plan ("ESOP") entered into a loan agreement in August 2010 to borrow $20,000 over a one-year period. The proceeds were used to purchase 1,874,737 shares of Griffon common stock in the open market for $19,973. The loan bears interest at a) LIBOR plus 2.5% or b) the lender's prime rate, at Griffon's option. In November 2011, Griffon exercised an option to convert the outstanding loan to a five-year term loan; principal is payable in quarterly installments of $250, beginning December 2011, with a balloon payment of $15,223 due at maturity (November 2016). The loan is secured by shares purchased with the proceeds of the loan, and repayment is guaranteed by Griffon. At September 30, 2013, $17,973 was outstanding.In addition, the ESOP is party to a loan agreement which requires quarterly principal payments of $156 and interest through the extended expiration date of December 2013, at which time the $3,125 balance of the loan, and any outstanding interest, will be payable. Griffon has the intent and ability to refinance the December 2013 balance and has classified the balance in Long-Term Debt. The primary purpose of this loan was to purchase 547,605 shares of Griffon's common stock in October 2008. The loan is secured by shares purchased with the proceeds of the loan and repayment is guaranteed by Griffon. The loan bears interest at rates based upon the prime rate or LIBOR. At September 30, 2013, $3,125 was outstanding and classified as long-term debt as the Company has the intent and ability to refinance in 2014. | |||||
[5] | In October 2006, CBP entered into a capital lease totaling $14,290 for real estate in Troy, Ohio. The lease matures in 2022, bears interest at a fixed rate of 5.0%, is secured by a mortgage on the real estate and is guaranteed by Griffon. | |||||
[6] | In November 2010, Clopay Europe GMBH ("Clopay Europe") entered into a 10,000 revolving credit facility and a 20,000 term loan. The facility accrues interest at EURIBOR plus 2.45% per annum and the term loan accrues interest at EURIBOR plus 2.20% per annum. The revolving facility matures in November 2013, but is renewable upon mutual agreement with the bank. In July 2011, the full 20,000 was drawn on the term loan, with a portion of the proceeds used to repay borrowings under the revolving credit facility. The term loan is payable in ten equal quarterly installments which began in September 2011, with maturity in December 2013. Under the term loan, Clopay Europe is required to maintain a certain minimum equity to assets ratio and keep leverage below a certain level, defined as the ratio of total debt to EBITDA. | |||||
[7] | In February 2012, Clopay do Brazil, a subsidiary of Plastics, borrowed $4,000 at a rate of 104.5% of Brazilian CDI (9.10% at September 30, 2013). The loan was used to refinance existing loans, is collateralized by accounts receivable and a 50% guaranty by Plastics and is to be repaid in four equal, semi-annual installments of principal plus accrued interest beginning in August 2012. Clopay do Brazil also maintains lines of credit of approximately $4,950. Interest on borrowings accrue at a rate of Brazilian CDI plus 6.0% (15.23% at September 30, 2013). At September 30, 2013 there was approximately $4,600 borrowed under the lines.In November 2012, Garant G.P. ("Garant") entered into a CAD $15,000 revolving credit facility. The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum (1.48% LIBOR USD and 2.46% Bankers Acceptance Rate CDN as of September 30, 2013). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At September 30, 2013, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing | |||||
[8] | At September 30, 2012, Griffon had $532 of 4% convertible subordinated notes due 2023 ("2023 Notes") outstanding. On April 15, 2013, the 2023 Notes were redeemed at par plus accrued interest. Other long term debt also includes capital leases. | |||||
[9] | In connection with the ATT acquisition, Clopay Ames True Temper Holding Corp. ("Clopay Ames"), a subsidiary of Griffon, entered into a $375,000 secured term Loan ("Term Loan") and a $125,000 asset based lending agreement ("ABL").On November 30, 2010, Clopay Ames, as required under the Term Loan agreement, entered into an interest rate swap on a notional amount of $200,000 of the Term Loan. The agreement fixed the LIBOR component of the Term Loan interest rate at 2.085% for the notional amount of the swap.On March 17, 2011, the Term Loan and swap were terminated, and on March 18, 2011, the ABL was terminated, in connection with the issuance of the Senior Notes and Credit Agreement. |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Adjusted Funding Target Attainment Percent [Member] | Adjusted Funding Target Attainment Percent [Member] | Employee Benefit Plans [Member] | Employee Benefit Plans [Member] | Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||||
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $6,950 | $7,300 | $7,500 | ' | ' | ' | ' | ' |
Postemployment Benefits Liability | 1,972 | 2,262 | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | ' | ' | ' | ' | ' | 161 | -79 | ' |
Pension and Other Postretirement Benefit Expense | ' | ' | ' | ' | ' | 65 | 76 | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | -2,142 | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Reduction In Pension Liability Due To Buyouts | 3,472 | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Increase In Accumulated Other Comprehensive Income Loss Due To Buyouts | 3,649 | ' | ' | ' | ' | ' | ' | ' |
Change In Discount Rate | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Tax Benefit For Amortization Of Pension Cost | 1,086 | 1,067 | 917 | ' | ' | ' | ' | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 1,954 | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | 15 | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 6,942 | ' | ' | ' | ' | ' | ' | 4,085 |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ' | ' | 89.80% | 80.00% | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 4,028 | ' | ' | ' | ' | ' | ' | ' |
Completion Period of Service | '1 year | ' | ' | ' | ' | ' | ' | ' |
Maximum Compensation Of Proportion | 255 | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 2,015 | 1,796 | 841 | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $24,257 | $21,993 | ' | ' | ' | ' | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details1
EMPLOYEE BENEFIT PLANS (Details) - Schedule of net periodic costs (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Net periodic (benefits) costs: | ' | ' | ' |
Service cost | $15 | ' | ' |
Recognition of settlement | 2,142 | ' | ' |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Net periodic (benefits) costs: | ' | ' | ' |
Service cost | 165 | 238 | 377 |
Interest cost | 7,977 | 9,191 | 9,552 |
Expected return on plan assets | -11,870 | -11,896 | -11,501 |
Recognition of settlement | 2,143 | ' | ' |
Amortization of: | ' | ' | ' |
Prior service costs | 6 | 6 | 8 |
Actuarial loss | 1,795 | 1,735 | 1,144 |
Total net periodic (benefits) costs | 216 | -726 | -420 |
Supplemental Benefits [Member] | ' | ' | ' |
Net periodic (benefits) costs: | ' | ' | ' |
Service cost | 35 | 36 | 34 |
Interest cost | 1,344 | 1,692 | 1,759 |
Expected return on plan assets | 0 | 0 | 0 |
Recognition of settlement | 0 | 0 | 0 |
Amortization of: | ' | ' | ' |
Prior service costs | 14 | 171 | 328 |
Actuarial loss | 1,288 | 1,137 | 1,141 |
Total net periodic (benefits) costs | $2,681 | $3,036 | $3,262 |
EMPLOYEE_BENEFIT_PLANS_Details2
EMPLOYEE BENEFIT PLANS (Details) - Weighted-average assumptions used in determining the net periodic benefit costs | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Weighted-average assumptions used in determining the net periodic benefit costs [Line Items] | ' | ' | ' |
Discount rate | 3.67% | 4.44% | 4.89% |
Average wage increase | 0.11% | 0.11% | 0.72% |
Expected return on assets | 7.80% | 7.71% | 7.72% |
Supplemental Benefits [Member] | ' | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Weighted-average assumptions used in determining the net periodic benefit costs [Line Items] | ' | ' | ' |
Discount rate | 3.40% | 4.30% | 4.26% |
Average wage increase | 4.87% | 4.89% | 4.89% |
Expected return on assets | 0.00% | 0.00% | 0.00% |
EMPLOYEE_BENEFIT_PLANS_Details3
EMPLOYEE BENEFIT PLANS (Details) - Plan assets and benefit obligation of the defined benefit plans (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Change in benefit obligation: | ' | ' | ' |
Actuarial (gain) loss | ($1,954) | ' | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of fiscal year | 160,833 | ' | ' |
Fair value of plan assets at end of fiscal year | 153,731 | ' | ' |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of fiscal year | 232,939 | 212,660 | ' |
Benefits earned during the year | 165 | 238 | ' |
Interest cost | 7,977 | 9,191 | 9,552 |
Plan participant contributions | 15 | 16 | ' |
Benefits paid | -10,632 | -10,369 | ' |
Benefits paid - settlement | -11,548 | 0 | ' |
Effect of foreign currency | 462 | -413 | ' |
Actuarial (gain) loss | -19,945 | 21,616 | ' |
Actuarial gain - settlement | -3,472 | 0 | ' |
Benefit obligation at end of fiscal year | 195,961 | 232,939 | 212,660 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of fiscal year | 160,823 | 137,678 | ' |
Actual return on plan assets | 12,537 | 25,190 | ' |
Plan participant contributions | 15 | 16 | ' |
Company contributions | 2,203 | 8,638 | ' |
Effect of foreign currency | 333 | -330 | ' |
Benefits paid | -10,632 | -10,369 | ' |
Benefits paid - settlement | -11,548 | 0 | ' |
Fair value of plan assets at end of fiscal year | 153,731 | 160,823 | 137,678 |
Projected benefit obligation in excess of plan assets | -42,230 | -72,116 | ' |
Amounts recognized in the statement of financial position consist of: | ' | ' | ' |
Accrued liabilities | 0 | 0 | ' |
Other liabilities (long-term) | -42,230 | -72,116 | ' |
Total Liabilities | -42,230 | -72,116 | ' |
Net actuarial losses | 16,679 | 44,656 | ' |
Prior service cost | 4 | 10 | ' |
Deferred taxes | -5,839 | -15,633 | ' |
Total Accumulated other comprehensive loss, net of tax | 10,844 | 29,033 | ' |
Net amount recognized at September 30, | -31,386 | -43,083 | ' |
Accumulated benefit obligations | 195,590 | 232,574 | ' |
Information for plans with accumulated benefit obligations in excess of plan assets: | ' | ' | ' |
ABO | 195,590 | 232,574 | ' |
PBO | 195,961 | 232,939 | ' |
Fair value of plan assets | 153,731 | 160,823 | ' |
Supplemental Benefits [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of fiscal year | 41,473 | 41,285 | ' |
Benefits earned during the year | 35 | 36 | ' |
Interest cost | 1,344 | 1,692 | 1,759 |
Plan participant contributions | 0 | 0 | ' |
Benefits paid | -4,051 | -3,936 | ' |
Benefits paid - settlement | 0 | 0 | ' |
Effect of foreign currency | 0 | 0 | ' |
Actuarial (gain) loss | -127 | 2,396 | ' |
Actuarial gain - settlement | 0 | 0 | ' |
Benefit obligation at end of fiscal year | 38,674 | 41,473 | 41,285 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of fiscal year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Plan participant contributions | 0 | 0 | ' |
Company contributions | 4,051 | 3,936 | ' |
Effect of foreign currency | 0 | 0 | ' |
Benefits paid | -4,051 | -3,936 | ' |
Benefits paid - settlement | 0 | 0 | ' |
Fair value of plan assets at end of fiscal year | 0 | 0 | 0 |
Projected benefit obligation in excess of plan assets | -38,674 | -41,473 | ' |
Amounts recognized in the statement of financial position consist of: | ' | ' | ' |
Accrued liabilities | -4,031 | -3,897 | ' |
Other liabilities (long-term) | -34,643 | -37,576 | ' |
Total Liabilities | -38,674 | -41,473 | ' |
Net actuarial losses | 19,335 | 20,750 | ' |
Prior service cost | 99 | 113 | ' |
Deferred taxes | -6,802 | -7,302 | ' |
Total Accumulated other comprehensive loss, net of tax | 12,632 | 13,561 | ' |
Net amount recognized at September 30, | -26,042 | -27,912 | ' |
Accumulated benefit obligations | 38,674 | 41,473 | ' |
Information for plans with accumulated benefit obligations in excess of plan assets: | ' | ' | ' |
ABO | 38,674 | 41,473 | ' |
PBO | 38,674 | 41,473 | ' |
Fair value of plan assets | $0 | $0 | ' |
EMPLOYEE_BENEFIT_PLANS_Details4
EMPLOYEE BENEFIT PLANS (Details) - Schedule of weighted average assumptions used in determining benefit obligations | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plan, Defined Benefit [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Schedule of weighted average assumptions used in determining benefit obligations [Line Items] | ' | ' |
Weighted average discount rate | 4.49% | 3.67% |
Weighted average wage increase | 0.15% | 0.11% |
Supplemental Benefits [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Schedule of weighted average assumptions used in determining benefit obligations [Line Items] | ' | ' |
Weighted average discount rate | 4.09% | 3.40% |
Weighted average wage increase | 0.00% | 4.87% |
EMPLOYEE_BENEFIT_PLANS_Details5
EMPLOYEE BENEFIT PLANS (Details) - Actual and weighted-average assets allocation for qualified benefit plans | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
EMPLOYEE BENEFIT PLANS (Details) - Actual and weighted-average assets allocation for qualified benefit plans [Line Items] | ' | ' |
Weighted Average Asset Allocations | 100.00% | 100.00% |
Target Plan Asset Allocations | 100.00% | ' |
Equity Securities [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Actual and weighted-average assets allocation for qualified benefit plans [Line Items] | ' | ' |
Weighted Average Asset Allocations | 55.80% | 66.00% |
Target Plan Asset Allocations | 63.00% | ' |
Fixed Income Funds [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Actual and weighted-average assets allocation for qualified benefit plans [Line Items] | ' | ' |
Weighted Average Asset Allocations | 41.30% | 29.00% |
Target Plan Asset Allocations | 37.00% | ' |
Other Asset Categories [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Actual and weighted-average assets allocation for qualified benefit plans [Line Items] | ' | ' |
Weighted Average Asset Allocations | 2.90% | 5.00% |
Target Plan Asset Allocations | 0.00% | ' |
EMPLOYEE_BENEFIT_PLANS_Details6
EMPLOYEE BENEFIT PLANS (Details) - Estimated future benefit payments to retirees (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Pension Plan, Defined Benefit [Member] | ' |
EMPLOYEE BENEFIT PLANS (Details) - Estimated future benefit payments to retirees [Line Items] | ' |
2014 | $10,794 |
2015 | 10,866 |
2016 | 11,049 |
2017 | 11,192 |
2018 | 11,322 |
2019 through 2023 | 59,464 |
Supplemental Benefits [Member] | ' |
EMPLOYEE BENEFIT PLANS (Details) - Estimated future benefit payments to retirees [Line Items] | ' |
2014 | 4,085 |
2015 | 4,010 |
2016 | 3,954 |
2017 | 3,895 |
2018 | 3,453 |
2019 through 2023 | $14,632 |
EMPLOYEE_BENEFIT_PLANS_Details7
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | $153,731 | $160,833 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 29 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
Cash and Cash Equivalents [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 29 |
Short Term Investment Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
Short Term Investment Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 2,949 | 5,231 |
Short Term Investment Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
Short Term Investment Funds [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 2,949 | 5,231 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 3,006 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 2,899 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
US Government Agencies Debt Securities [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 3,006 | 2,899 |
Debt Instruments [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 30,856 | 0 |
Debt Instruments [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 30,616 |
Debt Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
Debt Instruments [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 30,856 | 30,616 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 47,690 | 62,713 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
Equity Securities [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 47,690 | 62,713 |
Commingled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
Commingled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 66,130 | 56,329 |
Commingled Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
Commingled Funds [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 66,130 | 56,329 |
Limited Partnerships And Hedge Fund Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 |
Limited Partnerships And Hedge Fund Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 3,101 | 0 |
Limited Partnerships And Hedge Fund Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 3,016 |
Limited Partnerships And Hedge Fund Investments [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 3,101 | 3,016 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | ' | 0 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | ' | 0 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | ' | 0 |
Insurance Contracts [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | ' | 0 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 81,552 | 62,742 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | 72,180 | 95,075 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
EMPLOYEE BENEFIT PLANS (Details) - Pension and post-retirement plan assets by asset category [Line Items] | ' | ' |
Defined Benefit Plan Fair Value Of Plan Assets | $0 | $3,016 |
EMPLOYEE_BENEFIT_PLANS_Details8
EMPLOYEE BENEFIT PLANS (Details) - Schedule of activity for level 3 assets (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Schedule of activity for level 3 assets [Abstract] | ' |
Beginning Balance At September 30, 2012 | $3,016 |
Transfers out of Level 3 | -3,016 |
Ending Balance At September 30, 2013 | $0 |
EMPLOYEE_BENEFIT_PLANS_Details9
EMPLOYEE BENEFIT PLANS (Details) - ESOP Shares | Sep. 30, 2013 | Sep. 30, 2012 |
ESOP Shares [Abstract] | ' | ' |
Allocated shares | 2,309,812 | 2,335,040 |
Unallocated shares | 1,934,338 | 2,135,287 |
4,244,150 | 4,470,327 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
INCOME TAXES (Details) [Line Items] | ' | ' | ' |
Income Tax Benefits Reflected Reversal Of Previously Recorded Tax Liabilities | ($3,209) | ($3,356) | ($733) |
Undistributed Earnings of Foreign Subsidiaries | 74,923 | ' | ' |
Operating Loss Carryforwards Expiration Year | '2033 | ' | ' |
Tax Credit Carryforward Expiration Year | '2017 | ' | ' |
Potential Tax Benefits Impact On Effective Tax Rate | 7,248 | ' | ' |
Liability for Uncertain Tax Positions, Current | 1,672 | 2,141 | ' |
Non U S Tax Purposes [Member] | ' | ' | ' |
INCOME TAXES (Details) [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 83,564 | 75,400 | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
INCOME TAXES (Details) [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 6,057 | 6,303 | ' |
Foreign Tax Authority [Member] | ' | ' | ' |
INCOME TAXES (Details) [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | $5,151 | $3,361 | ' |
INCOME_TAXES_Details_Component
INCOME TAXES (Details) - Components of Income before taxes and discontinued operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Components of Income before taxes and discontinued operations [Abstract] | ' | ' | ' |
Domestic | $16,083 | $27,910 | ($17,869) |
Non-U.S. | -1,750 | -5,969 | 3,520 |
$14,333 | $21,941 | ($14,349) |
INCOME_TAXES_Details_Provision
INCOME TAXES (Details) - Provision (benefit) for income taxes on income from continuing operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Provision (benefit) for income taxes on income from continuing operations [Abstract] | ' | ' | ' |
Current | $2,468 | $7,557 | ($4,169) |
Deferred | 5,075 | -2,627 | -2,749 |
Total | 7,543 | 4,930 | -6,918 |
U.S. Federal | 5,807 | 3,400 | -8,988 |
State and local | 2,915 | -1,301 | 91 |
Non-U.S. | -1,179 | 2,831 | 1,979 |
Total provision | $7,543 | $4,930 | ($6,918) |
INCOME_TAXES_Details_Schedule_
INCOME TAXES (Details) - Schedule of effective income tax rate reconciliation | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Schedule of effective income tax rate reconciliation [Abstract] | ' | ' | ' |
U.S. Federal income tax provision (benefit) rate | 35.00% | 35.00% | -35.00% |
State and local taxes, net of Federal benefit | 2.80% | 3.60% | -1.90% |
Non-U.S. taxes | 5.30% | 7.00% | 5.30% |
Change in tax contingency reserves | -10.90% | -6.70% | 2.20% |
Executive compensation limits | 10.00% | 7.10% | 13.10% |
Repatriation of foreign earnings | -8.30% | -12.30% | ' |
Valuation allowance on foreign tax credits | 10.10% | -2.40% | -27.20% |
Non-deductible meals and entertainment | 1.60% | 1.20% | 2.00% |
Research credits | -7.40% | -0.70% | -5.40% |
Deferred tax impact of state rate change | 15.00% | -11.00% | ' |
Other | -0.60% | 1.60% | -1.30% |
Effective tax provision (benefit) rate | 52.60% | 22.50% | -48.20% |
INCOME_TAXES_Details_Schedule_1
INCOME TAXES (Details) - Schedule of deferred tax assets and liabilities (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Bad debt reserves | $2,202 | $2,071 |
Inventory reserves | 9,295 | 12,589 |
Deferred compensation (equity compensation and defined benefit plans) | 32,645 | 42,773 |
Compensation benefits | 3,059 | 2,706 |
Insurance reserve | 3,360 | 3,924 |
Restructuring reserve | 699 | 489 |
Warranty reserve | 3,320 | 3,587 |
Net operating loss | 26,644 | 25,708 |
Tax credits | 7,311 | 5,622 |
Other reserves and accruals | 2,924 | 651 |
91,459 | 100,120 | |
Valuation allowance | -13,421 | -10,541 |
Total deferred tax assets | 78,038 | 89,579 |
Deferred tax liabilities: | ' | ' |
Deferred income | -13,124 | -14,051 |
Goodwill and intangibles | -70,216 | -70,463 |
Property, plant and equipment | -36,469 | -33,673 |
Interest | -5,154 | -6,542 |
Other | -5,164 | -1,323 |
Total deferred tax liabilities | -130,127 | -126,052 |
Net deferred tax liabilities | ($52,089) | ($36,473) |
INCOME_TAXES_Details_Component1
INCOME TAXES (Details) - Components of net deferred tax asset (liability), by balance sheet account (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Components of net deferred tax asset (liability), by balance sheet account [Abstract] | ' | ' |
Prepaid and other current assets | $9,118 | $16,059 |
Other assets | 3,205 | 2,956 |
Current liabilities | ' | -129 |
Other liabilities | -66,422 | -55,882 |
Assets of discontinued operations | 2,010 | 523 |
Net deferred liability assets | ($52,089) | ($36,473) |
INCOME_TAXES_Details_Schdule_o
INCOME TAXES (Details) - Schdule of unrecognized tax benefits (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schdule of unrecognized tax benefits [Abstract] | ' | ' |
Balance | $11,876 | $12,910 |
Additions based on tax positions related to the current year | 1,343 | 1,840 |
Reductions based on tax positions related to prior years | 111 | -822 |
Lapse of Statutes | -974 | -617 |
Settlements | -1,836 | -1,435 |
Balance | $10,520 | $11,876 |
STOCKHOLDERS_EQUITY_AND_EQUITY2
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) [Line Items] | ' | ' | ' | ' |
Payments of Dividends | ' | $5,825 | $4,743 | $0 |
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | ' | $0.10 | $0.08 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Description | ' | '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. | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | '10 years | ' | ' |
Maximum Percentage of Exercise Price at Grand Date Fair Value | ' | 100.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | 4,815,235 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | ' | ' | ' | 270 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ' | 15,275 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | '1 year 146 days | ' | ' |
Share-based Compensation | ' | 12,495 | 10,439 | 8,956 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | ' | 3,068 | 2,547 | 2,598 |
Stock Repurchase Program, Authorized Amount | 50,000 | ' | ' | ' |
Common Stock Authorized For Repurchase Under Existing Buyback Program (in Shares) | 1,366,000 | ' | ' | ' |
Stock Repurchased During Period, Shares (in Shares) | ' | 2,369,786 | 1,187,066 | 1,531,379 |
Stock Repurchased During Period, Value | ' | 26,285 | 10,379 | 12,367 |
Stock Repurchased During Period Per Share (in Dollars per share) | ' | $11.09 | $8.74 | $8.08 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | 12,027 | 38,312 | 48,690 |
Shares Paid for Tax Withholding for Share Based Compensation (in Shares) | ' | 536,183 | ' | ' |
Shares Paid For Tax Withholding For Share Based Compensation, Value | ' | $6,236 | ' | ' |
Shares Paid For Tax Withholding For Share Based Compensation, Value Per Share (in Dollars per share) | ' | $11.63 | ' | ' |
Incentive Plan [Member] | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | 3,000,000 | ' | ' |
Incentive Stock Options [Member] | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | 600,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | 672,332 | ' | ' |
Two Thousand Six Equity Incentive Plan [Member] | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) [Line Items] | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other Than Options Additional Grants in Future (in Shares) | ' | 0 | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | 1,225,285 | 439,500 | 1,415,700 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | '4 years | '3 years | ' |
Performance Shares [Member] | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | 1,146,892 | 268,000 | ' |
STOCKHOLDERS_EQUITY_AND_EQUITY3
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) - Summary of stock option activity (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Summary of stock option activity [Abstract] | ' | ' | ' |
Outstanding | 929,761 | 1,169,661 | 1,544,221 |
Outstanding (in Dollars per share) | $18.73 | $17.50 | $15.42 |
Outstanding | 714,235 | 929,761 | 1,169,661 |
Outstanding (in Dollars per share) | $20.15 | $18.73 | $17.50 |
Outstanding (in Dollars) | $0 | $0 | $1,667 |
Outstanding | '3 years 73 days | '3 years 146 days | '3 years 255 days |
Exercisable at September 30, 2013 through: | ' | ' | ' |
30-Sep-14 | 130,750 | ' | ' |
September 30, 2014 (in Dollars per share) | $19.84 | ' | ' |
30-Sep-14 | '219 days | ' | ' |
30-Sep-15 | 149,035 | ' | ' |
September 30, 2015 (in Dollars per share) | $18.60 | ' | ' |
30-Sep-15 | '1 year 219 days | ' | ' |
30-Sep-16 | 71,450 | ' | ' |
September 30, 2016 (in Dollars per share) | $25.65 | ' | ' |
30-Sep-16 | '2 years 219 days | ' | ' |
30-Sep-17 | 13,000 | ' | ' |
September 30, 2017 (in Dollars per share) | $14.78 | ' | ' |
30-Sep-17 | '3 years 292 days | ' | ' |
30-Sep-18 | 0 | ' | ' |
30-Sep-19 | 350,000 | ' | ' |
September 30, 2019 (in Dollars per share) | $20 | ' | ' |
30-Sep-19 | '5 years | ' | ' |
Exercisable | 714,235 | 929,761 | 1,169,661 |
Exercisable (in Dollars per share) | $20.15 | $18.73 | $17.50 |
Exercisable (in Dollars) | ' | 1,667 | 1,667 |
Exercisable | '3 years 73 days | '3 years 146 days | '3 years 255 days |
Granted | 0 | 0 | 0 |
Exercised | 0 | 0 | -333,125 |
Exercised (in Dollars per share) | ' | ' | $7.74 |
Exercised (in Dollars) | ' | ' | $1,848 |
Forfeited/expired | -215,526 | -239,900 | -41,435 |
Forfeited/expired (in Dollars per share) | $14.01 | $12.74 | $18.34 |
STOCKHOLDERS_EQUITY_AND_EQUITY4
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) - Stock options activity range of exercise prices (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) - Stock options activity range of exercise prices [Line Items] | ' | ' | ' | ' |
Options Outstanding & Exercisable Shares (in Shares) | 714,235 | 929,761 | 1,169,661 | 1,544,221 |
Options Outstanding & Exercisable Weighted Average Exercise Price | $20.15 | $18.73 | $17.50 | $15.42 |
Options Outstanding & Exercisable Weighted Average Contractual Term | '3 years 73 days | '3 years 146 days | '3 years 255 days | ' |
Options Outstanding & Exercisable Aggregated Intrinsic Value (in Dollars) | $0 | $0 | $1,667 | ' |
Stock Option One [Member] | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) - Stock options activity range of exercise prices [Line Items] | ' | ' | ' | ' |
Range of Exercises Prices | $14.78 | ' | ' | ' |
Options Outstanding & Exercisable Shares (in Shares) | 14,000 | ' | ' | ' |
Options Outstanding & Exercisable Weighted Average Exercise Price | $14.78 | ' | ' | ' |
Options Outstanding & Exercisable Weighted Average Contractual Term | '3 years 219 days | ' | ' | ' |
Options Outstanding & Exercisable Aggregated Intrinsic Value (in Dollars) | 0 | ' | ' | ' |
Stock Option Two [Member] | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) - Stock options activity range of exercise prices [Line Items] | ' | ' | ' | ' |
Range of Exercises Prices | $17.23 | ' | ' | ' |
Options Outstanding & Exercisable Shares (in Shares) | 133,535 | ' | ' | ' |
Options Outstanding & Exercisable Weighted Average Exercise Price | $17.23 | ' | ' | ' |
Options Outstanding & Exercisable Weighted Average Contractual Term | '1 year 6 months | ' | ' | ' |
Options Outstanding & Exercisable Aggregated Intrinsic Value (in Dollars) | 0 | ' | ' | ' |
Stock Option Three [Member] | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) - Stock options activity range of exercise prices [Line Items] | ' | ' | ' | ' |
Range of Exercises Prices Minimum | $19.49 | ' | ' | ' |
Range of Exercises Prices Maximum | $22.41 | ' | ' | ' |
Options Outstanding & Exercisable Shares (in Shares) | 496,000 | ' | ' | ' |
Options Outstanding & Exercisable Weighted Average Exercise Price | $20.24 | ' | ' | ' |
Options Outstanding & Exercisable Weighted Average Contractual Term | '3 years 292 days | ' | ' | ' |
Options Outstanding & Exercisable Aggregated Intrinsic Value (in Dollars) | 0 | ' | ' | ' |
Stock Option Four [Member] | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) - Stock options activity range of exercise prices [Line Items] | ' | ' | ' | ' |
Range of Exercises Prices | $26.06 | ' | ' | ' |
Options Outstanding & Exercisable Shares (in Shares) | 70,700 | ' | ' | ' |
Options Outstanding & Exercisable Weighted Average Exercise Price | $26.06 | ' | ' | ' |
Options Outstanding & Exercisable Weighted Average Contractual Term | '2 years 146 days | ' | ' | ' |
Options Outstanding & Exercisable Aggregated Intrinsic Value (in Dollars) | $0 | ' | ' | ' |
STOCKHOLDERS_EQUITY_AND_EQUITY5
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) - Summary of restricted stock activity (Restricted Stock [Member], USD $) | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | ||||
Restricted Stock [Member] | ' | ' | ' | ' | ||||
STOCKHOLDERS' EQUITY AND EQUITY COMPENSATION (Details) - Summary of restricted stock activity [Line Items] | ' | ' | ' | ' | ||||
Restricted Stock Shares Outstanding | 3,428,668 | 3,443,002 | 3,109,947 | 2,231,524 | ||||
Restricted Stock Weighted Average Grant Price (in Dollars per share) | $11.27 | $10.38 | $10.85 | $9.71 | ||||
Aggregated Intrinsic Value (in Dollars) | $4,827 | [1] | $2,828 | [1] | $493 | [1] | $6,281 | [1] |
Restricted Stock Weighted Average Contractual Term | '1 year 219 days | '1 year 6 months | '2 years 292 days | '2 years 6 months | ||||
Restricted Stock Shares Outstanding | 1,225,285 | 439,500 | 1,415,700 | ' | ||||
Restricted Stock Weighted Average Grant Price (in Dollars per share) | $11.03 | $9.33 | $12.68 | ' | ||||
Aggregated Intrinsic Value (in Dollars) | 13,517 | [1] | 4,101 | [1] | 17,946 | [1] | ' | |
Restricted Stock Shares Outstanding | -1,146,493 | -41,045 | -407,268 | ' | ||||
Restricted Stock Weighted Average Grant Price (in Dollars per share) | $8.42 | $11.35 | $10.67 | ' | ||||
Aggregated Intrinsic Value (in Dollars) | 13,270 | [1] | 428 | [1] | 5,209 | [1] | ' | |
Restricted Stock Shares Outstanding | -93,126 | -65,400 | -130,009 | ' | ||||
Restricted Stock Weighted Average Grant Price (in Dollars per share) | $10.35 | $11.13 | $11.75 | ' | ||||
Aggregated Intrinsic Value (in Dollars) | $978 | [1] | $728 | [1] | $1,527 | [1] | ' | |
[1] | Aggregated intrinsic value at the date the shares were outstanding, granted, vested or forfeited, as applicable. |
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $22,265 | $30,598 | $34,600 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 21,762 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 18,173 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 14,461 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 10,474 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 9,444 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 15,006 | ' | ' |
Net Capital Cost Value | 5,000 | ' | ' |
Obligation Under Consent Order | 0 | ' | ' |
Net Capital Cost Value In Proposed Remedial Action Plan | 10,000 | ' | ' |
Loss Contingency Claim Asserted | $0 | ' | ' |
EARNINGS_LOSS_PER_SHARE_Detail
EARNINGS (LOSS) PER SHARE (Details) - Basic and diluted EPS from continuing operations | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
EARNINGS (LOSS) PER SHARE (Details) - Basic and diluted EPS from continuing operations [Line Items] | ' | ' | ' |
Weighted average shares outstanding - basic | 54,428 | 55,914 | 58,919 |
Incremental shares from stock based compensation | 2,135 | 1,415 | ' |
Weighted average shares outstanding - diluted | 56,563 | 57,329 | 58,919 |
Employee Stock Option [Member] | ' | ' | ' |
EARNINGS (LOSS) PER SHARE (Details) - Basic and diluted EPS from continuing operations [Line Items] | ' | ' | ' |
Anti-dilutive restricted stock excluded from diluted EPS computation | 714 | 930 | 1,170 |
Restricted Stock [Member] | ' | ' | ' |
EARNINGS (LOSS) PER SHARE (Details) - Basic and diluted EPS from continuing operations [Line Items] | ' | ' | ' |
Anti-dilutive restricted stock excluded from diluted EPS computation | ' | ' | 1,235 |
RELATED_PARTIES_Details
RELATED PARTIES (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2011 | Sep. 30, 2013 |
Senior Notes [Member] | ||
RELATED PARTIES (Details) [Line Items] | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | 7.13% |
Costs and Expenses, Related Party (in Dollars) | $825 | ' |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring And Other Related Charges | $763 | $994 | $5,788 | $721 | $1,881 | $1,167 | $8,266 | $3,048 |
Loss on Pension Settlement | ' | ' | ' | 1,392 | ' | ' | 1,392 | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | $194 | $116 | ' | $310 |
QUARTERLY_FINANCIAL_INFORMATIO3
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - Schedule of quarterly financial information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $449,009 | $509,826 | $488,743 | $423,749 | $447,436 | $480,246 | $482,431 | $451,032 | $1,871,327 | $1,861,145 | $1,830,802 |
Gross Profit | 106,107 | 108,311 | 105,497 | 97,670 | 97,651 | 115,645 | 102,801 | 102,708 | 417,585 | 418,805 | 393,461 |
Net Income (loss) | $425 | $3,603 | ($819) | $558 | $3,448 | $9,048 | $2,027 | $2,488 | $3,767 | $17,011 | ($7,431) |
Continuing Operations, Per Share - Basic (in Dollars per share) | $0.01 | $0.07 | ($0.02) | $0.01 | $0.06 | $0.16 | $0.04 | $0.04 | $0.07 | $0.30 | ($0.13) |
Continuing Operations, Per Share - Diluted (in Dollars per share) | $0.01 | $0.06 | ($0.02) | $0.01 | $0.06 | $0.16 | $0.04 | $0.04 | $0.07 | $0.30 | ($0.13) |
REPORTABLE_SEGMENTS_Details
REPORTABLE SEGMENTS (Details) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Home And Building Products [Member] | ' | ' | ' |
REPORTABLE SEGMENTS (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 11.00% | 12.00% | 12.00% |
Plastics [Member] | ' | ' | ' |
REPORTABLE SEGMENTS (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 14.00% | 13.00% | 14.00% |
Telephonics [Member] | ' | ' | ' |
REPORTABLE SEGMENTS (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 19.00% | 19.00% | 19.00% |
REPORTABLE_SEGMENTS_Details_Sc
REPORTABLE SEGMENTS (Details) - Schedule of Summary of Reconciliation of Segment Profit Before Taxes and Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated net sale | $449,009 | $509,826 | $488,743 | $423,749 | $447,436 | $480,246 | $482,431 | $451,032 | $1,871,327 | $1,861,145 | $1,830,802 |
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 63,854 | 72,420 | 55,549 |
Net interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -52,167 | -51,715 | -47,448 |
Unallocated amounts | ' | ' | ' | ' | ' | ' | ' | ' | -29,153 | -26,346 | -22,868 |
Loss from debt extinguishment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,164 |
Loss on pension settlement | ' | ' | ' | ' | ' | ' | ' | ' | -2,142 | ' | ' |
Income (loss) before taxes from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 14,333 | 21,941 | -14,349 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 181,363 | 171,032 | 165,633 |
Net interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -52,167 | -51,715 | -47,448 |
Segment depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -70,306 | -65,864 | -60,361 |
Unallocated amounts | ' | ' | ' | ' | ' | ' | ' | ' | -29,153 | -26,346 | -22,868 |
Loss from debt extinguishment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,164 |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | -13,262 | -4,689 | -7,543 |
Fair value write-up of acquired inventory sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,152 |
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -477 | -446 |
Loss on pension settlement | ' | ' | ' | ' | ' | ' | ' | ' | -2,142 | ' | ' |
Income (loss) before taxes from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 14,333 | 21,941 | -14,349 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 70,306 | 65,864 | 60,361 |
Consolidated depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 70,748 | 66,264 | 60,712 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 64,441 | 68,851 | 87,617 |
Ames True Temper Inc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products | ' | ' | ' | ' | ' | ' | ' | ' | 419,549 | 433,866 | 434,789 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | -8,000 | ' | ' |
Clopay Building Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products | ' | ' | ' | ' | ' | ' | ' | ' | 435,416 | 422,674 | 404,947 |
Home And Building Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products | ' | ' | ' | ' | ' | ' | ' | ' | 854,965 | 856,540 | 839,736 |
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 26,130 | 37,082 | 28,228 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 70,064 | 70,467 | 77,119 |
Segment depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -36,195 | -32,034 | -28,796 |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | -7,739 | -874 | -4,497 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 36,195 | 32,034 | 28,796 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 30,695 | 24,648 | 28,083 |
Telephonics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated net sale | ' | ' | ' | ' | ' | ' | ' | ' | 453,351 | 441,503 | 455,353 |
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 55,076 | 49,232 | 40,595 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 63,199 | 60,565 | 50,875 |
Segment depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -7,373 | -7,518 | -7,234 |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,815 | -3,046 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7,373 | 7,518 | 7,234 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 11,112 | 11,979 | 8,291 |
Plastics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated net sale | ' | ' | ' | ' | ' | ' | ' | ' | 563,011 | 563,102 | 535,713 |
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 16,589 | 13,688 | 13,308 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 48,100 | 40,000 | 37,639 |
Segment depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -26,738 | -26,312 | -24,331 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 26,738 | 26,312 | 24,331 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 22,509 | 32,069 | 50,824 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 97,795 | 100,002 | 82,131 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 64,316 | 68,696 | 87,198 |
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 442 | 400 | 351 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $125 | $155 | $419 |
REPORTABLE_SEGMENTS_Details_Sc1
REPORTABLE SEGMENTS (Details) - Schedule of summary of segment assets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Segment assets: | ' | ' | ' |
Continuing Assets | $1,784,490 | $1,802,669 | $1,860,198 |
Assets of discontinued operations | 4,289 | 3,523 | 5,056 |
Consolidated total | 1,788,779 | 1,806,192 | 1,865,254 |
Home And Building Products [Member] | ' | ' | ' |
Segment assets: | ' | ' | ' |
Continuing Assets | 908,386 | 943,766 | 972,714 |
Telephonics [Member] | ' | ' | ' |
Segment assets: | ' | ' | ' |
Continuing Assets | 296,919 | 255,420 | 288,968 |
Plastics [Member] | ' | ' | ' |
Segment assets: | ' | ' | ' |
Continuing Assets | 422,730 | 430,395 | 450,452 |
Operating Segments [Member] | ' | ' | ' |
Segment assets: | ' | ' | ' |
Continuing Assets | 1,628,035 | 1,629,581 | 1,712,134 |
Corporate Segment [Member] | ' | ' | ' |
Segment assets: | ' | ' | ' |
Continuing Assets | $156,455 | $173,088 | $148,064 |
REPORTABLE_SEGMENTS_Details_Sc2
REPORTABLE SEGMENTS (Details) - Schedule of Segment Information by Geographic Region (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
REPORTABLE SEGMENTS (Details) - Schedule of Segment Information by Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated revenue | $449,009 | $509,826 | $488,743 | $423,749 | $447,436 | $480,246 | $482,431 | $451,032 | $1,871,327 | $1,861,145 | $1,830,802 |
Consolidated property, plant and equipment, net | 574,984 | ' | ' | ' | 587,352 | ' | ' | ' | 574,984 | 587,352 | 573,239 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REPORTABLE SEGMENTS (Details) - Schedule of Segment Information by Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,319,740 | 1,317,911 | 1,265,977 |
Consolidated property, plant and equipment, net | 421,604 | ' | ' | ' | 422,647 | ' | ' | ' | 421,604 | 422,647 | 394,313 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REPORTABLE SEGMENTS (Details) - Schedule of Segment Information by Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated revenue | ' | ' | ' | ' | ' | ' | ' | ' | 255,733 | 255,323 | 262,518 |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REPORTABLE SEGMENTS (Details) - Schedule of Segment Information by Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated revenue | ' | ' | ' | ' | ' | ' | ' | ' | 114,984 | 120,457 | 125,330 |
Consolidated property, plant and equipment, net | 46,792 | ' | ' | ' | 50,894 | ' | ' | ' | 46,792 | 50,894 | 50,093 |
South America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REPORTABLE SEGMENTS (Details) - Schedule of Segment Information by Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated revenue | ' | ' | ' | ' | ' | ' | ' | ' | 103,840 | 93,243 | 96,340 |
All Other Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REPORTABLE SEGMENTS (Details) - Schedule of Segment Information by Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated revenue | ' | ' | ' | ' | ' | ' | ' | ' | 77,030 | 74,211 | 80,637 |
Consolidated property, plant and equipment, net | 24,274 | ' | ' | ' | 29,331 | ' | ' | ' | 24,274 | 29,331 | 34,033 |
Germany [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REPORTABLE SEGMENTS (Details) - Schedule of Segment Information by Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated property, plant and equipment, net | $82,314 | ' | ' | ' | $84,480 | ' | ' | ' | $82,314 | $84,480 | $94,800 |
OTHER_INCOME_EXPENSE_Details
OTHER INCOME (EXPENSE) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | ($166) | ($1,414) | $626 |
Investment Income, Net | $565 | $12 | $392 |
CONSOLIDATING_GUARANTOR_AND_NO2
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) - Summary of consolidated balance sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS | ' | ' | ' | ' |
Cash and equivalents | $178,130 | $209,654 | $243,029 | $169,802 |
Accounts receivable, net of allowances | 256,215 | 239,857 | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 109,828 | 70,777 | ' | ' |
Inventories, net | 230,120 | 257,868 | ' | ' |
Prepaid and other current assets | 48,903 | 47,472 | ' | ' |
Assets of discontinued operations | 1,214 | 587 | ' | ' |
Total Current Assets | 824,410 | 826,215 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 353,593 | 356,879 | ' | ' |
GOODWILL | 357,730 | 358,372 | 357,888 | ' |
INTANGIBLE ASSETS, net | 221,391 | 230,473 | ' | ' |
INTERCOMPANY RECEIVABLE | 0 | 0 | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 0 | 0 | ' | ' |
OTHER ASSETS | 28,580 | 31,317 | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 3,075 | 2,936 | ' | ' |
Total Assets | 1,788,779 | 1,806,192 | 1,865,254 | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 10,768 | 17,703 | ' | ' |
Accounts payable and accrued liabilities | 270,353 | 252,041 | ' | ' |
Liabilities of discontinued operations | 3,288 | 3,639 | ' | ' |
Total Current Liabilities | 284,409 | 273,383 | ' | ' |
LONG-TERM DEBT, net of debt discounts | 678,487 | 681,907 | ' | ' |
INTERCOMPANY PAYABLES | 0 | 0 | ' | ' |
OTHER LIABILITIES | 170,675 | 193,107 | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 4,744 | 3,643 | ' | ' |
Total Liabilities | 1,138,315 | 1,152,040 | ' | ' |
SHAREHOLDERS’ EQUITY | 650,464 | 654,152 | 651,908 | 710,715 |
Total Liabilities and Shareholders’ Equity | 1,788,779 | 1,806,192 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and equivalents | 68,994 | 125,093 | 178,448 | 74,600 |
Accounts receivable, net of allowances | 0 | 0 | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 0 | 0 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Prepaid and other current assets | -712 | -851 | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' |
Total Current Assets | 68,282 | 124,242 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 972 | 1,224 | ' | ' |
GOODWILL | 0 | 0 | ' | ' |
INTANGIBLE ASSETS, net | 0 | 0 | ' | ' |
INTERCOMPANY RECEIVABLE | 547,903 | 508,984 | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 2,217,864 | 2,143,427 | ' | ' |
OTHER ASSETS | 45,968 | 49,718 | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Assets | 2,880,989 | 2,827,595 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 1,000 | 1,625 | ' | ' |
Accounts payable and accrued liabilities | 41,121 | 44,649 | ' | ' |
Liabilities of discontinued operations | 0 | 0 | ' | ' |
Total Current Liabilities | 42,121 | 46,274 | ' | ' |
LONG-TERM DEBT, net of debt discounts | 656,852 | 655,023 | ' | ' |
INTERCOMPANY PAYABLES | 20,607 | 0 | ' | ' |
OTHER LIABILITIES | 65,455 | 68,827 | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Liabilities | 785,035 | 770,124 | ' | ' |
SHAREHOLDERS’ EQUITY | 2,095,954 | 2,057,471 | ' | ' |
Total Liabilities and Shareholders’ Equity | 2,880,989 | 2,827,595 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and equivalents | 25,343 | 34,782 | 15,164 | 57,113 |
Accounts receivable, net of allowances | 213,506 | 187,487 | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 109,683 | 69,216 | ' | ' |
Inventories, net | 173,406 | 194,618 | ' | ' |
Prepaid and other current assets | 21,854 | 23,929 | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' |
Total Current Assets | 543,792 | 510,032 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 248,973 | 244,261 | ' | ' |
GOODWILL | 288,146 | 288,147 | ' | ' |
INTANGIBLE ASSETS, net | 160,349 | 164,633 | ' | ' |
INTERCOMPANY RECEIVABLE | 911,632 | 648,347 | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 533,742 | 528,411 | ' | ' |
OTHER ASSETS | 50,423 | 60,609 | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Assets | 2,737,057 | 2,444,440 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 1,079 | 1,032 | ' | ' |
Accounts payable and accrued liabilities | 182,765 | 167,230 | ' | ' |
Liabilities of discontinued operations | 0 | 0 | ' | ' |
Total Current Liabilities | 183,844 | 168,262 | ' | ' |
LONG-TERM DEBT, net of debt discounts | 9,006 | 9,782 | ' | ' |
INTERCOMPANY PAYABLES | 796,741 | 558,905 | ' | ' |
OTHER LIABILITIES | 153,970 | 183,989 | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Liabilities | 1,143,561 | 920,938 | ' | ' |
SHAREHOLDERS’ EQUITY | 1,593,496 | 1,523,502 | ' | ' |
Total Liabilities and Shareholders’ Equity | 2,737,057 | 2,444,440 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and equivalents | 83,793 | 49,779 | 49,417 | 38,089 |
Accounts receivable, net of allowances | 76,241 | 81,274 | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 145 | 1,561 | ' | ' |
Inventories, net | 56,723 | 63,203 | ' | ' |
Prepaid and other current assets | 17,330 | 21,968 | ' | ' |
Assets of discontinued operations | 1,214 | 587 | ' | ' |
Total Current Assets | 235,446 | 218,372 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 103,648 | 111,394 | ' | ' |
GOODWILL | 69,584 | 70,225 | ' | ' |
INTANGIBLE ASSETS, net | 61,042 | 65,840 | ' | ' |
INTERCOMPANY RECEIVABLE | 573,269 | 542,025 | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 2,718,956 | 2,650,078 | ' | ' |
OTHER ASSETS | 7,423 | 8,188 | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 3,075 | 2,936 | ' | ' |
Total Assets | 3,772,443 | 3,669,058 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 8,689 | 15,046 | ' | ' |
Accounts payable and accrued liabilities | 70,427 | 66,640 | ' | ' |
Liabilities of discontinued operations | 3,288 | 3,639 | ' | ' |
Total Current Liabilities | 82,404 | 85,325 | ' | ' |
LONG-TERM DEBT, net of debt discounts | 12,629 | 17,102 | ' | ' |
INTERCOMPANY PAYABLES | 1,188,017 | 1,149,748 | ' | ' |
OTHER LIABILITIES | 25,578 | 27,489 | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 4,744 | 3,643 | ' | ' |
Total Liabilities | 1,313,372 | 1,283,307 | ' | ' |
SHAREHOLDERS’ EQUITY | 2,459,071 | 2,385,751 | ' | ' |
Total Liabilities and Shareholders’ Equity | 3,772,443 | 3,669,058 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | ' |
Accounts receivable, net of allowances | -33,532 | -28,904 | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 0 | 0 | ' | ' |
Inventories, net | -9 | 47 | ' | ' |
Prepaid and other current assets | 10,431 | 2,426 | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' |
Total Current Assets | -23,110 | -26,431 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 0 | 0 | ' | ' |
GOODWILL | 0 | 0 | ' | ' |
INTANGIBLE ASSETS, net | 0 | 0 | ' | ' |
INTERCOMPANY RECEIVABLE | -2,032,804 | -1,699,356 | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | -5,470,562 | -5,321,916 | ' | ' |
OTHER ASSETS | -75,234 | -87,198 | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Assets | -7,601,710 | -7,134,901 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 0 | 0 | ' | ' |
Accounts payable and accrued liabilities | -23,960 | -26,478 | ' | ' |
Liabilities of discontinued operations | 0 | 0 | ' | ' |
Total Current Liabilities | -23,960 | -26,478 | ' | ' |
LONG-TERM DEBT, net of debt discounts | 0 | 0 | ' | ' |
INTERCOMPANY PAYABLES | -2,005,365 | -1,708,653 | ' | ' |
OTHER LIABILITIES | -74,328 | -87,198 | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Liabilities | -2,103,653 | -1,822,329 | ' | ' |
SHAREHOLDERS’ EQUITY | -5,498,057 | -5,312,572 | ' | ' |
Total Liabilities and Shareholders’ Equity | ($7,601,710) | ($7,134,901) | ' | ' |
CONSOLIDATING_GUARANTOR_AND_NO3
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) - Summary of consolidated statement of operations and comprehensive income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $449,009 | $509,826 | $488,743 | $423,749 | $447,436 | $480,246 | $482,431 | $451,032 | $1,871,327 | $1,861,145 | $1,830,802 |
Cost of goods and services | ' | ' | ' | ' | ' | ' | ' | ' | 1,453,742 | 1,442,340 | 1,437,341 |
Gross profit | 106,107 | 108,311 | 105,497 | 97,670 | 97,651 | 115,645 | 102,801 | 102,708 | 417,585 | 418,805 | 393,461 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 340,469 | 341,696 | 330,369 |
Restructuring and other related charges | ' | ' | ' | ' | ' | ' | ' | ' | 13,262 | 4,689 | 7,543 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 353,731 | 346,385 | 337,912 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 63,854 | 72,420 | 55,549 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -52,167 | -51,715 | -47,448 |
Loss from debt extinguishment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,164 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,646 | 1,236 | 3,714 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -49,521 | -50,479 | -69,898 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 14,333 | 21,941 | -14,349 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7,543 | 4,930 | -6,918 |
Income (loss) before equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 6,790 | 17,011 | -7,431 |
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 6,790 | 17,011 | -7,431 |
Loss from operations of discontinued businesses | ' | ' | ' | ' | ' | ' | ' | ' | -4,651 | ' | ' |
Benefit from income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,628 | ' | ' |
Loss from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,023 | ' | ' |
Net income (loss) | 425 | 3,603 | -819 | 558 | 3,448 | 9,048 | 2,027 | 2,488 | 3,767 | 17,011 | -7,431 |
Net Income (loss) | 425 | 3,603 | -819 | 558 | 3,448 | 9,048 | 2,027 | 2,488 | 3,767 | 17,011 | -7,431 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 16,220 | -11,835 | -25,306 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19,987 | 5,176 | -32,737 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Cost of goods and services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 24,248 | 18,982 | 16,292 |
Restructuring and other related charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 364 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 24,248 | 18,982 | 16,656 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -24,248 | -18,982 | -16,656 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -14,381 | -14,541 | -12,607 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 569 | 13 | -648 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -13,812 | -14,528 | -13,255 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -38,060 | -33,510 | -29,911 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -14,888 | -20,363 | -14,943 |
Income (loss) before equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -23,172 | -13,147 | -14,968 |
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 28,441 | 31,500 | 7,013 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 5,269 | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,269 | 18,353 | -7,955 |
Net Income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,269 | 18,353 | -7,955 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 886 | -619 | 866 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 6,155 | 17,734 | -7,089 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,459,705 | 1,414,910 | 1,379,535 |
Cost of goods and services | ' | ' | ' | ' | ' | ' | ' | ' | 1,107,440 | 1,060,183 | 1,055,520 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 352,265 | 354,727 | 324,015 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 269,654 | 267,677 | 256,880 |
Restructuring and other related charges | ' | ' | ' | ' | ' | ' | ' | ' | 9,236 | 4,674 | 7,018 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 278,890 | 272,351 | 263,898 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 73,375 | 82,376 | 60,117 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -27,660 | -25,183 | -26,414 |
Loss from debt extinguishment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -397 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 9,656 | 10,826 | 6,882 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -18,004 | -14,357 | -19,929 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 55,371 | 68,019 | 40,188 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 20,603 | 25,366 | 17,977 |
Income (loss) before equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 34,768 | 42,653 | 22,211 |
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 35 | -11,007 | 1,139 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 34,803 | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 34,803 | 31,646 | 23,350 |
Net Income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 34,803 | 31,646 | 23,350 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -22,398 | 19,777 | -36,069 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 12,405 | 51,423 | -12,719 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 463,767 | 499,860 | 489,342 |
Cost of goods and services | ' | ' | ' | ' | ' | ' | ' | ' | 392,588 | 428,760 | 421,261 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 71,179 | 71,100 | 68,081 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 52,819 | 62,564 | 57,538 |
Restructuring and other related charges | ' | ' | ' | ' | ' | ' | ' | ' | 4,026 | 15 | 161 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 56,845 | 62,579 | 57,699 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 14,334 | 8,521 | 10,382 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -10,126 | -11,991 | -8,427 |
Loss from debt extinguishment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,767 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -5,731 | -7,756 | -1,338 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -15,857 | -19,747 | -35,532 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,523 | -11,226 | -25,150 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,781 | -73 | -9,952 |
Income (loss) before equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -3,304 | -11,153 | -15,198 |
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 34,768 | 42,653 | 22,211 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 31,464 | ' | ' |
Loss from operations of discontinued businesses | ' | ' | ' | ' | ' | ' | ' | ' | -4,651 | ' | ' |
Benefit from income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,628 | ' | ' |
Loss from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,023 | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 28,441 | 31,500 | 7,013 |
Net Income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 28,441 | 31,500 | 7,013 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 37,732 | -30,993 | -27,615 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 66,173 | 507 | -20,602 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -52,145 | -53,625 | -38,075 |
Cost of goods and services | ' | ' | ' | ' | ' | ' | ' | ' | -46,286 | -46,603 | -39,440 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -5,859 | -7,022 | 1,365 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -6,252 | -7,527 | -341 |
Restructuring and other related charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -6,252 | -7,527 | -341 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 393 | 505 | 1,706 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,848 | -1,847 | -1,182 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -1,848 | -1,847 | -1,182 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,455 | -1,342 | 524 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' | 0 |
Income (loss) before equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -1,502 | -1,342 | 524 |
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -63,244 | -63,146 | -30,363 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -64,746 | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -64,746 | -64,488 | -29,839 |
Net Income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -64,746 | -64,488 | -29,839 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 37,512 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($64,746) | ($64,488) | $7,673 |
CONSOLIDATING_GUARANTOR_AND_NO4
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) - Summary of consolidated cash flows (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $425 | $3,603 | ($819) | $558 | $3,448 | $9,048 | $2,027 | $2,488 | $3,767 | $17,011 | ($7,431) |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 85,683 | 90,130 | 35,385 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -64,441 | -68,851 | -87,617 |
Acquired business, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,432 | -855 |
Intercompany distributions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Funds restricted for capital projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,629 |
Proceeds from sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,573 | 309 | 1,510 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -62,868 | -90,974 | -82,333 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of shares for treasury | ' | ' | ' | ' | ' | ' | ' | ' | -32,521 | -10,382 | -18,139 |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 303 | 4,000 | 674,251 |
Payments of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -16,867 | -18,546 | -498,572 |
Change in short-term borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 2,950 | -1,859 | 3,538 |
Intercompany debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -833 | -97 | -21,653 |
Purchase of ESOP shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,973 |
Exercise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,306 |
Tax effect from exercise/vesting of equity awards, net | ' | ' | ' | ' | ' | ' | ' | ' | 150 | 834 | 7 |
Dividend | ' | ' | ' | ' | ' | ' | ' | ' | -5,825 | -4,743 | 0 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 100 | 345 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -52,249 | -30,693 | 122,110 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,090 | -2,801 | -962 |
Effect of exchange rate changes on cash and equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | 963 | -973 |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | -31,524 | -33,375 | 73,227 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | ' | ' | ' | 209,654 | ' | ' | ' | 243,029 | 209,654 | 243,029 | 169,802 |
CASH AND EQUIVALENTS AT END OF PERIOD | 178,130 | ' | ' | ' | 209,654 | ' | ' | ' | 178,130 | 209,654 | 243,029 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,269 | 18,353 | -7,955 |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | -25,184 | -24,315 | 43,407 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -123 | -155 | -418 |
Acquired business, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Intercompany distributions | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 10,000 | 10,000 |
Proceeds from sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 9,877 | 9,845 | 9,582 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of shares for treasury | ' | ' | ' | ' | ' | ' | ' | ' | -32,521 | -10,382 | -18,139 |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -23,000 | 569,973 |
Payments of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -2,157 | -1,625 | -625 |
Change in short-term borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Intercompany debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -468,372 |
Financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -833 | -65 | -14,663 |
Purchase of ESOP shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,973 |
Exercise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,306 |
Tax effect from exercise/vesting of equity awards, net | ' | ' | ' | ' | ' | ' | ' | ' | 150 | 834 | 7 |
Dividend | ' | ' | ' | ' | ' | ' | ' | ' | -5,825 | -4,743 | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 394 | 96 | 345 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -40,792 | -38,885 | 50,859 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Effect of exchange rate changes on cash and equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | -56,099 | -53,355 | 103,848 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | ' | ' | ' | 125,093 | ' | ' | ' | 178,448 | 125,093 | 178,448 | 74,600 |
CASH AND EQUIVALENTS AT END OF PERIOD | 68,994 | ' | ' | ' | 125,093 | ' | ' | ' | 68,994 | 125,093 | 178,448 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 34,803 | 31,646 | 23,350 |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 83,177 | 93,349 | 38,657 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -56,617 | -63,388 | -55,455 |
Acquired business, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | -22,432 | ' | -22,432 | -1,066 |
Intercompany distributions | ' | ' | ' | ' | ' | ' | ' | ' | -10,000 | -10,000 | -10,000 |
Funds restricted for capital projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,629 |
Proceeds from sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,404 | 200 | 68 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -65,213 | -95,620 | -61,824 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of shares for treasury | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 303 | 491,372 | ' |
Payments of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -1,032 | -4,351 | -31,138 |
Change in short-term borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Intercompany debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Tax effect from exercise/vesting of equity awards, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Dividend | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -219,516 | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -26,674 | -245,616 | 12,356 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -27,403 | 21,889 | -18,782 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Effect of exchange rate changes on cash and equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | -9,439 | 19,618 | -41,949 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | ' | ' | ' | 34,782 | ' | ' | ' | 15,164 | 34,782 | 15,164 | 57,113 |
CASH AND EQUIVALENTS AT END OF PERIOD | 25,343 | ' | ' | ' | 34,782 | ' | ' | ' | 25,343 | 34,782 | 15,164 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 28,441 | 31,500 | 7,013 |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 27,690 | 21,096 | -46,679 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -7,701 | -5,308 | -31,744 |
Acquired business, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211 |
Intercompany distributions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Proceeds from sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 169 | 109 | 1,442 |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -7,532 | -5,199 | -30,091 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of shares for treasury | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 27,000 | 104,278 |
Payments of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -13,678 | -12,570 | -466,809 |
Change in short-term borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 2,950 | -1,859 | 3,538 |
Intercompany debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 468,372 |
Financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -32 | -6,990 |
Tax effect from exercise/vesting of equity awards, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Dividend | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 219,516 | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 26,674 | -245,752 | -12,356 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 15,946 | -13,697 | 90,033 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,090 | -2,801 | -962 |
Effect of exchange rate changes on cash and equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | 963 | -973 |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | 34,014 | 362 | 11,328 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | ' | ' | ' | 49,779 | ' | ' | ' | 49,417 | 49,779 | 49,417 | 38,089 |
CASH AND EQUIVALENTS AT END OF PERIOD | 83,793 | ' | ' | ' | 49,779 | ' | ' | ' | 83,793 | 49,779 | 49,417 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -64,746 | -64,488 | -29,839 |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Acquired business, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Intercompany distributions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Proceeds from sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of shares for treasury | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -491,372 | ' |
Payments of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Change in short-term borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Tax effect from exercise/vesting of equity awards, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Dividend | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 491,372 | 0 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Effect of exchange rate changes on cash and equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | ' |
CASH AND EQUIVALENTS AT END OF PERIOD | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | $0 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Nov. 30, 2013 | Sep. 30, 2013 | Nov. 13, 2013 | Nov. 12, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
GS Direct [Member] | |||||||||
SUBSEQUENT EVENTS (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in Shares) | ' | ' | ' | ' | ' | ' | ' | 4,444,444 | ' |
Stock Repurchase Program Authorized Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | $11.25 | ' | ' | ' |
Stock Repurchase Program Discount on Stock Price Percent | ' | ' | ' | ' | ' | ' | ' | ' | 9.20% |
Stock Repurchase Program, Authorized Amount | $50,000,000 | ' | ' | ' | ' | ' | $50,000,000 | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | 12,027,000 | 38,312,000 | 48,690,000 | ' | ' | 12,027,000 | ' | ' |
Common Stock, Value, Outstanding | ' | ' | ' | ' | $5,560,000 | ' | ' | ' | ' |
Percentage Held Common Stock Outstanding | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Dividends Payable, Amount Per Share (in Dollars per share) | ' | $0.03 | ' | ' | ' | ' | ' | ' | ' |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - Schedule of Valuation and Qualifying Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Bad Debts [Member] | Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Balance at Beginning of Year | $4,146 | $4,610 | $5,091 |
Recorded to Cost and Expense | 2,939 | 2,009 | 1,121 |
Accounts Written Off, net | -3,948 | -2,284 | -1,405 |
Other | 9 | -189 | -197 |
Balance at End of Year | 3,146 | 4,146 | 4,610 |
Allowance for Doubtful Accounts Sales Returns and Allowances [Member] | Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 1,287 | 1,462 | 1,490 |
Recorded to Cost and Expense | 1,859 | 2,018 | 2,741 |
Accounts Written Off, net | -146 | -2,160 | -2,748 |
Other | -10 | -33 | -21 |
Balance at End of Year | 2,990 | 1,287 | 1,462 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 5,433 | 6,072 | 6,581 |
Recorded to Cost and Expense | 4,798 | 4,027 | 3,862 |
Accounts Written Off, net | -4,094 | -4,444 | -4,153 |
Other | -1 | -222 | -218 |
Balance at End of Year | 6,136 | 5,433 | 6,072 |
Inventory Valuation Reserve [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 18,787 | 19,557 | 16,720 |
Recorded to Cost and Expense | 5,788 | 3,487 | 8,651 |
Accounts Written Off, net | -8,490 | -3,995 | -5,631 |
Other | -357 | -262 | -183 |
Balance at End of Year | 15,728 | 18,787 | 19,557 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 10,541 | 9,481 | 13,977 |
Recorded to Cost and Expense | 2,880 | 1,060 | -4,496 |
Accounts Written Off, net | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Balance at End of Year | $13,421 | $10,541 | $9,481 |