0000050725-24-000096 | 10-Q | XBRL Viewer

PROPERTY, PLANT AND EQUIPMENT (Tables)

9 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	At June 30, 2024		At September 30, 2023
Land, building and building improvements	$	144,934	$	169,923
Machinery and equipment	466,163		447,972
Leasehold improvements	35,413		33,740
	646,510		651,635
Accumulated depreciation	(371,530)		(372,417)
Total	$	274,980	$	279,218

EARNINGS PER SHARE (EPS)

9 Months Ended

Jun. 30, 2024

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 June 30,		Nine Months Ended June 30,
	2024	2023	2024	2023
Common shares outstanding	49,354	54,663	49,354	54,663
Unallocated ESOP shares	(107)	(565)	(107)	(565)
Non-vested restricted stock	(2,337)	(3,113)	(2,337)	(3,113)
Impact of weighted average shares	124	1,319	1,011	1,655
Weighted average shares outstanding - basic	47,034	52,304	47,921	52,640
Incremental shares from stock-based compensation	1,817	2,298	2,164	2,447
Weighted average shares outstanding - diluted	48,851	54,602	50,085	55,087

Shares of the ESOP that have been allocated to employee accounts are treated as outstanding in determining earnings per share.

LEASES (Tables)

9 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of 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 June 30,				For the Nine Months Ended June 30,
	2024		2023		2024		2023
Fixed	$	11,555	$	11,512	$	34,992	$	34,179
Variable (a), (b)	2,472		2,067		7,382		8,085
Short-term (b)	808		2,201		3,470		6,249
Total	$	14,835	$	15,780	$	45,844	$	48,513

________________

(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 Nine Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	34,361	$	30,163
Financing cash flows from finance leases	239		1,673
Total	$	34,600	$	31,836

Average lease terms and discount rates at June 30, 2024 were as follows:


Weighted-average remaining lease term (years):
Operating leases	7.4
Finance Leases	3.0

Weighted-average discount rate:
Operating Leases	6.14	%
Finance Leases	6.11	%

Schedule of Supplemental Condensed Consolidated Balance Sheet Information

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


	June 30, 2024		September 30, 2023
Operating Leases:
Right of use assets:
Operating right-of-use assets	$	159,865	$	169,942

Lease Liabilities:
Current portion of operating lease liabilities	$	32,572	$	32,632
Long-term operating lease liabilities	138,665		147,224
Total operating lease liabilities	$	171,237	$	179,856

Finance Leases:
Property, plant and equipment, net(1)	$	663	$	994

Lease Liabilities:
Notes payable and current portion of long-term debt	$	138	$	280
Long-term debt, net	96		184
Total financing lease liabilities	$	234	$	464

(1) Finance lease assets are recorded net of accumulated depreciation of $1,466 and $6,769 as of June 30, 2024 and September 30, 2023, respectively.

Schedule of Aggregate Future Maturities of Lease Payments for Operating Leases

The aggregate future maturities of lease payments for operating leases and finance leases as of June 30, 2024 are as follows (in thousands):


	Operating Leases		Finance Leases
2024(a)	$	11,001	$	51
2025	40,196		124
2026	31,067		66
2027	26,275		5
2028	20,969		—
2029	16,353		—
Thereafter	69,103		—
Total lease payments	$	214,964	$	246
Less: Imputed Interest	(43,727)		(12)
Present value of lease liabilities	$	171,237	$	234

(a) Excluding the nine months ended June 30, 2024.

Schedule of Aggregate Future Maturities of Lease Payments for Finance Leases

The aggregate future maturities of lease payments for operating leases and finance leases as of June 30, 2024 are as follows (in thousands):


	Operating Leases		Finance Leases
2024(a)	$	11,001	$	51
2025	40,196		124
2026	31,067		66
2027	26,275		5
2028	20,969		—
2029	16,353		—
Thereafter	69,103		—
Total lease payments	$	214,964	$	246
Less: Imputed Interest	(43,727)		(12)
Present value of lease liabilities	$	171,237	$	234

(a) Excluding the nine months ended June 30, 2024.

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2024
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. On June 30, 2024, the fair values of Griffon’s 2028 Senior Notes and Term Loan B facility approximated $940,658 and $459,000, respectively. Fair values were based upon quoted market prices (level 1 inputs). Insurance contracts with values of $4,794 at June 30, 2024 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 and $634 is included in other assets on the Condensed Consolidated Balance Sheets. Items Measured at Fair Value on a Recurring Basis In the normal course of business, Griffon’s operations are exposed to the effects of changes in foreign currency exchange rates related to inventory purchases. To manage these risks, Griffon may enter into various derivative contracts such as foreign currency exchange contracts, including forwards and options. As of June 30, 2024, Griffon entered into several such contracts in order to lock into a foreign currency rate for planned settlements of trade liabilities payable in U.S. Dollars. At June 30, 2024, Griffon had $18,500 of Australian Dollar contracts at a weighted average rate of $1.47 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 gains of $424 ($297, net of tax) at June 30, 2024. Upon settlement, gains of $501 and $811 were recorded in COGS during the three months and nine months ended June 30, 2024. All contracts expire in 30 to 90 days. At June 30, 2024, Griffon had $30,000 of Chinese Yuan contracts at a weighted average rate of $7.10 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 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 COGS. AOCI included deferred losses of $625 ($457, net of tax) at June 30, 2024. Upon settlement, losses of $571 and $1,771 were recorded in COGS during the three months and nine months ended June 30, 2024. All contracts expire in 3 to 274 days. At June 30, 2024, Griffon had $9,595 of Canadian Dollar contracts at a weighted average rate of $1.36. The contracts, which protect Canadian operations from currency fluctuations for U.S. Dollar based purchases, do not qualify for hedge accounting. For the three and nine months ended June 30, 2024, fair value gains (losses) of $31 and $(34), respectively, were recorded to Other liabilities and to Other income for the outstanding contracts, based on similar contract values (level 2 inputs). Realized gains of $53 and $79 were recorded in Other income during the three months and nine months ended June 30, 2024 for all settled contracts. All contracts expire in 30 to 449 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.

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+ Details

OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of OCI (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	$ (1,478)			$ (664)			$ 5,016	$ 14,997
Total other comprehensive income (loss), Tax	256			979			(659)	150
Total other comprehensive income (loss), Net of taxes	(1,222)	$ (4,896)	$ 10,475	315	$ 2,613	$ 12,219	4,357	15,147
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(827)			2,309			2,212	14,580
Total other comprehensive income (loss), Tax	0			0			0	0
Total other comprehensive income (loss), Net of taxes	(827)			2,309			2,212	14,580
Pension and other defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	673			943			2,018	2,972
Total other comprehensive income (loss), Tax	(141)			(196)			(423)	(617)
Total other comprehensive income (loss), Net of taxes	532			747			1,595	2,355
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(1,324)			(3,916)			786	(2,555)
Total other comprehensive income (loss), Tax	397			1,175			(236)	767
Total other comprehensive income (loss), Net of taxes	$ (927)			$ (2,741)			$ 550	$ (1,788)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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).

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- Definition

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

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+ Details

RESTRUCTURING CHARGES - Schedule of the Restructuring and Other Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 18,688	$ 3,862	$ 33,489	$ 82,196
Personnel related costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	709	2,234	3,038	10,284
Facilities, exit costs and other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	3,482	1,628	7,472	12,794
Non-cash facility and other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	14,497	0	22,979	59,118
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	15,744	1,777	28,724	76,422
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 2,944	$ 2,085	$ 4,765	$ 5,774

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVENTORIES (Tables)

9 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

The following table details the components of inventory:


	At June 30, 2024		At September 30, 2023
Raw materials and supplies	$	91,620	$	127,342
Work in process	14,876		12,070
Finished goods	324,212		367,718
Total	$	430,708	$	507,130

ACQUISITIONS (Details) - Jul. 01, 2024 $ in Thousands, $ in Thousands	USD ($)	AUD ($)
AMES Companies, Inc. \| Subsequent Event
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 14,600	$ 22,000

OTHER INCOME (EXPENSE)	9 Months Ended
OTHER INCOME (EXPENSE)	Jun. 30, 2024
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE)	OTHER INCOME (EXPENSE) For the quarters ended June 30, 2024 and 2023, Other income (expense) of $350 and $1,475, respectively, includes ($120) and $590, respectively, of net currency exchange gains (losses) in connection with the translation of receivables and payables denominated in currencies other than the functional currencies of Griffon and its subsidiaries, net periodic benefit plan expense of $34 and $217, respectively, and net investment income of $10 and $336, respectively. Other income (expense) also includes royalty income of $549 and $438 for the three months ended June 30, 2024 and 2023, respectively. For the nine months ended June 30, 2024 and 2023, Other income (expense) of $1,608 and $2,375, respectively, includes $72 and $492, respectively, of net currency exchange gains 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 expense of $103 and $650, respectively, as well as $95 and $444, respectively, of net investment income. Other income (expense) also includes royalty income of $1,649 and $1,463 for the nine months ended June 30, 2024 and 2023, respectively.

WARRANTY LIABILITY

9 Months Ended

Jun. 30, 2024

Product Warranties Disclosures [Abstract]

WARRANTY LIABILITY

HBP and CPP offer warranties against product defects for periods generally ranging from one to ten years, with limited lifetime warranties on certain door and fan models. Typical warranties require HBP and CPP 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. Warranty costs expected to be incurred in the next 12 months are classified in accrued liabilities. Warranty costs expected to be incurred beyond one year are classified in other long-term liabilities. The short-term warranty liability was $14,414 as of June 30, 2024 and $20,781 as of September 30, 2023. The long-term warranty liability was $1,239 at both June 30, 2024 and September 30, 2023.

Changes in Griffon’s warranty liability for the three and nine months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Balance, beginning of period	$	14,903	$	21,341	$	20,781	$	18,026
Warranties issued and changes in estimated pre-existing warranties	7,716		4,999		17,760		16,079
Actual warranty costs incurred	(6,966)		(3,402)		(22,888)		(11,167)

Balance, end of period	$	15,653	$	22,938	$	15,653	$	22,938

SHAREHOLDERS' EQUITY AND EQUITY COMPENSATION (Tables)

9 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of 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 June 30,				For the Nine Months Ended June 30,
	2024		2023		2024		2023
Restricted stock	$	4,699	$	5,106	$	13,576	$	15,940
ESOP (1)	2,353		10,146		6,150		12,647
Total stock-based compensation	$	7,052	$	15,252	$	19,726	$	28,587

________________________

(1) During both the quarter and nine months ended June 30, 2023, special dividend ESOP charges included in compensation expense were $9,042.

LEASES - Narrative (Details) - Ocala, Florida - Finance Lease Obligation $ in Thousands	Sep. 28, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Payment to acquire leased property	$ 23,207
Lessee, finance Lease, discount rate	5.60%

RESTRUCTURING CHARGES (Tables)

9 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of the Restructuring and Other Related Charges

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


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2024		2023			2024		2023
Cost of goods and services	$	15,744	$	1,777		$	28,724	$	76,422
Selling, general and administrative expenses	2,944		2,085			4,765		5,774
Total restructuring charges	$	18,688	$	3,862		$	33,489	$	82,196


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2024		2023		2024		2023
Personnel related costs	$	709	$	2,234	$	3,038	$	10,284
Facilities, exit costs and other	3,482		1,628		7,472		12,794

Non-cash facility and other	14,497		—		22,979		59,118
Total	$	18,688	$	3,862	$	33,489	$	82,196

Schedule of Accrued Liability for the Restructuring and Related Charges

The following tables summarizes the accrued liabilities of the Company's restructuring actions for the nine months ended June 30, 2024 and 2023:


	Cash Charges				Non-Cash
	Personnel related costs		Facilities & Exit Costs		Facility and Other Costs(1)		Total
Accrued liability at September 30, 2023	$	14,107	$	5,551	$	—	$	19,658
Q1 Restructuring charges	1,847		2,071		8,482		12,400
Q1 Cash payments	(7,215)		(3,362)		—		(10,577)
Q1 Non-cash charges	—		—		(8,482)		(8,482)
Accrued liability at December 31, 2023	$	8,739	$	4,260	$	—	$	12,999
Q2 Restructuring charges	482		1,919		—		2,401
Q2 Cash payments	(608)		(1,919)		—		(2,527)

Accrued liability at March 31, 2024	$	8,613	$	4,260	$	—	$	12,873
Q3 Restructuring charges	709		3,482		14,497		18,688
Q3 Cash payments	(2,671)		(4,345)		—		(7,016)
Q3 Non-cash charges	—		—		(14,497)		(14,497)
Accrued liability at June 30, 2024	$	6,651	$	3,397	$	—	$	10,048

___________________

(1) Non-cash charges in Facility and Other Costs represent non-cash impairment charges to adjust inventory to net realizable value.


	Cash Charges				Non-Cash
	Personnel related costs		Facilities & Exit Costs		Facility and Other Costs (2)		Total
Accrued liability at September 30, 2022	$	386	$	264	$	—	$	650

Q1 Cash payments	(74)		(93)		—		(167)

Accrued liability at December 31, 2022	$	312	$	171	$	—	$	483
Q2 Restructuring charges	8,050		11,166		59,118		78,334
Q2 Cash payments	(244)		(1,883)		—		(2,127)
Q2 Non-cash charges	—		—		(59,118)		(59,118)
Accrued liability at March 31, 2023	$	8,118	$	9,454	$	—	$	17,572
Q3 Restructuring charges	2,234		1,628		—		3,862
Q3 Cash payments	(579)		(4,245)		—		(4,824)

Accrued liability at June 30, 2023	$	9,773	$	6,837	$	—	$	16,610

______________________

(2) Non-cash charges in Facility and Other Costs represent the non-cash impairment charges related to certain fixed assets at several manufacturing sites and to adjust inventory to net realizable value.

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Jun. 30, 2024
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 conducts its operations through two reportable segments: •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 Cornell and Cookson brands. •Consumer and Professional Products (“CPP”) is a leading global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid. 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 fiscal year ended September 30, 2023, 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 businesses 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, 2023 was derived from the audited financial statements included in Griffon’s Annual Report on Form 10-K for the year ended September 30, 2023. The condensed consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in prior years may have been reclassified to conform to the current year presentation. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates may be adjusted due to changes in economic, industry or customer financial conditions, as well as changes in technology or demand. Significant estimates include expected loss allowances for credit losses and returns, net realizable value of inventories, restructuring reserves, valuation of goodwill and intangible assets, 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, assumptions 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 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.

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the quarter ended June 30, 2024, the following trading plans were adopted by the executive officers listed below. Each such plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), as amended.


Executive	Date of Adoption of Plan	Aggregate Number of Shares of Common Stock to be sold pursuant to Trading Arrangement	Period of Plan

Ronald J. Kramer, Chief Executive Officer and Chairman of the Board	May 20, 2024	400,000	August 19, 2024 – February 19, 2025

Robert F. Mehmel, President and Chief Operating Officer	June 5, 2024	100,000	September 9, 2024 – February 28, 2025

Brian G. Harris, Senior Vice President and Chief Financial Officer	June 5, 2024	37,924	September 4, 2024 – February 28, 2025

Seth L. Kaplan, Senior Vice President, General Counsel and Secretary	June 5, 2024	47,940	September 9, 2024 – February 28, 2025

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Ronald K. Kramer [Member]

Trading Arrangements, by Individual

Name

Ronald J. Kramer

Title

Chief Executive Officer and Chairman of the Board

Rule 10b5-1 Arrangement Adopted

true

May 20, 2024

February 19, 2025

184 days

400,000

Robert F. Mehmel [Member]

Trading Arrangements, by Individual

Name

Robert F. Mehmel

Title

President and Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

June 5, 2024

February 28, 2025

172 days

100,000

Brian G. Harris [Member]

Trading Arrangements, by Individual

Name

Brian G. Harris

Title

Senior Vice President and Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

June 5, 2024

February 28, 2025

177 days

37,924

Seth L. Kaplan [Member]

Trading Arrangements, by Individual

Name

Seth L. Kaplan

Title

Senior Vice President, General Counsel and Secretary

Rule 10b5-1 Arrangement Adopted

true

June 5, 2024

February 28, 2025

172 days

47,940

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

BUSINESS SEGMENTS (Tables)

9 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Reportable Segments from Continuing Operations

Information on Griffon’s reportable segments is as follows:


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
REVENUE	2024		2023		2024		2023
Home and Building Products	$	394,214	$	401,142	$	1,182,067	$	1,194,374
Consumer and Professional Products	253,600		282,288		781,780		849,424
Total revenue	$	647,814	$	683,430	$	1,963,847	$	2,043,798

The following table provides a reconciliation of segment and adjusted EBITDA to income before taxes:


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2024		2023		2024		2023
Segment adjusted EBITDA:
Home and Building Products	$	118,516	$	134,330	$	372,159	$	390,346
Consumer and Professional Products	22,263		18,265		47,923		36,091



Segment adjusted EBITDA	140,779		152,595		420,082		426,437
Unallocated amounts, excluding depreciation *	(15,285)		(13,982)		(44,006)		(42,388)
Adjusted EBITDA	125,494		138,613		376,076		384,049
Net interest expense	(26,255)		(25,207)		(76,642)		(74,394)
Depreciation and amortization	(15,247)		(15,669)		(45,150)		(50,036)

Loss from debt extinguishment	(1,700)		—		(1,700)		—
Restructuring charges	(18,688)		(3,862)		(33,489)		(82,196)
Gain (loss) on sale of buildings	(725)		—		(167)		10,852
Strategic review - retention and other	(1,870)		(5,812)		(9,204)		(20,234)
Proxy expenses	—		(568)		—		(2,685)

Intangible asset impairment	—		—		—		(100,000)
Special dividend ESOP charges	—		(9,042)		—		(9,042)

Income before taxes	$	61,009	$	78,453	$	209,724	$	56,314

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


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
DEPRECIATION and AMORTIZATION	2024		2023		2024		2023
Segment:
Home and Building Products	$	3,883	$	3,868	$	11,288	$	11,525
Consumer and Professional Products	11,225		11,661		33,453		38,091



Total segment depreciation and amortization	15,108		15,529		44,741		49,616
Corporate	139		140		409		420
Total consolidated depreciation and amortization	$	15,247	$	15,669	$	45,150	$	50,036

	For the Three Months Ended June 30,				For the For the Nine Months Ended June 30,
	2024		2023		2024		2023

CAPITAL EXPENDITURES
Segment:
Home and Building Products	$	8,533	$	4,620	$	31,566	$	10,293
Consumer and Professional Products	5,944		3,726		16,061		9,858



Total segment	14,477		8,346		47,627		20,151
Corporate	83		—		222		32
Total consolidated capital expenditures	$	14,560	$	8,346	$	47,849	$	20,183


ASSETS	At June 30, 2024		At September 30, 2023
Segment assets:
Home and Building Products	$	728,213	$	703,661
Consumer and Professional Products(1)	1,489,435		1,579,588

Total segment assets	2,217,648		2,283,249
Corporate	155,132		130,339
Total assets	2,372,780		2,413,588

Discontinued operations	6,084		5,291
Consolidated total	$	2,378,864	$	2,418,879

___________________

(1) In connection with the expansion of CPP's global sourcing strategy, certain owned manufacturing locations which ceased operations have met the criteria to be classified as held for sale as of June 30, 2024. The net book value of these properties as of June 30, 2024 totaled $14,747.

Schedule of Disaggregation of Revenue by End Market and Segment

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


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Residential repair and remodel	$	190,874	$	186,554	$	565,944	$	562,433
Commercial	170,236		179,054		517,969		524,811
Residential new construction	33,104		35,534		98,154		107,130
Total Home and Building Products	394,214		401,142		1,182,067		1,194,374
Residential repair and remodel	92,312		107,276		265,420		292,385
Retail	49,978		63,560		192,767		229,960
Residential new construction	14,998		12,600		42,679		36,785
Industrial	19,534		22,204		50,683		58,380
International excluding North America	76,778		76,648		230,231		231,914
Total Consumer and Professional Products	253,600		282,288		781,780		849,424








Total Consolidated Revenue	$	647,814	$	683,430	$	1,963,847	$	2,043,798

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



	For the Three Months Ended June 30,
	2024						2023
	HBP		CPP		Total			HBP		CPP		Total
United States	$	376,616	$	162,516	$	539,132		$	382,295	$	195,132	$	577,427
Europe	3		19,342		19,345			—		19,792		19,792
Canada	14,741		12,998		27,739			16,576		12,955		29,531
Australia	—		52,706		52,706			—		49,548		49,548
All other countries	2,854		6,038		8,892			2,271		4,861		7,132
Consolidated revenue	$	394,214	$	253,600	$	647,814		$	401,142	$	282,288	$	683,430


	For the Nine Months Ended June 30,
	2024						2023
	HBP		CPP		Total			HBP		CPP		Total
United States	$	1,131,570	$	496,830	$	1,628,400		$	1,139,936	$	561,184	$	1,701,120
Europe	112		42,940		43,052			16		43,558		43,574
Canada	43,922		50,389		94,311			47,337		57,641		104,978
Australia	—		174,607		174,607			—		172,350		172,350
All other countries	6,463		17,014		23,477			7,085		14,691		21,776
Consolidated revenue	$	1,182,067	$	781,780	$	1,963,847		$	1,194,374	$	849,424	$	2,043,798

RESTRUCTURING CHARGES - Narrative (Details) $ in Thousands, ft² in Millions	3 Months Ended						9 Months Ended		20 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) ft² position wood_mill	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Assets held for sale	$ 14,747						$ 14,747			$ 0
Restructuring charges, pre-tax	18,688			$ 3,862			33,489	$ 82,196
Payments for restructuring	7,016	$ 2,527	$ 10,577	4,824	$ 2,127	$ 167
Non-cash charges	14,497		8,482		59,118
Personnel related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges, pre-tax	709			2,234			3,038	10,284
Payments for restructuring	2,671	608	7,215	579	244	74
Non-cash charges	0		0		0
Facilities & Exit Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges, pre-tax	3,482			1,628			7,472	12,794
Payments for restructuring	4,345	$ 1,919	3,362	4,245	1,883	$ 93
Non-cash charges	0		$ 0		$ 0
Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Restructuring charges, pre-tax				3,862				82,196
Global Sourcing Strategy Expansion \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Payments for restructuring	4,191			3,862			10,510	23,078
Non-cash charges	14,497						22,979	59,118
Impairment charge, manufacturing assets								22,018
Inventory write down								37,100
Global Sourcing Strategy Expansion \| Consumer and Professional Products \| Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, facility closing, area \| ft²									1.2
Restructuring and related cost, facility closing, percentage									15.00%
Reduction of headcount \| position									600
Affected number of wood mills \| wood_mill									4
Global Sourcing Strategy Expansion \| Consumer and Professional Products \| Forecast \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring charges, pre-tax									$ 130,000
Payments for restructuring									46,000
Non-cash charges									84,000
Global Sourcing Strategy Expansion \| Consumer and Professional Products \| Capital investments \| Forecast \| Maximum
Restructuring Cost and Reserve [Line Items]
Payments to acquire productive assets									$ 5,000
Global Sourcing Strategy Expansion \| Consumer and Professional Products \| Personnel related costs
Restructuring Cost and Reserve [Line Items]
Payments for restructuring	709			2,234			3,038	10,284
Global Sourcing Strategy Expansion \| Consumer and Professional Products \| Facilities & Exit Costs
Restructuring Cost and Reserve [Line Items]
Payments for restructuring	$ 3,482			$ 1,628			$ 7,472	$ 12,794

COMMITMENTS AND CONTINGENCIES (Details)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2024
Peekskill, NY
Loss Contingencies [Line Items]
Site contingency, ownership period	3 years
Memphis, TN
Loss Contingencies [Line Items]
Site contingency, ownership period	50 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Discontinued Operations \| Installation Services and Other Discontinued Activities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation, insurance claims, warranty and environmental reserves	$ 10,017	$ 11,798

Cover Page - shares	9 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		49,263,240
Current Fiscal Year End Date	--09-30
Amendment Flag	false
Entity Central Index Key	0000050725
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

BUSINESS SEGMENTS - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 647,814	$ 683,430	$ 1,963,847	$ 2,043,798
United States
Disaggregation of Revenue [Line Items]
Revenue	539,132	577,427	1,628,400	1,701,120
Europe
Disaggregation of Revenue [Line Items]
Revenue	19,345	19,792	43,052	43,574
Canada
Disaggregation of Revenue [Line Items]
Revenue	27,739	29,531	94,311	104,978
Australia
Disaggregation of Revenue [Line Items]
Revenue	52,706	49,548	174,607	172,350
All other countries
Disaggregation of Revenue [Line Items]
Revenue	8,892	7,132	23,477	21,776
Home and Building Products
Disaggregation of Revenue [Line Items]
Revenue	394,214	401,142	1,182,067	1,194,374
Home and Building Products \| United States
Disaggregation of Revenue [Line Items]
Revenue	376,616	382,295	1,131,570	1,139,936
Home and Building Products \| Europe
Disaggregation of Revenue [Line Items]
Revenue	3	0	112	16
Home and Building Products \| Canada
Disaggregation of Revenue [Line Items]
Revenue	14,741	16,576	43,922	47,337
Home and Building Products \| Australia
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Home and Building Products \| All other countries
Disaggregation of Revenue [Line Items]
Revenue	2,854	2,271	6,463	7,085
Home and Building Products \| Residential repair and remodel
Disaggregation of Revenue [Line Items]
Revenue	190,874	186,554	565,944	562,433
Home and Building Products \| Commercial
Disaggregation of Revenue [Line Items]
Revenue	170,236	179,054	517,969	524,811
Home and Building Products \| Residential new construction
Disaggregation of Revenue [Line Items]
Revenue	33,104	35,534	98,154	107,130
Consumer and Professional Products
Disaggregation of Revenue [Line Items]
Revenue	253,600	282,288	781,780	849,424
Consumer and Professional Products \| United States
Disaggregation of Revenue [Line Items]
Revenue	162,516	195,132	496,830	561,184
Consumer and Professional Products \| Europe
Disaggregation of Revenue [Line Items]
Revenue	19,342	19,792	42,940	43,558
Consumer and Professional Products \| Canada
Disaggregation of Revenue [Line Items]
Revenue	12,998	12,955	50,389	57,641
Consumer and Professional Products \| Australia
Disaggregation of Revenue [Line Items]
Revenue	52,706	49,548	174,607	172,350
Consumer and Professional Products \| All other countries
Disaggregation of Revenue [Line Items]
Revenue	6,038	4,861	17,014	14,691
Consumer and Professional Products \| Residential repair and remodel
Disaggregation of Revenue [Line Items]
Revenue	92,312	107,276	265,420	292,385
Consumer and Professional Products \| Residential new construction
Disaggregation of Revenue [Line Items]
Revenue	14,998	12,600	42,679	36,785
Consumer and Professional Products \| Retail
Disaggregation of Revenue [Line Items]
Revenue	49,978	63,560	192,767	229,960
Consumer and Professional Products \| Industrial
Disaggregation of Revenue [Line Items]
Revenue	19,534	22,204	50,683	58,380
Consumer and Professional Products \| International excluding North America
Disaggregation of Revenue [Line Items]
Revenue	$ 76,778	$ 76,648	$ 230,231	$ 231,914

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
Beginning balance (in shares) at Sep. 30, 2022		84,746
Balance at Sep. 30, 2022	$ 477,570	$ 21,187	$ 627,982	$ 344,060	$ (420,116)	$ (82,738)	$ (12,805)
Beginning balance (in shares) at Sep. 30, 2022					27,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	48,702			48,702
Dividend	(6,145)			(6,145)
Shares withheld on employee taxes on vested equity awards (in shares)					345
Shares withheld on employee taxes on vested equity awards	(12,734)				$ (12,734)
Amortization of deferred compensation	571						571
Equity awards granted, net (in shares)					(467)
Equity awards granted, net	0		(7,082)		$ 7,082
ESOP allocation of common stock including excise taxes	1,127		1,127
Stock-based compensation	5,538		5,538
Other comprehensive income, net of tax	12,219					12,219
Ending balance (in shares) at Dec. 31, 2022		84,746
Balance at Dec. 31, 2022	526,848	$ 21,187	627,565	386,617	$ (425,768)	(70,519)	(12,234)
Ending balance (in shares) at Dec. 31, 2022					27,560
Beginning balance (in shares) at Sep. 30, 2022		84,746
Balance at Sep. 30, 2022	477,570	$ 21,187	627,982	344,060	$ (420,116)	(82,738)	(12,805)
Beginning balance (in shares) at Sep. 30, 2022					27,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	35,652
Other comprehensive income, net of tax	15,147
Ending balance (in shares) at Jun. 30, 2023		84,746
Balance at Jun. 30, 2023	335,706	$ 21,187	652,166	246,392	$ (511,414)	(67,591)	(5,034)
Ending balance (in shares) at Jun. 30, 2023					30,083
Beginning balance (in shares) at Dec. 31, 2022		84,746
Balance at Dec. 31, 2022	526,848	$ 21,187	627,565	386,617	$ (425,768)	(70,519)	(12,234)
Beginning balance (in shares) at Dec. 31, 2022					27,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(62,255)			(62,255)
Dividend	(5,714)			(5,714)
Shares withheld on employee taxes on vested equity awards (in shares)					21
Shares withheld on employee taxes on vested equity awards	(254)				$ (254)
Amortization of deferred compensation	570						570
Equity awards granted, net (in shares)					(40)
Equity awards granted, net	0		(617)		$ 617
ESOP allocation of common stock including excise taxes	1,207		1,207
Stock-based compensation	5,296		5,296
Other comprehensive income, net of tax	2,613					2,613
Ending balance (in shares) at Mar. 31, 2023		84,746
Balance at Mar. 31, 2023	468,311	$ 21,187	633,451	318,648	$ (425,405)	(67,906)	(11,664)
Ending balance (in shares) at Mar. 31, 2023					27,541
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	49,205			49,205
Dividend	(121,461)			(121,461)
Amortization of deferred compensation	6,630						6,630
Common stock acquired including excise taxes (in shares)					2,542
Common stock acquired including excise taxes	(86,009)				$ (86,009)
ESOP allocation of common stock including excise taxes	13,609		13,609
Stock-based compensation	5,106		5,106
Other comprehensive income, net of tax	315					315
Ending balance (in shares) at Jun. 30, 2023		84,746
Balance at Jun. 30, 2023	335,706	$ 21,187	652,166	246,392	$ (511,414)	(67,591)	(5,034)
Ending balance (in shares) at Jun. 30, 2023					30,083
Beginning balance (in shares) at Sep. 30, 2023		84,746
Balance at Sep. 30, 2023	315,244	$ 21,187	662,680	281,516	$ (577,686)	(70,010)	(2,443)
Beginning balance (in shares) at Sep. 30, 2023					31,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	42,177			42,177
Dividend	(7,825)			(7,825)
Shares withheld on employee taxes on vested equity awards (in shares)					221
Shares withheld on employee taxes on vested equity awards	(11,604)				$ (11,604)
Amortization of deferred compensation	520						520
Common stock acquired including excise taxes (in shares)					1,634
Common stock acquired including excise taxes	(70,543)				$ (70,543)
Equity awards granted, net (in shares)					(180)
Equity awards granted, net	0		(3,383)		$ 3,383
ESOP allocation of common stock including excise taxes	1,550		1,550
Stock-based compensation	5,028		5,028
Other comprehensive income, net of tax	10,475					10,475
Ending balance (in shares) at Dec. 31, 2023		84,746
Balance at Dec. 31, 2023	285,022	$ 21,187	665,875	315,868	$ (656,450)	(59,535)	(1,923)
Ending balance (in shares) at Dec. 31, 2023					33,359
Beginning balance (in shares) at Sep. 30, 2023		84,746
Balance at Sep. 30, 2023	315,244	$ 21,187	662,680	281,516	$ (577,686)	(70,010)	(2,443)
Beginning balance (in shares) at Sep. 30, 2023					31,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	147,406
Other comprehensive income, net of tax	4,357
Ending balance (in shares) at Jun. 30, 2024		84,746
Balance at Jun. 30, 2024	223,510	$ 21,187	669,839	406,350	$ (807,429)	(65,653)	(784)
Ending balance (in shares) at Jun. 30, 2024					35,393
Beginning balance (in shares) at Dec. 31, 2023		84,746
Balance at Dec. 31, 2023	285,022	$ 21,187	665,875	315,868	$ (656,450)	(59,535)	(1,923)
Beginning balance (in shares) at Dec. 31, 2023					33,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	64,143			64,143
Dividend	(7,289)			(7,289)
Shares withheld on employee taxes on vested equity awards (in shares)					375
Shares withheld on employee taxes on vested equity awards	(22,722)				$ (22,722)
Amortization of deferred compensation	586						586
Common stock acquired including excise taxes (in shares)					1,803
Common stock acquired including excise taxes	(118,964)				$ (118,964)
Equity awards granted, net (in shares)					(428)
Equity awards granted, net	0		(9,492)		$ 9,492
ESOP allocation of common stock including excise taxes	2,484		2,484
Stock-based compensation	3,849		3,849
SEC filing fees	(27)		(27)
Other comprehensive income, net of tax	(4,896)					(4,896)
Ending balance (in shares) at Mar. 31, 2024		84,746
Balance at Mar. 31, 2024	202,186	$ 21,187	662,689	372,722	$ (788,644)	(64,431)	(1,337)
Ending balance (in shares) at Mar. 31, 2024					35,109
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	41,086			41,086
Dividend	(7,458)			(7,458)
Amortization of deferred compensation	553						553
Common stock acquired including excise taxes (in shares)					284
Common stock acquired including excise taxes	(19,294)				$ (19,294)
ESOP allocation of common stock including excise taxes	2,960		2,451		509
Stock-based compensation	4,699		4,699
Other comprehensive income, net of tax	(1,222)					(1,222)
Ending balance (in shares) at Jun. 30, 2024		84,746
Balance at Jun. 30, 2024	$ 223,510	$ 21,187	$ 669,839	$ 406,350	$ (807,429)	$ (65,653)	$ (784)
Ending balance (in shares) at Jun. 30, 2024					35,393

ACQUISITIONS	9 Months Ended
ACQUISITIONS	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS Griffon continually evaluates potential acquisitions that strategically fit within its portfolio or expand its portfolio into new product lines or adjacent markets. Operating results of business acquisitions are included in Griffon’s consolidated financial statements from the date of acquisition. On July 1, 2024, Griffon announced that its subsidiary, The AMES Companies, Inc., ("AMES") acquired substantially all of the assets of Pope, a leading Australian provider of residential watering products for approximately AUD 22,000 (approximately $14,600 USD). This is CPP's seventh acquisition in Australia since 2013, and further expands AMES’s product portfolio in the Australian market. Due to the limited time since the date of the acquisition, the purchase price allocation remains preliminary.

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Interest cost	$ 1,889	$ 1,826	$ 5,666	$ 5,477
Expected return on plan assets	(2,543)	(2,553)	(7,629)	(7,660)
Amortization:
Recognized actuarial loss	688	944	2,066	2,833
Net periodic expense	$ 34	$ 217	$ 103	$ 650

OTHER COMPREHENSIVE INCOME (LOSS) - AOCI (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Class of Stock [Line Items]
Total	$ 223,510	$ 202,186	$ 285,022	$ 315,244	$ 335,706	$ 468,311	$ 526,848	$ 477,570
Total
Class of Stock [Line Items]
Total	(65,653)	$ (64,431)	$ (59,535)	(70,010)	$ (67,591)	$ (67,906)	$ (70,519)	$ (82,738)
Foreign currency translation adjustments
Class of Stock [Line Items]
Total	(46,511)			(48,723)
Pension and other defined benefit plans
Class of Stock [Line Items]
Total	(19,070)			(20,665)
Cash flow hedges
Class of Stock [Line Items]
Total	$ (72)			$ (622)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

RESTRUCTURING CHARGES

9 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

In response to changing market conditions, Griffon announced in May 2023 that CPP is expanding its global sourcing strategy to include long handled tools, material handling, and wood storage and organization product lines for the U.S. market.

By transitioning these product lines to an asset-light structure, CPP’s operations will be better positioned to serve customers with a more flexible and cost-effective sourcing model that leverages supplier relationships around the world, while improving its competitive positioning in a post-pandemic marketplace.

The global sourcing strategy expansion is expected to be complete by the end of calendar 2024. By that time, CPP expects to have reduced its facility footprint by approximately 1.2 million square feet, or approximately 15% of CPP's square footage, and its headcount by approximately 600. Manufacturing Operations have ceased at all affected sites: Camp Hill and Harrisburg, PA; Fairfield, IA; Grantsville, MD; and four wood mills. The closed locations, which have a total net book value of $14,747, have met the held for sale criteria and have been classified as such on our Condensed Consolidated Balance Sheet as of June 30, 2024.

Implementation of this strategy over the duration of the project will result in charges approximating $130,000, which now includes approximately $46,000 of cash charges for employee retention and severance, operational transition, and facility and lease exit costs, and approximately $84,000 of non-cash charges primarily related to asset write-downs. Capital investment of approximately $5,000 will also be required. These costs exclude cash proceeds from the sale of real estate and equipment, which are expected to largely offset the cash charges, and also exclude inefficiencies due to duplicative labor costs and absorption impacts during transition.

In the quarter ended June 30, 2024, CPP incurred pre-tax restructuring and related exit costs approximating $18,688, comprised of cash charges totaling $4,191 and non-cash, asset-related charges of $14,497. The cash charges included $709 for one-time termination benefits and other personnel-related costs and $3,482 for facility exit costs. Non-cash charges related to $14,497 recorded to adjust inventory to net realizable value. In the nine months ended June 30, 2024, CPP incurred pre-tax restructuring and related exit costs approximating $33,489, comprised of cash charges totaling $10,510 and non-cash, asset-related charges totaling $22,979. The cash charges included $3,038 for one-time termination benefits and other personnel-related costs and $7,472 for facility exit costs. Non-cash charges related to $22,979 recorded to adjust inventory to net realizable value.

In the quarter and nine months ended June 30, 2023, CPP incurred pre-tax restructuring and related exit costs approximating $3,862 and $82,196, respectively. During the quarter ended June 30, 2023, cash charges totaled $3,862 which included $2,234 for one-time termination benefits and other personnel-related costs and $1,628 for facility exit costs. During the nine months ended June 30, 2023, cash charges totaled $23,078 and non-cash, asset-related charges totaled $59,118; the cash charges included $10,284 for one-time termination benefits and other personnel-related costs and $12,794 for facility exit costs. Non-cash charges included a $22,018 impairment charge related to certain fixed assets at several manufacturing locations and $37,100 to adjust inventory to net realizable value.

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


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2024		2023			2024		2023
Cost of goods and services	$	15,744	$	1,777		$	28,724	$	76,422
Selling, general and administrative expenses	2,944		2,085			4,765		5,774
Total restructuring charges	$	18,688	$	3,862		$	33,489	$	82,196


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2024		2023		2024		2023
Personnel related costs	$	709	$	2,234	$	3,038	$	10,284
Facilities, exit costs and other	3,482		1,628		7,472		12,794

Non-cash facility and other	14,497		—		22,979		59,118
Total	$	18,688	$	3,862	$	33,489	$	82,196

The following tables summarizes the accrued liabilities of the Company's restructuring actions for the nine months ended June 30, 2024 and 2023:


	Cash Charges				Non-Cash
	Personnel related costs		Facilities & Exit Costs		Facility and Other Costs(1)		Total
Accrued liability at September 30, 2023	$	14,107	$	5,551	$	—	$	19,658
Q1 Restructuring charges	1,847		2,071		8,482		12,400
Q1 Cash payments	(7,215)		(3,362)		—		(10,577)
Q1 Non-cash charges	—		—		(8,482)		(8,482)
Accrued liability at December 31, 2023	$	8,739	$	4,260	$	—	$	12,999
Q2 Restructuring charges	482		1,919		—		2,401
Q2 Cash payments	(608)		(1,919)		—		(2,527)

Accrued liability at March 31, 2024	$	8,613	$	4,260	$	—	$	12,873
Q3 Restructuring charges	709		3,482		14,497		18,688
Q3 Cash payments	(2,671)		(4,345)		—		(7,016)
Q3 Non-cash charges	—		—		(14,497)		(14,497)
Accrued liability at June 30, 2024	$	6,651	$	3,397	$	—	$	10,048

___________________

(1) Non-cash charges in Facility and Other Costs represent non-cash impairment charges to adjust inventory to net realizable value.


	Cash Charges				Non-Cash
	Personnel related costs		Facilities & Exit Costs		Facility and Other Costs (2)		Total
Accrued liability at September 30, 2022	$	386	$	264	$	—	$	650

Q1 Cash payments	(74)		(93)		—		(167)

Accrued liability at December 31, 2022	$	312	$	171	$	—	$	483
Q2 Restructuring charges	8,050		11,166		59,118		78,334
Q2 Cash payments	(244)		(1,883)		—		(2,127)
Q2 Non-cash charges	—		—		(59,118)		(59,118)
Accrued liability at March 31, 2023	$	8,118	$	9,454	$	—	$	17,572
Q3 Restructuring charges	2,234		1,628		—		3,862
Q3 Cash payments	(579)		(4,245)		—		(4,824)

Accrued liability at June 30, 2023	$	9,773	$	6,837	$	—	$	16,610

______________________

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net of tax	$ 41,086	$ 64,143	$ 42,177	$ 49,205	$ (62,255)	$ 48,702	$ 147,406	$ 35,652

- Definition

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

+ References

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+ Details

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Jun. 30, 2024

Other Comprehensive Income (Loss), Net of Tax, Alternative [Abstract]

Schedule of Comprehensive Income (Loss)

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


	For the Three Months Ended June 30,
	2024						2023

	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Foreign currency translation adjustments	$	(827)	$	—	$	(827)	$	2,309	$	—	$	2,309
Pension and other defined benefit plans	673		(141)		532		943		(196)		747
Cash flow hedges	(1,324)		397		(927)		(3,916)		1,175		(2,741)

Total other comprehensive income (loss)	$	(1,478)	$	256	$	(1,222)	$	(664)	$	979	$	315


	For the Nine Months Ended June 30,
	2024						2023
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Foreign currency translation adjustments	$	2,212	$	—	$	2,212	$	14,580	$	—	$	14,580
Pension and other defined benefit plans	2,018		(423)		1,595		2,972		(617)		2,355
Cash flow hedges	786		(236)		550		(2,555)		767		(1,788)

Total other comprehensive income (loss)	$	5,016	$	(659)	$	4,357	$	14,997	$	150	$	15,147

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


	At June 30, 2024		At September 30, 2023
Foreign currency translation adjustments	$	(46,511)	$	(48,723)
Pension and other defined benefit plans	(19,070)		(20,665)
Cash flow hedges	(72)		(622)

Total	$	(65,653)	$	(70,010)

Schedule 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 June 30,				For the Nine Months Ended June 30,
Gain (Loss)	2024		2023		2024		2023


Pension amortization	$	(688)	$	(944)	$	(2,066)	$	(2,833)
Cash flow hedges	(69)		641		(960)		1,654

Total gain (loss) before tax	$	(757)	$	(303)	$	(3,026)	$	(1,179)
Tax benefit	159		64		635		248
Net of tax	$	(598)	$	(239)	$	(2,391)	$	(931)

GOODWILL AND OTHER INTANGIBLES - Schedule of Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Goodwill	$ 327,864	$ 327,864
Home and Building Products
Goodwill [Line Items]
Goodwill	191,253	191,253
Consumer and Professional Products
Goodwill [Line Items]
Goodwill	$ 136,611	$ 136,611

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

CREDIT LOSSES (Tables)

9 Months Ended

Jun. 30, 2024

Credit Loss [Abstract]

Schedule of Accounts Receivable, Allowance for Credit Losses

The following table provides a roll-forward of the allowance for doubtful accounts, including provisions for expected credit losses that is deducted from gross accounts receivable to present the net amount expected to be collected:


	Nine months ended June 30,
	2024		2023
Beginning Balance, October 1	$	11,264	$	12,137

Provision for expected credit losses	874		2,732
Amounts written off charged against the allowance	(1,155)		(1,916)
Other, primarily foreign currency translation	26		(437)
Ending Balance, June 30	$	11,009	$	12,516

EARNINGS PER SHARE (EPS) (Tables)

9 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule 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 June 30,		Nine Months Ended June 30,
	2024	2023	2024	2023
Common shares outstanding	49,354	54,663	49,354	54,663
Unallocated ESOP shares	(107)	(565)	(107)	(565)
Non-vested restricted stock	(2,337)	(3,113)	(2,337)	(3,113)
Impact of weighted average shares	124	1,319	1,011	1,655
Weighted average shares outstanding - basic	47,034	52,304	47,921	52,640
Incremental shares from stock-based compensation	1,817	2,298	2,164	2,447
Weighted average shares outstanding - diluted	48,851	54,602	50,085	55,087

INVENTORIES - Schedule of Inventories Stated at Lower Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 91,620	$ 127,342
Work in process	14,876	12,070
Finished goods	324,212	367,718
Total	$ 430,708	$ 507,130

CREDIT LOSSES

9 Months Ended

Jun. 30, 2024

Credit Loss [Abstract]

CREDIT LOSSES

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, credit losses 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 credit losses 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 credit losses is recorded in SG&A expenses.

The Company also considers current and expected future economic and market conditions 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 the accounting guidance for credit losses on financial instruments, including trade receivables, in all material respects.


	Nine months ended June 30,
	2024		2023
Beginning Balance, October 1	$	11,264	$	12,137

Provision for expected credit losses	874		2,732
Amounts written off charged against the allowance	(1,155)		(1,916)
Other, primarily foreign currency translation	26		(437)
Ending Balance, June 30	$	11,009	$	12,516

LEASES - Schedule of Future Maturities of Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Operating Leases
2024	$ 11,001
2025	40,196
2026	31,067
2027	26,275
2028	20,969
2029	16,353
Thereafter	69,103
Total lease payments	214,964
Less: Imputed Interest	(43,727)
Present value of lease liabilities	171,237	$ 179,856
Finance Leases
2024	51
2025	124
2026	66
2027	5
2028	0
2029	0
Thereafter	0
Total lease payments	246
Less: Imputed Interest	(12)
Present value of lease liabilities	$ 234	$ 464

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 34,361	$ 30,163
Financing cash flows from finance leases	239	1,673
Total	$ 34,600	$ 31,836

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 41,086	$ 42,177	$ 49,205	$ 48,702	$ 147,406	$ 35,652
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization					45,150	50,036
Stock-based compensation	7,052		15,252		19,726	28,587
Intangible asset impairments	0		0		0	100,000
Asset impairment charges - restructuring					22,979	59,118
Provision for losses on accounts receivable					874	689
Amortization of debt discounts and issuance costs					3,169	3,068
Loss from debt extinguishment	1,700		0		1,700	0
Deferred income tax benefit					0	(25,744)
Gain on sale of assets and investments					(1,448)	(10,852)
Change in assets and liabilities:
(Increase) decrease in accounts receivable					(6,051)	6,236
Decrease in inventories					55,939	84,190
(Increase) decrease in prepaid and other assets					(3,351)	1,887
Increase (decrease) in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities					19,454	(36,945)
Other changes, net					2,391	13,081
Net cash provided by operating activities					307,938	309,003
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment					(47,849)	(20,183)
Payments related to sale of business					0	(2,568)
Proceeds from the sale of property, plant and equipment					13,572	11,840
Net cash used in investing activities					(34,277)	(10,911)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid					(28,770)	(127,372)
Purchase of shares for treasury					(241,501)	(98,350)
Proceeds from long-term debt					179,500	102,558
Payments of long-term debt					(146,727)	(139,244)
Financing costs					(907)	0
Other, net					(307)	(152)
Net cash used in financing activities					(238,712)	(262,560)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in operating activities					(3,707)	(2,799)
Net cash used in discontinued operations					(3,707)	(2,799)
Effect of exchange rate changes on cash and equivalents					(679)	(1,127)
NET INCREASE IN CASH AND EQUIVALENTS					30,563	31,606
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD		$ 102,889		$ 120,184	102,889	120,184	$ 120,184
CASH AND EQUIVALENTS AT END OF PERIOD	$ 133,452		$ 151,790		$ 133,452	$ 151,790	$ 102,889

BUSINESS SEGMENTS - Schedule of Segment Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Continuing assets	$ 2,372,780	$ 2,413,588
Total Assets	2,378,864	2,418,879
Assets held for sale	14,747	0
Discontinued Operations
Segment Reporting Information [Line Items]
Discontinued operations	6,084	5,291
Operating Segments
Segment Reporting Information [Line Items]
Continuing assets	2,217,648	2,283,249
Operating Segments \| Home and Building Products
Segment Reporting Information [Line Items]
Continuing assets	728,213	703,661
Operating Segments \| Consumer and Professional Products
Segment Reporting Information [Line Items]
Continuing assets	1,489,435	1,579,588
Corporate
Segment Reporting Information [Line Items]
Continuing assets	$ 155,132	$ 130,339

GOODWILL AND OTHER INTANGIBLES (Tables)

9 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Value of Goodwill

The following table provides a summary of the carrying value of goodwill by segment as of September 30, 2023 and June 30, 2024, as follows:



Home and Building Products	$	191,253
Consumer and Professional Products	136,611


Total	$	327,864

Schedule 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 June 30, 2024					At September 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Average Life (Years)	Gross Carrying Amount		Accumulated Amortization
Customer relationships & other	$	447,339	$	129,841	23	$	443,164	$	113,057
Technology and patents	16,890		4,705		13	15,504		3,815
Total amortizable intangible assets	464,229		134,546			458,668		116,872
Trademarks	290,184		—			293,447		—
Total intangible assets	$	754,413	$	134,546		$	752,115	$	116,872

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Jun. 30, 2024

Other Comprehensive Income (Loss), Net of Tax, Alternative [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

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


	For the Three Months Ended June 30,
	2024						2023

	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Foreign currency translation adjustments	$	(827)	$	—	$	(827)	$	2,309	$	—	$	2,309
Pension and other defined benefit plans	673		(141)		532		943		(196)		747
Cash flow hedges	(1,324)		397		(927)		(3,916)		1,175		(2,741)

Total other comprehensive income (loss)	$	(1,478)	$	256	$	(1,222)	$	(664)	$	979	$	315


	For the Nine Months Ended June 30,
	2024						2023
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Foreign currency translation adjustments	$	2,212	$	—	$	2,212	$	14,580	$	—	$	14,580
Pension and other defined benefit plans	2,018		(423)		1,595		2,972		(617)		2,355
Cash flow hedges	786		(236)		550		(2,555)		767		(1,788)

Total other comprehensive income (loss)	$	5,016	$	(659)	$	4,357	$	14,997	$	150	$	15,147

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


	At June 30, 2024		At September 30, 2023
Foreign currency translation adjustments	$	(46,511)	$	(48,723)
Pension and other defined benefit plans	(19,070)		(20,665)
Cash flow hedges	(72)		(622)

Total	$	(65,653)	$	(70,010)

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


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
Gain (Loss)	2024		2023		2024		2023


Pension amortization	$	(688)	$	(944)	$	(2,066)	$	(2,833)
Cash flow hedges	(69)		641		(960)		1,654

Total gain (loss) before tax	$	(757)	$	(303)	$	(3,026)	$	(1,179)
Tax benefit	159		64		635		248
Net of tax	$	(598)	$	(239)	$	(2,391)	$	(931)

DISCONTINUED OPERATIONS

9 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

At June 30, 2024 and September 30, 2023, Griffon’s liabilities for discontinued operations primarily relate to insurance claims, income taxes, product liability, warranty and environmental reserves, and total $10,017 and $11,798, respectively. The following amounts summarize the total assets and liabilities which have been segregated from Griffon’s continuing operations, and are reported as assets and liabilities of discontinued operations in the Condensed Consolidated Balance Sheets:


	At June 30, 2024		At September 30, 2023
Assets of discontinued operations:
Prepaid and other current assets	$	1,310	$	1,001
Other long-term assets	4,774		4,290
Total assets of discontinued operations	$	6,084	$	5,291

Liabilities of discontinued operations:
Accrued liabilities, current	$	4,216	$	7,148
Other long-term liabilities	5,801		4,650
Total liabilities of discontinued operations	$	10,017	$	11,798

There was no reported revenues or costs in the nine months ended June 30, 2024 and 2023 for discontinued operations.

SHAREHOLDERS' EQUITY AND EQUITY COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands								3 Months Ended				9 Months Ended		12 Months Ended
	Aug. 06, 2024 $ / shares	Mar. 20, 2024 shares	Feb. 20, 2024 USD ($) account $ / shares shares	Nov. 15, 2023 USD ($)	Apr. 19, 2023 USD ($) $ / shares	Feb. 17, 2022 shares	Jan. 30, 2020 shares	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) executive $ / shares shares	Dec. 31, 2023 USD ($) executive $ / shares shares	Jun. 30, 2023 $ / shares	Jun. 30, 2024 USD ($) dividend executive $ / shares shares	Jun. 30, 2023 dividend $ / shares	Sep. 30, 2022 $ / shares	Apr. 18, 2023 USD ($)	Jan. 31, 2018 shares
Class of Stock [Line Items]
Common stock, dividends, per share, cash paid (in dollars per share) \| $ / shares								$ 0.15			$ 2.125	$ 0.45	$ 2.325
Number of additional shares authorized for award (in shares)						1,200,000
Reissuance of shares in treasury for award under share-based payment arrangement (in shares)												570,269
Stock repurchase program, authorized amount, period income (decrease) \| $				$ 200,000	$ 200,000
Stock repurchase program, remaining authorized repurchase amount \| $					$ 257,955			$ 101,078				$ 101,078			$ 57,955
Stock repurchased during period (in shares)			1,500,000					283,479				3,721,357
Stock repurchased during period \| $			$ 98,250					$ 19,080				$ 206,104
Stock repurchased during period, cost (in dollars per share) \| $ / shares			$ 65.50					$ 67.31				$ 55.38
Number of separately managed accounts \| account			4
Stock repurchase program, excise tax accrued reversed \| $								$ 486
Stock repurchase program, exercise tax accrued during period \| $								191				$ 1,116
Stock repurchase program, exercise tax accrued, net of reversal \| $								295
Stock repurchase program, exercise tax accrued \| $								$ 2,417				$ 2,417
Restricted Stock and Restricted Stock Units
Class of Stock [Line Items]
Equity instruments other than options, grants in period (in shares)									403,997	174,104
Restricted Stock and Restricted Stock Units \| Executives and Key Employees
Class of Stock [Line Items]
Award vesting period										36 months
Number of executive officers granted shares \| executive										43
Equity instruments other than options, granted in period, fair value \| $										$ 8,225
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares										$ 47.24
Restricted Stock and Restricted Stock Units \| Senior Executives
Class of Stock [Line Items]
Award vesting period									33 months
Restricted Stock and Restricted Stock Units \| Minimum
Class of Stock [Line Items]
Award vesting period												3 years
Restricted Stock and Restricted Stock Units \| Maximum
Class of Stock [Line Items]
Award vesting period												4 years
Restricted Stock Award
Class of Stock [Line Items]
Equity instruments other than options, grants in period (in shares)								0
Shares paid for tax withholding for share based compensation (in shares)								0				595,929
Shares paid for tax withholding for share based compensation, value \| $												$ 34,326
Shares paid for tax withholding for share based compensation, value per share (in dollars per share) \| $ / shares												$ 57.60
Restricted Stock Award \| Non-employees, directors
Class of Stock [Line Items]
Award vesting period									1 year
Equity instruments other than options, grants in period (in shares)									16,775
Equity instruments other than options, granted in period, fair value \| $									$ 1,210
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares									$ 72.13
Restricted Stock Award \| Executives and Key Employees
Class of Stock [Line Items]
Equity instruments other than options, grants in period (in shares)										166,272
Restricted Stock Award \| Senior Executives
Class of Stock [Line Items]
Number of executive officers granted shares \| executive												4
Restricted Stock Units \| Executives and Key Employees
Class of Stock [Line Items]
Equity instruments other than options, grants in period (in shares)										7,832
Restricted Stock Subject to Performance Conditions \| Senior Executives
Class of Stock [Line Items]
Number of executive officers granted shares \| executive									4
Award post-vesting holding period									2 years
Target number of shares to be vested if performance condition is attained (in shares)									129,074
Equity instruments other than options, granted in period, fair value \| $									$ 12,181
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares									$ 94.37
Restricted Stock Subject to Performance Conditions \| Minimum \| Senior Executives
Class of Stock [Line Items]
Number of shares to be vested if performance condition is attained (in shares)									64,539
Restricted Stock Subject to Performance Conditions \| Maximum \| Senior Executives
Class of Stock [Line Items]
Number of shares to be vested if performance condition is attained (in shares)									387,222
Incentive Plan
Class of Stock [Line Items]
Number of shares authorized for award (in shares)								8,850,000				8,850,000				1,000,000
Number of additional shares authorized for award (in shares)		2,600,000					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)								2,377,532				2,377,532
Incentive Plan \| Incentive Stock Options
Class of Stock [Line Items]
Number of shares authorized for award (in shares)								600,000				600,000
Quarterly Dividends
Class of Stock [Line Items]
Number of quarterly dividends \| dividend												3	3
Common stock, dividends, per share, cash paid (in dollars per share) \| $ / shares												$ 0.15
Quarterly Dividends \| Subsequent Event
Class of Stock [Line Items]
Dividends declared, amount per share (in dollars per share) \| $ / shares	$ 0.15
Quarterly Dividends, One
Class of Stock [Line Items]
Dividends declared, amount per share (in dollars per share) \| $ / shares														$ 0.10
Quarterly Dividends, Two
Class of Stock [Line Items]
Dividends declared, amount per share (in dollars per share) \| $ / shares														0.10
Quarterly Dividends, Three
Class of Stock [Line Items]
Dividends declared, amount per share (in dollars per share) \| $ / shares														$ 0.125
Special Cash Dividends
Class of Stock [Line Items]
Dividends declared, amount per share (in dollars per share) \| $ / shares					$ 2.00

BUSINESS SEGMENTS

9 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENTS

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

•Home and Building Products ("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 Cornell and Cookson brands.

•Consumer and Professional Products (“CPP”) is a leading global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid.

Information on Griffon’s reportable segments is as follows:


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
REVENUE	2024		2023		2024		2023
Home and Building Products	$	394,214	$	401,142	$	1,182,067	$	1,194,374
Consumer and Professional Products	253,600		282,288		781,780		849,424
Total revenue	$	647,814	$	683,430	$	1,963,847	$	2,043,798

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:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Residential repair and remodel	$	190,874	$	186,554	$	565,944	$	562,433
Commercial	170,236		179,054		517,969		524,811
Residential new construction	33,104		35,534		98,154		107,130
Total Home and Building Products	394,214		401,142		1,182,067		1,194,374
Residential repair and remodel	92,312		107,276		265,420		292,385
Retail	49,978		63,560		192,767		229,960
Residential new construction	14,998		12,600		42,679		36,785
Industrial	19,534		22,204		50,683		58,380
International excluding North America	76,778		76,648		230,231		231,914
Total Consumer and Professional Products	253,600		282,288		781,780		849,424








Total Consolidated Revenue	$	647,814	$	683,430	$	1,963,847	$	2,043,798

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



	For the Three Months Ended June 30,
	2024						2023
	HBP		CPP		Total			HBP		CPP		Total
United States	$	376,616	$	162,516	$	539,132		$	382,295	$	195,132	$	577,427
Europe	3		19,342		19,345			—		19,792		19,792
Canada	14,741		12,998		27,739			16,576		12,955		29,531
Australia	—		52,706		52,706			—		49,548		49,548
All other countries	2,854		6,038		8,892			2,271		4,861		7,132
Consolidated revenue	$	394,214	$	253,600	$	647,814		$	401,142	$	282,288	$	683,430


	For the Nine Months Ended June 30,
	2024						2023
	HBP		CPP		Total			HBP		CPP		Total
United States	$	1,131,570	$	496,830	$	1,628,400		$	1,139,936	$	561,184	$	1,701,120
Europe	112		42,940		43,052			16		43,558		43,574
Canada	43,922		50,389		94,311			47,337		57,641		104,978
Australia	—		174,607		174,607			—		172,350		172,350
All other countries	6,463		17,014		23,477			7,085		14,691		21,776
Consolidated revenue	$	1,182,067	$	781,780	$	1,963,847		$	1,194,374	$	849,424	$	2,043,798

Griffon evaluates performance and allocates resources based on segment adjusted EBITDA and adjusted EBITDA, non-GAAP measures, which are defined as income before taxes, excluding interest income and expense, depreciation and amortization, strategic review charges, non-cash impairment charges, restructuring charges, gain/loss from debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable. Segment adjusted EBITDA also excludes unallocated amounts, mainly corporate overhead. Griffon believes this information is useful to investors for the same reason. The following table provides a reconciliation of segment and adjusted EBITDA to income before taxes:


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2024		2023		2024		2023
Segment adjusted EBITDA:
Home and Building Products	$	118,516	$	134,330	$	372,159	$	390,346
Consumer and Professional Products	22,263		18,265		47,923		36,091



Segment adjusted EBITDA	140,779		152,595		420,082		426,437
Unallocated amounts, excluding depreciation *	(15,285)		(13,982)		(44,006)		(42,388)
Adjusted EBITDA	125,494		138,613		376,076		384,049
Net interest expense	(26,255)		(25,207)		(76,642)		(74,394)
Depreciation and amortization	(15,247)		(15,669)		(45,150)		(50,036)

Loss from debt extinguishment	(1,700)		—		(1,700)		—
Restructuring charges	(18,688)		(3,862)		(33,489)		(82,196)
Gain (loss) on sale of buildings	(725)		—		(167)		10,852
Strategic review - retention and other	(1,870)		(5,812)		(9,204)		(20,234)
Proxy expenses	—		(568)		—		(2,685)

Intangible asset impairment	—		—		—		(100,000)
Special dividend ESOP charges	—		(9,042)		—		(9,042)

Income before taxes	$	61,009	$	78,453	$	209,724	$	56,314

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


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
DEPRECIATION and AMORTIZATION	2024		2023		2024		2023
Segment:
Home and Building Products	$	3,883	$	3,868	$	11,288	$	11,525
Consumer and Professional Products	11,225		11,661		33,453		38,091



Total segment depreciation and amortization	15,108		15,529		44,741		49,616
Corporate	139		140		409		420
Total consolidated depreciation and amortization	$	15,247	$	15,669	$	45,150	$	50,036

	For the Three Months Ended June 30,				For the For the Nine Months Ended June 30,
	2024		2023		2024		2023

CAPITAL EXPENDITURES
Segment:
Home and Building Products	$	8,533	$	4,620	$	31,566	$	10,293
Consumer and Professional Products	5,944		3,726		16,061		9,858



Total segment	14,477		8,346		47,627		20,151
Corporate	83		—		222		32
Total consolidated capital expenditures	$	14,560	$	8,346	$	47,849	$	20,183


ASSETS	At June 30, 2024		At September 30, 2023
Segment assets:
Home and Building Products	$	728,213	$	703,661
Consumer and Professional Products(1)	1,489,435		1,579,588

Total segment assets	2,217,648		2,283,249
Corporate	155,132		130,339
Total assets	2,372,780		2,413,588

Discontinued operations	6,084		5,291
Consolidated total	$	2,378,864	$	2,418,879

___________________

- 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.

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+ Details

INVENTORIES

9 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

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

The following table details the components of inventory:


	At June 30, 2024		At September 30, 2023
Raw materials and supplies	$	91,620	$	127,342
Work in process	14,876		12,070
Finished goods	324,212		367,718
Total	$	430,708	$	507,130

In connection with the Company's restructuring activities described in Note 17, Restructuring Charges, during the nine months ended June 30, 2024, CPP recorded an impairment charge of $22,979 to adjust inventory to its net realizable value.

RESTRUCTURING CHARGES - Schedule of Accrued Liability for the Restructuring and Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Accrued liability beginning balance	$ 12,873	$ 12,999	$ 19,658	$ 17,572	$ 483	$ 650	$ 19,658	$ 650
Restructuring charges	18,688	2,401	12,400	3,862	78,334
Cash payment	(7,016)	(2,527)	(10,577)	(4,824)	(2,127)	(167)
Non-cash charges	(14,497)		(8,482)		(59,118)
Accrued liability ending balance	10,048	12,873	12,999	16,610	17,572	483	10,048	16,610
Personnel related costs
Restructuring Reserve [Roll Forward]
Accrued liability beginning balance	8,613	8,739	14,107	8,118	312	386	14,107	386
Restructuring charges	709	482	1,847	2,234	8,050
Cash payment	(2,671)	(608)	(7,215)	(579)	(244)	(74)
Non-cash charges	0		0		0
Accrued liability ending balance	6,651	8,613	8,739	9,773	8,118	312	6,651	9,773
Facilities & Exit Costs
Restructuring Reserve [Roll Forward]
Accrued liability beginning balance	4,260	4,260	5,551	9,454	171	264	5,551	264
Restructuring charges	3,482	1,919	2,071	1,628	11,166
Cash payment	(4,345)	(1,919)	(3,362)	(4,245)	(1,883)	(93)
Non-cash charges	0		0		0
Accrued liability ending balance	3,397	4,260	4,260	6,837	9,454	171	3,397	6,837
Non-cash facility and other costs
Restructuring Reserve [Roll Forward]
Accrued liability beginning balance	0	0	0	0	0	0	0	0
Restructuring charges	14,497	0	8,482	0	59,118
Cash payment	0	0	0	0	0	0
Non-cash charges	(14,497)		(8,482)		(59,118)
Accrued liability ending balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

OTHER COMPREHENSIVE INCOME (LOSS) - Amounts Reclassified from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before taxes	$ 61,009			$ 78,453			$ 209,724	$ 56,314
Tax benefit	(19,923)			(29,248)			(62,318)	(20,662)
Net of tax	41,086	$ 64,143	$ 42,177	49,205	$ (62,255)	$ 48,702	147,406	35,652
Total \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before taxes	(757)			(303)			(3,026)	(1,179)
Tax benefit	159			64			635	248
Net of tax	(598)			(239)			(2,391)	(931)
Pension amortization \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before taxes	(688)			(944)			(2,066)	(2,833)
Cash flow hedges \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before taxes	$ (69)			$ 641			$ (960)	$ 1,654

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

- Definition

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

+ References

+ Details

LEASES

9 Months Ended

Jun. 30, 2024

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. Lease payments primarily include rent and insurance costs (lease components). The Company's leases also include non-lease components such as real estate taxes and common-area maintenance costs. The Company elected the practical expedient to account for lease and non-lease components as a single component. In certain of the Company's leases, the non-lease components are variable and in accordance with the standard are therefore excluded from lease payments to determine the ROU asset. 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. Components of operating lease costs are as follows:


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2024		2023		2024		2023
Fixed	$	11,555	$	11,512	$	34,992	$	34,179
Variable (a), (b)	2,472		2,067		7,382		8,085
Short-term (b)	808		2,201		3,470		6,249
Total	$	14,835	$	15,780	$	45,844	$	48,513

________________

(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 Nine Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	34,361	$	30,163
Financing cash flows from finance leases	239		1,673
Total	$	34,600	$	31,836

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


	June 30, 2024		September 30, 2023
Operating Leases:
Right of use assets:
Operating right-of-use assets	$	159,865	$	169,942

Lease Liabilities:
Current portion of operating lease liabilities	$	32,572	$	32,632
Long-term operating lease liabilities	138,665		147,224
Total operating lease liabilities	$	171,237	$	179,856

Finance Leases:
Property, plant and equipment, net(1)	$	663	$	994

Lease Liabilities:
Notes payable and current portion of long-term debt	$	138	$	280
Long-term debt, net	96		184
Total financing lease liabilities	$	234	$	464

(1) Finance lease assets are recorded net of accumulated depreciation of $1,466 and $6,769 as of June 30, 2024 and September 30, 2023, respectively.

On September 28, 2023, the Company closed on the exercise of its lease purchase option, as permitted under the lease agreement, to acquire ownership of the manufacturing facility located in Ocala, Florida for a cash purchase price of $23,207. The Ocala lease had a maturity date in 2025 and bore interest at a fixed rate of approximately 5.6%. As a result of exercising the purchase option, the Company no longer has any future lease obligations related to this real estate. 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 June 30, 2024 are as follows (in thousands):


	Operating Leases		Finance Leases
2024(a)	$	11,001	$	51
2025	40,196		124
2026	31,067		66
2027	26,275		5
2028	20,969		—
2029	16,353		—
Thereafter	69,103		—
Total lease payments	$	214,964	$	246
Less: Imputed Interest	(43,727)		(12)
Present value of lease liabilities	$	171,237	$	234

(a) Excluding the nine months ended June 30, 2024.

Average lease terms and discount rates at June 30, 2024 were as follows:


Weighted-average remaining lease term (years):
Operating leases	7.4
Finance Leases	3.0

Weighted-average discount rate:
Operating Leases	6.14	%
Finance Leases	6.11	%

LEASES


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2024		2023		2024		2023
Fixed	$	11,555	$	11,512	$	34,992	$	34,179
Variable (a), (b)	2,472		2,067		7,382		8,085
Short-term (b)	808		2,201		3,470		6,249
Total	$	14,835	$	15,780	$	45,844	$	48,513

________________

(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 Nine Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	34,361	$	30,163
Financing cash flows from finance leases	239		1,673
Total	$	34,600	$	31,836

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


	June 30, 2024		September 30, 2023
Operating Leases:
Right of use assets:
Operating right-of-use assets	$	159,865	$	169,942

Lease Liabilities:
Current portion of operating lease liabilities	$	32,572	$	32,632
Long-term operating lease liabilities	138,665		147,224
Total operating lease liabilities	$	171,237	$	179,856

Finance Leases:
Property, plant and equipment, net(1)	$	663	$	994

Lease Liabilities:
Notes payable and current portion of long-term debt	$	138	$	280
Long-term debt, net	96		184
Total financing lease liabilities	$	234	$	464

(1) Finance lease assets are recorded net of accumulated depreciation of $1,466 and $6,769 as of June 30, 2024 and September 30, 2023, respectively.

The aggregate future maturities of lease payments for operating leases and finance leases as of June 30, 2024 are as follows (in thousands):


	Operating Leases		Finance Leases
2024(a)	$	11,001	$	51
2025	40,196		124
2026	31,067		66
2027	26,275		5
2028	20,969		—
2029	16,353		—
Thereafter	69,103		—
Total lease payments	$	214,964	$	246
Less: Imputed Interest	(43,727)		(12)
Present value of lease liabilities	$	171,237	$	234

(a) Excluding the nine months ended June 30, 2024.

Average lease terms and discount rates at June 30, 2024 were as follows:


Weighted-average remaining lease term (years):
Operating leases	7.4
Finance Leases	3.0

Weighted-average discount rate:
Operating Leases	6.14	%
Finance Leases	6.11	%

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
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 lamp manufacturing and metal finishing operations at a location in the Town of Cortlandt, New York, just outside the city of Peekskill, New York (the “Peekskill Site”). ISC Properties, Inc. (“ISCP”), a wholly-owned subsidiary of Griffon, owned the Peekskill Site for approximately three years. ISCP sold the Peekskill Site in November 1982. Based upon studies conducted by ISCP and the New York Department of Environmental Conservation, soils and groundwater beneath the Peekskill Site contain chlorinated solvents and metals. Stream sediments downgradient from the Peekskill Site also contain metals. On May 15, 2019 the United States Environmental Protection Agency ("EPA") added the Peekskill Site to the National Priorities List under CERCLA and has since reached agreement with Lightron and ISCP pursuant to which Lightron and ISCP will perform a Remedial Investigation/Feasibility Study (“RI/FS”). Performance of the RI/FS is expected to be completed in 2025. Lightron has not engaged in any operations for over three decades. ISCP functioned solely as a real estate holding company and has not held any real property for over three decades. Griffon does not acknowledge any responsibility to perform any investigation or remediation at the Peekskill Site. Lightron and ISCP are being defended by an insurance company, subject to a reservation of rights, and this insurer is paying the costs of the RI. Memphis, TN site. Hunter Fan Company (“Hunter”) operated headquarters and a production plant in Memphis, TN for over 50 years (the “Memphis Site”). While Hunter completed certain on-site remediation of PCB-contaminated soils, Hunter did not investigate the extent to which PCBs existed beneath the building itself nor determine whether off-site areas had been impacted. Hunter vacated the site approximately twenty years ago, and the on-site buildings have now been demolished. The State of Tennessee Department of Environment and Conservation (“TDEC”) identified the Memphis site as being potentially contaminated, raising the possibility that site operations could have resulted in soil and groundwater contamination involving volatile organic compounds and metals. In 2021, the TDEC performed a preliminary assessment of the site and recommended to the EPA that it include the site on the National Priorities List established under CERCLA. The TDEC further recommended that the EPA fund an investigation of potential soil gas contamination in receptors near the site. The TDEC has also indicated that it will proceed with this investigation if the EPA does not act. It is unknown whether the EPA will add the Memphis Site to the National Priorities List, whether a site investigation will reveal contamination and, if there is contamination, the extent of any such contamination. However, given that certain PCB work was not completed in the past and the TDEC’s stated intent for the EPA to perform an investigation (and the statement by the TDEC that it will perform the investigation if the EPA will not), liability is probable in this matter. There are other potentially responsible parties for this site, including a former owner of Hunter; Hunter has notified such former owner of this matter. If the EPA decides to add this site to the National Priorities List, a Remedial Investigation/Feasibility Study (“RI/FS”) will be required. Hunter expects that the EPA will ask it to perform this work. If Hunter does not reach an agreement with the EPA to perform this work, the EPA will implement the RI/FS on its own. Should the EPA implement the RI/FS or perform further studies and/or subsequently remediate the site without first reaching an agreement with one or more relevant parties, the EPA would likely seek reimbursement from such parties, including Hunter, for the costs incurred. 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.

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2020
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	$ 1,524,012	$ 1,489,812
less: Current portion, Outstanding Balance	(8,138)	(9,625)
Long-term debt, Outstanding Balance	1,515,874	1,480,187
Original Issuer Premium/(Discount)	(452)	(704)
Capitalized Fees & Expenses	(16,211)	(19,579)
Long-term debt, Balance Sheet	1,507,349	1,469,529
less: Current portion, Balance Sheet	(8,138)	(9,625)
Long-term debt, Balance Sheet	1,499,211	1,459,904
Senior notes due 2028
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	974,775	974,775
Original Issuer Premium/(Discount)	181	218
Capitalized Fees & Expenses	(7,405)	(8,920)
Long-term debt, Balance Sheet	$ 967,551	$ 966,073
Coupon Interest Rate	5.75%	5.75%	5.75%
Term Loan B due 2029
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	$ 459,000	$ 463,000
Original Issuer Premium/(Discount)	(633)	(922)
Capitalized Fees & Expenses	(5,733)	(7,039)
Long-term debt, Balance Sheet	452,634	455,039
Revolver due 2028
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	90,000	50,445
Original Issuer Premium/(Discount)	0	0
Capitalized Fees & Expenses	(3,046)	(3,606)
Long-term debt, Balance Sheet	86,954	46,839
Non US lines of credit
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	0	0
Original Issuer Premium/(Discount)	0	0
Capitalized Fees & Expenses	(6)	(3)
Long-term debt, Balance Sheet	(6)	(3)
Other long term debt
Debt Instrument [Line Items]
Long-term debt, Outstanding Balance	237	1,592
Original Issuer Premium/(Discount)	0	0
Capitalized Fees & Expenses	(21)	(11)
Long-term debt, Balance Sheet	$ 216	$ 1,581

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net allowances	$ 11,009	$ 11,264

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

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

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


	At June 30, 2024		At September 30, 2023
Assets of discontinued operations:
Prepaid and other current assets	$	1,310	$	1,001
Other long-term assets	4,774		4,290
Total assets of discontinued operations	$	6,084	$	5,291

Liabilities of discontinued operations:
Accrued liabilities, current	$	4,216	$	7,148
Other long-term liabilities	5,801		4,650
Total liabilities of discontinued operations	$	10,017	$	11,798

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

FAIR VALUE MEASUREMENTS (Details) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepaid and other current assets	$ 65,797	$ 65,797	$ 57,139
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	18,500	$ 18,500
Contracts weighted average rate price (in dollars per share) \| $ / shares		$ 1.47
Deferred gain (loss) from currency translation included in AOCI	424	$ 424
Deferred gain (loss) from currency translation included in AOCI, net of tax	297	297
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	501	$ 811
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		30 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		90 days
Designated as Hedging Instrument \| Chinese Yuan Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount	30,000	$ 30,000
Contracts weighted average rate price (in dollars per share) \| $ / shares		$ 7.10
Deferred gain (loss) from currency translation included in AOCI	(625)	$ (625)
Deferred gain (loss) from currency translation included in AOCI, net of tax	(457)	(457)
Designated as Hedging Instrument \| Chinese Yuan 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	(571)	$ (1,771)
Designated as Hedging Instrument \| Chinese Yuan Forward Contracts \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts duration		3 days
Designated as Hedging Instrument \| Chinese Yuan Forward Contracts \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts duration		274 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	$ 9,595	$ 9,595
Derivative, average forward exchange rate	1.36	1.36
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		30 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		449 days
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Insurance contracts fair value	$ 4,794	$ 4,794
Prepaid and other current assets	634	634
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	31	(34)
Realized gains	53	79
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	940,658	940,658
Term Loan B due 2029 \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior note, fair value disclosure	$ 459,000	$ 459,000

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Jun. 30, 2024
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 fiscal year ended September 30, 2023, 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 businesses 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, 2023 was derived from the audited financial statements included in Griffon’s Annual Report on Form 10-K for the year ended September 30, 2023. The condensed consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in prior years may have been reclassified to conform to the current year presentation. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates may be adjusted due to changes in economic, industry or customer financial conditions, as well as changes in technology or demand. Significant estimates include expected loss allowances for credit losses and returns, net realizable value of inventories, restructuring reserves, valuation of goodwill and intangible assets, 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, assumptions 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 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.
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 net realizable value.
Recent Accounting Pronouncements	In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. This standard expands disclosures regarding a public entity’s reportable segments and requires additional information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The standard does not change the definition of operating segments. This standard is effective for the Company beginning with our fiscal year 2025, with early adoption permitted. The Company is currently evaluating the potential changes to its reportable segment disclosures and related impact on its business and financial reporting processes and information technology systems. The Company does not expect the adoption of this standard to have an impact on its financial position, results of operations, or cash flows. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosure. The standard requires significant additional disclosures focused on income taxes paid and the rate reconciliation table. Specifically, the amendments in the standard require the Company to disclose disaggregated: (1) income taxes paid by federal, state, and foreign taxes, (2) pre-tax income between domestic and foreign, and (3) income tax expense by federal, state and foreign tax expense. The standard also requires the Company to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This standard is effective for the Company beginning with our fiscal year 2026, with retrospective application permitted. The Company is currently evaluating the potential changes to its income tax disclosures and related impact on its financial reporting processes and information technology systems. The Company does not expect the adoption of this standard to have an impact on its financial position, results of operations, or cash flows. 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

LONG-TERM DEBT (Tables)

9 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


		At June 30, 2024										At September 30, 2023
		Outstanding Balance		Original Issuer Premium/(Discount)		Capitalized Fees & Expenses		Balance Sheet		Coupon Interest Rate			Outstanding Balance		Original Issuer Premium/(Discount)		Capitalized Fees & Expenses		Balance Sheet		Coupon Interest Rate
Senior notes due 2028	(a)	$	974,775	$	181	(7,405)		$	967,551	5.75	%		$	974,775	$	218	$	(8,920)	$	966,073	5.75	%
Term Loan B due 2029	(b)	459,000		(633)		(5,733)		452,634		Variable			463,000		(922)		(7,039)		455,039		Variable
Revolver due 2028	(b)	90,000		—		(3,046)		86,954		Variable			50,445		—		(3,606)		46,839		Variable

Non US lines of credit	(d)	—		—		(6)		(6)		Variable			—		—		(3)		(3)		Variable

Other long term debt	(e)	237		—		(21)		216		Variable			1,592		—		(11)		1,581		Variable
Totals		1,524,012		(452)		(16,211)		1,507,349					1,489,812		(704)		(19,579)		1,469,529
less: Current portion		(8,138)		—		—		(8,138)					(9,625)		—		—		(9,625)
Long-term debt		$	1,515,874	$	(452)	$	(16,211)	$	1,499,211				$	1,480,187	$	(704)	$	(19,579)	$	1,459,904

(a) During 2020, Griffon issued, at par, $1,000,000 of 5.75% Senior Notes due 2028 (the “2028 Senior Notes”). Proceeds from the 2028 Senior Notes were used to redeem $1,000,000 of 5.25% Senior Notes due 2022. In connection with the issuance and exchange of the 2028 Senior Notes, Griffon capitalized $16,448 of underwriting fees and other expenses incurred, which is being amortized over the term of such notes. During 2022, Griffon purchased $25,225 of 2028 Senior Notes in the open market at a weighted average discount of 91.82% of par, or $23,161. As of June 30, 2024, outstanding 2028 Senior Notes due totaled $974,775; interest is payable semi-annually on March 1 and September 1.

The 2028 Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. The 2028 Senior Notes were registered under the Securities Act of 1933, as amended (the "Securities Act") via exchange offer. The fair value of the 2028 Senior Notes approximated $940,658 on June 30, 2024 based upon quoted market prices (Level 1 inputs). At June 30, 2024, $7,405 of underwriting fees and other expenses incurred remained to be amortized.

(b) On January 24, 2022, Griffon amended and restated its Credit Agreement (the "Credit Agreement") to provide for a new $800,000 Term Loan B facility, due January 24, 2029, in addition to the revolving credit facility (the "Revolver") provided for under the Credit Agreement. The Term Loan B facility was issued at 99.75% of par value. Since that time, during 2023 and 2022, Griffon prepaid $25,000 and $300,000, respectively, aggregate principal amount of the Term Loan B, which permanently reduced the outstanding balance. In connection with the prepayment of the Term Loan B, Griffon recognized charges of $437 and $6,296 on the prepayment of debt in 2023 and 2022, respectively. The charges were comprised of write-offs of unamortized debt issuance costs of $386 and $5,575 for 2023 and 2022, respectively, and the original issue discount of $51 and $721 for 2023 and 2022, respectively. As of June 30, 2024, the Term Loan B outstanding balance was $459,000.

On June 26, 2024, Griffon further amended its Credit Agreement to favorably reprice the Term Loan B facility. The amendment reduced the margin above SOFR by 0.25%, eliminated the credit spread adjustment and reduced the SOFR floor from 0.50% to 0%. Furthermore, the amendment stipulates that if Griffon prepays all or a portion of the Term Loan B within six months of the amendment date, Griffon will be required to pay a premium equal to 1% of the amount prepaid. In connection with the amendment, Griffon recognized a $1,700 loss on debt extinguishment in the Company's Condensed Consolidated Statements of Operations, primarily consisting of the write-off of unamortized debt issuance costs and original issue discount related to portions of the Term Loan B facility that were repaid and then reborrowed from new lenders. At June 30, 2024, unamortized costs of $5,733 related to existing and new Term Loan B facility lenders will continue to be amortized over the term of the loan.

Prior to the amendment, the Term Loan B bore interest at the Term SOFR rate plus a credit spread adjustment with a floor of 0.50% and a spread of 2.50%. Effective June 26, 2024 the Term Loan B bears interest at the Term SOFR rate plus a spread of 2.25% (7.59% as of June 30, 2024).

The Term Loan B facility continues to require nominal quarterly principal payments of $2,000, potential additional annual principal payments based on a percentage of excess cash flow and certain secured leverage thresholds starting with the fiscal year ended September 30, 2023; and a final balloon payment due at maturity. At September 30, 2023, Griffon's secured leverage remained below the threshold set forth in the Credit Agreement that would, if exceeded, require Griffon to make an additional payment, and therefore no additional annual principal payment was required. Term Loan B borrowings may generally be repaid without penalty but may not be re-borrowed, subject to a prepayment premium of 1.0% in connection with the above repricing transaction within the six months following the closing date of June 26, 2024. The Term Loan B facility is subject to the same affirmative and negative covenants that apply to the Revolver (as described below), but is not subject to any financial maintenance covenants. Term Loan B borrowings are secured by the same collateral that secures borrowings under the Revolver, on an equal and ratable basis. The fair value of the Term Loan B facility approximated $459,000 on June 30, 2024 based upon quoted market prices (Level 1 inputs).

On August 1, 2023, Griffon amended and restated the Credit Agreement to increase the maximum borrowing availability under the Revolver from $400,000 to $500,000 and extend the maturity date of the Revolver from March 22, 2025 to August 1, 2028. In the event the 2028 Senior Notes are not repaid, refinanced, or replaced prior to December 1, 2027, the Revolver will mature on December 1, 2027. The amendment also modified certain other provisions of the Credit Agreement, including increasing the letter of credit sub-facility under the Revolver from $100,000 to $125,000 and

increasing the customary accordion feature from a minimum of $375,000 to a minimum of $500,000. The Revolver also includes a multi-currency sub-facility of $200,000.

Borrowings under the Revolver may be repaid and re-borrowed at any time. Interest is payable on borrowings at either a Secured Overnight Financing Rate ("SOFR"), Sterling Overnight Index Average ("SONIA") or base rate benchmark rate, plus an applicable margin, which adjusts based on financial performance. Griffon's SOFR loans accrue interest at Term SOFR plus a credit adjustment spread and a margin of 2.00% (7.44% at June 30, 2024); SONIA loans accrue interest at SONIA Base Rate plus a credit adjustment spread and a margin of 2.00% (7.23% at June 30, 2024); and base rate loans accrue interest at prime rate plus a margin of 1.00% (9.50% at June 30, 2024).

At June 30, 2024 there were $90,000 in outstanding borrowings under the Revolver; outstanding standby letters of credit were $12,935; and $397,065 was available, subject to certain loan covenants, for borrowing at that date.

The Revolver 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. Both the Revolver and Term Loan B 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.

(c) On September 28, 2023, the Company closed on the exercise of its lease purchase option, as permitted under the lease agreement, to acquire ownership of the manufacturing facility located in Ocala, Florida for a cash purchase price of $23,207. The Ocala lease had a maturity date in 2025 and bore interest at a fixed rate of approximately 5.6%. As a result of exercising the purchase option, the Company no longer has any future lease obligations related to this real estate. The remaining lease liability balance relates to finance equipment leases. Refer to Note 21-Leases for further details.

(d) In November 2012, Garant G.P. (“Garant”), a Griffon wholly owned subsidiary, entered into a CAD 15,000 revolving credit facility. Effective in December 2023, the facility was amended to replace the Canadian Dollar Offer Rate with the Canadian Overnight Repo Rate Average ("CORRA"). The facility accrues interest at CORRA or the Canadian Bankers Acceptance Rate plus 1.3% per annum (6.04% using CORRA and 6.02% using the Canadian Bankers Acceptance Rate as of June 30, 2024). The revolving facility matures in December 2024, but is renewable upon mutual agreement with the lender. Garant is required to maintain a certain minimum equity. At June 30, 2024, there were no outstanding borrowings under the revolving credit facility with CAD 15,000 ($10,955 as of June 30, 2024) available.

During 2023, Griffon Australia Holdings Pty Ltd and its Australian subsidiaries (collectively, "Griffon Australia") amended its AUD 15,000 receivable purchase facility to AUD 30,000. The receivable purchase facility was renewed in 2024 and now matures in March 2025, but is renewable upon mutual agreement with the lender. The receivable purchase facility accrues interest at BBSY (Bank Bill Swap Rate) plus 1.25% per annum (5.56% at June 30, 2024). At June 30, 2024, there was no balance outstanding under the receivable purchase facility with AUD 30,000 ($19,965 as of June 30, 2024) available. The receivable purchase facility is secured by substantially all of the assets of Griffon Australia and its subsidiaries. Griffon Australia is required to maintain a certain minimum equity level.

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, which matured in July 2023. Prior to maturity, on June 30, 2023, AMES UK paid off and cancelled the GBP 14,000 term loan and GBP 4,000 mortgage loan. The payoff amounts were GBP 7,525 ($9,543) and GBP 2,451 ($3,108), respectively. Upon maturity in July 2023, the GBP 5,000 revolver had no balance and was not renewed.

(e) In February 2024, Griffon repaid in full a loan with the Pennsylvania Industrial Development Authority. The balance in other long-term debt consists primarily of finance leases.

Schedule of Interest Expense Incurred


		Three Months Ended June 30, 2024										Three Months Ended June 30, 2023
		Effective Interest Rate		Cash Interest		Amort. Debt (Premium)/Discount		Amort. Debt Issuance Costs & Other Fees		Total Interest Expense		Effective Interest Rate		Cash Interest		Amort. Debt (Premium)/Discount		Amort. Debt Issuance Costs & Other Fees		Total Interest Expense
Senior notes due 2028	(a)	6.0	%	$	14,013	$	(12)	$	505	$	14,506	6.0	%	$	14,013	$	(12)	$	505	$	14,506
Term Loan B due 2029	(b)	8.2	%	9,070		43		331		9,444		7.8	%	9,208		43		351		9,602
Revolver due 2028	(b)	Variable		3,114		—		186		3,300		Variable		905		—		123		1,028
Finance lease - real estate	(c)	n/a		—		—		—		—		5.6	%	168		—		—		168
Non US lines of credit	(d)	Variable		19		—		3		22		Variable		259		—		12		271

Other long term debt	(e)	Variable		61		—		—		61		Variable		104		—		—		104
Capitalized interest				(309)		—		—		(309)				(38)		—		—		(38)
Totals				$	25,968	$	31	$	1,025	$	27,024			$	24,619	$	31	$	991	$	25,641


		Nine Months Ended June 30, 2024										Nine Months Ended June 30, 2023
		Effective Interest Rate		Cash Interest		Amort. Debt (Premium)/Discount		Amort. Debt Issuance Costs & Other Fees		Total Interest Expense		Effective Interest Rate		Cash Interest		Amort. Debt (Premium)/Discount		Amort. Debt Issuance Costs & Other Fees		Total Interest Expense
Senior notes due 2028	(a)	6.0	%	$	42,037	$	(36)	$	1,515	$	43,516	6.0	%	$	42,037	$	(36)	$	1,515	$	43,516
Term Loan B due 2029	(b)	8.2	%	27,314		128		992		28,434		7.3	%	25,753		129		1,054		26,936
Revolver due 2028	(b)	Variable		6,253		—		559		6,812		Variable		2,922		—		368		3,290
Finance lease - real estate	(c)	n/a		—		—		—		—		5.6	%	520		—		—		520
Non US lines of credit	(d)	Variable		33		—		11		44		Variable		619		—		37		656

Other long term debt	(e)	Variable		478		—		1		479		Variable		298		—		1		299
Capitalized interest				(813)		—		—		(813)				(49)		—		—		(49)
Totals				$	75,302	$	92	$	3,078	$	78,472			$	72,100	$	93	$	2,975	$	75,168

increasing the customary accordion feature from a minimum of $375,000 to a minimum of $500,000. The Revolver also includes a multi-currency sub-facility of $200,000.

(e) In February 2024, Griffon repaid in full a loan with the Pennsylvania Industrial Development Authority. The balance in other long-term debt consists primarily of finance leases.

LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease Cost
Fixed	$ 11,555	$ 11,512	$ 34,992	$ 34,179
Variable	2,472	2,067	7,382	8,085
Short-term	808	2,201	3,470	6,249
Total	$ 14,835	$ 15,780	$ 45,844	$ 48,513

LONG-TERM DEBT - Narrative (Details) £ in Thousands, $ in Thousands, $ in Thousands						1 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Jun. 26, 2024 USD ($)	Jun. 25, 2024	Jun. 30, 2023 USD ($)	Jun. 30, 2023 GBP (£)	Jan. 24, 2022 USD ($)	Nov. 30, 2012	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 26, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2024 AUD ($)	Jun. 30, 2024 CAD ($)	Sep. 28, 2023 USD ($)	Aug. 01, 2023 USD ($)	Jul. 31, 2023 USD ($)	Sep. 30, 2022 AUD ($)	Jul. 31, 2018 GBP (£)
Debt Instrument [Line Items]
Weighted average discount														91.82%							91.82%
Debt outstanding							$ 1,524,012,000	$ 1,489,812,000			$ 1,524,012,000		$ 1,489,812,000
Gain (loss) on extinguishment of debt							(1,700,000)		$ 0		(1,700,000)	$ 0
Revolving Credit Facility \| Ames UK
Debt Instrument [Line Items]
Face amount \| £																						£ 5,000
Debt outstanding																				$ 0
Long-term line of credit, revolver outstanding balance							0				0
Revolver due 2028
Debt Instrument [Line Items]
Maximum borrowing capacity																			$ 500,000,000	400,000,000
Line of credit facility, incremental minimum borrowing amount																			500,000,000	375,000,000
Outstanding standby letters of credit							12,935,000				12,935,000
Remaining borrowing capacity							$ 397,065,000				$ 397,065,000
Revolver due 2028 \| Letter of Credit Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity																			125,000,000	$ 100,000,000
Revolver due 2028 \| Multicurrency Subfacility
Debt Instrument [Line Items]
Maximum borrowing capacity																			$ 200,000,000
Revolver Due 2025, SOFR Loan
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage							7.44%				7.44%					7.44%	7.44%
Revolver Due 2025, SOFR Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate											2.00%
Revolver Due 2025, SONIA Loan
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage							7.23%				7.23%					7.23%	7.23%
Revolver Due 2025, SONIA Loan \| SONIA
Debt Instrument [Line Items]
Basis spread on variable rate											2.00%
Revolver Due 2025, Base Rate Loan
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage							9.50%				9.50%					9.50%	9.50%
Revolver Due 2025, Base Rate Loan \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate											1.00%
Term Loan \| Ames UK
Debt Instrument [Line Items]
Face amount \| £																						14,000
Repayments of debt			$ 9,543,000	£ 7,525
Mortgages \| Ames UK
Debt Instrument [Line Items]
Face amount \| £																						£ 4,000
Receivables Purchase Facility \| Northcote Holdings Pty. Ltd
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage							5.56%				5.56%					5.56%	5.56%
Maximum borrowing capacity																					$ 15,000
Remaining borrowing capacity							$ 19,965,000				$ 19,965,000					$ 30,000
Long-term line of credit							$ 0				$ 0
Receivables Purchase Facility \| Bank Bill Swap Rate \| Northcote Holdings Pty. Ltd
Debt Instrument [Line Items]
Basis spread on variable rate											1.25%
Senior notes due 2028
Debt Instrument [Line Items]
Face amount															$ 1,000,000,000
Debt instrument, interest rate, stated percentage							5.75%	5.75%			5.75%		5.75%		5.75%	5.75%	5.75%
Capitalized debt issuance costs															$ 16,448,000
Repurchased face amount														$ 25,225,000,000
Repurchase amount														23,161,000,000
Debt outstanding							$ 974,775,000	$ 974,775,000			$ 974,775,000		$ 974,775,000
Debt issuance fees and expenses, net							7,405,000				7,405,000
Senior notes due 2028 \| Fair Value, Inputs, Level 1
Debt Instrument [Line Items]
Senior note, fair value disclosure							940,658,000				940,658,000
Senior notes due 2022
Debt Instrument [Line Items]
Repayments of debt															$ 1,000,000,000
Debt instrument, interest rate, stated percentage															5.25%
Term Loan \| Term Loan B due 2029
Debt Instrument [Line Items]
Face amount					$ 800,000,000
Debt issuance fees and expenses, net							$ 5,733,000				$ 5,733,000
Debt instrument, issuance price (in percentage)					99.75%
Debt redeemed													25,000,000	300,000,000
Gain (loss) on extinguishment of debt													(437,000)	(6,296,000)
Write off of deferred debt issuance cost, underwriting and other fees													386,000	5,575,000
Write off of deferred debt issuance cost, original issuer discount													51,000	$ 721,000
SOFR floor	0.00%	0.50%								0.00%
Debt instrument, period from debt amendment date					6 months
Debt instrument, debt amendment premium percentage					1.00%
Debt instrument, charges for debt amendment	$ 1,700,000
Basis spread on variable rate	2.25%	2.50%
Debt instrument, interest rate, effective percentage							7.59%				7.59%					7.59%	7.59%
Principal payments								2,000,000
Prepayment premium percentage										1.00%
Term Loan \| Term Loan B due 2029 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin above SOFR, period increase (decrease)	(0.25%)									(0.25%)
Term Loan B due 2029
Debt Instrument [Line Items]
Debt outstanding							$ 459,000,000	$ 463,000,000			$ 459,000,000		$ 463,000,000
Term Loan B due 2029 \| Fair Value, Inputs, Level 1
Debt Instrument [Line Items]
Senior note, fair value disclosure							459,000,000				459,000,000
Non US lines of credit
Debt Instrument [Line Items]
Basis spread on variable rate						1.30%
Maximum borrowing capacity							$ 10,955,000				$ 10,955,000						$ 15,000
Non US lines of credit \| CORRA
Debt Instrument [Line Items]
Interest rate at period end							6.04%				6.04%					6.04%	6.04%
Non US lines of credit \| Canadian Bankers Acceptance Rate
Debt Instrument [Line Items]
Interest rate at period end							6.02%				6.02%					6.02%	6.02%
Mortgages \| Ames UK
Debt Instrument [Line Items]
Repayments of debt			$ 3,108,000	£ 2,451
Finance lease - real estate \| Ocala, Florida
Debt Instrument [Line Items]
Payment to acquire leased property																		$ 23,207,000
Lessee, finance Lease, discount rate																		5.60%

REVENUE	9 Months Ended
REVENUE	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service, or a bundle of goods or services, to the customer, and is the unit of accounting. A contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance and with respect to which payment terms are identified and collectability is probable. Once the Company has entered into a contract or purchase order, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized when control of the promised products is transferred to the customer, or services are satisfied under the contract or purchase order, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services (the transaction price). 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, and revenue is recognized when title, and risk and rewards of ownership, have transferred to the customer, which is generally upon shipment. 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, 2023. See Note 13 - Business Segments for revenue from contracts with customers disaggregated by end markets, segments and geographic location.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

INVENTORIES - Narrative (Details) $ in Thousands	9 Months Ended
INVENTORIES - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Global Sourcing Strategy Expansion \| Consumer and Professional Products
Restructuring Cost and Reserve [Line Items]
Inventory write down	$ 37,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

EMPLOYEE BENEFIT PLANS

9 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

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


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023

Interest cost	$	1,889	$	1,826	$	5,666	$	5,477
Expected return on plan assets	(2,543)		(2,553)		(7,629)		(7,660)
Amortization:

Recognized actuarial loss	688		944		2,066		2,833

Net periodic expense	$	34	$	217	$	103	$	650

The Hunter Fan Pension Plan (the "Plan") was terminated with an effective date of April 30, 2024. This was communicated to Plan participants in February 2024. The Plan is fully funded and the Company does not anticipate making an additional funding contribution as of the benefit distribution date. The benefit distribution date will be determined once the Company receives approval from certain regulatory agencies.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 2
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. This standard expands disclosures regarding a public entity’s reportable segments and requires additional information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The standard does not change the definition of operating segments. This standard is effective for the Company beginning with our fiscal year 2025, with early adoption permitted. The Company is currently evaluating the potential changes to its reportable segment disclosures and related impact on its business and financial reporting processes and information technology systems. The Company does not expect the adoption of this standard to have an impact on its financial position, results of operations, or cash flows. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosure. The standard requires significant additional disclosures focused on income taxes paid and the rate reconciliation table. Specifically, the amendments in the standard require the Company to disclose disaggregated: (1) income taxes paid by federal, state, and foreign taxes, (2) pre-tax income between domestic and foreign, and (3) income tax expense by federal, state and foreign tax expense. The standard also requires the Company to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This standard is effective for the Company beginning with our fiscal year 2026, with retrospective application permitted. The Company is currently evaluating the potential changes to its income tax disclosures and related impact on its financial reporting processes and information technology systems. The Company does not expect the adoption of this standard to have an impact on its financial position, results of operations, or cash flows. 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.

BUSINESS SEGMENTS - Schedule of Reportable Segments from Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 647,814	$ 683,430	$ 1,963,847	$ 2,043,798
Home and Building Products
Segment Reporting Information [Line Items]
Revenue	394,214	401,142	1,182,067	1,194,374
Consumer and Professional Products
Segment Reporting Information [Line Items]
Revenue	$ 253,600	$ 282,288	$ 781,780	$ 849,424

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

LONG-TERM DEBT

9 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT


		At June 30, 2024										At September 30, 2023
		Outstanding Balance		Original Issuer Premium/(Discount)		Capitalized Fees & Expenses		Balance Sheet		Coupon Interest Rate			Outstanding Balance		Original Issuer Premium/(Discount)		Capitalized Fees & Expenses		Balance Sheet		Coupon Interest Rate
Senior notes due 2028	(a)	$	974,775	$	181	(7,405)		$	967,551	5.75	%		$	974,775	$	218	$	(8,920)	$	966,073	5.75	%
Term Loan B due 2029	(b)	459,000		(633)		(5,733)		452,634		Variable			463,000		(922)		(7,039)		455,039		Variable
Revolver due 2028	(b)	90,000		—		(3,046)		86,954		Variable			50,445		—		(3,606)		46,839		Variable

Non US lines of credit	(d)	—		—		(6)		(6)		Variable			—		—		(3)		(3)		Variable

Other long term debt	(e)	237		—		(21)		216		Variable			1,592		—		(11)		1,581		Variable
Totals		1,524,012		(452)		(16,211)		1,507,349					1,489,812		(704)		(19,579)		1,469,529
less: Current portion		(8,138)		—		—		(8,138)					(9,625)		—		—		(9,625)
Long-term debt		$	1,515,874	$	(452)	$	(16,211)	$	1,499,211				$	1,480,187	$	(704)	$	(19,579)	$	1,459,904


		Three Months Ended June 30, 2024										Three Months Ended June 30, 2023
		Effective Interest Rate		Cash Interest		Amort. Debt (Premium)/Discount		Amort. Debt Issuance Costs & Other Fees		Total Interest Expense		Effective Interest Rate		Cash Interest		Amort. Debt (Premium)/Discount		Amort. Debt Issuance Costs & Other Fees		Total Interest Expense
Senior notes due 2028	(a)	6.0	%	$	14,013	$	(12)	$	505	$	14,506	6.0	%	$	14,013	$	(12)	$	505	$	14,506
Term Loan B due 2029	(b)	8.2	%	9,070		43		331		9,444		7.8	%	9,208		43		351		9,602
Revolver due 2028	(b)	Variable		3,114		—		186		3,300		Variable		905		—		123		1,028
Finance lease - real estate	(c)	n/a		—		—		—		—		5.6	%	168		—		—		168
Non US lines of credit	(d)	Variable		19		—		3		22		Variable		259		—		12		271

Other long term debt	(e)	Variable		61		—		—		61		Variable		104		—		—		104
Capitalized interest				(309)		—		—		(309)				(38)		—		—		(38)
Totals				$	25,968	$	31	$	1,025	$	27,024			$	24,619	$	31	$	991	$	25,641


		Nine Months Ended June 30, 2024										Nine Months Ended June 30, 2023
		Effective Interest Rate		Cash Interest		Amort. Debt (Premium)/Discount		Amort. Debt Issuance Costs & Other Fees		Total Interest Expense		Effective Interest Rate		Cash Interest		Amort. Debt (Premium)/Discount		Amort. Debt Issuance Costs & Other Fees		Total Interest Expense
Senior notes due 2028	(a)	6.0	%	$	42,037	$	(36)	$	1,515	$	43,516	6.0	%	$	42,037	$	(36)	$	1,515	$	43,516
Term Loan B due 2029	(b)	8.2	%	27,314		128		992		28,434		7.3	%	25,753		129		1,054		26,936
Revolver due 2028	(b)	Variable		6,253		—		559		6,812		Variable		2,922		—		368		3,290
Finance lease - real estate	(c)	n/a		—		—		—		—		5.6	%	520		—		—		520
Non US lines of credit	(d)	Variable		33		—		11		44		Variable		619		—		37		656

Other long term debt	(e)	Variable		478		—		1		479		Variable		298		—		1		299
Capitalized interest				(813)		—		—		(813)				(49)		—		—		(49)
Totals				$	75,302	$	92	$	3,078	$	78,472			$	72,100	$	93	$	2,975	$	75,168

increasing the customary accordion feature from a minimum of $375,000 to a minimum of $500,000. The Revolver also includes a multi-currency sub-facility of $200,000.

(e) In February 2024, Griffon repaid in full a loan with the Pennsylvania Industrial Development Authority. The balance in other long-term debt consists primarily of finance leases.

At June 30, 2024, Griffon and its subsidiaries were in compliance with the terms and covenants of all credit and loan agreements.

EARNINGS PER SHARE (EPS) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Common shares outstanding (in shares)	49,354	54,663	49,354	54,663
Unallocated ESOP shares (in shares)	(107)	(565)	(107)	(565)
Non-vested restricted stock (in shares)	(2,337)	(3,113)	(2,337)	(3,113)
Impact of weighted average shares (in shares)	124	1,319	1,011	1,655
Weighted average shares outstanding - basic (in shares)	47,034	52,304	47,921	52,640
Incremental shares from stock based compensation (in shares)	1,817	2,298	2,164	2,447
Weighted average shares outstanding - diluted (in shares)	48,851	54,602	50,085	55,087

BUSINESS SEGMENTS - Depreciation, Amortization and Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
CAPITAL EXPENDITURES	$ 14,560	$ 8,346	$ 47,849	$ 20,183
Operating Segments
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	15,108	15,529	44,741	49,616
CAPITAL EXPENDITURES	14,477	8,346	47,627	20,151
Corporate
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	139	140	409	420
CAPITAL EXPENDITURES	83	0	222	32
Segment Reconciling Items
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	15,247	15,669	45,150	50,036
Home and Building Products \| Operating Segments
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	3,883	3,868	11,288	11,525
CAPITAL EXPENDITURES	8,533	4,620	31,566	10,293
Consumer and Professional Products \| Operating Segments
Segment Reporting Information [Line Items]
DEPRECIATION and AMORTIZATION	11,225	11,661	33,453	38,091
CAPITAL EXPENDITURES	$ 5,944	$ 3,726	$ 16,061	$ 9,858

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 647,814	$ 683,430	$ 1,963,847	$ 2,043,798
Cost of goods and services	398,665	408,806	1,207,392	1,340,857
Gross profit	249,149	274,624	756,455	702,941
Selling, general and administrative expenses	159,810	172,439	469,830	485,460
Intangible asset impairment	0	0	0	100,000
Total operating expenses	159,810	172,439	469,830	585,460
Income from operations	89,339	102,185	286,625	117,481
Other income (expense)
Interest expense	(27,024)	(25,641)	(78,472)	(75,168)
Interest income	769	434	1,830	774
Gain (loss) on sale of buildings	(725)	0	(167)	10,852
Loss from debt extinguishment	(1,700)	0	(1,700)	0
Other, net	350	1,475	1,608	2,375
Total other expense, net	(28,330)	(23,732)	(76,901)	(61,167)
Income before taxes	61,009	78,453	209,724	56,314
Provision for income taxes	19,923	29,248	62,318	20,662
Net income	$ 41,086	$ 49,205	$ 147,406	$ 35,652
Basic earnings per common share (in dollars per share)	$ 0.87	$ 0.94	$ 3.08	$ 0.68
Basic weighted-average shares outstanding (in shares)	47,034	52,304	47,921	52,640
Diluted earnings per common share (in dollars per share)	$ 0.84	$ 0.90	$ 2.94	$ 0.65
Diluted weighted-average shares outstanding (in shares)	48,851	54,602	50,085	55,087
Dividends paid per common share (in dollars per share)	$ 0.15	$ 2.125	$ 0.45	$ 2.325
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments	$ (827)	$ 2,309	$ 2,212	$ 14,580
Pension and other post retirement plans	532	747	1,595	2,355
Change in cash flow hedges	(927)	(2,741)	550	(1,788)
Total other comprehensive income (loss), net of taxes	(1,222)	315	4,357	15,147
Comprehensive income, net	$ 39,864	$ 49,520	$ 151,763	$ 50,799

SHAREHOLDERS' EQUITY AND EQUITY COMPENSATION - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Restricted stock	$ 4,699	$ 5,106	$ 13,576	$ 15,940
ESOP	2,353	10,146	6,150	12,647
Total stock-based compensation	7,052	15,252	19,726	28,587
Special dividend ESOP charges		9,042		9,042
Segment Reconciling Items
Class of Stock [Line Items]
Special dividend ESOP charges	$ 0	$ 9,042	$ 0	$ (9,042)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CREDIT LOSSES (Details) - USD ($) $ in Thousands	9 Months Ended
CREDIT LOSSES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, October 1	$ 11,264	$ 12,137
Provision for expected credit losses	874	2,732
Amounts written off charged against the allowance	(1,155)	(1,916)
Other, primarily foreign currency translation	26	(437)
Ending Balance, June 30	$ 11,009	$ 12,516

GOODWILL AND OTHER INTANGIBLES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Carry amount of intangible assets related to foreign currency translation			$ 624
Amortization expense	$ 5,858	$ 5,669	16,995	$ 16,946
Estimated amortization expense, remainder of fiscal year	5,179		5,179
Estimated amortization expense, year one	22,174		22,174
Estimated amortization expense, year two	22,174		22,174
Estimated amortization expense, year three	22,174		22,174
Estimated amortization expense, year four	22,174		22,174
Estimated amortization expense, year five	21,353		21,353
Estimated amortization expense, thereafter	$ 214,455		$ 214,455

WARRANTY LIABILITY (Tables)

9 Months Ended

Jun. 30, 2024

Product Warranties Disclosures [Abstract]

Schedule of Changes in Warranty Liability, Included in Accrued Liabilities

Changes in Griffon’s warranty liability for the three and nine months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Balance, beginning of period	$	14,903	$	21,341	$	20,781	$	18,026
Warranties issued and changes in estimated pre-existing warranties	7,716		4,999		17,760		16,079
Actual warranty costs incurred	(6,966)		(3,402)		(22,888)		(11,167)

Balance, end of period	$	15,653	$	22,938	$	15,653	$	22,938

GOODWILL AND OTHER INTANGIBLES - Schedule of Gross Carrying Value and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 464,229	$ 458,668
Accumulated Amortization	134,546	116,872
Trademarks	290,184	293,447
Total intangible assets	754,413	752,115
Customer relationships & other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	447,339	443,164
Accumulated Amortization	$ 129,841	113,057
Average Life (Years)	23 years
Technology and patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,890	15,504
Accumulated Amortization	$ 4,705	$ 3,815
Average Life (Years)	13 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

BUSINESS SEGMENTS - Segment EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 125,494	$ 138,613	$ 376,076	$ 384,049
Segment adjusted EBITDA	140,779	152,595	420,082	426,437
Loss from debt extinguishment	(1,700)	0	(1,700)	0
Gain (loss) on sale of buildings	(725)	0	(167)	10,852
Strategic review - retention and other	(1,870)	(5,812)	(9,204)	(20,234)
Proxy expenses		(568)		(2,685)
Intangible asset impairment	0	0	0	(100,000)
Special dividend ESOP charges		9,042		9,042
Income before taxes	61,009	78,453	209,724	56,314
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	(15,108)	(15,529)	(44,741)	(49,616)
Operating Segments \| Home and Building Products
Segment Reporting Information [Line Items]
Adjusted EBITDA	118,516	134,330	372,159	390,346
Depreciation and amortization	(3,883)	(3,868)	(11,288)	(11,525)
Operating Segments \| Consumer and Professional Products
Segment Reporting Information [Line Items]
Adjusted EBITDA	22,263	18,265	47,923	36,091
Depreciation and amortization	(11,225)	(11,661)	(33,453)	(38,091)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated amounts, excluding depreciation	(15,285)	(13,982)	(44,006)	(42,388)
Net interest expense	(26,255)	(25,207)	(76,642)	(74,394)
Depreciation and amortization	(15,247)	(15,669)	(45,150)	(50,036)
Loss from debt extinguishment	(1,700)	0	(1,700)	0
Restructuring charges	(18,688)	(3,862)	(33,489)	(82,196)
Gain (loss) on sale of buildings	(725)	0	(167)	10,852
Strategic review - retention and other	(1,870)	(5,812)	(9,204)	(20,234)
Proxy expenses	0	(568)	0	(2,685)
Intangible asset impairment	0	0	0	(100,000)
Special dividend ESOP charges	$ 0	$ 9,042	$ 0	$ (9,042)

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Defined Benefit Pension Expense (Income) Included in Other Income (Expense )

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


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023

Interest cost	$	1,889	$	1,826	$	5,666	$	5,477
Expected return on plan assets	(2,543)		(2,553)		(7,629)		(7,660)
Amortization:

Recognized actuarial loss	688		944		2,066		2,833

Net periodic expense	$	34	$	217	$	103	$	650

GOODWILL AND OTHER INTANGIBLES

9 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES

Indicators of impairment were not present for any of Griffon's reporting units during the nine months ended June 30, 2024. The following table provides a summary of the carrying value of goodwill by segment as of September 30, 2023 and June 30, 2024, as follows:



Home and Building Products	$	191,253
Consumer and Professional Products	136,611


Total	$	327,864

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


	At June 30, 2024					At September 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Average Life (Years)	Gross Carrying Amount		Accumulated Amortization
Customer relationships & other	$	447,339	$	129,841	23	$	443,164	$	113,057
Technology and patents	16,890		4,705		13	15,504		3,815
Total amortizable intangible assets	464,229		134,546			458,668		116,872
Trademarks	290,184		—			293,447		—
Total intangible assets	$	754,413	$	134,546		$	752,115	$	116,872

The gross carrying amount of intangible assets was impacted by $624 related to favorable foreign currency translation.

Amortization expense for intangible assets was $5,858 and $5,669 for the quarters ended June 30, 2024 and 2023, respectively, and $16,995 and $16,946 for the nine months ended June 30, 2024 and 2023, respectively. Amortization expense for the remainder of 2024 and the next five fiscal years and thereafter, based on current intangible balances and classifications, is estimated as follows: remaining in 2024 - $5,179; 2025 - $22,174; 2026 - $22,174; 2027 - $22,174; 2028 - $22,174; 2029 - $21,353; thereafter $214,455.

BUSINESS SEGMENTS - Narrative (Details)	9 Months Ended
BUSINESS SEGMENTS - Narrative (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

WARRANTY LIABILITY - Changes in Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance, beginning of period	$ 14,903	$ 21,341	$ 20,781	$ 18,026
Warranties issued and changes in estimated pre-existing warranties	7,716	4,999	17,760	16,079
Actual warranty costs incurred	(6,966)	(3,402)	(22,888)	(11,167)
Balance, end of period	$ 15,653	$ 22,938	$ 15,653	$ 22,938

WARRANTY LIABILITY - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Product Warranty Liability [Line Items]
Warranty liability, current	$ 14,414	$ 20,781
Long-term warranty liability	$ 1,239	$ 1,239
Home and Building Products \| Minimum
Product Warranty Liability [Line Items]
Product warranty period	1 year
Home and Building Products \| Maximum
Product Warranty Liability [Line Items]
Product warranty period	10 years
CPP
Product Warranty Liability [Line Items]
Product warranty period	90 days

DISCONTINUED OPERATIONS - Balance Sheets Information of Installation Services and Other Discontinued Activities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Assets of discontinued operations:
Other long-term assets	$ 4,774	$ 4,290
Discontinued Operations
Assets of discontinued operations:
Prepaid and other current assets	1,310	1,001
Other long-term assets	4,774	4,290
Total assets of discontinued operations	6,084	5,291
Liabilities of discontinued operations:
Accrued liabilities, current	4,216	7,148
Other long-term liabilities	5,801	4,650
Total liabilities of discontinued operations	$ 10,017	$ 11,798

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 19,923	$ 29,248	$ 62,318	$ 20,662
Income before taxes	61,009	78,453	209,724	56,314
Restructuring charges, pre-tax	18,688	3,862	33,489	82,196
Restructuring charges, net of tax	13,991	2,831	24,973	61,360
Strategic review - retention and other	1,870	5,812	9,204	20,234
Strategic review cost, net of tax	1,390	4,378	6,887	15,258
Loss from debt extinguishment	1,700	0	1,700	0
Loss on extinguishment of debt, net of tax	1,292
Gain (loss) on sale of buildings	(725)	0	(167)	10,852
Gain (loss) on sale of buildings, net of tax	(520)		(105)	8,323
Other tax expense (benefit) that affect comparability	$ 2,247	6,519	$ 2,640	(2,537)
Special dividend ESOP charges		9,042		9,042
Special dividend ESOP charges, net of tax		6,936		6,936
Proxy expenses		568		2,685
Proxy expenses, net of tax		$ 435		$ 2,059
Effective tax rate	27.90%	28.10%		28.90%
Impairment charges				$ 100,000
Impairment charges, net of tax				$ 74,256

LEASES - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Operating Leases:
Operating right-of-use assets	$ 159,865	$ 169,942
Lease Liabilities:
Current portion of operating lease liabilities	32,572	32,632
Long-term operating lease liabilities	138,665	147,224
Total operating lease liabilities	171,237	179,856
Finance Leases:
Property, plant and equipment, net	$ 663	$ 994
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	PROPERTY, PLANT AND EQUIPMENT, net	PROPERTY, PLANT AND EQUIPMENT, net
Lease Liabilities:
Notes payable and current portion of long-term debt	$ 138	$ 280
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Notes payable and current portion of long-term debt	Notes payable and current portion of long-term debt
Long-term debt, net	$ 96	$ 184
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-Term Debt, Excluding Current Maturities	Long-Term Debt, Excluding Current Maturities
Total financing lease liabilities	$ 234	$ 464
Accumulated depreciation	$ 1,466	$ 6,769

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
CURRENT ASSETS
Cash and equivalents	$ 133,452	$ 102,889
Accounts receivable, net of allowances of $11,009 and $11,264	320,385	312,432
Inventories	430,708	507,130
Prepaid and other current assets	65,797	57,139
Assets held for sale	14,747	0
Assets of discontinued operations	1,310	1,001
Total Current Assets	966,399	980,591
PROPERTY, PLANT AND EQUIPMENT, net	274,980	279,218
OPERATING LEASE RIGHT-OF-USE ASSETS	159,865	169,942
GOODWILL	327,864	327,864
INTANGIBLE ASSETS, net	619,867	635,243
OTHER ASSETS	25,115	21,731
ASSETS OF DISCONTINUED OPERATIONS	4,774	4,290
Total Assets	2,378,864	2,418,879
CURRENT LIABILITIES
Notes payable and current portion of long-term debt	8,138	9,625
Accounts payable	156,564	116,646
Accrued liabilities	185,218	193,098
Current portion of operating lease liabilities	32,572	32,632
Liabilities of discontinued operations	4,216	7,148
Total Current Liabilities	386,708	359,149
LONG-TERM DEBT, net	1,499,211	1,459,904
LONG-TERM OPERATING LEASE LIABILITIES	138,665	147,224
OTHER LIABILITIES	124,969	132,708
LIABILITIES OF DISCONTINUED OPERATIONS	5,801	4,650
Total Liabilities	2,155,354	2,103,635
COMMITMENTS AND CONTINGENCIES - See Note 22
SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity	223,510	315,244
Total Liabilities and Shareholders’ Equity	$ 2,378,864	$ 2,418,879

INCOME TAXES	9 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES During the quarter ended June 30, 2024, the Company recognized a tax provision of $19,923 on income before taxes of $61,009, compared to a tax provision of $29,248 on income before taxes of $78,453 in the prior year quarter. The current year quarter results included restructuring charges of $18,688 ($13,991, net of tax); strategic review costs - retention and other of $1,870 ($1,390, net of tax); loss on debt extinguishment of $1,700 ($1,292, net of tax); loss on sale of buildings of $725 ($520, net of tax); and discrete and certain other tax provisions, net, that affect comparability of $2,247. The prior year quarter results included strategic review costs - retention and other of $5,812 ($4,378, net of tax); restructuring charges of $3,862 ($2,831, net of tax); special dividend Employee Stock Ownership Plan ("ESOP") charges of $9,042 ($6,936, net of tax); proxy expenses of $568 ($435, net of tax); and discrete and certain other tax provisions, net, that affect comparability of $6,519. Excluding these items, the effective tax rates for the quarters ended June 30, 2024 and 2023 were 27.9% and 28.1%, respectively. During the nine months ended June 30, 2024, the Company recognized a tax provision of $62,318 on income before taxes of $209,724, compared to a tax provision of $20,662 on income before taxes of $56,314 in the comparable prior year period. The nine month period ended June 30, 2024 included restructuring charges of $33,489 ($24,973, net of tax); strategic review - retention and other of $9,204 ($6,887, net of tax); loss on debt extinguishment of $1,700 ($1,292, net of tax); loss on sale of buildings of $167 ($105, net of tax); and discrete and certain other tax provisions, net, that affect comparability of $2,640. The nine month period ended June 30, 2023 included a gain on the sale of a building of $10,852 ($8,323, net of tax); strategic review costs - retention and other of $20,234 ($15,258, net of tax); restructuring charges of $82,196 ($61,360, net of tax); special dividend ESOP charges of $9,042 ($6,936, net of tax), intangible asset impairment charges of $100,000 ($74,256, net of tax); proxy expenses of $2,685 ($2,059, net of tax); and discrete tax and certain other tax benefits, net, that affect comparability of $2,537. Excluding these items, the effective tax rates for the nine months ended June 30, 2024 and 2023 were 27.9% and 28.9%, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 646,510	$ 651,635
Accumulated depreciation	(371,530)	(372,417)
Total	274,980	279,218
Land, building and building improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	144,934	169,923
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	466,163	447,972
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 35,413	$ 33,740

LEASES - Weighted Average Lease Terms and Discount Rates (Details)	Jun. 30, 2024
Weighted-average remaining lease term (years):
Operating leases	7 years 4 months 24 days
Finance Leases	3 years
Weighted-average discount rate:
Operating Leases	6.14%
Finance Leases	6.11%

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 9,389	$ 10,000	$ 28,155	$ 33,090
Assets held for sale	14,747		14,747		$ 0
Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 4,124	$ 4,404	$ 12,218	$ 13,289

LONG-TERM DEBT - Schedule of Interest Expense Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Cash Interest, Capitalized Interest	$ (309)	$ (38)	$ (813)	$ (49)
Cash Interest	25,968	24,619	75,302	72,100
Amort. Debt (Premium)/Discount	31	31	92	93
Amort. Debt Issuance Costs & Other Fees	1,025	991	3,078	2,975
Total Interest Expense	$ 27,024	$ 25,641	$ 78,472	$ 75,168
Senior notes due 2028
Debt Instrument [Line Items]
Effective Interest Rate	6.00%	6.00%	6.00%	6.00%
Cash Interest, Including Amounts Capitalized	$ 14,013	$ 14,013	$ 42,037	$ 42,037
Amort. Debt (Premium)/Discount	(12)	(12)	(36)	(36)
Amort. Debt Issuance Costs & Other Fees	505	505	1,515	1,515
Total Interest Expense	$ 14,506	$ 14,506	$ 43,516	$ 43,516
Term Loan B due 2029
Debt Instrument [Line Items]
Effective Interest Rate	8.20%	7.80%	8.20%	7.30%
Cash Interest, Including Amounts Capitalized	$ 9,070	$ 9,208	$ 27,314	$ 25,753
Amort. Debt (Premium)/Discount	43	43	128	129
Amort. Debt Issuance Costs & Other Fees	331	351	992	1,054
Total Interest Expense	9,444	9,602	28,434	26,936
Revolver due 2028
Debt Instrument [Line Items]
Cash Interest, Including Amounts Capitalized	3,114	905	6,253	2,922
Amort. Debt (Premium)/Discount	0	0	0	0
Amort. Debt Issuance Costs & Other Fees	186	123	559	368
Total Interest Expense	3,300	$ 1,028	6,812	$ 3,290
Finance lease - real estate
Debt Instrument [Line Items]
Effective Interest Rate		5.60%		5.60%
Cash Interest, Including Amounts Capitalized	0	$ 168	0	$ 520
Amort. Debt (Premium)/Discount	0	0	0	0
Amort. Debt Issuance Costs & Other Fees	0	0	0	0
Total Interest Expense	0	168	0	520
Non US lines of credit
Debt Instrument [Line Items]
Cash Interest, Including Amounts Capitalized	19	259	33	619
Amort. Debt (Premium)/Discount	0	0	0	0
Amort. Debt Issuance Costs & Other Fees	3	12	11	37
Total Interest Expense	22	271	44	656
Other long term debt
Debt Instrument [Line Items]
Cash Interest, Including Amounts Capitalized	61	104	478	298
Amort. Debt (Premium)/Discount	0	0	0	0
Amort. Debt Issuance Costs & Other Fees	0	0	1	1
Total Interest Expense	$ 61	$ 104	$ 479	$ 299

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Other income (expense)	$ 350	$ 1,475	$ 1,608	$ 2,375
Foreign currency transaction gain (loss), before tax	(120)	590	72	492
Net periodic benefit plan expense	34	217	103	650
Net investment income (loss)	10	336	95	444
Royalty income	$ 549	$ 438	$ 1,649	$ 1,463

PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

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


	At June 30, 2024		At September 30, 2023
Land, building and building improvements	$	144,934	$	169,923
Machinery and equipment	466,163		447,972
Leasehold improvements	35,413		33,740
	646,510		651,635
Accumulated depreciation	(371,530)		(372,417)
Total	$	274,980	$	279,218

Depreciation and amortization expense for property, plant and equipment was $9,389 and $10,000 for the quarters ended June 30, 2024 and 2023, respectively, and $28,155 and $33,090 for the nine months ended June 30, 2024 and 2023, respectively. Depreciation included in Selling, general and administrative ("SG&A") expenses was $4,124 and $4,404 for the quarters ended June 30, 2024 and 2023, respectively, and $12,218 and $13,289 for the nine months ended June 30, 2024 and 2023, respectively. Remaining components of depreciation, attributable to manufacturing operations, are included in Cost of goods and services.

In connection with the expansion of CPP's global sourcing strategy announced on May 3, 2023, certain owned manufacturing locations which ceased operations have met the criteria to be classified as held for sale as of June 30, 2024. The net book value of these properties as of June 30, 2024 totaled $14,747.

Except as described in Note 17, Restructuring charges, no event or indicator of impairment occurred during the nine months ended June 30, 2024 which would require additional impairment testing of property, plant and equipment.

SHAREHOLDERS' EQUITY AND EQUITY COMPENSATION

9 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY AND EQUITY COMPENSATION

SHAREHOLDERS’ EQUITY AND EQUITY COMPENSATION

During the nine months ended June 30, 2024, the Company paid three quarterly cash dividends of $0.15 per share each. During the nine months ended June 30, 2023, the Company paid three quarterly cash dividends consisting of two cash dividends of $0.10 per share and one cash dividend of $0.125 per share. Additionally, on April 19, 2023, the Board of Directors declared a special cash dividend of $2.00 per share, paid on May 19, 2023, to shareholders of record as of the close of business on May 9, 2023.

The Company currently intends to pay dividends each quarter; however, payment of dividends is determined by the Board of Directors at its discretion based on various factors, and no assurance can be provided as to the payment of future dividends. Dividends paid on shares in the ESOP were used to offset ESOP compensation expense. For all dividends, a dividend payable is established for the holders of restricted shares; such dividends will be released upon vesting of the underlying restricted shares.

On August 6, 2024 the Board of Directors declared a quarterly cash dividend of $0.15 per share, payable on September 19, 2024 to shareholders of record as of the close of business on August 28, 2024.

On January 29, 2016, shareholders approved the Griffon Corporation 2016 Equity Incentive Plan (the "Original Incentive Plan") pursuant to which, among other things, 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 Original Incentive Plan pursuant to which, among other things, 1,000,000 shares were added to the Original Incentive Plan; on January 30, 2020, shareholders approved Amendment No. 2 to the Original Incentive Plan, pursuant to which 1,700,000 shares were added to the Original Incentive Plan; on February 17, 2022, shareholders approved the Amended and Restated 2016 Equity Incentive Plan (the “Amended Incentive Plan”), which amended and restated the Original Incentive Plan and pursuant to which, among other things, 1,200,000 shares were added to the Original Incentive Plan; and on March 20, 2024, shareholders approved an amendment to add 2,600,000 shares to the Amended Incentive Plan. Options granted under the Amended 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 Amended Incentive Plan is 8,850,000 (600,000 of which may be issued as incentive stock options), plus (i) any shares that were reserved for issuance under the Original Incentive Plan as of the effective date of the Original Incentive Plan, and (ii) any shares underlying awards outstanding on such date under the 2011 Incentive Plan that were subsequently canceled or forfeited. As of June 30, 2024, there were 2,377,532 shares available for grant.

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 or units granted multiplied by the stock price on the date of grant, and for performance shares, including performance units, the likelihood of achieving the performance criteria. The Company recognizes forfeitures as they occur. Compensation expense for restricted stock granted to four 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.

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


	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2024		2023		2024		2023
Restricted stock	$	4,699	$	5,106	$	13,576	$	15,940
ESOP (1)	2,353		10,146		6,150		12,647
Total stock-based compensation	$	7,052	$	15,252	$	19,726	$	28,587

________________________

(1) During both the quarter and nine months ended June 30, 2023, special dividend ESOP charges included in compensation expense were $9,042.

During the first quarter of 2024, Griffon granted 174,104 shares of restricted stock and restricted stock units ("RSUs"). This includes 166,272 shares of restricted stock and 7,832 RSUs granted to 43 executives and key employees, subject to certain

performance conditions, with a vesting period of thirty-six months and a total fair value of $8,225, or a weighted average fair value of $47.24 per share.

During the second quarter of 2024, Griffon granted 403,997 shares of restricted stock and RSUs. This includes 387,222 shares of restricted stock granted to four senior executives with a vesting period of thirty-three months and a two-year post-vesting holding period, subject to the achievement of certain performance conditions relating to required levels of return on invested capital and the relative total shareholder return of Griffon's common stock as compared to a market index. So long as the minimum performance conditions are attained, the amount of shares that can vest will range from a minimum of 64,539 to a maximum of 387,222, with the target number of shares being 129,074. The total fair value of these restricted shares, assuming achievement of the performance conditions at target, is $12,181, or a weighted average fair value of $94.37 per share. This also includes 16,775 shares of restricted stock granted to non-employee directors of Griffon with a vesting period of one-year and a fair value of $1,210, or a weighted average fair value of $72.13 per share. During the third quarter of 2024, there were no shares of restricted stock or RSUs granted. During the nine months ended June 30, 2024, 570,269 shares granted were issued out of treasury stock.

On April 19, 2023, the Company's Board of Directors approved a $200,000 increase to Griffon's share repurchase program to $257,955 from the prior unused Board authorizations of $57,955. Also, on November 15, 2023, Griffon announced that the Board of Directors approved an additional increase of $200,000 to its share repurchase authorization. Under the authorized share repurchase program, the Company may, from time to time, purchase shares of its common stock in the open market, including pursuant to a 10b5-1 plan, pursuant to an accelerated share repurchase program or issuer tender offer, or in privately negotiated transactions. Share repurchases during the quarter and nine months ended June 30, 2024 totaled 283,479 shares and 3,721,357 shares of common stock, respectively, for a total of $19,080 and $206,104, respectively, or an average of $67.31 per share and $55.38 per share, respectively. The share repurchases during the nine months ended June 30, 2024 include the repurchase of 1,500,000 shares of common shares by the Company on February 20, 2024 pursuant to a stock purchase and cooperation agreement executed by the Company and Voss Value Master Fund, L.P., Voss Value-Oriented Special Situations Fund, L.P and four separately managed accounts of which Voss Capital, LLC is the investment manager, in a private transaction. The purchase price per share was $65.50, for an aggregate purchase price of $98,250. As of June 30, 2024, $101,078 remains under these Board authorized repurchase programs.

During the three months ended June 30, 2024, there were no shares withheld to settle employee taxes due upon the vesting of restricted stock. During the nine months ended June 30, 2024, 595,929 shares of common stock with a market value of $34,326, or $57.60 per share, respectively, were withheld to settle employee taxes due upon the vesting of restricted stock, and were added to treasury stock.

During the quarter ended June 30, 2024, accrued excise taxes of $486 were reversed to adjust for a benefit on ESOP contributions, partially offset by $191 accrued for share repurchases, resulting in a net benefit of $295 in the quarter. During the nine months ended June 30, 2024, $1,116, was accrued for excise taxes for share repurchases. As of June 30, 2024, $2,417 was accrued for excise taxes for share repurchases.

- Definition

The entire disclosure for equity.

+ References

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+ Details