Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'GRIFFON CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 54,512,132 |
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 | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and equivalents | $69,933 | $178,130 |
Accounts receivable, net of allowances of $6,481 and $6,136 | 309,162 | 256,215 |
Contract costs and recognized income not yet billed, net of progress payments of $ 13,173 and $6,941 | 107,825 | 109,828 |
Inventories, net | 256,690 | 230,120 |
Prepaid and other current assets | 51,212 | 48,903 |
Assets of discontinued operations | 1,217 | 1,214 |
Total Current Assets | 796,039 | 824,410 |
PROPERTY, PLANT AND EQUIPMENT, net | 357,882 | 353,593 |
GOODWILL | 370,172 | 357,730 |
INTANGIBLE ASSETS, net | 224,226 | 221,391 |
OTHER ASSETS | 30,774 | 28,580 |
ASSETS OF DISCONTINUED OPERATIONS | 3,107 | 3,075 |
Total Assets | 1,782,200 | 1,788,779 |
CURRENT LIABILITIES | ' | ' |
Notes payable and current portion of long-term debt | 13,393 | 10,768 |
Accounts payable | 182,505 | 163,610 |
Accrued liabilities | 82,472 | 106,743 |
Liabilities of discontinued operations | 3,069 | 3,288 |
Total Current Liabilities | 281,439 | 284,409 |
LONG-TERM DEBT, net of debt discount of $11,454 and $13,246 | 773,579 | 678,487 |
OTHER LIABILITIES | 165,071 | 170,675 |
LIABILITIES OF DISCONTINUED OPERATIONS | 4,359 | 4,744 |
Total Liabilities | 1,224,448 | 1,138,315 |
COMMITMENTS AND CONTINGENCIES - See Note 19 | ' | ' |
SHAREHOLDERS’ EQUITY | ' | ' |
Total Shareholders’ Equity | 557,752 | 650,464 |
Total Liabilities and Shareholders’ Equity | $1,782,200 | $1,788,779 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net allowances | $6,481 | $6,136 |
Contract costs, net of progress payments | 13,173 | 6,941 |
Debt discount, long term debt | $11,454 | $13,246 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENT 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, 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 | ' | ' | ' |
Net loss | ' | ' | -22,589 | ' | ' | ' | -22,589 |
Dividend | ' | ' | -3,290 | ' | ' | ' | -3,290 |
Tax effect from exercise/vesting of equity awards, net | ' | 273 | ' | ' | ' | ' | 273 |
Amortization of deferred compensation | ' | ' | ' | ' | ' | 1,043 | 1,043 |
Common stock acquired | ' | ' | ' | -63,370 | ' | ' | -63,370 |
Common stock acquired (in Shares) | ' | ' | ' | 5,454 | ' | ' | ' |
Stock grants and equity awards, net | 219 | 300 | ' | ' | ' | ' | 519 |
Stock grants and equity awards, net (in Shares) | 877 | ' | ' | ' | ' | ' | ' |
ESOP purchase of common stock | ' | ' | ' | ' | ' | -10,000 | -10,000 |
ESOP allocation of common stock | ' | 204 | ' | ' | ' | ' | 204 |
Stock-based compensation | ' | 4,996 | ' | ' | ' | ' | 4,996 |
Other comprehensive loss, net of tax | ' | ' | ' | ' | -498 | ' | -498 |
Balance at Mar. 31, 2014 | $19,623 | $500,185 | $408,484 | ($337,972) | ($3,837) | ($28,731) | $557,752 |
Balance (in Shares) at Mar. 31, 2014 | 78,493 | ' | ' | 23,981 | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue | $507,687 | $488,743 | $961,145 | $912,492 |
Cost of goods and services | 397,700 | 383,246 | 745,655 | 709,325 |
Gross profit | 109,987 | 105,497 | 215,490 | 203,167 |
Selling, general and administrative expenses | 89,622 | 86,059 | 177,302 | 168,278 |
Restructuring and other related charges | 692 | 9,336 | 1,534 | 10,444 |
Total operating expenses | 90,314 | 95,395 | 178,836 | 178,722 |
Income from operations | 19,673 | 10,102 | 36,654 | 24,445 |
Other income (expense) | ' | ' | ' | ' |
Interest expense | -12,389 | -13,060 | -25,523 | -26,167 |
Interest income | 28 | 151 | 61 | 179 |
Loss from debt extinguishment, net | -38,890 | ' | -38,890 | ' |
Other, net | 783 | 422 | 1,689 | 908 |
Total other expense, net | -50,468 | -12,487 | -62,663 | -25,080 |
Loss before taxes | -30,795 | -2,385 | -26,009 | -635 |
Benefit for income taxes | -4,970 | -1,566 | -3,420 | -374 |
Net loss | -25,825 | -819 | -22,589 | -261 |
Basic loss per common share (in Dollars per share) | ($0.53) | ($0.02) | ($0.44) | $0 |
Weighted-average shares outstanding (in Shares) | 48,990 | 54,345 | 50,872 | 54,749 |
Diluted loss per common share (in Dollars per share) | ($0.53) | ($0.02) | ($0.44) | $0 |
Weighted-average shares outstanding (in Shares) | 48,990 | 54,345 | 50,872 | 54,749 |
Net loss | -25,825 | -819 | -22,589 | -261 |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' |
Foreign currency translation adjustments | 1,224 | -5,924 | -1,913 | -2,921 |
Pension and other post retirement plans | 1,099 | 489 | 1,415 | 4,349 |
Gain on cash flow hedge | ' | 171 | ' | 171 |
Total other comprehensive income (loss), net of taxes | 2,323 | -5,264 | -498 | 1,599 |
Comprehensive income (loss), net | ($23,502) | ($6,083) | ($23,087) | $1,338 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($22,589) | ($261) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 33,232 | 35,038 |
Stock-based compensation | 4,996 | 6,298 |
Asset impairment charges - restructuring | 169 | 3,122 |
Provision for losses on accounts receivable | 132 | 440 |
Amortization of deferred financing costs and debt discounts | 3,188 | 3,102 |
Loss from debt extinguishment, net | 38,890 | ' |
Deferred income taxes | -57 | -592 |
(Gain) loss on sale/disposal of assets | 180 | -801 |
Change in assets and liabilities, net of assets and liabilities acquired: | ' | ' |
Increase in accounts receivable and contract costs and recognized income not yet billed | -46,834 | -87,531 |
(Increase) decrease in inventories | -23,858 | 90 |
Decrease in prepaid and other assets | 3,482 | 411 |
(Decrease) increase in accounts payable, accrued liabilities and income taxes payable | -18,713 | 7,080 |
Other changes, net | 1,145 | -379 |
Net cash used in operating activities | -26,637 | -33,983 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -34,845 | -30,995 |
Acquired business, net of cash acquired | -22,720 | ' |
Proceeds from sale of assets | 294 | 1,216 |
Net cash used in investing activities | -57,271 | -29,779 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 584 | ' |
Dividends paid | -3,290 | -2,938 |
Purchase of shares for treasury | -63,370 | -22,109 |
Proceeds from issuance of long-term debt | 644,514 | 303 |
Payments of long-term debt | -586,310 | -5,400 |
Change in short-term borrowings | 4,908 | 2,157 |
Financing costs | -10,687 | -759 |
Purchase of ESOP shares | -10,000 | ' |
Tax benefit from exercise/vesting of equity awards, net | 273 | 150 |
Other, net | 144 | 242 |
Net cash used in financing activities | -23,234 | -28,354 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' |
Net cash used in operating activities | -640 | -478 |
Net cash used in discontinued operations | -640 | -478 |
Effect of exchange rate changes on cash and equivalents | -415 | -138 |
NET DECREASE IN CASH AND EQUIVALENTS | -108,197 | -92,732 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 178,130 | 209,654 |
CASH AND EQUIVALENTS AT END OF PERIOD | $69,933 | $116,922 |
DESCRIPTION_OF_BUSINESS_AND_BA
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended | ||
Mar. 31, 2014 | |||
Disclosure Text Block [Abstract] | ' | ||
Business Description and Basis of Presentation [Text Block] | ' | ||
NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | |||
About Griffon Corporation | |||
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. | |||
Griffon currently conducts its operations through three segments: | |||
• | Home & Building Products (“HBP”) consists of two companies, The Ames Companies, Inc. (“Ames”) and Clopay Building Products Company, Inc. (“CBP”): | ||
- | Ames 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, Inc. (“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. | ||
Basis of Presentation | |||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. As such, they should be read with reference to Griffon’s Annual Report on Form 10-K for the year ended September 30, 2013, which provides a more complete explanation of Griffon’s accounting policies, financial position, operating results, business properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results. Griffon’s HBP operations are seasonal; for this and other reasons, the financial results of the Company for any interim period are not necessarily indicative of the results for the full year. | |||
The condensed consolidated balance sheet information at September 30, 2013 was derived from the audited financial statements included in Griffon’s Annual Report on Form 10-K for the year ended September 30, 2013. | |||
The consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated on consolidation. | |||
The preparation of financial statements in conformity with U.S. GAAP 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. | |||
Certain amounts in the prior year have been reclassified to conform to current year presentation. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
NOTE 2 – FAIR VALUE MEASUREMENTS | |
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 senior notes due 2022 and 2017 4% convertible notes approximated $591,000 and $111,300, respectively, on March 31, 2014. Fair values were based upon quoted market prices (level 1 inputs). | |
Items Measured at Fair Value on a Recurring Basis | |
Insurance contracts and trading securities with values of $3,644 and $1,321 at March 31, 2014, respectively, are measured and recorded at fair value based upon quoted prices in active markets for identical assets (level 2 inputs). | |
At March 31, 2014, Griffon had $3,861 of Australian dollar contracts at a weighted average rate of $1.10. 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 gain of $16 and $54 was recorded in Other assets and to Other income for the outstanding contracts, based on similar contract values (level 2 inputs), for the quarter and six months ended March 31, 2014, respectively. All contracts expire in 15 to 80 days. |
ACQUISITION
ACQUISITION | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||
NOTE 3 – ACQUISITION | |||||||||
On December 31, 2013, Ames acquired Northcote Pottery (“Northcote”), founded in 1897 and a leading brand in the Australian outdoor planter and decor market, for approximately $22,000. Northcote complements Southern Patio, acquired in 2011, and adds to Ames’ existing lawn and garden operations in Australia. Northcote, which will be integrated with Ames, is expected to generate approximately $28,000 of annualized revenue. Included in selling, general and administrative expenses are $798 of acquisition costs, incurred by Griffon, related to this transaction in the first quarter of 2014. | |||||||||
The accounts of the acquired company, after adjustment to reflect fair market values (level 2 inputs) assigned to assets purchased, have been included in the consolidated financial statements from date of acquisition; acquired inventory was not significant. | |||||||||
The following table summarizes the preliminary fair values of the Northcote assets and liabilities as of the date of acquisition: | |||||||||
2014 | |||||||||
Current Assets, net of cash acquired | $ | 7,921 | |||||||
PP&E | 1,376 | ||||||||
Goodwill | 11,617 | ||||||||
Amortizable intangible assets | 6,023 | ||||||||
Indefinite life intangible assets | 1,686 | ||||||||
Total assets acquired | 28,623 | ||||||||
Total liabilities assumed | (6,903 | ) | |||||||
Net assets acquired | $ | 21,720 | |||||||
The amounts assigned to major intangible asset classifications, none of which are tax deductible, for the Northcote acquisition are as follows: | |||||||||
Amortization | |||||||||
2014 | Period (Years) | ||||||||
Goodwill | $ | 11,617 | N/A | ||||||
Tradenames | 1,686 | Indefinite | |||||||
Customer relationships | 6,023 | 25 | |||||||
$ | 19,326 | ||||||||
INVENTORIES
INVENTORIES | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE 4 – INVENTORIES | |||||||||
Inventories are stated at the lower of cost (first-in, first-out or average) or market. | |||||||||
The following table details the components of inventory: | |||||||||
At March 31, | At September 30, | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 73,152 | $ | 65,560 | |||||
Work in process | 68,795 | 63,930 | |||||||
Finished goods | 114,743 | 100,630 | |||||||
Total | $ | 256,690 | $ | 230,120 | |||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 5 – PROPERTY, PLANT AND EQUIPMENT | |||||||||
The following table details the components of property, plant and equipment, net: | |||||||||
At March 31, | At September 30, | ||||||||
2014 | 2013 | ||||||||
Land, building and building improvements | $ | 130,974 | $ | 130,905 | |||||
Machinery and equipment | 697,621 | 661,094 | |||||||
Leasehold improvements | 36,454 | 35,884 | |||||||
865,049 | 827,883 | ||||||||
Accumulated depreciation and amortization | (507,167 | ) | (474,290 | ) | |||||
Total | $ | 357,882 | $ | 353,593 | |||||
Depreciation and amortization expense for property, plant and equipment was $14,491 and $15,695 for the quarters ended March 31, 2014 and 2013, respectively, and $29,396 and $31,066 for the six months ended March 31, 2014 and 2013, respectively. | |||||||||
No event or indicator of impairment occurred during the quarter ended March 31, 2014, which would require additional impairment testing of property, plant and equipment. |
GOODWILL_AND_OTHER_INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 6 – GOODWILL AND OTHER INTANGIBLES | |||||||||||||||||||||
The following table provides changes in the carrying value of goodwill by segment during the six months ended March 31, 2014: | |||||||||||||||||||||
At September 30, | Goodwill from | Other | At March 31, | ||||||||||||||||||
2013 | 2014 acquisitions | adjustments | 2014 | ||||||||||||||||||
including currency | |||||||||||||||||||||
translations | |||||||||||||||||||||
Home & Building Products | $ | 269,802 | $ | 11,617 | $ | 244 | $ | 281,663 | |||||||||||||
Telephonics | 18,545 | — | — | 18,545 | |||||||||||||||||
Plastics | 69,383 | — | 581 | 69,964 | |||||||||||||||||
Total | $ | 357,730 | $ | 11,617 | $ | 825 | $ | 370,172 | |||||||||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets: | |||||||||||||||||||||
At March 31, 2014 | At September 30, 2013 | ||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Average | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||
Life | |||||||||||||||||||||
(Years) | |||||||||||||||||||||
Customer relationships | $ | 172,191 | $ | 32,515 | 25 | $ | 166,985 | $ | 29,049 | ||||||||||||
Unpatented technology | 6,804 | 3,177 | 13 | 6,804 | 2,916 | ||||||||||||||||
Total amortizable intangible assets | 178,995 | 35,692 | 173,789 | 31,965 | |||||||||||||||||
Trademarks | 80,923 | — | 79,567 | — | |||||||||||||||||
Total intangible assets | $ | 259,918 | $ | 35,692 | $ | 253,356 | $ | 31,965 | |||||||||||||
Amortization expense for intangible assets was $1,949 and $1,986 for the quarters ended March 31, 2014 and 2013, respectively, and $3,836 and $3,972 for the six months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||
No event or indicator of impairment occurred during the quarter ended March 31, 2014, which would require impairment testing of long-lived intangible assets including goodwill. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
NOTE 7 – INCOME TAXES | |
In the quarter and six-month periods ended March 31, 2014 and 2013, the Company incurred pretax losses. The Company recognized tax benefits of 16.1% and 13.2% for the quarter and six-month periods ended March 31, 2014, respectively, compared to benefits of 65.7% and 59.0%, respectively, in the comparable prior year periods. The current and prior year benefit rates reflect the impact of permanent differences not deductible in determining taxable income, mainly limited deductibility of restricted stock, tax reserves and changes in earnings mix between domestic and non-domestic operations, which are material relative to the level of pretax result. | |
The current quarter and six-month periods include $609 and $320, respectively, of provisions for discrete items resulting primarily from the conclusion of tax audits in certain jurisdictions, and the impact of tax law changes enacted in the current quarter. The comparable prior year periods included $309 and $364, respectively, of benefits from discrete items, primarily the retroactive extension of the federal R&D credit signed into law January 2, 2013. | |
Excluding discrete items, the effective tax benefit rates for the quarter and six month periods ended March 31, 2014 were 18.1% and 14.4%, respectively, compared to benefit rates of 52.7% and 1.7% in the comparable prior year periods, respectively. |
LONGTERM_DEBT
LONG-TERM DEBT | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt [Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||||
NOTE 8 – LONG-TERM DEBT | |||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014 | At September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Outstanding Balance | Original Issuer Discount | Balance Sheet | Capitalized Fees & Expenses | Coupon Interest Rate | Outstanding Balance | Original Issuer Discount | Balance Sheet | Capitalized Fees & Expenses | Coupon Interest Rate | ||||||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | $ | — | $ | — | $ | — | $ | — | n/a | $ | 550,000 | $ | — | $ | 550,000 | $ | 7,328 | 7.1 | % | |||||||||||||||||||||||
Senior notes due 2022 | (a) | 600,000 | — | 600,000 | 9,839 | 5.25 | % | — | — | — | — | n/a | |||||||||||||||||||||||||||||||
Revolver due 2019 | (a) | 20,000 | — | 20,000 | 2,227 | n/a | — | — | — | 2,425 | n/a | ||||||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 100,000 | (11,454 | ) | 88,546 | 1,256 | 4 | % | 100,000 | (13,246 | ) | 86,754 | 1,478 | 4 | % | ||||||||||||||||||||||||||||
Real estate mortgages | (c) | 16,818 | — | 16,818 | 657 | n/a | 13,212 | — | 13,212 | 185 | n/a | ||||||||||||||||||||||||||||||||
ESOP Loans | (d) | 30,087 | — | 30,087 | 79 | n/a | 21,098 | — | 21,098 | 24 | n/a | ||||||||||||||||||||||||||||||||
Capital lease - real estate | (e) | 9,042 | — | 9,042 | 194 | 5 | % | 9,529 | — | 9,529 | 207 | 5 | % | ||||||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | 9,443 | — | 9,443 | — | n/a | 4,606 | — | 4,606 | — | n/a | ||||||||||||||||||||||||||||||||
Non U.S. term loans | (f) | 11,559 | — | 11,559 | 88 | n/a | 3,115 | — | 3,115 | 27 | n/a | ||||||||||||||||||||||||||||||||
Other long term debt | (g) | 1,477 | — | 1,477 | 29 | n/a | 941 | — | 941 | — | n/a | ||||||||||||||||||||||||||||||||
Totals | 798,426 | (11,454 | ) | 786,972 | $ | 14,369 | 702,501 | (13,246 | ) | 689,255 | $ | 11,674 | |||||||||||||||||||||||||||||||
less: Current portion | (13,393 | ) | — | (13,393 | ) | (10,768 | ) | — | (10,768 | ) | |||||||||||||||||||||||||||||||||
Long-term debt | $ | 785,033 | $ | (11,454 | ) | $ | 773,579 | $ | 691,733 | $ | (13,246 | ) | $ | 678,487 | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Effective Interest Rate | Cash Interest | Amort. Debt | Amort. | Total Interest Expense | Effective Interest Rate | Cash Interest | Amort. Debt | Amort. | Total Interest Expense | ||||||||||||||||||||||||||||||||||
Discount | Deferred Cost | Discount | Deferred Cost | ||||||||||||||||||||||||||||||||||||||||
& Other Fees | & Other Fees | ||||||||||||||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.1 | % | $ | 6,133 | $ | — | $ | 261 | $ | 6,394 | 7.5 | % | $ | 9,797 | $ | — | $ | 405 | $ | 10,202 | ||||||||||||||||||||||
Senior notes due 2022 | (a) | 5.3 | % | 2,800 | — | 111 | 2,911 | n/a | — | — | — | — | |||||||||||||||||||||||||||||||
Revolver due 2019 | (a) | n/a | 306 | — | 142 | 448 | n/a | 206 | — | 157 | 363 | ||||||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 9.3 | % | 1,000 | 909 | 110 | 2,019 | 9.3 | % | 1,000 | 834 | 111 | 1,945 | ||||||||||||||||||||||||||||||
Real estate mortgages | (c) | 3.8 | % | 122 | — | 37 | 159 | 5.4 | % | 135 | — | 22 | 157 | ||||||||||||||||||||||||||||||
ESOP Loans | (d) | 3.4 | % | 180 | — | 5 | 185 | 2.9 | % | 158 | — | 2 | 160 | ||||||||||||||||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 114 | — | 7 | 121 | 5.2 | % | 125 | — | 7 | 132 | ||||||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | n/a | 224 | — | — | 224 | n/a | 147 | — | — | 147 | ||||||||||||||||||||||||||||||||
Non U.S. term loans | (f) | n/a | 101 | — | — | 101 | n/a | 133 | — | 25 | 158 | ||||||||||||||||||||||||||||||||
Other long term debt | (g) | n/a | — | — | — | — | n/a | 136 | — | — | 136 | ||||||||||||||||||||||||||||||||
Capitalized interest | (173 | ) | — | — | (173 | ) | (340 | ) | — | — | (340 | ) | |||||||||||||||||||||||||||||||
Totals | $ | 10,807 | $ | 909 | $ | 673 | $ | 12,389 | $ | 11,497 | $ | 834 | $ | 729 | $ | 13,060 | |||||||||||||||||||||||||||
Six Months Ended March 31, 2014 | Six Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Effective Interest Rate | Cash Interest | Amort. Debt Discount | Amort. Deferred Cost & Other Fees | Total Interest Expense | Effective Interest Rate | Cash Interest | Amort. Debt Discount | Amort. Deferred Cost & Other Fees | Total Interest Expense | ||||||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.1 | % | $ | 15,930 | $ | — | $ | 667 | $ | 16,597 | 7.4 | % | $ | 19,594 | $ | — | $ | 811 | $ | 20,405 | ||||||||||||||||||||||
Senior notes due 2022 | (a) | 5.3 | % | 2,800 | — | 111 | 2,911 | n/a | — | — | — | — | |||||||||||||||||||||||||||||||
Revolver due 2019 | (a) | n/a | 473 | — | 278 | 751 | n/a | 424 | — | 313 | 737 | ||||||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 9.1 | % | 2,000 | 1,792 | 221 | 4,013 | 9.2 | % | 2,000 | 1,645 | 222 | 3,867 | ||||||||||||||||||||||||||||||
Real estate mortgages | (c) | 4 | % | 252 | — | 73 | 325 | 5.4 | % | 274 | — | 43 | 317 | ||||||||||||||||||||||||||||||
ESOP Loans | (d) | 3.2 | % | 332 | — | 7 | 339 | 2.9 | % | 325 | — | 4 | 329 | ||||||||||||||||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 233 | — | 14 | 247 | 5.3 | % | 256 | — | 13 | 269 | ||||||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | n/a | 417 | — | — | 417 | n/a | 260 | — | — | 260 | ||||||||||||||||||||||||||||||||
Non U.S. term loans | (f) | n/a | 153 | — | 4 | 157 | n/a | 306 | — | 51 | 357 | ||||||||||||||||||||||||||||||||
Other long term debt | (g) | n/a | 11 | — | 21 | 32 | n/a | 251 | — | — | 251 | ||||||||||||||||||||||||||||||||
Capitalized interest | (266 | ) | — | — | (266 | ) | (625 | ) | — | — | (625 | ) | |||||||||||||||||||||||||||||||
Totals | $ | 22,335 | $ | 1,792 | $ | 1,396 | $ | 25,523 | $ | 23,065 | $ | 1,645 | $ | 1,457 | $ | 26,167 | |||||||||||||||||||||||||||
(a) | On February 27, 2014, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $600,000 of 5.25% Senior Notes due 2022 (“Senior Notes”); interest is payable semi-annually on March 1 and September 1, starting September 1, 2014. Proceeds from the Senior Notes were used to redeem $550,000 of 7.125% senior notes due 2018, to pay a tender offer premium of $31,530 and to make interest payments of $16,716, with the balance used to pay a portion of the related fees and expenses. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. At the time of issuance of the Senior Notes, Griffon agreed that, within certain time periods after the issue date, it would offer to each noteholder, pursuant to a registration statement filed with and to be declared effective by the SEC, the opportunity to exchange its Senior Notes for new notes that have substantially identical terms to those of the Senior Notes (the only material difference being that the new notes are registered with the SEC). | ||||||||||||||||||||||||||||||||||||||||||
In connection with these transactions, Griffon capitalized $9,950 of underwriting fees and other expenses incurred related to issuance of the Senior Notes, which will amortize over the term of such notes. Griffon recognized a loss on the early extinguishment of debt on the 7.125% senior notes aggregating $38,890, comprised of the $31,530 tender offer premium, the write-off of $6,574 of remaining deferred financing fees and $786 of prepaid interest on defeased notes. | |||||||||||||||||||||||||||||||||||||||||||
On February 14, 2014, Griffon amended its $225,000 Revolving Credit Facility (“Credit Agreement”) extending its maturity date from March 28, 2018 to March 28, 2019, amending certain financial maintenance ratio test thresholds and increasing certain baskets for permitted debt, guaranties, liens, asset sales, foreign acquisitions, investments and restricted payments. 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 swing line 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 an 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 1.25% for base rate loans and 2.25% 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 ability of Griffon to incur indebtedness and liens and to make restricted payments and investments. Borrowings under the Credit Agreement are guaranteed by Griffon’s material domestic subsidiaries and are secured, on a first priority basis, by substantially all assets of the Company and the guarantors and a pledge of not greater than 65% of the equity interest in each of Griffon’s material, first-tier foreign subsidiaries. | |||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014, outstanding borrowings and standby letters of credit were $20,000 and $20,352, respectively; $184,648 was available 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 68.6238 shares of Griffon’s common stock per $1,000 principal amount of notes, corresponding to a conversion price of $14.57 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 March 31, 2014, the above conversion price included dividends paid through March 27, 2014. At both March 31, 2014 and 2013, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. | ||||||||||||||||||||||||||||||||||||||||||
(c) | On October 21, 2013, Griffon refinanced two properties’ real estate mortgages to secure new loans totaling $17,175. The loans mature in October 2018, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 2.75%. At March 31, 2014, $16,818 was outstanding. | ||||||||||||||||||||||||||||||||||||||||||
(d) | In December 2013, Griffon’s Employee Stock Ownership Plan (“ESOP”) entered into an agreement which refinanced the two existing ESOP loans into one new Term Loan in the amount of $21,098. The Agreement also provided a Line Note with $10,000 available to purchase shares of Griffon common stock in the open market through September 29, 2014. As of March 31, 2014, 749,977 shares of Griffon common stock, for a total of $10,000, were purchased with proceeds from the Line Note. In March 2014, the Line Note was combined with the Term Loan to form one new term loan. The loan bears interest at a) LIBOR plus 2.25% or b) the lender’s prime rate, at Griffon’s option. The loan requires quarterly principal payments of $505 through September 30, 2014 and $419 per quarter thereafter, with a balloon payment of approximately $19,000 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on a specific amount of Griffon assets, and Griffon guarantees repayment. As of March 31, 2014, approximately $30,087 was outstanding. | ||||||||||||||||||||||||||||||||||||||||||
(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 term loan was paid off in December 2013 and the revolver had borrowings of $5,500 at March 31, 2014. The revolving facility matures in November 2014, but is renewable upon mutual agreement with the bank. The revolving credit facility accrues interest at EURIBOR plus 2.20% per annum. 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. | ||||||||||||||||||||||||||||||||||||||||||
Clopay do Brazil maintains lines of credit of approximately $5,700. Interest on borrowings accrues at a rate of Brazilian CDI plus 6.0% (16.55% at March 31, 2014). At March 31, 2014 there was approximately $3,943 borrowed under the lines. Clopay Plastic Products Co., Inc. guarantees the loan and 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 (1.45% LIBOR USD and 2.47% Bankers Acceptance Rate CDN as of March 31, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At March 31, 2014, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing. | |||||||||||||||||||||||||||||||||||||||||||
In December 2013, Northcote Holdings Pty. Ltd entered into an AUD $12,500 term loan. The term loan is unsecured, requires quarterly interest payments and principal is due at maturity (December 2016). The loan accrues interest at Bank Bill Swap Bid Rate “BBSY” plus 2.8% per annum (5.5% at March 31, 2014). As of March 31, 2014, Griffon had an outstanding balance of $11,559. Subsidiaries of Northcote Holdings maintain a line of credit of approximately $2,800. The line of credit accrues interest at BBSY plus 2.25% per annum (4.95% at March 31, 2014). At March 31, 2014, there were no outstanding borrowings under the line. Griffon Corporation guarantees both the term loan and the line of credit. | |||||||||||||||||||||||||||||||||||||||||||
(g) | Other long-term debt primarily consists of capital leases. | ||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014, Griffon and its subsidiaries were in compliance with the terms and covenants of its credit and loan agreements. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
NOTE 9 — SHAREHOLDERS’ EQUITY | |
During 2013, the Company declared and paid quarterly dividends of $0.025 per share, totaling $0.10 per share for the year. During the first and second quarter of 2014, the Board of Directors approved and paid a quarterly cash dividend of $0.03 per share. Dividends paid on allocated shares in the ESOP were used to pay down the ESOP loan and recorded as a reduction in expense. A dividend payable was established for the holders of restricted shares; such dividends will be released upon vesting of the underlying restricted shares. | |
On May 1, 2014, the Board of Directors declared a quarterly cash dividend of $0.03 per share, payable on June 26, 2014 to shareholders of record as of the close of business on May 23, 2014. | |
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 the 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 amortized using the straight-line attribution method. | |
In February 2011, shareholders approved the Griffon Corporation 2011 Equity 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. On January 30, 2014, shareholders approved an amendment and restatement of the Incentive Plan (as amended, the “Incentive Plan”), which, among other things, added 1,200,000 shares to the Incentive Plan. Options granted under the Incentive Plan may be either “incentive stock options” or nonqualified stock options, generally expire ten years after the date of grant and are granted at an exercise price of not less than 100% of the fair market value at the date of grant. The maximum number of shares of common stock available for award under the Incentive Plan is 4,200,000 (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 2006 Incentive Plan that are subsequently cancelled or forfeited. As of March 31, 2014, 963,657 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. | |
During the first quarter of 2014, Griffon granted 599,328 restricted stock awards with vesting periods up to four years, 554,498 of which are also subject to certain performance conditions, with a total fair value of $7,426, or a weighted average fair value of $12.39 per share. During the second quarter of 2014, Griffon granted 518,490 restricted stock awards with vesting periods up to four years, 461,827 of which are also subject to certain performance conditions, with a total fair value of $7,074, or a weighted average fair value of $13.64 per share. | |
For the quarters ended March 31, 2014 and 2013, stock based compensation expense totaled $3,321 and $3,338, respectively. For the six months ended March 31, 2014 and 2013, stock based compensation expenses totaled $4,996 and $6,298, respectively. | |
In August 2011, Griffon’s Board of Directors authorized the repurchase of up to $50,000 of Griffon’s outstanding common stock. Under this repurchase program, the Company may purchase shares, depending upon market conditions, in open market or privately negotiated transactions, including pursuant to a 10b5-1 plan. In the six months ended March 31, 2014, Griffon purchased 598,481 shares of common stock under the authorized program, for a total of $7,501 or $12.53 per share. To date, Griffon has purchased 4,320,712 shares of common stock, for a total of $45,474 or $10.52 per share under this repurchase authorization. As of March 31, 2014, $4,525 remains under this $50,000 authorization. | |
On May 1, 2014, Griffon’s Board of Directors authorized the repurchase of up to an additional $50,000 of Griffon’s outstanding common stock. Under this repurchase program, the Company may purchase shares, depending upon market conditions, in open market or privately negotiated transactions, including pursuant to a 10b5-1 plan. | |
During the first quarter, 288,012 shares, with a market value of $3,764 or $13.07 per share, withheld to settle employee taxes due upon the vesting of restricted stock, were added to treasury stock. During the second quarter, 123,052 shares, with a market value of $1,502 or $12.21 per share, withheld to settle employee taxes due upon the vesting of restricted stock, were added to treasury. | |
In connection with the Northcote acquisition, Griffon entered into certain retention arrangements with Northcote management. Under these arrangements, on January 10, 2014, Griffon issued 44,476 shares of common stock to Northcote management for an aggregate purchase price of $584 or $13.13 per share, and for each share of common stock purchased, Northcote management received one restricted stock unit, included in the detail in the prior paragraph, that vests in three equal installments over 3 years, subject to the attainment of specified performance criteria. | |
On December 10, 2013, Griffon repurchased 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 was 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 day before announcement of the transaction. The transaction was exclusive of the Company’s August 2011 $50,000 authorized share repurchase program. After closing the transaction, GS Direct continued to hold approximately 5.56 million shares (approximately 10%) of Griffon’s common stock. GS Direct 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 in good faith to sell such shares to the Company. | |
In December 2013, Griffon’s Board of Directors authorized the ESOP to purchase up to $10,000 of Griffon’s outstanding common stock, depending upon market conditions, in open market or privately negotiated transactions, including pursuant to a 10b5-1 plan. During the first quarter of 2014, the ESOP purchased 120,000 shares of common stock, for a total of $1,591 or $13.26 per share. During the second quarter of 2014, the ESOP purchased 629,977 shares of common stock, for a total of $8,409 or $13.35 per share. In total, during the six month ended March 31, 2014, the ESOP purchased 749,977 shares of common stock, for a total of $10,000 or $13.33 per share, exhausting the $10,000 authorization. |
EARNINGS_PER_SHARE_EPS
EARNINGS PER SHARE (EPS) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
NOTE 10 – EARNINGS PER SHARE (EPS) | |||||||||||||||||
Basic EPS (and diluted EPS in periods where a loss exists) was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding plus additional common shares that could be issued in connection with stock based compensation. The 2017 Notes were anti-dilutive due to the conversion price being greater than the weighted-average stock price during the periods presented. | |||||||||||||||||
The following table is a reconciliation of the share amounts (in thousands) used in computing earnings per share: | |||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average shares outstanding - basic | 48,990 | 54,345 | 50,872 | 54,749 | |||||||||||||
Incremental shares from stock based compensation | — | — | — | — | |||||||||||||
Weighted average shares outstanding - diluted | 48,990 | 54,345 | 50,872 | 54,749 | |||||||||||||
Anti-dilutive options excluded from diluted EPS computation | 644 | 856 | 644 | 856 | |||||||||||||
Anti-dilutive restricted stock excluded from diluted EPS computation | 1,507 | 2,421 | 1,682 | 2,259 | |||||||||||||
Griffon has the intent and ability to settle the principal amount of the 2017 Notes in cash, and as such, the potential issuance of shares related to the principal amount of the 2017 Notes does not affect diluted shares. |
BUSINESS_SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 11 – BUSINESS SEGMENTS | |||||||||||||||||
Griffon’s reportable business 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. | ||||||||||||||||
Information on Griffon’s business segments is as follows: | |||||||||||||||||
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||||||||||
REVENUE | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Home & Building Products: | |||||||||||||||||
Ames | $ | 160,705 | $ | 136,237 | $ | 257,313 | $ | 213,546 | |||||||||
CBP | 90,838 | 89,499 | 212,680 | 202,366 | |||||||||||||
Home & Building Products | 251,543 | 225,736 | 469,993 | 415,912 | |||||||||||||
Telephonics | 104,185 | 121,631 | 200,210 | 217,681 | |||||||||||||
Plastics | 151,959 | 141,376 | 290,942 | 278,899 | |||||||||||||
Total consolidated net sales | $ | 507,687 | $ | 488,743 | $ | 961,145 | $ | 912,492 | |||||||||
The following table reconciles segment operating profit to Loss before taxes: | |||||||||||||||||
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||||||||||
LOSS BEFORE TAXES | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment operating profit: | |||||||||||||||||
Home & Building Products | $ | 8,818 | $ | 3,835 | $ | 18,211 | $ | 11,106 | |||||||||
Telephonics | 10,677 | 13,753 | 21,329 | 28,398 | |||||||||||||
Plastics | 9,352 | 916 | 15,177 | 3,558 | |||||||||||||
Total segment operating profit | 28,847 | 18,504 | 54,717 | 43,062 | |||||||||||||
Net interest expense | (12,361 | ) | (12,909 | ) | (25,462 | ) | (25,988 | ) | |||||||||
Unallocated amounts | (8,391 | ) | (7,980 | ) | (16,374 | ) | (15,567 | ) | |||||||||
Loss from debt extinguishment, net | (38,890 | ) | — | (38,890 | ) | — | |||||||||||
Loss on pension settlement | — | — | — | (2,142 | ) | ||||||||||||
Loss before taxes | $ | (30,795 | ) | $ | (2,385 | ) | $ | (26,009 | ) | $ | (635 | ) | |||||
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, and gains (losses) from pension settlement and debt extinguishment, as applicable (“Segment adjusted EBITDA”). Griffon believes this information is useful to investors for the same reason. | |||||||||||||||||
The following table provides a reconciliation of Segment adjusted EBITDA to Loss before taxes: | |||||||||||||||||
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Segment adjusted EBITDA: | |||||||||||||||||
Home & Building Products | $ | 17,124 | $ | 17,555 | $ | 36,191 | $ | 34,794 | |||||||||
Telephonics | 12,535 | 15,505 | 24,931 | 31,869 | |||||||||||||
Plastics | 16,216 | 12,352 | 28,959 | 21,671 | |||||||||||||
Total Segment adjusted EBITDA | 45,875 | 45,412 | 90,081 | 88,334 | |||||||||||||
Net interest expense | (12,361 | ) | (12,909 | ) | (25,462 | ) | (25,988 | ) | |||||||||
Segment depreciation and amortization | (16,336 | ) | (17,572 | ) | (33,032 | ) | (34,828 | ) | |||||||||
Unallocated amounts | (8,391 | ) | (7,980 | ) | (16,374 | ) | (15,567 | ) | |||||||||
Loss from debt extinguishment, net | (38,890 | ) | — | (38,890 | ) | — | |||||||||||
Restructuring charges | (692 | ) | (9,336 | ) | (1,534 | ) | (10,444 | ) | |||||||||
Acquisition costs | — | — | (798 | ) | — | ||||||||||||
Loss on pension settlement | — | — | — | (2,142 | ) | ||||||||||||
Loss before taxes | $ | (30,795 | ) | $ | (2,385 | ) | $ | (26,009 | ) | $ | (635 | ) | |||||
Unallocated amounts typically include general corporate expenses not attributable to a reportable segment. | |||||||||||||||||
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||||||||||
DEPRECIATION and AMORTIZATION | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment: | |||||||||||||||||
Home & Building Products | $ | 7,614 | $ | 9,157 | $ | 15,648 | $ | 18,017 | |||||||||
Telephonics | 1,858 | 1,752 | 3,602 | 3,471 | |||||||||||||
Plastics | 6,864 | 6,663 | 13,782 | 13,340 | |||||||||||||
Total segment depreciation and amortization | 16,336 | 17,572 | 33,032 | 34,828 | |||||||||||||
Corporate | 103 | 109 | 200 | 210 | |||||||||||||
Total consolidated depreciation and amortization | $ | 16,439 | $ | 17,681 | $ | 33,232 | $ | 35,038 | |||||||||
CAPITAL EXPENDITURES | |||||||||||||||||
Segment: | |||||||||||||||||
Home & Building Products | $ | 6,722 | $ | 6,711 | $ | 15,190 | $ | 15,804 | |||||||||
Telephonics | 5,520 | 2,630 | 8,887 | 3,452 | |||||||||||||
Plastics | 4,390 | 4,333 | 10,150 | 11,701 | |||||||||||||
Total segment | 16,632 | 13,674 | 34,227 | 30,957 | |||||||||||||
Corporate | 297 | 33 | 618 | 38 | |||||||||||||
Total consolidated capital expenditures | $ | 16,929 | $ | 13,707 | $ | 34,845 | $ | 30,995 | |||||||||
ASSETS | At March 31, | At September 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Segment assets: | |||||||||||||||||
Home & Building Products | $ | 995,765 | $ | 908,386 | |||||||||||||
Telephonics | 299,820 | 296,919 | |||||||||||||||
Plastics | 426,563 | 422,730 | |||||||||||||||
Total segment assets | 1,722,148 | 1,628,035 | |||||||||||||||
Corporate | 55,728 | 156,455 | |||||||||||||||
Total continuing assets | 1,777,876 | 1,784,490 | |||||||||||||||
Assets of discontinued operations | 4,324 | 4,289 | |||||||||||||||
Consolidated total | $ | 1,782,200 | $ | 1,788,779 | |||||||||||||
DEFINED_BENEFIT_PENSION_EXPENS
DEFINED BENEFIT PENSION EXPENSE | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 12 – DEFINED BENEFIT PENSION EXPENSE | |||||||||||||||||
Defined benefit pension expense was as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 45 | $ | 48 | $ | 90 | $ | 98 | |||||||||
Interest cost | 2,500 | 2,422 | 5,000 | 4,847 | |||||||||||||
Expected return on plan assets | (2,885 | ) | (3,136 | ) | (5,770 | ) | (6,274 | ) | |||||||||
Amortization: | |||||||||||||||||
Prior service cost | 4 | 5 | 8 | 10 | |||||||||||||
Recognized actuarial loss | 489 | 840 | 978 | 1,680 | |||||||||||||
Loss on pension settlement | — | — | — | 2,142 | |||||||||||||
Net periodic expense | $ | 153 | $ | 179 | $ | 306 | $ | 2,503 | |||||||||
During the second quarter of 2014, the company contributed €1,300 (U.S. $1,776), which equaled the net balance sheet liability, in settlement of all remaining obligations for a non U.S. Pension liability. There were 0 gains or losses recorded for this settlement. | |||||||||||||||||
First quarter of 2013, Selling, general and administrative 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. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Accounting Changes and Error Corrections [Text Block] | ' |
NOTE 13 – RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the FASB issued new accounting guidance requiring enhanced disclosures for items reclassified out of accumulated other comprehensive income (loss). The guidance does not amend any existing requirements for reporting net income (loss) or other comprehensive income (loss) 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 did not have a material effect 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. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
NOTE 14 – DISCONTINUED OPERATIONS | |||||||||
The following amounts related to the Installation Services segment, discontinued in 2008, and other businesses discontinued several years ago, which have been segregated from Griffon’s continuing operations, and are reported as assets and liabilities of discontinued operations in the condensed consolidated balance sheets: | |||||||||
At March 31, | At September 30, | ||||||||
2014 | 2013 | ||||||||
Assets of discontinued operations: | |||||||||
Prepaid and other current assets | $ | 1,217 | $ | 1,214 | |||||
Other long-term assets | 3,107 | 3,075 | |||||||
Total assets of discontinued operations | $ | 4,324 | $ | 4,289 | |||||
Liabilities of discontinued operations: | |||||||||
Accrued liabilities, current | $ | 3,069 | $ | 3,288 | |||||
Other long-term liabilities | 4,359 | 4,744 | |||||||
Total liabilities of discontinued operations | $ | 7,428 | $ | 8,032 | |||||
There was 0 Installation Services revenue or income for the quarter or six months ended March 31, 2014 or 2013. |
RESTRUCTURING_AND_OTHER_RELATE
RESTRUCTURING AND OTHER RELATED CHARGES | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 15 – RESTRUCTURING AND OTHER RELATED CHARGES | |||||||||||||||||||||
In January 2013, Ames announced its intention to close certain manufacturing facilities, and to 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. | |||||||||||||||||||||
Ames 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 $2,500 for one-time termination benefits and other personnel-related costs and $1,500 for facility exit costs. Ames expects $20,000 in capital expenditures in connection with this initiative and, to date, has incurred $7,583 and $15,269 in restructuring costs and capital expenditures, respectively. | |||||||||||||||||||||
HBP recognized $692 and $1,534, respectively, for the three and six months ended March 31, 2014, and $4,563 and $5,671, respectively, for the three and six months ended March 31, 2013 in restructuring and other related exit costs; such charges primarily related to one-time termination benefits, facility and other personnel costs, and asset impairment charges related to the Ames plant consolidation initiatives. The 2013 period also included charges related to a CBP plant consolidation. | |||||||||||||||||||||
In February 2013, Plastics undertook a restructuring project, primarily in Europe, to exit low margin business and to eliminate approximately 80 positions, resulting in restructuring charges of $4,773, primarily related to one-time termination benefits and other personnel costs. The project was completed in 2013. | |||||||||||||||||||||
A summary of the restructuring and other related charges included in the line item “Restructuring and other related charges” in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) were recognized as follows: | |||||||||||||||||||||
Workforce | Facilities & | Other | Non-cash | Total | |||||||||||||||||
Reduction | Exit Costs | Related | Facility and | ||||||||||||||||||
Costs | Other | ||||||||||||||||||||
Amounts incurred in: | |||||||||||||||||||||
Quarter ended December 31, 2012 | $ | 994 | $ | 39 | $ | 75 | $ | — | $ | 1,108 | |||||||||||
Quarter ended March 31, 2013 | 3,795 | 523 | 1,517 | 3,501 | 9,336 | ||||||||||||||||
Six Months Ended March 31, 2013 | $ | 4,789 | $ | 562 | $ | 1,592 | $ | 3,501 | $ | 10,444 | |||||||||||
Quarter ended December 31, 2013 | $ | 638 | $ | 95 | $ | 109 | $ | — | $ | 842 | |||||||||||
Quarter ended March 31, 2014 | 495 | 137 | 60 | — | 692 | ||||||||||||||||
Six Months Ended March 31, 2014 | $ | 1,133 | $ | 232 | $ | 169 | $ | — | $ | 1,534 | |||||||||||
The activity in the restructuring accrual recorded in accrued liabilities consisted of the following: | |||||||||||||||||||||
Workforce | Facilities & | Other | Total | ||||||||||||||||||
Reduction | Exit Costs | Related | |||||||||||||||||||
Accrued liability at September 30, 2013 | $ | 3,057 | $ | 393 | $ | 407 | $ | 3,857 | |||||||||||||
Charges | 1,133 | 232 | 169 | 1,534 | |||||||||||||||||
Payments | (2,094 | ) | (552 | ) | (425 | ) | (3,071 | ) | |||||||||||||
Accrued liability at March 31, 2014 | $ | 2,096 | $ | 73 | $ | 151 | $ | 2,320 | |||||||||||||
OTHER_EXPENSE
OTHER EXPENSE | 6 Months Ended |
Mar. 31, 2014 | |
Other Income and Expenses [Abstract] | ' |
Other Income and Other Expense Disclosure [Text Block] | ' |
NOTE 16 – OTHER EXPENSE | |
For the quarters ended March 31, 2014 and 2013, Other income (expense) included $436 and ($479), respectively, of net currency exchange (losses) in connection with the translation of receivables and payables denominated in currencies other than the functional currencies of Griffon and its subsidiaries as well as $15 and $321, respectively, of net investment income. | |
For the six months ended March 31, 2014 and 2013, Other income (expense) included $679 and ($467), respectively, of net currency exchange (losses) in connection with the translation of receivables and payables denominated in currencies other than the functional currencies of Griffon and its subsidiaries as well as $127 and $353, respectively, of net investment income. |
WARRANTY_LIABILITY
WARRANTY LIABILITY | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 17 – 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. Ames 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: | |||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance, beginning of period | $ | 6,929 | $ | 7,743 | $ | 6,649 | $ | 8,856 | |||||||||
Warranties issued and changes in | 1,135 | 662 | 2,101 | 656 | |||||||||||||
estimated pre-existing warranties | |||||||||||||||||
Actual warranty costs incurred | (953 | ) | (981 | ) | (1,639 | ) | (2,088 | ) | |||||||||
Balance, end of period | $ | 7,111 | $ | 7,424 | $ | 7,111 | $ | 7,424 | |||||||||
OTHER_COMPREHENSIVE_INCOME_LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||||||||||
NOTE 18 – OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
The amounts recognized in other comprehensive income (loss) were as follows: | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | ||||||||||||||||||||
Foreign currency translation adjustments | $ | 1,224 | $ | — | $ | 1,224 | $ | (5,924 | ) | $ | — | $ | (5,924 | ) | |||||||||||
Pension and other defined benefit plans | 1,698 | (599 | ) | 1,099 | 845 | (356 | ) | 489 | |||||||||||||||||
Gain on cash flow hedge | — | — | — | 171 | — | 171 | |||||||||||||||||||
Total other comprehensive income (loss) | $ | 2,922 | $ | (599 | ) | $ | 2,323 | $ | (4,908 | ) | $ | (356 | ) | $ | (5,264 | ) | |||||||||
Six Months Ended March 31, 2014 | Six Months Ended March 31, 2013 | ||||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | ||||||||||||||||||||
Foreign currency translation adjustments | $ | (1,913 | ) | $ | — | $ | (1,913 | ) | $ | (2,921 | ) | $ | — | $ | (2,921 | ) | |||||||||
Pension and other defined benefit plans | 2,191 | (776 | ) | 1,415 | 7,304 | (2,955 | ) | 4,349 | |||||||||||||||||
Gain on cash flow hedge | — | — | — | 171 | — | 171 | |||||||||||||||||||
Total other comprehensive income (loss) | $ | 278 | $ | (776 | ) | $ | (498 | ) | $ | 4,554 | $ | (2,955 | ) | $ | 1,599 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to income (loss) were as follows: | |||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Pension amortization | $ | 493 | $ | 845 | $ | 986 | $ | 1,690 | |||||||||||||||||
Pension settlement | — | — | — | 2,142 | |||||||||||||||||||||
Total before tax | 493 | 845 | 986 | 3,832 | |||||||||||||||||||||
Tax | (168 | ) | (296 | ) | (345 | ) | (1,341 | ) | |||||||||||||||||
Net of tax | $ | 325 | $ | 549 | $ | 641 | $ | 2,491 | |||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
NOTE 19 — COMMITMENTS AND CONTINGENCIES | |
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, the 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, the 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 the 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 the 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 Ames 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 Ames 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 Ames under federal and state law, including common law fraud. At some point, likely once the litigation against the customer of Ames ends, the customer may seek indemnity (including recovery of its legal fees and costs) against Ames for an unspecified amount. Presently, Ames cannot estimate the amount of loss, if any, if the customer were to seek legal recourse against Ames. | |
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 Ames’ ownership. While Ames 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 Ames was responsible to remediate other types of contamination on the site. After negotiations with the DEC, on August 15, 2011, Ames 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 Ames has under a 1991 Consent Judgment entered into between the DEC and a predecessor of Ames relating to the site. The Order requires that Ames 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 Ames in October 2011, and in response, Ames 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 Ames filed its revised Remedial Investigation Report (“RIR”) with the DEC. On February 3, 2014, the DEC accepted Ames’ RIR as a draft and requested certain revisions. Ames is currently reviewing the requested revisions and will either revise the RIR as requested or negotiate alternate action acceptable to the DEC. On March 31, 2014, the DEC approved Ames Preliminary Schedule for “Additional Remedial Investigation/Feasibility Study Activities” (RI/FS) that identifies remedial investigations and remedial actions through to a Record of Decision. In accordance with the approved RI/FS schedule, Ames filed its work plan for Supplemental Remedial Investigation Activities with the DEC on April 3, 2014. | |
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 (“DOJ”) which has responsibility for asserting claims on behalf of the U.S. government. In addition to ongoing audits, pursuant to subpoenas Griffon is currently providing information to the U.S. Department of Defense Office of the Inspector General and the DOJ. 0 claim has been asserted against Griffon, and Griffon is unaware of any material financial exposure in connection with the 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. |
CONSOLIDATING_GUARANTOR_AND_NO
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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, The Ames Companies, Inc., ATT Southern, Inc. and Clopay Ames True Temper Holding Corp, each of which are 100%, indirectly, owned by Griffon. 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 March 31, 2014 and September 30, 2013 and for the quarter and six-month period ended March 31, 2014 and 2013. 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. | |||||||||||||||||||||
The indenture relating to the Senior Notes (the “Indenture”) contains terms providing that, under certain limited circumstances, a guarantor will be released from its obligations to guarantee the Senior Notes. These circumstances include (i) a sale of at least a majority of the stock, or all or substantially all the assets, of the subsidiary guarantor as permitted by the Indenture; (ii) a public equity offering of a subsidiary guarantor that qualifies as a “Minority Business” as defined in the Indenture (generally, a business the EBITDA of which constitutes less than 50% of the segment adjusted EBITDA of the Company for the most recently ended four fiscal quarters), and that meets certain other specified conditions as set forth in the Indenture; (iii) the designation of a guarantor as an “unrestricted subsidiary” as defined in the Indenture, in compliance with the terms of the Indenture; (iv) Griffon exercising its right to defease the Senior Notes, or to otherwise discharge its obligations under the Indenture, in each case in accordance with the terms of the Indenture; and (v) upon obtaining the requisite consent of the holders of the Senior Notes. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and equivalents | $ | 4,199 | $ | 25,259 | $ | 40,475 | $ | — | $ | 69,933 | |||||||||||
Accounts receivable, net of allowances | — | 258,037 | 82,765 | (31,640 | ) | 309,162 | |||||||||||||||
Contract costs and recognized income not yet billed, net of progress payments | — | 107,388 | 437 | — | 107,825 | ||||||||||||||||
Inventories, net | — | 197,947 | 58,814 | (71 | ) | 256,690 | |||||||||||||||
Prepaid and other current assets | 4,273 | 21,059 | 15,319 | 10,561 | 51,212 | ||||||||||||||||
Assets of discontinued operations | — | — | 1,217 | — | 1,217 | ||||||||||||||||
Total Current Assets | 8,472 | 609,690 | 199,027 | (21,150 | ) | 796,039 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 1,424 | 255,330 | 101,128 | — | 357,882 | ||||||||||||||||
GOODWILL | — | 290,761 | 79,411 | — | 370,172 | ||||||||||||||||
INTANGIBLE ASSETS, net | — | 158,950 | 65,276 | — | 224,226 | ||||||||||||||||
INTERCOMPANY RECEIVABLE | 558,505 | 886,492 | 83,046 | (1,528,043 | ) | — | |||||||||||||||
EQUITY INVESTMENTS IN SUBSIDIARIES | 787,103 | 549,256 | 1,783,996 | (3,120,355 | ) | — | |||||||||||||||
OTHER ASSETS | 47,410 | 51,142 | 7,435 | (75,213 | ) | 30,774 | |||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS | — | — | 3,107 | — | 3,107 | ||||||||||||||||
Total Assets | $ | 1,402,914 | $ | 2,801,621 | $ | 2,322,426 | $ | (4,744,761 | ) | $ | 1,782,200 | ||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 1,847 | $ | 1,098 | $ | 10,448 | $ | — | $ | 13,393 | |||||||||||
Accounts payable and accrued liabilities | 22,247 | 194,512 | 70,153 | (21,935 | ) | 264,977 | |||||||||||||||
Liabilities of discontinued operations | — | — | 3,069 | — | 3,069 | ||||||||||||||||
Total Current Liabilities | 24,094 | 195,610 | 83,670 | (21,935 | ) | 281,439 | |||||||||||||||
LONG-TERM DEBT, net of debt discounts | 736,786 | 8,298 | 28,495 | — | 773,579 | ||||||||||||||||
INTERCOMPANY PAYABLES | 21,318 | 772,390 | 707,295 | (1,501,003 | ) | — | |||||||||||||||
OTHER LIABILITIES | 62,964 | 153,635 | 22,804 | (74,332 | ) | 165,071 | |||||||||||||||
LIABILITIES OF DISCONTINUED OPERATIONS | — | — | 4,359 | — | 4,359 | ||||||||||||||||
Total Liabilities | 845,162 | 1,129,933 | 846,623 | (1,597,270 | ) | 1,224,448 | |||||||||||||||
SHAREHOLDERS’ EQUITY | 557,752 | 1,671,688 | 1,475,803 | (3,147,491 | ) | 557,752 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,402,914 | $ | 2,801,621 | $ | 2,322,426 | $ | (4,744,761 | ) | $ | 1,782,200 | ||||||||||
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 | 772,374 | 533,742 | 2,718,956 | (4,025,072 | ) | — | |||||||||||||||
OTHER ASSETS | 45,968 | 50,423 | 7,423 | (75,234 | ) | 28,580 | |||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS | — | — | 3,075 | — | 3,075 | ||||||||||||||||
Total Assets | $ | 1,435,499 | $ | 2,737,057 | $ | 3,772,443 | $ | (6,156,220 | ) | $ | 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 | 183,665 | 70,427 | (24,860 | ) | 270,353 | |||||||||||||||
Liabilities of discontinued operations | — | — | 3,288 | — | 3,288 | ||||||||||||||||
Total Current Liabilities | 42,121 | 184,744 | 82,404 | (24,860 | ) | 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 | 1,144,461 | 1,313,372 | (2,104,553 | ) | 1,138,315 | |||||||||||||||
SHAREHOLDERS’ EQUITY | 650,464 | 1,592,596 | 2,459,071 | (4,051,667 | ) | 650,464 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,435,499 | $ | 2,737,057 | $ | 3,772,443 | $ | (6,156,220 | ) | $ | 1,788,779 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
($ in thousands) | Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
Revenue | $ | — | $ | 396,505 | $ | 127,782 | $ | (16,600 | ) | $ | 507,687 | ||||||||||
Cost of goods and services | — | 305,191 | 107,555 | (15,046 | ) | 397,700 | |||||||||||||||
Gross profit | — | 91,314 | 20,227 | (1,554 | ) | 109,987 | |||||||||||||||
Selling, general and administrative expenses | 7,161 | 68,234 | 15,833 | (1,606 | ) | 89,622 | |||||||||||||||
Restructuring and other related charges | — | 728 | (36 | ) | — | 692 | |||||||||||||||
Total operating expenses | 7,161 | 68,962 | 15,797 | (1,606 | ) | 90,314 | |||||||||||||||
Income (loss) from operations | (7,161 | ) | 22,352 | 4,430 | 52 | 19,673 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (2,885 | ) | (7,329 | ) | (2,147 | ) | — | (12,361 | ) | ||||||||||||
Loss from debt extinguishment, net | (38,890 | ) | — | — | — | (38,890 | ) | ||||||||||||||
Other, net | 15 | 1,014 | (194 | ) | (52 | ) | 783 | ||||||||||||||
Total other income (expense) | (41,760 | ) | (6,315 | ) | (2,341 | ) | (52 | ) | (50,468 | ) | |||||||||||
Income (loss) before taxes | (48,921 | ) | 16,037 | 2,089 | — | (30,795 | ) | ||||||||||||||
Provision (benefit) for income taxes | (11,045 | ) | 6,053 | 22 | — | (4,970 | ) | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (37,876 | ) | 9,984 | 2,067 | — | (25,825 | ) | ||||||||||||||
Equity in net income (loss) of subsidiaries | 12,051 | 1,982 | 9,984 | (24,017 | ) | — | |||||||||||||||
Net income (loss) | $ | (25,825 | ) | $ | 11,966 | $ | 12,051 | $ | (24,017 | ) | $ | (25,825 | ) | ||||||||
Net Income (loss) | $ | (25,825 | ) | $ | 11,966 | $ | 12,051 | $ | (24,017 | ) | $ | (25,825 | ) | ||||||||
Other comprehensive income (loss), net of taxes | 170 | 80 | 2,073 | — | 2,323 | ||||||||||||||||
Comprehensive income (loss) | $ | (25,655 | ) | $ | 12,046 | $ | 14,124 | $ | (24,017 | ) | $ | (23,502 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Three Months Ended March 31, 2013 | |||||||||||||||||||||
($ in thousands) | Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
Revenue | $ | — | $ | 379,846 | $ | 123,599 | $ | (14,702 | ) | $ | 488,743 | ||||||||||
Cost of goods and services | — | 292,369 | 104,011 | (13,134 | ) | 383,246 | |||||||||||||||
Gross profit | — | 87,477 | 19,588 | (1,568 | ) | 105,497 | |||||||||||||||
Selling, general and administrative expenses | 3,821 | 67,936 | 15,912 | (1,610 | ) | 86,059 | |||||||||||||||
Restructuring and other related charges | — | 5,372 | 3,964 | — | 9,336 | ||||||||||||||||
Total operating expenses | 3,821 | 73,308 | 19,876 | (1,610 | ) | 95,395 | |||||||||||||||
Income (loss) from operations | (3,821 | ) | 14,169 | (288 | ) | 42 | 10,102 | ||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (3,610 | ) | (6,824 | ) | (2,475 | ) | — | (12,909 | ) | ||||||||||||
Other, net | 322 | 1,546 | (1,404 | ) | (42 | ) | 422 | ||||||||||||||
Total other income (expense) | (3,288 | ) | (5,278 | ) | (3,879 | ) | (42 | ) | (12,487 | ) | |||||||||||
Income (loss) before taxes | (7,109 | ) | 8,891 | (4,167 | ) | — | (2,385 | ) | |||||||||||||
Provision (benefit) for income taxes | (4,393 | ) | 2,750 | 77 | — | (1,566 | ) | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (2,716 | ) | 6,141 | (4,244 | ) | — | (819 | ) | |||||||||||||
Equity in net income (loss) of subsidiaries | 1,897 | (4,235 | ) | 6,981 | (4,643 | ) | — | ||||||||||||||
Net income (loss) | $ | (819 | ) | $ | 1,906 | $ | 2,737 | $ | (4,643 | ) | $ | (819 | ) | ||||||||
Net Income (loss) | $ | (819 | ) | $ | 1,906 | $ | 2,737 | $ | (4,643 | ) | $ | (819 | ) | ||||||||
Other comprehensive income (loss), net of taxes | (1,181 | ) | (1,422 | ) | (2,661 | ) | — | (5,264 | ) | ||||||||||||
Comprehensive income (loss) | $ | (2,000 | ) | $ | 484 | $ | 76 | $ | (4,643 | ) | $ | (6,083 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Six Months Ended March 31, 2014 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
Revenue | $ | — | $ | 741,149 | $ | 249,534 | $ | (29,538 | ) | $ | 961,145 | ||||||||||
Cost of goods and services | — | 565,174 | 206,949 | (26,468 | ) | 745,655 | |||||||||||||||
Gross profit | — | 175,975 | 42,585 | (3,070 | ) | 215,490 | |||||||||||||||
Selling, general and administrative expenses | 13,491 | 136,615 | 30,408 | (3,212 | ) | 177,302 | |||||||||||||||
Restructuring and other related charges | — | 1,492 | 42 | — | 1,534 | ||||||||||||||||
Total operating expenses | 13,491 | 138,107 | 30,450 | (3,212 | ) | 178,836 | |||||||||||||||
Income (loss) from operations | (13,491 | ) | 37,868 | 12,135 | 142 | 36,654 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (6,490 | ) | (14,579 | ) | (4,393 | ) | — | (25,462 | ) | ||||||||||||
Loss from debt extinguishment, net | (38,890 | ) | — | — | — | (38,890 | ) | ||||||||||||||
Other, net | 127 | 3,072 | (1,368 | ) | (142 | ) | 1,689 | ||||||||||||||
Total other income (expense) | (45,253 | ) | (11,507 | ) | (5,761 | ) | (142 | ) | (62,663 | ) | |||||||||||
Income (loss) before taxes | (58,744 | ) | 26,361 | 6,374 | — | (26,009 | ) | ||||||||||||||
Provision (benefit) for income taxes | (15,579 | ) | 11,692 | 467 | — | (3,420 | ) | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (43,165 | ) | 14,669 | 5,907 | — | (22,589 | ) | ||||||||||||||
Equity in net income (loss) of subsidiaries | 20,576 | 5,748 | 14,669 | (40,993 | ) | — | |||||||||||||||
Net income (loss) | $ | (22,589 | ) | $ | 20,417 | $ | 20,576 | $ | (40,993 | ) | $ | (22,589 | ) | ||||||||
Net Income (loss) | $ | (22,589 | ) | $ | 20,417 | $ | 20,576 | $ | (40,993 | ) | $ | (22,589 | ) | ||||||||
Other comprehensive income (loss), net of taxes | 340 | 1,869 | (2,707 | ) | — | (498 | ) | ||||||||||||||
Comprehensive income (loss) | $ | (22,249 | ) | $ | 22,286 | $ | 17,869 | $ | (40,993 | ) | $ | (23,087 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
For the Six Months Ended March 31, 2013 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
Revenue | $ | — | $ | 700,904 | $ | 238,510 | $ | (26,922 | ) | $ | 912,492 | ||||||||||
Cost of goods and services | — | 531,186 | 202,365 | (24,226 | ) | 709,325 | |||||||||||||||
Gross profit | — | 169,718 | 36,145 | (2,696 | ) | 203,167 | |||||||||||||||
Selling, general and administrative expenses | 11,278 | 129,586 | 30,534 | (3,120 | ) | 168,278 | |||||||||||||||
Restructuring and other related charges | — | 6,480 | 3,964 | — | 10,444 | ||||||||||||||||
Total operating expenses | 11,278 | 136,066 | 34,498 | (3,120 | ) | 178,722 | |||||||||||||||
Income (loss) from operations | (11,278 | ) | 33,652 | 1,647 | 424 | 24,445 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (7,222 | ) | (13,703 | ) | (5,063 | ) | — | (25,988 | ) | ||||||||||||
Other, net | 355 | 3,765 | (2,788 | ) | (424 | ) | 908 | ||||||||||||||
Total other income (expense) | (6,867 | ) | (9,938 | ) | (7,851 | ) | (424 | ) | (25,080 | ) | |||||||||||
Income (loss) before taxes | (18,145 | ) | 23,714 | (6,204 | ) | — | (635 | ) | |||||||||||||
Provision (benefit) for income taxes | (9,759 | ) | 8,948 | 437 | — | (374 | ) | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (8,386 | ) | 14,766 | (6,641 | ) | — | (261 | ) | |||||||||||||
Equity in net income (loss) of subsidiaries | 8,125 | (6,596 | ) | 14,766 | (16,295 | ) | — | ||||||||||||||
Net income (loss) | $ | (261 | ) | $ | 8,170 | $ | 8,125 | $ | (16,295 | ) | $ | (261 | ) | ||||||||
Net Income (loss) | $ | (261 | ) | $ | 8,170 | $ | 8,125 | $ | (16,295 | ) | $ | (261 | ) | ||||||||
Other comprehensive income (loss), net of taxes | 422 | 3,457 | (2,280 | ) | — | 1,599 | |||||||||||||||
Comprehensive income (loss) | $ | 161 | $ | 11,627 | $ | 5,845 | $ | (16,295 | ) | $ | 1,338 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the Six Months Ended March 31, 2014 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (22,589 | ) | $ | 20,417 | $ | 20,576 | $ | (40,993 | ) | $ | (22,589 | ) | ||||||||
Net cash provided by (used in) operating activities | (30,836 | ) | (27,389 | ) | 31,588 | — | (26,637 | ) | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Acquisition of property, plant and equipment | (618 | ) | (29,921 | ) | (4,306 | ) | — | (34,845 | ) | ||||||||||||
Acquired business, net of cash acquired | — | (1,000 | ) | (21,720 | ) | — | (22,720 | ) | |||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | |||||||||||||||
Proceeds from sale of assets | — | 230 | 64 | — | 294 | ||||||||||||||||
Net cash provided by (used in) investing activities | 9,382 | (40,691 | ) | (25,962 | ) | — | (57,271 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Proceeds from issuance of common stock | 584 | — | — | — | 584 | ||||||||||||||||
Purchase of shares for treasury | (63,370 | ) | — | — | — | (63,370 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | 629,568 | 10,939 | 4,007 | — | 644,514 | ||||||||||||||||
Payments of long-term debt | (582,108 | ) | (12,097 | ) | 7,895 | — | (586,310 | ) | |||||||||||||
Change in short-term borrowings | — | — | 4,908 | — | 4,908 | ||||||||||||||||
Financing costs | (10,142 | ) | — | (545 | ) | — | (10,687 | ) | |||||||||||||
Purchase of ESOP shares | (10,000 | ) | — | — | — | (10,000 | ) | ||||||||||||||
Tax effect from exercise/vesting of equity awards, net | 273 | — | — | — | 273 | ||||||||||||||||
Dividend | (8,290 | ) | 5,000 | — | — | (3,290 | ) | ||||||||||||||
Other, net | 144 | 43,140 | (43,140 | ) | — | 144 | |||||||||||||||
Net cash provided by (used in) financing activities | (43,341 | ) | 46,982 | (26,875 | ) | — | (23,234 | ) | |||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||||||||||
Net cash used in discontinued operations | — | — | (640 | ) | — | (640 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | (415 | ) | — | (415 | ) | ||||||||||||||
NET DECREASE IN CASH AND EQUIVALENTS | (64,795 | ) | (21,098 | ) | (22,304 | ) | — | (108,197 | ) | ||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 68,994 | 46,357 | 62,779 | — | 178,130 | ||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 4,199 | $ | 25,259 | $ | 40,475 | $ | — | $ | 69,933 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the Six Months Ended March 31, 2013 | |||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (261 | ) | $ | 8,170 | $ | 8,125 | $ | (16,295 | ) | $ | (261 | ) | ||||||||
Net cash provided by (used in) operating activities | (43,968 | ) | (26,900 | ) | 36,885 | — | (33,983 | ) | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Acquisition of property, plant and equipment | (24 | ) | (28,624 | ) | (2,347 | ) | — | (30,995 | ) | ||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | |||||||||||||||
Proceeds from sale of assets | — | 1,171 | 45 | — | 1,216 | ||||||||||||||||
Net cash provided by (used in) investing activities | 9,976 | (37,453 | ) | (2,302 | ) | — | (29,779 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Purchase of shares for treasury | (22,109 | ) | — | — | — | (22,109 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | — | 303 | — | — | 303 | ||||||||||||||||
Payments of long-term debt | (813 | ) | (514 | ) | (4,073 | ) | — | (5,400 | ) | ||||||||||||
Change in short-term borrowings | — | — | 2,157 | — | 2,157 | ||||||||||||||||
Financing costs | (759 | ) | — | — | — | (759 | ) | ||||||||||||||
Tax effect from exercise/vesting of equity awards, net | 150 | — | — | — | 150 | ||||||||||||||||
Dividend | (2,938 | ) | — | — | — | (2,938 | ) | ||||||||||||||
Other, net | 242 | 44,885 | (44,885 | ) | — | 242 | |||||||||||||||
Net cash provided by (used in) financing activities | (26,227 | ) | 44,674 | (46,801 | ) | — | (28,354 | ) | |||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||||||||||
Net cash used in discontinued operations | — | — | (478 | ) | — | (478 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | (138 | ) | — | (138 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | (60,219 | ) | (19,679 | ) | (12,834 | ) | — | (92,732 | ) | ||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 125,093 | 34,782 | 49,779 | — | 209,654 | ||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 64,874 | $ | 15,103 | $ | 36,945 | $ | — | $ | 116,922 | |||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Inventory, Policy [Policy Text Block] | ' |
Inventories are stated at the lower of cost (first-in, first-out or average) or market. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
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 the 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 amortized using the straight-line attribution method. |
ACQUISITION_Tables
ACQUISITION (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 'The following table summarizes the preliminary fair values of the Northcote assets and liabilities as of the date of acquisition: | ||||||||
2014 | |||||||||
Current Assets, net of cash acquired | $ | 7,921 | |||||||
PP&E | 1,376 | ||||||||
Goodwill | 11,617 | ||||||||
Amortizable intangible assets | 6,023 | ||||||||
Indefinite life intangible assets | 1,686 | ||||||||
Total assets acquired | 28,623 | ||||||||
Total liabilities assumed | (6,903 | ) | |||||||
Net assets acquired | $ | 21,720 | |||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | 'The amounts assigned to major intangible asset classifications, none of which are tax deductible, for the Northcote acquisition are as follows: | ||||||||
Amortization | |||||||||
2014 | Period (Years) | ||||||||
Goodwill | $ | 11,617 | N/A | ||||||
Tradenames | 1,686 | Indefinite | |||||||
Customer relationships | 6,023 | 25 | |||||||
$ | 19,326 |
INVENTORIES_Tables
INVENTORIES (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | 'The following table details the components of inventory: | ||||||||
At March 31, | At September 30, | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 73,152 | $ | 65,560 | |||||
Work in process | 68,795 | 63,930 | |||||||
Finished goods | 114,743 | 100,630 | |||||||
Total | $ | 256,690 | $ | 230,120 |
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 March 31, | At September 30, | ||||||||
2014 | 2013 | ||||||||
Land, building and building improvements | $ | 130,974 | $ | 130,905 | |||||
Machinery and equipment | 697,621 | 661,094 | |||||||
Leasehold improvements | 36,454 | 35,884 | |||||||
865,049 | 827,883 | ||||||||
Accumulated depreciation and amortization | (507,167 | ) | (474,290 | ) | |||||
Total | $ | 357,882 | $ | 353,593 |
GOODWILL_AND_OTHER_INTANGIBLES1
GOODWILL AND OTHER INTANGIBLES (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | 'The following table provides changes in the carrying value of goodwill by segment during the six months ended March 31, 2014: | ||||||||||||||||||||
At September 30, | Goodwill from | Other | At March 31, | ||||||||||||||||||
2013 | 2014 acquisitions | adjustments | 2014 | ||||||||||||||||||
including currency | |||||||||||||||||||||
translations | |||||||||||||||||||||
Home & Building Products | $ | 269,802 | $ | 11,617 | $ | 244 | $ | 281,663 | |||||||||||||
Telephonics | 18,545 | — | — | 18,545 | |||||||||||||||||
Plastics | 69,383 | — | 581 | 69,964 | |||||||||||||||||
Total | $ | 357,730 | $ | 11,617 | $ | 825 | $ | 370,172 | |||||||||||||
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 assets: | ||||||||||||||||||||
At March 31, 2014 | At September 30, 2013 | ||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Average | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||
Life | |||||||||||||||||||||
(Years) | |||||||||||||||||||||
Customer relationships | $ | 172,191 | $ | 32,515 | 25 | $ | 166,985 | $ | 29,049 | ||||||||||||
Unpatented technology | 6,804 | 3,177 | 13 | 6,804 | 2,916 | ||||||||||||||||
Total amortizable intangible assets | 178,995 | 35,692 | 173,789 | 31,965 | |||||||||||||||||
Trademarks | 80,923 | — | 79,567 | — | |||||||||||||||||
Total intangible assets | $ | 259,918 | $ | 35,692 | $ | 253,356 | $ | 31,965 |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014 | At September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Outstanding Balance | Original Issuer Discount | Balance Sheet | Capitalized Fees & Expenses | Coupon Interest Rate | Outstanding Balance | Original Issuer Discount | Balance Sheet | Capitalized Fees & Expenses | Coupon Interest Rate | ||||||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | $ | — | $ | — | $ | — | $ | — | n/a | $ | 550,000 | $ | — | $ | 550,000 | $ | 7,328 | 7.1 | % | |||||||||||||||||||||||
Senior notes due 2022 | (a) | 600,000 | — | 600,000 | 9,839 | 5.25 | % | — | — | — | — | n/a | |||||||||||||||||||||||||||||||
Revolver due 2019 | (a) | 20,000 | — | 20,000 | 2,227 | n/a | — | — | — | 2,425 | n/a | ||||||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 100,000 | (11,454 | ) | 88,546 | 1,256 | 4 | % | 100,000 | (13,246 | ) | 86,754 | 1,478 | 4 | % | ||||||||||||||||||||||||||||
Real estate mortgages | (c) | 16,818 | — | 16,818 | 657 | n/a | 13,212 | — | 13,212 | 185 | n/a | ||||||||||||||||||||||||||||||||
ESOP Loans | (d) | 30,087 | — | 30,087 | 79 | n/a | 21,098 | — | 21,098 | 24 | n/a | ||||||||||||||||||||||||||||||||
Capital lease - real estate | (e) | 9,042 | — | 9,042 | 194 | 5 | % | 9,529 | — | 9,529 | 207 | 5 | % | ||||||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | 9,443 | — | 9,443 | — | n/a | 4,606 | — | 4,606 | — | n/a | ||||||||||||||||||||||||||||||||
Non U.S. term loans | (f) | 11,559 | — | 11,559 | 88 | n/a | 3,115 | — | 3,115 | 27 | n/a | ||||||||||||||||||||||||||||||||
Other long term debt | (g) | 1,477 | — | 1,477 | 29 | n/a | 941 | — | 941 | — | n/a | ||||||||||||||||||||||||||||||||
Totals | 798,426 | (11,454 | ) | 786,972 | $ | 14,369 | 702,501 | (13,246 | ) | 689,255 | $ | 11,674 | |||||||||||||||||||||||||||||||
less: Current portion | (13,393 | ) | — | (13,393 | ) | (10,768 | ) | — | (10,768 | ) | |||||||||||||||||||||||||||||||||
Long-term debt | $ | 785,033 | $ | (11,454 | ) | $ | 773,579 | $ | 691,733 | $ | (13,246 | ) | $ | 678,487 | |||||||||||||||||||||||||||||
(a) | On February 27, 2014, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $600,000 of 5.25% Senior Notes due 2022 (“Senior Notes”); interest is payable semi-annually on March 1 and September 1, starting September 1, 2014. Proceeds from the Senior Notes were used to redeem $550,000 of 7.125% senior notes due 2018, to pay a tender offer premium of $31,530 and to make interest payments of $16,716, with the balance used to pay a portion of the related fees and expenses. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. At the time of issuance of the Senior Notes, Griffon agreed that, within certain time periods after the issue date, it would offer to each noteholder, pursuant to a registration statement filed with and to be declared effective by the SEC, the opportunity to exchange its Senior Notes for new notes that have substantially identical terms to those of the Senior Notes (the only material difference being that the new notes are registered with the SEC). | ||||||||||||||||||||||||||||||||||||||||||
In connection with these transactions, Griffon capitalized $9,950 of underwriting fees and other expenses incurred related to issuance of the Senior Notes, which will amortize over the term of such notes. Griffon recognized a loss on the early extinguishment of debt on the 7.125% senior notes aggregating $38,890, comprised of the $31,530 tender offer premium, the write-off of $6,574 of remaining deferred financing fees and $786 of prepaid interest on defeased notes. | |||||||||||||||||||||||||||||||||||||||||||
On February 14, 2014, Griffon amended its $225,000 Revolving Credit Facility (“Credit Agreement”) extending its maturity date from March 28, 2018 to March 28, 2019, amending certain financial maintenance ratio test thresholds and increasing certain baskets for permitted debt, guaranties, liens, asset sales, foreign acquisitions, investments and restricted payments. 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 swing line 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 an 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 1.25% for base rate loans and 2.25% 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 ability of Griffon to incur indebtedness and liens and to make restricted payments and investments. Borrowings under the Credit Agreement are guaranteed by Griffon’s material domestic subsidiaries and are secured, on a first priority basis, by substantially all assets of the Company and the guarantors and a pledge of not greater than 65% of the equity interest in each of Griffon’s material, first-tier foreign subsidiaries. | |||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014, outstanding borrowings and standby letters of credit were $20,000 and $20,352, respectively; $184,648 was available 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 68.6238 shares of Griffon’s common stock per $1,000 principal amount of notes, corresponding to a conversion price of $14.57 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 March 31, 2014, the above conversion price included dividends paid through March 27, 2014. At both March 31, 2014 and 2013, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. | ||||||||||||||||||||||||||||||||||||||||||
(c) | On October 21, 2013, Griffon refinanced two properties’ real estate mortgages to secure new loans totaling $17,175. The loans mature in October 2018, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 2.75%. At March 31, 2014, $16,818 was outstanding. | ||||||||||||||||||||||||||||||||||||||||||
(d) | In December 2013, Griffon’s Employee Stock Ownership Plan (“ESOP”) entered into an agreement which refinanced the two existing ESOP loans into one new Term Loan in the amount of $21,098. The Agreement also provided a Line Note with $10,000 available to purchase shares of Griffon common stock in the open market through September 29, 2014. As of March 31, 2014, 749,977 shares of Griffon common stock, for a total of $10,000, were purchased with proceeds from the Line Note. In March 2014, the Line Note was combined with the Term Loan to form one new term loan. The loan bears interest at a) LIBOR plus 2.25% or b) the lender’s prime rate, at Griffon’s option. The loan requires quarterly principal payments of $505 through September 30, 2014 and $419 per quarter thereafter, with a balloon payment of approximately $19,000 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on a specific amount of Griffon assets, and Griffon guarantees repayment. As of March 31, 2014, approximately $30,087 was outstanding. | ||||||||||||||||||||||||||||||||||||||||||
(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 term loan was paid off in December 2013 and the revolver had borrowings of $5,500 at March 31, 2014. The revolving facility matures in November 2014, but is renewable upon mutual agreement with the bank. The revolving credit facility accrues interest at EURIBOR plus 2.20% per annum. 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. | ||||||||||||||||||||||||||||||||||||||||||
Clopay do Brazil maintains lines of credit of approximately $5,700. Interest on borrowings accrues at a rate of Brazilian CDI plus 6.0% (16.55% at March 31, 2014). At March 31, 2014 there was approximately $3,943 borrowed under the lines. Clopay Plastic Products Co., Inc. guarantees the loan and 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 (1.45% LIBOR USD and 2.47% Bankers Acceptance Rate CDN as of March 31, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At March 31, 2014, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing. | |||||||||||||||||||||||||||||||||||||||||||
In December 2013, Northcote Holdings Pty. Ltd entered into an AUD $12,500 term loan. The term loan is unsecured, requires quarterly interest payments and principal is due at maturity (December 2016). The loan accrues interest at Bank Bill Swap Bid Rate “BBSY” plus 2.8% per annum (5.5% at March 31, 2014). As of March 31, 2014, Griffon had an outstanding balance of $11,559. Subsidiaries of Northcote Holdings maintain a line of credit of approximately $2,800. The line of credit accrues interest at BBSY plus 2.25% per annum (4.95% at March 31, 2014). At March 31, 2014, there were no outstanding borrowings under the line. Griffon Corporation guarantees both the term loan and the line of credit. | |||||||||||||||||||||||||||||||||||||||||||
(g) | Other long-term debt primarily consists of capital leases. | ||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense For Long Term Debt [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Effective Interest Rate | Cash Interest | Amort. Debt | Amort. | Total Interest Expense | Effective Interest Rate | Cash Interest | Amort. Debt | Amort. | Total Interest Expense | ||||||||||||||||||||||||||||||||||
Discount | Deferred Cost | Discount | Deferred Cost | ||||||||||||||||||||||||||||||||||||||||
& Other Fees | & Other Fees | ||||||||||||||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.1 | % | $ | 6,133 | $ | — | $ | 261 | $ | 6,394 | 7.5 | % | $ | 9,797 | $ | — | $ | 405 | $ | 10,202 | ||||||||||||||||||||||
Senior notes due 2022 | (a) | 5.3 | % | 2,800 | — | 111 | 2,911 | n/a | — | — | — | — | |||||||||||||||||||||||||||||||
Revolver due 2019 | (a) | n/a | 306 | — | 142 | 448 | n/a | 206 | — | 157 | 363 | ||||||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 9.3 | % | 1,000 | 909 | 110 | 2,019 | 9.3 | % | 1,000 | 834 | 111 | 1,945 | ||||||||||||||||||||||||||||||
Real estate mortgages | (c) | 3.8 | % | 122 | — | 37 | 159 | 5.4 | % | 135 | — | 22 | 157 | ||||||||||||||||||||||||||||||
ESOP Loans | (d) | 3.4 | % | 180 | — | 5 | 185 | 2.9 | % | 158 | — | 2 | 160 | ||||||||||||||||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 114 | — | 7 | 121 | 5.2 | % | 125 | — | 7 | 132 | ||||||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | n/a | 224 | — | — | 224 | n/a | 147 | — | — | 147 | ||||||||||||||||||||||||||||||||
Non U.S. term loans | (f) | n/a | 101 | — | — | 101 | n/a | 133 | — | 25 | 158 | ||||||||||||||||||||||||||||||||
Other long term debt | (g) | n/a | — | — | — | — | n/a | 136 | — | — | 136 | ||||||||||||||||||||||||||||||||
Capitalized interest | (173 | ) | — | — | (173 | ) | (340 | ) | — | — | (340 | ) | |||||||||||||||||||||||||||||||
Totals | $ | 10,807 | $ | 909 | $ | 673 | $ | 12,389 | $ | 11,497 | $ | 834 | $ | 729 | $ | 13,060 | |||||||||||||||||||||||||||
Six Months Ended March 31, 2014 | Six Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Effective Interest Rate | Cash Interest | Amort. Debt Discount | Amort. Deferred Cost & Other Fees | Total Interest Expense | Effective Interest Rate | Cash Interest | Amort. Debt Discount | Amort. Deferred Cost & Other Fees | Total Interest Expense | ||||||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.1 | % | $ | 15,930 | $ | — | $ | 667 | $ | 16,597 | 7.4 | % | $ | 19,594 | $ | — | $ | 811 | $ | 20,405 | ||||||||||||||||||||||
Senior notes due 2022 | (a) | 5.3 | % | 2,800 | — | 111 | 2,911 | n/a | — | — | — | — | |||||||||||||||||||||||||||||||
Revolver due 2019 | (a) | n/a | 473 | — | 278 | 751 | n/a | 424 | — | 313 | 737 | ||||||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 9.1 | % | 2,000 | 1,792 | 221 | 4,013 | 9.2 | % | 2,000 | 1,645 | 222 | 3,867 | ||||||||||||||||||||||||||||||
Real estate mortgages | (c) | 4 | % | 252 | — | 73 | 325 | 5.4 | % | 274 | — | 43 | 317 | ||||||||||||||||||||||||||||||
ESOP Loans | (d) | 3.2 | % | 332 | — | 7 | 339 | 2.9 | % | 325 | — | 4 | 329 | ||||||||||||||||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 233 | — | 14 | 247 | 5.3 | % | 256 | — | 13 | 269 | ||||||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | n/a | 417 | — | — | 417 | n/a | 260 | — | — | 260 | ||||||||||||||||||||||||||||||||
Non U.S. term loans | (f) | n/a | 153 | — | 4 | 157 | n/a | 306 | — | 51 | 357 | ||||||||||||||||||||||||||||||||
Other long term debt | (g) | n/a | 11 | — | 21 | 32 | n/a | 251 | — | — | 251 | ||||||||||||||||||||||||||||||||
Capitalized interest | (266 | ) | — | — | (266 | ) | (625 | ) | — | — | (625 | ) | |||||||||||||||||||||||||||||||
Totals | $ | 22,335 | $ | 1,792 | $ | 1,396 | $ | 25,523 | $ | 23,065 | $ | 1,645 | $ | 1,457 | $ | 26,167 | |||||||||||||||||||||||||||
(a) | On February 27, 2014, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $600,000 of 5.25% Senior Notes due 2022 (“Senior Notes”); interest is payable semi-annually on March 1 and September 1, starting September 1, 2014. Proceeds from the Senior Notes were used to redeem $550,000 of 7.125% senior notes due 2018, to pay a tender offer premium of $31,530 and to make interest payments of $16,716, with the balance used to pay a portion of the related fees and expenses. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. At the time of issuance of the Senior Notes, Griffon agreed that, within certain time periods after the issue date, it would offer to each noteholder, pursuant to a registration statement filed with and to be declared effective by the SEC, the opportunity to exchange its Senior Notes for new notes that have substantially identical terms to those of the Senior Notes (the only material difference being that the new notes are registered with the SEC). | ||||||||||||||||||||||||||||||||||||||||||
In connection with these transactions, Griffon capitalized $9,950 of underwriting fees and other expenses incurred related to issuance of the Senior Notes, which will amortize over the term of such notes. Griffon recognized a loss on the early extinguishment of debt on the 7.125% senior notes aggregating $38,890, comprised of the $31,530 tender offer premium, the write-off of $6,574 of remaining deferred financing fees and $786 of prepaid interest on defeased notes. | |||||||||||||||||||||||||||||||||||||||||||
On February 14, 2014, Griffon amended its $225,000 Revolving Credit Facility (“Credit Agreement”) extending its maturity date from March 28, 2018 to March 28, 2019, amending certain financial maintenance ratio test thresholds and increasing certain baskets for permitted debt, guaranties, liens, asset sales, foreign acquisitions, investments and restricted payments. 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 swing line 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 an 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 1.25% for base rate loans and 2.25% 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 ability of Griffon to incur indebtedness and liens and to make restricted payments and investments. Borrowings under the Credit Agreement are guaranteed by Griffon’s material domestic subsidiaries and are secured, on a first priority basis, by substantially all assets of the Company and the guarantors and a pledge of not greater than 65% of the equity interest in each of Griffon’s material, first-tier foreign subsidiaries. | |||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014, outstanding borrowings and standby letters of credit were $20,000 and $20,352, respectively; $184,648 was available 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 68.6238 shares of Griffon’s common stock per $1,000 principal amount of notes, corresponding to a conversion price of $14.57 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 March 31, 2014, the above conversion price included dividends paid through March 27, 2014. At both March 31, 2014 and 2013, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. | ||||||||||||||||||||||||||||||||||||||||||
(c) | On October 21, 2013, Griffon refinanced two properties’ real estate mortgages to secure new loans totaling $17,175. The loans mature in October 2018, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 2.75%. At March 31, 2014, $16,818 was outstanding. | ||||||||||||||||||||||||||||||||||||||||||
(d) | In December 2013, Griffon’s Employee Stock Ownership Plan (“ESOP”) entered into an agreement which refinanced the two existing ESOP loans into one new Term Loan in the amount of $21,098. The Agreement also provided a Line Note with $10,000 available to purchase shares of Griffon common stock in the open market through September 29, 2014. As of March 31, 2014, 749,977 shares of Griffon common stock, for a total of $10,000, were purchased with proceeds from the Line Note. In March 2014, the Line Note was combined with the Term Loan to form one new term loan. The loan bears interest at a) LIBOR plus 2.25% or b) the lender’s prime rate, at Griffon’s option. The loan requires quarterly principal payments of $505 through September 30, 2014 and $419 per quarter thereafter, with a balloon payment of approximately $19,000 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on a specific amount of Griffon assets, and Griffon guarantees repayment. As of March 31, 2014, approximately $30,087 was outstanding. | ||||||||||||||||||||||||||||||||||||||||||
(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 term loan was paid off in December 2013 and the revolver had borrowings of $5,500 at March 31, 2014. The revolving facility matures in November 2014, but is renewable upon mutual agreement with the bank. The revolving credit facility accrues interest at EURIBOR plus 2.20% per annum. 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. | ||||||||||||||||||||||||||||||||||||||||||
Clopay do Brazil maintains lines of credit of approximately $5,700. Interest on borrowings accrues at a rate of Brazilian CDI plus 6.0% (16.55% at March 31, 2014). At March 31, 2014 there was approximately $3,943 borrowed under the lines. Clopay Plastic Products Co., Inc. guarantees the loan and 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 (1.45% LIBOR USD and 2.47% Bankers Acceptance Rate CDN as of March 31, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At March 31, 2014, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing. | |||||||||||||||||||||||||||||||||||||||||||
In December 2013, Northcote Holdings Pty. Ltd entered into an AUD $12,500 term loan. The term loan is unsecured, requires quarterly interest payments and principal is due at maturity (December 2016). The loan accrues interest at Bank Bill Swap Bid Rate “BBSY” plus 2.8% per annum (5.5% at March 31, 2014). As of March 31, 2014, Griffon had an outstanding balance of $11,559. Subsidiaries of Northcote Holdings maintain a line of credit of approximately $2,800. The line of credit accrues interest at BBSY plus 2.25% per annum (4.95% at March 31, 2014). At March 31, 2014, there were no outstanding borrowings under the line. Griffon Corporation guarantees both the term loan and the line of credit. | |||||||||||||||||||||||||||||||||||||||||||
(g) | Other long-term debt primarily consists of capital leases. |
EARNINGS_PER_SHARE_EPS_Tables
EARNINGS PER SHARE (EPS) (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 'The following table is a reconciliation of the share amounts (in thousands) used in computing earnings per share: | ||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average shares outstanding - basic | 48,990 | 54,345 | 50,872 | 54,749 | |||||||||||||
Incremental shares from stock based compensation | — | — | — | — | |||||||||||||
Weighted average shares outstanding - diluted | 48,990 | 54,345 | 50,872 | 54,749 | |||||||||||||
Anti-dilutive options excluded from diluted EPS computation | 644 | 856 | 644 | 856 | |||||||||||||
Anti-dilutive restricted stock excluded from diluted EPS computation | 1,507 | 2,421 | 1,682 | 2,259 |
BUSINESS_SEGMENTS_Tables
BUSINESS SEGMENTS (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 'Information on Griffon’s business segments is as follows: | ||||||||||||||||
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||||||||||
REVENUE | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Home & Building Products: | |||||||||||||||||
Ames | $ | 160,705 | $ | 136,237 | $ | 257,313 | $ | 213,546 | |||||||||
CBP | 90,838 | 89,499 | 212,680 | 202,366 | |||||||||||||
Home & Building Products | 251,543 | 225,736 | 469,993 | 415,912 | |||||||||||||
Telephonics | 104,185 | 121,631 | 200,210 | 217,681 | |||||||||||||
Plastics | 151,959 | 141,376 | 290,942 | 278,899 | |||||||||||||
Total consolidated net sales | $ | 507,687 | $ | 488,743 | $ | 961,145 | $ | 912,492 | |||||||||
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||||||||||
LOSS BEFORE TAXES | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment operating profit: | |||||||||||||||||
Home & Building Products | $ | 8,818 | $ | 3,835 | $ | 18,211 | $ | 11,106 | |||||||||
Telephonics | 10,677 | 13,753 | 21,329 | 28,398 | |||||||||||||
Plastics | 9,352 | 916 | 15,177 | 3,558 | |||||||||||||
Total segment operating profit | 28,847 | 18,504 | 54,717 | 43,062 | |||||||||||||
Net interest expense | (12,361 | ) | (12,909 | ) | (25,462 | ) | (25,988 | ) | |||||||||
Unallocated amounts | (8,391 | ) | (7,980 | ) | (16,374 | ) | (15,567 | ) | |||||||||
Loss from debt extinguishment, net | (38,890 | ) | — | (38,890 | ) | — | |||||||||||
Loss on pension settlement | — | — | — | (2,142 | ) | ||||||||||||
Loss before taxes | $ | (30,795 | ) | $ | (2,385 | ) | $ | (26,009 | ) | $ | (635 | ) | |||||
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Segment adjusted EBITDA: | |||||||||||||||||
Home & Building Products | $ | 17,124 | $ | 17,555 | $ | 36,191 | $ | 34,794 | |||||||||
Telephonics | 12,535 | 15,505 | 24,931 | 31,869 | |||||||||||||
Plastics | 16,216 | 12,352 | 28,959 | 21,671 | |||||||||||||
Total Segment adjusted EBITDA | 45,875 | 45,412 | 90,081 | 88,334 | |||||||||||||
Net interest expense | (12,361 | ) | (12,909 | ) | (25,462 | ) | (25,988 | ) | |||||||||
Segment depreciation and amortization | (16,336 | ) | (17,572 | ) | (33,032 | ) | (34,828 | ) | |||||||||
Unallocated amounts | (8,391 | ) | (7,980 | ) | (16,374 | ) | (15,567 | ) | |||||||||
Loss from debt extinguishment, net | (38,890 | ) | — | (38,890 | ) | — | |||||||||||
Restructuring charges | (692 | ) | (9,336 | ) | (1,534 | ) | (10,444 | ) | |||||||||
Acquisition costs | — | — | (798 | ) | — | ||||||||||||
Loss on pension settlement | — | — | — | (2,142 | ) | ||||||||||||
Loss before taxes | $ | (30,795 | ) | $ | (2,385 | ) | $ | (26,009 | ) | $ | (635 | ) | |||||
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||||||||||
DEPRECIATION and AMORTIZATION | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment: | |||||||||||||||||
Home & Building Products | $ | 7,614 | $ | 9,157 | $ | 15,648 | $ | 18,017 | |||||||||
Telephonics | 1,858 | 1,752 | 3,602 | 3,471 | |||||||||||||
Plastics | 6,864 | 6,663 | 13,782 | 13,340 | |||||||||||||
Total segment depreciation and amortization | 16,336 | 17,572 | 33,032 | 34,828 | |||||||||||||
Corporate | 103 | 109 | 200 | 210 | |||||||||||||
Total consolidated depreciation and amortization | $ | 16,439 | $ | 17,681 | $ | 33,232 | $ | 35,038 | |||||||||
CAPITAL EXPENDITURES | |||||||||||||||||
Segment: | |||||||||||||||||
Home & Building Products | $ | 6,722 | $ | 6,711 | $ | 15,190 | $ | 15,804 | |||||||||
Telephonics | 5,520 | 2,630 | 8,887 | 3,452 | |||||||||||||
Plastics | 4,390 | 4,333 | 10,150 | 11,701 | |||||||||||||
Total segment | 16,632 | 13,674 | 34,227 | 30,957 | |||||||||||||
Corporate | 297 | 33 | 618 | 38 | |||||||||||||
Total consolidated capital expenditures | $ | 16,929 | $ | 13,707 | $ | 34,845 | $ | 30,995 | |||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
ASSETS | At March 31, | At September 30, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Segment assets: | |||||||||||||||||
Home & Building Products | $ | 995,765 | $ | 908,386 | |||||||||||||
Telephonics | 299,820 | 296,919 | |||||||||||||||
Plastics | 426,563 | 422,730 | |||||||||||||||
Total segment assets | 1,722,148 | 1,628,035 | |||||||||||||||
Corporate | 55,728 | 156,455 | |||||||||||||||
Total continuing assets | 1,777,876 | 1,784,490 | |||||||||||||||
Assets of discontinued operations | 4,324 | 4,289 | |||||||||||||||
Consolidated total | $ | 1,782,200 | $ | 1,788,779 |
DEFINED_BENEFIT_PENSION_EXPENS1
DEFINED BENEFIT PENSION EXPENSE (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 'Defined benefit pension expense was as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 45 | $ | 48 | $ | 90 | $ | 98 | |||||||||
Interest cost | 2,500 | 2,422 | 5,000 | 4,847 | |||||||||||||
Expected return on plan assets | (2,885 | ) | (3,136 | ) | (5,770 | ) | (6,274 | ) | |||||||||
Amortization: | |||||||||||||||||
Prior service cost | 4 | 5 | 8 | 10 | |||||||||||||
Recognized actuarial loss | 489 | 840 | 978 | 1,680 | |||||||||||||
Loss on pension settlement | — | — | — | 2,142 | |||||||||||||
Net periodic expense | $ | 153 | $ | 179 | $ | 306 | $ | 2,503 |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 to the Installation Services segment, discontinued in 2008, and other businesses discontinued several years ago, which have been segregated from Griffon’s continuing operations, and are reported as assets and liabilities of discontinued operations in the condensed consolidated balance sheets: | ||||||||
At March 31, | At September 30, | ||||||||
2014 | 2013 | ||||||||
Assets of discontinued operations: | |||||||||
Prepaid and other current assets | $ | 1,217 | $ | 1,214 | |||||
Other long-term assets | 3,107 | 3,075 | |||||||
Total assets of discontinued operations | $ | 4,324 | $ | 4,289 | |||||
Liabilities of discontinued operations: | |||||||||
Accrued liabilities, current | $ | 3,069 | $ | 3,288 | |||||
Other long-term liabilities | 4,359 | 4,744 | |||||||
Total liabilities of discontinued operations | $ | 7,428 | $ | 8,032 |
RESTRUCTURING_AND_OTHER_RELATE1
RESTRUCTURING AND OTHER RELATED CHARGES (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) were recognized as follows: | ||||||||||||||||||||
Workforce | Facilities & | Other | Non-cash | Total | |||||||||||||||||
Reduction | Exit Costs | Related | Facility and | ||||||||||||||||||
Costs | Other | ||||||||||||||||||||
Amounts incurred in: | |||||||||||||||||||||
Quarter ended December 31, 2012 | $ | 994 | $ | 39 | $ | 75 | $ | — | $ | 1,108 | |||||||||||
Quarter ended March 31, 2013 | 3,795 | 523 | 1,517 | 3,501 | 9,336 | ||||||||||||||||
Six Months Ended March 31, 2013 | $ | 4,789 | $ | 562 | $ | 1,592 | $ | 3,501 | $ | 10,444 | |||||||||||
Quarter ended December 31, 2013 | $ | 638 | $ | 95 | $ | 109 | $ | — | $ | 842 | |||||||||||
Quarter ended March 31, 2014 | 495 | 137 | 60 | — | 692 | ||||||||||||||||
Six Months Ended March 31, 2014 | $ | 1,133 | $ | 232 | $ | 169 | $ | — | $ | 1,534 | |||||||||||
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 | Total | ||||||||||||||||||
Reduction | Exit Costs | Related | |||||||||||||||||||
Accrued liability at September 30, 2013 | $ | 3,057 | $ | 393 | $ | 407 | $ | 3,857 | |||||||||||||
Charges | 1,133 | 232 | 169 | 1,534 | |||||||||||||||||
Payments | (2,094 | ) | (552 | ) | (425 | ) | (3,071 | ) | |||||||||||||
Accrued liability at March 31, 2014 | $ | 2,096 | $ | 73 | $ | 151 | $ | 2,320 |
WARRANTY_LIABILITY_Tables
WARRANTY LIABILITY (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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: | ||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance, beginning of period | $ | 6,929 | $ | 7,743 | $ | 6,649 | $ | 8,856 | |||||||||
Warranties issued and changes in | 1,135 | 662 | 2,101 | 656 | |||||||||||||
estimated pre-existing warranties | |||||||||||||||||
Actual warranty costs incurred | (953 | ) | (981 | ) | (1,639 | ) | (2,088 | ) | |||||||||
Balance, end of period | $ | 7,111 | $ | 7,424 | $ | 7,111 | $ | 7,424 |
OTHER_COMPREHENSIVE_INCOME_LOS1
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | 'The amounts recognized in other comprehensive income (loss) were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | ||||||||||||||||||||
Foreign currency translation adjustments | $ | 1,224 | $ | — | $ | 1,224 | $ | (5,924 | ) | $ | — | $ | (5,924 | ) | |||||||||||
Pension and other defined benefit plans | 1,698 | (599 | ) | 1,099 | 845 | (356 | ) | 489 | |||||||||||||||||
Gain on cash flow hedge | — | — | — | 171 | — | 171 | |||||||||||||||||||
Total other comprehensive income (loss) | $ | 2,922 | $ | (599 | ) | $ | 2,323 | $ | (4,908 | ) | $ | (356 | ) | $ | (5,264 | ) | |||||||||
Six Months Ended March 31, 2014 | Six Months Ended March 31, 2013 | ||||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | ||||||||||||||||||||
Foreign currency translation adjustments | $ | (1,913 | ) | $ | — | $ | (1,913 | ) | $ | (2,921 | ) | $ | — | $ | (2,921 | ) | |||||||||
Pension and other defined benefit plans | 2,191 | (776 | ) | 1,415 | 7,304 | (2,955 | ) | 4,349 | |||||||||||||||||
Gain on cash flow hedge | — | — | — | 171 | — | 171 | |||||||||||||||||||
Total other comprehensive income (loss) | $ | 278 | $ | (776 | ) | $ | (498 | ) | $ | 4,554 | $ | (2,955 | ) | $ | 1,599 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | 'Amounts reclassified from accumulated other comprehensive income (loss) to income (loss) were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Pension amortization | $ | 493 | $ | 845 | $ | 986 | $ | 1,690 | |||||||||||||||||
Pension settlement | — | — | — | 2,142 | |||||||||||||||||||||
Total before tax | 493 | 845 | 986 | 3,832 | |||||||||||||||||||||
Tax | (168 | ) | (296 | ) | (345 | ) | (1,341 | ) | |||||||||||||||||
Net of tax | $ | 325 | $ | 549 | $ | 641 | $ | 2,491 |
CONSOLIDATING_GUARANTOR_AND_NO1
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Consolidating Guarantor And Non Guarantor Financial Information [Abstract] | ' | ||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | 'CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and equivalents | $ | 4,199 | $ | 25,259 | $ | 40,475 | $ | — | $ | 69,933 | |||||||||||
Accounts receivable, net of allowances | — | 258,037 | 82,765 | (31,640 | ) | 309,162 | |||||||||||||||
Contract costs and recognized income not yet billed, net of progress payments | — | 107,388 | 437 | — | 107,825 | ||||||||||||||||
Inventories, net | — | 197,947 | 58,814 | (71 | ) | 256,690 | |||||||||||||||
Prepaid and other current assets | 4,273 | 21,059 | 15,319 | 10,561 | 51,212 | ||||||||||||||||
Assets of discontinued operations | — | — | 1,217 | — | 1,217 | ||||||||||||||||
Total Current Assets | 8,472 | 609,690 | 199,027 | (21,150 | ) | 796,039 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 1,424 | 255,330 | 101,128 | — | 357,882 | ||||||||||||||||
GOODWILL | — | 290,761 | 79,411 | — | 370,172 | ||||||||||||||||
INTANGIBLE ASSETS, net | — | 158,950 | 65,276 | — | 224,226 | ||||||||||||||||
INTERCOMPANY RECEIVABLE | 558,505 | 886,492 | 83,046 | (1,528,043 | ) | — | |||||||||||||||
EQUITY INVESTMENTS IN SUBSIDIARIES | 787,103 | 549,256 | 1,783,996 | (3,120,355 | ) | — | |||||||||||||||
OTHER ASSETS | 47,410 | 51,142 | 7,435 | (75,213 | ) | 30,774 | |||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS | — | — | 3,107 | — | 3,107 | ||||||||||||||||
Total Assets | $ | 1,402,914 | $ | 2,801,621 | $ | 2,322,426 | $ | (4,744,761 | ) | $ | 1,782,200 | ||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 1,847 | $ | 1,098 | $ | 10,448 | $ | — | $ | 13,393 | |||||||||||
Accounts payable and accrued liabilities | 22,247 | 194,512 | 70,153 | (21,935 | ) | 264,977 | |||||||||||||||
Liabilities of discontinued operations | — | — | 3,069 | — | 3,069 | ||||||||||||||||
Total Current Liabilities | 24,094 | 195,610 | 83,670 | (21,935 | ) | 281,439 | |||||||||||||||
LONG-TERM DEBT, net of debt discounts | 736,786 | 8,298 | 28,495 | — | 773,579 | ||||||||||||||||
INTERCOMPANY PAYABLES | 21,318 | 772,390 | 707,295 | (1,501,003 | ) | — | |||||||||||||||
OTHER LIABILITIES | 62,964 | 153,635 | 22,804 | (74,332 | ) | 165,071 | |||||||||||||||
LIABILITIES OF DISCONTINUED OPERATIONS | — | — | 4,359 | — | 4,359 | ||||||||||||||||
Total Liabilities | 845,162 | 1,129,933 | 846,623 | (1,597,270 | ) | 1,224,448 | |||||||||||||||
SHAREHOLDERS’ EQUITY | 557,752 | 1,671,688 | 1,475,803 | (3,147,491 | ) | 557,752 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,402,914 | $ | 2,801,621 | $ | 2,322,426 | $ | (4,744,761 | ) | $ | 1,782,200 | ||||||||||
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 | 772,374 | 533,742 | 2,718,956 | (4,025,072 | ) | — | |||||||||||||||
OTHER ASSETS | 45,968 | 50,423 | 7,423 | (75,234 | ) | 28,580 | |||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS | — | — | 3,075 | — | 3,075 | ||||||||||||||||
Total Assets | $ | 1,435,499 | $ | 2,737,057 | $ | 3,772,443 | $ | (6,156,220 | ) | $ | 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 | 183,665 | 70,427 | (24,860 | ) | 270,353 | |||||||||||||||
Liabilities of discontinued operations | — | — | 3,288 | — | 3,288 | ||||||||||||||||
Total Current Liabilities | 42,121 | 184,744 | 82,404 | (24,860 | ) | 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 | 1,144,461 | 1,313,372 | (2,104,553 | ) | 1,138,315 | |||||||||||||||
SHAREHOLDERS’ EQUITY | 650,464 | 1,592,596 | 2,459,071 | (4,051,667 | ) | 650,464 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,435,499 | $ | 2,737,057 | $ | 3,772,443 | $ | (6,156,220 | ) | $ | 1,788,779 | ||||||||||
Condensed Income Statement [Table Text Block] | 'CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
($ in thousands) | Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
Revenue | $ | — | $ | 396,505 | $ | 127,782 | $ | (16,600 | ) | $ | 507,687 | ||||||||||
Cost of goods and services | — | 305,191 | 107,555 | (15,046 | ) | 397,700 | |||||||||||||||
Gross profit | — | 91,314 | 20,227 | (1,554 | ) | 109,987 | |||||||||||||||
Selling, general and administrative expenses | 7,161 | 68,234 | 15,833 | (1,606 | ) | 89,622 | |||||||||||||||
Restructuring and other related charges | — | 728 | (36 | ) | — | 692 | |||||||||||||||
Total operating expenses | 7,161 | 68,962 | 15,797 | (1,606 | ) | 90,314 | |||||||||||||||
Income (loss) from operations | (7,161 | ) | 22,352 | 4,430 | 52 | 19,673 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (2,885 | ) | (7,329 | ) | (2,147 | ) | — | (12,361 | ) | ||||||||||||
Loss from debt extinguishment, net | (38,890 | ) | — | — | — | (38,890 | ) | ||||||||||||||
Other, net | 15 | 1,014 | (194 | ) | (52 | ) | 783 | ||||||||||||||
Total other income (expense) | (41,760 | ) | (6,315 | ) | (2,341 | ) | (52 | ) | (50,468 | ) | |||||||||||
Income (loss) before taxes | (48,921 | ) | 16,037 | 2,089 | — | (30,795 | ) | ||||||||||||||
Provision (benefit) for income taxes | (11,045 | ) | 6,053 | 22 | — | (4,970 | ) | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (37,876 | ) | 9,984 | 2,067 | — | (25,825 | ) | ||||||||||||||
Equity in net income (loss) of subsidiaries | 12,051 | 1,982 | 9,984 | (24,017 | ) | — | |||||||||||||||
Net income (loss) | $ | (25,825 | ) | $ | 11,966 | $ | 12,051 | $ | (24,017 | ) | $ | (25,825 | ) | ||||||||
Net Income (loss) | $ | (25,825 | ) | $ | 11,966 | $ | 12,051 | $ | (24,017 | ) | $ | (25,825 | ) | ||||||||
Other comprehensive income (loss), net of taxes | 170 | 80 | 2,073 | — | 2,323 | ||||||||||||||||
Comprehensive income (loss) | $ | (25,655 | ) | $ | 12,046 | $ | 14,124 | $ | (24,017 | ) | $ | (23,502 | ) | ||||||||
($ in thousands) | Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
Revenue | $ | — | $ | 379,846 | $ | 123,599 | $ | (14,702 | ) | $ | 488,743 | ||||||||||
Cost of goods and services | — | 292,369 | 104,011 | (13,134 | ) | 383,246 | |||||||||||||||
Gross profit | — | 87,477 | 19,588 | (1,568 | ) | 105,497 | |||||||||||||||
Selling, general and administrative expenses | 3,821 | 67,936 | 15,912 | (1,610 | ) | 86,059 | |||||||||||||||
Restructuring and other related charges | — | 5,372 | 3,964 | — | 9,336 | ||||||||||||||||
Total operating expenses | 3,821 | 73,308 | 19,876 | (1,610 | ) | 95,395 | |||||||||||||||
Income (loss) from operations | (3,821 | ) | 14,169 | (288 | ) | 42 | 10,102 | ||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (3,610 | ) | (6,824 | ) | (2,475 | ) | — | (12,909 | ) | ||||||||||||
Other, net | 322 | 1,546 | (1,404 | ) | (42 | ) | 422 | ||||||||||||||
Total other income (expense) | (3,288 | ) | (5,278 | ) | (3,879 | ) | (42 | ) | (12,487 | ) | |||||||||||
Income (loss) before taxes | (7,109 | ) | 8,891 | (4,167 | ) | — | (2,385 | ) | |||||||||||||
Provision (benefit) for income taxes | (4,393 | ) | 2,750 | 77 | — | (1,566 | ) | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (2,716 | ) | 6,141 | (4,244 | ) | — | (819 | ) | |||||||||||||
Equity in net income (loss) of subsidiaries | 1,897 | (4,235 | ) | 6,981 | (4,643 | ) | — | ||||||||||||||
Net income (loss) | $ | (819 | ) | $ | 1,906 | $ | 2,737 | $ | (4,643 | ) | $ | (819 | ) | ||||||||
Net Income (loss) | $ | (819 | ) | $ | 1,906 | $ | 2,737 | $ | (4,643 | ) | $ | (819 | ) | ||||||||
Other comprehensive income (loss), net of taxes | (1,181 | ) | (1,422 | ) | (2,661 | ) | — | (5,264 | ) | ||||||||||||
Comprehensive income (loss) | $ | (2,000 | ) | $ | 484 | $ | 76 | $ | (4,643 | ) | $ | (6,083 | ) | ||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
Revenue | $ | — | $ | 741,149 | $ | 249,534 | $ | (29,538 | ) | $ | 961,145 | ||||||||||
Cost of goods and services | — | 565,174 | 206,949 | (26,468 | ) | 745,655 | |||||||||||||||
Gross profit | — | 175,975 | 42,585 | (3,070 | ) | 215,490 | |||||||||||||||
Selling, general and administrative expenses | 13,491 | 136,615 | 30,408 | (3,212 | ) | 177,302 | |||||||||||||||
Restructuring and other related charges | — | 1,492 | 42 | — | 1,534 | ||||||||||||||||
Total operating expenses | 13,491 | 138,107 | 30,450 | (3,212 | ) | 178,836 | |||||||||||||||
Income (loss) from operations | (13,491 | ) | 37,868 | 12,135 | 142 | 36,654 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (6,490 | ) | (14,579 | ) | (4,393 | ) | — | (25,462 | ) | ||||||||||||
Loss from debt extinguishment, net | (38,890 | ) | — | — | — | (38,890 | ) | ||||||||||||||
Other, net | 127 | 3,072 | (1,368 | ) | (142 | ) | 1,689 | ||||||||||||||
Total other income (expense) | (45,253 | ) | (11,507 | ) | (5,761 | ) | (142 | ) | (62,663 | ) | |||||||||||
Income (loss) before taxes | (58,744 | ) | 26,361 | 6,374 | — | (26,009 | ) | ||||||||||||||
Provision (benefit) for income taxes | (15,579 | ) | 11,692 | 467 | — | (3,420 | ) | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (43,165 | ) | 14,669 | 5,907 | — | (22,589 | ) | ||||||||||||||
Equity in net income (loss) of subsidiaries | 20,576 | 5,748 | 14,669 | (40,993 | ) | — | |||||||||||||||
Net income (loss) | $ | (22,589 | ) | $ | 20,417 | $ | 20,576 | $ | (40,993 | ) | $ | (22,589 | ) | ||||||||
Net Income (loss) | $ | (22,589 | ) | $ | 20,417 | $ | 20,576 | $ | (40,993 | ) | $ | (22,589 | ) | ||||||||
Other comprehensive income (loss), net of taxes | 340 | 1,869 | (2,707 | ) | — | (498 | ) | ||||||||||||||
Comprehensive income (loss) | $ | (22,249 | ) | $ | 22,286 | $ | 17,869 | $ | (40,993 | ) | $ | (23,087 | ) | ||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
Revenue | $ | — | $ | 700,904 | $ | 238,510 | $ | (26,922 | ) | $ | 912,492 | ||||||||||
Cost of goods and services | — | 531,186 | 202,365 | (24,226 | ) | 709,325 | |||||||||||||||
Gross profit | — | 169,718 | 36,145 | (2,696 | ) | 203,167 | |||||||||||||||
Selling, general and administrative expenses | 11,278 | 129,586 | 30,534 | (3,120 | ) | 168,278 | |||||||||||||||
Restructuring and other related charges | — | 6,480 | 3,964 | — | 10,444 | ||||||||||||||||
Total operating expenses | 11,278 | 136,066 | 34,498 | (3,120 | ) | 178,722 | |||||||||||||||
Income (loss) from operations | (11,278 | ) | 33,652 | 1,647 | 424 | 24,445 | |||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest income (expense), net | (7,222 | ) | (13,703 | ) | (5,063 | ) | — | (25,988 | ) | ||||||||||||
Other, net | 355 | 3,765 | (2,788 | ) | (424 | ) | 908 | ||||||||||||||
Total other income (expense) | (6,867 | ) | (9,938 | ) | (7,851 | ) | (424 | ) | (25,080 | ) | |||||||||||
Income (loss) before taxes | (18,145 | ) | 23,714 | (6,204 | ) | — | (635 | ) | |||||||||||||
Provision (benefit) for income taxes | (9,759 | ) | 8,948 | 437 | — | (374 | ) | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (8,386 | ) | 14,766 | (6,641 | ) | — | (261 | ) | |||||||||||||
Equity in net income (loss) of subsidiaries | 8,125 | (6,596 | ) | 14,766 | (16,295 | ) | — | ||||||||||||||
Net income (loss) | $ | (261 | ) | $ | 8,170 | $ | 8,125 | $ | (16,295 | ) | $ | (261 | ) | ||||||||
Net Income (loss) | $ | (261 | ) | $ | 8,170 | $ | 8,125 | $ | (16,295 | ) | $ | (261 | ) | ||||||||
Other comprehensive income (loss), net of taxes | 422 | 3,457 | (2,280 | ) | — | 1,599 | |||||||||||||||
Comprehensive income (loss) | $ | 161 | $ | 11,627 | $ | 5,845 | $ | (16,295 | ) | $ | 1,338 | ||||||||||
Condensed Cash Flow Statement [Table Text Block] | 'CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (22,589 | ) | $ | 20,417 | $ | 20,576 | $ | (40,993 | ) | $ | (22,589 | ) | ||||||||
Net cash provided by (used in) operating activities | (30,836 | ) | (27,389 | ) | 31,588 | — | (26,637 | ) | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Acquisition of property, plant and equipment | (618 | ) | (29,921 | ) | (4,306 | ) | — | (34,845 | ) | ||||||||||||
Acquired business, net of cash acquired | — | (1,000 | ) | (21,720 | ) | — | (22,720 | ) | |||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | |||||||||||||||
Proceeds from sale of assets | — | 230 | 64 | — | 294 | ||||||||||||||||
Net cash provided by (used in) investing activities | 9,382 | (40,691 | ) | (25,962 | ) | — | (57,271 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Proceeds from issuance of common stock | 584 | — | — | — | 584 | ||||||||||||||||
Purchase of shares for treasury | (63,370 | ) | — | — | — | (63,370 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | 629,568 | 10,939 | 4,007 | — | 644,514 | ||||||||||||||||
Payments of long-term debt | (582,108 | ) | (12,097 | ) | 7,895 | — | (586,310 | ) | |||||||||||||
Change in short-term borrowings | — | — | 4,908 | — | 4,908 | ||||||||||||||||
Financing costs | (10,142 | ) | — | (545 | ) | — | (10,687 | ) | |||||||||||||
Purchase of ESOP shares | (10,000 | ) | — | — | — | (10,000 | ) | ||||||||||||||
Tax effect from exercise/vesting of equity awards, net | 273 | — | — | — | 273 | ||||||||||||||||
Dividend | (8,290 | ) | 5,000 | — | — | (3,290 | ) | ||||||||||||||
Other, net | 144 | 43,140 | (43,140 | ) | — | 144 | |||||||||||||||
Net cash provided by (used in) financing activities | (43,341 | ) | 46,982 | (26,875 | ) | — | (23,234 | ) | |||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||||||||||
Net cash used in discontinued operations | — | — | (640 | ) | — | (640 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | (415 | ) | — | (415 | ) | ||||||||||||||
NET DECREASE IN CASH AND EQUIVALENTS | (64,795 | ) | (21,098 | ) | (22,304 | ) | — | (108,197 | ) | ||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 68,994 | 46,357 | 62,779 | — | 178,130 | ||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 4,199 | $ | 25,259 | $ | 40,475 | $ | — | $ | 69,933 | |||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income (loss) | $ | (261 | ) | $ | 8,170 | $ | 8,125 | $ | (16,295 | ) | $ | (261 | ) | ||||||||
Net cash provided by (used in) operating activities | (43,968 | ) | (26,900 | ) | 36,885 | — | (33,983 | ) | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Acquisition of property, plant and equipment | (24 | ) | (28,624 | ) | (2,347 | ) | — | (30,995 | ) | ||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | |||||||||||||||
Proceeds from sale of assets | — | 1,171 | 45 | — | 1,216 | ||||||||||||||||
Net cash provided by (used in) investing activities | 9,976 | (37,453 | ) | (2,302 | ) | — | (29,779 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Purchase of shares for treasury | (22,109 | ) | — | — | — | (22,109 | ) | ||||||||||||||
Proceeds from issuance of long-term debt | — | 303 | — | — | 303 | ||||||||||||||||
Payments of long-term debt | (813 | ) | (514 | ) | (4,073 | ) | — | (5,400 | ) | ||||||||||||
Change in short-term borrowings | — | — | 2,157 | — | 2,157 | ||||||||||||||||
Financing costs | (759 | ) | — | — | — | (759 | ) | ||||||||||||||
Tax effect from exercise/vesting of equity awards, net | 150 | — | — | — | 150 | ||||||||||||||||
Dividend | (2,938 | ) | — | — | — | (2,938 | ) | ||||||||||||||
Other, net | 242 | 44,885 | (44,885 | ) | — | 242 | |||||||||||||||
Net cash provided by (used in) financing activities | (26,227 | ) | 44,674 | (46,801 | ) | — | (28,354 | ) | |||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||||||||||
Net cash used in discontinued operations | — | — | (478 | ) | — | (478 | ) | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | (138 | ) | — | (138 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | (60,219 | ) | (19,679 | ) | (12,834 | ) | — | (92,732 | ) | ||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 125,093 | 34,782 | 49,779 | — | 209,654 | ||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 64,874 | $ | 15,103 | $ | 36,945 | $ | — | $ | 116,922 |
DESCRIPTION_OF_BUSINESS_AND_BA1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) | 6 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Number of Operating Segments | 3 |
Number of companies | 2 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 |
Not Designated as Hedging Instrument [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Derivative, Average Forward Exchange Rate | 1.1 | 1.1 |
Fair Value, Inputs, Level 1 [Member] | Convertible Notes 2017 [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Convertible Debt, Fair Value Disclosures | $111,300 | $111,300 |
Fair Value, Inputs, Level 1 [Member] | Senior Notes 2022 [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Convertible Debt, Fair Value Disclosures | 591,000 | 591,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Insurance Contracts Fair Value | 3,644 | 3,644 |
Trading Securities | 1,321 | 1,321 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 16 | 54 |
Convertible Notes 2017 [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | 4.00% |
Australian Dollar Forward Contracts [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Derivative Asset, Notional Amount | $3,861 | $3,861 |
Minimum [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Foreign Currency Contracts Duration | '15 days | '15 days |
Maximum [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Foreign Currency Contracts Duration | '80 days | '80 days |
ACQUISITION_Details
ACQUISITION (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||
Northcote Pottery [Member] | |||
ACQUISITION (Details) [Line Items] | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $22,720 | $22,000 | $1,000 |
Annualized Revenues Expected to be Recognized | ' | 28,000 | ' |
Business Acquisition, Transaction Costs | ' | $798 | ' |
ACQUISITION_Details_Summary_of
ACQUISITION (Details) - Summary of Fair Values of Assets Acquired (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
ACQUISITION (Details) - Summary of Fair Values of Assets Acquired [Line Items] | ' | ' |
Goodwill | $370,172 | $357,730 |
Sales & Marketing Group, Inc. [Member] | ' | ' |
ACQUISITION (Details) - Summary of Fair Values of Assets Acquired [Line Items] | ' | ' |
Current Assets, net of cash acquired | 7,921 | ' |
PP&E | 1,376 | ' |
Goodwill | 11,617 | ' |
Amortizable intangible assets | 6,023 | ' |
Indefinite life intangible assets | 1,686 | ' |
Total assets acquired | 28,623 | ' |
Total liabilities assumed | -6,903 | ' |
Net assets acquired | $21,720 | ' |
ACQUISITION_Details_Summary_of1
ACQUISITION (Details) - Summary of Goodwill and Intangible Asset Classifications (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
ACQUISITION (Details) - Summary of Goodwill and Intangible Asset Classifications [Line Items] | ' |
Goodwill | $11,617 |
Goodwill | 'N/A |
19,326 | |
Trade Names [Member] | ' |
ACQUISITION (Details) - Summary of Goodwill and Intangible Asset Classifications [Line Items] | ' |
Tradenames | 1,686 |
Tradenames | 'Indefinite |
Customer Relationships [Member] | ' |
ACQUISITION (Details) - Summary of Goodwill and Intangible Asset Classifications [Line Items] | ' |
Customer relationships | $6,023 |
Customer relationships | '25 years |
INVENTORIES_Details_Summary_of
INVENTORIES (Details) - Summary of Inventories Stated at Lower Cost (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Inventories Stated at Lower Cost [Abstract] | ' | ' |
Raw materials and supplies | $73,152 | $65,560 |
Work in process | 68,795 | 63,930 |
Finished goods | 114,743 | 100,630 |
Total | $256,690 | $230,120 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation, Depletion and Amortization, Nonproduction | $14,491 | $15,695 | $29,396 | $31,066 |
PROPERTY_PLANT_AND_EQUIPMENT_D1
PROPERTY, PLANT AND EQUIPMENT (Details) - Summary of Property Plant and Equipment (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | $865,049 | $827,883 |
Accumulated depreciation and amortization | -507,167 | -474,290 |
Total | 357,882 | 353,593 |
Land, Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 130,974 | 130,905 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 697,621 | 661,094 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | $36,454 | $35,884 |
GOODWILL_AND_OTHER_INTANGIBLES2
GOODWILL AND OTHER INTANGIBLES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization of Intangible Assets | $1,949 | $1,986 | $3,836 | $3,972 |
GOODWILL_AND_OTHER_INTANGIBLES3
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of Changes in Carrying Value of Goodwill (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill | $370,172 | $357,730 |
Goodwill from 2014 acquisitions | 11,617 | ' |
Other adjustments including currency translations | 825 | ' |
Home And Building Products [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 281,663 | 269,802 |
Goodwill from 2014 acquisitions | 11,617 | ' |
Other adjustments including currency translations | 244 | ' |
Telephonics [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 18,545 | 18,545 |
Plastics [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 69,964 | 69,383 |
Other adjustments including currency translations | $581 | ' |
GOODWILL_AND_OTHER_INTANGIBLES4
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of Gross Carrying Value and Accumulated Amortization of Intangible Assets (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of Gross Carrying Value and Accumulated Amortization of Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $178,995 | $173,789 |
Accumulated Amortization | 35,692 | 31,965 |
Trademarks | 80,923 | 79,567 |
Total intangible assets | 259,918 | 253,356 |
Total intangible assets | 35,692 | 31,965 |
Customer Relationships [Member] | ' | ' |
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of Gross Carrying Value and Accumulated Amortization of Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 172,191 | 166,985 |
Accumulated Amortization | 32,515 | 29,049 |
Average Life | '25 years | ' |
Total intangible assets | 32,515 | 29,049 |
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 | 6,804 |
Accumulated Amortization | 3,177 | 2,916 |
Average Life | '13 years | ' |
Total intangible assets | $3,177 | $2,916 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 16.10% | 65.70% | 13.20% | 59.00% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount (in Dollars) | $609 | $309 | $320 | $364 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 18.10% | 52.70% | 14.40% | 1.70% |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2011 | Sep. 30, 2007 | Oct. 21, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Feb. 14, 2014 | Feb. 14, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2010 | Dec. 21, 2009 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 27, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2007 | Sep. 30, 2013 | Sep. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Feb. 14, 2014 | |||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | 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] | Convertible Debt 2017 [Member] | Convertible Debt 2017 [Member] | Convertible Debt 2017 [Member] | Convertible Debt 2017 [Member] | Senior Notes 2022 [Member] | Senior Notes 2022 [Member] | Senior Notes 2022 [Member] | Senior Notes 2022 [Member] | Senior Notes 2022 [Member] | Senior Notes 2022 [Member] | Senior Notes 2018 [Member] | Senior Notes 2018 [Member] | Senior Notes 2018 [Member] | Senior Notes 2018 [Member] | Senior Notes 2018 [Member] | Senior Notes [Member] | Real Estate Mortgages Loan [Member] | Real Estate Mortgages Loan [Member] | Real Estate Mortgages Loan [Member] | Real Estate Mortgages Loan [Member] | 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] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [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 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] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Revolver Due 2019 [ Member] | Revolver Due 2019 [ Member] | ||||||||||||||||||||||||||||||||||||||
Revolver Due 2019 [ Member] | Revolver Due 2019 [ Member] | Revolver Due 2019 [ Member] | Revolver Due 2019 [ Member] | Revolver Due 2019 [ 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 ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | AUD | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Brazilian CDI [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $21,098 | ' | $21,098 | ' | ' | ' | ' | ' | ' | $17,175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | $600,000 | ' | $550,000 | ' | $550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | 5.25% | ' | 7.13% | ' | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Payment of Tender Offer Premium | ' | ' | ' | ' | ' | 31,530 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Interest Paid | ' | 10,807 | ' | 11,497 | ' | 22,335 | 23,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800 | [1] | 0 | [1] | 2,800 | [1] | 0 | [1] | ' | ' | 6,133 | [1] | 9,797 | [1] | 15,930 | [1] | 19,594 | [1] | ' | 16,716 | 122 | [2] | 135 | [2] | 252 | [2] | 274 | [2] | ' | 180 | [3] | 158 | [3] | 332 | [3] | 325 | [3] | ' | ' | ' | ' | 114 | [4] | 125 | [4] | 233 | [4] | 256 | [4] | ' | ' | ' | ' | 101 | [5] | 133 | [5] | 153 | [5] | 306 | [5] | ' | 224 | [5] | ' | 147 | [5] | ' | 417 | [5] | 260 | [5] | ' | ' | ' | ' | |||||||
Underwriting Fees and Other Expense Capitalized | ' | ' | ' | ' | ' | 9,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | ' | -38,890 | ' | ' | ' | -38,890 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | 6,574 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Prepaid Interest on Defeased Note on Extinguishment of Debt | ' | ' | ' | ' | ' | 786 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800 | ' | ' | ' | 2,800 | ' | 15,000 | ' | ' | 225,000 | |||||||||||||||||||||||||||||||||||
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Maximum Percentage of Equity Interest of Subsidiaries Borrowings Guaranteed | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Amount Outstanding | ' | 0 | ' | ' | ' | 0 | ' | 5,500 | ' | ' | ' | 20,352 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,559 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,943 | ' | 3,943 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 184,648 | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68.6238 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, If-converted Value in Excess of Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,720 | 15,720 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Number of Properties Refinanced | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | 31-Oct-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | 'The revolving credit facility accrues interest at EURIBOR plus 2.20% per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The loans bear interest at a rate of LIBOR plus 2.75%. | ' | ' | ' | ' | 'The loan bears interest at a) LIBOR plus 2.25% or b) the lender's prime rate, at Griffon's option. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | 1.30% | 2.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | 2.25% | ' | ' | 2.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.95% | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | ' | 798,426 | ' | ' | ' | 798,426 | ' | ' | ' | ' | 702,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | [1] | ' | 600,000 | [1] | ' | ' | 0 | [1] | 0 | [1] | ' | 0 | [1] | ' | 550,000 | [1] | ' | 16,818 | [2] | ' | 16,818 | [2] | ' | 13,212 | [2] | 30,087 | [3] | ' | 30,087 | [3] | ' | 21,098 | [3] | ' | ' | ' | 9,042 | [4] | ' | 9,042 | [4] | ' | ' | 9,529 | [4] | ' | ' | 11,559 | [5] | ' | 11,559 | [5] | ' | 3,115 | [5] | 9,443 | [5] | ' | ' | ' | 9,443 | [5] | ' | ' | 4,606 | [5] | ' | ' | ||||||||||||||
Number of Refinanced ESOP Loan | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Number of New Term Loan Refinance from ESOP Loans | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Amount of Line Note Available to Purchase Common Stock in Open Market | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award (in Shares) | ' | ' | ' | ' | ' | 749,977 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award Shares Purchased for Award Value | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | 419 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 505 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument Balloon Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | 644,514 | 303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Capital Lease Maturity Year | ' | ' | ' | ' | ' | ' | ' | ' | '2022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Proceeds from Long-term Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | 30-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Maintains Maximum Amount Of Line Of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,700 | ' | $5,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.30% | [1] | ' | [1] | 5.30% | [1] | ' | [1] | ' | ' | 7.10% | [1] | 7.50% | [1] | 7.10% | [1] | 7.40% | [1] | ' | ' | 3.80% | [2] | 5.40% | [2] | 4.00% | [2] | 5.40% | [2] | ' | 3.40% | [3] | 2.90% | [3] | 3.20% | [3] | 2.90% | [3] | ' | ' | ' | ' | 5.30% | [4] | 5.20% | [4] | 5.30% | [4] | 5.30% | [4] | ' | ' | ' | ' | ' | [5] | ' | [5] | ' | [5] | ' | [5] | ' | ' | [5] | ' | ' | [5] | ' | ' | [5] | ' | [5] | ' | ' | ' | ' | |||||||
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.45% | ' | 2.47% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Term Loan Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | [1] | ' | 5.25% | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | [1] | ' | 7.10% | [1] | ' | ' | [2] | ' | ' | [2] | ' | ' | [2] | ' | [3] | ' | ' | [3] | ' | ' | [3] | ' | 5.50% | ' | 5.00% | [4] | ' | 5.00% | [4] | ' | ' | 5.00% | [4] | ' | ' | ' | [5] | ' | ' | [5] | ' | ' | [5] | ' | [5] | ' | ' | ' | ' | [5] | ' | ' | ' | [5] | ' | ' | ||||||||||||||
[1] | On February 27, 2014, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $600,000 of 5.25% Senior Notes due 2022 ("Senior Notes"); interest is payable semi-annually on March 1 and September 1, starting September 1, 2014. Proceeds from the Senior Notes were used to redeem $550,000 of 7.125% senior notes due 2018, to pay a tender offer premium of $31,530 and to make interest payments of $16,716, with the balance used to pay a portion of the related fees and expenses. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. At the time of issuance of the Senior Notes, Griffon agreed that, within certain time periods after the issue date, it would offer to each noteholder, pursuant to a registration statement filed with and to be declared effective by the SEC, the opportunity to exchange its Senior Notes for new notes that have substantially identical terms to those of the Senior Notes (the only material difference being that the new notes are registered with the SEC). In connection with these transactions, Griffon capitalized $9,950 of underwriting fees and other expenses incurred related to issuance of the Senior Notes, which will amortize over the term of such notes. Griffon recognized a loss on the early extinguishment of debt on the 7.125% senior notes aggregating $38,890, comprised of the $31,530 tender offer premium, the write-off of $6,574 of remaining deferred financing fees and $786 of prepaid interest on defeased notes.On February 14, 2014, Griffon amended its $225,000 Revolving Credit Facility ("Credit Agreement") extending its maturity date from March 28, 2018 to March 28, 2019, amending certain financial maintenance ratio test thresholds and increasing certain baskets for permitted debt, guaranties, liens, asset sales, foreign acquisitions, investments and restricted payments. 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 swing line 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 an 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 1.25% for base rate loans and 2.25% 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 ability of Griffon to incur indebtedness and liens and to make restricted payments and investments. Borrowings under the Credit Agreement are guaranteed by Griffon's material domestic subsidiaries and are secured, on a first priority basis, by substantially all assets of the Company and the guarantors and a pledge of not greater than 65% of the equity interest in each of Griffon's material, first-tier foreign subsidiaries.At March 31, 2014, outstanding borrowings and standby letters of credit were $20,000 and $20,352, respectively; $184,648 was available for borrowing at that date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | On October 21, 2013, Griffon refinanced two properties' real estate mortgages to secure new loans totaling $17,175. The loans mature in October 2018, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 2.75%. At March 31, 2014, $16,818 was outstanding. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | In December 2013, Griffon's Employee Stock Ownership Plan ("ESOP") entered into an agreement which refinanced the two existing ESOP loans into one new Term Loan in the amount of $21,098. The Agreement also provided a Line Note with $10,000 available to purchase shares of Griffon common stock in the open market through September 29, 2014. As of March 31, 2014, 749,977 shares of Griffon common stock, for a total of $10,000, were purchased with proceeds from the Line Note. In March 2014, the Line Note was combined with the Term Loan to form one new term loan. The loan bears interest at a) LIBOR plus 2.25% or b) the lender's prime rate, at Griffon's option. The loan requires quarterly principal payments of $505 through September 30, 2014 and $419 per quarter thereafter, with a balloon payment of approximately $19,000 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on a specific amount of Griffon assets, and Griffon guarantees repayment. As of March 31, 2014, approximately $30,087 was outstanding. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | In November 2010, Clopay Europe GMBH ("Clopay Europe") entered into a 10,000 revolving credit facility and a 20,000 term loan. The term loan was paid off in December 2013 and the revolver had borrowings of $5,500 at March 31, 2014. The revolving facility matures in November 2014, but is renewable upon mutual agreement with the bank. The revolving credit facility accrues interest at EURIBOR plus 2.20% per annum. 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.Clopay do Brazil maintains lines of credit of approximately $5,700. Interest on borrowings accrues at a rate of Brazilian CDI plus 6.0% (16.55% at March 31, 2014). At March 31, 2014 there was approximately $3,943 borrowed under the lines. Clopay Plastic Products Co., Inc. guarantees the loan and 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 (1.45% LIBOR USD and 2.47% Bankers Acceptance Rate CDN as of March 31, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At March 31, 2014, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing.In December 2013, Northcote Holdings Pty. Ltd entered into an AUD $12,500 term loan. The term loan is unsecured, requires quarterly interest payments and principal is due at maturity (December 2016). The loan accrues interest at Bank Bill Swap Bid Rate "BBSY" plus 2.8% per annum (5.5% at March 31, 2014). As of March 31, 2014, Griffon had an outstanding balance of $11,559. Subsidiaries of Northcote Holdings maintain a line of credit of approximately $2,800. The line of credit accrues interest at BBSY plus 2.25% per annum (4.95% at March 31, 2014). At March 31, 2014, there were no outstanding borrowings under the line. Griffon Corporation guarantees both the term loan and the line of credit. |
LONGTERM_DEBT_Details_Summary_
LONG-TERM DEBT (Details) - Summary of Long-Term Debt (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | $798,426 | $702,501 | ||
Original Issuer Discount | -11,454 | -13,246 | ||
Balance Sheet | 786,972 | 689,255 | ||
Capitalized Fees & Expenses | 14,369 | 11,674 | ||
less: Current portion | -13,393 | -10,768 | ||
less: Current portion | 0 | 0 | ||
less: Current portion | -13,393 | -10,768 | ||
Long-term debt | 785,033 | 691,733 | ||
Long-term debt | -11,454 | -13,246 | ||
Long-term debt | 773,579 | 678,487 | ||
Senior Notes 2018 [Member] | ' | ' | ||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 0 | [1] | 550,000 | [1] |
Original Issuer Discount | 0 | [1] | 0 | [1] |
Balance Sheet | 0 | [1] | 550,000 | [1] |
Capitalized Fees & Expenses | 0 | [1] | 7,328 | [1] |
Coupon Interest Rate | ' | [1] | 7.10% | [1] |
Senior Notes 2022 [Member] | ' | ' | ||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 600,000 | [1] | 0 | [1] |
Original Issuer Discount | 0 | [1] | 0 | [1] |
Balance Sheet | 600,000 | [1] | 0 | [1] |
Capitalized Fees & Expenses | 9,839 | [1] | 0 | [1] |
Coupon Interest Rate | 5.25% | [1] | ' | [1] |
Revolver Due 2019 [ Member] | ' | ' | ||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 20,000 | [1] | 0 | [1] |
Original Issuer Discount | 0 | [1] | 0 | [1] |
Balance Sheet | 20,000 | [1] | 0 | [1] |
Capitalized Fees & Expenses | 2,227 | [1] | 2,425 | [1] |
Coupon Interest Rate | ' | [1] | ' | [1] |
Convertible Debt 2017 [Member] | ' | ' | ||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 100,000 | [2] | 100,000 | [2] |
Original Issuer Discount | -11,454 | [2] | -13,246 | [2] |
Balance Sheet | 88,546 | [2] | 86,754 | [2] |
Capitalized Fees & Expenses | 1,256 | [2] | 1,478 | [2] |
Coupon Interest Rate | 4.00% | [2] | 4.00% | [2] |
Real Estate Mortgages Loan [Member] | ' | ' | ||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 16,818 | [3] | 13,212 | [3] |
Original Issuer Discount | 0 | [3] | 0 | [3] |
Balance Sheet | 16,818 | [3] | 13,212 | [3] |
Capitalized Fees & Expenses | 657 | [3] | 185 | [3] |
Coupon Interest Rate | ' | [3] | ' | [3] |
Employee Stock Ownership Plan Loan [Member] | ' | ' | ||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 30,087 | [4] | 21,098 | [4] |
Original Issuer Discount | 0 | [4] | 0 | [4] |
Balance Sheet | 30,087 | [4] | 21,098 | [4] |
Capitalized Fees & Expenses | 79 | [4] | 24 | [4] |
Coupon Interest Rate | ' | [4] | ' | [4] |
Capital Lease Obligations [Member] | ' | ' | ||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 9,042 | [5] | 9,529 | [5] |
Original Issuer Discount | 0 | [5] | 0 | [5] |
Balance Sheet | 9,042 | [5] | 9,529 | [5] |
Capitalized Fees & Expenses | 194 | [5] | 207 | [5] |
Coupon Interest Rate | 5.00% | [5] | 5.00% | [5] |
Foreign Line of Credit [Member] | ' | ' | ||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 9,443 | [6] | 4,606 | [6] |
Original Issuer Discount | 0 | [6] | 0 | [6] |
Balance Sheet | 9,443 | [6] | 4,606 | [6] |
Capitalized Fees & Expenses | 0 | [6] | 0 | [6] |
Coupon Interest Rate | ' | [6] | ' | [6] |
Foreign Term Loan [Member] | ' | ' | ||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 11,559 | [6] | 3,115 | [6] |
Original Issuer Discount | 0 | [6] | 0 | [6] |
Balance Sheet | 11,559 | [6] | 3,115 | [6] |
Capitalized Fees & Expenses | 88 | [6] | 27 | [6] |
Coupon Interest Rate | ' | [6] | ' | [6] |
Other Long Term Debt [Member] | ' | ' | ||
LONG-TERM DEBT (Details) - Summary of Long-Term Debt [Line Items] | ' | ' | ||
Outstanding Balance | 1,477 | [7] | 941 | [7] |
Original Issuer Discount | 0 | [7] | 0 | [7] |
Balance Sheet | 1,477 | [7] | 941 | [7] |
Capitalized Fees & Expenses | $29 | [7] | $0 | [7] |
Coupon Interest Rate | ' | [7] | ' | [7] |
[1] | On February 27, 2014, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $600,000 of 5.25% Senior Notes due 2022 ("Senior Notes"); interest is payable semi-annually on March 1 and September 1, starting September 1, 2014. Proceeds from the Senior Notes were used to redeem $550,000 of 7.125% senior notes due 2018, to pay a tender offer premium of $31,530 and to make interest payments of $16,716, with the balance used to pay a portion of the related fees and expenses. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. At the time of issuance of the Senior Notes, Griffon agreed that, within certain time periods after the issue date, it would offer to each noteholder, pursuant to a registration statement filed with and to be declared effective by the SEC, the opportunity to exchange its Senior Notes for new notes that have substantially identical terms to those of the Senior Notes (the only material difference being that the new notes are registered with the SEC). In connection with these transactions, Griffon capitalized $9,950 of underwriting fees and other expenses incurred related to issuance of the Senior Notes, which will amortize over the term of such notes. Griffon recognized a loss on the early extinguishment of debt on the 7.125% senior notes aggregating $38,890, comprised of the $31,530 tender offer premium, the write-off of $6,574 of remaining deferred financing fees and $786 of prepaid interest on defeased notes.On February 14, 2014, Griffon amended its $225,000 Revolving Credit Facility ("Credit Agreement") extending its maturity date from March 28, 2018 to March 28, 2019, amending certain financial maintenance ratio test thresholds and increasing certain baskets for permitted debt, guaranties, liens, asset sales, foreign acquisitions, investments and restricted payments. 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 swing line 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 an 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 1.25% for base rate loans and 2.25% 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 ability of Griffon to incur indebtedness and liens and to make restricted payments and investments. Borrowings under the Credit Agreement are guaranteed by Griffon's material domestic subsidiaries and are secured, on a first priority basis, by substantially all assets of the Company and the guarantors and a pledge of not greater than 65% of the equity interest in each of Griffon's material, first-tier foreign subsidiaries.At March 31, 2014, outstanding borrowings and standby letters of credit were $20,000 and $20,352, respectively; $184,648 was available 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 68.6238 shares of Griffon's common stock per $1,000 principal amount of notes, corresponding to a conversion price of $14.57 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 March 31, 2014, the above conversion price included dividends paid through March 27, 2014. At both March 31, 2014 and 2013, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. | |||
[3] | On October 21, 2013, Griffon refinanced two properties' real estate mortgages to secure new loans totaling $17,175. The loans mature in October 2018, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 2.75%. At March 31, 2014, $16,818 was outstanding. | |||
[4] | In December 2013, Griffon's Employee Stock Ownership Plan ("ESOP") entered into an agreement which refinanced the two existing ESOP loans into one new Term Loan in the amount of $21,098. The Agreement also provided a Line Note with $10,000 available to purchase shares of Griffon common stock in the open market through September 29, 2014. As of March 31, 2014, 749,977 shares of Griffon common stock, for a total of $10,000, were purchased with proceeds from the Line Note. In March 2014, the Line Note was combined with the Term Loan to form one new term loan. The loan bears interest at a) LIBOR plus 2.25% or b) the lender's prime rate, at Griffon's option. The loan requires quarterly principal payments of $505 through September 30, 2014 and $419 per quarter thereafter, with a balloon payment of approximately $19,000 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on a specific amount of Griffon assets, and Griffon guarantees repayment. As of March 31, 2014, approximately $30,087 was outstanding. | |||
[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 term loan was paid off in December 2013 and the revolver had borrowings of $5,500 at March 31, 2014. The revolving facility matures in November 2014, but is renewable upon mutual agreement with the bank. The revolving credit facility accrues interest at EURIBOR plus 2.20% per annum. 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.Clopay do Brazil maintains lines of credit of approximately $5,700. Interest on borrowings accrues at a rate of Brazilian CDI plus 6.0% (16.55% at March 31, 2014). At March 31, 2014 there was approximately $3,943 borrowed under the lines. Clopay Plastic Products Co., Inc. guarantees the loan and 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 (1.45% LIBOR USD and 2.47% Bankers Acceptance Rate CDN as of March 31, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At March 31, 2014, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing.In December 2013, Northcote Holdings Pty. Ltd entered into an AUD $12,500 term loan. The term loan is unsecured, requires quarterly interest payments and principal is due at maturity (December 2016). The loan accrues interest at Bank Bill Swap Bid Rate "BBSY" plus 2.8% per annum (5.5% at March 31, 2014). As of March 31, 2014, Griffon had an outstanding balance of $11,559. Subsidiaries of Northcote Holdings maintain a line of credit of approximately $2,800. The line of credit accrues interest at BBSY plus 2.25% per annum (4.95% at March 31, 2014). At March 31, 2014, there were no outstanding borrowings under the line. Griffon Corporation guarantees both the term loan and the line of credit. | |||
[7] | Other long-term debt primarily consists of capital leases. |
LONGTERM_DEBT_Details_Summary_1
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | ' | ' | 6.00% | ' | ||||
Cash Interest | $10,807 | $11,497 | $22,335 | $23,065 | ||||
Amort. Debt Discount | 909 | 834 | 1,792 | 1,645 | ||||
Amort. Deferred Cost & Other Fees | 673 | 729 | 1,396 | 1,457 | ||||
Total Interest Expense | 12,389 | 13,060 | 25,523 | 26,167 | ||||
Senior Notes 2018 [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 7.10% | [1] | 7.50% | [1] | 7.10% | [1] | 7.40% | [1] |
Cash Interest | 6,133 | [1] | 9,797 | [1] | 15,930 | [1] | 19,594 | [1] |
Amort. Debt Discount | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Amort. Deferred Cost & Other Fees | 261 | [1] | 405 | [1] | 667 | [1] | 811 | [1] |
Total Interest Expense | 6,394 | [1] | 10,202 | [1] | 16,597 | [1] | 20,405 | [1] |
Senior Notes 2022 [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 5.30% | [1] | ' | [1] | 5.30% | [1] | ' | [1] |
Cash Interest | 2,800 | [1] | 0 | [1] | 2,800 | [1] | 0 | [1] |
Amort. Debt Discount | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Amort. Deferred Cost & Other Fees | 111 | [1] | 0 | [1] | 111 | [1] | 0 | [1] |
Total Interest Expense | 2,911 | [1] | 0 | [1] | 2,911 | [1] | 0 | [1] |
Revolver Due 2019 [ Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | ' | [1] | ' | [1] | ' | [1] | ' | [1] |
Cash Interest | 306 | [1] | 206 | [1] | 473 | [1] | 424 | [1] |
Amort. Debt Discount | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Amort. Deferred Cost & Other Fees | 142 | [1] | 157 | [1] | 278 | [1] | 313 | [1] |
Total Interest Expense | 448 | [1] | 363 | [1] | 751 | [1] | 737 | [1] |
Convertible Debt 2017 [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 9.30% | [2] | 9.30% | [2] | 9.10% | [2] | 9.20% | [2] |
Cash Interest | 1,000 | [2] | 1,000 | [2] | 2,000 | [2] | 2,000 | [2] |
Amort. Debt Discount | 909 | [2] | 834 | [2] | 1,792 | [2] | 1,645 | [2] |
Amort. Deferred Cost & Other Fees | 110 | [2] | 111 | [2] | 221 | [2] | 222 | [2] |
Total Interest Expense | 2,019 | [2] | 1,945 | [2] | 4,013 | [2] | 3,867 | [2] |
Real Estate Mortgages Loan [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 3.80% | [3] | 5.40% | [3] | 4.00% | [3] | 5.40% | [3] |
Cash Interest | 122 | [3] | 135 | [3] | 252 | [3] | 274 | [3] |
Amort. Debt Discount | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Amort. Deferred Cost & Other Fees | 37 | [3] | 22 | [3] | 73 | [3] | 43 | [3] |
Total Interest Expense | 159 | [3] | 157 | [3] | 325 | [3] | 317 | [3] |
Employee Stock Ownership Plan Loan [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 3.40% | [4] | 2.90% | [4] | 3.20% | [4] | 2.90% | [4] |
Cash Interest | 180 | [4] | 158 | [4] | 332 | [4] | 325 | [4] |
Amort. Debt Discount | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Amort. Deferred Cost & Other Fees | 5 | [4] | 2 | [4] | 7 | [4] | 4 | [4] |
Total Interest Expense | 185 | [4] | 160 | [4] | 339 | [4] | 329 | [4] |
Capital Lease Obligations [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 5.30% | [5] | 5.20% | [5] | 5.30% | [5] | 5.30% | [5] |
Cash Interest | 114 | [5] | 125 | [5] | 233 | [5] | 256 | [5] |
Amort. Debt Discount | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Amort. Deferred Cost & Other Fees | 7 | [5] | 7 | [5] | 14 | [5] | 13 | [5] |
Total Interest Expense | 121 | [5] | 132 | [5] | 247 | [5] | 269 | [5] |
Foreign Line of Credit [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | ' | [6] | ' | [6] | ' | [6] | ' | [6] |
Cash Interest | 224 | [6] | 147 | [6] | 417 | [6] | 260 | [6] |
Amort. Debt Discount | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] |
Amort. Deferred Cost & Other Fees | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] |
Total Interest Expense | 224 | [6] | 147 | [6] | 417 | [6] | 260 | [6] |
Foreign Term Loan [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | ' | [6] | ' | [6] | ' | [6] | ' | [6] |
Cash Interest | 101 | [6] | 133 | [6] | 153 | [6] | 306 | [6] |
Amort. Debt Discount | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] |
Amort. Deferred Cost & Other Fees | 0 | [6] | 25 | [6] | 4 | [6] | 51 | [6] |
Total Interest Expense | 101 | [6] | 158 | [6] | 157 | [6] | 357 | [6] |
Other Long Term Debt [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | ' | [7] | ' | [7] | ' | [7] | ' | [7] |
Cash Interest | 0 | [7] | 136 | [7] | 11 | [7] | 251 | [7] |
Amort. Debt Discount | 0 | [7] | 0 | [7] | 0 | [7] | 0 | [7] |
Amort. Deferred Cost & Other Fees | 0 | [7] | 0 | [7] | 21 | [7] | 0 | [7] |
Total Interest Expense | 0 | [7] | 136 | [7] | 32 | [7] | 251 | [7] |
Capitalized Interest [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Cash Interest | -173 | -340 | -266 | -625 | ||||
Amort. Debt Discount | 0 | 0 | 0 | 0 | ||||
Amort. Deferred Cost & Other Fees | 0 | 0 | 0 | 0 | ||||
Total Interest Expense | ($173) | ($340) | ($266) | ($625) | ||||
[1] | On February 27, 2014, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $600,000 of 5.25% Senior Notes due 2022 ("Senior Notes"); interest is payable semi-annually on March 1 and September 1, starting September 1, 2014. Proceeds from the Senior Notes were used to redeem $550,000 of 7.125% senior notes due 2018, to pay a tender offer premium of $31,530 and to make interest payments of $16,716, with the balance used to pay a portion of the related fees and expenses. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. At the time of issuance of the Senior Notes, Griffon agreed that, within certain time periods after the issue date, it would offer to each noteholder, pursuant to a registration statement filed with and to be declared effective by the SEC, the opportunity to exchange its Senior Notes for new notes that have substantially identical terms to those of the Senior Notes (the only material difference being that the new notes are registered with the SEC). In connection with these transactions, Griffon capitalized $9,950 of underwriting fees and other expenses incurred related to issuance of the Senior Notes, which will amortize over the term of such notes. Griffon recognized a loss on the early extinguishment of debt on the 7.125% senior notes aggregating $38,890, comprised of the $31,530 tender offer premium, the write-off of $6,574 of remaining deferred financing fees and $786 of prepaid interest on defeased notes.On February 14, 2014, Griffon amended its $225,000 Revolving Credit Facility ("Credit Agreement") extending its maturity date from March 28, 2018 to March 28, 2019, amending certain financial maintenance ratio test thresholds and increasing certain baskets for permitted debt, guaranties, liens, asset sales, foreign acquisitions, investments and restricted payments. 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 swing line 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 an 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 1.25% for base rate loans and 2.25% 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 ability of Griffon to incur indebtedness and liens and to make restricted payments and investments. Borrowings under the Credit Agreement are guaranteed by Griffon's material domestic subsidiaries and are secured, on a first priority basis, by substantially all assets of the Company and the guarantors and a pledge of not greater than 65% of the equity interest in each of Griffon's material, first-tier foreign subsidiaries.At March 31, 2014, outstanding borrowings and standby letters of credit were $20,000 and $20,352, respectively; $184,648 was available 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 68.6238 shares of Griffon's common stock per $1,000 principal amount of notes, corresponding to a conversion price of $14.57 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 March 31, 2014, the above conversion price included dividends paid through March 27, 2014. At both March 31, 2014 and 2013, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. | |||||||
[3] | On October 21, 2013, Griffon refinanced two properties' real estate mortgages to secure new loans totaling $17,175. The loans mature in October 2018, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 2.75%. At March 31, 2014, $16,818 was outstanding. | |||||||
[4] | In December 2013, Griffon's Employee Stock Ownership Plan ("ESOP") entered into an agreement which refinanced the two existing ESOP loans into one new Term Loan in the amount of $21,098. The Agreement also provided a Line Note with $10,000 available to purchase shares of Griffon common stock in the open market through September 29, 2014. As of March 31, 2014, 749,977 shares of Griffon common stock, for a total of $10,000, were purchased with proceeds from the Line Note. In March 2014, the Line Note was combined with the Term Loan to form one new term loan. The loan bears interest at a) LIBOR plus 2.25% or b) the lender's prime rate, at Griffon's option. The loan requires quarterly principal payments of $505 through September 30, 2014 and $419 per quarter thereafter, with a balloon payment of approximately $19,000 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on a specific amount of Griffon assets, and Griffon guarantees repayment. As of March 31, 2014, approximately $30,087 was outstanding. | |||||||
[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 term loan was paid off in December 2013 and the revolver had borrowings of $5,500 at March 31, 2014. The revolving facility matures in November 2014, but is renewable upon mutual agreement with the bank. The revolving credit facility accrues interest at EURIBOR plus 2.20% per annum. 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.Clopay do Brazil maintains lines of credit of approximately $5,700. Interest on borrowings accrues at a rate of Brazilian CDI plus 6.0% (16.55% at March 31, 2014). At March 31, 2014 there was approximately $3,943 borrowed under the lines. Clopay Plastic Products Co., Inc. guarantees the loan and 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 (1.45% LIBOR USD and 2.47% Bankers Acceptance Rate CDN as of March 31, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At March 31, 2014, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing.In December 2013, Northcote Holdings Pty. Ltd entered into an AUD $12,500 term loan. The term loan is unsecured, requires quarterly interest payments and principal is due at maturity (December 2016). The loan accrues interest at Bank Bill Swap Bid Rate "BBSY" plus 2.8% per annum (5.5% at March 31, 2014). As of March 31, 2014, Griffon had an outstanding balance of $11,559. Subsidiaries of Northcote Holdings maintain a line of credit of approximately $2,800. The line of credit accrues interest at BBSY plus 2.25% per annum (4.95% at March 31, 2014). At March 31, 2014, there were no outstanding borrowings under the line. Griffon Corporation guarantees both the term loan and the line of credit. | |||||||
[7] | Other long-term debt primarily consists of capital leases. |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 32 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | 1-May-14 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Subsequent Event [Member] | Incentive Plan [Member] | Incentive Stock Options [Member] | Two Thousand Six Equity Incentive Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Shares [Member] | Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | ||||||||||||||
SHAREHOLDERS' EQUITY (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | ' | ' | ' | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Amount Per Share (in Dollars per share) | ' | ' | ' | $0.03 | ' | ' | ' | ' | ' | $0.03 | ' | ' | $0.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | 44,476 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 963,657 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other Than Options Additional Grants in Future (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 518,490 | 599,328 | 461,827 | 554,498 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | ' | ' | '3 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,074 | $7,426 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.64 | $12.39 | ' | ' | ' | ' | ' | ' |
Share-based Compensation | ' | ' | ' | 3,321 | ' | ' | ' | 3,338 | ' | 4,996 | 6,298 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | 50,000 | 50,000 | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 10,000 |
Stock Repurchased During Period, Shares (in Shares) | ' | 4,444,444 | ' | ' | ' | ' | ' | ' | ' | 598,481 | ' | ' | 4,320,712 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 629,977 | 120,000 | 749,977 |
Stock Repurchased During Period, Value | 584 | 50,000 | ' | ' | ' | ' | ' | ' | ' | 7,501 | ' | ' | 45,474 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,409 | 1,591 | 10,000 |
Stock Repurchased During Period Per Share (in Dollars per share) | $13.13 | $11.25 | ' | ' | ' | ' | ' | ' | ' | $12.53 | ' | ' | $10.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.35 | $13.26 | $13.33 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,525 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation (in Shares) | ' | ' | ' | 123,052 | 288,012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Paid For Tax Withholding For Share Based Compensation, Value | ' | ' | ' | $1,502 | $3,764 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Paid For Tax Withholding For Share Based Compensation, Value Per Share (in Dollars per share) | ' | ' | ' | $12.21 | $13.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Number of Installments for Vesting of Stock Awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Stock Repurchase During Period Stock Closing Price Discount Percent | ' | 9.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in Shares) | ' | 5,560,000 | ' | ' | 5,560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program Number of Shares Authorized to be Repurchased Percent | ' | 10.00% | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EARNINGS_PER_SHARE_EPS_Details
EARNINGS PER SHARE (EPS) (Details) - Summary of Reconciliation of Share Amounts Used in Earnings Per Share | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
EARNINGS PER SHARE (EPS) (Details) - Summary of Reconciliation of Share Amounts Used in Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 48,990 | 54,345 | 50,872 | 54,749 |
Weighted average shares outstanding - diluted | 48,990 | 54,345 | 50,872 | 54,749 |
Employee Stock Option [Member] | ' | ' | ' | ' |
EARNINGS PER SHARE (EPS) (Details) - Summary of Reconciliation of Share Amounts Used in Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive restricted stock excluded from diluted EPS computation | 644 | 856 | 644 | 856 |
Restricted Stock [Member] | ' | ' | ' | ' |
EARNINGS PER SHARE (EPS) (Details) - Summary of Reconciliation of Share Amounts Used in Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive restricted stock excluded from diluted EPS computation | 1,507 | 2,421 | 1,682 | 2,259 |
BUSINESS_SEGMENTS_Details_Summ
BUSINESS SEGMENTS (Details) - Summary of Reconciliation of Segment Profit Before Taxes and Operations (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
Home & Building Products: | ' | ' | ' | ' | ' | ' |
Consolidated net sales | $507,687 | ' | $488,743 | ' | $961,145 | $912,492 |
Segment operating profit: | ' | ' | ' | ' | ' | ' |
Segment operating profit | 19,673 | ' | 10,102 | ' | 36,654 | 24,445 |
Net interest expense | -12,361 | ' | -12,909 | ' | -25,462 | -25,988 |
Unallocated amounts | -8,391 | ' | -7,980 | ' | -16,374 | -15,567 |
Loss from debt extinguishment, net | -38,890 | ' | ' | ' | -38,890 | ' |
Loss on pension settlement | ' | ' | ' | 2,142 | ' | -2,142 |
Loss before taxes | -30,795 | ' | -2,385 | ' | -26,009 | -635 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | 45,875 | ' | 45,412 | ' | 90,081 | 88,334 |
Net interest expense | -12,361 | ' | -12,909 | ' | -25,462 | -25,988 |
Segment depreciation and amortization | -16,336 | ' | -17,572 | ' | -33,032 | -34,828 |
Unallocated amounts | -8,391 | ' | -7,980 | ' | -16,374 | -15,567 |
Loss from debt extinguishment, net | -38,890 | ' | ' | ' | -38,890 | ' |
Restructuring charges | -692 | -842 | -9,336 | -1,108 | -1,534 | -10,444 |
Acquisition costs | ' | ' | ' | ' | -798 | ' |
Loss on pension settlement | ' | ' | ' | 2,142 | ' | -2,142 |
Loss before taxes | -30,795 | ' | -2,385 | ' | -26,009 | -635 |
Segment: | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | 16,336 | ' | 17,572 | ' | 33,032 | 34,828 |
Consolidated depreciation and amortization | 16,439 | ' | 17,681 | ' | 33,232 | 35,038 |
Segment: | ' | ' | ' | ' | ' | ' |
Capital expenditures | 16,929 | ' | 13,707 | ' | 34,845 | 30,995 |
Ames True Temper Inc [Member] | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' |
Home & Building Products | 160,705 | ' | 136,237 | ' | 257,313 | 213,546 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | -8,000 | ' |
Clopay Building Products [Member] | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' |
Home & Building Products | 90,838 | ' | 89,499 | ' | 212,680 | 202,366 |
Home And Building Products [Member] | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' |
Home & Building Products | 251,543 | ' | 225,736 | ' | 469,993 | 415,912 |
Segment operating profit: | ' | ' | ' | ' | ' | ' |
Segment operating profit | 8,818 | ' | 3,835 | ' | 18,211 | 11,106 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | 17,124 | ' | 17,555 | ' | 36,191 | 34,794 |
Segment depreciation and amortization | -7,614 | ' | -9,157 | ' | -15,648 | -18,017 |
Restructuring charges | -692 | ' | -4,563 | ' | -1,534 | -5,671 |
Segment: | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | 7,614 | ' | 9,157 | ' | 15,648 | 18,017 |
Segment: | ' | ' | ' | ' | ' | ' |
Capital expenditures | 6,722 | ' | 6,711 | ' | 15,190 | 15,804 |
Telephonics [Member] | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' |
Consolidated net sales | 104,185 | ' | 121,631 | ' | 200,210 | 217,681 |
Segment operating profit: | ' | ' | ' | ' | ' | ' |
Segment operating profit | 10,677 | ' | 13,753 | ' | 21,329 | 28,398 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | 12,535 | ' | 15,505 | ' | 24,931 | 31,869 |
Segment depreciation and amortization | -1,858 | ' | -1,752 | ' | -3,602 | -3,471 |
Segment: | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | 1,858 | ' | 1,752 | ' | 3,602 | 3,471 |
Segment: | ' | ' | ' | ' | ' | ' |
Capital expenditures | 5,520 | ' | 2,630 | ' | 8,887 | 3,452 |
Plastics [Member] | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' |
Consolidated net sales | 151,959 | ' | 141,376 | ' | 290,942 | 278,899 |
Segment operating profit: | ' | ' | ' | ' | ' | ' |
Segment operating profit | 9,352 | ' | 916 | ' | 15,177 | 3,558 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | 16,216 | ' | 12,352 | ' | 28,959 | 21,671 |
Segment depreciation and amortization | -6,864 | ' | -6,663 | ' | -13,782 | -13,340 |
Segment: | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | 6,864 | ' | 6,663 | ' | 13,782 | 13,340 |
Segment: | ' | ' | ' | ' | ' | ' |
Capital expenditures | 4,390 | ' | 4,333 | ' | 10,150 | 11,701 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' |
Segment operating profit: | ' | ' | ' | ' | ' | ' |
Segment operating profit | 28,847 | ' | 18,504 | ' | 54,717 | 43,062 |
Segment: | ' | ' | ' | ' | ' | ' |
Capital expenditures | 16,632 | ' | 13,674 | ' | 34,227 | 30,957 |
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' |
Segment: | ' | ' | ' | ' | ' | ' |
Consolidated depreciation and amortization | 103 | ' | 109 | ' | 200 | 210 |
Segment: | ' | ' | ' | ' | ' | ' |
Capital expenditures | $297 | ' | $33 | ' | $618 | $38 |
BUSINESS_SEGMENTS_Details_Summ1
BUSINESS SEGMENTS (Details) - Summary of Segment Assets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Segment assets: | ' | ' |
Continuing Assets | $1,777,876 | $1,784,490 |
Assets of discontinued operations | 4,324 | 4,289 |
Consolidated total | 1,782,200 | 1,788,779 |
Home And Building Products [Member] | ' | ' |
Segment assets: | ' | ' |
Continuing Assets | 995,765 | 908,386 |
Telephonics [Member] | ' | ' |
Segment assets: | ' | ' |
Continuing Assets | 299,820 | 296,919 |
Plastics [Member] | ' | ' |
Segment assets: | ' | ' |
Continuing Assets | 426,563 | 422,730 |
Operating Segments [Member] | ' | ' |
Segment assets: | ' | ' |
Continuing Assets | 1,722,148 | 1,628,035 |
Corporate Segment [Member] | ' | ' |
Segment assets: | ' | ' |
Continuing Assets | $55,728 | $156,455 |
DEFINED_BENEFIT_PENSION_EXPENS2
DEFINED BENEFIT PENSION EXPENSE (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2013 |
USD ($) | EUR (€) | USD ($) | USD ($) | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | $1,776 | € 1,300 | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | ' | ' | 2,142 | -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 | ' |
DEFINED_BENEFIT_PENSION_EXPENS3
DEFINED BENEFIT PENSION EXPENSE (Details) - Summary of Defined Benefit Pension Expense (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of Defined Benefit Pension Expense [Abstract] | ' | ' | ' | ' | ' |
Service cost | $45 | $48 | ' | $90 | $98 |
Interest cost | 2,500 | 2,422 | ' | 5,000 | 4,847 |
Expected return on plan assets | -2,885 | -3,136 | ' | -5,770 | -6,274 |
Amortization: | ' | ' | ' | ' | ' |
Prior service cost | 4 | 5 | ' | 8 | 10 |
Recognized actuarial loss | 489 | 840 | ' | 978 | 1,680 |
Loss on pension settlement | ' | ' | -2,142 | ' | 2,142 |
Net periodic expense | $153 | $179 | ' | $306 | $2,503 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | $0 | $0 |
DISCONTINUED_OPERATIONS_Detail1
DISCONTINUED OPERATIONS (Details) - Summary of Discontinued Operations (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets of discontinued operations: | ' | ' |
Prepaid and other current assets | $1,217 | $1,214 |
Other long-term assets | 3,107 | 3,075 |
Total assets of discontinued operations | 4,324 | 4,289 |
Liabilities of discontinued operations: | ' | ' |
Accrued liabilities, current | 3,069 | 3,288 |
Other long-term liabilities | 4,359 | 4,744 |
Total liabilities of discontinued operations | $7,428 | $8,032 |
RESTRUCTURING_AND_OTHER_RELATE2
RESTRUCTURING AND OTHER RELATED CHARGES (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
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] | Home And Building Products [Member] | Plastics Europe [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [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] | |||||||||||||||||||
RESTRUCTURING AND OTHER RELATED CHARGES (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | $692 | $842 | $9,336 | $1,108 | $1,534 | $10,444 | ' | ' | $4,000 | $4,000 | $2,500 | $1,500 | $8,000 | $692 | $4,563 | $1,534 | $5,671 | $4,773 | $137 | $95 | $523 | $39 | $232 | $562 |
Restructuring and Related Cost, Expected Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | ' | ' | ' | ' | $7,583 | $15,269 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Number of Positions Eliminated, Inception to Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' |
RESTRUCTURING_AND_OTHER_RELATE3
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of the Restructuring and Other Related Charges (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
Amounts incurred in: | ' | ' | ' | ' | ' | ' |
Amount incurred in | $692 | $842 | $9,336 | $1,108 | $1,534 | $10,444 |
Employee Severance [Member] | ' | ' | ' | ' | ' | ' |
Amounts incurred in: | ' | ' | ' | ' | ' | ' |
Amount incurred in | 495 | 638 | 3,795 | 994 | 1,133 | 4,789 |
Facility Closing [Member] | ' | ' | ' | ' | ' | ' |
Amounts incurred in: | ' | ' | ' | ' | ' | ' |
Amount incurred in | 137 | 95 | 523 | 39 | 232 | 562 |
Other Restructuring [Member] | ' | ' | ' | ' | ' | ' |
Amounts incurred in: | ' | ' | ' | ' | ' | ' |
Amount incurred in | 60 | 109 | 1,517 | 75 | 169 | 1,592 |
Non-cash Facility and Other [Member] | ' | ' | ' | ' | ' | ' |
Amounts incurred in: | ' | ' | ' | ' | ' | ' |
Amount incurred in | ' | ' | $3,501 | ' | ' | $3,501 |
RESTRUCTURING_AND_OTHER_RELATE4
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of Accrued Liability for the Restructuring and Related Charges (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of Accrued Liability for the Restructuring and Related Charges [Line Items] | ' | ' |
Accrued liability | $2,320 | $3,857 |
Charges | 1,534 | ' |
Payments | -3,071 | ' |
Workforce Reduction [Member] | ' | ' |
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of Accrued Liability for the Restructuring and Related Charges [Line Items] | ' | ' |
Accrued liability | 2,096 | 3,057 |
Charges | 1,133 | ' |
Payments | -2,094 | ' |
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 | 73 | 393 |
Charges | 232 | ' |
Payments | -552 | ' |
Other Related Costs [Member] | ' | ' |
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of Accrued Liability for the Restructuring and Related Charges [Line Items] | ' | ' |
Accrued liability | 151 | 407 |
Charges | 169 | ' |
Payments | ($425) | ' |
OTHER_EXPENSE_Details
OTHER EXPENSE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | $436 | ($479) | $679 | ($467) |
Investment Income, Net | $15 | $321 | $127 | $353 |
WARRANTY_LIABILITY_Details
WARRANTY LIABILITY (Details) | 6 Months Ended |
Mar. 31, 2014 | |
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 $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of Changes in Warrant Liability Included in Accrued Liabilities [Abstract] | ' | ' | ' | ' |
Balance, beginning of period | $6,929 | $7,743 | $6,649 | $8,856 |
Warranties issued and changes in estimated pre-existing warranties | 1,135 | 662 | 2,101 | 656 |
Actual warranty costs incurred | -953 | -981 | -1,639 | -2,088 |
Balance, end of period | $7,111 | $7,424 | $7,111 | $7,424 |
OTHER_COMPREHENSIVE_INCOME_LOS2
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - Summary of Other Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustments | $1,224 | ($5,924) | ($1,913) | ($2,921) |
Foreign currency translation adjustments | 1,224 | -5,924 | -1,913 | -2,921 |
Pension and other defined benefit plans | 1,698 | 845 | 2,191 | 7,304 |
Pension and other defined benefit plans | -599 | -356 | -776 | -2,955 |
Pension and other defined benefit plans | 1,099 | 489 | 1,415 | 4,349 |
Gain on cash flow hedge | ' | 171 | ' | 171 |
Gain on cash flow hedge | ' | 171 | ' | 171 |
Total other comprehensive income (loss) | 2,922 | -4,908 | 278 | 4,554 |
Total other comprehensive income (loss) | -599 | -356 | -776 | -2,955 |
Total other comprehensive income (loss) | $2,323 | ($5,264) | ($498) | $1,599 |
OTHER_COMPREHENSIVE_INCOME_LOS3
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of Amounts Reclassified from Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Pension amortization | $493 | $845 | $986 | $1,690 |
Pension settlement | ' | ' | ' | 2,142 |
Total before tax | 493 | 845 | 986 | 3,832 |
Tax | -168 | -296 | -345 | -1,341 |
Net of tax | $325 | $549 | $641 | $2,491 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Disclosure Text Block Supplement [Abstract] | ' |
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 |
CONSOLIDATING_GUARANTOR_AND_NO2
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) | 6 Months Ended |
Mar. 31, 2014 | |
Consolidating Guarantor And Non Guarantor Financial Information [Abstract] | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Maximum Percentage of Segment Adjusted EBITDA to Business EBITDA | 50.00% |
CONSOLIDATING_GUARANTOR_AND_NO3
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) - Summary of Condensed Consolidating Balance Sheets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||||
CURRENT ASSETS | ' | ' | ' | ' | ' |
Cash and equivalents | $69,933 | $178,130 | $178,130 | $116,922 | $209,654 |
Accounts receivable, net of allowances | 309,162 | 256,215 | ' | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 107,825 | 109,828 | ' | ' | ' |
Inventories, net | 256,690 | 230,120 | ' | ' | ' |
Prepaid and other current assets | 51,212 | 48,903 | ' | ' | ' |
Assets of discontinued operations | 1,217 | 1,214 | ' | ' | ' |
Total Current Assets | 796,039 | 824,410 | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 357,882 | 353,593 | ' | ' | ' |
GOODWILL | 370,172 | 357,730 | ' | ' | ' |
INTANGIBLE ASSETS, net | 224,226 | 221,391 | ' | ' | ' |
INTERCOMPANY RECEIVABLE | 0 | 0 | ' | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 0 | 0 | ' | ' | ' |
OTHER ASSETS | 30,774 | 28,580 | ' | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 3,107 | 3,075 | ' | ' | ' |
Total Assets | 1,782,200 | 1,788,779 | ' | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 13,393 | 10,768 | ' | ' | ' |
Accounts payable and accrued liabilities | 264,977 | 270,353 | ' | ' | ' |
Liabilities of discontinued operations | 3,069 | 3,288 | ' | ' | ' |
Total Current Liabilities | 281,439 | 284,409 | ' | ' | ' |
LONG-TERM DEBT, net of debt discounts | 773,579 | 678,487 | ' | ' | ' |
INTERCOMPANY PAYABLES | 0 | 0 | ' | ' | ' |
OTHER LIABILITIES | 165,071 | 170,675 | ' | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 4,359 | 4,744 | ' | ' | ' |
Total Liabilities | 1,224,448 | 1,138,315 | ' | ' | ' |
SHAREHOLDERS’ EQUITY | 557,752 | 650,464 | ' | ' | ' |
Total Liabilities and Shareholders’ Equity | 1,782,200 | 1,788,779 | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' | ' |
Cash and equivalents | 4,199 | 68,994 | 68,994 | 64,874 | 125,093 |
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 | 4,273 | -712 | ' | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' | ' |
Total Current Assets | 8,472 | 68,282 | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 1,424 | 972 | ' | ' | ' |
GOODWILL | 0 | 0 | ' | ' | ' |
INTANGIBLE ASSETS, net | 0 | 0 | ' | ' | ' |
INTERCOMPANY RECEIVABLE | 558,505 | 547,903 | ' | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 787,103 | 772,374 | ' | ' | ' |
OTHER ASSETS | 47,410 | 45,968 | ' | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' | ' |
Total Assets | 1,402,914 | 1,435,499 | ' | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 1,847 | 1,000 | ' | ' | ' |
Accounts payable and accrued liabilities | 22,247 | 41,121 | ' | ' | ' |
Liabilities of discontinued operations | 0 | 0 | ' | ' | ' |
Total Current Liabilities | 24,094 | 42,121 | ' | ' | ' |
LONG-TERM DEBT, net of debt discounts | 736,786 | 656,852 | ' | ' | ' |
INTERCOMPANY PAYABLES | 21,318 | 20,607 | ' | ' | ' |
OTHER LIABILITIES | 62,964 | 65,455 | ' | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' | ' |
Total Liabilities | 845,162 | 785,035 | ' | ' | ' |
SHAREHOLDERS’ EQUITY | 557,752 | 650,464 | ' | ' | ' |
Total Liabilities and Shareholders’ Equity | 1,402,914 | 1,435,499 | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' | ' |
Cash and equivalents | 25,259 | 25,343 | 46,357 | 15,103 | 34,782 |
Accounts receivable, net of allowances | 258,037 | 213,506 | ' | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 107,388 | 109,683 | ' | ' | ' |
Inventories, net | 197,947 | 173,406 | ' | ' | ' |
Prepaid and other current assets | 21,059 | 21,854 | ' | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' | ' |
Total Current Assets | 609,690 | 543,792 | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 255,330 | 248,973 | ' | ' | ' |
GOODWILL | 290,761 | 288,146 | ' | ' | ' |
INTANGIBLE ASSETS, net | 158,950 | 160,349 | ' | ' | ' |
INTERCOMPANY RECEIVABLE | 886,492 | 911,632 | ' | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 549,256 | 533,742 | ' | ' | ' |
OTHER ASSETS | 51,142 | 50,423 | ' | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' | ' |
Total Assets | 2,801,621 | 2,737,057 | ' | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 1,098 | 1,079 | ' | ' | ' |
Accounts payable and accrued liabilities | 194,512 | 183,665 | ' | ' | ' |
Liabilities of discontinued operations | 0 | 0 | ' | ' | ' |
Total Current Liabilities | 195,610 | 184,744 | ' | ' | ' |
LONG-TERM DEBT, net of debt discounts | 8,298 | 9,006 | ' | ' | ' |
INTERCOMPANY PAYABLES | 772,390 | 796,741 | ' | ' | ' |
OTHER LIABILITIES | 153,635 | 153,970 | ' | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' | ' |
Total Liabilities | 1,129,933 | 1,144,461 | ' | ' | ' |
SHAREHOLDERS’ EQUITY | 1,671,688 | 1,592,596 | ' | ' | ' |
Total Liabilities and Shareholders’ Equity | 2,801,621 | 2,737,057 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' | ' |
Cash and equivalents | 40,475 | 83,793 | 62,779 | 36,945 | 49,779 |
Accounts receivable, net of allowances | 82,765 | 76,241 | ' | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 437 | 145 | ' | ' | ' |
Inventories, net | 58,814 | 56,723 | ' | ' | ' |
Prepaid and other current assets | 15,319 | 17,330 | ' | ' | ' |
Assets of discontinued operations | 1,217 | 1,214 | ' | ' | ' |
Total Current Assets | 199,027 | 235,446 | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 101,128 | 103,648 | ' | ' | ' |
GOODWILL | 79,411 | 69,584 | ' | ' | ' |
INTANGIBLE ASSETS, net | 65,276 | 61,042 | ' | ' | ' |
INTERCOMPANY RECEIVABLE | 83,046 | 573,269 | ' | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 1,783,996 | 2,718,956 | ' | ' | ' |
OTHER ASSETS | 7,435 | 7,423 | ' | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 3,107 | 3,075 | ' | ' | ' |
Total Assets | 2,322,426 | 3,772,443 | ' | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 10,448 | 8,689 | ' | ' | ' |
Accounts payable and accrued liabilities | 70,153 | 70,427 | ' | ' | ' |
Liabilities of discontinued operations | 3,069 | 3,288 | ' | ' | ' |
Total Current Liabilities | 83,670 | 82,404 | ' | ' | ' |
LONG-TERM DEBT, net of debt discounts | 28,495 | 12,629 | ' | ' | ' |
INTERCOMPANY PAYABLES | 707,295 | 1,188,017 | ' | ' | ' |
OTHER LIABILITIES | 22,804 | 25,578 | ' | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 4,359 | 4,744 | ' | ' | ' |
Total Liabilities | 846,623 | 1,313,372 | ' | ' | ' |
SHAREHOLDERS’ EQUITY | 1,475,803 | 2,459,071 | ' | ' | ' |
Total Liabilities and Shareholders’ Equity | 2,322,426 | 3,772,443 | ' | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | 0 | 0 |
Accounts receivable, net of allowances | -31,640 | -33,532 | ' | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 0 | 0 | ' | ' | ' |
Inventories, net | -71 | -9 | ' | ' | ' |
Prepaid and other current assets | 10,561 | 10,431 | ' | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' | ' |
Total Current Assets | -21,150 | -23,110 | ' | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 0 | 0 | ' | ' | ' |
GOODWILL | 0 | 0 | ' | ' | ' |
INTANGIBLE ASSETS, net | 0 | 0 | ' | ' | ' |
INTERCOMPANY RECEIVABLE | -1,528,043 | -2,032,804 | ' | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | -3,120,355 | -4,025,072 | ' | ' | ' |
OTHER ASSETS | -75,213 | -75,234 | ' | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' | ' |
Total Assets | -4,744,761 | -6,156,220 | ' | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 0 | 0 | ' | ' | ' |
Accounts payable and accrued liabilities | -21,935 | -24,860 | ' | ' | ' |
Liabilities of discontinued operations | 0 | 0 | ' | ' | ' |
Total Current Liabilities | -21,935 | -24,860 | ' | ' | ' |
LONG-TERM DEBT, net of debt discounts | 0 | 0 | ' | ' | ' |
INTERCOMPANY PAYABLES | -1,501,003 | -2,005,365 | ' | ' | ' |
OTHER LIABILITIES | -74,332 | -74,328 | ' | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' | ' |
Total Liabilities | -1,597,270 | -2,104,553 | ' | ' | ' |
SHAREHOLDERS’ EQUITY | -3,147,491 | -4,051,667 | ' | ' | ' |
Total Liabilities and Shareholders’ Equity | ($4,744,761) | ($6,156,220) | ' | ' | ' |
CONSOLIDATING_GUARANTOR_AND_NO4
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) - Summary of Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | $507,687 | ' | $488,743 | ' | $961,145 | $912,492 |
Cost of goods and services | 397,700 | ' | 383,246 | ' | 745,655 | 709,325 |
Gross profit | 109,987 | ' | 105,497 | ' | 215,490 | 203,167 |
Selling, general and administrative expenses | 89,622 | ' | 86,059 | ' | 177,302 | 168,278 |
Restructuring and other related charges | 692 | 842 | 9,336 | 1,108 | 1,534 | 10,444 |
Total operating expenses | 90,314 | ' | 95,395 | ' | 178,836 | 178,722 |
Income (loss) from operations | 19,673 | ' | 10,102 | ' | 36,654 | 24,445 |
Other income (expense) | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | -12,361 | ' | -12,909 | ' | -25,462 | -25,988 |
Loss from debt extinguishment, net | -38,890 | ' | ' | ' | -38,890 | ' |
Other, net | 783 | ' | 422 | ' | 1,689 | 908 |
Total other income (expense) | -50,468 | ' | -12,487 | ' | -62,663 | -25,080 |
Income (loss) before taxes | -30,795 | ' | -2,385 | ' | -26,009 | -635 |
Provision (benefit) for income taxes | -4,970 | ' | -1,566 | ' | -3,420 | -374 |
Income (loss) before equity in net income of subsidiaries | -25,825 | ' | -819 | ' | -22,589 | -261 |
Net income (loss) | -25,825 | ' | -819 | ' | -22,589 | -261 |
Net Income (loss) | -25,825 | ' | -819 | ' | -22,589 | -261 |
Other comprehensive income (loss), net of taxes | 2,323 | ' | -5,264 | ' | -498 | 1,599 |
Comprehensive income (loss) | -23,502 | ' | -6,083 | ' | -23,087 | 1,338 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | 7,161 | ' | 3,821 | ' | 13,491 | 11,278 |
Total operating expenses | 7,161 | ' | 3,821 | ' | 13,491 | 11,278 |
Income (loss) from operations | -7,161 | ' | -3,821 | ' | -13,491 | -11,278 |
Other income (expense) | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | -2,885 | ' | -3,610 | ' | -6,490 | -7,222 |
Loss from debt extinguishment, net | -38,890 | ' | ' | ' | -38,890 | ' |
Other, net | 15 | ' | 322 | ' | 127 | 355 |
Total other income (expense) | -41,760 | ' | -3,288 | ' | -45,253 | -6,867 |
Income (loss) before taxes | -48,921 | ' | -7,109 | ' | -58,744 | -18,145 |
Provision (benefit) for income taxes | -11,045 | ' | -4,393 | ' | -15,579 | -9,759 |
Income (loss) before equity in net income of subsidiaries | -37,876 | ' | -2,716 | ' | -43,165 | -8,386 |
Equity in net income (loss) of subsidiaries | 12,051 | ' | 1,897 | ' | 20,576 | 8,125 |
Net income (loss) | -25,825 | ' | -819 | ' | -22,589 | -261 |
Net Income (loss) | -25,825 | ' | -819 | ' | -22,589 | -261 |
Other comprehensive income (loss), net of taxes | 170 | ' | -1,181 | ' | 340 | 422 |
Comprehensive income (loss) | -25,655 | ' | -2,000 | ' | -22,249 | 161 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 396,505 | ' | 379,846 | ' | 741,149 | 700,904 |
Cost of goods and services | 305,191 | ' | 292,369 | ' | 565,174 | 531,186 |
Gross profit | 91,314 | ' | 87,477 | ' | 175,975 | 169,718 |
Selling, general and administrative expenses | 68,234 | ' | 67,936 | ' | 136,615 | 129,586 |
Restructuring and other related charges | 728 | ' | 5,372 | ' | 1,492 | 6,480 |
Total operating expenses | 68,962 | ' | 73,308 | ' | 138,107 | 136,066 |
Income (loss) from operations | 22,352 | ' | 14,169 | ' | 37,868 | 33,652 |
Other income (expense) | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | -7,329 | ' | -6,824 | ' | -14,579 | -13,703 |
Loss from debt extinguishment, net | 0 | ' | ' | ' | ' | ' |
Other, net | 1,014 | ' | 1,546 | ' | 3,072 | 3,765 |
Total other income (expense) | -6,315 | ' | -5,278 | ' | -11,507 | -9,938 |
Income (loss) before taxes | 16,037 | ' | 8,891 | ' | 26,361 | 23,714 |
Provision (benefit) for income taxes | 6,053 | ' | 2,750 | ' | 11,692 | 8,948 |
Income (loss) before equity in net income of subsidiaries | 9,984 | ' | 6,141 | ' | 14,669 | 14,766 |
Equity in net income (loss) of subsidiaries | 1,982 | ' | -4,235 | ' | 5,748 | -6,596 |
Net income (loss) | 11,966 | ' | 1,906 | ' | 20,417 | 8,170 |
Net Income (loss) | 11,966 | ' | 1,906 | ' | 20,417 | 8,170 |
Other comprehensive income (loss), net of taxes | 80 | ' | -1,422 | ' | 1,869 | 3,457 |
Comprehensive income (loss) | 12,046 | ' | 484 | ' | 22,286 | 11,627 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 127,782 | ' | 123,599 | ' | 249,534 | 238,510 |
Cost of goods and services | 107,555 | ' | 104,011 | ' | 206,949 | 202,365 |
Gross profit | 20,227 | ' | 19,588 | ' | 42,585 | 36,145 |
Selling, general and administrative expenses | 15,833 | ' | 15,912 | ' | 30,408 | 30,534 |
Restructuring and other related charges | -36 | ' | 3,964 | ' | 42 | 3,964 |
Total operating expenses | 15,797 | ' | 19,876 | ' | 30,450 | 34,498 |
Income (loss) from operations | 4,430 | ' | -288 | ' | 12,135 | 1,647 |
Other income (expense) | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | -2,147 | ' | -2,475 | ' | -4,393 | -5,063 |
Loss from debt extinguishment, net | 0 | ' | ' | ' | ' | ' |
Other, net | -194 | ' | -1,404 | ' | -1,368 | -2,788 |
Total other income (expense) | -2,341 | ' | -3,879 | ' | -5,761 | -7,851 |
Income (loss) before taxes | 2,089 | ' | -4,167 | ' | 6,374 | -6,204 |
Provision (benefit) for income taxes | 22 | ' | 77 | ' | 467 | 437 |
Income (loss) before equity in net income of subsidiaries | 2,067 | ' | -4,244 | ' | 5,907 | -6,641 |
Equity in net income (loss) of subsidiaries | 9,984 | ' | 6,981 | ' | 14,669 | 14,766 |
Net income (loss) | 12,051 | ' | 2,737 | ' | 20,576 | 8,125 |
Net Income (loss) | 12,051 | ' | 2,737 | ' | 20,576 | 8,125 |
Other comprehensive income (loss), net of taxes | 2,073 | ' | -2,661 | ' | -2,707 | -2,280 |
Comprehensive income (loss) | 14,124 | ' | 76 | ' | 17,869 | 5,845 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | -16,600 | ' | -14,702 | ' | -29,538 | -26,922 |
Cost of goods and services | -15,046 | ' | -13,134 | ' | -26,468 | -24,226 |
Gross profit | -1,554 | ' | -1,568 | ' | -3,070 | -2,696 |
Selling, general and administrative expenses | -1,606 | ' | -1,610 | ' | -3,212 | -3,120 |
Total operating expenses | -1,606 | ' | -1,610 | ' | -3,212 | -3,120 |
Income (loss) from operations | 52 | ' | 42 | ' | 142 | 424 |
Other income (expense) | ' | ' | ' | ' | ' | ' |
Loss from debt extinguishment, net | 0 | ' | ' | ' | ' | ' |
Other, net | -52 | ' | -42 | ' | -142 | -424 |
Total other income (expense) | -52 | ' | -42 | ' | -142 | -424 |
Equity in net income (loss) of subsidiaries | -24,017 | ' | -4,643 | ' | -40,993 | -16,295 |
Net income (loss) | -24,017 | ' | -4,643 | ' | -40,993 | -16,295 |
Net Income (loss) | -24,017 | ' | -4,643 | ' | -40,993 | -16,295 |
Other comprehensive income (loss), net of taxes | 0 | ' | ' | ' | ' | ' |
Comprehensive income (loss) | ($24,017) | ' | ($4,643) | ' | ($40,993) | ($16,295) |
CONSOLIDATING_GUARANTOR_AND_NO5
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) - Summary of Condensed Consolidating Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($22,589) | ($261) |
Net cash provided by (used in) operating activities | -26,637 | -33,983 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -34,845 | -30,995 |
Acquired business, net of cash acquired | -22,720 | ' |
Intercompany distributions | 0 | 0 |
Proceeds from sale of investment | 294 | 1,216 |
Net cash provided by (used in) investing activities | -57,271 | -29,779 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 584 | ' |
Purchase of shares for treasury | -63,370 | -22,109 |
Proceeds from issuance of long-term debt | 644,514 | 303 |
Payments of long-term debt | -586,310 | -5,400 |
Change in short-term borrowings | 4,908 | 2,157 |
Financing costs | -10,687 | -759 |
Purchase of ESOP shares | -10,000 | ' |
Tax effect from exercise/vesting of equity awards, net | 273 | 150 |
Dividend | -3,290 | -2,938 |
Other, net | 144 | 242 |
Net cash provided by (used in) financing activities | -23,234 | -28,354 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' |
Net cash used in discontinued operations | -640 | -478 |
Effect of exchange rate changes on cash and equivalents | -415 | -138 |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | -108,197 | -92,732 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 178,130 | 209,654 |
CASH AND EQUIVALENTS AT END OF PERIOD | 69,933 | 116,922 |
Parent Company [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | -22,589 | -261 |
Net cash provided by (used in) operating activities | -30,836 | -43,968 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -618 | -24 |
Acquired business, net of cash acquired | 0 | ' |
Intercompany distributions | 10,000 | 10,000 |
Proceeds from sale of investment | 0 | 0 |
Net cash provided by (used in) investing activities | 9,382 | 9,976 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 584 | ' |
Purchase of shares for treasury | -63,370 | -22,109 |
Proceeds from issuance of long-term debt | 629,568 | 0 |
Payments of long-term debt | -582,108 | -813 |
Change in short-term borrowings | 0 | 0 |
Financing costs | -10,142 | -759 |
Purchase of ESOP shares | -10,000 | ' |
Tax effect from exercise/vesting of equity awards, net | 273 | 150 |
Dividend | -8,290 | -2,938 |
Other, net | 144 | 242 |
Net cash provided by (used in) financing activities | -43,341 | -26,227 |
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 | -64,795 | -60,219 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 68,994 | 125,093 |
CASH AND EQUIVALENTS AT END OF PERIOD | 4,199 | 64,874 |
Guarantor Subsidiaries [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | 20,417 | 8,170 |
Net cash provided by (used in) operating activities | -27,389 | -26,900 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -29,921 | -28,624 |
Acquired business, net of cash acquired | -1,000 | ' |
Intercompany distributions | -10,000 | -10,000 |
Proceeds from sale of investment | 230 | 1,171 |
Net cash provided by (used in) investing activities | -40,691 | -37,453 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Purchase of shares for treasury | 0 | 0 |
Proceeds from issuance of long-term debt | 10,939 | 303 |
Payments of long-term debt | -12,097 | -514 |
Change in short-term borrowings | 0 | 0 |
Financing costs | 0 | ' |
Tax effect from exercise/vesting of equity awards, net | 0 | 0 |
Dividend | 5,000 | ' |
Other, net | 43,140 | 44,885 |
Net cash provided by (used in) financing activities | 46,982 | 44,674 |
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 | -21,098 | -19,679 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 25,343 | 34,782 |
CASH AND EQUIVALENTS AT END OF PERIOD | 25,259 | 15,103 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | 20,576 | 8,125 |
Net cash provided by (used in) operating activities | 31,588 | 36,885 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -4,306 | -2,347 |
Acquired business, net of cash acquired | -21,720 | ' |
Intercompany distributions | 0 | 0 |
Proceeds from sale of investment | 64 | 45 |
Net cash provided by (used in) investing activities | -25,962 | -2,302 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Purchase of shares for treasury | 0 | 0 |
Proceeds from issuance of long-term debt | 4,007 | 0 |
Payments of long-term debt | 7,895 | -4,073 |
Change in short-term borrowings | 4,908 | 2,157 |
Financing costs | -545 | ' |
Tax effect from exercise/vesting of equity awards, net | 0 | 0 |
Dividend | 0 | ' |
Other, net | -43,140 | -44,885 |
Net cash provided by (used in) financing activities | -26,875 | -46,801 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' |
Net cash used in discontinued operations | -640 | -478 |
Effect of exchange rate changes on cash and equivalents | -415 | -138 |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | -22,304 | -12,834 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 83,793 | 49,779 |
CASH AND EQUIVALENTS AT END OF PERIOD | 40,475 | 36,945 |
Consolidation, Eliminations [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | -40,993 | -16,295 |
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 investment | 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 |
Payments of long-term debt | 0 | ' |
Change in short-term borrowings | 0 | 0 |
Financing costs | 0 | ' |
Tax effect from exercise/vesting of equity awards, net | 0 | 0 |
Dividend | 0 | 0 |
Other, net | 0 | 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 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 0 |
CASH AND EQUIVALENTS AT END OF PERIOD | $0 | $0 |