Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Jun. 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 | 53,708,690 |
Amendment Flag | 'false |
Entity Central Index Key | '0000050725 |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Filer Category | 'Accelerated Filer |
Entity Well-known Seasoned Issuer | 'No |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and equivalents | $87,437 | $178,130 |
Accounts receivable, net of allowances of $7,176 and $6,136 | 269,669 | 256,215 |
Contract costs and recognized income not yet billed, net of progress payments of $16,985 and $6,941 | 104,877 | 109,828 |
Inventories, net | 278,462 | 230,120 |
Prepaid and other current assets | 74,290 | 48,903 |
Assets of discontinued operations | 1,209 | 1,214 |
Total Current Assets | 815,944 | 824,410 |
PROPERTY, PLANT AND EQUIPMENT, net | 365,376 | 353,593 |
GOODWILL | 381,315 | 357,730 |
INTANGIBLE ASSETS, net | 235,092 | 221,391 |
OTHER ASSETS | 30,491 | 28,580 |
ASSETS OF DISCONTINUED OPERATIONS | 3,032 | 3,075 |
Total Assets | 1,831,250 | 1,788,779 |
CURRENT LIABILITIES | ' | ' |
Notes payable and current portion of long-term debt | 11,886 | 10,768 |
Accounts payable | 181,052 | 163,610 |
Accrued liabilities | 103,721 | 106,743 |
Liabilities of discontinued operations | 2,959 | 3,288 |
Total Current Liabilities | 299,618 | 284,409 |
LONG-TERM DEBT, net of debt discount of $10,532 and $13,246 | 797,180 | 678,487 |
OTHER LIABILITIES | 162,103 | 170,675 |
LIABILITIES OF DISCONTINUED OPERATIONS | 4,008 | 4,744 |
Total Liabilities | 1,262,909 | 1,138,315 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS’ EQUITY | ' | ' |
Total Shareholders’ Equity | 568,341 | 650,464 |
Total Liabilities and Shareholders’ Equity | $1,831,250 | $1,788,779 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net allowances | $7,176 | $6,136 |
Contract costs, net of progress payments | 16,985 | 6,941 |
Debt discount, long term debt | $10,532 | $13,246 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (USD $) | Total | COMMON STOCK [Member] | CAPITAL INEXCESS OFPAR VALUE [Member] | RETAINED EARNINGS [Member] | TREASURY SHARES [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Member] | DEFERRED COMPENSATION [Member] |
In Thousands, unless otherwise specified | |||||||
Balance at Sep. 30, 2013 | $650,464 | $19,404 | $494,412 | $434,363 | ($274,602) | ($3,339) | ($19,774) |
Balance (in Shares) at Sep. 30, 2013 | ' | 77,616 | ' | ' | 18,527 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net loss | -8,125 | ' | ' | -8,125 | ' | ' | ' |
Dividend | -4,841 | ' | ' | -4,841 | ' | ' | ' |
Tax effect from exercise/vesting of equity awards, net | 273 | ' | 273 | ' | ' | ' | ' |
Amortization of deferred compensation | 1,586 | ' | ' | ' | ' | ' | 1,586 |
Common stock acquired | -72,518 | ' | ' | ' | -72,518 | ' | ' |
Common stock acquired (in Shares) | ' | ' | ' | ' | 6,237 | ' | ' |
Stock grants and equity awards, net | 516 | 214 | 302 | ' | ' | ' | ' |
Stock grants and equity awards, net (in Shares) | ' | 857 | ' | ' | ' | ' | ' |
ESOP purchase of common stock | -10,000 | ' | ' | ' | ' | ' | -10,000 |
ESOP allocation of common stock | 225 | ' | 225 | ' | ' | ' | ' |
Stock-based compensation | 8,133 | ' | 8,133 | ' | ' | ' | ' |
Other comprehensive loss, net of tax | 2,628 | ' | ' | ' | ' | 2,628 | ' |
Balance at Jun. 30, 2014 | $568,341 | $19,618 | $503,345 | $421,397 | ($347,120) | ($711) | ($28,188) |
Balance (in Shares) at Jun. 30, 2014 | ' | 78,473 | ' | ' | 24,764 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $505,039 | $509,826 | $1,466,184 | $1,422,318 |
Cost of goods and services | 386,732 | 401,515 | 1,132,387 | 1,110,840 |
Gross profit | 118,307 | 108,311 | 333,797 | 311,478 |
Selling, general and administrative expenses | 96,135 | 86,345 | 273,437 | 254,623 |
Restructuring and other related charges | 358 | 1,604 | 1,892 | 12,048 |
Total operating expenses | 96,493 | 87,949 | 275,329 | 266,671 |
Income from operations | 21,814 | 20,362 | 58,468 | 44,807 |
Other income (expense) | ' | ' | ' | ' |
Interest expense | -11,661 | -13,279 | -37,184 | -39,446 |
Interest income | 120 | 142 | 181 | 321 |
Loss from debt extinguishment, net | 0 | 0 | -38,890 | 0 |
Other, net | 2,621 | 607 | 4,310 | 1,515 |
Total other expense, net | -8,920 | -12,530 | -71,583 | -37,610 |
Income (loss) before taxes | 12,894 | 7,832 | -13,115 | 7,197 |
Provision (benefit) for income taxes | -1,570 | 4,229 | -4,990 | 3,855 |
Net income (loss) | 14,464 | 3,603 | -8,125 | 3,342 |
Basic income (loss) per common share (in Dollars per share) | $0.30 | $0.07 | ($0.16) | $0.06 |
Weighted-average shares outstanding (in Shares) | 48,370 | 54,265 | 50,038 | 54,588 |
Diluted income (loss) per common share (in Dollars per share) | $0.29 | $0.06 | ($0.16) | $0.06 |
Weighted-average shares outstanding (in Shares) | 49,836 | 56,204 | 50,038 | 56,735 |
Dividends paid per common share (in Dollars per share) | $0.03 | $0.03 | $0.09 | $0.08 |
Net income (loss) | 14,464 | 3,603 | -8,125 | 3,342 |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' |
Foreign currency translation adjustments | 2,809 | -7,884 | 896 | -10,805 |
Pension and other post retirement plans | 317 | 490 | 1,732 | 4,839 |
Gain (loss) on cash flow hedge | 0 | -158 | 0 | 13 |
Total other comprehensive income (loss), net of taxes | 3,126 | -7,552 | 2,628 | -5,953 |
Comprehensive income (loss), net | $17,590 | ($3,949) | ($5,497) | ($2,611) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($8,125) | $3,342 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 50,027 | 52,787 |
Stock-based compensation | 8,133 | 9,327 |
Asset impairment charges - restructuring | 191 | 3,122 |
Provision for losses on accounts receivable | 420 | 824 |
Amortization of deferred financing costs and debt discounts | 4,789 | 4,651 |
Loss from debt extinguishment, net | 38,890 | 0 |
Deferred income taxes | -314 | -897 |
(Gain) loss on sale/disposal of assets | 78 | -788 |
Change in assets and liabilities, net of assets and liabilities acquired: | ' | ' |
(Increase) decrease in accounts receivable and contract costs and recognized income not yet billed | 7,443 | -81,381 |
(Increase) decrease in inventories | -33,195 | 36,588 |
(Increase) decrease in prepaid and other assets | -3,439 | 2,890 |
Decrease in accounts payable, accrued liabilities and income taxes payable | -15,754 | -28,767 |
Other changes, net | 712 | 856 |
Net cash provided by operating activities | 49,856 | 2,554 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -54,859 | -45,886 |
Acquired businesses, net of cash acquired | -62,306 | 0 |
Proceeds from sale of assets | 491 | 1,326 |
Investment purchases | -8,402 | 0 |
Net cash used in investing activities | -125,076 | -44,560 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 584 | 0 |
Dividends paid | -4,841 | -4,384 |
Purchase of shares for treasury | -72,518 | -25,689 |
Proceeds from long-term debt | 682,913 | 303 |
Payments of long-term debt | -602,134 | -12,842 |
Change in short-term borrowings | 3,138 | 2,408 |
Financing costs | -10,928 | -759 |
Purchase of ESOP shares | -10,000 | 0 |
Tax benefit from exercise/vesting of equity awards, net | 273 | 150 |
Other, net | 194 | 261 |
Net cash used in financing activities | -13,319 | -40,552 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' |
Net cash used in operating activities | -1,018 | -486 |
Net cash used in discontinued operations | -1,018 | -486 |
Effect of exchange rate changes on cash and equivalents | -1,136 | -506 |
NET DECREASE IN CASH AND EQUIVALENTS | -90,693 | -83,550 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 178,130 | 209,654 |
CASH AND EQUIVALENTS AT END OF PERIOD | $87,437 | $126,104 |
DESCRIPTION_OF_BUSINESS_AND_BA
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended | |
Jun. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | ' | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | ||
About Griffon Corporation | ||
Griffon Corporation (the “Company” 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 | 9 Months Ended |
Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
FAIR VALUE MEASUREMENTS | ' |
FAIR VALUE MEASUREMENTS | |
The carrying values of cash and equivalents, accounts receivable, accounts and notes payable and revolving credit 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 $594,000 and $113,400, respectively, on June 30, 2014. Fair values were based upon quoted market prices (level 1 inputs). | |
Items Measured at Fair Value on a Recurring Basis | |
Insurance contracts with values of $3,594 (level 2 inputs) at June 30, 2014, are measured and recorded at fair value based upon quoted prices in active markets for similar assets. Trading securities with values of $11,160 (level 1 inputs) at June 30, 2014, are measured and recorded at fair value based upon quoted prices in active markets for identical assets. | |
At June 30, 2014, Griffon had $4,172 and $1,750 of Australian dollar contracts and Canadian dollar contracts, respectively, at a weighted average rate of $1.06 and $1.07, respectively. The contracts, which protect Australia and Canada operations from currency fluctuations for U.S. dollar based purchases, do not qualify for hedge accounting and a fair value loss of $192 and $125 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 nine months ended June 30, 2014, respectively. All contracts expire in 24 to 114 days. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
ACQUISITIONS | ' | |||||||||
ACQUISITIONS | ||||||||||
On May 21, 2014, Ames acquired the Australian Garden and Tools business of Illinois Tool Works, Inc. (“Cyclone”) for approximately $40,000, including a $4,000 working capital adjustment. Cyclone, which was integrated with Ames, offers a full range of quality garden and hand tool products sold under various leading brand names including Cyclone®, Nylex® and Trojan®, designed to meet the requirements of both the Do-it-Yourself and professional trade segments. Cyclone is expected to generate approximately $65,000 of annualized revenue. Selling, General and Administrative ("SG&A") expenses in the current quarter included $1,600 of acquisition costs. | ||||||||||
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 was integrated with Ames, is expected to generate approximately $28,000 of annualized revenue. First quarter 2014 SG&A expenses included $798 of acquisition costs. | ||||||||||
The accounts of the acquired companies, after adjustment to reflect fair market values (level 3 inputs) assigned to assets purchased, have been included in the consolidated financial statements from the date of acquisition; in each instance, acquired inventory was not significant. Griffon is in the process of finalizing the adjustments to the purchase price, if any, for Cyclone and Northcote, primarily related to working capital, and gathering data as of the closing date to complete the purchase price allocation; accordingly, management has used their best estimates in the initial purchase price allocation as of the date of these financial statements. | ||||||||||
The following table summarizes the fair values of the Cyclone and Northcote assets and liabilities as of the date of acquisition: | ||||||||||
Cyclone | Northcote | Total | ||||||||
Current Assets, net of cash acquired | $ | 23,936 | $ | 7,921 | $ | 31,857 | ||||
PP&E | 491 | 1,376 | 1,867 | |||||||
Goodwill | 10,072 | 11,617 | 21,689 | |||||||
Amortizable intangible assets | 9,844 | 6,023 | 15,867 | |||||||
Indefinite life intangible assets | 1,874 | 1,686 | 3,560 | |||||||
Total assets acquired | 46,217 | 28,623 | 74,840 | |||||||
Total liabilities assumed | (6,692 | ) | (6,842 | ) | (13,534 | ) | ||||
Net assets acquired | $ | 39,525 | $ | 21,781 | $ | 61,306 | ||||
The amounts assigned to major intangible asset classifications, none of which are tax deductible, for the Cyclone and Northcote acquisitions are as follows: | ||||||||||
Cyclone | Northcote | Total | Amortization | |||||||
Period (Years) | ||||||||||
Goodwill | $ | 10,072 | $ | 11,617 | 21,689 | N/A | ||||
Tradenames | 1,874 | 1,686 | 3,560 | Indefinite | ||||||
Customer relationships | 9,844 | 6,023 | 15,867 | 25 | ||||||
$ | 21,790 | $ | 19,326 | 41,116 | ||||||
INVENTORIES
INVENTORIES | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
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 June 30, 2014 | At September 30, 2013 | |||||||
Raw materials and supplies | $ | 71,533 | $ | 65,560 | ||||
Work in process | 69,884 | 63,930 | ||||||
Finished goods | 137,045 | 100,630 | ||||||
Total | $ | 278,462 | $ | 230,120 | ||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
The following table details the components of property, plant and equipment, net: | ||||||||
At June 30, 2014 | At September 30, 2013 | |||||||
Land, building and building improvements | $ | 131,270 | $ | 130,905 | ||||
Machinery and equipment | 715,805 | 661,094 | ||||||
Leasehold improvements | 38,792 | 35,884 | ||||||
885,867 | 827,883 | |||||||
Accumulated depreciation and amortization | (520,491 | ) | (474,290 | ) | ||||
Total | $ | 365,376 | $ | 353,593 | ||||
Depreciation and amortization expense for property, plant and equipment was $14,766 and $15,781 for the quarters ended June 30, 2014 and 2013, respectively, and $44,163 and $46,846 for the nine months ended June 30, 2014 and 2013, respectively. Depreciation included in SG&A expenses was $2,507 and $3,128 for the quarters ended June 30, 2014 and 2013, respectively, and $7,743 and $9,402 for the nine months ended June 30, 2014 and 2013, respectively. The remaining components of depreciation, attributable to manufacturing operations, are included in Cost of goods and services. | ||||||||
No event or indicator of impairment occurred during the quarter ended June 30, 2014, which would require additional impairment testing of property, plant and equipment. |
GOODWILL_AND_OTHER_INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 9 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLES | ' | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLES | ||||||||||||||||||
The following table provides changes in the carrying value of goodwill by segment during the nine months ended June 30, 2014: | ||||||||||||||||||
At September 30, 2013 | Goodwill from | Other | At June 30, 2014 | |||||||||||||||
2014 acquisitions | adjustments | |||||||||||||||||
including currency | ||||||||||||||||||
translations | ||||||||||||||||||
Home & Building Products | $ | 269,802 | $ | 21,689 | $ | 948 | $ | 292,439 | ||||||||||
Telephonics | 18,545 | — | — | 18,545 | ||||||||||||||
Plastics | 69,383 | — | 948 | 70,331 | ||||||||||||||
Total | $ | 357,730 | $ | 21,689 | $ | 1,896 | $ | 381,315 | ||||||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets: | ||||||||||||||||||
At June 30, 2014 | At September 30, 2013 | |||||||||||||||||
Gross Carrying Amount | Accumulated | Average | Gross Carrying Amount | Accumulated | ||||||||||||||
Amortization | Life | Amortization | ||||||||||||||||
(Years) | ||||||||||||||||||
Customer relationships | $ | 183,152 | $ | 34,543 | 25 | $ | 166,985 | $ | 29,049 | |||||||||
Unpatented technology | 6,708 | 3,290 | 13 | 6,804 | 2,916 | |||||||||||||
Total amortizable intangible assets | 189,860 | 37,833 | 173,789 | 31,965 | ||||||||||||||
Trademarks | 83,065 | — | 79,567 | — | ||||||||||||||
Total intangible assets | $ | 272,925 | $ | 37,833 | $ | 253,356 | $ | 31,965 | ||||||||||
Amortization expense for intangible assets was $2,028 and $1,969 for the quarters ended June 30, 2014 and 2013, respectively, and $5,864 and $5,941 for the nine months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||
No event or indicator of impairment occurred during the quarter ended June 30, 2014, which would require impairment testing of long-lived intangible assets including goodwill. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company reported pretax income for the quarter and a pretax loss for the nine months ended June 30, 2014, compared to pretax income for the quarter and nine months ended June 30, 2013. The Company recognized tax benefits of 12.2% and 38.0% for the quarter and nine months ended June 30, 2014, respectively, compared to provisions of 54.0% and 53.6%, respectively, in the comparable prior year periods. The current and prior year tax 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 results and the impact of discrete items reported. | |
The quarter and nine months ended June 30, 2014 include $1,860 and $1,540, respectively, of benefits from discrete items resulting primarily from the conclusion of tax audits, the filing of tax returns in various jurisdictions, the release of previously established reserves for uncertain tax positions and the impact of tax law changes enacted in the second quarter of 2014. The comparable prior year periods included $1,495 and $1,859, respectively, of benefits from discrete items, primarily resulting from the release of previously established reserves for uncertain tax positions on conclusion of tax audits, benefits arising on the filing of tax returns in various jurisdictions and the retroactive extension of the federal R&D credit signed into law January 2, 2013. | |
Excluding discrete items, the effective tax rates for the quarter and nine months ended June 30, 2014 were a provision of 27.0% and a benefit of 26.3%, respectively, compared to provisions of 73.1% and 79.4% in the comparable prior year periods, respectively. |
LONGTERM_DEBT
LONG-TERM DEBT | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | ' | ||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | |||||||||||||||||||||||||||||||||||||||
At June 30, 2014 | At September 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Outstanding Balance | Original Issuer Discount | Balance Sheet | Capitalized Fees & Expenses | Coupon Interest Rate (1) | Outstanding Balance | Original Issuer Discount | Balance Sheet | Capitalized Fees & Expenses | Coupon Interest Rate (1) | ||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | $ | — | $ | — | $ | — | $ | — | n/a | $ | 550,000 | $ | — | $ | 550,000 | $ | 7,328 | 7.1 | % | |||||||||||||||||||
Senior notes due 2022 | (a) | 600,000 | — | 600,000 | 9,529 | 5.25 | % | — | — | — | — | n/a | |||||||||||||||||||||||||||
Revolver due 2019 | (a) | 25,000 | — | 25,000 | 2,122 | n/a | — | — | — | 2,425 | n/a | ||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 100,000 | (10,532 | ) | 89,468 | 1,145 | 4 | % | 100,000 | (13,246 | ) | 86,754 | 1,478 | 4 | % | ||||||||||||||||||||||||
Real estate mortgages | (c) | 16,603 | — | 16,603 | 612 | n/a | 13,212 | — | 13,212 | 185 | n/a | ||||||||||||||||||||||||||||
ESOP Loans | (d) | 29,583 | — | 29,583 | 233 | n/a | 21,098 | — | 21,098 | 24 | n/a | ||||||||||||||||||||||||||||
Capital lease - real estate | (e) | 8,798 | — | 8,798 | 188 | 5 | % | 9,529 | — | 9,529 | 207 | 5 | % | ||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | 7,754 | — | 7,754 | — | n/a | 4,606 | — | 4,606 | — | n/a | ||||||||||||||||||||||||||||
Non U.S. term loans | (f) | 30,612 | — | 30,612 | 189 | n/a | 3,115 | — | 3,115 | 27 | n/a | ||||||||||||||||||||||||||||
Other long term debt | (g) | 1,248 | — | 1,248 | 27 | n/a | 941 | — | 941 | — | n/a | ||||||||||||||||||||||||||||
Totals | 819,598 | (10,532 | ) | 809,066 | $ | 14,045 | 702,501 | (13,246 | ) | 689,255 | $ | 11,674 | |||||||||||||||||||||||||||
less: Current portion | (11,886 | ) | — | (11,886 | ) | (10,768 | ) | — | (10,768 | ) | |||||||||||||||||||||||||||||
Long-term debt | $ | 807,712 | $ | (10,532 | ) | $ | 797,180 | $ | 691,733 | $ | (13,246 | ) | $ | 678,487 | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Effective Interest Rate (1) | Cash Interest | Amort. Debt | Amort. | Total Interest Expense | Effective Interest Rate (1) | Cash Interest | Amort. Debt | Amort. | Total Interest Expense | ||||||||||||||||||||||||||||||
Discount | Deferred Cost | Discount | Deferred Cost | ||||||||||||||||||||||||||||||||||||
& Other Fees | & Other Fees | ||||||||||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | n/a | $ | — | $ | — | $ | — | $ | — | 7.4 | % | $ | 9,797 | $ | — | $ | 406 | $ | 10,203 | |||||||||||||||||||
Senior notes due 2022 | (a) | 5.5 | % | 7,875 | — | 310 | 8,185 | n/a | — | — | — | — | |||||||||||||||||||||||||||
Revolver due 2019 | (a) | n/a | 309 | — | 144 | 453 | n/a | 179 | — | 131 | 310 | ||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 9.1 | % | 1,000 | 921 | 112 | 2,033 | 9.1 | % | 1,000 | 846 | 110 | 1,956 | ||||||||||||||||||||||||||
Real estate mortgages | (c) | 3.8 | % | 124 | — | 35 | 159 | 4.9 | % | 133 | — | 22 | 155 | ||||||||||||||||||||||||||
ESOP Loans | (d) | 2.9 | % | 192 | — | 25 | 217 | 2.8 | % | 151 | — | 2 | 153 | ||||||||||||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 112 | — | 5 | 117 | 5.3 | % | 125 | — | 6 | 131 | ||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | n/a | 307 | — | 27 | 334 | n/a | 155 | — | — | 155 | ||||||||||||||||||||||||||||
Non U.S. term loans | (f) | n/a | 273 | — | 13 | 286 | n/a | 109 | — | 26 | 135 | ||||||||||||||||||||||||||||
Other long term debt | (g) | n/a | 6 | — | 9 | 15 | n/a | 272 | — | — | 272 | ||||||||||||||||||||||||||||
Capitalized interest | (138 | ) | — | — | (138 | ) | (191 | ) | — | — | (191 | ) | |||||||||||||||||||||||||||
Totals | $ | 10,060 | $ | 921 | $ | 680 | $ | 11,661 | $ | 11,730 | $ | 846 | $ | 703 | $ | 13,279 | |||||||||||||||||||||||
Nine Months Ended June 30, 2014 | Nine Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Effective Interest Rate (1) | Cash Interest | Amort. Debt Discount | Amort. Deferred Cost & Other Fees | Total Interest Expense | Effective Interest Rate (1) | Cash Interest | Amort. Debt Discount | Amort. Deferred Cost & Other Fees | Total Interest Expense | ||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.4 | % | $ | 15,930 | $ | — | $ | 667 | $ | 16,597 | 7.4 | % | $ | 29,391 | $ | — | $ | 1,217 | $ | 30,608 | ||||||||||||||||||
Senior notes due 2022 | (a) | 5.5 | % | 10,675 | — | 421 | 11,096 | n/a | — | — | — | — | |||||||||||||||||||||||||||
Revolver due 2019 | (a) | n/a | 782 | — | 422 | 1,204 | n/a | 603 | — | 444 | 1,047 | ||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 9.1 | % | 3,000 | 2,713 | 333 | 6,046 | 9.2 | % | 3,000 | 2,491 | 332 | 5,823 | ||||||||||||||||||||||||||
Real estate mortgages | (c) | 4 | % | 376 | — | 108 | 484 | 4.9 | % | 407 | — | 65 | 472 | ||||||||||||||||||||||||||
ESOP Loans | (d) | 3.2 | % | 524 | — | 32 | 556 | 2.9 | % | 476 | — | 6 | 482 | ||||||||||||||||||||||||||
Capital lease - real estate | (e) | 5.4 | % | 345 | — | 19 | 364 | 5.3 | % | 381 | — | 19 | 400 | ||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | n/a | 724 | — | 27 | 751 | n/a | 415 | — | — | 415 | ||||||||||||||||||||||||||||
Non U.S. term loans | (f) | n/a | 426 | — | 17 | 443 | n/a | 415 | — | 77 | 492 | ||||||||||||||||||||||||||||
Other long term debt | (g) | n/a | 17 | — | 30 | 47 | n/a | 523 | — | — | 523 | ||||||||||||||||||||||||||||
Capitalized interest | (404 | ) | — | — | (404 | ) | (816 | ) | — | — | (816 | ) | |||||||||||||||||||||||||||
Totals | $ | 32,395 | $ | 2,713 | $ | 2,076 | $ | 37,184 | $ | 34,795 | $ | 2,491 | $ | 2,160 | $ | 39,446 | |||||||||||||||||||||||
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 transaction 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. On June 18, 2014, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer. | |||||||||||||||||||||||||||||||||||||||
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”) to extend its maturity date from March 28, 2018 to March 28, 2019, and to revise certain financial maintenance and negative covenants to improve Griffon's financial and operating flexibility. 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 (except that a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the debt under the ESOP credit agreement ranks pari passu with the lien granted on such assets under the Credit Agreement; see footnote (d) below). | |||||||||||||||||||||||||||||||||||||||
At June 30, 2014, outstanding borrowings and standby letters of credit were $25,000 and $20,365, respectively; $179,635 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 $14.53 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 June 30, 2014, aggregate dividends since the last conversion price adjustment of $0.03 per share would have resulted in an adjustment to the conversion ratio of approximately .27%. At both June 30, 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 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 June 30, 2014, $16,603 was outstanding. | ||||||||||||||||||||||||||||||||||||||
(d) | In December 2013, Griffon’s Employee Stock Ownership Plan (“ESOP”) entered into a credit 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 June 30, 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 $22,400 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. As of June 30, 2014, $29,583 was outstanding. | ||||||||||||||||||||||||||||||||||||||
In July 2014, Griffon's ESOP entered into an amendment to the existing agreement which provides for an additional $10,000 Line Note available to purchase shares in the open market. The new Line Note will bear interest at a) LIBOR plus 2.75% or b) the lender’s prime rate, at Griffon’s option, through its expiration date on June 30, 2015. Upon expiration or at an earlier date, at Griffon’s option, the new Line Note will be combined with the Term Loan and require quarterly principal payments based on the remaining amortization schedule at a weighted average interest rate of the combined loans, with a balloon payment due at the final maturity date of December 31, 2018, based on the new amortization schedule. The new Line Note and the Term Loan are secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. | |||||||||||||||||||||||||||||||||||||||
(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. At June 30, 2014, $8,798 was outstanding. | ||||||||||||||||||||||||||||||||||||||
(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 $4,093 at June 30, 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 (2.41% at June 30, 2014). 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% (16.80% at June 30, 2014). At June 30, 2014 there was $3,660 borrowed under the lines. Clopay Plastic Products Company, 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 (1.46% LIBOR USD and 2.51% Bankers Acceptance Rate CDN as of June 30, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At June 30, 2014, there were no borrowings under the revolving credit facility with CAD $15,000 available for borrowing. | |||||||||||||||||||||||||||||||||||||||
In December 2013 and May 2014, Northcote Holdings Pty Ltd entered into two term loans in the outstanding amounts of AUD $12,500 and AUD $20,000, respectively. The AUD $12,500 and AUD $20,000 term loans are unsecured and require quarterly interest payments, with quarterly principal payments of $625 beginning in August 2015 on the AUD $20,000 term loan. Remaining principal is due at maturity in December 2016 and May 2017, respectively. The loans accrue interest at Bank Bill Swap Bid Rate “BBSY” plus 2.8% per annum (5.5% at June 30, 2014 for each loan). As of June 30, 2014, Griffon had an outstanding combined balance of $30,612 on the term loans. Subsidiaries of Northcote Holdings Pty Ltd also maintain two lines of credit of AUD $3,000 and AUD $5,000 which accrue interest at BBSY plus 2.25% per annum (5.00% at June 30, 2014) and 2.50% per annum (5.25% at June 30, 2014), respectively. At June 30, 2014, there were no outstanding borrowings under the lines. Griffon Corporation guarantees the term loans and the AUD $3,000 line of credit; the assets of a subsidiary of Northcote Holdings Pty Ltd secures the AUD $5,000 line of credit. | |||||||||||||||||||||||||||||||||||||||
(g) Other long-term debt primarily consists of capital leases. | |||||||||||||||||||||||||||||||||||||||
At June 30, 2014, Griffon and its subsidiaries were in compliance with the terms and covenants of its credit and loan agreements. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 9 Months Ended |
Jun. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
SHAREHOLDERS' EQUITY | ' |
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 2014, the Board of Directors approved and paid a quarterly cash dividend of $0.03 per share in each quarter, totaling $0.09 per share for the nine months ended June 30, 2014. 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 July 30, 2014, the Board of Directors declared a quarterly cash dividend of $0.03 per share, payable on September 24, 2014 to shareholders of record as of the close of business on August 21, 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 June 30, 2014, 989,895 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; no 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. | |
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. | |
For the quarters ended June 30, 2014 and 2013, stock based compensation expense totaled $3,137 and $3,029, respectively. For the nine months ended June 30, 2014 and 2013, stock based compensation expenses totaled $8,133 and $9,327, respectively. | |
In each of August 2011 and May 2014, Griffon’s Board of Directors authorized the repurchase of up to $50,000 of Griffon’s outstanding common stock for each program. Under both repurchase programs, 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 quarter ended June 30, 2014, Griffon purchased 750,000 shares of common stock under these programs, for a total of $8,784 or $11.71 per share. In the nine months ended June 30, 2014, Griffon purchased 1,348,481 shares of common stock under these programs, for a total of $16,285 or $12.08 per share. Since the resumption of share repurchases in 2011 through the end of the third quarter of 2014, Griffon has repurchased 6,436,712 shares of common stock, for a total of $65,315 or $10.15 per share, under Board authorized repurchase programs (which repurchases included exhausting the remaining availability under a Board authorized repurchase program that was in existence prior to 2011). As of June 30, 2014, the August 2011 program was completed and $45,742 remains under the May 2014 authorization. | |
During the quarter and nine months ended June 30, 2014, 33,046 shares, with a market value of $364 or $11.02 per share, and 444,110 shares, with a market value of $5,631 or $12.68 per share, respectively, were withheld to settle employee taxes due to the vesting of restricted stock and were added to treasury. | |
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 nine months ended June 30, 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. In July 2014, Griffon's ESOP entered into an amendment of the existing Agreement, which provides an additional $10,000 Line Note available to purchase shares in the open market. |
EARNINGS_PER_SHARE_EPS
EARNINGS PER SHARE (EPS) | 9 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE (EPS) | ' | |||||||||||
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 June 30, | Nine Months Ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average shares outstanding - basic | 48,370 | 54,265 | 50,038 | 54,588 | ||||||||
Incremental shares from stock based compensation | 1,466 | 1,939 | — | 2,147 | ||||||||
Weighted average shares outstanding - diluted | 49,836 | 56,204 | 50,038 | 56,735 | ||||||||
Anti-dilutive options excluded from diluted EPS computation | 643 | 715 | 643 | 715 | ||||||||
Anti-dilutive restricted stock excluded from diluted EPS computation | — | — | 1,609 | — | ||||||||
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 | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
BUSINESS SEGMENTS | ' | |||||||||||||||
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 June 30, | For the Nine Months Ended June 30, | |||||||||||||||
REVENUE | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Home & Building Products: | ||||||||||||||||
Ames | $ | 132,179 | $ | 128,332 | $ | 389,492 | $ | 341,878 | ||||||||
CBP | 121,814 | 112,285 | 334,494 | 314,651 | ||||||||||||
Home & Building Products | 253,993 | 240,617 | 723,986 | 656,529 | ||||||||||||
Telephonics | 102,446 | 129,997 | 302,656 | 347,678 | ||||||||||||
Plastics | 148,600 | 139,212 | 439,542 | 418,111 | ||||||||||||
Total consolidated net sales | $ | 505,039 | $ | 509,826 | $ | 1,466,184 | $ | 1,422,318 | ||||||||
The following table reconciles segment operating profit to Loss before taxes: | ||||||||||||||||
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | |||||||||||||||
INCOME (LOSS) BEFORE TAXES | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Segment operating profit: | ||||||||||||||||
Home & Building Products | $ | 9,747 | $ | 11,549 | $ | 27,958 | $ | 22,655 | ||||||||
Telephonics | 13,134 | 10,592 | 34,463 | 38,990 | ||||||||||||
Plastics | 8,075 | 5,401 | 23,252 | 8,959 | ||||||||||||
Total segment operating profit | 30,956 | 27,542 | 85,673 | 70,604 | ||||||||||||
Net interest expense | (11,541 | ) | (13,137 | ) | (37,003 | ) | (39,125 | ) | ||||||||
Unallocated amounts | (6,521 | ) | (6,573 | ) | (22,895 | ) | (22,140 | ) | ||||||||
Loss from debt extinguishment, net | — | — | (38,890 | ) | — | |||||||||||
Loss on pension settlement | — | — | — | (2,142 | ) | |||||||||||
Income (loss) before taxes | $ | 12,894 | $ | 7,832 | $ | (13,115 | ) | $ | 7,197 | |||||||
Griffon evaluates performance and allocates resources based on each segment's operating results before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead), restructuring charges, 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 Income (loss) before taxes: | ||||||||||||||||
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment adjusted EBITDA: | ||||||||||||||||
Home & Building Products | $ | 19,596 | $ | 21,478 | $ | 55,787 | $ | 56,272 | ||||||||
Telephonics | 15,087 | 13,146 | 40,018 | 45,015 | ||||||||||||
Plastics | 14,922 | 12,161 | 43,881 | 33,832 | ||||||||||||
Total Segment adjusted EBITDA | 49,605 | 46,785 | 139,686 | 135,119 | ||||||||||||
Net interest expense | (11,541 | ) | (13,137 | ) | (37,003 | ) | (39,125 | ) | ||||||||
Segment depreciation and amortization | (16,691 | ) | (17,639 | ) | (49,723 | ) | (52,467 | ) | ||||||||
Unallocated amounts | (6,521 | ) | (6,573 | ) | (22,895 | ) | (22,140 | ) | ||||||||
Loss from debt extinguishment, net | — | — | (38,890 | ) | — | |||||||||||
Restructuring charges | (358 | ) | (1,604 | ) | (1,892 | ) | (12,048 | ) | ||||||||
Acquisition costs | (1,600 | ) | — | (2,398 | ) | — | ||||||||||
Loss on pension settlement | — | — | — | (2,142 | ) | |||||||||||
Income (loss) before taxes | $ | 12,894 | $ | 7,832 | $ | (13,115 | ) | $ | 7,197 | |||||||
Unallocated amounts typically include general corporate expenses not attributable to a reportable segment. | ||||||||||||||||
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | |||||||||||||||
DEPRECIATION and AMORTIZATION | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Segment: | ||||||||||||||||
Home & Building Products | $ | 7,891 | $ | 9,075 | $ | 23,539 | $ | 27,092 | ||||||||
Telephonics | 1,953 | 1,804 | 5,555 | 5,275 | ||||||||||||
Plastics | 6,847 | 6,760 | 20,629 | 20,100 | ||||||||||||
Total segment depreciation and amortization | 16,691 | 17,639 | 49,723 | 52,467 | ||||||||||||
Corporate | 104 | 110 | 304 | 320 | ||||||||||||
Total consolidated depreciation and amortization | $ | 16,795 | $ | 17,749 | $ | 50,027 | $ | 52,787 | ||||||||
CAPITAL EXPENDITURES | ||||||||||||||||
Segment: | ||||||||||||||||
Home & Building Products | $ | 8,194 | $ | 6,534 | $ | 23,384 | $ | 22,352 | ||||||||
Telephonics | 6,082 | 2,401 | 14,969 | 5,853 | ||||||||||||
Plastics | 5,063 | 5,947 | 15,213 | 17,648 | ||||||||||||
Total segment | 19,339 | 14,882 | 53,566 | 45,853 | ||||||||||||
Corporate | 675 | 9 | 1,293 | 33 | ||||||||||||
Total consolidated capital expenditures | $ | 20,014 | $ | 14,891 | $ | 54,859 | $ | 45,886 | ||||||||
ASSETS | At June 30, 2014 | At September 30, 2013 | ||||||||||||||
Segment assets: | ||||||||||||||||
Home & Building Products | $ | 1,020,849 | $ | 908,386 | ||||||||||||
Telephonics | 299,058 | 296,919 | ||||||||||||||
Plastics | 421,892 | 422,730 | ||||||||||||||
Total segment assets | 1,741,799 | 1,628,035 | ||||||||||||||
Corporate | 85,210 | 156,455 | ||||||||||||||
Total continuing assets | 1,827,009 | 1,784,490 | ||||||||||||||
Assets of discontinued operations | 4,241 | 4,289 | ||||||||||||||
Consolidated total | $ | 1,831,250 | $ | 1,788,779 | ||||||||||||
DEFINED_BENEFIT_PENSION_EXPENS
DEFINED BENEFIT PENSION EXPENSE | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
DEFINED BENEFIT PENSION EXPENSE | ' | |||||||||||||||
DEFINED BENEFIT PENSION EXPENSE | ||||||||||||||||
Defined benefit pension expense was as follows: | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | 51 | $ | 90 | $ | 149 | ||||||||
Interest cost | 2,416 | 2,427 | 7,415 | 7,274 | ||||||||||||
Expected return on plan assets | (2,820 | ) | (3,139 | ) | (8,590 | ) | (9,413 | ) | ||||||||
Amortization: | ||||||||||||||||
Prior service cost | 4 | 5 | 11 | 15 | ||||||||||||
Recognized actuarial loss | 485 | 840 | 1,463 | 2,520 | ||||||||||||
Loss on pension settlement | — | — | — | 2,142 | ||||||||||||
Net periodic expense | $ | 85 | $ | 184 | $ | 389 | $ | 2,687 | ||||||||
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 no gains or losses recorded for this settlement. | ||||||||||||||||
First quarter of 2013 SG&A expenses included a $2,142 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 by $3,649. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Jun. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the FASB issued 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. | |
In April 2014, the FASB issued guidance changing the requirements for reporting discontinued operations where a disposal of a component of an entity or group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when either classified as held for sale, or disposed of by sale or otherwise disposed. The amendment also requires enhanced disclosures about the discontinued operation and disclosure information for other significant dispositions. This guidance is effective prospectively for annual reporting periods beginning after December 15, 2014, with early adoption permitted for disposals that have not been previously reported. The implementation of this guidance is not expected to have a material effect on the Company’s financial condition or results of operations. | |
In May 2014, the FASB issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for annual reporting periods beginning after December 15, 2016; early adoption is not permitted. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company's financial condition, results of operations and related disclosures. | |
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 | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
DISCONTINUED OPERATIONS | ' | |||||||
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 June 30, 2014 | At September 30, 2013 | |||||||
Assets of discontinued operations: | ||||||||
Prepaid and other current assets | $ | 1,209 | $ | 1,214 | ||||
Other long-term assets | 3,032 | 3,075 | ||||||
Total assets of discontinued operations | $ | 4,241 | $ | 4,289 | ||||
Liabilities of discontinued operations: | ||||||||
Accrued liabilities, current | $ | 2,959 | $ | 3,288 | ||||
Other long-term liabilities | 4,008 | 4,744 | ||||||
Total liabilities of discontinued operations | $ | 6,967 | $ | 8,032 | ||||
There was no Installation Services revenue or income for the quarter or nine months ended June 30, 2014 or 2013. |
RESTRUCTURING_AND_OTHER_RELATE
RESTRUCTURING AND OTHER RELATED CHARGES | 9 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
RESTRUCTURING AND OTHER RELATED CHARGES | ' | |||||||||||||||||||
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 $7,941 and $15,712 in restructuring costs and capital expenditures, respectively. | ||||||||||||||||||||
HBP recognized $358 and $1,892, respectively, for the three and nine months ended June 30, 2014, and $854 and $6,525, respectively, for the three and nine months ended June 30, 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 | 3,635 | 683 | 1,517 | 3,501 | 9,336 | |||||||||||||||
Quarter ended June 30, 2013 | $ | 641 | $ | 926 | $ | 37 | $ | — | $ | 1,604 | ||||||||||
Nine Months Ended June 30, 2013 | $ | 5,270 | $ | 1,648 | $ | 1,629 | $ | 3,501 | $ | 12,048 | ||||||||||
Quarter ended December 31, 2013 | $ | 638 | $ | 95 | $ | 109 | $ | — | $ | 842 | ||||||||||
Quarter ended March 31, 2014 | 495 | 137 | 60 | — | 692 | |||||||||||||||
Quarter ended June 30, 2014 | $ | 289 | $ | 47 | $ | 22 | $ | — | $ | 358 | ||||||||||
Nine Months Ended June 30, 2014 | $ | 1,422 | $ | 279 | $ | 191 | $ | — | $ | 1,892 | ||||||||||
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 | 1,422 | 279 | 191 | 1,892 | ||||||||||||||||
Payments | (3,151 | ) | (599 | ) | (466 | ) | (4,216 | ) | ||||||||||||
Accrued liability at June 30, 2014 | $ | 1,328 | $ | 73 | $ | 132 | $ | 1,533 | ||||||||||||
OTHER_EXPENSE
OTHER EXPENSE | 9 Months Ended |
Jun. 30, 2014 | |
Other Income and Expenses [Abstract] | ' |
OTHER EXPENSE | ' |
OTHER EXPENSE | |
For the quarters ended June 30, 2014 and 2013, Other income (expense) included $365 and $168, 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 $1,437 and $12, respectively, of net investment income. | |
For the nine months ended June 30, 2014 and 2013, Other income (expense) included $1,044 and ($299), 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 $1,563 and $365, respectively, of net investment income. |
WARRANTY_LIABILITY
WARRANTY LIABILITY | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
WARRANTY LIABILITY | ' | |||||||||||||||
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 from the date of original purchase unless otherwise stated on the product or packaging. | ||||||||||||||||
Changes in Griffon’s warranty liability, included in Accrued liabilities, were as follows: | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 7,111 | $ | 7,424 | $ | 6,649 | $ | 8,856 | ||||||||
Warranties issued and changes in estimated pre-existing warranties | 576 | 1,309 | 2,677 | 1,965 | ||||||||||||
Actual warranty costs incurred | (1,199 | ) | (1,342 | ) | (2,838 | ) | (3,430 | ) | ||||||||
Balance, end of period | $ | 6,488 | $ | 7,391 | $ | 6,488 | $ | 7,391 | ||||||||
OTHER_COMPREHENSIVE_INCOME_LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
The amounts recognized in other comprehensive income (loss) were as follows: | ||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Foreign currency translation adjustments | $ | 2,809 | $ | — | $ | 2,809 | $ | (7,884 | ) | $ | — | $ | (7,884 | ) | ||||||||||
Pension and other defined benefit plans | 491 | (174 | ) | 317 | 823 | (333 | ) | 490 | ||||||||||||||||
Gain on cash flow hedge | — | — | — | (158 | ) | — | (158 | ) | ||||||||||||||||
Total other comprehensive income (loss) | $ | 3,300 | $ | (174 | ) | $ | 3,126 | $ | (7,219 | ) | $ | (333 | ) | $ | (7,552 | ) | ||||||||
Nine Months Ended June 30, 2014 | Nine Months Ended June 30, 2013 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Foreign currency translation adjustments | $ | 896 | $ | — | $ | 896 | $ | (10,805 | ) | $ | — | $ | (10,805 | ) | ||||||||||
Pension and other defined benefit plans | 2,682 | (950 | ) | 1,732 | 8,127 | (3,288 | ) | 4,839 | ||||||||||||||||
Gain on cash flow hedge | — | — | — | 13 | — | 13 | ||||||||||||||||||
Total other comprehensive income (loss) | $ | 3,578 | $ | (950 | ) | $ | 2,628 | $ | (2,665 | ) | $ | (3,288 | ) | $ | (5,953 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to income (loss) were as follows: | ||||||||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Pension amortization | $ | 489 | $ | 845 | $ | 1,474 | $ | 2,535 | ||||||||||||||||
Pension settlement | — | — | — | 2,142 | ||||||||||||||||||||
Total before tax | 489 | 845 | 1,474 | 4,677 | ||||||||||||||||||||
Tax | (167 | ) | (296 | ) | (516 | ) | (1,341 | ) | ||||||||||||||||
Net of tax | $ | 322 | $ | 549 | $ | 958 | $ | 3,336 | ||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
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 no 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. On May 12, 2014 Ames filed a final Soil Vapor Intrusion Work Plan with DEC, which has been approved by DEC. On June 2, 2014 Ames submitted a Draft IRM Construction Completion Report to DEC. To date, DEC has not responded with approvals or comments to the Draft IRM Construction Report. | |
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. No 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. |
RELATED_PARTY
RELATED PARTY | 9 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY | ' |
RELATED PARTY | |
Goldman, Sachs & Co. acted as a co-manager and as an initial purchaser in connection with the Senior Notes offering and received a fee of $825. |
CONSOLIDATING_GUARANTOR_AND_NO
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 9 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Consolidating Guarantor And Non Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | ' | |||||||||||||||||||
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 June 30, 2014 and September 30, 2013 and for the quarter and nine months ended June 30, 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 June 30, 2014 | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||
Cash and equivalents | $ | 9,208 | $ | 19,500 | $ | 58,729 | $ | — | $ | 87,437 | ||||||||||
Accounts receivable, net of allowances | — | 222,754 | 78,918 | (32,003 | ) | 269,669 | ||||||||||||||
Contract costs and recognized income not yet billed, net of progress payments | — | 104,518 | 359 | — | 104,877 | |||||||||||||||
Inventories, net | — | 200,772 | 77,550 | 140 | 278,462 | |||||||||||||||
Prepaid and other current assets | 21,180 | 23,835 | 18,714 | 10,561 | 74,290 | |||||||||||||||
Assets of discontinued operations | — | — | 1,209 | — | 1,209 | |||||||||||||||
Total Current Assets | 30,388 | 571,379 | 235,479 | (21,302 | ) | 815,944 | ||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 1,392 | 261,632 | 102,352 | — | 365,376 | |||||||||||||||
GOODWILL | — | 288,147 | 93,168 | — | 381,315 | |||||||||||||||
INTANGIBLE ASSETS, net | — | 157,861 | 77,231 | — | 235,092 | |||||||||||||||
INTERCOMPANY RECEIVABLE | 547,665 | 877,793 | 122,932 | (1,548,390 | ) | — | ||||||||||||||
EQUITY INVESTMENTS IN SUBSIDIARIES | 802,548 | 682,810 | 1,916,521 | (3,401,879 | ) | — | ||||||||||||||
OTHER ASSETS | 46,687 | 51,205 | 7,812 | (75,213 | ) | 30,491 | ||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS | — | — | 3,032 | — | 3,032 | |||||||||||||||
Total Assets | $ | 1,428,680 | $ | 2,890,827 | $ | 2,558,527 | $ | (5,046,784 | ) | $ | 1,831,250 | |||||||||
CURRENT LIABILITIES | ||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 1,762 | $ | 1,129 | $ | 8,995 | $ | — | $ | 11,886 | ||||||||||
Accounts payable and accrued liabilities | 33,353 | 187,496 | 84,571 | (20,647 | ) | 284,773 | ||||||||||||||
Liabilities of discontinued operations | — | — | 2,959 | — | 2,959 | |||||||||||||||
Total Current Liabilities | 35,115 | 188,625 | 96,525 | (20,647 | ) | 299,618 | ||||||||||||||
LONG-TERM DEBT, net of debt discounts | 742,289 | 8,096 | 46,795 | — | 797,180 | |||||||||||||||
INTERCOMPANY PAYABLES | 21,450 | 746,378 | 733,551 | (1,501,379 | ) | — | ||||||||||||||
OTHER LIABILITIES | 61,485 | 149,029 | 25,921 | (74,332 | ) | 162,103 | ||||||||||||||
LIABILITIES OF DISCONTINUED OPERATIONS | — | — | 4,008 | — | 4,008 | |||||||||||||||
Total Liabilities | 860,339 | 1,092,128 | 906,800 | (1,596,358 | ) | 1,262,909 | ||||||||||||||
SHAREHOLDERS’ EQUITY | 568,341 | 1,798,699 | 1,651,727 | (3,450,426 | ) | 568,341 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,428,680 | $ | 2,890,827 | $ | 2,558,527 | $ | (5,046,784 | ) | $ | 1,831,250 | |||||||||
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 June 30, 2014 | ||||||||||||||||||||
($ in thousands) | Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||
Revenue | $ | — | $ | 392,361 | $ | 126,343 | $ | (13,665 | ) | $ | 505,039 | |||||||||
Cost of goods and services | — | 295,148 | 103,938 | (12,354 | ) | 386,732 | ||||||||||||||
Gross profit | — | 97,213 | 22,405 | (1,311 | ) | 118,307 | ||||||||||||||
Selling, general and administrative expenses | 7,034 | 71,110 | 19,617 | (1,626 | ) | 96,135 | ||||||||||||||
Restructuring and other related charges | — | 349 | 9 | — | 358 | |||||||||||||||
Total operating expenses | 7,034 | 71,459 | 19,626 | (1,626 | ) | 96,493 | ||||||||||||||
Income (loss) from operations | (7,034 | ) | 25,754 | 2,779 | 315 | 21,814 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income (expense), net | (1,750 | ) | (7,367 | ) | (2,424 | ) | — | (11,541 | ) | |||||||||||
Loss from debt extinguishment, net | — | — | — | — | — | |||||||||||||||
Other, net | 1,436 | 2,497 | (997 | ) | (315 | ) | 2,621 | |||||||||||||
Total other income (expense) | (314 | ) | (4,870 | ) | (3,421 | ) | (315 | ) | (8,920 | ) | ||||||||||
Income (loss) before taxes | (7,348 | ) | 20,884 | (642 | ) | — | 12,894 | |||||||||||||
Provision (benefit) for income taxes | (9,322 | ) | 7,322 | 430 | — | (1,570 | ) | |||||||||||||
Income (loss) before equity in net income of subsidiaries | 1,974 | 13,562 | (1,072 | ) | — | 14,464 | ||||||||||||||
Equity in net income (loss) of subsidiaries | 12,490 | (1,161 | ) | 13,562 | (24,891 | ) | — | |||||||||||||
Net income (loss) | $ | 14,464 | $ | 12,401 | $ | 12,490 | $ | (24,891 | ) | $ | 14,464 | |||||||||
Net Income (loss) | $ | 14,464 | $ | 12,401 | $ | 12,490 | $ | (24,891 | ) | $ | 14,464 | |||||||||
Other comprehensive income (loss), net of taxes | 171 | (592 | ) | 3,547 | — | 3,126 | ||||||||||||||
Comprehensive income (loss) | $ | 14,635 | $ | 11,809 | $ | 16,037 | $ | (24,891 | ) | $ | 17,590 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||
($ in thousands) | Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||
Revenue | $ | — | $ | 408,371 | $ | 114,004 | $ | (12,549 | ) | $ | 509,826 | |||||||||
Cost of goods and services | — | 317,156 | 95,461 | (11,102 | ) | 401,515 | ||||||||||||||
Gross profit | — | 91,215 | 18,543 | (1,447 | ) | 108,311 | ||||||||||||||
Selling, general and administrative expenses | 4,141 | 69,015 | 14,793 | (1,604 | ) | 86,345 | ||||||||||||||
Restructuring and other related charges | — | 1,565 | 39 | — | 1,604 | |||||||||||||||
Total operating expenses | 4,141 | 70,580 | 14,832 | (1,604 | ) | 87,949 | ||||||||||||||
Income (loss) from operations | (4,141 | ) | 20,635 | 3,711 | 157 | 20,362 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income (expense), net | (3,559 | ) | (6,982 | ) | (2,596 | ) | — | (13,137 | ) | |||||||||||
Other, net | 12 | 2,462 | (1,710 | ) | (157 | ) | 607 | |||||||||||||
Total other income (expense) | (3,547 | ) | (4,520 | ) | (4,306 | ) | (157 | ) | (12,530 | ) | ||||||||||
Income (loss) before taxes | (7,688 | ) | 16,115 | (595 | ) | — | 7,832 | |||||||||||||
Provision (benefit) for income taxes | (2,913 | ) | 6,745 | 397 | — | 4,229 | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (4,775 | ) | 9,370 | (992 | ) | — | 3,603 | |||||||||||||
Equity in net income (loss) of subsidiaries | 8,378 | (969 | ) | 9,370 | (16,779 | ) | — | |||||||||||||
Net income (loss) | $ | 3,603 | $ | 8,401 | $ | 8,378 | $ | (16,779 | ) | $ | 3,603 | |||||||||
Net Income (loss) | $ | 3,603 | $ | 8,401 | $ | 8,378 | $ | (16,779 | ) | $ | 3,603 | |||||||||
Other comprehensive income (loss), net of taxes | 211 | 836 | (8,599 | ) | — | (7,552 | ) | |||||||||||||
Comprehensive income (loss) | $ | 3,814 | $ | 9,237 | $ | (221 | ) | $ | (16,779 | ) | $ | (3,949 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
For the Nine Months Ended June 30, 2014 | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
Revenue | $ | — | $ | 1,133,510 | $ | 375,877 | $ | (43,203 | ) | $ | 1,466,184 | |||||||||
Cost of goods and services | — | 860,322 | 310,887 | (38,822 | ) | 1,132,387 | ||||||||||||||
Gross profit | — | 273,188 | 64,990 | (4,381 | ) | 333,797 | ||||||||||||||
Selling, general and administrative expenses | 20,525 | 207,725 | 50,025 | (4,838 | ) | 273,437 | ||||||||||||||
Restructuring and other related charges | — | 1,841 | 51 | — | 1,892 | |||||||||||||||
Total operating expenses | 20,525 | 209,566 | 50,076 | (4,838 | ) | 275,329 | ||||||||||||||
Income (loss) from operations | (20,525 | ) | 63,622 | 14,914 | 457 | 58,468 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income (expense), net | (8,240 | ) | (21,946 | ) | (6,817 | ) | — | (37,003 | ) | |||||||||||
Loss from debt extinguishment, net | (38,890 | ) | — | — | — | (38,890 | ) | |||||||||||||
Other, net | 1,563 | 5,569 | (2,365 | ) | (457 | ) | 4,310 | |||||||||||||
Total other income (expense) | (45,567 | ) | (16,377 | ) | (9,182 | ) | (457 | ) | (71,583 | ) | ||||||||||
Income (loss) before taxes | (66,092 | ) | 47,245 | 5,732 | — | (13,115 | ) | |||||||||||||
Provision (benefit) for income taxes | (24,901 | ) | 19,014 | 897 | — | (4,990 | ) | |||||||||||||
Income (loss) before equity in net income of subsidiaries | (41,191 | ) | 28,231 | 4,835 | — | (8,125 | ) | |||||||||||||
Equity in net income (loss) of subsidiaries | 33,066 | 4,587 | 28,231 | (65,884 | ) | — | ||||||||||||||
Net income (loss) | $ | (8,125 | ) | $ | 32,818 | $ | 33,066 | $ | (65,884 | ) | $ | (8,125 | ) | |||||||
Net Income (loss) | $ | (8,125 | ) | $ | 32,818 | $ | 33,066 | $ | (65,884 | ) | $ | (8,125 | ) | |||||||
Other comprehensive income (loss), net of taxes | 511 | 1,277 | 840 | — | 2,628 | |||||||||||||||
Comprehensive income (loss) | $ | (7,614 | ) | $ | 34,095 | $ | 33,906 | $ | (65,884 | ) | $ | (5,497 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
For the Nine Months Ended June 30, 2013 | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
Revenue | $ | — | $ | 1,109,275 | $ | 352,514 | $ | (39,471 | ) | $ | 1,422,318 | |||||||||
Cost of goods and services | — | 848,342 | 297,826 | (35,328 | ) | 1,110,840 | ||||||||||||||
Gross profit | — | 260,933 | 54,688 | (4,143 | ) | 311,478 | ||||||||||||||
Selling, general and administrative expenses | 15,419 | 198,601 | 45,327 | (4,724 | ) | 254,623 | ||||||||||||||
Restructuring and other related charges | — | 8,045 | 4,003 | — | 12,048 | |||||||||||||||
Total operating expenses | 15,419 | 206,646 | 49,330 | (4,724 | ) | 266,671 | ||||||||||||||
Income (loss) from operations | (15,419 | ) | 54,287 | 5,358 | 581 | 44,807 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income (expense), net | (10,781 | ) | (20,685 | ) | (7,659 | ) | — | (39,125 | ) | |||||||||||
Other, net | 367 | 6,227 | (4,498 | ) | (581 | ) | 1,515 | |||||||||||||
Total other income (expense) | (10,414 | ) | (14,458 | ) | (12,157 | ) | (581 | ) | (37,610 | ) | ||||||||||
Income (loss) before taxes | (25,833 | ) | 39,829 | (6,799 | ) | — | 7,197 | |||||||||||||
Provision (benefit) for income taxes | (12,672 | ) | 15,693 | 834 | — | 3,855 | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (13,161 | ) | 24,136 | (7,633 | ) | — | 3,342 | |||||||||||||
Equity in net income (loss) of subsidiaries | 16,503 | (7,565 | ) | 24,136 | (33,074 | ) | — | |||||||||||||
Net income (loss) | $ | 3,342 | $ | 16,571 | $ | 16,503 | $ | (33,074 | ) | $ | 3,342 | |||||||||
Net Income (loss) | $ | 3,342 | $ | 16,571 | $ | 16,503 | $ | (33,074 | ) | $ | 3,342 | |||||||||
Foreign currency translation adjustments | — | 330 | (11,135 | ) | — | (10,805 | ) | |||||||||||||
Other comprehensive income (loss), net of taxes | 633 | 3,963 | 256 | — | 4,852 | |||||||||||||||
Comprehensive income (loss) | $ | 3,975 | $ | 20,864 | $ | 5,624 | $ | (33,074 | ) | $ | (2,611 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended June 30, 2014 | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net income (loss) | $ | (8,125 | ) | $ | 32,818 | $ | 33,066 | $ | (65,884 | ) | $ | (8,125 | ) | |||||||
Net cash provided by (used in) operating activities | (10,966 | ) | (8,300 | ) | 69,122 | — | 49,856 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of property, plant and equipment | (672 | ) | (45,749 | ) | (8,438 | ) | — | (54,859 | ) | |||||||||||
Acquired businesses, net of cash acquired | — | (1,000 | ) | (61,306 | ) | — | (62,306 | ) | ||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | ||||||||||||||
Investment purchases | (8,402 | ) | — | — | — | (8,402 | ) | |||||||||||||
Proceeds from sale of assets | — | 298 | 193 | — | 491 | |||||||||||||||
Net cash provided by (used in) investing activities | 926 | (56,451 | ) | (69,551 | ) | — | (125,076 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of common stock | 584 | — | — | — | 584 | |||||||||||||||
Purchase of shares for treasury | (72,518 | ) | — | — | — | (72,518 | ) | |||||||||||||
Proceeds from long-term debt | 649,568 | (253 | ) | 33,598 | — | 682,913 | ||||||||||||||
Payments of long-term debt | (597,613 | ) | (708 | ) | (3,813 | ) | — | (602,134 | ) | |||||||||||
Change in short-term borrowings | — | — | 3,138 | — | 3,138 | |||||||||||||||
Financing costs | (10,393 | ) | — | (535 | ) | — | (10,928 | ) | ||||||||||||
Purchase of ESOP shares | (10,000 | ) | — | — | — | (10,000 | ) | |||||||||||||
Tax effect from exercise/vesting of equity awards, net | 273 | — | — | — | 273 | |||||||||||||||
Dividend | (9,841 | ) | 5,000 | — | — | (4,841 | ) | |||||||||||||
Other, net | 194 | 54,869 | (54,869 | ) | — | 194 | ||||||||||||||
Net cash provided by (used in) financing activities | (49,746 | ) | 58,908 | (22,481 | ) | — | (13,319 | ) | ||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ||||||||||||||||||||
Net cash used in discontinued operations | — | — | (1,018 | ) | — | (1,018 | ) | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | (1,136 | ) | — | (1,136 | ) | |||||||||||||
NET DECREASE IN CASH AND EQUIVALENTS | (59,786 | ) | (5,843 | ) | (25,064 | ) | — | (90,693 | ) | |||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 68,994 | 25,343 | 83,793 | — | 178,130 | |||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 9,208 | $ | 19,500 | $ | 58,729 | $ | — | $ | 87,437 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended June 30, 2013 | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net income (loss) | $ | 3,342 | $ | 16,571 | $ | 16,503 | $ | (33,074 | ) | $ | 3,342 | |||||||||
Net cash provided by (used in) operating activities | (67,628 | ) | 23,214 | 46,968 | — | 2,554 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of property, plant and equipment | (33 | ) | (40,324 | ) | (5,529 | ) | — | (45,886 | ) | |||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | ||||||||||||||
Proceeds from sale of assets | — | 1,172 | 154 | — | 1,326 | |||||||||||||||
Net cash provided by (used in) investing activities | 9,967 | (49,152 | ) | (5,375 | ) | — | (44,560 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Purchase of shares for treasury | (25,689 | ) | — | — | — | (25,689 | ) | |||||||||||||
Proceeds from long-term debt | — | 303 | — | — | 303 | |||||||||||||||
Payments of long-term debt | (1,751 | ) | (772 | ) | (10,319 | ) | — | (12,842 | ) | |||||||||||
Change in short-term borrowings | — | — | 2,408 | — | 2,408 | |||||||||||||||
Financing costs | (759 | ) | — | — | — | (759 | ) | |||||||||||||
Tax effect from exercise/vesting of equity awards, net | 150 | — | — | — | 150 | |||||||||||||||
Dividend | (4,384 | ) | — | — | — | (4,384 | ) | |||||||||||||
Other, net | 261 | 14,661 | (14,661 | ) | — | 261 | ||||||||||||||
Net cash provided by (used in) financing activities | (32,172 | ) | 14,192 | (22,572 | ) | — | (40,552 | ) | ||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ||||||||||||||||||||
Net cash used in discontinued operations | — | — | (486 | ) | — | (486 | ) | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | (506 | ) | — | (506 | ) | |||||||||||||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | (89,833 | ) | (11,746 | ) | 18,029 | — | (83,550 | ) | ||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 125,093 | 34,782 | 49,779 | — | 209,654 | |||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 35,260 | $ | 23,036 | $ | 67,808 | $ | — | $ | 126,104 | ||||||||||
DESCRIPTION_OF_BUSINESS_AND_BA1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“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. | |
Inventory | ' |
Inventories are stated at the lower of cost (first-in, first-out or average) or market. | |
Share-based Compensation, Option and Incentive Plans | ' |
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. | |
New Accounting Pronouncements | ' |
In February 2013, the FASB issued 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. | |
In April 2014, the FASB issued guidance changing the requirements for reporting discontinued operations where a disposal of a component of an entity or group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when either classified as held for sale, or disposed of by sale or otherwise disposed. The amendment also requires enhanced disclosures about the discontinued operation and disclosure information for other significant dispositions. This guidance is effective prospectively for annual reporting periods beginning after December 15, 2014, with early adoption permitted for disposals that have not been previously reported. The implementation of this guidance is not expected to have a material effect on the Company’s financial condition or results of operations. | |
In May 2014, the FASB issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for annual reporting periods beginning after December 15, 2016; early adoption is not permitted. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company's financial condition, results of operations and related disclosures. | |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 9 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||||
The following table summarizes the fair values of the Cyclone and Northcote assets and liabilities as of the date of acquisition: | ||||||||||
Cyclone | Northcote | Total | ||||||||
Current Assets, net of cash acquired | $ | 23,936 | $ | 7,921 | $ | 31,857 | ||||
PP&E | 491 | 1,376 | 1,867 | |||||||
Goodwill | 10,072 | 11,617 | 21,689 | |||||||
Amortizable intangible assets | 9,844 | 6,023 | 15,867 | |||||||
Indefinite life intangible assets | 1,874 | 1,686 | 3,560 | |||||||
Total assets acquired | 46,217 | 28,623 | 74,840 | |||||||
Total liabilities assumed | (6,692 | ) | (6,842 | ) | (13,534 | ) | ||||
Net assets acquired | $ | 39,525 | $ | 21,781 | $ | 61,306 | ||||
Schedule of Intangible Assets and Goodwill | ' | |||||||||
The amounts assigned to major intangible asset classifications, none of which are tax deductible, for the Cyclone and Northcote acquisitions are as follows: | ||||||||||
Cyclone | Northcote | Total | Amortization | |||||||
Period (Years) | ||||||||||
Goodwill | $ | 10,072 | $ | 11,617 | 21,689 | N/A | ||||
Tradenames | 1,874 | 1,686 | 3,560 | Indefinite | ||||||
Customer relationships | 9,844 | 6,023 | 15,867 | 25 | ||||||
$ | 21,790 | $ | 19,326 | 41,116 | ||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
The following table details the components of inventory: | ||||||||
At June 30, 2014 | At September 30, 2013 | |||||||
Raw materials and supplies | $ | 71,533 | $ | 65,560 | ||||
Work in process | 69,884 | 63,930 | ||||||
Finished goods | 137,045 | 100,630 | ||||||
Total | $ | 278,462 | $ | 230,120 | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
The following table details the components of property, plant and equipment, net: | ||||||||
At June 30, 2014 | At September 30, 2013 | |||||||
Land, building and building improvements | $ | 131,270 | $ | 130,905 | ||||
Machinery and equipment | 715,805 | 661,094 | ||||||
Leasehold improvements | 38,792 | 35,884 | ||||||
885,867 | 827,883 | |||||||
Accumulated depreciation and amortization | (520,491 | ) | (474,290 | ) | ||||
Total | $ | 365,376 | $ | 353,593 | ||||
GOODWILL_AND_OTHER_INTANGIBLES1
GOODWILL AND OTHER INTANGIBLES (Tables) | 9 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||
The following table provides changes in the carrying value of goodwill by segment during the nine months ended June 30, 2014: | ||||||||||||||||||
At September 30, 2013 | Goodwill from | Other | At June 30, 2014 | |||||||||||||||
2014 acquisitions | adjustments | |||||||||||||||||
including currency | ||||||||||||||||||
translations | ||||||||||||||||||
Home & Building Products | $ | 269,802 | $ | 21,689 | $ | 948 | $ | 292,439 | ||||||||||
Telephonics | 18,545 | — | — | 18,545 | ||||||||||||||
Plastics | 69,383 | — | 948 | 70,331 | ||||||||||||||
Total | $ | 357,730 | $ | 21,689 | $ | 1,896 | $ | 381,315 | ||||||||||
Schedule Of Identifiable Intangible Assets | ' | |||||||||||||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets: | ||||||||||||||||||
At June 30, 2014 | At September 30, 2013 | |||||||||||||||||
Gross Carrying Amount | Accumulated | Average | Gross Carrying Amount | Accumulated | ||||||||||||||
Amortization | Life | Amortization | ||||||||||||||||
(Years) | ||||||||||||||||||
Customer relationships | $ | 183,152 | $ | 34,543 | 25 | $ | 166,985 | $ | 29,049 | |||||||||
Unpatented technology | 6,708 | 3,290 | 13 | 6,804 | 2,916 | |||||||||||||
Total amortizable intangible assets | 189,860 | 37,833 | 173,789 | 31,965 | ||||||||||||||
Trademarks | 83,065 | — | 79,567 | — | ||||||||||||||
Total intangible assets | $ | 272,925 | $ | 37,833 | $ | 253,356 | $ | 31,965 | ||||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||||||||||||||||||||||||
At June 30, 2014 | At September 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Outstanding Balance | Original Issuer Discount | Balance Sheet | Capitalized Fees & Expenses | Coupon Interest Rate (1) | Outstanding Balance | Original Issuer Discount | Balance Sheet | Capitalized Fees & Expenses | Coupon Interest Rate (1) | ||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | $ | — | $ | — | $ | — | $ | — | n/a | $ | 550,000 | $ | — | $ | 550,000 | $ | 7,328 | 7.1 | % | |||||||||||||||||||
Senior notes due 2022 | (a) | 600,000 | — | 600,000 | 9,529 | 5.25 | % | — | — | — | — | n/a | |||||||||||||||||||||||||||
Revolver due 2019 | (a) | 25,000 | — | 25,000 | 2,122 | n/a | — | — | — | 2,425 | n/a | ||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 100,000 | (10,532 | ) | 89,468 | 1,145 | 4 | % | 100,000 | (13,246 | ) | 86,754 | 1,478 | 4 | % | ||||||||||||||||||||||||
Real estate mortgages | (c) | 16,603 | — | 16,603 | 612 | n/a | 13,212 | — | 13,212 | 185 | n/a | ||||||||||||||||||||||||||||
ESOP Loans | (d) | 29,583 | — | 29,583 | 233 | n/a | 21,098 | — | 21,098 | 24 | n/a | ||||||||||||||||||||||||||||
Capital lease - real estate | (e) | 8,798 | — | 8,798 | 188 | 5 | % | 9,529 | — | 9,529 | 207 | 5 | % | ||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | 7,754 | — | 7,754 | — | n/a | 4,606 | — | 4,606 | — | n/a | ||||||||||||||||||||||||||||
Non U.S. term loans | (f) | 30,612 | — | 30,612 | 189 | n/a | 3,115 | — | 3,115 | 27 | n/a | ||||||||||||||||||||||||||||
Other long term debt | (g) | 1,248 | — | 1,248 | 27 | n/a | 941 | — | 941 | — | n/a | ||||||||||||||||||||||||||||
Totals | 819,598 | (10,532 | ) | 809,066 | $ | 14,045 | 702,501 | (13,246 | ) | 689,255 | $ | 11,674 | |||||||||||||||||||||||||||
less: Current portion | (11,886 | ) | — | (11,886 | ) | (10,768 | ) | — | (10,768 | ) | |||||||||||||||||||||||||||||
Long-term debt | $ | 807,712 | $ | (10,532 | ) | $ | 797,180 | $ | 691,733 | $ | (13,246 | ) | $ | 678,487 | |||||||||||||||||||||||||
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 transaction 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. On June 18, 2014, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer. | |||||||||||||||||||||||||||||||||||||||
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”) to extend its maturity date from March 28, 2018 to March 28, 2019, and to revise certain financial maintenance and negative covenants to improve Griffon's financial and operating flexibility. 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 (except that a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the debt under the ESOP credit agreement ranks pari passu with the lien granted on such assets under the Credit Agreement; see footnote (d) below). | |||||||||||||||||||||||||||||||||||||||
At June 30, 2014, outstanding borrowings and standby letters of credit were $25,000 and $20,365, respectively; $179,635 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 $14.53 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 June 30, 2014, aggregate dividends since the last conversion price adjustment of $0.03 per share would have resulted in an adjustment to the conversion ratio of approximately .27%. At both June 30, 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 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 June 30, 2014, $16,603 was outstanding. | ||||||||||||||||||||||||||||||||||||||
(d) | In December 2013, Griffon’s Employee Stock Ownership Plan (“ESOP”) entered into a credit 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 June 30, 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 $22,400 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. As of June 30, 2014, $29,583 was outstanding. | ||||||||||||||||||||||||||||||||||||||
In July 2014, Griffon's ESOP entered into an amendment to the existing agreement which provides for an additional $10,000 Line Note available to purchase shares in the open market. The new Line Note will bear interest at a) LIBOR plus 2.75% or b) the lender’s prime rate, at Griffon’s option, through its expiration date on June 30, 2015. Upon expiration or at an earlier date, at Griffon’s option, the new Line Note will be combined with the Term Loan and require quarterly principal payments based on the remaining amortization schedule at a weighted average interest rate of the combined loans, with a balloon payment due at the final maturity date of December 31, 2018, based on the new amortization schedule. The new Line Note and the Term Loan are secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. | |||||||||||||||||||||||||||||||||||||||
(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. At June 30, 2014, $8,798 was outstanding. | ||||||||||||||||||||||||||||||||||||||
(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 $4,093 at June 30, 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 (2.41% at June 30, 2014). 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% (16.80% at June 30, 2014). At June 30, 2014 there was $3,660 borrowed under the lines. Clopay Plastic Products Company, 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 (1.46% LIBOR USD and 2.51% Bankers Acceptance Rate CDN as of June 30, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At June 30, 2014, there were no borrowings under the revolving credit facility with CAD $15,000 available for borrowing. | |||||||||||||||||||||||||||||||||||||||
In December 2013 and May 2014, Northcote Holdings Pty Ltd entered into two term loans in the outstanding amounts of AUD $12,500 and AUD $20,000, respectively. The AUD $12,500 and AUD $20,000 term loans are unsecured and require quarterly interest payments, with quarterly principal payments of $625 beginning in August 2015 on the AUD $20,000 term loan. Remaining principal is due at maturity in December 2016 and May 2017, respectively. The loans accrue interest at Bank Bill Swap Bid Rate “BBSY” plus 2.8% per annum (5.5% at June 30, 2014 for each loan). As of June 30, 2014, Griffon had an outstanding combined balance of $30,612 on the term loans. Subsidiaries of Northcote Holdings Pty Ltd also maintain two lines of credit of AUD $3,000 and AUD $5,000 which accrue interest at BBSY plus 2.25% per annum (5.00% at June 30, 2014) and 2.50% per annum (5.25% at June 30, 2014), respectively. At June 30, 2014, there were no outstanding borrowings under the lines. Griffon Corporation guarantees the term loans and the AUD $3,000 line of credit; the assets of a subsidiary of Northcote Holdings Pty Ltd secures the AUD $5,000 line of credit. | |||||||||||||||||||||||||||||||||||||||
(g) Other long-term debt primarily consists of capital leases. | |||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense For Long Term Debt | ' | ||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Effective Interest Rate (1) | Cash Interest | Amort. Debt | Amort. | Total Interest Expense | Effective Interest Rate (1) | Cash Interest | Amort. Debt | Amort. | Total Interest Expense | ||||||||||||||||||||||||||||||
Discount | Deferred Cost | Discount | Deferred Cost | ||||||||||||||||||||||||||||||||||||
& Other Fees | & Other Fees | ||||||||||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | n/a | $ | — | $ | — | $ | — | $ | — | 7.4 | % | $ | 9,797 | $ | — | $ | 406 | $ | 10,203 | |||||||||||||||||||
Senior notes due 2022 | (a) | 5.5 | % | 7,875 | — | 310 | 8,185 | n/a | — | — | — | — | |||||||||||||||||||||||||||
Revolver due 2019 | (a) | n/a | 309 | — | 144 | 453 | n/a | 179 | — | 131 | 310 | ||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 9.1 | % | 1,000 | 921 | 112 | 2,033 | 9.1 | % | 1,000 | 846 | 110 | 1,956 | ||||||||||||||||||||||||||
Real estate mortgages | (c) | 3.8 | % | 124 | — | 35 | 159 | 4.9 | % | 133 | — | 22 | 155 | ||||||||||||||||||||||||||
ESOP Loans | (d) | 2.9 | % | 192 | — | 25 | 217 | 2.8 | % | 151 | — | 2 | 153 | ||||||||||||||||||||||||||
Capital lease - real estate | (e) | 5.3 | % | 112 | — | 5 | 117 | 5.3 | % | 125 | — | 6 | 131 | ||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | n/a | 307 | — | 27 | 334 | n/a | 155 | — | — | 155 | ||||||||||||||||||||||||||||
Non U.S. term loans | (f) | n/a | 273 | — | 13 | 286 | n/a | 109 | — | 26 | 135 | ||||||||||||||||||||||||||||
Other long term debt | (g) | n/a | 6 | — | 9 | 15 | n/a | 272 | — | — | 272 | ||||||||||||||||||||||||||||
Capitalized interest | (138 | ) | — | — | (138 | ) | (191 | ) | — | — | (191 | ) | |||||||||||||||||||||||||||
Totals | $ | 10,060 | $ | 921 | $ | 680 | $ | 11,661 | $ | 11,730 | $ | 846 | $ | 703 | $ | 13,279 | |||||||||||||||||||||||
Nine Months Ended June 30, 2014 | Nine Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Effective Interest Rate (1) | Cash Interest | Amort. Debt Discount | Amort. Deferred Cost & Other Fees | Total Interest Expense | Effective Interest Rate (1) | Cash Interest | Amort. Debt Discount | Amort. Deferred Cost & Other Fees | Total Interest Expense | ||||||||||||||||||||||||||||||
Senior notes due 2018 | (a) | 7.4 | % | $ | 15,930 | $ | — | $ | 667 | $ | 16,597 | 7.4 | % | $ | 29,391 | $ | — | $ | 1,217 | $ | 30,608 | ||||||||||||||||||
Senior notes due 2022 | (a) | 5.5 | % | 10,675 | — | 421 | 11,096 | n/a | — | — | — | — | |||||||||||||||||||||||||||
Revolver due 2019 | (a) | n/a | 782 | — | 422 | 1,204 | n/a | 603 | — | 444 | 1,047 | ||||||||||||||||||||||||||||
Convert. debt due 2017 | (b) | 9.1 | % | 3,000 | 2,713 | 333 | 6,046 | 9.2 | % | 3,000 | 2,491 | 332 | 5,823 | ||||||||||||||||||||||||||
Real estate mortgages | (c) | 4 | % | 376 | — | 108 | 484 | 4.9 | % | 407 | — | 65 | 472 | ||||||||||||||||||||||||||
ESOP Loans | (d) | 3.2 | % | 524 | — | 32 | 556 | 2.9 | % | 476 | — | 6 | 482 | ||||||||||||||||||||||||||
Capital lease - real estate | (e) | 5.4 | % | 345 | — | 19 | 364 | 5.3 | % | 381 | — | 19 | 400 | ||||||||||||||||||||||||||
Non U.S. lines of credit | (f) | n/a | 724 | — | 27 | 751 | n/a | 415 | — | — | 415 | ||||||||||||||||||||||||||||
Non U.S. term loans | (f) | n/a | 426 | — | 17 | 443 | n/a | 415 | — | 77 | 492 | ||||||||||||||||||||||||||||
Other long term debt | (g) | n/a | 17 | — | 30 | 47 | n/a | 523 | — | — | 523 | ||||||||||||||||||||||||||||
Capitalized interest | (404 | ) | — | — | (404 | ) | (816 | ) | — | — | (816 | ) | |||||||||||||||||||||||||||
Totals | $ | 32,395 | $ | 2,713 | $ | 2,076 | $ | 37,184 | $ | 34,795 | $ | 2,491 | $ | 2,160 | $ | 39,446 | |||||||||||||||||||||||
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 transaction 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. On June 18, 2014, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer. | |||||||||||||||||||||||||||||||||||||||
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”) to extend its maturity date from March 28, 2018 to March 28, 2019, and to revise certain financial maintenance and negative covenants to improve Griffon's financial and operating flexibility. 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 (except that a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the debt under the ESOP credit agreement ranks pari passu with the lien granted on such assets under the Credit Agreement; see footnote (d) below). | |||||||||||||||||||||||||||||||||||||||
At June 30, 2014, outstanding borrowings and standby letters of credit were $25,000 and $20,365, respectively; $179,635 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 $14.53 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 June 30, 2014, aggregate dividends since the last conversion price adjustment of $0.03 per share would have resulted in an adjustment to the conversion ratio of approximately .27%. At both June 30, 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 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 June 30, 2014, $16,603 was outstanding. | ||||||||||||||||||||||||||||||||||||||
(d) | In December 2013, Griffon’s Employee Stock Ownership Plan (“ESOP”) entered into a credit 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 June 30, 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 $22,400 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. As of June 30, 2014, $29,583 was outstanding. | ||||||||||||||||||||||||||||||||||||||
In July 2014, Griffon's ESOP entered into an amendment to the existing agreement which provides for an additional $10,000 Line Note available to purchase shares in the open market. The new Line Note will bear interest at a) LIBOR plus 2.75% or b) the lender’s prime rate, at Griffon’s option, through its expiration date on June 30, 2015. Upon expiration or at an earlier date, at Griffon’s option, the new Line Note will be combined with the Term Loan and require quarterly principal payments based on the remaining amortization schedule at a weighted average interest rate of the combined loans, with a balloon payment due at the final maturity date of December 31, 2018, based on the new amortization schedule. The new Line Note and the Term Loan are secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. | |||||||||||||||||||||||||||||||||||||||
(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. At June 30, 2014, $8,798 was outstanding. | ||||||||||||||||||||||||||||||||||||||
(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 $4,093 at June 30, 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 (2.41% at June 30, 2014). 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% (16.80% at June 30, 2014). At June 30, 2014 there was $3,660 borrowed under the lines. Clopay Plastic Products Company, 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 (1.46% LIBOR USD and 2.51% Bankers Acceptance Rate CDN as of June 30, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At June 30, 2014, there were no borrowings under the revolving credit facility with CAD $15,000 available for borrowing. | |||||||||||||||||||||||||||||||||||||||
In December 2013 and May 2014, Northcote Holdings Pty Ltd entered into two term loans in the outstanding amounts of AUD $12,500 and AUD $20,000, respectively. The AUD $12,500 and AUD $20,000 term loans are unsecured and require quarterly interest payments, with quarterly principal payments of $625 beginning in August 2015 on the AUD $20,000 term loan. Remaining principal is due at maturity in December 2016 and May 2017, respectively. The loans accrue interest at Bank Bill Swap Bid Rate “BBSY” plus 2.8% per annum (5.5% at June 30, 2014 for each loan). As of June 30, 2014, Griffon had an outstanding combined balance of $30,612 on the term loans. Subsidiaries of Northcote Holdings Pty Ltd also maintain two lines of credit of AUD $3,000 and AUD $5,000 which accrue interest at BBSY plus 2.25% per annum (5.00% at June 30, 2014) and 2.50% per annum (5.25% at June 30, 2014), respectively. At June 30, 2014, there were no outstanding borrowings under the lines. Griffon Corporation guarantees the term loans and the AUD $3,000 line of credit; the assets of a subsidiary of Northcote Holdings Pty Ltd secures the AUD $5,000 line of credit. | |||||||||||||||||||||||||||||||||||||||
(g) Other long-term debt primarily consists of capital leases. |
EARNINGS_PER_SHARE_EPS_Tables
EARNINGS PER SHARE (EPS) (Tables) | 9 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||
The following table is a reconciliation of the share amounts (in thousands) used in computing earnings per share: | ||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average shares outstanding - basic | 48,370 | 54,265 | 50,038 | 54,588 | ||||||||
Incremental shares from stock based compensation | 1,466 | 1,939 | — | 2,147 | ||||||||
Weighted average shares outstanding - diluted | 49,836 | 56,204 | 50,038 | 56,735 | ||||||||
Anti-dilutive options excluded from diluted EPS computation | 643 | 715 | 643 | 715 | ||||||||
Anti-dilutive restricted stock excluded from diluted EPS computation | — | — | 1,609 | — | ||||||||
BUSINESS_SEGMENTS_Tables
BUSINESS SEGMENTS (Tables) | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Information on Griffon’s business segments is as follows: | ||||||||||||||||
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | |||||||||||||||
REVENUE | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Home & Building Products: | ||||||||||||||||
Ames | $ | 132,179 | $ | 128,332 | $ | 389,492 | $ | 341,878 | ||||||||
CBP | 121,814 | 112,285 | 334,494 | 314,651 | ||||||||||||
Home & Building Products | 253,993 | 240,617 | 723,986 | 656,529 | ||||||||||||
Telephonics | 102,446 | 129,997 | 302,656 | 347,678 | ||||||||||||
Plastics | 148,600 | 139,212 | 439,542 | 418,111 | ||||||||||||
Total consolidated net sales | $ | 505,039 | $ | 509,826 | $ | 1,466,184 | $ | 1,422,318 | ||||||||
The following table reconciles segment operating profit to Loss before taxes: | ||||||||||||||||
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | |||||||||||||||
INCOME (LOSS) BEFORE TAXES | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Segment operating profit: | ||||||||||||||||
Home & Building Products | $ | 9,747 | $ | 11,549 | $ | 27,958 | $ | 22,655 | ||||||||
Telephonics | 13,134 | 10,592 | 34,463 | 38,990 | ||||||||||||
Plastics | 8,075 | 5,401 | 23,252 | 8,959 | ||||||||||||
Total segment operating profit | 30,956 | 27,542 | 85,673 | 70,604 | ||||||||||||
Net interest expense | (11,541 | ) | (13,137 | ) | (37,003 | ) | (39,125 | ) | ||||||||
Unallocated amounts | (6,521 | ) | (6,573 | ) | (22,895 | ) | (22,140 | ) | ||||||||
Loss from debt extinguishment, net | — | — | (38,890 | ) | — | |||||||||||
Loss on pension settlement | — | — | — | (2,142 | ) | |||||||||||
Income (loss) before taxes | $ | 12,894 | $ | 7,832 | $ | (13,115 | ) | $ | 7,197 | |||||||
The following table provides a reconciliation of Segment adjusted EBITDA to Income (loss) before taxes: | ||||||||||||||||
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment adjusted EBITDA: | ||||||||||||||||
Home & Building Products | $ | 19,596 | $ | 21,478 | $ | 55,787 | $ | 56,272 | ||||||||
Telephonics | 15,087 | 13,146 | 40,018 | 45,015 | ||||||||||||
Plastics | 14,922 | 12,161 | 43,881 | 33,832 | ||||||||||||
Total Segment adjusted EBITDA | 49,605 | 46,785 | 139,686 | 135,119 | ||||||||||||
Net interest expense | (11,541 | ) | (13,137 | ) | (37,003 | ) | (39,125 | ) | ||||||||
Segment depreciation and amortization | (16,691 | ) | (17,639 | ) | (49,723 | ) | (52,467 | ) | ||||||||
Unallocated amounts | (6,521 | ) | (6,573 | ) | (22,895 | ) | (22,140 | ) | ||||||||
Loss from debt extinguishment, net | — | — | (38,890 | ) | — | |||||||||||
Restructuring charges | (358 | ) | (1,604 | ) | (1,892 | ) | (12,048 | ) | ||||||||
Acquisition costs | (1,600 | ) | — | (2,398 | ) | — | ||||||||||
Loss on pension settlement | — | — | — | (2,142 | ) | |||||||||||
Income (loss) before taxes | $ | 12,894 | $ | 7,832 | $ | (13,115 | ) | $ | 7,197 | |||||||
Unallocated amounts typically include general corporate expenses not attributable to a reportable segment. | ||||||||||||||||
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | |||||||||||||||
DEPRECIATION and AMORTIZATION | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Segment: | ||||||||||||||||
Home & Building Products | $ | 7,891 | $ | 9,075 | $ | 23,539 | $ | 27,092 | ||||||||
Telephonics | 1,953 | 1,804 | 5,555 | 5,275 | ||||||||||||
Plastics | 6,847 | 6,760 | 20,629 | 20,100 | ||||||||||||
Total segment depreciation and amortization | 16,691 | 17,639 | 49,723 | 52,467 | ||||||||||||
Corporate | 104 | 110 | 304 | 320 | ||||||||||||
Total consolidated depreciation and amortization | $ | 16,795 | $ | 17,749 | $ | 50,027 | $ | 52,787 | ||||||||
CAPITAL EXPENDITURES | ||||||||||||||||
Segment: | ||||||||||||||||
Home & Building Products | $ | 8,194 | $ | 6,534 | $ | 23,384 | $ | 22,352 | ||||||||
Telephonics | 6,082 | 2,401 | 14,969 | 5,853 | ||||||||||||
Plastics | 5,063 | 5,947 | 15,213 | 17,648 | ||||||||||||
Total segment | 19,339 | 14,882 | 53,566 | 45,853 | ||||||||||||
Corporate | 675 | 9 | 1,293 | 33 | ||||||||||||
Total consolidated capital expenditures | $ | 20,014 | $ | 14,891 | $ | 54,859 | $ | 45,886 | ||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
ASSETS | At June 30, 2014 | At September 30, 2013 | ||||||||||||||
Segment assets: | ||||||||||||||||
Home & Building Products | $ | 1,020,849 | $ | 908,386 | ||||||||||||
Telephonics | 299,058 | 296,919 | ||||||||||||||
Plastics | 421,892 | 422,730 | ||||||||||||||
Total segment assets | 1,741,799 | 1,628,035 | ||||||||||||||
Corporate | 85,210 | 156,455 | ||||||||||||||
Total continuing assets | 1,827,009 | 1,784,490 | ||||||||||||||
Assets of discontinued operations | 4,241 | 4,289 | ||||||||||||||
Consolidated total | $ | 1,831,250 | $ | 1,788,779 | ||||||||||||
DEFINED_BENEFIT_PENSION_EXPENS1
DEFINED BENEFIT PENSION EXPENSE (Tables) | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||
Defined benefit pension expense was as follows: | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | 51 | $ | 90 | $ | 149 | ||||||||
Interest cost | 2,416 | 2,427 | 7,415 | 7,274 | ||||||||||||
Expected return on plan assets | (2,820 | ) | (3,139 | ) | (8,590 | ) | (9,413 | ) | ||||||||
Amortization: | ||||||||||||||||
Prior service cost | 4 | 5 | 11 | 15 | ||||||||||||
Recognized actuarial loss | 485 | 840 | 1,463 | 2,520 | ||||||||||||
Loss on pension settlement | — | — | — | 2,142 | ||||||||||||
Net periodic expense | $ | 85 | $ | 184 | $ | 389 | $ | 2,687 | ||||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||
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 June 30, 2014 | At September 30, 2013 | |||||||
Assets of discontinued operations: | ||||||||
Prepaid and other current assets | $ | 1,209 | $ | 1,214 | ||||
Other long-term assets | 3,032 | 3,075 | ||||||
Total assets of discontinued operations | $ | 4,241 | $ | 4,289 | ||||
Liabilities of discontinued operations: | ||||||||
Accrued liabilities, current | $ | 2,959 | $ | 3,288 | ||||
Other long-term liabilities | 4,008 | 4,744 | ||||||
Total liabilities of discontinued operations | $ | 6,967 | $ | 8,032 | ||||
RESTRUCTURING_AND_OTHER_RELATE1
RESTRUCTURING AND OTHER RELATED CHARGES (Tables) | 9 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Schedule Of Restructuring And Other Related Charges | ' | |||||||||||||||||||
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 | 3,635 | 683 | 1,517 | 3,501 | 9,336 | |||||||||||||||
Quarter ended June 30, 2013 | $ | 641 | $ | 926 | $ | 37 | $ | — | $ | 1,604 | ||||||||||
Nine Months Ended June 30, 2013 | $ | 5,270 | $ | 1,648 | $ | 1,629 | $ | 3,501 | $ | 12,048 | ||||||||||
Quarter ended December 31, 2013 | $ | 638 | $ | 95 | $ | 109 | $ | — | $ | 842 | ||||||||||
Quarter ended March 31, 2014 | 495 | 137 | 60 | — | 692 | |||||||||||||||
Quarter ended June 30, 2014 | $ | 289 | $ | 47 | $ | 22 | $ | — | $ | 358 | ||||||||||
Nine Months Ended June 30, 2014 | $ | 1,422 | $ | 279 | $ | 191 | $ | — | $ | 1,892 | ||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||||||
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 | 1,422 | 279 | 191 | 1,892 | ||||||||||||||||
Payments | (3,151 | ) | (599 | ) | (466 | ) | (4,216 | ) | ||||||||||||
Accrued liability at June 30, 2014 | $ | 1,328 | $ | 73 | $ | 132 | $ | 1,533 | ||||||||||||
WARRANTY_LIABILITY_Tables
WARRANTY LIABILITY (Tables) | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Product Warranty Liability | ' | |||||||||||||||
Changes in Griffon’s warranty liability, included in Accrued liabilities, were as follows: | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 7,111 | $ | 7,424 | $ | 6,649 | $ | 8,856 | ||||||||
Warranties issued and changes in estimated pre-existing warranties | 576 | 1,309 | 2,677 | 1,965 | ||||||||||||
Actual warranty costs incurred | (1,199 | ) | (1,342 | ) | (2,838 | ) | (3,430 | ) | ||||||||
Balance, end of period | $ | 6,488 | $ | 7,391 | $ | 6,488 | $ | 7,391 | ||||||||
OTHER_COMPREHENSIVE_INCOME_LOS1
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The amounts recognized in other comprehensive income (loss) were as follows: | ||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Foreign currency translation adjustments | $ | 2,809 | $ | — | $ | 2,809 | $ | (7,884 | ) | $ | — | $ | (7,884 | ) | ||||||||||
Pension and other defined benefit plans | 491 | (174 | ) | 317 | 823 | (333 | ) | 490 | ||||||||||||||||
Gain on cash flow hedge | — | — | — | (158 | ) | — | (158 | ) | ||||||||||||||||
Total other comprehensive income (loss) | $ | 3,300 | $ | (174 | ) | $ | 3,126 | $ | (7,219 | ) | $ | (333 | ) | $ | (7,552 | ) | ||||||||
Nine Months Ended June 30, 2014 | Nine Months Ended June 30, 2013 | |||||||||||||||||||||||
Pre-tax | Tax | Net of tax | Pre-tax | Tax | Net of tax | |||||||||||||||||||
Foreign currency translation adjustments | $ | 896 | $ | — | $ | 896 | $ | (10,805 | ) | $ | — | $ | (10,805 | ) | ||||||||||
Pension and other defined benefit plans | 2,682 | (950 | ) | 1,732 | 8,127 | (3,288 | ) | 4,839 | ||||||||||||||||
Gain on cash flow hedge | — | — | — | 13 | — | 13 | ||||||||||||||||||
Total other comprehensive income (loss) | $ | 3,578 | $ | (950 | ) | $ | 2,628 | $ | (2,665 | ) | $ | (3,288 | ) | $ | (5,953 | ) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to income (loss) were as follows: | ||||||||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Pension amortization | $ | 489 | $ | 845 | $ | 1,474 | $ | 2,535 | ||||||||||||||||
Pension settlement | — | — | — | 2,142 | ||||||||||||||||||||
Total before tax | 489 | 845 | 1,474 | 4,677 | ||||||||||||||||||||
Tax | (167 | ) | (296 | ) | (516 | ) | (1,341 | ) | ||||||||||||||||
Net of tax | $ | 322 | $ | 549 | $ | 958 | $ | 3,336 | ||||||||||||||||
CONSOLIDATING_GUARANTOR_AND_NO1
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Consolidating Guarantor And Non Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||
Condensed Balance Sheet | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||
Cash and equivalents | $ | 9,208 | $ | 19,500 | $ | 58,729 | $ | — | $ | 87,437 | ||||||||||
Accounts receivable, net of allowances | — | 222,754 | 78,918 | (32,003 | ) | 269,669 | ||||||||||||||
Contract costs and recognized income not yet billed, net of progress payments | — | 104,518 | 359 | — | 104,877 | |||||||||||||||
Inventories, net | — | 200,772 | 77,550 | 140 | 278,462 | |||||||||||||||
Prepaid and other current assets | 21,180 | 23,835 | 18,714 | 10,561 | 74,290 | |||||||||||||||
Assets of discontinued operations | — | — | 1,209 | — | 1,209 | |||||||||||||||
Total Current Assets | 30,388 | 571,379 | 235,479 | (21,302 | ) | 815,944 | ||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 1,392 | 261,632 | 102,352 | — | 365,376 | |||||||||||||||
GOODWILL | — | 288,147 | 93,168 | — | 381,315 | |||||||||||||||
INTANGIBLE ASSETS, net | — | 157,861 | 77,231 | — | 235,092 | |||||||||||||||
INTERCOMPANY RECEIVABLE | 547,665 | 877,793 | 122,932 | (1,548,390 | ) | — | ||||||||||||||
EQUITY INVESTMENTS IN SUBSIDIARIES | 802,548 | 682,810 | 1,916,521 | (3,401,879 | ) | — | ||||||||||||||
OTHER ASSETS | 46,687 | 51,205 | 7,812 | (75,213 | ) | 30,491 | ||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS | — | — | 3,032 | — | 3,032 | |||||||||||||||
Total Assets | $ | 1,428,680 | $ | 2,890,827 | $ | 2,558,527 | $ | (5,046,784 | ) | $ | 1,831,250 | |||||||||
CURRENT LIABILITIES | ||||||||||||||||||||
Notes payable and current portion of long-term debt | $ | 1,762 | $ | 1,129 | $ | 8,995 | $ | — | $ | 11,886 | ||||||||||
Accounts payable and accrued liabilities | 33,353 | 187,496 | 84,571 | (20,647 | ) | 284,773 | ||||||||||||||
Liabilities of discontinued operations | — | — | 2,959 | — | 2,959 | |||||||||||||||
Total Current Liabilities | 35,115 | 188,625 | 96,525 | (20,647 | ) | 299,618 | ||||||||||||||
LONG-TERM DEBT, net of debt discounts | 742,289 | 8,096 | 46,795 | — | 797,180 | |||||||||||||||
INTERCOMPANY PAYABLES | 21,450 | 746,378 | 733,551 | (1,501,379 | ) | — | ||||||||||||||
OTHER LIABILITIES | 61,485 | 149,029 | 25,921 | (74,332 | ) | 162,103 | ||||||||||||||
LIABILITIES OF DISCONTINUED OPERATIONS | — | — | 4,008 | — | 4,008 | |||||||||||||||
Total Liabilities | 860,339 | 1,092,128 | 906,800 | (1,596,358 | ) | 1,262,909 | ||||||||||||||
SHAREHOLDERS’ EQUITY | 568,341 | 1,798,699 | 1,651,727 | (3,450,426 | ) | 568,341 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,428,680 | $ | 2,890,827 | $ | 2,558,527 | $ | (5,046,784 | ) | $ | 1,831,250 | |||||||||
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 Income Statement | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||
($ in thousands) | Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||
Revenue | $ | — | $ | 392,361 | $ | 126,343 | $ | (13,665 | ) | $ | 505,039 | |||||||||
Cost of goods and services | — | 295,148 | 103,938 | (12,354 | ) | 386,732 | ||||||||||||||
Gross profit | — | 97,213 | 22,405 | (1,311 | ) | 118,307 | ||||||||||||||
Selling, general and administrative expenses | 7,034 | 71,110 | 19,617 | (1,626 | ) | 96,135 | ||||||||||||||
Restructuring and other related charges | — | 349 | 9 | — | 358 | |||||||||||||||
Total operating expenses | 7,034 | 71,459 | 19,626 | (1,626 | ) | 96,493 | ||||||||||||||
Income (loss) from operations | (7,034 | ) | 25,754 | 2,779 | 315 | 21,814 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income (expense), net | (1,750 | ) | (7,367 | ) | (2,424 | ) | — | (11,541 | ) | |||||||||||
Loss from debt extinguishment, net | — | — | — | — | — | |||||||||||||||
Other, net | 1,436 | 2,497 | (997 | ) | (315 | ) | 2,621 | |||||||||||||
Total other income (expense) | (314 | ) | (4,870 | ) | (3,421 | ) | (315 | ) | (8,920 | ) | ||||||||||
Income (loss) before taxes | (7,348 | ) | 20,884 | (642 | ) | — | 12,894 | |||||||||||||
Provision (benefit) for income taxes | (9,322 | ) | 7,322 | 430 | — | (1,570 | ) | |||||||||||||
Income (loss) before equity in net income of subsidiaries | 1,974 | 13,562 | (1,072 | ) | — | 14,464 | ||||||||||||||
Equity in net income (loss) of subsidiaries | 12,490 | (1,161 | ) | 13,562 | (24,891 | ) | — | |||||||||||||
Net income (loss) | $ | 14,464 | $ | 12,401 | $ | 12,490 | $ | (24,891 | ) | $ | 14,464 | |||||||||
Net Income (loss) | $ | 14,464 | $ | 12,401 | $ | 12,490 | $ | (24,891 | ) | $ | 14,464 | |||||||||
Other comprehensive income (loss), net of taxes | 171 | (592 | ) | 3,547 | — | 3,126 | ||||||||||||||
Comprehensive income (loss) | $ | 14,635 | $ | 11,809 | $ | 16,037 | $ | (24,891 | ) | $ | 17,590 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||
($ in thousands) | Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | |||||||||||||||
Revenue | $ | — | $ | 408,371 | $ | 114,004 | $ | (12,549 | ) | $ | 509,826 | |||||||||
Cost of goods and services | — | 317,156 | 95,461 | (11,102 | ) | 401,515 | ||||||||||||||
Gross profit | — | 91,215 | 18,543 | (1,447 | ) | 108,311 | ||||||||||||||
Selling, general and administrative expenses | 4,141 | 69,015 | 14,793 | (1,604 | ) | 86,345 | ||||||||||||||
Restructuring and other related charges | — | 1,565 | 39 | — | 1,604 | |||||||||||||||
Total operating expenses | 4,141 | 70,580 | 14,832 | (1,604 | ) | 87,949 | ||||||||||||||
Income (loss) from operations | (4,141 | ) | 20,635 | 3,711 | 157 | 20,362 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income (expense), net | (3,559 | ) | (6,982 | ) | (2,596 | ) | — | (13,137 | ) | |||||||||||
Other, net | 12 | 2,462 | (1,710 | ) | (157 | ) | 607 | |||||||||||||
Total other income (expense) | (3,547 | ) | (4,520 | ) | (4,306 | ) | (157 | ) | (12,530 | ) | ||||||||||
Income (loss) before taxes | (7,688 | ) | 16,115 | (595 | ) | — | 7,832 | |||||||||||||
Provision (benefit) for income taxes | (2,913 | ) | 6,745 | 397 | — | 4,229 | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (4,775 | ) | 9,370 | (992 | ) | — | 3,603 | |||||||||||||
Equity in net income (loss) of subsidiaries | 8,378 | (969 | ) | 9,370 | (16,779 | ) | — | |||||||||||||
Net income (loss) | $ | 3,603 | $ | 8,401 | $ | 8,378 | $ | (16,779 | ) | $ | 3,603 | |||||||||
Net Income (loss) | $ | 3,603 | $ | 8,401 | $ | 8,378 | $ | (16,779 | ) | $ | 3,603 | |||||||||
Other comprehensive income (loss), net of taxes | 211 | 836 | (8,599 | ) | — | (7,552 | ) | |||||||||||||
Comprehensive income (loss) | $ | 3,814 | $ | 9,237 | $ | (221 | ) | $ | (16,779 | ) | $ | (3,949 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
For the Nine Months Ended June 30, 2014 | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
Revenue | $ | — | $ | 1,133,510 | $ | 375,877 | $ | (43,203 | ) | $ | 1,466,184 | |||||||||
Cost of goods and services | — | 860,322 | 310,887 | (38,822 | ) | 1,132,387 | ||||||||||||||
Gross profit | — | 273,188 | 64,990 | (4,381 | ) | 333,797 | ||||||||||||||
Selling, general and administrative expenses | 20,525 | 207,725 | 50,025 | (4,838 | ) | 273,437 | ||||||||||||||
Restructuring and other related charges | — | 1,841 | 51 | — | 1,892 | |||||||||||||||
Total operating expenses | 20,525 | 209,566 | 50,076 | (4,838 | ) | 275,329 | ||||||||||||||
Income (loss) from operations | (20,525 | ) | 63,622 | 14,914 | 457 | 58,468 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income (expense), net | (8,240 | ) | (21,946 | ) | (6,817 | ) | — | (37,003 | ) | |||||||||||
Loss from debt extinguishment, net | (38,890 | ) | — | — | — | (38,890 | ) | |||||||||||||
Other, net | 1,563 | 5,569 | (2,365 | ) | (457 | ) | 4,310 | |||||||||||||
Total other income (expense) | (45,567 | ) | (16,377 | ) | (9,182 | ) | (457 | ) | (71,583 | ) | ||||||||||
Income (loss) before taxes | (66,092 | ) | 47,245 | 5,732 | — | (13,115 | ) | |||||||||||||
Provision (benefit) for income taxes | (24,901 | ) | 19,014 | 897 | — | (4,990 | ) | |||||||||||||
Income (loss) before equity in net income of subsidiaries | (41,191 | ) | 28,231 | 4,835 | — | (8,125 | ) | |||||||||||||
Equity in net income (loss) of subsidiaries | 33,066 | 4,587 | 28,231 | (65,884 | ) | — | ||||||||||||||
Net income (loss) | $ | (8,125 | ) | $ | 32,818 | $ | 33,066 | $ | (65,884 | ) | $ | (8,125 | ) | |||||||
Net Income (loss) | $ | (8,125 | ) | $ | 32,818 | $ | 33,066 | $ | (65,884 | ) | $ | (8,125 | ) | |||||||
Other comprehensive income (loss), net of taxes | 511 | 1,277 | 840 | — | 2,628 | |||||||||||||||
Comprehensive income (loss) | $ | (7,614 | ) | $ | 34,095 | $ | 33,906 | $ | (65,884 | ) | $ | (5,497 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
For the Nine Months Ended June 30, 2013 | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
Revenue | $ | — | $ | 1,109,275 | $ | 352,514 | $ | (39,471 | ) | $ | 1,422,318 | |||||||||
Cost of goods and services | — | 848,342 | 297,826 | (35,328 | ) | 1,110,840 | ||||||||||||||
Gross profit | — | 260,933 | 54,688 | (4,143 | ) | 311,478 | ||||||||||||||
Selling, general and administrative expenses | 15,419 | 198,601 | 45,327 | (4,724 | ) | 254,623 | ||||||||||||||
Restructuring and other related charges | — | 8,045 | 4,003 | — | 12,048 | |||||||||||||||
Total operating expenses | 15,419 | 206,646 | 49,330 | (4,724 | ) | 266,671 | ||||||||||||||
Income (loss) from operations | (15,419 | ) | 54,287 | 5,358 | 581 | 44,807 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income (expense), net | (10,781 | ) | (20,685 | ) | (7,659 | ) | — | (39,125 | ) | |||||||||||
Other, net | 367 | 6,227 | (4,498 | ) | (581 | ) | 1,515 | |||||||||||||
Total other income (expense) | (10,414 | ) | (14,458 | ) | (12,157 | ) | (581 | ) | (37,610 | ) | ||||||||||
Income (loss) before taxes | (25,833 | ) | 39,829 | (6,799 | ) | — | 7,197 | |||||||||||||
Provision (benefit) for income taxes | (12,672 | ) | 15,693 | 834 | — | 3,855 | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (13,161 | ) | 24,136 | (7,633 | ) | — | 3,342 | |||||||||||||
Equity in net income (loss) of subsidiaries | 16,503 | (7,565 | ) | 24,136 | (33,074 | ) | — | |||||||||||||
Net income (loss) | $ | 3,342 | $ | 16,571 | $ | 16,503 | $ | (33,074 | ) | $ | 3,342 | |||||||||
Net Income (loss) | $ | 3,342 | $ | 16,571 | $ | 16,503 | $ | (33,074 | ) | $ | 3,342 | |||||||||
Foreign currency translation adjustments | — | 330 | (11,135 | ) | — | (10,805 | ) | |||||||||||||
Other comprehensive income (loss), net of taxes | 633 | 3,963 | 256 | — | 4,852 | |||||||||||||||
Comprehensive income (loss) | $ | 3,975 | $ | 20,864 | $ | 5,624 | $ | (33,074 | ) | $ | (2,611 | ) | ||||||||
Condensed Cash Flow Statement | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended June 30, 2014 | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net income (loss) | $ | (8,125 | ) | $ | 32,818 | $ | 33,066 | $ | (65,884 | ) | $ | (8,125 | ) | |||||||
Net cash provided by (used in) operating activities | (10,966 | ) | (8,300 | ) | 69,122 | — | 49,856 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of property, plant and equipment | (672 | ) | (45,749 | ) | (8,438 | ) | — | (54,859 | ) | |||||||||||
Acquired businesses, net of cash acquired | — | (1,000 | ) | (61,306 | ) | — | (62,306 | ) | ||||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | ||||||||||||||
Investment purchases | (8,402 | ) | — | — | — | (8,402 | ) | |||||||||||||
Proceeds from sale of assets | — | 298 | 193 | — | 491 | |||||||||||||||
Net cash provided by (used in) investing activities | 926 | (56,451 | ) | (69,551 | ) | — | (125,076 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of common stock | 584 | — | — | — | 584 | |||||||||||||||
Purchase of shares for treasury | (72,518 | ) | — | — | — | (72,518 | ) | |||||||||||||
Proceeds from long-term debt | 649,568 | (253 | ) | 33,598 | — | 682,913 | ||||||||||||||
Payments of long-term debt | (597,613 | ) | (708 | ) | (3,813 | ) | — | (602,134 | ) | |||||||||||
Change in short-term borrowings | — | — | 3,138 | — | 3,138 | |||||||||||||||
Financing costs | (10,393 | ) | — | (535 | ) | — | (10,928 | ) | ||||||||||||
Purchase of ESOP shares | (10,000 | ) | — | — | — | (10,000 | ) | |||||||||||||
Tax effect from exercise/vesting of equity awards, net | 273 | — | — | — | 273 | |||||||||||||||
Dividend | (9,841 | ) | 5,000 | — | — | (4,841 | ) | |||||||||||||
Other, net | 194 | 54,869 | (54,869 | ) | — | 194 | ||||||||||||||
Net cash provided by (used in) financing activities | (49,746 | ) | 58,908 | (22,481 | ) | — | (13,319 | ) | ||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ||||||||||||||||||||
Net cash used in discontinued operations | — | — | (1,018 | ) | — | (1,018 | ) | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | (1,136 | ) | — | (1,136 | ) | |||||||||||||
NET DECREASE IN CASH AND EQUIVALENTS | (59,786 | ) | (5,843 | ) | (25,064 | ) | — | (90,693 | ) | |||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 68,994 | 25,343 | 83,793 | — | 178,130 | |||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 9,208 | $ | 19,500 | $ | 58,729 | $ | — | $ | 87,437 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended June 30, 2013 | ||||||||||||||||||||
Parent Company | Guarantor Companies | Non-Guarantor Companies | Elimination | Consolidation | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net income (loss) | $ | 3,342 | $ | 16,571 | $ | 16,503 | $ | (33,074 | ) | $ | 3,342 | |||||||||
Net cash provided by (used in) operating activities | (67,628 | ) | 23,214 | 46,968 | — | 2,554 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of property, plant and equipment | (33 | ) | (40,324 | ) | (5,529 | ) | — | (45,886 | ) | |||||||||||
Intercompany distributions | 10,000 | (10,000 | ) | — | — | — | ||||||||||||||
Proceeds from sale of assets | — | 1,172 | 154 | — | 1,326 | |||||||||||||||
Net cash provided by (used in) investing activities | 9,967 | (49,152 | ) | (5,375 | ) | — | (44,560 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Purchase of shares for treasury | (25,689 | ) | — | — | — | (25,689 | ) | |||||||||||||
Proceeds from long-term debt | — | 303 | — | — | 303 | |||||||||||||||
Payments of long-term debt | (1,751 | ) | (772 | ) | (10,319 | ) | — | (12,842 | ) | |||||||||||
Change in short-term borrowings | — | — | 2,408 | — | 2,408 | |||||||||||||||
Financing costs | (759 | ) | — | — | — | (759 | ) | |||||||||||||
Tax effect from exercise/vesting of equity awards, net | 150 | — | — | — | 150 | |||||||||||||||
Dividend | (4,384 | ) | — | — | — | (4,384 | ) | |||||||||||||
Other, net | 261 | 14,661 | (14,661 | ) | — | 261 | ||||||||||||||
Net cash provided by (used in) financing activities | (32,172 | ) | 14,192 | (22,572 | ) | — | (40,552 | ) | ||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ||||||||||||||||||||
Net cash used in discontinued operations | — | — | (486 | ) | — | (486 | ) | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | (506 | ) | — | (506 | ) | |||||||||||||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | (89,833 | ) | (11,746 | ) | 18,029 | — | (83,550 | ) | ||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 125,093 | 34,782 | 49,779 | — | 209,654 | |||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 35,260 | $ | 23,036 | $ | 67,808 | $ | — | $ | 126,104 | ||||||||||
DESCRIPTION_OF_BUSINESS_AND_BA2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) | 9 Months Ended |
Jun. 30, 2014 | |
company | |
segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of operating segments | 3 |
Number of companies | 2 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Minimum [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Foreign currency contracts duration | ' | '24 days |
Maximum [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Foreign currency contracts duration | ' | '114 days |
Australian Dollar Forward Contracts [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Derivative asset, notional amount | $4,172 | $4,172 |
Australian Dollar Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Derivative, average forward exchange rate | 1.06 | 1.06 |
Canadian Dollar Forward Contracts [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Derivative asset, notional amount | 1,750 | 1,750 |
Canadian Dollar Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Derivative, average forward exchange rate | 1.07 | 1.07 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Trading securities | 11,160 | 11,160 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Insurance contracts fair value | 3,594 | 3,594 |
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | 192 | 125 |
Convertible Notes 2017 [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Debt instrument, interest rate, effective percentage | 4.00% | 4.00% |
Convertible Notes 2017 [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Convertible debt, fair value disclosures | 113,400 | 113,400 |
Senior Notes 2022 [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ' | ' |
Convertible debt, fair value disclosures | $594,000 | $594,000 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | 21-May-14 | 21-May-14 | Dec. 31, 2013 |
Guarantor Companies [Member] | Cyclone [Member] | Cyclone [Member] | Northcote Pottery [Member] | |||
Guarantor Companies [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business combination, consideration transferred | ' | ' | ' | $40,000 | ' | ' |
Business combination, working capital adjustment | ' | ' | ' | 4,000 | ' | ' |
Payments to acquire businesses, net of cash acquired | 62,306 | 0 | 1,000 | ' | ' | 22,000 |
Annualized revenues expected to be recognized | ' | ' | ' | 65,000 | ' | 28,000 |
Business acquisition, transaction costs | ' | ' | ' | ' | $1,600 | $798 |
ACQUISITIONS_Details_Summary_o
ACQUISITIONS (Details) - Summary of Fair Values of Assets Acquired (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | 21-May-14 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Recent Acquirees [Member] | Cyclone [Member] | Northcote [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Current Assets, net of cash acquired | ' | ' | $31,857 | $23,936 | $7,921 |
PP&E | ' | ' | 1,867 | 491 | 1,376 |
Goodwill | 381,315 | 357,730 | 21,689 | 10,072 | 11,617 |
Amortizable intangible assets | ' | ' | 15,867 | 9,844 | 6,023 |
Indefinite life intangible assets | ' | ' | 3,560 | 1,874 | 1,686 |
Total assets acquired | ' | ' | 74,840 | 46,217 | 28,623 |
Total liabilities assumed | ' | ' | -13,534 | -6,692 | -6,842 |
Net assets acquired | ' | ' | $61,306 | $39,525 | $21,781 |
ACQUISITIONS_Details_Summary_o1
ACQUISITIONS (Details) - Summary of Goodwill and Intangible Asset Classifications (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 21-May-14 | 21-May-14 | 21-May-14 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Customer relationships [Member] | Recent Acquirees [Member] | Recent Acquirees [Member] | Recent Acquirees [Member] | Cyclone [Member] | Cyclone [Member] | Cyclone [Member] | Northcote [Member] | Northcote [Member] | Northcote [Member] | ||
Customer relationships [Member] | Tradenames [Member] | Customer relationships [Member] | Tradenames [Member] | Customer relationships [Member] | Tradenames [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $381,315 | $357,730 | ' | $21,689 | ' | ' | $10,072 | ' | ' | $11,617 | ' | ' |
Indefinite life intangible assets | ' | ' | ' | 3,560 | ' | 3,560 | 1,874 | ' | 1,874 | 1,686 | ' | 1,686 |
Amortizable intangible assets | ' | ' | ' | 15,867 | 15,867 | ' | 9,844 | 9,844 | ' | 6,023 | 6,023 | ' |
Amortization Period (Years) | ' | ' | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Goodwill and Intangibles | ' | ' | ' | $41,116 | ' | ' | $21,790 | ' | ' | $19,326 | ' | ' |
INVENTORIES_Details_Summary_of
INVENTORIES (Details) - Summary of Inventories Stated at Lower Cost (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and supplies | $71,533 | $65,560 |
Work in process | 69,884 | 63,930 |
Finished goods | 137,045 | 100,630 |
Total | $278,462 | $230,120 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) - Summary of Property Plant and Equipment (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | $885,867 | $827,883 |
Accumulated depreciation and amortization | -520,491 | -474,290 |
Total | 365,376 | 353,593 |
Land, building and building improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 131,270 | 130,905 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 715,805 | 661,094 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | $38,792 | $35,884 |
PROPERTY_PLANT_AND_EQUIPMENT_D1
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation and amortization expense | $14,766 | $15,781 | $44,163 | $46,846 |
Selling, general and administrative expense [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation and amortization expense | $2,507 | $3,128 | $7,743 | $9,402 |
GOODWILL_AND_OTHER_INTANGIBLES2
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of Changes in Carrying Value of Goodwill (USD $) | 9 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Home & Building Products [Member] | Telephonics [Member] | Telephonics [Member] | Plastics [Member] | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Goodwill | $357,730 | $269,802 | $18,545 | $18,545 | $69,383 |
Goodwill from 2014 acquisitions | 21,689 | 21,689 | ' | ' | ' |
Other adjustments including currency translations | 1,896 | 948 | ' | ' | 948 |
Goodwill | $381,315 | $292,439 | $18,545 | $18,545 | $70,331 |
GOODWILL_AND_OTHER_INTANGIBLES3
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of Gross Carrying Value and Accumulated Amortization of Intangible Assets (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 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 | $189,860 | $173,789 |
Accumulated Amortization | 37,833 | 31,965 |
Trademarks | 83,065 | 79,567 |
Total intangible assets | 272,925 | 253,356 |
Customer Relationships [Member] | ' | ' |
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of Gross Carrying Value and Accumulated Amortization of Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 183,152 | 166,985 |
Accumulated Amortization | 34,543 | 29,049 |
Average Life (Years) | '25 years | ' |
Unpatented Technology [Member] | ' | ' |
GOODWILL AND OTHER INTANGIBLES (Details) - Summary of Gross Carrying Value and Accumulated Amortization of Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 6,708 | 6,804 |
Accumulated Amortization | $3,290 | $2,916 |
Average Life (Years) | '13 years | ' |
GOODWILL_AND_OTHER_INTANGIBLES4
GOODWILL AND OTHER INTANGIBLES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization of Intangible Assets | $2,028 | $1,969 | $5,864 | $5,941 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate reconciliation, provision (benefit) percent | -12.20% | 54.00% | -38.00% | 53.60% |
Effective income tax rate reconciliation, change in enacted tax rate, amount | $1,860 | $1,495 | $1,540 | $1,859 |
Effective income tax rate reconciliation, nondeductible provision (benefit) percent | 27.00% | 73.10% | -26.30% | 79.40% |
LONGTERM_DEBT_Details_Summary_
LONG-TERM DEBT (Details) - Summary of Long-Term Debt (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding Balance | $819,598 | $702,501 | ||
less: Current portion, Outstanding Balance | -11,886 | -10,768 | ||
Long-term debt, Outstanding Balance | 807,712 | 691,733 | ||
Original Issuer Discount | -10,532 | -13,246 | ||
less: Current portion, Original Issuer Discount | 0 | 0 | ||
Long-term debt, Original Issuer Discount | -10,532 | -13,246 | ||
Balance Sheet | 809,066 | 689,255 | ||
less: Current portion | -11,886 | -10,768 | ||
Long-term debt | 797,180 | 678,487 | ||
Capitalized Fees & Expenses | 14,045 | 11,674 | ||
Senior notes due 2018 [Member] | ' | ' | ||
Debt Instrument [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 | ' | 7.10% | [1] | |
Senior notes due 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding Balance | 600,000 | [1] | 0 | [1] |
Original Issuer Discount | 0 | 0 | [1] | |
Balance Sheet | 600,000 | [1] | 0 | [1] |
Capitalized Fees & Expenses | 9,529 | [1] | 0 | [1] |
Coupon Interest Rate | 5.25% | [1] | ' | |
Revolver due 2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding Balance | 25,000 | [1] | 0 | [1] |
Original Issuer Discount | 0 | [1] | 0 | [1] |
Balance Sheet | 25,000 | [1] | 0 | [1] |
Capitalized Fees & Expenses | 2,122 | [1] | 2,425 | [1] |
Convert. debt due 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding Balance | 100,000 | [2] | 100,000 | [2] |
Original Issuer Discount | -10,532 | [2] | -13,246 | [2] |
Balance Sheet | 89,468 | [2] | 86,754 | [2] |
Capitalized Fees & Expenses | 1,145 | [2] | 1,478 | [2] |
Coupon Interest Rate | 4.00% | [2] | 4.00% | [2] |
Real estate mortgages [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding Balance | 16,603 | [3] | 13,212 | [3] |
Original Issuer Discount | 0 | [3] | 0 | |
Balance Sheet | 16,603 | [3] | 13,212 | [3] |
Capitalized Fees & Expenses | 612 | [3] | 185 | [3] |
ESOP Loans [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding Balance | 29,583 | [4] | 21,098 | [4] |
Original Issuer Discount | 0 | [4] | 0 | [4] |
Balance Sheet | 29,583 | [4] | 21,098 | [4] |
Capitalized Fees & Expenses | 233 | [4] | 24 | [4] |
Capital lease - real estate [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding Balance | 8,798 | [5] | 9,529 | [5] |
Original Issuer Discount | 0 | [5] | 0 | [5] |
Balance Sheet | ' | 9,529 | [5] | |
Capitalized Fees & Expenses | 188 | [5] | 207 | [5] |
Coupon Interest Rate | 5.00% | [5] | 5.00% | [5] |
Non U.S. lines of credit [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding Balance | 7,754 | [6] | 4,606 | [6] |
Original Issuer Discount | 0 | [6] | 0 | [6] |
Balance Sheet | 7,754 | [6] | 4,606 | [6] |
Capitalized Fees & Expenses | 0 | [6] | 0 | [6] |
Non U.S. term loans [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding Balance | 30,612 | [6] | 3,115 | [6] |
Original Issuer Discount | 0 | [6] | 0 | [6] |
Balance Sheet | 30,612 | [6] | 3,115 | [6] |
Capitalized Fees & Expenses | 189 | [6] | 27 | [6] |
Other long term debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding Balance | 1,248 | [7] | 941 | [7] |
Original Issuer Discount | 0 | [7] | 0 | [7] |
Balance Sheet | 1,248 | [7] | 941 | [7] |
Capitalized Fees & Expenses | $27 | [7] | $0 | [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 Notesâ€); 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 transaction 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. On June 18, 2014, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer.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 Agreementâ€) to extend its maturity date from March 28, 2018 to March 28, 2019, and to revise certain financial maintenance and negative covenants to improve Griffon's financial and operating flexibility. 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 (except that a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the debt under the ESOP credit agreement ranks pari passu with the lien granted on such assets under the Credit Agreement; see footnote (d) below). At June 30, 2014, outstanding borrowings and standby letters of credit were $25,000 and $20,365, respectively; $179,635 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 Notesâ€). 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 $14.53 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 June 30, 2014, aggregate dividends since the last conversion price adjustment of $0.03 per share would have resulted in an adjustment to the conversion ratio of approximately .27%. At both June 30, 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 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 June 30, 2014, $16,603 was outstanding. | |||
[4] | In December 2013, Griffon’s Employee Stock Ownership Plan (“ESOPâ€) entered into a credit 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 June 30, 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 $22,400 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. As of June 30, 2014, $29,583 was outstanding.In July 2014, Griffon's ESOP entered into an amendment to the existing agreement which provides for an additional $10,000 Line Note available to purchase shares in the open market. The new Line Note will bear interest at a) LIBOR plus 2.75% or b) the lender’s prime rate, at Griffon’s option, through its expiration date on June 30, 2015. Upon expiration or at an earlier date, at Griffon’s option, the new Line Note will be combined with the Term Loan and require quarterly principal payments based on the remaining amortization schedule at a weighted average interest rate of the combined loans, with a balloon payment due at the final maturity date of December 31, 2018, based on the new amortization schedule. The new Line Note and the Term Loan are secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. | |||
[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. At June 30, 2014, $8,798 was outstanding. | |||
[6] | In November 2010, Clopay Europe GmbH (“Clopay Europeâ€) 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 $4,093 at June 30, 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 (2.41% at June 30, 2014). 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% (16.80% at June 30, 2014). At June 30, 2014 there was $3,660 borrowed under the lines. Clopay Plastic Products Company, Inc. guarantees the loan and lines.In November 2012, Garant G.P. (“Garantâ€) 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 (1.46% LIBOR USD and 2.51% Bankers Acceptance Rate CDN as of June 30, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At June 30, 2014, there were no borrowings under the revolving credit facility with CAD $15,000 available for borrowing.In December 2013 and May 2014, Northcote Holdings Pty Ltd entered into two term loans in the outstanding amounts of AUD $12,500 and AUD $20,000, respectively. The AUD $12,500 and AUD $20,000 term loans are unsecured and require quarterly interest payments, with quarterly principal payments of $625 beginning in August 2015 on the AUD $20,000 term loan. Remaining principal is due at maturity in December 2016 and May 2017, respectively. The loans accrue interest at Bank Bill Swap Bid Rate “BBSY†plus 2.8% per annum (5.5% at June 30, 2014 for each loan). As of June 30, 2014, Griffon had an outstanding combined balance of $30,612 on the term loans. Subsidiaries of Northcote Holdings Pty Ltd also maintain two lines of credit of AUD $3,000 and AUD $5,000 which accrue interest at BBSY plus 2.25% per annum (5.00% at June 30, 2014) and 2.50% per annum (5.25% at June 30, 2014), respectively. At June 30, 2014, there were no outstanding borrowings under the lines. Griffon Corporation guarantees the term loans and the AUD $3,000 line of credit; the assets of a subsidiary of Northcote Holdings Pty Ltd secures the AUD $5,000 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 | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | ' | ' | 6.00% | ' | ||||
Cash Interest | $10,060 | $11,730 | $32,395 | $34,795 | ||||
Amort. Debt Discount | 921 | 846 | 2,713 | 2,491 | ||||
Amort. Deferred Cost & Other Fees | 680 | 703 | 2,076 | 2,160 | ||||
Total Interest Expense | 11,661 | 13,279 | 37,184 | 39,446 | ||||
Senior notes due 2018 [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | ' | 7.40% | [1] | 7.40% | [1] | 7.40% | [1] | |
Cash Interest | 0 | [1] | 9,797 | [1] | 15,930 | [1] | 29,391 | [1] |
Amort. Debt Discount | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Amort. Deferred Cost & Other Fees | 0 | [1] | 406 | [1] | 667 | [1] | 1,217 | [1] |
Total Interest Expense | 0 | [1] | 10,203 | [1] | 16,597 | [1] | 30,608 | [1] |
Senior notes due 2022 [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 5.50% | [1] | ' | 5.50% | [1] | ' | ||
Cash Interest | 7,875 | [1] | 0 | [1] | 10,675 | [1] | 0 | [1] |
Amort. Debt Discount | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Amort. Deferred Cost & Other Fees | 310 | [1] | 0 | [1] | 421 | [1] | 0 | [1] |
Total Interest Expense | 8,185 | [1] | 0 | [1] | 11,096 | [1] | 0 | [1] |
Revolver due 2019 [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Cash Interest | 309 | [1] | 179 | [1] | 782 | [1] | 603 | [1] |
Amort. Debt Discount | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Amort. Deferred Cost & Other Fees | 144 | [1] | 131 | [1] | 422 | [1] | 444 | [1] |
Total Interest Expense | 453 | [1] | 310 | [1] | 1,204 | [1] | 1,047 | [1] |
Convert. debt due 2017 [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 9.10% | [2] | 9.10% | [2] | 9.10% | [2] | 9.20% | [2] |
Cash Interest | 1,000 | [2] | 1,000 | [2] | 3,000 | [2] | 3,000 | [2] |
Amort. Debt Discount | 921 | [2] | 846 | [2] | 2,713 | [2] | 2,491 | [2] |
Amort. Deferred Cost & Other Fees | 112 | [2] | 110 | [2] | 333 | [2] | 332 | [2] |
Total Interest Expense | 2,033 | [2] | 1,956 | [2] | 6,046 | [2] | 5,823 | [2] |
Real estate mortgages [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 3.80% | [3] | 4.90% | [3] | 4.00% | [3] | 4.90% | [3] |
Cash Interest | 124 | [3] | 133 | [3] | 376 | [3] | 407 | [3] |
Amort. Debt Discount | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Amort. Deferred Cost & Other Fees | 35 | [3] | 22 | [3] | 108 | [3] | 65 | [3] |
Total Interest Expense | 159 | [3] | 155 | [3] | 484 | [3] | 472 | [3] |
ESOP Loans [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 2.90% | [4] | 2.80% | [4] | 3.20% | [4] | 2.90% | [4] |
Cash Interest | 192 | [4] | 151 | [4] | 524 | [4] | 476 | [4] |
Amort. Debt Discount | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Amort. Deferred Cost & Other Fees | 25 | [4] | 2 | [4] | 32 | [4] | 6 | [4] |
Total Interest Expense | 217 | [4] | 153 | [4] | 556 | [4] | 482 | [4] |
Capital lease - real estate [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Effective Interest Rate | 5.30% | [5] | 5.30% | [5] | 5.40% | [5] | 5.30% | [5] |
Cash Interest | 112 | [5] | 125 | [5] | 345 | [5] | 381 | [5] |
Amort. Debt Discount | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Amort. Deferred Cost & Other Fees | 5 | [5] | 6 | [5] | 19 | [5] | 19 | [5] |
Total Interest Expense | 117 | [5] | 131 | [5] | 364 | [5] | 400 | [5] |
Non U.S. lines of credit [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Cash Interest | 307 | [6] | 155 | [6] | 724 | [6] | 415 | [6] |
Amort. Debt Discount | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] |
Amort. Deferred Cost & Other Fees | 27 | [6] | 0 | [6] | 27 | [6] | 0 | [6] |
Total Interest Expense | 334 | [6] | 155 | [6] | 751 | [6] | 415 | [6] |
Non U.S. term loans [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Cash Interest | 273 | [6] | 109 | [6] | 426 | [6] | 415 | [6] |
Amort. Debt Discount | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] |
Amort. Deferred Cost & Other Fees | 13 | [6] | 26 | [6] | 17 | [6] | 77 | [6] |
Total Interest Expense | 286 | [6] | 135 | [6] | 443 | [6] | 492 | [6] |
Other long term debt [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Cash Interest | 6 | [7] | 272 | [7] | 17 | [7] | 523 | [7] |
Amort. Debt Discount | 0 | [7] | 0 | [7] | 0 | [7] | 0 | [7] |
Amort. Deferred Cost & Other Fees | 9 | [7] | 0 | [7] | 30 | [7] | 0 | [7] |
Total Interest Expense | 15 | [7] | 272 | [7] | 47 | [7] | 523 | [7] |
Capitalized interest [Member] | ' | ' | ' | ' | ||||
LONG-TERM DEBT (Details) - Summary of Interest Expense Incurred [Line Items] | ' | ' | ' | ' | ||||
Cash Interest | -138 | -191 | -404 | -816 | ||||
Amort. Debt Discount | 0 | 0 | 0 | 0 | ||||
Amort. Deferred Cost & Other Fees | 0 | 0 | 0 | 0 | ||||
Total Interest Expense | ($138) | ($191) | ($404) | ($816) | ||||
[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 Notesâ€); 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 transaction 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. On June 18, 2014, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer.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 Agreementâ€) to extend its maturity date from March 28, 2018 to March 28, 2019, and to revise certain financial maintenance and negative covenants to improve Griffon's financial and operating flexibility. 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 (except that a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the debt under the ESOP credit agreement ranks pari passu with the lien granted on such assets under the Credit Agreement; see footnote (d) below). At June 30, 2014, outstanding borrowings and standby letters of credit were $25,000 and $20,365, respectively; $179,635 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 Notesâ€). 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 $14.53 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 June 30, 2014, aggregate dividends since the last conversion price adjustment of $0.03 per share would have resulted in an adjustment to the conversion ratio of approximately .27%. At both June 30, 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 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 June 30, 2014, $16,603 was outstanding. | |||||||
[4] | In December 2013, Griffon’s Employee Stock Ownership Plan (“ESOPâ€) entered into a credit 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 June 30, 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 $22,400 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. As of June 30, 2014, $29,583 was outstanding.In July 2014, Griffon's ESOP entered into an amendment to the existing agreement which provides for an additional $10,000 Line Note available to purchase shares in the open market. The new Line Note will bear interest at a) LIBOR plus 2.75% or b) the lender’s prime rate, at Griffon’s option, through its expiration date on June 30, 2015. Upon expiration or at an earlier date, at Griffon’s option, the new Line Note will be combined with the Term Loan and require quarterly principal payments based on the remaining amortization schedule at a weighted average interest rate of the combined loans, with a balloon payment due at the final maturity date of December 31, 2018, based on the new amortization schedule. The new Line Note and the Term Loan are secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. | |||||||
[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. At June 30, 2014, $8,798 was outstanding. | |||||||
[6] | In November 2010, Clopay Europe GmbH (“Clopay Europeâ€) 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 $4,093 at June 30, 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 (2.41% at June 30, 2014). 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% (16.80% at June 30, 2014). At June 30, 2014 there was $3,660 borrowed under the lines. Clopay Plastic Products Company, Inc. guarantees the loan and lines.In November 2012, Garant G.P. (“Garantâ€) 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 (1.46% LIBOR USD and 2.51% Bankers Acceptance Rate CDN as of June 30, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At June 30, 2014, there were no borrowings under the revolving credit facility with CAD $15,000 available for borrowing.In December 2013 and May 2014, Northcote Holdings Pty Ltd entered into two term loans in the outstanding amounts of AUD $12,500 and AUD $20,000, respectively. The AUD $12,500 and AUD $20,000 term loans are unsecured and require quarterly interest payments, with quarterly principal payments of $625 beginning in August 2015 on the AUD $20,000 term loan. Remaining principal is due at maturity in December 2016 and May 2017, respectively. The loans accrue interest at Bank Bill Swap Bid Rate “BBSY†plus 2.8% per annum (5.5% at June 30, 2014 for each loan). As of June 30, 2014, Griffon had an outstanding combined balance of $30,612 on the term loans. Subsidiaries of Northcote Holdings Pty Ltd also maintain two lines of credit of AUD $3,000 and AUD $5,000 which accrue interest at BBSY plus 2.25% per annum (5.00% at June 30, 2014) and 2.50% per annum (5.25% at June 30, 2014), respectively. At June 30, 2014, there were no outstanding borrowings under the lines. Griffon Corporation guarantees the term loans and the AUD $3,000 line of credit; the assets of a subsidiary of Northcote Holdings Pty Ltd secures the AUD $5,000 line of credit. | |||||||
[7] | Other long-term debt primarily consists of capital leases. |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2007 | Oct. 21, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | Sep. 30, 2010 | Dec. 21, 2009 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 14, 2014 | Feb. 14, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 27, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2011 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 31-May-14 | 31-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2007 | Sep. 30, 2013 | Sep. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 14, 2014 | Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Northcote Holdings Pty. Ltd [Member] | Northcote Holdings Pty. Ltd [Member] | Convert. debt due 2017 [Member] | Convert. debt due 2017 [Member] | Convert. debt due 2017 [Member] | LIBOR Rate [Member] | Revolver due 2019 [Member] | Revolver due 2019 [Member] | Revolver due 2019 [Member] | Revolver due 2019 [Member] | Revolver due 2019 [Member] | Senior notes due 2022 [Member] | Senior notes due 2022 [Member] | Senior notes due 2022 [Member] | Senior notes due 2022 [Member] | Senior notes due 2022 [Member] | Senior notes due 2022 [Member] | Senior notes due 2018 [Member] | Senior notes due 2018 [Member] | Senior notes due 2018 [Member] | Senior notes due 2018 [Member] | Senior notes due 2018 [Member] | Senior Notes [Member] | Real estate mortgages [Member] | Real estate mortgages [Member] | Real estate mortgages [Member] | Real estate mortgages [Member] | Real estate mortgages [Member] | ESOP Loans [Member] | ESOP Loans [Member] | ESOP Loans [Member] | ESOP Loans [Member] | ESOP Loans [Member] | ESOP Loan July 2014 [Member] | ESOP Loan July 2014 [Member] | Term Loan December 2013 and May 2014 [Member] | Term Loan December 2013 and May 2014 [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan May 2014 [Member] | Term Loan May 2014 [Member] | Capital lease - real estate [Member] | Capital lease - real estate [Member] | Capital lease - real estate [Member] | Capital lease - real estate [Member] | Capital lease - real estate [Member] | Capital lease - real estate [Member] | Revolver Due 2013 [Member] | Non U.S. term loans [Member] | Non U.S. term loans [Member] | Non U.S. term loans [Member] | Non U.S. term loans [Member] | Non U.S. term loans [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines of credit [Member] | Non U.S. lines 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] | |||||||||||||||||||||||||||||||||||||||||||
loan | property | USD ($) | loan | USD ($) | USD ($) | USD ($) | Letter Of Credit Subfacility [Member] | Multicurrency Subfacility [Member] | Swingline Subfacility [Member] | Margin Rate [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | Northcote Holdings Pty. Ltd [Member] | Northcote Holdings Pty. Ltd [Member] | EUR (€) | Northcote Holdings Pty. Ltd [Member] | Brazilian CDI [Member] | Northcote Holdings Pty. Ltd [Member] | Northcote Holdings Pty. Ltd [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | USD ($) | USD ($) | Line of Credit One [Member] | Line of Credit One [Member] | Line of Credit Two [Member] | Line of Credit Two [Member] | LIBOR Rate [Member] | Bankers Acceptance Rate [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
line_of_credit | USD ($) | USD ($) | USD ($) | USD ($) | London Interbank Offered Rate (LIBOR) [Member] | USD ($) | AUD | USD ($) | AUD | Northcote Holdings Pty. Ltd [Member] | Northcote Holdings Pty. Ltd [Member] | Northcote Holdings Pty. Ltd [Member] | Northcote Holdings Pty. Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Face amount | $21,098,000 | ' | ' | ' | ' | ' | ' | ' | $17,175,000 | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000,000 | ' | $550,000,000 | ' | $550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | 7.13% | ' | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Payment of tender offer premium | ' | ' | ' | ' | 31,530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Interest paid | ' | 10,060,000 | 11,730,000 | ' | 32,395,000 | 34,795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,875,000 | [1] | 0 | [1] | 10,675,000 | [1] | 0 | [1] | ' | ' | 0 | [1] | 9,797,000 | [1] | 15,930,000 | [1] | 29,391,000 | [1] | ' | 16,716,000 | 124,000 | [2] | 133,000 | [2] | 376,000 | [2] | 407,000 | [2] | ' | 192,000 | [3] | 151,000 | [3] | 524,000 | [3] | 476,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,000 | [4] | 125,000 | [4] | 345,000 | [4] | 381,000 | [4] | ' | ' | ' | 273,000 | [5] | 109,000 | [5] | 426,000 | [5] | 415,000 | [5] | ' | 307,000 | [5] | ' | 155,000 | [5] | ' | 724,000 | [5] | 415,000 | [5] | ' | ' | ' | ' | ' | ' | ' | 309,000 | [1] | 179,000 | [1] | 782,000 | [1] | 603,000 | [1] | ' | ' | ||||||||
Underwriting fees and other expense capitalized | ' | ' | ' | ' | 9,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Gains (losses) on extinguishment of debt | ' | 0 | 0 | ' | -38,890,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38,890,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Write off of deferred debt issuance cost | ' | ' | ' | ' | 6,574,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Prepaid interest on defeased note on extinguishment of debt | ' | ' | ' | ' | 786,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Line of credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ||||||||||||||||||||||||||||||||||||||||
Proceeds from lines of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Line of credit facility, interest rate during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Maximum percentage of equity interest of subsidiaries borrowings guaranteed | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Line of credit facility, amount outstanding | ' | 20,365,000 | ' | ' | 20,365,000 | ' | 4,093,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,612,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,660,000 | ' | 3,660,000 | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Line of credit facility, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 179,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, convertible, conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68.6238 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt conversion, converted instrument, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, convertible, conversion price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, convertible, terms of conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, convertible, conversion price adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, convertible, conversion ratio adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, convertible, if-converted value in excess of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,720,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Number of properties refinanced | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | ' | 'The revolving credit facility accrues interest at EURIBOR plus 2.20% per annum (2.41% at June 30, 2014). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '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% | ' | ' | ' | 2.75% | 2.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Long-term debt, gross | ' | 819,598,000 | ' | ' | 819,598,000 | ' | ' | ' | ' | 702,501,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | [1] | ' | 600,000,000 | [1] | ' | ' | 0 | [1] | 0 | [1] | ' | 0 | [1] | ' | 550,000,000 | [1] | ' | 16,603,000 | [2] | ' | 16,603,000 | [2] | ' | 13,212,000 | [2] | 29,583,000 | [3] | ' | 29,583,000 | [3] | ' | 21,098,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,798,000 | [4] | ' | 8,798,000 | [4] | ' | ' | 9,529,000 | [4] | ' | 30,612,000 | [5] | ' | 30,612,000 | [5] | ' | 3,115,000 | [5] | 7,754,000 | [5] | ' | ' | ' | 7,754,000 | [5] | ' | 4,606,000 | [5] | ' | ' | ' | ' | ' | ' | 25,000,000 | [1] | ' | 25,000,000 | [1] | ' | ' | 0 | [1] | ||||||||||||||||
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 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Shares purchased for award (in Shares) | ' | ' | ' | ' | 749,977 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Shares purchased for award value | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, periodic payment, principal | ' | ' | ' | ' | 419,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 505,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument balloon payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 682,913,000 | 303,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Capital lease maturity year | ' | ' | ' | ' | ' | ' | ' | '2022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Long-term debt, percentage bearing fixed interest, percentage rate | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term lines of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, number of loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Maintains maximum amount of line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,700,000 | ' | $5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate during period | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | [1] | ' | 5.50% | [1] | ' | ' | ' | ' | 7.40% | [1] | 7.40% | [1] | 7.40% | [1] | ' | ' | 3.80% | [2] | 4.90% | [2] | 4.00% | [2] | 4.90% | [2] | ' | 2.90% | [3] | 2.80% | [3] | 3.20% | [3] | 2.90% | [3] | ' | ' | ' | ' | ' | ' | ' | ' | 16.80% | ' | ' | 5.30% | [4] | 5.30% | [4] | 5.40% | [4] | 5.30% | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||
Line of credit facility, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.46% | 2.51% | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | [1] | ' | 5.25% | [1] | ' | ' | ' | ' | ' | ' | ' | 7.10% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | 2.41% | ' | ' | ' | ' | 5.00% | [4] | ' | 5.00% | [4] | ' | ' | 5.00% | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
[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 Notesâ€); 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 transaction 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. On June 18, 2014, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer.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 Agreementâ€) to extend its maturity date from March 28, 2018 to March 28, 2019, and to revise certain financial maintenance and negative covenants to improve Griffon's financial and operating flexibility. 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 (except that a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the debt under the ESOP credit agreement ranks pari passu with the lien granted on such assets under the Credit Agreement; see footnote (d) below). At June 30, 2014, outstanding borrowings and standby letters of credit were $25,000 and $20,365, respectively; $179,635 was available for borrowing at that date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | On October 21, 2013, Griffon refinanced two properties’ real estate mortgages to secure 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 June 30, 2014, $16,603 was outstanding. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | In December 2013, Griffon’s Employee Stock Ownership Plan (“ESOPâ€) entered into a credit 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 June 30, 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 $22,400 due at maturity in December 2018. The loan is secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. As of June 30, 2014, $29,583 was outstanding.In July 2014, Griffon's ESOP entered into an amendment to the existing agreement which provides for an additional $10,000 Line Note available to purchase shares in the open market. The new Line Note will bear interest at a) LIBOR plus 2.75% or b) the lender’s prime rate, at Griffon’s option, through its expiration date on June 30, 2015. Upon expiration or at an earlier date, at Griffon’s option, the new Line Note will be combined with the Term Loan and require quarterly principal payments based on the remaining amortization schedule at a weighted average interest rate of the combined loans, with a balloon payment due at the final maturity date of December 31, 2018, based on the new amortization schedule. The new Line Note and the Term Loan are secured by shares purchased with the proceeds of the loan and with a lien on the assets of Griffon and its material domestic subsidiaries securing a limited amount of the loan (which lien ranks pari passu with the lien granted on such assets securing the debt under Griffon’s revolving credit facility; see footnote (a) above), and Griffon guarantees repayment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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. At June 30, 2014, $8,798 was outstanding. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | In November 2010, Clopay Europe GmbH (“Clopay Europeâ€) 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 $4,093 at June 30, 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 (2.41% at June 30, 2014). 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% (16.80% at June 30, 2014). At June 30, 2014 there was $3,660 borrowed under the lines. Clopay Plastic Products Company, Inc. guarantees the loan and lines.In November 2012, Garant G.P. (“Garantâ€) 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 (1.46% LIBOR USD and 2.51% Bankers Acceptance Rate CDN as of June 30, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At June 30, 2014, there were no borrowings under the revolving credit facility with CAD $15,000 available for borrowing.In December 2013 and May 2014, Northcote Holdings Pty Ltd entered into two term loans in the outstanding amounts of AUD $12,500 and AUD $20,000, respectively. The AUD $12,500 and AUD $20,000 term loans are unsecured and require quarterly interest payments, with quarterly principal payments of $625 beginning in August 2015 on the AUD $20,000 term loan. Remaining principal is due at maturity in December 2016 and May 2017, respectively. The loans accrue interest at Bank Bill Swap Bid Rate “BBSY†plus 2.8% per annum (5.5% at June 30, 2014 for each loan). As of June 30, 2014, Griffon had an outstanding combined balance of $30,612 on the term loans. Subsidiaries of Northcote Holdings Pty Ltd also maintain two lines of credit of AUD $3,000 and AUD $5,000 which accrue interest at BBSY plus 2.25% per annum (5.00% at June 30, 2014) and 2.50% per annum (5.25% at June 30, 2014), respectively. At June 30, 2014, there were no outstanding borrowings under the lines. Griffon Corporation guarantees the term loans and the AUD $3,000 line of credit; the assets of a subsidiary of Northcote Holdings Pty Ltd secures the AUD $5,000 line of credit. |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 33 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||
Jan. 10, 2014 | Dec. 31, 2013 | Aug. 31, 2011 | Feb. 28, 2011 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2014 | Jul. 30, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 10, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Subsequent Event [Member] | 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] | |||||||||||||||
ESOP Loan July 2014 [Member] | installment | ||||||||||||||||||||||||||
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 | $0.09 | $0.08 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared, amount per share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares authorized for awards (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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for award (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New shares issued (in Shares) | 44,476 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 989,895 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award equity instruments other than options additional grants in future (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity instruments other than options, grants in period (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 518,490 | 599,328 | 461,827 | 554,498 | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | '3 years | ' | ' | ' |
Equity instruments other than options, vested in period, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,074,000 | $7,426,000 | ' | ' | ' | ' | ' | ' |
Equity instruments other than options, grants in period, weighted average grant date fair value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.64 | $12.39 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | 3,137,000 | ' | ' | ' | 3,029,000 | ' | 8,133,000 | 9,327,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 10,000,000 |
Stock repurchased during period, shares (in Shares) | ' | 4,444,444 | ' | ' | 750,000 | ' | ' | ' | ' | ' | 1,348,481 | ' | ' | 6,436,712 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 629,977 | 120,000 | 749,977 |
Stock repurchased during period, value | 584,000 | ' | ' | ' | 8,784,000 | ' | 16,285,000 | ' | ' | ' | ' | ' | ' | 65,315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,409,000 | 1,591,000 | 10,000,000 |
Stock repurchased during period per share (in Dollars per share) | $13.13 | $11.25 | ' | ' | $11.71 | ' | $12.08 | ' | ' | ' | ' | ' | ' | $10.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.35 | $13.26 | $13.33 |
Stock repurchase program, remaining authorized repurchase amount | ' | ' | ' | ' | ' | ' | 45,742,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares paid for tax withholding for share based compensation (in Shares) | ' | ' | ' | ' | 33,046 | ' | 444,110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares paid for tax withholding for share based compensation, value | ' | ' | ' | ' | 0 | ' | 5,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares paid for tax withholding for share based compensation, value per share (in Dollars per share) | ' | ' | ' | ' | $11.02 | ' | $12.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of line note available to purchase common stock in open market | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EARNINGS_PER_SHARE_EPS_Details
EARNINGS PER SHARE (EPS) (Details) - Summary of Reconciliation of Share Amounts Used in Earnings Per Share | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 48,370 | 54,265 | 50,038 | 54,588 |
Incremental shares from stock based compensation | 1,466 | 1,939 | 0 | 2,147 |
Weighted average shares outstanding - diluted | 49,836 | 56,204 | 50,038 | 56,735 |
Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive restricted stock excluded from diluted EPS computation | 643 | 715 | 643 | 715 |
Restricted stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive restricted stock excluded from diluted EPS computation | 0 | 0 | 1,609 | 0 |
BUSINESS_SEGMENTS_Details_Summ
BUSINESS SEGMENTS (Details) - Summary of Reconciliation of Segment Profit Before Taxes and Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $505,039 | ' | ' | $509,826 | ' | ' | $1,466,184 | $1,422,318 |
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit | 21,814 | ' | ' | 20,362 | ' | ' | 58,468 | 44,807 |
Net interest expense | -11,541 | ' | ' | -13,137 | ' | ' | -37,003 | -39,125 |
Unallocated amounts | -6,521 | ' | ' | -6,573 | ' | ' | -22,895 | -22,140 |
Loss from debt extinguishment, net | 0 | ' | ' | 0 | ' | ' | -38,890 | 0 |
Loss on pension settlement | 0 | ' | ' | 0 | ' | -2,142 | 0 | -2,142 |
Income (loss) before taxes | 12,894 | ' | ' | 7,832 | ' | ' | -13,115 | 7,197 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | 49,605 | ' | ' | 46,785 | ' | ' | 139,686 | 135,119 |
Net interest expense | -11,541 | ' | ' | -13,137 | ' | ' | -37,003 | -39,125 |
Segment depreciation and amortization | -16,691 | ' | ' | -17,639 | ' | ' | -49,723 | -52,467 |
Unallocated amounts | -6,521 | ' | ' | -6,573 | ' | ' | -22,895 | -22,140 |
Loss from debt extinguishment, net | 0 | ' | ' | 0 | ' | ' | -38,890 | 0 |
Restructuring charges | -358 | -692 | -842 | -1,604 | -9,336 | -1,108 | -1,892 | -12,048 |
Acquisition costs | -1,600 | ' | ' | 0 | ' | ' | -2,398 | 0 |
Loss on pension settlement | 0 | ' | ' | 0 | ' | -2,142 | 0 | -2,142 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | 16,691 | ' | ' | 17,639 | ' | ' | 49,723 | 52,467 |
Consolidated depreciation and amortization | 16,795 | ' | ' | 17,749 | ' | ' | 50,027 | 52,787 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | 20,014 | ' | ' | 14,891 | ' | ' | 54,859 | 45,886 |
Ames True Temper Inc [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 132,179 | ' | ' | 128,332 | ' | ' | 389,492 | 341,878 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | ' | ' | -8,000 | ' |
Clopay Building Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 121,814 | ' | ' | 112,285 | ' | ' | 334,494 | 314,651 |
Home And Building Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 253,993 | ' | ' | 240,617 | ' | ' | 723,986 | 656,529 |
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit | 9,747 | ' | ' | 11,549 | ' | ' | 27,958 | 22,655 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | 19,596 | ' | ' | 21,478 | ' | ' | 55,787 | 56,272 |
Segment depreciation and amortization | -7,891 | ' | ' | -9,075 | ' | ' | -23,539 | -27,092 |
Restructuring charges | -358 | ' | ' | -854 | ' | ' | -1,892 | -6,525 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | 7,891 | ' | ' | 9,075 | ' | ' | 23,539 | 27,092 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | 8,194 | ' | ' | 6,534 | ' | ' | 23,384 | 22,352 |
Telephonics [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 102,446 | ' | ' | 129,997 | ' | ' | 302,656 | 347,678 |
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit | 13,134 | ' | ' | 10,592 | ' | ' | 34,463 | 38,990 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | 15,087 | ' | ' | 13,146 | ' | ' | 40,018 | 45,015 |
Segment depreciation and amortization | -1,953 | ' | ' | -1,804 | ' | ' | -5,555 | -5,275 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | 1,953 | ' | ' | 1,804 | ' | ' | 5,555 | 5,275 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | 6,082 | ' | ' | 2,401 | ' | ' | 14,969 | 5,853 |
Plastics [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Home & Building Products: | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 148,600 | ' | ' | 139,212 | ' | ' | 439,542 | 418,111 |
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit | 8,075 | ' | ' | 5,401 | ' | ' | 23,252 | 8,959 |
Segment adjusted EBITDA: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment adjusted EBITDA | 14,922 | ' | ' | 12,161 | ' | ' | 43,881 | 33,832 |
Segment depreciation and amortization | -6,847 | ' | ' | -6,760 | ' | ' | -20,629 | -20,100 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment depreciation and amortization | 6,847 | ' | ' | 6,760 | ' | ' | 20,629 | 20,100 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | 5,063 | ' | ' | 5,947 | ' | ' | 15,213 | 17,648 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating profit | 30,956 | ' | ' | 27,542 | ' | ' | 85,673 | 70,604 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | 19,339 | ' | ' | 14,882 | ' | ' | 53,566 | 45,853 |
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated depreciation and amortization | 104 | ' | ' | 110 | ' | ' | 304 | 320 |
Segment: | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | $675 | ' | ' | $9 | ' | ' | $1,293 | $33 |
BUSINESS_SEGMENTS_Details_Summ1
BUSINESS SEGMENTS (Details) - Summary of Segment Assets (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Segment assets: | ' | ' |
Continuing Assets | $1,827,009 | $1,784,490 |
Assets of discontinued operations | 4,241 | 4,289 |
Total Assets | 1,831,250 | 1,788,779 |
Home And Building Products [Member] | ' | ' |
Segment assets: | ' | ' |
Continuing Assets | 1,020,849 | 908,386 |
Telephonics [Member] | ' | ' |
Segment assets: | ' | ' |
Continuing Assets | 299,058 | 296,919 |
Plastics [Member] | ' | ' |
Segment assets: | ' | ' |
Continuing Assets | 421,892 | 422,730 |
Operating Segments [Member] | ' | ' |
Segment assets: | ' | ' |
Continuing Assets | 1,741,799 | 1,628,035 |
Corporate Segment [Member] | ' | ' |
Segment assets: | ' | ' |
Continuing Assets | $85,210 | $156,455 |
DEFINED_BENEFIT_PENSION_EXPENS2
DEFINED BENEFIT PENSION EXPENSE (Details) - Summary of Defined Benefit Pension Expense (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' |
Service cost | $0 | $51 | ' | $90 | $149 |
Interest cost | 2,416 | 2,427 | ' | 7,415 | 7,274 |
Expected return on plan assets | -2,820 | -3,139 | ' | -8,590 | -9,413 |
Amortization: | ' | ' | ' | ' | ' |
Prior service cost | 4 | 5 | ' | 11 | 15 |
Recognized actuarial loss | 485 | 840 | ' | 1,463 | 2,520 |
Loss on pension settlement | 0 | 0 | 2,142 | 0 | 2,142 |
Net periodic expense | $85 | $184 | ' | $389 | $2,687 |
DEFINED_BENEFIT_PENSION_EXPENS3
DEFINED BENEFIT PENSION EXPENSE (Details) | 3 Months Ended | 9 Months Ended | |||||
Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Contributions by employer | ' | $1,776,000 | € 1,300,000 | ' | ' | ' | ' |
Recognized net gain (loss) due to settlements and curtailments | ' | 0 | ' | ' | ' | ' | ' |
Loss on pension settlement | 0 | ' | ' | 0 | 2,142,000 | 0 | 2,142,000 |
Reduction in pension liability due to buyouts | ' | ' | ' | ' | 3,472,000 | ' | ' |
Increase in accumulated other comprehensive income loss due to buyouts | ' | ' | ' | ' | $3,649,000 | ' | ' |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) - Summary of Discontinued Operations (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets of discontinued operations: | ' | ' |
Prepaid and other current assets | $1,209 | $1,214 |
Other long-term assets | 3,032 | 3,075 |
Total assets of discontinued operations | 4,241 | 4,289 |
Liabilities of discontinued operations: | ' | ' |
Accrued liabilities, current | 2,959 | 3,288 |
Other long-term liabilities | 4,008 | 4,744 |
Total liabilities of discontinued operations | $6,967 | $8,032 |
DISCONTINUED_OPERATIONS_Detail1
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Installation Services revenue | $0 | $0 | $0 | $0 |
RESTRUCTURING_AND_OTHER_RELATE2
RESTRUCTURING AND OTHER RELATED CHARGES (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Home And Building Products [Member] | Home And Building Products [Member] | Home And Building Products [Member] | Home And Building Products [Member] | Plastics Europe [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] | Ames True Temper Inc [Member] | |||||||||
position | Restructuring Costs [Member] | Capital Expenditures [Member] | Cash Charges [Member] | Asset Impairment [Member] | One-time Termination Benefits [Member] | Facility Closing [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | ($358) | ($692) | ($842) | ($1,604) | ($9,336) | ($1,108) | ($1,892) | ($12,048) | ($358) | ($854) | ($1,892) | ($6,525) | ($4,773) | ($8,000) | ' | ' | ($4,000) | ($4,000) | ($2,500) | ($1,500) |
Restructuring and related cost, expected cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' |
Restructuring and related cost, cost incurred to date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,941 | $15,712 | ' | ' | ' | ' |
Restructuring and related cost, number of positions eliminated, inception to date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' |
RESTRUCTURING_AND_OTHER_RELATE3
RESTRUCTURING AND OTHER RELATED CHARGES (Details) - Summary of Accrued Liability for the Restructuring and Related Charges (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 |
Amounts incurred in: | ' | ' | ' | ' | ' | ' | ' | ' |
Amount incurred in | $358 | $692 | $842 | $1,604 | $9,336 | $1,108 | $1,892 | $12,048 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued liability | ' | ' | 3,857 | ' | ' | ' | 3,857 | ' |
Charges | ' | ' | ' | ' | ' | ' | 1,892 | ' |
Payments | ' | ' | ' | ' | ' | ' | -4,216 | ' |
Accrued liability | 1,533 | ' | ' | ' | ' | ' | 1,533 | ' |
Workforce Reduction [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts incurred in: | ' | ' | ' | ' | ' | ' | ' | ' |
Amount incurred in | 289 | 495 | 638 | 641 | 3,635 | 994 | 1,422 | 5,270 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued liability | ' | ' | 3,057 | ' | ' | ' | 3,057 | ' |
Charges | ' | ' | ' | ' | ' | ' | 1,422 | ' |
Payments | ' | ' | ' | ' | ' | ' | -3,151 | ' |
Accrued liability | 1,328 | ' | ' | ' | ' | ' | 1,328 | ' |
Facilities & Exit Costs [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts incurred in: | ' | ' | ' | ' | ' | ' | ' | ' |
Amount incurred in | 47 | 137 | 95 | 926 | 683 | 39 | 279 | 1,648 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued liability | ' | ' | 393 | ' | ' | ' | 393 | ' |
Charges | ' | ' | ' | ' | ' | ' | 279 | ' |
Payments | ' | ' | ' | ' | ' | ' | -599 | ' |
Accrued liability | 73 | ' | ' | ' | ' | ' | 73 | ' |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts incurred in: | ' | ' | ' | ' | ' | ' | ' | ' |
Amount incurred in | 22 | 60 | 109 | 37 | 1,517 | 75 | 191 | 1,629 |
Non-cash Facility and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts incurred in: | ' | ' | ' | ' | ' | ' | ' | ' |
Amount incurred in | 0 | 0 | 0 | 0 | 3,501 | 0 | 0 | 3,501 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued liability | ' | ' | 407 | ' | ' | ' | 407 | ' |
Charges | ' | ' | ' | ' | ' | ' | 191 | ' |
Payments | ' | ' | ' | ' | ' | ' | -466 | ' |
Accrued liability | $132 | ' | ' | ' | ' | ' | $132 | ' |
OTHER_EXPENSE_Details
OTHER EXPENSE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Foreign currency transaction gain (loss), before tax | $365 | $168 | $1,044 | ($299) |
Investment income, net | $1,437 | $12 | $1,563 | $365 |
WARRANTY_LIABILITY_Details
WARRANTY LIABILITY (Details) | 9 Months Ended |
Jun. 30, 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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | $7,111 | $7,424 | $6,649 | $8,856 |
Warranties issued and changes in estimated pre-existing warranties | 576 | 1,309 | 2,677 | 1,965 |
Actual warranty costs incurred | -1,199 | -1,342 | -2,838 | -3,430 |
Balance, end of period | $6,488 | $7,391 | $6,488 | $7,391 |
OTHER_COMPREHENSIVE_INCOME_LOS2
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - Summary of Other Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustments, Pre-tax | $2,809 | ($7,884) | $896 | ($10,805) |
Pension and other defined benefit plans, Pre-tax | 491 | 823 | 2,682 | 8,127 |
Gain on cash flow hedge, Pre-tax | 0 | -158 | 0 | 13 |
Total other comprehensive income (loss), Pre-tax | 3,300 | -7,219 | 3,578 | -2,665 |
Pension and other defined benefit plans, Tax | -174 | -333 | -950 | -3,288 |
Total other comprehensive income (loss), Tax | -174 | -333 | -950 | -3,288 |
Foreign currency translation adjustments, Net of Tax | 2,809 | -7,884 | 896 | -10,805 |
Pension and other defined benefit plans, Net of Tax | 317 | 490 | 1,732 | 4,839 |
Gain on cash flow hedge, Net of Tax | 0 | -158 | 0 | 13 |
Total other comprehensive income (loss), net of taxes | $3,126 | ($7,552) | $2,628 | ($5,953) |
OTHER_COMPREHENSIVE_INCOME_LOS3
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Pension amortization | $489 | $845 | $1,474 | $2,535 |
Pension settlement | 0 | 0 | 0 | 2,142 |
Total before tax | 489 | 845 | 1,474 | 4,677 |
Tax | -167 | -296 | -516 | -1,341 |
Net of tax | $322 | $549 | $958 | $3,336 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Jun. 30, 2014 | Feb. 28, 2011 | Apr. 30, 2009 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Net capital cost value | ' | ' | $5,000,000 |
Obligation under consent order | ' | 0 | ' |
Net capital cost value in proposed remedial action plan | ' | 10,000,000 | ' |
Loss contingency claim asserted | $0 | ' | ' |
RELATED_PARTY_Details
RELATED PARTY (Details) (Goldman, Sachs & Co [Member], Debt offering management fee [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Feb. 27, 2014 |
Goldman, Sachs & Co [Member] | Debt offering management fee [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related party transaction, expenses from transactions with related party | $825 |
CONSOLIDATING_GUARANTOR_AND_NO2
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) | 9 Months Ended |
Jun. 30, 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 $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS | ' | ' | ' | ' |
Cash and equivalents | $87,437 | $178,130 | $126,104 | $209,654 |
Accounts receivable, net of allowances | 269,669 | 256,215 | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 104,877 | 109,828 | ' | ' |
Inventories, net | 278,462 | 230,120 | ' | ' |
Prepaid and other current assets | 74,290 | 48,903 | ' | ' |
Assets of discontinued operations | 1,209 | 1,214 | ' | ' |
Total Current Assets | 815,944 | 824,410 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 365,376 | 353,593 | ' | ' |
GOODWILL | 381,315 | 357,730 | ' | ' |
INTANGIBLE ASSETS, net | 235,092 | 221,391 | ' | ' |
INTERCOMPANY RECEIVABLE | 0 | 0 | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 0 | 0 | ' | ' |
OTHER ASSETS | 30,491 | 28,580 | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 3,032 | 3,075 | ' | ' |
Total Assets | 1,831,250 | 1,788,779 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 11,886 | 10,768 | ' | ' |
Accounts payable and accrued liabilities | 284,773 | 270,353 | ' | ' |
Liabilities of discontinued operations | 2,959 | 3,288 | ' | ' |
Total Current Liabilities | 299,618 | 284,409 | ' | ' |
LONG-TERM DEBT, net of debt discounts | 797,180 | 678,487 | ' | ' |
INTERCOMPANY PAYABLES | 0 | 0 | ' | ' |
OTHER LIABILITIES | 162,103 | 170,675 | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 4,008 | 4,744 | ' | ' |
Total Liabilities | 1,262,909 | 1,138,315 | ' | ' |
Total Shareholders’ Equity | 568,341 | 650,464 | ' | ' |
Total Liabilities and Shareholders’ Equity | 1,831,250 | 1,788,779 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and equivalents | 9,208 | 68,994 | 35,260 | 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 | 21,180 | -712 | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' |
Total Current Assets | 30,388 | 68,282 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 1,392 | 972 | ' | ' |
GOODWILL | 0 | 0 | ' | ' |
INTANGIBLE ASSETS, net | 0 | 0 | ' | ' |
INTERCOMPANY RECEIVABLE | 547,665 | 547,903 | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 802,548 | 772,374 | ' | ' |
OTHER ASSETS | 46,687 | 45,968 | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Assets | 1,428,680 | 1,435,499 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 1,762 | 1,000 | ' | ' |
Accounts payable and accrued liabilities | 33,353 | 41,121 | ' | ' |
Liabilities of discontinued operations | 0 | 0 | ' | ' |
Total Current Liabilities | 35,115 | 42,121 | ' | ' |
LONG-TERM DEBT, net of debt discounts | 742,289 | 656,852 | ' | ' |
INTERCOMPANY PAYABLES | 21,450 | 20,607 | ' | ' |
OTHER LIABILITIES | 61,485 | 65,455 | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Liabilities | 860,339 | 785,035 | ' | ' |
Total Shareholders’ Equity | 568,341 | 650,464 | ' | ' |
Total Liabilities and Shareholders’ Equity | 1,428,680 | 1,435,499 | ' | ' |
Guarantor Companies [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and equivalents | 19,500 | 25,343 | 23,036 | 34,782 |
Accounts receivable, net of allowances | 222,754 | 213,506 | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 104,518 | 109,683 | ' | ' |
Inventories, net | 200,772 | 173,406 | ' | ' |
Prepaid and other current assets | 23,835 | 21,854 | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' |
Total Current Assets | 571,379 | 543,792 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 261,632 | 248,973 | ' | ' |
GOODWILL | 288,147 | 288,146 | ' | ' |
INTANGIBLE ASSETS, net | 157,861 | 160,349 | ' | ' |
INTERCOMPANY RECEIVABLE | 877,793 | 911,632 | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 682,810 | 533,742 | ' | ' |
OTHER ASSETS | 51,205 | 50,423 | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Assets | 2,890,827 | 2,737,057 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 1,129 | 1,079 | ' | ' |
Accounts payable and accrued liabilities | 187,496 | 183,665 | ' | ' |
Liabilities of discontinued operations | 0 | 0 | ' | ' |
Total Current Liabilities | 188,625 | 184,744 | ' | ' |
LONG-TERM DEBT, net of debt discounts | 8,096 | 9,006 | ' | ' |
INTERCOMPANY PAYABLES | 746,378 | 796,741 | ' | ' |
OTHER LIABILITIES | 149,029 | 153,970 | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Liabilities | 1,092,128 | 1,144,461 | ' | ' |
Total Shareholders’ Equity | 1,798,699 | 1,592,596 | ' | ' |
Total Liabilities and Shareholders’ Equity | 2,890,827 | 2,737,057 | ' | ' |
Non-Guarantor Companies [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and equivalents | 58,729 | 83,793 | 67,808 | 49,779 |
Accounts receivable, net of allowances | 78,918 | 76,241 | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 359 | 145 | ' | ' |
Inventories, net | 77,550 | 56,723 | ' | ' |
Prepaid and other current assets | 18,714 | 17,330 | ' | ' |
Assets of discontinued operations | 1,209 | 1,214 | ' | ' |
Total Current Assets | 235,479 | 235,446 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 102,352 | 103,648 | ' | ' |
GOODWILL | 93,168 | 69,584 | ' | ' |
INTANGIBLE ASSETS, net | 77,231 | 61,042 | ' | ' |
INTERCOMPANY RECEIVABLE | 122,932 | 573,269 | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | 1,916,521 | 2,718,956 | ' | ' |
OTHER ASSETS | 7,812 | 7,423 | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 3,032 | 3,075 | ' | ' |
Total Assets | 2,558,527 | 3,772,443 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 8,995 | 8,689 | ' | ' |
Accounts payable and accrued liabilities | 84,571 | 70,427 | ' | ' |
Liabilities of discontinued operations | 2,959 | 3,288 | ' | ' |
Total Current Liabilities | 96,525 | 82,404 | ' | ' |
LONG-TERM DEBT, net of debt discounts | 46,795 | 12,629 | ' | ' |
INTERCOMPANY PAYABLES | 733,551 | 1,188,017 | ' | ' |
OTHER LIABILITIES | 25,921 | 25,578 | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 4,008 | 4,744 | ' | ' |
Total Liabilities | 906,800 | 1,313,372 | ' | ' |
Total Shareholders’ Equity | 1,651,727 | 2,459,071 | ' | ' |
Total Liabilities and Shareholders’ Equity | 2,558,527 | 3,772,443 | ' | ' |
Elimination [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net of allowances | -32,003 | -33,532 | ' | ' |
Contract costs and recognized income not yet billed, net of progress payments | 0 | 0 | ' | ' |
Inventories, net | 140 | -9 | ' | ' |
Prepaid and other current assets | 10,561 | 10,431 | ' | ' |
Assets of discontinued operations | 0 | 0 | ' | ' |
Total Current Assets | -21,302 | -23,110 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net | 0 | 0 | ' | ' |
GOODWILL | 0 | 0 | ' | ' |
INTANGIBLE ASSETS, net | 0 | 0 | ' | ' |
INTERCOMPANY RECEIVABLE | -1,548,390 | -2,032,804 | ' | ' |
EQUITY INVESTMENTS IN SUBSIDIARIES | -3,401,879 | -4,025,072 | ' | ' |
OTHER ASSETS | -75,213 | -75,234 | ' | ' |
ASSETS OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Assets | -5,046,784 | -6,156,220 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Notes payable and current portion of long-term debt | 0 | 0 | ' | ' |
Accounts payable and accrued liabilities | -20,647 | -24,860 | ' | ' |
Liabilities of discontinued operations | 0 | 0 | ' | ' |
Total Current Liabilities | -20,647 | -24,860 | ' | ' |
LONG-TERM DEBT, net of debt discounts | 0 | 0 | ' | ' |
INTERCOMPANY PAYABLES | -1,501,379 | -2,005,365 | ' | ' |
OTHER LIABILITIES | -74,332 | -74,328 | ' | ' |
LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
Total Liabilities | -1,596,358 | -2,104,553 | ' | ' |
Total Shareholders’ Equity | -3,450,426 | -4,051,667 | ' | ' |
Total Liabilities and Shareholders’ Equity | ($5,046,784) | ($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 | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $505,039 | ' | ' | $509,826 | ' | ' | $1,466,184 | $1,422,318 |
Cost of goods and services | 386,732 | ' | ' | 401,515 | ' | ' | 1,132,387 | 1,110,840 |
Gross profit | 118,307 | ' | ' | 108,311 | ' | ' | 333,797 | 311,478 |
Selling, general and administrative expenses | 96,135 | ' | ' | 86,345 | ' | ' | 273,437 | 254,623 |
Restructuring and other related charges | 358 | 692 | 842 | 1,604 | 9,336 | 1,108 | 1,892 | 12,048 |
Total operating expenses | 96,493 | ' | ' | 87,949 | ' | ' | 275,329 | 266,671 |
Income from operations | 21,814 | ' | ' | 20,362 | ' | ' | 58,468 | 44,807 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | -11,541 | ' | ' | -13,137 | ' | ' | -37,003 | -39,125 |
Loss from debt extinguishment, net | 0 | ' | ' | 0 | ' | ' | -38,890 | 0 |
Other, net | 2,621 | ' | ' | 607 | ' | ' | 4,310 | 1,515 |
Total other expense, net | -8,920 | ' | ' | -12,530 | ' | ' | -71,583 | -37,610 |
Income (loss) before taxes | 12,894 | ' | ' | 7,832 | ' | ' | -13,115 | 7,197 |
Provision (benefit) for income taxes | -1,570 | ' | ' | 4,229 | ' | ' | -4,990 | 3,855 |
Income (loss) before equity in net income of subsidiaries | 14,464 | ' | ' | 3,603 | ' | ' | -8,125 | 3,342 |
Equity in net income (loss) of subsidiaries | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Net income (loss) | 14,464 | ' | ' | 3,603 | ' | ' | -8,125 | 3,342 |
Foreign currency translation adjustments | 2,809 | ' | ' | -7,884 | ' | ' | 896 | -10,805 |
Other comprehensive income (loss), net of taxes | 3,126 | ' | ' | -7,552 | ' | ' | 2,628 | 4,852 |
Comprehensive income (loss), net | 17,590 | ' | ' | -3,949 | ' | ' | -5,497 | -2,611 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Cost of goods and services | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Gross profit | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Selling, general and administrative expenses | 7,034 | ' | ' | 4,141 | ' | ' | 20,525 | 15,419 |
Restructuring and other related charges | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Total operating expenses | 7,034 | ' | ' | 4,141 | ' | ' | 20,525 | 15,419 |
Income from operations | -7,034 | ' | ' | -4,141 | ' | ' | -20,525 | -15,419 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | -1,750 | ' | ' | -3,559 | ' | ' | -8,240 | -10,781 |
Loss from debt extinguishment, net | 0 | ' | ' | ' | ' | ' | -38,890 | ' |
Other, net | 1,436 | ' | ' | 12 | ' | ' | 1,563 | 367 |
Total other expense, net | -314 | ' | ' | -3,547 | ' | ' | -45,567 | -10,414 |
Income (loss) before taxes | -7,348 | ' | ' | -7,688 | ' | ' | -66,092 | -25,833 |
Provision (benefit) for income taxes | -9,322 | ' | ' | -2,913 | ' | ' | -24,901 | -12,672 |
Income (loss) before equity in net income of subsidiaries | 1,974 | ' | ' | -4,775 | ' | ' | -41,191 | -13,161 |
Equity in net income (loss) of subsidiaries | 12,490 | ' | ' | 8,378 | ' | ' | 33,066 | 16,503 |
Net income (loss) | 14,464 | ' | ' | 3,603 | ' | ' | -8,125 | 3,342 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | 0 |
Other comprehensive income (loss), net of taxes | 171 | ' | ' | 211 | ' | ' | 511 | 633 |
Comprehensive income (loss), net | 14,635 | ' | ' | 3,814 | ' | ' | -7,614 | 3,975 |
Guarantor Companies [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 392,361 | ' | ' | 408,371 | ' | ' | 1,133,510 | 1,109,275 |
Cost of goods and services | 295,148 | ' | ' | 317,156 | ' | ' | 860,322 | 848,342 |
Gross profit | 97,213 | ' | ' | 91,215 | ' | ' | 273,188 | 260,933 |
Selling, general and administrative expenses | 71,110 | ' | ' | 69,015 | ' | ' | 207,725 | 198,601 |
Restructuring and other related charges | 349 | ' | ' | 1,565 | ' | ' | 1,841 | 8,045 |
Total operating expenses | 71,459 | ' | ' | 70,580 | ' | ' | 209,566 | 206,646 |
Income from operations | 25,754 | ' | ' | 20,635 | ' | ' | 63,622 | 54,287 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | -7,367 | ' | ' | -6,982 | ' | ' | -21,946 | -20,685 |
Loss from debt extinguishment, net | 0 | ' | ' | ' | ' | ' | 0 | ' |
Other, net | 2,497 | ' | ' | 2,462 | ' | ' | 5,569 | 6,227 |
Total other expense, net | -4,870 | ' | ' | -4,520 | ' | ' | -16,377 | -14,458 |
Income (loss) before taxes | 20,884 | ' | ' | 16,115 | ' | ' | 47,245 | 39,829 |
Provision (benefit) for income taxes | 7,322 | ' | ' | 6,745 | ' | ' | 19,014 | 15,693 |
Income (loss) before equity in net income of subsidiaries | 13,562 | ' | ' | 9,370 | ' | ' | 28,231 | 24,136 |
Equity in net income (loss) of subsidiaries | -1,161 | ' | ' | -969 | ' | ' | 4,587 | -7,565 |
Net income (loss) | 12,401 | ' | ' | 8,401 | ' | ' | 32,818 | 16,571 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | 330 |
Other comprehensive income (loss), net of taxes | -592 | ' | ' | 836 | ' | ' | 1,277 | 3,963 |
Comprehensive income (loss), net | 11,809 | ' | ' | 9,237 | ' | ' | 34,095 | 20,864 |
Non-Guarantor Companies [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 126,343 | ' | ' | 114,004 | ' | ' | 375,877 | 352,514 |
Cost of goods and services | 103,938 | ' | ' | 95,461 | ' | ' | 310,887 | 297,826 |
Gross profit | 22,405 | ' | ' | 18,543 | ' | ' | 64,990 | 54,688 |
Selling, general and administrative expenses | 19,617 | ' | ' | 14,793 | ' | ' | 50,025 | 45,327 |
Restructuring and other related charges | 9 | ' | ' | 39 | ' | ' | 51 | 4,003 |
Total operating expenses | 19,626 | ' | ' | 14,832 | ' | ' | 50,076 | 49,330 |
Income from operations | 2,779 | ' | ' | 3,711 | ' | ' | 14,914 | 5,358 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | -2,424 | ' | ' | -2,596 | ' | ' | -6,817 | -7,659 |
Loss from debt extinguishment, net | 0 | ' | ' | ' | ' | ' | 0 | ' |
Other, net | -997 | ' | ' | -1,710 | ' | ' | -2,365 | -4,498 |
Total other expense, net | -3,421 | ' | ' | -4,306 | ' | ' | -9,182 | -12,157 |
Income (loss) before taxes | -642 | ' | ' | -595 | ' | ' | 5,732 | -6,799 |
Provision (benefit) for income taxes | 430 | ' | ' | 397 | ' | ' | 897 | 834 |
Income (loss) before equity in net income of subsidiaries | -1,072 | ' | ' | -992 | ' | ' | 4,835 | -7,633 |
Equity in net income (loss) of subsidiaries | 13,562 | ' | ' | 9,370 | ' | ' | 28,231 | 24,136 |
Net income (loss) | 12,490 | ' | ' | 8,378 | ' | ' | 33,066 | 16,503 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | -11,135 |
Other comprehensive income (loss), net of taxes | 3,547 | ' | ' | -8,599 | ' | ' | 840 | 256 |
Comprehensive income (loss), net | 16,037 | ' | ' | -221 | ' | ' | 33,906 | 5,624 |
Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | -13,665 | ' | ' | -12,549 | ' | ' | -43,203 | -39,471 |
Cost of goods and services | -12,354 | ' | ' | -11,102 | ' | ' | -38,822 | -35,328 |
Gross profit | -1,311 | ' | ' | -1,447 | ' | ' | -4,381 | -4,143 |
Selling, general and administrative expenses | -1,626 | ' | ' | -1,604 | ' | ' | -4,838 | -4,724 |
Restructuring and other related charges | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Total operating expenses | -1,626 | ' | ' | -1,604 | ' | ' | -4,838 | -4,724 |
Income from operations | 315 | ' | ' | 157 | ' | ' | 457 | 581 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expense), net | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Loss from debt extinguishment, net | 0 | ' | ' | ' | ' | ' | 0 | ' |
Other, net | -315 | ' | ' | -157 | ' | ' | -457 | -581 |
Total other expense, net | -315 | ' | ' | -157 | ' | ' | -457 | -581 |
Income (loss) before taxes | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Provision (benefit) for income taxes | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Income (loss) before equity in net income of subsidiaries | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Equity in net income (loss) of subsidiaries | -24,891 | ' | ' | -16,779 | ' | ' | -65,884 | -33,074 |
Net income (loss) | -24,891 | ' | ' | -16,779 | ' | ' | -65,884 | -33,074 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | 0 |
Other comprehensive income (loss), net of taxes | 0 | ' | ' | 0 | ' | ' | 0 | 0 |
Comprehensive income (loss), net | ($24,891) | ' | ' | ($16,779) | ' | ' | ($65,884) | ($33,074) |
CONSOLIDATING_GUARANTOR_AND_NO5
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) - Summary of Condensed Consolidating Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($8,125) | $3,342 |
Net cash provided by (used in) operating activities | 49,856 | 2,554 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -54,859 | -45,886 |
Acquired businesses, net of cash acquired | -62,306 | 0 |
Intercompany distributions | 0 | 0 |
Investment purchases | -8,402 | 0 |
Proceeds from sale of investment | 491 | 1,326 |
Net cash used in investing activities | -125,076 | -44,560 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 584 | 0 |
Purchase of shares for treasury | -72,518 | -25,689 |
Proceeds from long-term debt | 682,913 | 303 |
Payments of long-term debt | -602,134 | -12,842 |
Change in short-term borrowings | 3,138 | 2,408 |
Financing costs | -10,928 | -759 |
Purchase of ESOP shares | -10,000 | 0 |
Tax effect from exercise/vesting of equity awards, net | 273 | 150 |
Dividend | -4,841 | -4,384 |
Other, net | 194 | 261 |
Net cash used in financing activities | -13,319 | -40,552 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' |
Net cash used in discontinued operations | -1,018 | -486 |
Effect of exchange rate changes on cash and equivalents | -1,136 | -506 |
NET DECREASE IN CASH AND EQUIVALENTS | -90,693 | -83,550 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 178,130 | 209,654 |
CASH AND EQUIVALENTS AT END OF PERIOD | 87,437 | 126,104 |
Parent Company [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | -8,125 | 3,342 |
Net cash provided by (used in) operating activities | -10,966 | -67,628 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -672 | -33 |
Acquired businesses, net of cash acquired | 0 | ' |
Intercompany distributions | 10,000 | 10,000 |
Investment purchases | -8,402 | ' |
Proceeds from sale of investment | 0 | 0 |
Net cash used in investing activities | 926 | 9,967 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 584 | ' |
Purchase of shares for treasury | -72,518 | -25,689 |
Proceeds from long-term debt | 649,568 | 0 |
Payments of long-term debt | -597,613 | -1,751 |
Change in short-term borrowings | 0 | 0 |
Financing costs | -10,393 | -759 |
Purchase of ESOP shares | -10,000 | ' |
Tax effect from exercise/vesting of equity awards, net | 273 | 150 |
Dividend | -9,841 | -4,384 |
Other, net | 194 | 261 |
Net cash used in financing activities | -49,746 | -32,172 |
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 DECREASE IN CASH AND EQUIVALENTS | -59,786 | -89,833 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 68,994 | 125,093 |
CASH AND EQUIVALENTS AT END OF PERIOD | 9,208 | 35,260 |
Guarantor Companies [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | 32,818 | 16,571 |
Net cash provided by (used in) operating activities | -8,300 | 23,214 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -45,749 | -40,324 |
Acquired businesses, net of cash acquired | -1,000 | ' |
Intercompany distributions | -10,000 | -10,000 |
Investment purchases | 0 | ' |
Proceeds from sale of investment | 298 | 1,172 |
Net cash used in investing activities | -56,451 | -49,152 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 0 | ' |
Purchase of shares for treasury | 0 | 0 |
Proceeds from long-term debt | -253 | 303 |
Payments of long-term debt | -708 | -772 |
Change in short-term borrowings | 0 | 0 |
Financing costs | 0 | 0 |
Purchase of ESOP shares | 0 | ' |
Tax effect from exercise/vesting of equity awards, net | 0 | 0 |
Dividend | 5,000 | 0 |
Other, net | 54,869 | 14,661 |
Net cash used in financing activities | 58,908 | 14,192 |
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 DECREASE IN CASH AND EQUIVALENTS | -5,843 | -11,746 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 25,343 | 34,782 |
CASH AND EQUIVALENTS AT END OF PERIOD | 19,500 | 23,036 |
Non-Guarantor Companies [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | 33,066 | 16,503 |
Net cash provided by (used in) operating activities | 69,122 | 46,968 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | -8,438 | -5,529 |
Acquired businesses, net of cash acquired | -61,306 | ' |
Intercompany distributions | 0 | 0 |
Investment purchases | 0 | ' |
Proceeds from sale of investment | 193 | 154 |
Net cash used in investing activities | -69,551 | -5,375 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 0 | ' |
Purchase of shares for treasury | 0 | 0 |
Proceeds from long-term debt | 33,598 | 0 |
Payments of long-term debt | -3,813 | -10,319 |
Change in short-term borrowings | 3,138 | 2,408 |
Financing costs | -535 | 0 |
Purchase of ESOP shares | 0 | ' |
Tax effect from exercise/vesting of equity awards, net | 0 | 0 |
Dividend | 0 | 0 |
Other, net | -54,869 | -14,661 |
Net cash used in financing activities | -22,481 | -22,572 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' |
Net cash used in discontinued operations | -1,018 | -486 |
Effect of exchange rate changes on cash and equivalents | -1,136 | -506 |
NET DECREASE IN CASH AND EQUIVALENTS | -25,064 | 18,029 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 83,793 | 49,779 |
CASH AND EQUIVALENTS AT END OF PERIOD | 58,729 | 67,808 |
Elimination [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | -65,884 | -33,074 |
Net cash provided by (used in) operating activities | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of property, plant and equipment | 0 | 0 |
Acquired businesses, net of cash acquired | 0 | ' |
Intercompany distributions | 0 | 0 |
Investment purchases | 0 | ' |
Proceeds from sale of investment | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 0 | ' |
Purchase of shares for treasury | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Payments of long-term debt | 0 | 0 |
Change in short-term borrowings | 0 | 0 |
Financing costs | 0 | 0 |
Purchase of ESOP shares | 0 | ' |
Tax effect from exercise/vesting of equity awards, net | 0 | 0 |
Dividend | 0 | 0 |
Other, net | 0 | 0 |
Net cash 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 DECREASE IN CASH AND EQUIVALENTS | 0 | 0 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 0 | 0 |
CASH AND EQUIVALENTS AT END OF PERIOD | $0 | $0 |