0000050725-21-000008 | 10-Q | XBRL Viewer

Print Document View Excel Document

Cover Page	3 Months Ended
Cover Page	Dec. 31, 2020 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-06620
Entity Registrant Name	GRIFFON CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-1893410
Entity Address, Address Line One	712 Fifth Ave, 18th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	957-5000
Title of 12(b) Security	Common Stock, $0.25 par value
Trading Symbol	GFF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	56,489,620
Current Fiscal Year End Date	--09-30
Amendment Flag	false
Entity Central Index Key	0000050725
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
CURRENT ASSETS
Cash and equivalents	$ 233,807	$ 218,089
Accounts receivable, net of allowances of $9,022 and $8,505	318,535	340,546
Contract assets, net of progress payments of $21,472 and $24,175	86,260	84,426
Inventories	445,022	413,825
Prepaid and other current assets	59,116	46,897
Assets of discontinued operations	1,591	2,091
Total Current Assets	1,144,331	1,105,874
PROPERTY, PLANT AND EQUIPMENT, net	342,706	343,964
OPERATING LEASE RIGHT-OF-USE ASSETS	157,860	161,627
GOODWILL	446,456	442,643
INTANGIBLE ASSETS, net	357,832	355,028
OTHER ASSETS	29,861	32,897
ASSETS OF DISCONTINUED OPERATIONS	5,397	6,406
Total Assets	2,484,443	2,448,439
CURRENT LIABILITIES
Notes payable and current portion of long-term debt	11,158	9,922
Accounts payable	237,900	232,107
Accrued liabilities	161,594	163,994
Current portion of operating lease liabilities	31,304	31,848
Liabilities of discontinued operations	4,842	3,797
Total Current Liabilities	446,798	441,668
LONG-TERM DEBT, net	1,037,413	1,037,042
LONG-TERM OPERATING LEASE LIABILITIES	132,634	136,054
OTHER LIABILITIES	122,047	126,510
LIABILITIES OF DISCONTINUED OPERATIONS	5,504	7,014
Total Liabilities	1,744,396	1,748,288
COMMITMENTS AND CONTINGENCIES - See Note 22
SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity	740,047	700,151
Total Liabilities and Shareholders’ Equity	$ 2,484,443	$ 2,448,439

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Statement of Financial Position [Abstract]
Accounts receivable, net allowances	$ 9,022	$ 8,505
Contract costs, net of progress payments	$ 21,472	$ 24,175

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	COMMON STOCK	CAPITAL IN EXCESS OF PAR VALUE	RETAINED EARNINGS	TREASURY SHARES	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	DEFERRED COMPENSATION
Balance (in shares) at Sep. 30, 2019		82,775			35,969
Balance at Sep. 30, 2019	$ 477,763	$ 20,694	$ 519,017	$ 568,516	$ (536,308)	$ (65,916)	$ (28,240)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,612			10,612
Dividend	(3,392)			(3,392)
Shares withheld on employee taxes on vested equity awards (in shares)					80
Shares withheld on employee taxes on vested equity awards	(1,758)				$ (1,758)
Amortization of deferred compensation	629						629
Equity awards granted, net (in shares)		182
Equity awards granted, net	0	$ 45	(45)
ESOP allocation of common stock	609		609
Stock-based compensation	3,150		3,150
Stock-based consideration	239		239
Other comprehensive income, net of tax	6,841					6,841
Balance (in shares) at Dec. 31, 2019		82,957			36,049
Balance at Dec. 31, 2019	494,693	$ 20,739	522,970	575,736	$ (538,066)	(59,075)	(27,611)
Balance (in shares) at Sep. 30, 2020		83,739			27,610
Balance at Sep. 30, 2020	700,151	$ 20,935	583,008	607,518	$ (413,493)	(72,092)	(25,725)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,500			29,500
Dividend	(4,469)			(4,469)
Shares withheld on employee taxes on vested equity awards (in shares)					133
Shares withheld on employee taxes on vested equity awards	(2,909)				$ (2,909)
Amortization of deferred compensation	609						609
Equity awards granted, net (in shares)		494
Equity awards granted, net	0	$ 123	(123)
ESOP allocation of common stock	596		596
Stock-based compensation	3,428		3,428
Other comprehensive income, net of tax	13,141					13,141
Balance (in shares) at Dec. 31, 2020		84,233			27,743
Balance at Dec. 31, 2020	$ 740,047	$ 21,058	$ 586,909	$ 632,549	$ (416,402)	$ (58,951)	$ (25,116)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 609,291	$ 548,438
Cost of goods and services	439,119	398,517
Gross profit	170,172	149,921
Selling, general and administrative expenses	121,557	117,798
Income from operations	48,615	32,123
Other income (expense)
Interest expense	(15,690)	(16,211)
Interest income	45	261
Gain on sale of business	6,240	0
Other, net	(41)	778
Total other expense, net	(9,446)	(15,172)
Income before taxes	39,169	16,951
Provision for income taxes	9,669	6,339
Net income	$ 29,500	$ 10,612
Basic earnings per common share (in dollars per share)	$ 0.58	$ 0.26
Basic weighted-average shares outstanding (in shares)	50,596	41,173
Diluted earnings per common share (in dollars per share)	$ 0.55	$ 0.24
Diluted weighted-average shares outstanding (in shares)	53,192	43,895
Dividends paid per common share (in dollars per share)	$ 0.08	$ 0.075
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments	$ 12,123	$ 6,470
Pension and other post retirement plans	1,706	672
Change in cash flow hedges	(688)	(301)
Total other comprehensive income (loss), net of taxes	13,141	6,841
Comprehensive income, net	$ 42,641	$ 17,453

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 29,500	$ 10,612
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	15,266	15,825
Stock-based compensation	4,208	3,982
Asset impairment charges - restructuring	5,794	4,160
Provision for losses on accounts receivable	93	35
Amortization of debt discounts and issuance costs	680	1,273
Deferred income taxes	442	198
Gain (loss) on sale of assets and investments	174	(186)
Gain on sale of business	(6,240)	0
Change in assets and liabilities, net of assets and liabilities acquired:
Decrease in accounts receivable and contract assets, net	10,494	2,942
Increase in inventories	(31,924)	(19,480)
Increase in prepaid and other assets	(3,517)	(2,269)
Decrease in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities	(5,425)	(36,445)
Other changes, net	1,284	1,184
Net cash provided by (used in) operating activities	20,829	(18,169)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	(11,926)	(13,172)
Acquired businesses, net of cash acquired	(2,242)	(10,531)
Proceeds from sale of business, net	15,580	0
Proceeds from the sale of property, plant and equipment	53	184
Other, net	26	0
Net cash provided by (used in) investing activities	1,491	(23,519)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid	(4,422)	(3,392)
Purchase of shares for treasury	(2,909)	(1,758)
Proceeds from long-term debt	40,791	71,957
Payments of long-term debt	(42,120)	(32,045)
Financing costs	(569)	(21)
Other, net	(68)	(40)
Net cash provided by (used in) financing activities	(9,297)	34,701
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in operating activities	(752)	(606)
Net cash provided by investing activities	2,224	0
Net cash provided by (used in) discontinued operations	1,472	(606)
Effect of exchange rate changes on cash and equivalents	1,223	8
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	15,718	(7,585)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	218,089	72,377
CASH AND EQUIVALENTS AT END OF PERIOD	$ 233,807	$ 64,792

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION About Griffon Corporation Griffon Corporation (the “Company”, “Griffon”, "we" or "us") is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital. The Company was founded in 1959, is a Delaware corporation headquartered in New York, N.Y. and is listed on the New York Stock Exchange (NYSE:GFF). Griffon currently conducts its operations through three reportable segments: •Consumer and Professional Products ("CPP") conducts its operations through The AMES Companies, Inc. ("AMES"). Founded in 1774, AMES is the leading North American manufacturer and a global provider of branded consumer and professional tools and products for home storage and organization, landscaping, and enhancing outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including True Temper, AMES, and ClosetMaid. •Home and Building Products ("HBP") conducts its operations through Clopay Corporation ("Clopay"). Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the CornellCookson brand. •Defense Electronics ("DE") conducts its operations through Telephonics Corporation ("Telephonics"), founded in 1933, a globally recognized leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers. In March 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic, which continues to spread throughout the U.S. and the world. The impact from the rapidly changing U.S. and global market and economic conditions due to the COVID-19 outbreak is uncertain, with disruptions to the business of our customers and suppliers, which could impact our business and consolidated results of operations and financial condition in the future. While we have not incurred significant disruptions to our manufacturing or to our supply chain thus far from the COVID-19 outbreak, we are unable to accurately predict the impact COVID-19 will have due to numerous uncertainties, including the severity of the disease, the duration of the outbreak, actions that may be taken by governmental authorities, the impact to our customers’ and suppliers’ businesses and other factors identified in Part II, Item 1A “Risk Factors” in this Form 10-Q. We will continue to evaluate the nature and extent of the impact to our business, consolidated results of operations, and financial condition. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by US GAAP for complete financial statements. As such, they should be read together with Griffon’s Annual Report on Form 10-K for the year ended September 30, 2020, which provides a more complete explanation of Griffon’s accounting policies, financial position, operating results, business, properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results. Griffon’s CPP operations are seasonal; for this and other reasons, the financial results of the Company for any interim period are not necessarily indicative of the results for the full year. The condensed consolidated balance sheet information at September 30, 2020 was derived from the audited financial statements included in Griffon’s Annual Report on Form 10-K for the year ended September 30, 2020. The condensed consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates may be adjusted due to changes in economic, industry or customer financial conditions, as well as changes in technology or demand. Significant estimates include allowances for doubtful accounts receivable and returns, net realizable value of inventories, restructuring reserves, valuation of goodwill and intangible assets, sales, profits and loss recognition for performance obligations satisfied over time, assumptions associated with pension benefit obligations and income or expenses, useful lives associated with depreciation and amortization of intangible and fixed assets, warranty reserves, sales incentive accruals, assumption associated with stock based compensation valuation, income taxes and tax valuation reserves, environmental reserves, legal reserves, insurance reserves, the valuation of assets and liabilities of discontinued operations, assumptions associated with valuation of acquired assets and assumed liabilities of acquired companies and the accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions Griffon may undertake in the future. Actual results may ultimately differ from these estimates. Certain amounts in the prior year have been reclassified to conform to current year presentation.

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The carrying values of cash and equivalents, accounts receivable, accounts and notes payable, and revolving credit and variable interest rate debt approximate fair value due to either the short-term nature of such instruments or the fact that the interest rate of the revolving credit and variable rate debt is based upon current market rates. Applicable accounting guidance establishes a fair value hierarchy requiring the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. The accounting guidance establishes three levels of inputs that may be used to measure fair value, as follows: •Level 1 inputs are measured and recorded at fair value based upon quoted prices in active markets for identical assets. •Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. •Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair values of Griffon’s 2028 senior notes approximated $1,057,500 on December 31, 2020. Fair values were based upon quoted market prices (level 1 inputs). Insurance contracts with values of $3,558 at December 31, 2020 are measured and recorded at fair value based upon quoted prices in active markets for similar assets (level 2 inputs) and are included in Prepaid and other current assets on the Consolidated Balance Sheets. Items Measured at Fair Value on a Recurring Basis At December 31, 2020, trading securities, measured at fair value based on quoted prices in active markets for similar assets (level 2 inputs), with a fair value of $2,033 ($1,000 cost basis), were included in Prepaid and other current assets on the Consolidated Balance Sheets. Realized and unrealized gains and losses on trading securities are included in Other income in the Consolidated Statements of Operations and Comprehensive Income (Loss). In the normal course of business, Griffon’s operations are exposed to the effects of changes in foreign currency exchange rates. To manage these risks, Griffon may enter into various derivative contracts such as foreign currency exchange contracts, including forwards and options. As of December 31, 2020, Griffon entered into several such contracts in order to lock into a foreign currency rate for planned settlements of trade and inter-company liabilities payable in US dollars. At December 31, 2020, Griffon had $40,000 of Australian dollar contracts at a weighted average rate of $1.37 which qualified for hedge accounting (level 2 inputs). These hedges were all deemed effective as cash flow hedges with gains and losses related to changes in fair value deferred and recorded in Accumulated other comprehensive income (loss) ("AOCI") and Prepaid and other current assets, or Accrued liabilities, until settlement. Upon settlement, gains and losses are recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss) in Cost of goods and services ("COGS"). AOCI included deferred losses of $1,688 ($1,098, net of tax) at December 31, 2020 and losses of $658 were recorded in COGS during the three months ended December 31, 2020 for all settled contracts. All contracts expire in 29 to 180 days. At December 31, 2020, Griffon had $7,125 Canadian dollar contracts at a weighted average rate of $1.35. The contracts, which protect Canadian operations from currency fluctuations for US dollar based purchases, do not qualify for hedge accounting. For the three months ended December 31, 2020, fair value losses of $276 were recorded to Other assets and to Other income for the outstanding contracts, based on similar contract values (level 2 inputs). Realized losses of $59 were recorded in Other income during the three months ended December 31, 2020 for all settled contracts. All contracts expire in 29 to 390 days. At December 31, 2020, Griffon had $8,079 of British Pound dollar contracts at a weighted average rate of $0.77. The contracts, which protect United Kingdom operations from currency fluctuations for US dollar based purchases, do not qualify for hedge accounting. For the three months ended December 31, 2020, fair value losses of $245 were recorded to Other assets and to Other income for the outstanding contracts, based on similar contract values (level 2 inputs). Realized losses of $70 were recorded in Other income during the three months ended December 31, 2020. All contracts expire in 7 to 145 days.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

REVENUE	3 Months Ended
REVENUE	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUEThe Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service, or a bundle of goods or services, to the customer, and is the unit of accounting. A contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance and with respect to which payment terms are identified and collectability is probable. Once the Company has entered into a contract or purchase order, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized when control of the promised products is transferred to the customer, or services are satisfied under the contract or purchase order, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services (the transaction price). Approximately 86% of the Company’s performance obligations are recognized at a point in time related to the manufacture and sale of a broad range of products and components primarily within the CPP and HBP Segments, and revenue is recognized when title, and risk and rewards of ownership, have transferred to the customer, which is generally upon shipment. Approximately 14% of the Company’s performance obligations are recognized over time and relate to prime or subcontractors from contract awards with the U.S. Government, as well as foreign governments and other commercial customers within our DE Segment. Revenue recognized over time are generally accounted for using an input measure to determine progress completed at the end of the period. We believe that cumulative costs incurred to date as a percentage of estimated total contract costs at completion (cost-to-cost method) is an appropriate measure of progress towards satisfaction of performance obligations recognized over time, as it most accurately depicts the progress of our work and transfer of control to our customers. Accounting for the sales and profits on performance obligations for which progress is measured using the cost-to-cost method relies on the substantial use of estimates; these projections may be revised throughout the life of a contract. Adjustments to estimates for a contract's estimated costs at completion and estimated profit or loss are often required as experience is gained, more information is obtained (even though the scope of work required under the contract may or may not change) and contract modifications occur. The impact of such adjustments to estimates is made on a cumulative basis in the period when such information has become known. For the three months ended December 31, 2020 and 2019, income from operations included net unfavorable catch up adjustments approximating $1,500 and $3,000, respectively. Gross profit is impacted by a variety of factors, including the mix of products, systems and services, production efficiencies, price competition and general economic conditions. For contracts in which anticipated total costs exceed the total expected revenue, an estimated loss is recognized in the period when identifiable. A provision for the entire amount of the estimated loss is recorded on a cumulative basis, and is recorded as a reduction to gross margin on the Consolidated Statements of Operations and Comprehensive Income (Loss). These provisions had an immaterial impact on Griffon's Consolidated Financial Statements. The estimated remaining costs to complete loss contracts as of December 31, 2020 and September 30, 2020 were approximately $9,000 and $10,800, respectively. For a complete explanation of Griffon’s revenue accounting policies, this note should be read in conjunction with Griffon’s Annual Report on Form 10-K for the year ended September 30, 2020. See Note 13 - Business Segments for revenue from contracts with customers disaggregated by end markets, segments and geographic location. Transaction Price Allocated to the Remaining Performance Obligations On December 31, 2020, we had $388,700 of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 66% of our remaining performance obligations as revenue within one year, with the balance to be completed thereafter. Backlog represents the dollar value of funded orders for which work has not been performed. Backlog generally increases with bookings, and converts into revenue as we incur costs related to contractual commitments or the shipment of product. Given the nature of our business and a larger dependency on international customers, our bookings, and therefore our backlog, is impacted by the longer maturation cycles resulting in delays in the timing and amounts of such awards, which are subject to numerous factors, including fiscal constraints placed on customer budgets; political uncertainty; the timing of customer negotiations; and the timing of governmental approvals. Contract Balances Contract assets were $86,260 as of December 31, 2020 compared to $84,426 as of September 30, 2020. The $1,834 net increase in our contract assets balance was primarily due to the timing of billings and work performed on naval and cyber programs. Contract assets primarily relate to the Company's right to consideration for work completed but not billed at the reporting date and are recorded in Contract costs and recognized income not yet billed, net of progress payments in the Consolidated Balance Sheets. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract costs and recognized income not yet billed consists of amounts accounted for under the percentage of completion method of accounting, and represent recoverable costs and accrued profit that cannot yet be invoiced under the terms of certain long-term contracts. Amounts will be invoiced when applicable contract terms, such as the achievement of specified milestones or product delivery, are met. At December 31, 2020 and September 30, 2020, approximately $8,100 and $7,500, respectively, of contract costs and recognized income not yet billed were expected to be collected after one year. Contract liabilities were $25,237 as of December 31, 2020 compared to $24,386 as of September 30, 2020. The $851 increase in the contract liabilities balance was primarily due to billings in surveillance programs, partially offset by the recognition of revenue from naval and cyber programs. Contract liabilities relate to advance consideration received from customers for which revenue has not been recognized. The Company often receives cash payments from customers in advance of the Company’s performance resulting in contract liabilities. These contract liabilities are classified as current on the Consolidated Balance Sheets based on the timing of when the Company expects to recognize revenue. Current contract liabilities are recorded in Accounts payable on the Consolidated Balance Sheets. Contract liabilities are reduced when the associated revenue from the contract is recognized.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
ACQUISITIONS AND DISPOSITIONS	Dec. 31, 2020
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions Griffon accounts for acquisitions under the acquisition method, in which assets acquired and liabilities assumed are recorded at fair value as of the date of acquisition using a method substantially similar to the goodwill impairment test methodology (level 3 inputs). The operating results of the acquired companies are included in Griffon’s consolidated financial statements from the date of acquisition; in each instance, Griffon is in the process of finalizing the initial purchase price allocation unless otherwise noted. On December 22, 2020, AMES acquired Quatro Design Pty Ltd (“Quatro”), a leading Australian manufacturer and supplier of glass fiber reinforced concrete landscaping products for residential, commercial, and public sector projects for a purchase price of AUD $3,500 (approximately $2,700) in cash, subject to customary final working capital adjustments. The purchase price is subject to additional contingent consideration of approximately AUD $1,000 (approximately $760) based on Quatro exceeding certain EBITDA performance targets in the first year. The preliminary acquired intangibles and goodwill allocated to this acquisition was AUD $1,600 (approximately $1,479) and AUD $2,381 (approximately $1,799), respectively, which was assigned to the CPP segment, and is not deductible for income tax purposes. On November 29, 2019, AMES acquired 100% of the outstanding stock of Vatre Group Limited ("Apta"), a leading United Kingdom supplier of innovative garden pottery and associated products sold to leading UK and Ireland garden centers for approximately $10,500 (GBP 8,750), inclusive of a post-closing working capital adjustment, net of cash acquired. This acquisition broadens AMES' product offerings in the UK market and increases its in-country operational footprint. The excess of the purchase price over the fair value of the net tangible and intangible assets was recorded as goodwill and is deductible for tax purposes. The purchase price was primarily allocated to goodwill of GBP 3,449, acquired intangible assets of GBP 3,454, inventory of GBP 2,914, accounts receivable and other assets of GBP 2,492 and accounts payable and other accrued liabilities of GBP 3,765, which was assigned to the CPP segment. During the three months ended December 31, 2020 and 2019, acquisition costs were de minimis. Dispositions On December 18, 2020, Defense Electronics completed the sale of its Systems Engineering Group, Inc. (“SEG”) business for $15,000, subject to customary closing net working capital adjustments. SEG provides sophisticated, highly technical engineering and analytical support to the Missile Defense Agency and various U.S. military commands. SEG had sales of approximately $7,000 for the first fiscal quarter ended December 31, 2020 and $31,000 for the fiscal year ended September 30, 2020. We recorded a pre-tax gain of $6,240 ($6,017, net of tax, or $0.11 per share) during the first fiscal quarter ended December 31, 2020 related to the divestiture of SEG. The sale does not represent a strategic shift that will have a major effect on operations and financial results.

INVENTORIES

3 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out or average cost) or market.

The following table details the components of inventory:


	At December 31, 2020		At September 30, 2020
Raw materials and supplies	$	134,378	$	135,083
Work in process	79,209		81,624
Finished goods	231,435		197,118
Total	$	445,022	$	413,825

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

The following table details the components of property, plant and equipment, net:


	At December 31, 2020		At September 30, 2020
Land, building and building improvements	$	168,557	$	167,005
Machinery and equipment	603,270		595,126
Leasehold improvements	53,841		53,386
	825,668		815,517
Accumulated depreciation and amortization	(482,962)		(471,553)
Total	$	342,706	$	343,964

Depreciation and amortization expense for property, plant and equipment was $12,888 and $13,432 for the quarters ended December 31, 2020 and 2019, respectively. Depreciation included in SG&A expenses was $4,706 and $4,951 for the quarters ended December 31, 2020 and 2019, respectively. Remaining components of depreciation, attributable to manufacturing operations, are included in Cost of goods and services.

Except as described in Note 17, Restructuring Charges, no event or indicator of impairment occurred during the three months ended December 31, 2020 which would require additional impairment testing of property, plant and equipment.

CREDIT LOSSES

3 Months Ended

Dec. 31, 2020

Credit Loss [Abstract]

CREDIT LOSSES

Effective October 1, 2020, the Company adopted accounting guidance related to accounting for credit losses on financial instruments, including trade receivables (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments). The guidance requires companies to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance.

The Company is exposed to credit losses primarily through sales of products and services. Trade receivables are recorded at their stated amount, less allowances for discounts, doubtful accounts and returns. The Company’s expected loss allowance methodology for trade receivables is primarily based on the aging method of the accounts receivables balances and the financial condition of its customers. The allowances represent estimated uncollectible receivables associated with potential customer defaults on contractual obligations (usually due to customers’ potential insolvency), discounts related to early payment of accounts receivables by customers and estimates for returns. The allowance for doubtful accounts includes amounts for certain customers in which a risk of default has been specifically identified, as well as an amount for customer defaults, based on a formula, when it is determined the risk of some default is probable and estimable, but cannot yet be associated with specific customers. Allowance for discounts and returns are recorded as a reduction of revenue and the provision related to the allowance for doubtful accounts is recorded in SG&A expenses.

The Company also considers current and expected future economic and market conditions, such as the COVID-19 pandemic, when determining any estimate of credit losses. Generally, estimates used to determine the allowance are based on assessment of anticipated payment and all other historical, current and future information that is reasonably available. All accounts receivable amounts are expected to be collected in less than one year.

Based on a review of the Company's policies and procedures across all segments, including the aging of its trade receivables, recent write-off history and other factors related to future macroeconomic conditions, Griffon determined that its method to determine credit losses and the amount of its allowances for bad debts is in accordance with this guidance in all material respects.

The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected:


Beginning Balance, October 1, 2020	$	8,505
Provision for expected credit losses	496
Amounts written off charged against the allowance	(42)
Other, primarily foreign currency translation	63
Ending Balance, December 31, 2020	$	9,022

GOODWILL AND OTHER INTANGIBLES

3 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES

The following table provides changes in the carrying value of goodwill by segment during the three months ended December 31, 2020:


	At September 30, 2020		Business Acquisitions (a)		Business Divestitures (b)		Foreign currency translations adjustments		At December 31, 2020
Consumer and Professional Products	$	232,845	$	1,799	$	—	$	2,865	$	237,509
Home and Building Products	191,253		—		—		—		191,253
Defense Electronics	18,545		—		(851)		—		17,694

Total	$	442,643	$	1,799	$	(851)	$	2,865	$	446,456

(a) The increase in the CPP segment was due to the acquisition of Quatro.

(b) The decrease in the DE segment was due to the divestiture of SEG.

The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets:


	At December 31, 2020					At September 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Average Life (Years)	Gross Carrying Amount		Accumulated Amortization
Customer relationships & other	$	188,030	$	69,354	23	$	185,940	$	66,656
Technology and patents	19,654		8,007		13	19,464		8,360
Total amortizable intangible assets	207,684		77,361			205,404		75,016
Trademarks	227,509		—			224,640		—
Total intangible assets	$	435,193	$	77,361		$	430,044	$	75,016

The gross carrying amount of intangible assets was impacted by approximately $3,700 related to foreign currency translation.

Amortization expense for intangible assets was $2,378 and $2,393 for the quarters ended December 31, 2020 and 2019, respectively. Amortization expense for the remainder of 2021 and the next five fiscal years and thereafter, based on current intangible balances and classifications, is estimated as follows: 2021 - $7,007; 2022 - $9,376; 2023 - $9,224; 2024 - $9,198; 2025 - $9,198; 2026 - $9,198; thereafter $77,122.

Griffon performs its annual goodwill impairment testing in the fourth quarter of each year. The 2020 impairment testing resulted in all three reporting units having fair values substantially in excess of their carrying values. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. In connection with the sale of the SEG business, the Company assessed the remaining DE reporting unit for impairment. The assessment determined that the fair value of the DE reporting unit substantially exceeded its carrying value and no impairment existed. During the quarter ended December 31, 2020, the Company determined that there were no other triggering events and, as a result, there was no impairment to either its goodwill or indefinite-lived intangible assets at December 31, 2020.

INCOME TAXES	3 Months Ended
INCOME TAXES	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESDuring the quarter ended December 31, 2020, the Company recognized a tax provision of $9,669 on income before taxes from operations of $39,169, compared to a tax provision of $6,339 on income before taxes from operations of $16,951 in the comparable prior year quarter. The current year quarter results included restructuring charges of $10,800 ($8,300, net of tax), gain on sale of the SEG business of $6,240 ($6,017, net of tax) and discrete and certain other tax benefits, net, that affect comparability of $2,028. The prior year quarter results included restructuring charges of $6,434 ($4,148, net of tax) and discrete and certain other tax provisions, net, that affect comparability of $833. Excluding these items, the effective tax rates for the quarters ended December 31, 2020 and 2019 were 32.0% and 33.3%, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

LONG-TERM DEBT

3 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

LONG-TERM DEBT


		At December 31, 2020										At September 30, 2020
		Outstanding Balance		Original Issuer Premium		Capitalized Fees & Expenses		Balance Sheet		Coupon Interest Rate			Outstanding Balance		Original Issuer Premium		Capitalized Fees & Expenses		Balance Sheet		Coupon Interest Rate
Senior notes due 2028	(a)	$	1,000,000	$	351	(14,847)		$	985,504	5.75	%		$	1,000,000	$	363	$	(15,376)	$	984,987	5.75	%

Revolver due 2025	(b)	13,493		—		(2,086)		11,407		Variable			12,858		—		(2,209)		10,649		Variable



Finance lease - real estate	(d)	16,576		—		(23)		16,553		Variable			17,218		—		(30)		17,188		Variable
Non US lines of credit	(e)	664		—		(28)		636		Variable			—		—		(30)		(30)		Variable
Non US term loans	(e)	31,165		—		(150)		31,015		Variable			31,086		—		(160)		30,926		Variable
Other long term debt	(f)	3,472		—		(16)		3,456		Variable			3,260		—		(16)		3,244		Variable
Totals		1,065,370		351		(17,150)		1,048,571					1,064,422		363		(17,821)		1,046,964
less: Current portion		(11,158)		—		—		(11,158)					(9,922)		—		—		(9,922)
Long-term debt		$	1,054,212	$	351	$	(17,150)	$	1,037,413				$	1,054,500	$	363	$	(17,821)	$	1,037,042


		Three Months Ended December 31, 2020								Three Months Ended December 31, 2019
		Effective Interest Rate (1)		Cash Interest		Amort. Debt Discount		Amort. Debt Issuance Costs & Other Fees			Total Interest Expense		Effective Interest Rate (1)		Cash Interest		Amort. Debt Premium		Amort. Debt Issuance Costs & Other Fees		Total Interest Expense
Senior notes due 2028	(a)	5.4	%	$	14,375	$	—	$	530		$	14,905	n/a		$	—	$	—	$	—	$	—
Senior notes due 2022	(a)	n/a		—		—		—			—		5.7	%	13,125		67		951		14,143
Revolver due 2025	(b)	Variable		129		—		123			252		Variable		1,382		—		232		1,614



Finance lease - real estate	(d)	Variable		232		—		6			238		5.6	%	61		—		6		67
Non US lines of credit	(e)	Variable		3		—		4			7		Variable		4		—		4		8
Non US term loans	(e)	Variable		171		—		17			188		Variable		272		—		12		284
Other long term debt	(f)	Variable		107		—		—			107		Variable		160		—		—		160
Capitalized interest				(7)		—		—			(7)				(65)		—		—		(65)
Totals				$	15,010	$	—	$	680		$	15,690			$	14,939	$	67	$	1,205	$	16,211

(1) n/a = not applicable

(a) On June 22, 2020, in an unregistered offering through a private placement, Griffon completed the add-on offering of $150,000 principal amount of its 5.75% Senior Notes, at 100.25% of par, to Griffon's previously issued $850,000 principal amount of its 5.75% Senior Notes, at par, completed on February 19, 2020 (collectively, the “Senior Notes”). Proceeds from the Senior Notes were used to redeem the $1,000,000 of 5.25% 2022 senior notes. As of December 31, 2020, outstanding Senior Notes due totaled $1,000,000; interest is payable semi-annually on March 1 and September 1.

The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. On April 22, 2020 and August 3, 2020, Griffon exchanged substantially all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933, as amended (the "Securities Act"), via an exchange offer. The fair value of the Senior Notes approximated $1,057,500 on December 31, 2020 based upon quoted market prices (level 1 inputs).

In connection with these transactions, Griffon capitalized $16,448 of underwriting fees and other expenses incurred related to the issuance and exchange of the 2028 Senior Notes, which will amortize over the term of the 2028 Senior Notes. Furthermore, all of the obligations associated with the 2022 Senior Notes were discharged. Additionally, Griffon recognized a $7,925 loss on the early extinguishment of debt of the $1,000,000 principal amount of 2022 Senior Notes, comprised primarily of the write-off of $6,725 of remaining deferred financing fees, $607 of tender offer net premium expense and $593 of redemption interest expense.

(b) On January 30, 2020, Griffon amended its revolving credit facility (as amended, the "Credit Agreement") to increase the maximum borrowing availability from $350,000 to $400,000, and extend its maturity date from March 22, 2021 to March 22, 2025 and modify certain other provisions of the facility. The facility includes a letter of credit sub-facility with a limit of $100,000; a multi-currency sub-facility of $200,000; and contains a customary accordion feature that permits us to request, subject to each lender's consent, an increase in the maximum aggregate amount that can be borrowed by up to an additional $100,000.

Borrowings under the Credit Agreement may be repaid and re-borrowed at any time. Interest is payable on borrowings at either a LIBOR or base rate benchmark rate, plus an applicable margin, which adjusts based on financial performance. Current margins are 0.50% for base rate loans and 1.50% for LIBOR loans. The Credit Agreement has certain financial maintenance tests including a maximum total leverage ratio, a maximum senior secured leverage ratio and a minimum interest coverage ratio, as well as customary affirmative and negative covenants, and events of default. The negative covenants place limits on Griffon's ability to, among other things, incur indebtedness, incur liens, and make restricted payments and investments. Borrowings under the Credit Agreement are guaranteed by Griffon’s material domestic subsidiaries and are secured, on a first priority basis, by substantially all domestic assets of the Company and the guarantors, and a pledge of not greater than 65% of the equity interest in Griffon’s material, first-tier foreign subsidiaries. At December 31, 2020, there were $13,493 of outstanding borrowings under the Credit Agreement; outstanding standby letters of credit were $16,700; and $369,807 was available, subject to certain loan covenants, for borrowing at that date.

(c) On March 13, 2019, Griffon's Employee Stock Ownership Plan entered into an agreement that refinanced a term loan with a bank with an internal loan from Griffon. The internal loan interest rate is fixed at 2.91%, matures in June 2033 and requires quarterly payments of principal, currently $635, and interest. The internal loan is secured by shares purchased with the proceeds of the loan. The amount outstanding on the internal loan at December 31, 2020 was $29,243.

(d) Two Griffon subsidiaries have finance leases outstanding for real estate located in Troy, Ohio and Ocala, Florida. The leases mature in 2021 and 2025, respectively, and bear interest at fixed rates of approximately 5.0% and 5.6%, respectively. The Troy, Ohio lease is secured by a mortgage on the real estate and is guaranteed by Griffon. The Ocala, Florida lease contains two five-year renewal options. At December 31, 2020, $16,553 was outstanding, net of issuance costs. Refer to Note 21- Leases for further details.

(e) In November 2012, Garant G.P. (“Garant”), a Griffon wholly owned subsidiary, entered into a CAD 15,000 ($11,703 as of December 31, 2020) revolving credit facility. The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum (1.44% LIBOR USD and 1.52% Bankers Acceptance Rate CDN as of December 31, 2020). The revolving facility matures in October 2022. Garant is required to maintain a certain minimum equity. At December 31, 2020, there were no borrowings under the revolving credit facility with CAD 15,000 ($11,703 as of December 31, 2020) available for borrowing.

In July 2016, Griffon Australia Holdings Pty Ltd and its Australian subsidiaries (collectively, "Griffon Australia") entered into an AUD 29,625 term loan, AUD 20,000 revolver and AUD 10,000 receivable purchase facility agreement. The term loan requires quarterly principal payments of AUD 1,250 plus interest with a balloon payment of AUD 9,625 due upon maturity in March 2022, and accrues interest at Bank Bill Swap Bid Rate “BBSY” plus 1.95% per annum (2.01% at December 31, 2020). During the quarter ended December 31, 2020, the term loan balance was reduced by AUD 5,000, from AUD 23,375 to AUD 18,375 with proceeds from an AUD 5,000 increase in the commitment of the receivables purchase line from AUD 10,000 to AUD 15,000. As of December 31, 2020, the term loan had an outstanding balance of AUD 14,625 ($11,121 as of December 31, 2020). The revolving facility and receivable purchase facility mature in March 2022, but are renewable upon mutual agreement with the lender. The revolving facility and receivable purchase facility accrue interest at BBSY plus 1.9% and 1.35%, respectively, per annum (1.97% and 1.41%, respectively, at December 31, 2020). At December 31, 2020, there were no balances outstanding under the revolver and the receivable purchase facility. The revolver, receivable purchase facility and the term loan are all secured by substantially all of the assets of Griffon Australia and its subsidiaries. Griffon Australia is required to maintain a certain minimum equity level and is subject to a maximum leverage ratio and a minimum fixed charges cover ratio.

In July 2018, The AMES Companies UK Ltd and its subsidiaries (collectively, "AMES UK") entered into a GBP 14,000 term loan, GBP 4,000 mortgage loan and GBP 5,000 revolver. The term loan and mortgage loan require quarterly principal payments of GBP 438 and GBP 105 plus interest, respectively, and have balloon payments due upon maturity, July 2023, of GBP 7,088 and GBP 2,349, respectively. The Term Loan and Mortgage Loans accrue interest at the GBP LIBOR Rate plus 2.25% and 1.8%, respectively (2.27% and 1.82% at December 31, 2020, respectively). The revolving facility matures in May 2021, but is renewable upon mutual agreement with the lender, and accrues interest at the Bank of England Base Rate plus 1.5% (1.60% as of December 31, 2020). As of December 31, 2020, the revolver had an outstanding balance of GBP $492 ($664 as of December 31, 2020) while the term and mortgage loan balances amounted to GBP 14,855 ($20,044 as of December 31, 2020). The revolver and the term loan are both secured by substantially all of the assets of AMES UK and its subsidiaries. AMES UK is subject to a maximum leverage ratio and a minimum fixed charges cover ratio. An invoice discounting arrangement was canceled and replaced by the above loan facilities.

(f) Other long-term debt primarily consists of a loan with the Pennsylvania Industrial Development Authority, with the balance consisting of finance leases.

At December 31, 2020, Griffon and its subsidiaries were in compliance with the terms and covenants of all credit and loan agreements.

SHAREHOLDERS' EQUITY

3 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

During 2021, the Company paid a quarterly cash dividend of $0.08 per share. During 2020, the Company paid a quarterly cash dividend of $0.075 per share, totaling $0.30 per share for the year. A dividend payable was established for the holders of restricted shares; such dividends will be released upon vesting of the underlying restricted shares.

On January 27, 2021, the Board of Directors declared a quarterly cash dividend of $0.08 per share, payable on March 18, 2021 to shareholders of record as of the close of business on February 18, 2021.

Compensation expense for restricted stock and restricted stock units is recognized ratably over the required service period based on the fair value of the grant, calculated as the number of shares granted multiplied by the stock price on the date of grant and, for performance shares, the likelihood of achieving the performance criteria. Compensation expense for restricted stock granted to two senior executives is calculated as the maximum number of shares granted, upon achieving certain performance criteria,

multiplied by the stock price as valued by a Monte Carlo Simulation Model. Compensation cost related to stock-based awards with graded vesting, generally over a period of three to four years, is recognized using the straight-line attribution method and recorded within SG&A expenses.

On January 29, 2016, shareholders approved the Griffon Corporation 2016 Equity Incentive Plan ("Incentive Plan") under which awards of performance shares, performance units, stock options, stock appreciation rights, restricted shares, restricted stock units, deferred shares and other stock-based awards may be granted. On January 31, 2018, shareholders approved Amendment No. 1 to the Incentive Plan pursuant to which, among other things, 1,000,000 shares were added to the Incentive Plan; and on January 30, 2020, shareholders approved Amendment No. 2 to the Incentive Plan, pursuant to which 1,700,000 shares were added to the Incentive Plan. Options granted under the Incentive Plan may be either “incentive stock options” or nonqualified stock options, generally expire ten years after the date of grant and are granted at an exercise price of not less than 100% of the fair market value at the date of grant. The maximum number of shares of common stock available for award under the Incentive Plan is 5,050,000 (0 of which may be issued as incentive stock options), plus (i) any shares reserved for issuance under the 2011 Equity Incentive Plan as of the effective date of the Incentive Plan, and (ii) any shares underlying awards outstanding on such effective date under the 2011 Incentive Plan that are canceled or forfeited. As of December 31, 2020, there were 684,982 shares available for grant.

During the first quarter of 2021, Griffon granted 511,624 shares of restricted stock and restricted stock units. This included 226,811 restricted stock and restricted stock units, subject to certain performance conditions, with vesting periods of three years, with a total fair value of $5,500, or a weighted average fair value of $24.25 per share. Furthermore, this included 284,813 restricted stock awards granted to five executives, with vesting periods of three years and a total fair value of $5,913 or a weighted average fair value of $20.76 per share.

On January 27, 2021, Griffon granted 580,704 shares of restricted stock. This included 52,704 shares of restricted stock to two executives, subject to certain performance conditions, with a vesting period of 34 months, with a total fair value of $1,150, or a weighted average fair value of $21.82 per share. This also included 528,000 shares of restricted stock granted to two senior executives with a vesting period of four years and a two-year post-vesting holding period, subject to the achievement of certain absolute and relative performance conditions relating to the price of Griffon's common stock. So long as the minimum performance condition is attained, the amount of shares that can vest will range from 384,000 to 528,000. The total fair value of these restricted shares using the Monte Carlo Simulation model is approximately $7,875, or a weighted average fair value of $14.91 per share. On January 28, 2021, Griffon granted 44,424 restricted shares to the non-employee directors of Griffon with a vesting period of three years and a fair value of $1,080, or a weighted average fair value of $24.31 per share.

The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:


	For the Three Months Ended December 31,
	2020		2019
Restricted stock	$	3,428	$	3,150
ESOP	780		832
Total stock based compensation	$	4,208	$	3,982

On each of August 3, 2016 and August 1, 2018, Griffon’s Board of Directors authorized the repurchase of up to $50,000 of Griffon’s outstanding common stock. Under this share repurchase program, the Company may purchase shares in the open market, including pursuant to a 10b5-1 plan, or in privately negotiated transactions. During the quarter ended December 31, 2020, Griffon did not purchase any shares of common stock under these repurchase programs. As of December 31, 2020, an aggregate of $57,955 remains under Griffon's Board authorized repurchase programs.

During the quarter ended December 31, 2020, 133,027 shares, with a market value of $2,774, or $20.85 per share, respectively, were withheld to settle employee taxes due upon the vesting of restricted stock, and were added to treasury stock. Furthermore, during the three months ended December 31, 2020, an additional 6,507 shares, with a market value of $135, or $20.75 per share, were withheld from common stock issued upon the vesting of restricted stock units to settle employee taxes due upon vesting.

EARNINGS PER SHARE (EPS)

3 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE (EPS)

Basic EPS was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding plus additional common shares that could be issued in connection with stock based compensation.

The following table is a reconciliation of the share amounts (in thousands) used in computing earnings per share:


	Three Months Ended December 31,
		2020	2019
Common shares outstanding		56,490	46,909
Unallocated ESOP shares		(2,010)	(2,209)
Non-vested restricted stock		(3,687)	(3,398)
Impact of weighted average shares		(197)	(129)
Weighted average shares outstanding - basic		50,596	41,173
Incremental shares from stock based compensation		2,596	2,722
Weighted average shares outstanding - diluted		53,192	43,895

BUSINESS SEGMENTS

3 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

BUSINESS SEGMENTS

Griffon reports its operations through three reportable segments, as follows:

•CPP conducts its operations through AMES. Founded in 1774, AMES is the leading North American manufacturer and a global provider of branded consumer and professional tools and products for home storage and organization, landscaping, and enhancing outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including True Temper, AMES, and ClosetMaid.

•HBP conducts its operations through Clopay. Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the CornellCookson brand.

•DE conducts its operations through Telephonics, founded in 1933, a globally recognized leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.

Information on Griffon’s reportable segments is as follows:


	For the Three Months Ended December 31,
REVENUE		2020		2019
Consumer and Professional Products		$	291,042	$	241,076
Home and Building Products		250,481		241,381
Defense Electronics		67,768		65,981
Total consolidated net sales		$	609,291	$	548,438

Disaggregation of Revenue

Revenue from contracts with customers is disaggregated by end markets, segments and geographic location, as it more accurately depicts the nature and amount of the Company’s revenue. The following table presents revenue disaggregated by end market and segment:


	For the Three Months Ended December 31,
		2020		2019
Residential repair and remodel		$	45,600	$	35,090
Retail		139,248		119,620
Residential new construction		13,515		14,973
Industrial		9,531		10,623
International excluding North America		83,148		60,770
Total Consumer and Professional Products		291,042		241,076
Residential repair and remodel		126,115		121,997
Commercial construction		95,939		91,887
Residential new construction		28,427		27,497
Total Home and Building Products		250,481		241,381
U.S. Government		47,324		42,701
International		16,895		18,533
Commercial		3,549		4,747
Total Defense Electronics		67,768		65,981
Total Consolidated Revenue		$	609,291	$	548,438

The following table presents revenue disaggregated by geography based on the location of the Company's customer:



	For the Three Months Ended December 31,
	2020								2019
	CPP		HBP		DE		Total		CPP		HBP		DE		Total
United States	$	183,442	$	236,531	$	47,378	$	467,351	$	160,158	$	226,950	$	46,143	$	433,251
Europe	13,156		—		6,905		20,061		6,605		23		5,985		12,613
Canada	22,115		11,488		1,829		35,432		17,781		11,253		2,574		31,608
Australia	69,540		—		319		69,859		54,228		—		606		54,834
All other countries	2,789		2,462		11,337		16,588		2,304		3,155		10,673		16,132
Consolidated revenue	$	291,042	$	250,481	$	67,768	$	609,291	$	241,076	$	241,381	$	65,981	$	548,438

Griffon evaluates performance and allocates resources based on each segment's operating results before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead), restructuring charges, loss from debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable (“Segment adjusted EBITDA”). Griffon believes this information is useful to investors for the same reason. The following table provides a reconciliation of Segment adjusted EBITDA to Income before taxes:


	For the Three Months Ended December 31,
		2020		2019
Segment adjusted EBITDA:
Consumer and Professional Products		$	32,713	$	21,926
Home and Building Products		48,369		40,701
Defense Electronics		5,585		4,475
Segment adjusted EBITDA		86,667		67,102
Unallocated amounts, excluding depreciation *		(12,027)		(11,942)
Adjusted EBITDA		74,640		55,160
Net interest expense		(15,645)		(15,950)
Depreciation and amortization		(15,266)		(15,825)


Restructuring charges		(10,800)		(6,434)

Gain on sale of SEG business		6,240		—


Income before taxes		$	39,169	$	16,951

* Unallocated amounts typically include general corporate expenses not attributable to a reportable segment.


	For the Three Months Ended December 31,
DEPRECIATION and AMORTIZATION		2020		2019
Segment:
Consumer and Professional Products		$	8,199	$	8,231
Home and Building Products		4,341		4,800
Defense Electronics		2,676		2,644
Total segment depreciation and amortization		15,216		15,675
Corporate		50		150
Total consolidated depreciation and amortization		$	15,266	$	15,825

CAPITAL EXPENDITURES
Segment:
Consumer and Professional Products		$	6,907	$	3,732
Home and Building Products		2,115		7,939
Defense Electronics		2,904		1,289
Total segment		11,926		12,960
Corporate		—		212
Total consolidated capital expenditures		$	11,926	$	13,172


ASSETS	At December 31, 2020		At September 30, 2020
Segment assets:
Consumer and Professional Products	$	1,309,603	$	1,255,127
Home and Building Products	600,323		606,785
Defense Electronics	294,576		329,128
Total segment assets	2,204,502		2,191,040
Corporate	272,953		248,902
Total continuing assets	2,477,455		2,439,942
Assets of discontinued operations	6,988		8,497
Consolidated total	$	2,484,443	$	2,448,439

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

EMPLOYEE BENEFIT PLANS

3 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

Defined benefit pension expense (income) included in Other Income (Expense), net was as follows:


	Three Months Ended December 31,
		2020		2019

Interest cost		$	744	$	1,151
Expected return on plan assets		(2,544)		(2,586)
Amortization:
Prior service cost		—		4
Recognized actuarial loss		1,573		1,042

Net periodic expense (income)		$	(227)	$	(389)

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Issued but not yet effective accounting pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued guidance to clarify disclosure requirements related to defined benefit pension and other post-retirement plans. The guidance is effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is effective for the Company in our fiscal year beginning in October 1, 2021. We are currently evaluating the effects that the adoption of this guidance will have on our the related pension disclosures. In December 2019, the FASB issued guidance on simplifying the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. Our effective date for adoption of this Accounting Standards Update ("ASU") is our fiscal year beginning October 1, 2021 with early adoption permitted. We are currently evaluating the effects that the adoption of this guidance will have on our consolidated financial statements and the related disclosures. New Accounting Standards Implemented In April 2019, the FASB issued guidance relating to accounting for credit losses on financial instruments, including trade receivables, and derivatives and hedging. This guidance is effective for the Company beginning in fiscal 2021. Adoption of this standard did not have a material impact on our consolidated financial statements and the related disclosures. In August 2018, the FASB issued guidance which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. This guidance expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income (loss). This guidance is effective for the Company beginning in fiscal 2021. Adoption of this standard did not have a material impact on our consolidated financial statements and the related disclosures. In March 2020, the SEC adopted amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered in Rule 3-10 of Regulation S-X, and affiliates whose securities collateralize securities registered or being registered in Rule 3-16 of Regulation S-X (SEC Release No. 33-10762). The amendment replaces the requirement to present condensed consolidating financial statements, comprised of balance sheets and statements of operations, comprehensive income and cash flows for all periods presented, with summarized financial information of the guarantor only for the most recently completed fiscal year and any subsequent interim period. We adopted the amendments to the disclosure requirements during the quarter ended December 31, 2020. This amendment did not have an impact on our consolidated financial statements as this amendment simplifies the financial disclosures required in our guarantor and non-guarantor financial information. See Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Supplemental Guarantor Financial Information. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements, and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

DISCONTINUED OPERATIONS

3 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

The following amounts summarize the total assets and liabilities related to the Installation Services and other discontinued activities which have been segregated from Griffon’s continuing operations, and are reported as assets and liabilities of discontinued operations in the Condensed Consolidated Balance Sheets:


	At December 31, 2020		At September 30, 2020
Assets of discontinued operations:
Prepaid and other current assets	$	1,591	$	2,091
Other long-term assets	5,397		6,406
Total assets of discontinued operations	$	6,988	$	8,497

Liabilities of discontinued operations:
Accrued liabilities, current	$	4,842	$	3,797
Other long-term liabilities	5,504		7,014
Total liabilities of discontinued operations	$	10,346	$	10,811

At December 31, 2020, Griffon's assets and liabilities consist primarily of insurance claims, income tax, product liability, and warranty and environmental reserves.

RESTRUCTURING CHARGES

3 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

In November 2019, Griffon announced the development of a next-generation business platform for CPP to enhance the growth, efficiency, and competitiveness of its U.S. operations, and on November 12, 2020, Griffon announced that CPP is broadening this strategic initiative to include additional North American facilities, the AMES UK and Australia businesses, and a manufacturing facility in China.

The expanded focus of this initiative leverages the same three key development areas being executed within our U.S. operations. First, certain AMES global operations will be consolidated to optimize facilities footprint and talent. Second, strategic investments in automation and facilities expansion will be made to increase the efficiency of our manufacturing and fulfillment operations, and support e-commerce growth. Third, multiple independent information systems will be unified into a single data and analytics platform, which will serve the whole AMES global enterprise.

Expanding the roll-out of the new business platform from our AMES U.S. operations to include AMES’ global operations will extend the duration of the project by one year, with completion now expected by the end of calendar year 2023. When fully implemented, these actions will result in annual cash savings of $30,000 to $35,000 and a reduction in inventory of $30,000 to $35,000, both based on fiscal 2020 operating levels.

The cost to implement this new business platform, over the duration of the project, will include one-time charges of approximately $65,000 and capital investments of approximately $65,000. The one-time charges are comprised of $46,000 of cash charges, which includes $26,000 of personnel-related costs such as training, severance, and duplicate personnel costs as well as $20,000 of facility and lease exit costs. The remaining $19,000 of charges are non-cash and are primarily related to asset write-downs.

During the quarters ended December 31, 2020 and 2019, CPP incurred pre-tax restructuring and related exit costs approximating $3,079 and $6,434, respectively. During the quarter ended December 31, 2020, cash charges totaled $2,886 non-cash and asset-related charges totaled $193; the cash charges included $362 for one-time termination benefits and other personnel-related costs and $2,524 for facility exit costs. During the quarter ended December 31, 2019, cash charges totaled $2,274 and non-cash, asset-related charges totaled $4,160; the cash charges included $2,134 for one-time termination benefits and other personnel-related costs and $140 for facility exit costs. Non-cash charges included a $1,740 impairment charge related to a facility's operating lease as well as $671 of leasehold improvements made to the leased facility that have no

recoverable value, and a $1,749 impairment charge related to machinery and equipment that have no recoverable value at one of the Company's owned manufacturing locations. During the quarter ended December 31, 2020, headcount was reduced by 61.

In September 2020, the DE Voluntary Employee Retirement Plan was initiated, which was subsequently followed by a reduction in force in November 2020, to improve efficiencies by combining functions and responsibilities. The combined actions resulted in severance charges of approximately $4,240, with $2,120 recognized in the fourth quarter of fiscal 2020, and the remaining $2,120 was recognized during the quarter ended December 31, 2020. These actions reduced headcount by approximately 90 people.

In addition, charges of $5,601 were recorded during the quarter ended December 31, 2020, primarily related to exiting our older weather radar product lines.

A summary of the restructuring and other related charges included in Cost of goods and services and Selling, general and administrative expenses in the Company's Condensed Consolidated Statements of Operations were as follows:


	For the Three Months Ended December 31,
	2020		2019
Cost of goods and services	$	6,425	$	2,723
Selling, general and administrative expenses	4,375		3,711
Total restructuring charges	$	10,800	$	6,434


	For the Three Months Ended December 31,
	2020		2019
Personnel related costs	$	2,482	$	2,134
Facilities, exit costs and other	2,524		140

Non-cash facility and other	5,794		4,160
Total	$	10,800	$	6,434

The following table summarizes the accrued liabilities of the Company's restructuring actions:


	Cash Charges				Non-Cash
	Personnel related costs		Facilities & Exit Costs		Facility and Other Costs		Total
Accrued liability at September 30, 2020	$	2,701	$	264	$	—	$	2,965
Q1 restructuring charges	2,482		2,524		5,794		10,800
Cash payments	(1,598)		(2,534)		—		(4,132)
Non-cash charges	—		—		(5,794)		(5,794)
Accrued liability at December 31, 2020	$	3,585	$	254	$	—	$	3,839

OTHER INCOME (EXPENSE)	3 Months Ended
OTHER INCOME (EXPENSE)	Dec. 31, 2020
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE)	OTHER INCOME (EXPENSE) For the quarters ended December 31, 2020 and 2019, Other income (expense) of $(41) and $778, respectively, includes $(699) and ($376), respectively, of net currency exchange losses in connection with the translation of receivables and payables denominated in currencies other than the functional currencies of Griffon and its subsidiaries, net periodic benefit plan income of $227 and $389, respectively, as well as $330 and $81, respectively, of net investment income. Additionally, Other income (expense) also includes a one-time technology recognition award for $700 in the quarter ended December 31, 2019.

WARRANTY LIABILITY

3 Months Ended

Dec. 31, 2020

Product Warranties Disclosures [Abstract]

WARRANTY LIABILITY

DE 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. CPP and HBP also offer warranties against product defects for periods generally ranging from one to ten years, with limited lifetime warranties on certain door models. Typical warranties require CPP, HBP and DE 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. CPP 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 from the date of original purchase.

Changes in Griffon’s warranty liability, included in Accrued liabilities, were as follows:


	Three Months Ended December 31,
		2020		2019
Balance, beginning of period		$	10,843	$	7,894
Warranties issued and changes in estimated pre-existing warranties		4,739		3,365
Actual warranty costs incurred		(4,748)		(3,915)

Balance, end of period		$	10,834	$	7,344

OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Dec. 31, 2020

OCI, Net of Tax [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

The amounts recognized in other comprehensive income (loss) were as follows:


	For the Three Months Ended December 31,
	2020						2019

	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Foreign currency translation adjustments	$	12,123	$	—	$	12,123	$	6,470	$	—	$	6,470
Pension and other defined benefit plans	2,150		(444)		1,706		847		(175)		672
Cash flow hedges	(983)		295		(688)		(430)		129		(301)

Total other comprehensive income (loss)	$	13,290	$	(149)	$	13,141	$	6,887	$	(46)	$	6,841

The components of Accumulated other comprehensive income (loss) are as follows:


	At December 31, 2020		At September 30, 2020
Foreign currency translation adjustments	$	(13,560)	$	(25,683)
Pension and other defined benefit plans	(44,892)		(46,598)
Change in Cash flow hedges	(499)		189

	$	(58,951)	$	(72,092)

Amounts reclassified from accumulated other comprehensive income (loss) to income were as follows:


	For the Three Months Ended December 31,
Gain (Loss)		2020		2019


Pension amortization		$	(1,573)	$	(1,046)
Cash flow hedges		(658)		(56)

Total gain (loss)		(2,231)		(1,102)
Tax benefit (expense)		469		231
Total		$	(1,762)	$	(871)

LEASES

3 Months Ended

Dec. 31, 2020

Leases [Abstract]

LEASES

The Company recognizes right-of-use ("ROU") assets and lease liabilities on the balance sheet, with the exception of leases with a term of twelve months or less. The Company determines if an arrangement is a lease at inception. The ROU assets and short and long-term liabilities associated with our Operating leases are shown as separate line items on our Condensed Consolidated Balance Sheets. Finance leases are included in property, plant, and equipment, net, other accrued liabilities, and other non-current liabilities. The Company's finance leases are immaterial. ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Our determination of the lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases and impaired operating leases, the ROU asset is depreciated on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liability. For leases with a lease term of 12 months or less (a "Short-term" lease), any fixed lease payments are recognized on a straight-line basis over such term, and are not recognized on the Condensed Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred. The Company has lease agreements that contain both lease and non-lease components. For real estate leases, we account for lease components together with non-lease components (e.g., common-area maintenance). Components of operating lease costs are as follows:


	For the Three Months Ended December 31,
	2020		2019
Fixed	$	10,040	$	9,552
Variable (a), (b)	2,047		1,753
Short-term (b)	1,114		1,430
Total	$	13,201	$	12,735

(a) Primarily relates to common-area maintenance and property taxes.

(b) Not recorded on the balance sheet.

Supplemental cash flow information were as follows:


	For the Three Months Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	11,205	$	12,277
Financing cash flows from finance leases	803		962
Total	$	12,008	$	13,239

Supplemental Condensed Consolidated Balance Sheet information related to leases were as follows:


	At December 31, 2020		September 30, 2020
Operating Leases:
Right of use assets:
Operating right-of-use assets	$	157,860	$	161,627

Lease Liabilities:
Current portion of operating lease liabilities	$	31,304	$	31,848
Long-term operating lease liabilities	132,634		136,054
Total operating lease liabilities	$	163,938	$	167,902

Finance Leases:
Property, plant and equipment, net(1)	$	17,975	$	18,774

Lease Liabilities:
Notes payable and current portion of long-term debt	$	3,146	$	3,352
Long-term debt, net	14,885		15,339
Total financing lease liabilities	$	18,031	$	18,691

(1) Finance lease assets are recorded net of accumulated depreciation of $3,319.

Two Griffon subsidiaries have finance leases outstanding for real estate located in Troy, Ohio and Ocala, Florida. The leases mature in 2021 and 2025, respectively, and bear interest at fixed rates of approximately 5.0% and 5.6%, respectively. The Troy, Ohio lease is secured by a mortgage on the real estate and is guaranteed by Griffon. The Ocala, Florida lease contains two five-year renewal options. As of December 31, 2020 and September 30, 2020, $16,553 and $17,188, respectively, was outstanding, net of issuance costs. The remaining lease liability balance relates to finance equipment leases.

The aggregate future maturities of lease payments for operating leases and finance leases as of December 31, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases
2020(a)	$	28,990	$	3,317
2021	34,154		2,732
2022	25,804		2,395
2023	18,956		2,122
2024	17,138		2,074
2025	11,739		2,074
Thereafter	63,844		7,777
Total lease payments	200,625		22,491
Less: Imputed Interest	(36,687)		(4,460)
Present value of lease liabilities	$	163,938	$	18,031

(a) Excluding the three months ended December 31, 2020

Average lease terms and discount rates at December 31, 2020 were as follows:


Weighted-average remaining lease term (years)
Operating leases	8.2
Finance Leases	8.4

Weighted-average discount rate
Operating Leases	4.46	%
Finance Leases	5.52	%

LEASES


	For the Three Months Ended December 31,
	2020		2019
Fixed	$	10,040	$	9,552
Variable (a), (b)	2,047		1,753
Short-term (b)	1,114		1,430
Total	$	13,201	$	12,735

(a) Primarily relates to common-area maintenance and property taxes.

(b) Not recorded on the balance sheet.

Supplemental cash flow information were as follows:


	For the Three Months Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	11,205	$	12,277
Financing cash flows from finance leases	803		962
Total	$	12,008	$	13,239

Supplemental Condensed Consolidated Balance Sheet information related to leases were as follows:


	At December 31, 2020		September 30, 2020
Operating Leases:
Right of use assets:
Operating right-of-use assets	$	157,860	$	161,627

Lease Liabilities:
Current portion of operating lease liabilities	$	31,304	$	31,848
Long-term operating lease liabilities	132,634		136,054
Total operating lease liabilities	$	163,938	$	167,902

Finance Leases:
Property, plant and equipment, net(1)	$	17,975	$	18,774

Lease Liabilities:
Notes payable and current portion of long-term debt	$	3,146	$	3,352
Long-term debt, net	14,885		15,339
Total financing lease liabilities	$	18,031	$	18,691

(1) Finance lease assets are recorded net of accumulated depreciation of $3,319.

The aggregate future maturities of lease payments for operating leases and finance leases as of December 31, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases
2020(a)	$	28,990	$	3,317
2021	34,154		2,732
2022	25,804		2,395
2023	18,956		2,122
2024	17,138		2,074
2025	11,739		2,074
Thereafter	63,844		7,777
Total lease payments	200,625		22,491
Less: Imputed Interest	(36,687)		(4,460)
Present value of lease liabilities	$	163,938	$	18,031

(a) Excluding the three months ended December 31, 2020

Average lease terms and discount rates at December 31, 2020 were as follows:


Weighted-average remaining lease term (years)
Operating leases	8.2
Finance Leases	8.4

Weighted-average discount rate
Operating Leases	4.46	%
Finance Leases	5.52	%

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal and environmental Peekskill Site. Lightron Corporation (“Lightron”), a wholly-owned subsidiary of Griffon, once conducted operations at a location in the Town of Cortlandt, New York, just outside the city of Peekskill, New York (the “Peekskill Site”) owned by ISC Properties, Inc. (“ISCP”), a wholly-owned subsidiary of Griffon. ISCP sold the Peekskill Site in November 1982. Subsequently, ISCP was advised by the Department of Environmental Conservation of New York State (the "DEC") that sampling at the Peekskill Site and in a creek near the Peekskill Site indicated concentrations of solvents and other chemicals common to prior plating operations by a Lightron subsidiary. In 1996, ISCP entered into a consent order with the DEC (the “Consent Order”), pursuant to which ISCP was required to perform a remedial investigation and prepare a feasibility study (the “Feasibility Study”). After completing the initial remedial investigation, ISCP conducted supplemental remedial investigations over the next several years, including soil vapor investigations, as required by the Consent Order. In April 2009, the DEC advised ISCP that both the DEC and the New York State Department of Health had reviewed and accepted an August 2007 Remedial Investigation Report and an Additional Data Collection Summary Report dated January 30, 2009. ISCP submitted to the DEC a draft Feasibility Study which was accepted and approved by the DEC in February 2011. ISCP satisfied its obligations under the Consent Order when DEC approved the Remedial Investigation and Feasibility Study for the Peekskill Site. In June 2011 the DEC issued a Record of Decision that set forth a Remedial Action Plan for the Peekskill Site that identified the specific remedies selected and responded to public comments. The cost of the remedy proposed by DEC in its Remedial Action Plan was approximately $10,000. Following issuance of the Remedial Action Plan, the DEC implemented a portion of its plan, and also performed additional investigation for the presence of metals in soils and sediments downstream from the Peekskill Site. During this investigation metals were found to be present in sediments further downstream from the Peekskill site than previously detected. In August 2018, the DEC sent a letter to the United States Environmental Protection Agency (the “EPA”), in which the DEC requested that the Peekskill Site be nominated by the EPA for inclusion on the National Priorities List under CERCLA (the “NPL”). Based on the DEC’s request and an analysis by a consultant retained by the EPA, on May 15, 2019 the EPA added the Peekskill Site to the NPL and has since announced that it is performing a Remedial Investigation/Feasibility Study. On August 25, 2020, the EPA sent a letter to several parties, including Lightron and ISCP, requesting that each such party inform the EPA as to whether it would be willing to enter into discussions regarding implementation of a Remedial Investigation/Feasibility Study (“RI/FS”). The EPA also sent a request for information to each party under Section 104(e) of CERCLA. Lightron and ISCP have informed the EPA that they are willing to participate in discussions regarding implementation of the RI/FS. Lightron and ISCP have also submitted responses to certain items contained in the Section 104(e) information request, with additional responses to follow. The current owner of the property, which acquired the Peekskill Site from ISCP in 1982 and has no relationship with Lightron or ISCP, has also informed the EPA that it is willing to discuss implementation of the RI/FS, and has also received, and submitted certain information in response to, a Section 104(e) information request. The EPA may decide to implement the RI/FS, on its own or through the use of consultants, may reach agreement with one or more parties to perform the RI/FS, or may offer to negotiate with one or more parties to accept a settlement addressing the potential liability of such parties for investigation and/or remediation at the Peekskill Site. Should the EPA implement the RI/FS, or perform further studies and/or subsequently remediate the site, without first reaching agreement with one or more relevant parties, the EPA would likely seek reimbursement for the costs incurred from such parties. Lightron has not engaged in any operations in over three decades. ISCP functioned solely as a real estate holding company, and has not held any real property in over three decades. Griffon does not acknowledge any responsibility to perform any investigation or remediation at the Peekskill Site. Union Fork and Hoe, Frankfort, NY site. The former Union Fork and Hoe property in Frankfort, New York was acquired by AMES in 2006 as part of a larger acquisition, and has historic site contamination involving chlorinated solvents, petroleum hydrocarbons and metals. AMES entered into an Order on Consent with the New York State Department of Environmental Conservation (“DEC”). While the Order is without admission or finding of liability or acknowledgment that there has been a release of hazardous substances at the site, the Order required Ames to perform a remedial investigation of certain portions of the property and to recommend a remediation option. In 2018, Ames submitted a Feasibility Study recommending excavation of shallow soils for lead, arsenic and hydrocarbons in addition to deeper excavation for lead. DEC approved the selection of this remedy in 2019 by issuing a Record of Decision (“ROD”). Beginning in late 2019 and through June 2020, Ames completed the remediation required by the ROD and filed a Construction Completion Report, a Site Management Plan and an environmental easement with DEC. While Ames was implementing the remediation required by the ROD, DEC requested additional investigation of a small area on the site and of an area adjacent to the site perimeter. Ames investigated the on-site area and has initiated limited remediation under a workplan approved by DEC. AMES expects to complete this limited remediation by February 2021. Ames has also submitted a workplan to investigate the areas adjacent to the site perimeter. AMES has a number of defenses to liability in this matter, including its rights under a previous Consent Judgment entered into between DEC and a predecessor of AMES relating to the site. Ames’ insurer has accepted Ames’ claim for a substantial portion of the costs incurred and to be incurred for both the on-site and off-site activities. U.S. Government investigations and claims Defense contracts and subcontracts, including Griffon’s contracts and subcontracts, are subject to audit and review by various agencies and instrumentalities of the United States government, including among others, the Defense Contract Audit Agency, the Defense Criminal Investigative Service, and the Department of Justice which has responsibility for asserting claims on behalf of the U.S. Government. In general, departments and agencies of the U.S. Government have the authority to investigate various transactions and operations of Griffon, and the results of such investigations may lead to administrative, civil or criminal proceedings, the ultimate outcome of which could be fines, penalties, repayments or compensatory or treble damages. U.S. Government regulations provide that certain findings against a contractor may lead to suspension or debarment from future U.S. Government contracts or the loss of export privileges for a company or an operating division or subdivision. Suspension or debarment could have a material adverse effect on Telephonics because of its reliance on government contracts. General legal Griffon is subject to various laws and regulations relating to the protection of the environment and is a party to legal proceedings arising in the ordinary course of business. Management believes, based on facts presently known to it, that the resolution of the matters above and such other matters will not have a material adverse effect on Griffon’s consolidated financial position, results of operations or cash flows.

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by US GAAP for complete financial statements. As such, they should be read together with Griffon’s Annual Report on Form 10-K for the year ended September 30, 2020, which provides a more complete explanation of Griffon’s accounting policies, financial position, operating results, business, properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results. Griffon’s CPP operations are seasonal; for this and other reasons, the financial results of the Company for any interim period are not necessarily indicative of the results for the full year. The condensed consolidated balance sheet information at September 30, 2020 was derived from the audited financial statements included in Griffon’s Annual Report on Form 10-K for the year ended September 30, 2020. The condensed consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates may be adjusted due to changes in economic, industry or customer financial conditions, as well as changes in technology or demand. Significant estimates include allowances for doubtful accounts receivable and returns, net realizable value of inventories, restructuring reserves, valuation of goodwill and intangible assets, sales, profits and loss recognition for performance obligations satisfied over time, assumptions associated with pension benefit obligations and income or expenses, useful lives associated with depreciation and amortization of intangible and fixed assets, warranty reserves, sales incentive accruals, assumption associated with stock based compensation valuation, income taxes and tax valuation reserves, environmental reserves, legal reserves, insurance reserves, the valuation of assets and liabilities of discontinued operations, assumptions associated with valuation of acquired assets and assumed liabilities of acquired companies and the accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions Griffon may undertake in the future. Actual results may ultimately differ from these estimates. Certain amounts in the prior year have been reclassified to conform to current year presentation.
Fair Value Measurements	The carrying values of cash and equivalents, accounts receivable, accounts and notes payable, and revolving credit and variable interest rate debt approximate fair value due to either the short-term nature of such instruments or the fact that the interest rate of the revolving credit and variable rate debt is based upon current market rates. Applicable accounting guidance establishes a fair value hierarchy requiring the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. The accounting guidance establishes three levels of inputs that may be used to measure fair value, as follows: •Level 1 inputs are measured and recorded at fair value based upon quoted prices in active markets for identical assets. •Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. •Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Inventories	Inventories are stated at the lower of cost (first-in, first-out or average cost) or market.
Issued but not yet effective accounting pronouncements and New Accounting Standards Implemented	Issued but not yet effective accounting pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued guidance to clarify disclosure requirements related to defined benefit pension and other post-retirement plans. The guidance is effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is effective for the Company in our fiscal year beginning in October 1, 2021. We are currently evaluating the effects that the adoption of this guidance will have on our the related pension disclosures. In December 2019, the FASB issued guidance on simplifying the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. Our effective date for adoption of this Accounting Standards Update ("ASU") is our fiscal year beginning October 1, 2021 with early adoption permitted. We are currently evaluating the effects that the adoption of this guidance will have on our consolidated financial statements and the related disclosures. New Accounting Standards Implemented In April 2019, the FASB issued guidance relating to accounting for credit losses on financial instruments, including trade receivables, and derivatives and hedging. This guidance is effective for the Company beginning in fiscal 2021. Adoption of this standard did not have a material impact on our consolidated financial statements and the related disclosures. In August 2018, the FASB issued guidance which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. This guidance expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income (loss). This guidance is effective for the Company beginning in fiscal 2021. Adoption of this standard did not have a material impact on our consolidated financial statements and the related disclosures. In March 2020, the SEC adopted amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered in Rule 3-10 of Regulation S-X, and affiliates whose securities collateralize securities registered or being registered in Rule 3-16 of Regulation S-X (SEC Release No. 33-10762). The amendment replaces the requirement to present condensed consolidating financial statements, comprised of balance sheets and statements of operations, comprehensive income and cash flows for all periods presented, with summarized financial information of the guarantor only for the most recently completed fiscal year and any subsequent interim period. We adopted the amendments to the disclosure requirements during the quarter ended December 31, 2020. This amendment did not have an impact on our consolidated financial statements as this amendment simplifies the financial disclosures required in our guarantor and non-guarantor financial information. See Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Supplemental Guarantor Financial Information. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements, and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

INVENTORIES (Tables)

3 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

The following table details the components of inventory:


	At December 31, 2020		At September 30, 2020
Raw materials and supplies	$	134,378	$	135,083
Work in process	79,209		81,624
Finished goods	231,435		197,118
Total	$	445,022	$	413,825

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

The following table details the components of property, plant and equipment, net:


	At December 31, 2020		At September 30, 2020
Land, building and building improvements	$	168,557	$	167,005
Machinery and equipment	603,270		595,126
Leasehold improvements	53,841		53,386
	825,668		815,517
Accumulated depreciation and amortization	(482,962)		(471,553)
Total	$	342,706	$	343,964

CREDIT LOSSES (Tables)

3 Months Ended

Dec. 31, 2020

Credit Loss [Abstract]

Schedule of Accounts Receivable, Allowance for Credit Losses


Beginning Balance, October 1, 2020	$	8,505
Provision for expected credit losses	496
Amounts written off charged against the allowance	(42)
Other, primarily foreign currency translation	63
Ending Balance, December 31, 2020	$	9,022

GOODWILL AND OTHER INTANGIBLES (Tables)

3 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Value of Goodwill

The following table provides changes in the carrying value of goodwill by segment during the three months ended December 31, 2020:


	At September 30, 2020		Business Acquisitions (a)		Business Divestitures (b)		Foreign currency translations adjustments		At December 31, 2020
Consumer and Professional Products	$	232,845	$	1,799	$	—	$	2,865	$	237,509
Home and Building Products	191,253		—		—		—		191,253
Defense Electronics	18,545		—		(851)		—		17,694

Total	$	442,643	$	1,799	$	(851)	$	2,865	$	446,456

(a) The increase in the CPP segment was due to the acquisition of Quatro.

(b) The decrease in the DE segment was due to the divestiture of SEG.

Summary of Gross Carrying Value and Accumulated Amortization of Intangible Assets

The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets:


	At December 31, 2020					At September 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Average Life (Years)	Gross Carrying Amount		Accumulated Amortization
Customer relationships & other	$	188,030	$	69,354	23	$	185,940	$	66,656
Technology and patents	19,654		8,007		13	19,464		8,360
Total amortizable intangible assets	207,684		77,361			205,404		75,016
Trademarks	227,509		—			224,640		—
Total intangible assets	$	435,193	$	77,361		$	430,044	$	75,016

LONG-TERM DEBT (Tables)

3 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary of Long-Term Debt


		At December 31, 2020										At September 30, 2020
		Outstanding Balance		Original Issuer Premium		Capitalized Fees & Expenses		Balance Sheet		Coupon Interest Rate			Outstanding Balance		Original Issuer Premium		Capitalized Fees & Expenses		Balance Sheet		Coupon Interest Rate
Senior notes due 2028	(a)	$	1,000,000	$	351	(14,847)		$	985,504	5.75	%		$	1,000,000	$	363	$	(15,376)	$	984,987	5.75	%

Revolver due 2025	(b)	13,493		—		(2,086)		11,407		Variable			12,858		—		(2,209)		10,649		Variable



Finance lease - real estate	(d)	16,576		—		(23)		16,553		Variable			17,218		—		(30)		17,188		Variable
Non US lines of credit	(e)	664		—		(28)		636		Variable			—		—		(30)		(30)		Variable
Non US term loans	(e)	31,165		—		(150)		31,015		Variable			31,086		—		(160)		30,926		Variable
Other long term debt	(f)	3,472		—		(16)		3,456		Variable			3,260		—		(16)		3,244		Variable
Totals		1,065,370		351		(17,150)		1,048,571					1,064,422		363		(17,821)		1,046,964
less: Current portion		(11,158)		—		—		(11,158)					(9,922)		—		—		(9,922)
Long-term debt		$	1,054,212	$	351	$	(17,150)	$	1,037,413				$	1,054,500	$	363	$	(17,821)	$	1,037,042

Summary of Interest Expense Incurred


		Three Months Ended December 31, 2020								Three Months Ended December 31, 2019
		Effective Interest Rate (1)		Cash Interest		Amort. Debt Discount		Amort. Debt Issuance Costs & Other Fees			Total Interest Expense		Effective Interest Rate (1)		Cash Interest		Amort. Debt Premium		Amort. Debt Issuance Costs & Other Fees		Total Interest Expense
Senior notes due 2028	(a)	5.4	%	$	14,375	$	—	$	530		$	14,905	n/a		$	—	$	—	$	—	$	—
Senior notes due 2022	(a)	n/a		—		—		—			—		5.7	%	13,125		67		951		14,143
Revolver due 2025	(b)	Variable		129		—		123			252		Variable		1,382		—		232		1,614



Finance lease - real estate	(d)	Variable		232		—		6			238		5.6	%	61		—		6		67
Non US lines of credit	(e)	Variable		3		—		4			7		Variable		4		—		4		8
Non US term loans	(e)	Variable		171		—		17			188		Variable		272		—		12		284
Other long term debt	(f)	Variable		107		—		—			107		Variable		160		—		—		160
Capitalized interest				(7)		—		—			(7)				(65)		—		—		(65)
Totals				$	15,010	$	—	$	680		$	15,690			$	14,939	$	67	$	1,205	$	16,211

(1) n/a = not applicable

SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Compensation Expense Relating to Stock-based Incentive Plans

The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:


	For the Three Months Ended December 31,
	2020		2019
Restricted stock	$	3,428	$	3,150
ESOP	780		832
Total stock based compensation	$	4,208	$	3,982

EARNINGS PER SHARE (EPS) (Tables)

3 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Summary of Reconciliation of Share Amounts Used in Earnings Per Share

The following table is a reconciliation of the share amounts (in thousands) used in computing earnings per share:


	Three Months Ended December 31,
		2020	2019
Common shares outstanding		56,490	46,909
Unallocated ESOP shares		(2,010)	(2,209)
Non-vested restricted stock		(3,687)	(3,398)
Impact of weighted average shares		(197)	(129)
Weighted average shares outstanding - basic		50,596	41,173
Incremental shares from stock based compensation		2,596	2,722
Weighted average shares outstanding - diluted		53,192	43,895

BUSINESS SEGMENTS (Tables)

3 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Summary of Reportable Segments from Continuing Operations

Information on Griffon’s reportable segments is as follows:


	For the Three Months Ended December 31,
REVENUE		2020		2019
Consumer and Professional Products		$	291,042	$	241,076
Home and Building Products		250,481		241,381
Defense Electronics		67,768		65,981
Total consolidated net sales		$	609,291	$	548,438

The following table provides a reconciliation of Segment adjusted EBITDA to Income before taxes:


	For the Three Months Ended December 31,
		2020		2019
Segment adjusted EBITDA:
Consumer and Professional Products		$	32,713	$	21,926
Home and Building Products		48,369		40,701
Defense Electronics		5,585		4,475
Segment adjusted EBITDA		86,667		67,102
Unallocated amounts, excluding depreciation *		(12,027)		(11,942)
Adjusted EBITDA		74,640		55,160
Net interest expense		(15,645)		(15,950)
Depreciation and amortization		(15,266)		(15,825)


Restructuring charges		(10,800)		(6,434)

Gain on sale of SEG business		6,240		—


Income before taxes		$	39,169	$	16,951

* Unallocated amounts typically include general corporate expenses not attributable to a reportable segment.


	For the Three Months Ended December 31,
DEPRECIATION and AMORTIZATION		2020		2019
Segment:
Consumer and Professional Products		$	8,199	$	8,231
Home and Building Products		4,341		4,800
Defense Electronics		2,676		2,644
Total segment depreciation and amortization		15,216		15,675
Corporate		50		150
Total consolidated depreciation and amortization		$	15,266	$	15,825

CAPITAL EXPENDITURES
Segment:
Consumer and Professional Products		$	6,907	$	3,732
Home and Building Products		2,115		7,939
Defense Electronics		2,904		1,289
Total segment		11,926		12,960
Corporate		—		212
Total consolidated capital expenditures		$	11,926	$	13,172


ASSETS	At December 31, 2020		At September 30, 2020
Segment assets:
Consumer and Professional Products	$	1,309,603	$	1,255,127
Home and Building Products	600,323		606,785
Defense Electronics	294,576		329,128
Total segment assets	2,204,502		2,191,040
Corporate	272,953		248,902
Total continuing assets	2,477,455		2,439,942
Assets of discontinued operations	6,988		8,497
Consolidated total	$	2,484,443	$	2,448,439

Summary of Disaggregation of Revenue by End Market and Segment

The following table presents revenue disaggregated by end market and segment:


	For the Three Months Ended December 31,
		2020		2019
Residential repair and remodel		$	45,600	$	35,090
Retail		139,248		119,620
Residential new construction		13,515		14,973
Industrial		9,531		10,623
International excluding North America		83,148		60,770
Total Consumer and Professional Products		291,042		241,076
Residential repair and remodel		126,115		121,997
Commercial construction		95,939		91,887
Residential new construction		28,427		27,497
Total Home and Building Products		250,481		241,381
U.S. Government		47,324		42,701
International		16,895		18,533
Commercial		3,549		4,747
Total Defense Electronics		67,768		65,981
Total Consolidated Revenue		$	609,291	$	548,438

The following table presents revenue disaggregated by geography based on the location of the Company's customer:



	For the Three Months Ended December 31,
	2020								2019
	CPP		HBP		DE		Total		CPP		HBP		DE		Total
United States	$	183,442	$	236,531	$	47,378	$	467,351	$	160,158	$	226,950	$	46,143	$	433,251
Europe	13,156		—		6,905		20,061		6,605		23		5,985		12,613
Canada	22,115		11,488		1,829		35,432		17,781		11,253		2,574		31,608
Australia	69,540		—		319		69,859		54,228		—		606		54,834
All other countries	2,789		2,462		11,337		16,588		2,304		3,155		10,673		16,132
Consolidated revenue	$	291,042	$	250,481	$	67,768	$	609,291	$	241,076	$	241,381	$	65,981	$	548,438

EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Summary of Defined Benefit Plans Included in Other Income

Defined benefit pension expense (income) included in Other Income (Expense), net was as follows:


	Three Months Ended December 31,
		2020		2019

Interest cost		$	744	$	1,151
Expected return on plan assets		(2,544)		(2,586)
Amortization:
Prior service cost		—		4
Recognized actuarial loss		1,573		1,042

Net periodic expense (income)		$	(227)	$	(389)

DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures


	At December 31, 2020		At September 30, 2020
Assets of discontinued operations:
Prepaid and other current assets	$	1,591	$	2,091
Other long-term assets	5,397		6,406
Total assets of discontinued operations	$	6,988	$	8,497

Liabilities of discontinued operations:
Accrued liabilities, current	$	4,842	$	3,797
Other long-term liabilities	5,504		7,014
Total liabilities of discontinued operations	$	10,346	$	10,811

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

RESTRUCTURING CHARGES RESTRUCTURING CHARGES (Tables)

3 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Summary of the Restructuring and Other Related Charges


	For the Three Months Ended December 31,
	2020		2019
Cost of goods and services	$	6,425	$	2,723
Selling, general and administrative expenses	4,375		3,711
Total restructuring charges	$	10,800	$	6,434


	For the Three Months Ended December 31,
	2020		2019
Personnel related costs	$	2,482	$	2,134
Facilities, exit costs and other	2,524		140

Non-cash facility and other	5,794		4,160
Total	$	10,800	$	6,434

Summary of Accrued Liability for the Restructuring and Related Charges

The following table summarizes the accrued liabilities of the Company's restructuring actions:


	Cash Charges				Non-Cash
	Personnel related costs		Facilities & Exit Costs		Facility and Other Costs		Total
Accrued liability at September 30, 2020	$	2,701	$	264	$	—	$	2,965
Q1 restructuring charges	2,482		2,524		5,794		10,800
Cash payments	(1,598)		(2,534)		—		(4,132)
Non-cash charges	—		—		(5,794)		(5,794)
Accrued liability at December 31, 2020	$	3,585	$	254	$	—	$	3,839

WARRANTY LIABILITY (Tables)

3 Months Ended

Dec. 31, 2020

Product Warranties Disclosures [Abstract]

Summary of Changes in Warranty Liability, Included in Accrued Liabilities

Changes in Griffon’s warranty liability, included in Accrued liabilities, were as follows:


	Three Months Ended December 31,
		2020		2019
Balance, beginning of period		$	10,843	$	7,894
Warranties issued and changes in estimated pre-existing warranties		4,739		3,365
Actual warranty costs incurred		(4,748)		(3,915)

Balance, end of period		$	10,834	$	7,344

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Dec. 31, 2020

OCI, Net of Tax [Abstract]

Summary of Comprehensive Income (Loss)

The amounts recognized in other comprehensive income (loss) were as follows:


	For the Three Months Ended December 31,
	2020						2019

	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Foreign currency translation adjustments	$	12,123	$	—	$	12,123	$	6,470	$	—	$	6,470
Pension and other defined benefit plans	2,150		(444)		1,706		847		(175)		672
Cash flow hedges	(983)		295		(688)		(430)		129		(301)

Total other comprehensive income (loss)	$	13,290	$	(149)	$	13,141	$	6,887	$	(46)	$	6,841

The components of Accumulated other comprehensive income (loss) are as follows:


	At December 31, 2020		At September 30, 2020
Foreign currency translation adjustments	$	(13,560)	$	(25,683)
Pension and other defined benefit plans	(44,892)		(46,598)
Change in Cash flow hedges	(499)		189

	$	(58,951)	$	(72,092)

Reclassification from Accumulated Other Comprehensive Income (Loss)

Amounts reclassified from accumulated other comprehensive income (loss) to income were as follows:


	For the Three Months Ended December 31,
Gain (Loss)		2020		2019


Pension amortization		$	(1,573)	$	(1,046)
Cash flow hedges		(658)		(56)

Total gain (loss)		(2,231)		(1,102)
Tax benefit (expense)		469		231
Total		$	(1,762)	$	(871)

LEASES LEASES (Tables)

3 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Operating Lease Cost, Cash Flow Information, and Average Lease Terms and Discount Rates

Components of operating lease costs are as follows:


	For the Three Months Ended December 31,
	2020		2019
Fixed	$	10,040	$	9,552
Variable (a), (b)	2,047		1,753
Short-term (b)	1,114		1,430
Total	$	13,201	$	12,735

(a) Primarily relates to common-area maintenance and property taxes.

(b) Not recorded on the balance sheet.

Supplemental cash flow information were as follows:


	For the Three Months Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	11,205	$	12,277
Financing cash flows from finance leases	803		962
Total	$	12,008	$	13,239

Average lease terms and discount rates at December 31, 2020 were as follows:


Weighted-average remaining lease term (years)
Operating leases	8.2
Finance Leases	8.4

Weighted-average discount rate
Operating Leases	4.46	%
Finance Leases	5.52	%

Supplemental Condensed Consolidated Balance Sheet Information

Supplemental Condensed Consolidated Balance Sheet information related to leases were as follows:


	At December 31, 2020		September 30, 2020
Operating Leases:
Right of use assets:
Operating right-of-use assets	$	157,860	$	161,627

Lease Liabilities:
Current portion of operating lease liabilities	$	31,304	$	31,848
Long-term operating lease liabilities	132,634		136,054
Total operating lease liabilities	$	163,938	$	167,902

Finance Leases:
Property, plant and equipment, net(1)	$	17,975	$	18,774

Lease Liabilities:
Notes payable and current portion of long-term debt	$	3,146	$	3,352
Long-term debt, net	14,885		15,339
Total financing lease liabilities	$	18,031	$	18,691

(1) Finance lease assets are recorded net of accumulated depreciation of $3,319.

Aggregate Future Maturities of Lease Payments for Operating Leases

The aggregate future maturities of lease payments for operating leases and finance leases as of December 31, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases
2020(a)	$	28,990	$	3,317
2021	34,154		2,732
2022	25,804		2,395
2023	18,956		2,122
2024	17,138		2,074
2025	11,739		2,074
Thereafter	63,844		7,777
Total lease payments	200,625		22,491
Less: Imputed Interest	(36,687)		(4,460)
Present value of lease liabilities	$	163,938	$	18,031

(a) Excluding the three months ended December 31, 2020

Aggregate Future Maturities of Lease Payments for Finance Leases

The aggregate future maturities of lease payments for operating leases and finance leases as of December 31, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases
2020(a)	$	28,990	$	3,317
2021	34,154		2,732
2022	25,804		2,395
2023	18,956		2,122
2024	17,138		2,074
2025	11,739		2,074
Thereafter	63,844		7,777
Total lease payments	200,625		22,491
Less: Imputed Interest	(36,687)		(4,460)
Present value of lease liabilities	$	163,938	$	18,031

(a) Excluding the three months ended December 31, 2020

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Dec. 31, 2020 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

FAIR VALUE MEASUREMENTS (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2020 USD ($) $ / shares
Designated as Hedging Instrument \| Australian Dollar Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount	$ 40,000
Contracts weighted average rate price (in dollars per share) \| $ / shares	$ 1.37
Deferred losses from currency translation included in AOCI	$ 1,688
Deferred losses from currency translation included in AOCI, net of tax	1,098
Designated as Hedging Instrument \| Australian Dollar Forward Contracts \| Cost of goods and services
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) reclassified for settled contracts	$ (658)
Designated as Hedging Instrument \| Australian Dollar Forward Contracts \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts duration	29 days
Designated as Hedging Instrument \| Australian Dollar Forward Contracts \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts duration	180 days
Not Designated as Hedging Instrument \| Canadian Dollar Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount	$ 7,125
Derivative, average forward exchange rate	1.35
Not Designated as Hedging Instrument \| Canadian Dollar Forward Contracts \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts duration	29 days
Not Designated as Hedging Instrument \| Canadian Dollar Forward Contracts \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts duration	390 days
Not Designated as Hedging Instrument \| British Pound Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount	$ 8,079
Derivative, average forward exchange rate	0.77
Not Designated as Hedging Instrument \| British Pound Forward Contracts \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts duration	7 days
Not Designated as Hedging Instrument \| British Pound Forward Contracts \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts duration	145 days
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Insurance contracts fair value	$ 3,558
Fair Value, Inputs, Level 2 \| Not Designated as Hedging Instrument \| Canadian Dollar Forward Contracts \| Other income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	(276)
Realized gains (losses)	(59)
Fair Value, Inputs, Level 2 \| Not Designated as Hedging Instrument \| British Pound Forward Contracts \| Other income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	245
Realized gains (losses)	(70)
Fair Value, Inputs, Level 2 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	2,033
Fair Value, Inputs, Level 2 \| Portion at Other than Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	1,000
Senior notes due 2028 \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior note, fair value disclosure	$ 1,057,500

REVENUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Net favorable (unfavorable) catch-up adjustments to income from operations	$ (1,500)	$ (3,000)
Accumulated estimated costs to complete loss contracts	$ 9,000		$ 10,800
Customer Concentration Risk \| CPP and HBP
Revenue from Contract with Customer [Abstract]
Percentage of performance obligations recognized at a point in time	86.00%
Concentration Risk [Line Items]
Percentage of performance obligations recognized at a point in time	86.00%
Revenue from Contract with Customer Benchmark \| Government Contracts Concentration Risk \| Transferred over Time
Concentration Risk [Line Items]
Concentration risk (in percentage)	14.00%

REVENUE - Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations (backlog)	$ 388,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations (backlog), percentage to to be satisfied by the end of the year	66.00%
Remaining performance obligations (backlog), expected timing of satisfaction, period	12 months

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract costs and recognized income not yet billed, net of progress payments	$ 86,260	$ 84,426
Increase (decrease) in contract assets balance	1,834
Contract costs and recognized income not yet billed, noncurrent	8,100	7,500
Contract liabilities	25,237	$ 24,386
Increase (decrease) in contract liabilities	$ 851

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) £ in Thousands, $ in Thousands, $ in Thousands	Dec. 22, 2020 USD ($)	Dec. 22, 2020 AUD ($)	Nov. 29, 2019 USD ($)	Nov. 29, 2019 GBP (£)	Dec. 31, 2020 USD ($)	Dec. 22, 2020 AUD ($)	Sep. 30, 2020 USD ($)
Business Acquisition [Line Items]
Goodwill \| $					$ 446,456		$ 442,643
Quatro Design Pty Ltd
Business Acquisition [Line Items]
Cash payment to acquire business	$ 2,700	$ 3,500
Additional contingent consideration	760					$ 1,000
Intangible assets	1,479					1,600
Goodwill	$ 1,799					$ 2,381
Vatre Group Limited
Business Acquisition [Line Items]
Intangible assets				£ 3,454
Goodwill				£ 3,449
Percentage of outstanding stock acquired				100.00%
Business combination, consideration transferred			$ 10,500	£ 8,750
Inventory				2,914
Accounts receivable and other assets				2,492
Accounts payable and accrued liabilities				£ 3,765

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations - Systems Engineering Group, Inc. - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 18, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received from business dispositions			$ 15,000
Revenue from disposed business	$ 7,000	$ 31,000
Gain on sale of SEG business	6,240
Gain, net of tax, from business dispositions	$ 6,017
Gain per share from business dispositions	$ 0.11

INVENTORIES - Summary of Inventories Stated at Lower Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 134,378	$ 135,083
Work in process	79,209	81,624
Finished goods	231,435	197,118
Total	$ 445,022	$ 413,825

PROPERTY, PLANT AND EQUIPMENT - Summary of Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 825,668	$ 815,517
Accumulated depreciation and amortization	(482,962)	(471,553)
Total	342,706	343,964
Land, building and building improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	168,557	167,005
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	603,270	595,126
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 53,841	$ 53,386

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 12,888	$ 13,432
Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 4,706	$ 4,951

CREDIT LOSSES (Details) $ in Thousands	3 Months Ended
CREDIT LOSSES (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, October 1, 2020	$ 8,505
Provision for expected credit losses	496
Amounts written off charged against the allowance	(42)
Other, primarily foreign currency translation	63
Ending Balance, December 31, 2020	$ 9,022

GOODWILL AND OTHER INTANGIBLES - Summary of Changes in Carrying Value of Goodwill (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2020 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 442,643
Business Acquisitions	1,799
Business Divestitures	(851)
Foreign currency translations adjustments	2,865
Goodwill, ending balance	446,456
Consumer and Professional Products
Goodwill [Roll Forward]
Goodwill, beginning balance	232,845
Business Acquisitions	1,799
Business Divestitures	0
Foreign currency translations adjustments	2,865
Goodwill, ending balance	237,509
Home and Building Products
Goodwill [Roll Forward]
Goodwill, beginning balance	191,253
Business Acquisitions	0
Business Divestitures	0
Foreign currency translations adjustments	0
Goodwill, ending balance	191,253
Defense Electronics
Goodwill [Roll Forward]
Goodwill, beginning balance	18,545
Business Acquisitions	0
Business Divestitures	(851)
Foreign currency translations adjustments	0
Goodwill, ending balance	$ 17,694

GOODWILL AND OTHER INTANGIBLES - Summary of Gross Carrying Value and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 207,684	$ 205,404
Accumulated Amortization	77,361	75,016
Trademarks	227,509	224,640
Total intangible assets	435,193	430,044
Customer relationships & other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	188,030	185,940
Accumulated Amortization	$ 69,354	66,656
Average Life (Years)	23 years
Technology and patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 19,654	19,464
Accumulated Amortization	$ 8,007	$ 8,360
Average Life (Years)	13 years

GOODWILL AND OTHER INTANGIBLES - Narrative (Details)	3 Months Ended
GOODWILL AND OTHER INTANGIBLES - Narrative (Details)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 reporting_unit	Dec. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Carry amount of intangible assets related to foreign currency translation	$ 3,700,000
Amortization expense	2,378,000		$ 2,393,000
Estimated amortization expense, remainder of 2021	7,007,000
Estimated amortization expense, fiscal 2022	9,376,000
Estimated amortization expense, fiscal 2023	9,224,000
Estimated amortization expense, fiscal 2024	9,198,000
Estimated amortization expense, fiscal 2025	9,198,000
Estimated amortization expense, fiscal 2026	9,198,000
Estimated amortization expense, thereafter	77,122,000
Number of reporting units for goodwill impairment testing \| reporting_unit		3
Goodwill impairment	0
Indefinite-lived intangible asset (excluding goodwill) impairment	$ 0

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 9,669	$ 6,339
Income before taxes	39,169	16,951
Restructuring charges	10,800	6,434
Restructuring charges, net of tax	8,300	4,148
Effective Income tax rate reconciliation, disposition of business	(6,240)
Effective Income tax rate reconciliation, disposition of business, net of tax	(6,017)
Other tax expense (benefit) that affect comparability	$ (2,028)	$ 833
Effective tax rate	32.00%	33.30%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 22, 2020	Feb. 19, 2020
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	$ 1,065,370	$ 1,064,422
less: Current portion, Outstanding Balance	(11,158)	(9,922)
Long-term debt, Outstanding Balance, Non-current	1,054,212	1,054,500
Original Issuer Premium	351	363
less: Current portion, Original Issuer Premium	0	0
Long-term debt, Original Issuer Premium, Non-current	351	363
Capitalized Fees & Expenses	(17,150)	(17,821)
Long-term debt, Balance Sheet	1,048,571	1,046,964
less: Current portion, Balance Sheet	(11,158)	(9,922)
Long-term debt, Balance Sheet, Non-current	1,037,413	1,037,042
Senior notes due 2028
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	1,000,000	1,000,000
Original Issuer Premium	351	363
Capitalized Fees & Expenses	(14,847)	(15,376)
Long-term debt, Balance Sheet	$ 985,504	$ 984,987
Coupon Interest Rate	5.75%	5.75%	5.75%	5.75%
Revolver due 2025
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	$ 13,493	$ 12,858
Original Issuer Premium	0	0
Capitalized Fees & Expenses	(2,086)	(2,209)
Long-term debt, Balance Sheet	11,407	10,649
Finance lease - real estate
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	16,576	17,218
Original Issuer Premium	0	0
Capitalized Fees & Expenses	(23)	(30)
Long-term debt, Balance Sheet	16,553	17,188
Non US lines of credit
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	664	0
Original Issuer Premium	0	0
Capitalized Fees & Expenses	(28)	(30)
Long-term debt, Balance Sheet	636	(30)
Non US term loans
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	31,165	31,086
Original Issuer Premium	0	0
Capitalized Fees & Expenses	(150)	(160)
Long-term debt, Balance Sheet	31,015	30,926
Other long term debt
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	3,472	3,260
Original Issuer Premium	0	0
Capitalized Fees & Expenses	(16)	(16)
Long-term debt, Balance Sheet	$ 3,456	$ 3,244

LONG-TERM DEBT - Summary of Interest Expense Incurred (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Cash Interest, Capitalized Interest	$ (7)	$ (65)
Cash Interest	15,010	14,939
Amort. Debt Discount	0	67
Amort. Debt Issuance Costs & Other Fees	680	1,205
Total Interest Expense	$ 15,690	16,211
Senior notes due 2028
Debt Instrument [Line Items]
Effective Interest Rate	5.40%
Cash Interest, Including Amounts Capitalized	$ 14,375	0
Amort. Debt Discount	0	0
Amort. Debt Issuance Costs & Other Fees	530	0
Total Interest Expense	14,905	$ 0
Senior notes due 2022
Debt Instrument [Line Items]
Effective Interest Rate		5.70%
Cash Interest, Including Amounts Capitalized	0	$ 13,125
Amort. Debt Discount	0	67
Amort. Debt Issuance Costs & Other Fees	0	951
Total Interest Expense	0	14,143
Revolver due 2025
Debt Instrument [Line Items]
Cash Interest, Including Amounts Capitalized	129	1,382
Amort. Debt Discount	0	0
Amort. Debt Issuance Costs & Other Fees	123	232
Total Interest Expense	252	$ 1,614
Finance lease - real estate
Debt Instrument [Line Items]
Effective Interest Rate		5.60%
Cash Interest, Including Amounts Capitalized	232	$ 61
Amort. Debt Discount	0	0
Amort. Debt Issuance Costs & Other Fees	6	6
Total Interest Expense	238	67
Non US lines of credit
Debt Instrument [Line Items]
Cash Interest, Including Amounts Capitalized	3	4
Amort. Debt Discount	0	0
Amort. Debt Issuance Costs & Other Fees	4	4
Total Interest Expense	7	8
Non US term loans
Debt Instrument [Line Items]
Cash Interest, Including Amounts Capitalized	171	272
Amort. Debt Discount	0	0
Amort. Debt Issuance Costs & Other Fees	17	12
Total Interest Expense	188	284
Other long term debt
Debt Instrument [Line Items]
Cash Interest, Including Amounts Capitalized	107	160
Amort. Debt Discount	0	0
Amort. Debt Issuance Costs & Other Fees	0	0
Total Interest Expense	$ 107	$ 160

LONG-TERM DEBT - Narrative (Details) $ in Thousands		1 Months Ended			3 Months Ended
LONG-TERM DEBT - Narrative (Details) $ in Thousands	Jun. 22, 2020 USD ($)	Jul. 31, 2018 GBP (£)	Jul. 31, 2016 AUD ($)	Nov. 30, 2012 CAD ($)	Dec. 31, 2020 USD ($) option	Dec. 31, 2020 AUD ($) option	Dec. 31, 2020 AUD ($)	Dec. 31, 2020 GBP (£)	Dec. 31, 2020 CAD ($)	Dec. 30, 2020 AUD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 AUD ($)	Feb. 19, 2020 USD ($)	Jan. 30, 2020 USD ($)	Jan. 29, 2020 USD ($)	Jul. 31, 2016 USD ($)	Jul. 31, 2016 AUD ($)
Debt Instrument [Line Items]
Debt outstanding					$ 1,065,370,000						$ 1,064,422,000
Basis spread on variable rate				1.30%
Mortgage loan balance					$ 1,048,571,000						$ 1,046,964,000
Troy, Ohio
Debt Instrument [Line Items]
Percentage bearing fixed interest, percentage rate					5.00%		5.00%	5.00%	5.00%
Ocala, Florida
Debt Instrument [Line Items]
Percentage bearing fixed interest, percentage rate					5.60%		5.60%	5.60%	5.60%
Number of option to extend \| option					2	2
Lease renewal term					5 years		5 years	5 years	5 years
Revolver due 2025
Debt Instrument [Line Items]
Maximum borrowing capacity														$ 400,000	$ 350,000,000
Maximum borrowing capacity, accordion feature														100,000,000
Maximum percentage of equity interest of subsidiaries borrowings guaranteed					65.00%	65.00%
Long-term line of credit					$ 13,493,000
Outstanding standby letters of credit					16,700,000
Remaining borrowing capacity					$ 369,807,000
Revolver due 2025 \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%	0.50%
Revolver due 2025 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%	1.50%
Term Loan \| Northcote Holdings Pty. Ltd
Debt Instrument [Line Items]
Face amount																	$ 29,625,000
Basis spread on variable rate			1.95%
Long-term line of credit					$ 11,121,000		$ 14,625,000			$ 18,375,000		$ 23,375,000
Debt instrument, periodic payment, principal			$ 1,250,000
Periodic payment terms, balloon payment to be paid																	9,625,000
Debt instrument, interest rate, effective percentage					2.01%		2.01%	2.01%	2.01%
Term loan balance change						$ 5,000,000
Term Loan \| Ames UK
Debt Instrument [Line Items]
Face amount \| £		£ 14,000,000
Debt instrument, periodic payment, principal \| £		438,000
Interest rate at period end					2.27%		2.27%	2.27%	2.27%
Periodic payment terms, balloon payment to be paid \| £		£ 7,088,000
Term Loan \| London Interbank Offered Rate (LIBOR) \| Ames UK
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Mortgages \| London Interbank Offered Rate (LIBOR) \| Ames UK
Debt Instrument [Line Items]
Basis spread on variable rate		1.80%
Revolving Credit Facility \| Northcote Holdings Pty. Ltd
Debt Instrument [Line Items]
Face amount																	$ 20,000,000
Basis spread on variable rate			1.90%
Mortgage loan balance					$ 0
Debt instrument, interest rate, effective percentage					1.97%		1.97%	1.97%	1.97%
Revolving Credit Facility \| Ames UK
Debt Instrument [Line Items]
Face amount \| £		£ 5,000,000
Basis spread on variable rate		1.50%
Mortgage loan balance					$ 664,000			£ 492,000
Interest rate at period end					1.60%		1.60%	1.60%	1.60%
Long-term line of credit, revolver outstanding balance					$ 0
Term and Mortgage Loans \| Ames UK
Debt Instrument [Line Items]
Mortgage loan balance					20,044,000			£ 14,855,000
Letter of Credit Subfacility \| Revolver due 2025
Debt Instrument [Line Items]
Maximum borrowing capacity														100,000,000
Multicurrency Subfacility \| Revolver due 2025
Debt Instrument [Line Items]
Maximum borrowing capacity														$ 200,000,000
Receivables Purchase Facility
Debt Instrument [Line Items]
Mortgage loan balance					$ 0
Receivables Purchase Facility \| Northcote Holdings Pty. Ltd
Debt Instrument [Line Items]
Face amount																$ 10,000,000
Basis spread on variable rate			1.35%
Mortgage loan balance										$ 15,000,000		$ 10,000,000
Debt instrument, interest rate, effective percentage					1.41%		1.41%	1.41%	1.41%
Increase in receivables purchase line						$ (5,000,000)
Senior notes due 2028
Debt Instrument [Line Items]
Face amount	$ 150,000,000												$ 850,000,000
Debt instrument, interest rate, stated percentage	5.75%				5.75%		5.75%	5.75%	5.75%		5.75%	5.75%	5.75%
Debt instrument, issuance price (in percentage)	100.25%
Debt outstanding					$ 1,000,000,000						$ 1,000,000,000
Capitalized fees and expenses					16,448,000
Mortgage loan balance					985,504,000						984,987,000
Senior notes due 2028 \| Fair Value, Inputs, Level 1
Debt Instrument [Line Items]
Senior note, fair value disclosure					1,057,500,000
Senior notes due 2022
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.25%
Debt redeemed	$ 1,000,000,000
Loss from debt extinguishment					7,925,000
Write off of debt issuance costs					6,725,000
Tender offer net premium expense					607,000
Redemption interest expense					593,000
Senior Notes
Debt Instrument [Line Items]
Debt outstanding					1,000,000,000
ESOP Loans
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal					635,000
Mortgage loan balance					$ 29,243,000
ESOP Loans \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					2.91%	2.91%
Non US lines of credit
Debt Instrument [Line Items]
Debt outstanding					$ 664,000						0
Remaining borrowing capacity					11,703,000				$ 15,000
Mortgage loan balance					636,000						$ (30,000)
Proceeds from long-term lines of credit				$ 15,000	$ 11,703,000
Non US lines of credit \| LIBOR Rate
Debt Instrument [Line Items]
Interest rate at period end					1.44%		1.44%	1.44%	1.44%
Non US lines of credit \| Bankers Acceptance Rate
Debt Instrument [Line Items]
Interest rate at period end					1.52%		1.52%	1.52%	1.52%
Mortgages \| Ames UK
Debt Instrument [Line Items]
Face amount \| £		£ 4,000,000
Debt instrument, periodic payment, principal \| £		105,000
Interest rate at period end					1.82%		1.82%	1.82%	1.82%
Periodic payment terms, balloon payment to be paid \| £		£ 2,349,000

SHAREHOLDERS' EQUITY - Narrative (Details)					3 Months Ended					12 Months Ended
SHAREHOLDERS' EQUITY - Narrative (Details)	Jan. 27, 2021 $ / shares	Jan. 30, 2020 shares	Jan. 28, 2020 USD ($) $ / shares shares	Jan. 27, 2020 USD ($) executive $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2020 $ / shares	Jun. 30, 2020 $ / shares	Mar. 31, 2020 $ / shares	Dec. 31, 2019 USD ($) executive $ / shares shares	Sep. 30, 2020 $ / shares	Aug. 01, 2018 USD ($)	Jan. 31, 2018 shares	Aug. 03, 2016 USD ($)
Class of Stock [Line Items]
Common stock, dividends, per share, cash paid (in dollars per share) \| $ / shares					$ 0.08				$ 0.075
Stock repurchase program, authorized amount \| $											$ 50,000,000		$ 50,000,000
Stock repurchase program, remaining authorized repurchase amount \| $					$ 57,955,000
Restricted Stock and Restricted Stock Units
Class of Stock [Line Items]
Equity instruments other than options, grants in period (in shares)									511,624
Restricted Stock and Restricted Stock Units, Subject to Performance Conditions
Class of Stock [Line Items]
Award vesting period									3 years
Equity instruments other than options, grants in period (in shares)									226,811
Equity instruments other than options, granted in period, fair value \| $									$ 5,500,000
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares									$ 24.25
Restricted Stock and Restricted Stock Units, Not Subject to Performance Conditions \| Executive Officer
Class of Stock [Line Items]
Award vesting period									3 years
Equity instruments other than options, grants in period (in shares)									284,813
Equity instruments other than options, granted in period, fair value \| $									$ 5,913,000
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares									$ 20.76
Number of executive officers granted shares \| executive									5
Restricted Stock
Class of Stock [Line Items]
Equity instruments other than options, grants in period (in shares)				580,704
Equity instruments other than options, granted in period, fair value \| $				$ 7,875,000
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares				$ 14.91
Shares paid for tax withholding for share based compensation (in shares)					133,027
Shares paid for tax withholding for share based compensation, value \| $					$ 2,774,000
Shares paid for tax withholding for share based compensation, value per share (in dollars per share) \| $ / shares					$ 20.85
Restricted Stock \| Non-employees, directors
Class of Stock [Line Items]
Award vesting period			3 years
Equity instruments other than options, grants in period (in shares)			44,424
Equity instruments other than options, granted in period, fair value \| $			$ 1,080,000
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares			$ 24.31
Restricted Stock \| Executive Officer
Class of Stock [Line Items]
Award vesting period				34 months
Equity instruments other than options, grants in period (in shares)				52,704
Equity instruments other than options, granted in period, fair value \| $				$ 1,150,000
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares				$ 21.82
Number of executive officers granted shares \| executive				2
Restricted Stock \| Senior Executives
Class of Stock [Line Items]
Award vesting period				4 years
Equity instruments other than options, grants in period (in shares)				528,000
Award post-vesting holding period				2 years
Number of executive officers granted shares \| executive				2
Restricted Stock \| Minimum
Class of Stock [Line Items]
Award vesting period					3 years
Number of shares vested in period				384,000
Restricted Stock \| Maximum
Class of Stock [Line Items]
Award vesting period					4 years
Number of shares vested in period				528,000
Restricted Stock Units
Class of Stock [Line Items]
Shares paid for tax withholding for share based compensation (in shares)					6,507
Shares paid for tax withholding for share based compensation, value \| $					$ 135,000
Shares paid for tax withholding for share based compensation, value per share (in dollars per share) \| $ / shares					$ 20.75
Incentive Plan
Class of Stock [Line Items]
Number of shares authorized for award (in shares)					5,050,000							1,000,000
Number of additional shares authorized for award (in shares)		1,700,000
Share-based compensation arrangement by share-based payment award, expiration period					10 years
Maximum percentage of exercise price at grant date fair value					100.00%
Number of shares available for grant (in shares)					684,982
Incentive Plan \| Incentive Stock Options
Class of Stock [Line Items]
Number of shares authorized for award (in shares)					0
Quarterly Dividend
Class of Stock [Line Items]
Common stock, dividends, per share, cash paid (in dollars per share) \| $ / shares					$ 0.08	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.30
Quarterly Dividend \| Subsequent Event
Class of Stock [Line Items]
Dividends declared, amount per share (in dollars per share) \| $ / shares	$ 0.08

SHAREHOLDERS' EQUITY SHAREHOLDERS EQUITY - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Restricted stock	$ 3,428	$ 3,150
ESOP	780	832
Total stock based compensation	$ 4,208	$ 3,982

EARNINGS PER SHARE (EPS) (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Common shares outstanding (in shares)	56,490	46,909
Unallocated ESOP shares (in shares)	(2,010)	(2,209)
Non-vested restricted stock (in shares)	(3,687)	(3,398)
Impact of weighted average shares (in shares)	(197)	(129)
Weighted average shares outstanding - basic (in shares)	50,596	41,173
Incremental shares from stock based compensation (in shares)	2,596	2,722
Weighted average shares outstanding - diluted (in shares)	53,192	43,895

BUSINESS SEGMENTS - Revenues (Details) $ in Thousands	3 Months Ended
BUSINESS SEGMENTS - Revenues (Details) $ in Thousands	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	3
Revenue	$ 609,291	$ 548,438
Consumer and Professional Products
Segment Reporting Information [Line Items]
Revenue	291,042	241,076
Home and Building Products
Segment Reporting Information [Line Items]
Revenue	250,481	241,381
Defense Electronics
Segment Reporting Information [Line Items]
Revenue	$ 67,768	$ 65,981

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

BUSINESS SEGMENTS - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 609,291	$ 548,438
United States
Disaggregation of Revenue [Line Items]
Revenue	467,351	433,251
Europe
Disaggregation of Revenue [Line Items]
Revenue	20,061	12,613
Canada
Disaggregation of Revenue [Line Items]
Revenue	35,432	31,608
Australia
Disaggregation of Revenue [Line Items]
Revenue	69,859	54,834
All other countries
Disaggregation of Revenue [Line Items]
Revenue	16,588	16,132
Consumer and Professional Products
Disaggregation of Revenue [Line Items]
Revenue	291,042	241,076
Consumer and Professional Products \| United States
Disaggregation of Revenue [Line Items]
Revenue	183,442	160,158
Consumer and Professional Products \| Europe
Disaggregation of Revenue [Line Items]
Revenue	13,156	6,605
Consumer and Professional Products \| Canada
Disaggregation of Revenue [Line Items]
Revenue	22,115	17,781
Consumer and Professional Products \| Australia
Disaggregation of Revenue [Line Items]
Revenue	69,540	54,228
Consumer and Professional Products \| All other countries
Disaggregation of Revenue [Line Items]
Revenue	2,789	2,304
Consumer and Professional Products \| Residential repair and remodel
Disaggregation of Revenue [Line Items]
Revenue	45,600	35,090
Consumer and Professional Products \| Retail
Disaggregation of Revenue [Line Items]
Revenue	139,248	119,620
Consumer and Professional Products \| Residential new construction
Disaggregation of Revenue [Line Items]
Revenue	13,515	14,973
Consumer and Professional Products \| Industrial
Disaggregation of Revenue [Line Items]
Revenue	9,531	10,623
Consumer and Professional Products \| International excluding North America
Disaggregation of Revenue [Line Items]
Revenue	83,148	60,770
Home and Building Products
Disaggregation of Revenue [Line Items]
Revenue	250,481	241,381
Home and Building Products \| United States
Disaggregation of Revenue [Line Items]
Revenue	236,531	226,950
Home and Building Products \| Europe
Disaggregation of Revenue [Line Items]
Revenue	0	23
Home and Building Products \| Canada
Disaggregation of Revenue [Line Items]
Revenue	11,488	11,253
Home and Building Products \| Australia
Disaggregation of Revenue [Line Items]
Revenue	0	0
Home and Building Products \| All other countries
Disaggregation of Revenue [Line Items]
Revenue	2,462	3,155
Home and Building Products \| Residential repair and remodel
Disaggregation of Revenue [Line Items]
Revenue	126,115	121,997
Home and Building Products \| Residential new construction
Disaggregation of Revenue [Line Items]
Revenue	28,427	27,497
Home and Building Products \| Commercial construction
Disaggregation of Revenue [Line Items]
Revenue	95,939	91,887
Defense Electronics
Disaggregation of Revenue [Line Items]
Revenue	67,768	65,981
Defense Electronics \| United States
Disaggregation of Revenue [Line Items]
Revenue	47,378	46,143
Defense Electronics \| Europe
Disaggregation of Revenue [Line Items]
Revenue	6,905	5,985
Defense Electronics \| Canada
Disaggregation of Revenue [Line Items]
Revenue	1,829	2,574
Defense Electronics \| Australia
Disaggregation of Revenue [Line Items]
Revenue	319	606
Defense Electronics \| All other countries
Disaggregation of Revenue [Line Items]
Revenue	11,337	10,673
Defense Electronics \| U.S. Government
Disaggregation of Revenue [Line Items]
Revenue	47,324	42,701
Defense Electronics \| International
Disaggregation of Revenue [Line Items]
Revenue	16,895	18,533
Defense Electronics \| Commercial
Disaggregation of Revenue [Line Items]
Revenue	$ 3,549	$ 4,747

BUSINESS SEGMENTS - Segment EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 74,640	$ 55,160
Depreciation and amortization	(15,266)	(15,825)
Income before taxes	39,169	16,951
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	86,667	67,102
Depreciation and amortization	(15,216)	(15,675)
Operating Segments \| Consumer and Professional Products
Segment Reporting Information [Line Items]
Adjusted EBITDA	32,713	21,926
Depreciation and amortization	(8,199)	(8,231)
Operating Segments \| Home and Building Products
Segment Reporting Information [Line Items]
Adjusted EBITDA	48,369	40,701
Depreciation and amortization	(4,341)	(4,800)
Operating Segments \| Defense Electronics
Segment Reporting Information [Line Items]
Adjusted EBITDA	5,585	4,475
Depreciation and amortization	(2,676)	(2,644)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated Expenses	(12,027)	(11,942)
Net interest expense	(15,645)	(15,950)
Depreciation and amortization	(15,266)	(15,825)
Restructuring charges	(10,800)	(6,434)
Gain on sale of SEG business	$ 6,240	$ 0

BUSINESS SEGMENTS - Depreciation, Amortization and Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	$ 15,266	$ 15,825
CAPITAL EXPENDITURES	11,926	13,172
Operating Segments
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	15,216	15,675
CAPITAL EXPENDITURES	11,926	12,960
Corporate
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	50	150
CAPITAL EXPENDITURES	0	212
Consumer and Professional Products \| Operating Segments
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	8,199	8,231
CAPITAL EXPENDITURES	6,907	3,732
Home and Building Products \| Operating Segments
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	4,341	4,800
CAPITAL EXPENDITURES	2,115	7,939
Defense Electronics \| Operating Segments
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	2,676	2,644
CAPITAL EXPENDITURES	$ 2,904	$ 1,289

BUSINESS SEGMENTS - Summary of Segment Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Segment Reporting Information [Line Items]
Continuing assets	$ 2,477,455	$ 2,439,942
Assets of discontinued operations	6,988	8,497
Total Assets	2,484,443	2,448,439
Operating Segments
Segment Reporting Information [Line Items]
Continuing assets	2,204,502	2,191,040
Operating Segments \| Consumer and Professional Products
Segment Reporting Information [Line Items]
Continuing assets	1,309,603	1,255,127
Operating Segments \| Home and Building Products
Segment Reporting Information [Line Items]
Continuing assets	600,323	606,785
Operating Segments \| Defense Electronics
Segment Reporting Information [Line Items]
Continuing assets	294,576	329,128
Corporate
Segment Reporting Information [Line Items]
Continuing assets	$ 272,953	$ 248,902

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Interest cost	$ 744	$ 1,151
Expected return on plan assets	(2,544)	(2,586)
Amortization:
Prior service cost	0	4
Recognized actuarial loss	1,573	1,042
Net periodic expense (income)	$ (227)	$ (389)

DISCONTINUED OPERATIONS - Balance Sheets Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Assets of discontinued operations:
Prepaid and other current assets	$ 1,591	$ 2,091
Other long-term assets	5,397	6,406
Total assets of discontinued operations	6,988	8,497
Liabilities of discontinued operations:
Accrued liabilities, current	4,842	3,797
Other long-term liabilities	5,504	7,014
Total liabilities of discontinued operations	$ 10,346	$ 10,811

RESTRUCTURING CHARGES - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended
RESTRUCTURING CHARGES - Narrative (Details) $ in Thousands	Nov. 12, 2020 USD ($)	Nov. 30, 2020 USD ($) position	Dec. 31, 2020 USD ($) position	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 10,800		$ 6,434
Non-cash charges			5,794
Next-generation Business Platform \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Inventory write down					1,740
Restructuring charges			3,079		6,434
Restructuring costs			2,886		2,274
Non-cash charges			$ 193		4,160
Impairment charge, leasehold improvements					671
Impairment charge, manufacturing assets					1,749
Reduction of headcount \| position			61
Voluntary Employee Retirement Plan \| Defense Electronics
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost		$ 4,240
Restructuring charges			$ 2,120	$ 2,120
Reduction of headcount \| position		90
Exit Of Older Weather Radar Product Lines
Restructuring Cost and Reserve [Line Items]
Business exit costs			5,601
Minimum \| Next-generation Business Platform \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Annual cash savings	$ 30,000
Reduction in inventory	30,000
Maximum \| Next-generation Business Platform \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Annual cash savings	35,000
Reduction in inventory	35,000
One-time charges \| Next-generation Business Platform \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	65,000
Capital investments \| Next-generation Business Platform \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	65,000
Cash charges \| Next-generation Business Platform \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	46,000
Personnel related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges			2,482		2,134
Non-cash charges			0
Personnel related costs \| Next-generation Business Platform \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	26,000
Restructuring costs			362		2,134
Facilities, exit costs and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges			2,524		140
Non-cash charges			0
Facilities, exit costs and other \| Next-generation Business Platform \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	20,000
Restructuring costs			$ 2,524		$ 140
Asset write-downs \| Next-generation Business Platform \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	$ 19,000

RESTRUCTURING CHARGES - Summary of the Restructuring and Other Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 10,800	$ 6,434
Personnel related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,482	2,134
Facilities, exit costs and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,524	140
Non-cash facility and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,794	4,160
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6,425	2,723
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,375	$ 3,711

RESTRUCTURING CHARGES - Summary of Accrued Liability for the Restructuring and Related Charges (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2020 USD ($)
Restructuring Reserve [Roll Forward]
Accrued liability beginning balance	$ 2,965
Restructuring charges	10,800
Cash payments	(4,132)
Non-cash charges	(5,794)
Accrued liability ending balance	3,839
Personnel related costs
Restructuring Reserve [Roll Forward]
Accrued liability beginning balance	2,701
Restructuring charges	2,482
Cash payments	(1,598)
Non-cash charges	0
Accrued liability ending balance	3,585
Facilities, exit costs and other
Restructuring Reserve [Roll Forward]
Accrued liability beginning balance	264
Restructuring charges	2,524
Cash payments	(2,534)
Non-cash charges	0
Accrued liability ending balance	254
Facility and Other Costs
Restructuring Reserve [Roll Forward]
Accrued liability beginning balance	0
Restructuring charges	5,794
Cash payments	0
Non-cash charges	(5,794)
Accrued liability ending balance	$ 0

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	3 Months Ended
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Other income (expense)	$ (41)	$ 778
Foreign currency transaction gain (loss), before tax	(699)	(376)
Net periodic benefit income	227	389
Investment income, net	$ 330	81
Technology recognition award		$ 700

WARRANTY LIABILITY - Narrative (Details)	3 Months Ended
WARRANTY LIABILITY - Narrative (Details)	Dec. 31, 2020
DE \| Minimum
Product Warranty Liability [Line Items]
Product warranty period	1 year
DE \| Maximum
Product Warranty Liability [Line Items]
Product warranty period	2 years
HBP \| Minimum
Product Warranty Liability [Line Items]
Product warranty period	1 year
HBP \| Maximum
Product Warranty Liability [Line Items]
Product warranty period	10 years
CPP
Product Warranty Liability [Line Items]
Product warranty period	90 days

WARRANTY LIABILITY - Changes in Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance, beginning of period	$ 10,843	$ 7,894
Warranties issued and changes in estimated pre-existing warranties	4,739	3,365
Actual warranty costs incurred	(4,748)	(3,915)
Balance, end of period	$ 10,834	$ 7,344

OTHER COMPREHENSIVE INCOME (LOSS) - Summary of OCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), pre-tax	$ 13,290	$ 6,887
Total other comprehensive income (loss), tax	(149)	(46)
Total other comprehensive income (loss), net of taxes	13,141	6,841
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), pre-tax	12,123	6,470
Total other comprehensive income (loss), tax	0	0
Total other comprehensive income (loss), net of taxes	12,123	6,470
Pension and other defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), pre-tax	2,150	847
Total other comprehensive income (loss), tax	(444)	(175)
Total other comprehensive income (loss), net of taxes	1,706	672
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), pre-tax	(983)	(430)
Total other comprehensive income (loss), tax	295	129
Total other comprehensive income (loss), net of taxes	$ (688)	$ (301)

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120385591&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120385591&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32672-109319

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121641772&loc=d3e640-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

OTHER COMPREHENSIVE INCOME (LOSS) - AOCI (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Class of Stock [Line Items]
Accumulated other comprehensive income (loss)	$ 740,047	$ 700,151	$ 494,693	$ 477,763
Foreign currency translation adjustments
Class of Stock [Line Items]
Accumulated other comprehensive income (loss)	(13,560)	(25,683)
Pension and other defined benefit plans
Class of Stock [Line Items]
Accumulated other comprehensive income (loss)	(44,892)	(46,598)
Cash flow hedges
Class of Stock [Line Items]
Accumulated other comprehensive income (loss)	(499)	189
Accumulated other comprehensive income (loss), attributable to parent
Class of Stock [Line Items]
Accumulated other comprehensive income (loss)	$ (58,951)	$ (72,092)	$ (59,075)	$ (65,916)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

OTHER COMPREHENSIVE INCOME (LOSS) - Amounts Reclassified from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total gain (loss)	$ 39,169	$ 16,951
Tax benefit (expense)	(9,669)	(6,339)
Net income	29,500	10,612
Pension and other defined benefit plans \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total gain (loss)	(1,573)	(1,046)
Cash flow hedges \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total gain (loss)	(658)	(56)
Accumulated other comprehensive income (loss), attributable to parent \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total gain (loss)	(2,231)	(1,102)
Tax benefit (expense)	469	231
Net income	$ (1,762)	$ (871)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

LEASES - Narrative (Details) $ in Thousands	3 Months Ended
LEASES - Narrative (Details) $ in Thousands	Dec. 31, 2020 USD ($) option	Sep. 30, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Long-term debt \| $	$ 1,048,571	$ 1,046,964
Finance Lease Obligation
Lessee, Lease, Description [Line Items]
Long-term debt \| $	$ 16,553	$ 17,188
Troy, Ohio
Lessee, Lease, Description [Line Items]
Percentage bearing fixed interest, percentage rate	5.00%
Troy, Ohio \| Finance Lease Obligation
Lessee, Lease, Description [Line Items]
Percentage bearing fixed interest, percentage rate	5.00%
Ocala, Florida
Lessee, Lease, Description [Line Items]
Percentage bearing fixed interest, percentage rate	5.60%
Number of option to extend \| option	2
Lease renewal term	5 years
Ocala, Florida \| Finance Lease Obligation
Lessee, Lease, Description [Line Items]
Percentage bearing fixed interest, percentage rate	5.60%
Number of option to extend \| option	2

LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lease Cost
Fixed	$ 10,040	$ 9,552
Variable	2,047	1,753
Short-term	1,114	1,430
Total	$ 13,201	$ 12,735

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 11,205	$ 12,277
Financing cash flows from finance leases	803	962
Total	$ 12,008	$ 13,239

LEASES - Summary of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Operating Leases:
Operating right-of-use assets	$ 157,860	$ 161,627
Lease Liabilities:
Current portion of operating lease liabilities	31,304	31,848
Long-term operating lease liabilities	132,634	136,054
Total operating lease liabilities	163,938	167,902
Finance Leases:
Property, plant and equipment, net	$ 17,975	18,774
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Lease Liabilities:
Lease liabilities, notes payable and current portion of long-term debt	$ 3,146	3,352
Lease liabilities, long-term debt, net	14,885	15,339
Total financing lease liabilities	$ 18,031	$ 18,691
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtNoncurrent
Accumulated depreciation	$ 3,319

LEASES - Summary of Future Maturities of Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020
Operating Leases
2021	$ 28,990
2021	34,154
2022	25,804
2023	18,956
2024	17,138
2025	11,739
Thereafter	63,844
Total lease payments	200,625
Less: Imputed Interest	(36,687)
Present value of lease liabilities	163,938	$ 167,902
Finance Leases
2021	3,317
2021	2,732
2022	2,395
2023	2,122
2024	2,074
2025	2,074
Thereafter	7,777
Total lease payments	22,491
Less: Imputed Interest	(4,460)
Present value of lease liabilities	$ 18,031	$ 18,691

LEASES - Weighted Average Lease Terms and Discount Rates (Details)	Dec. 31, 2020
Weighted-average remaining lease term (years)
Operating leases	8 years 2 months 12 days
Finance Leases	8 years 4 months 24 days
Weighted-average discount rate
Operating Leases	4.46%
Finance Leases	5.52%

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Apr. 30, 2009 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Net capital cost value in proposed remedial action plan	$ 10,000