DISCONTINUED OPERATIONS

12 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

During 2019, Griffon recorded an $11,050 charge ($8,335, net of tax) to discontinued operations. The charge consisted primarily of a purchase price adjustment to resolve a claim related to the $465,000 Plastics divestiture and included an additional reserve for a legacy environmental matter.

The following amounts summarize the total assets and liabilities of Plastics and Installation Services and other discontinued activities which have been segregated from Griffon’s continuing operations and are reported as assets and liabilities of discontinued operations in the consolidated balance sheets:

	At September 30, 2020		At September 30, 2019
Assets of discontinued operations:
Prepaid and other current assets	$	2,091	$	321
Other long-term assets	6,406		2,888
Total assets of discontinued operations	$	8,497	$	3,209
Liabilities of discontinued operations:
Accrued liabilities, current	$	3,797	$	4,333
Other long-term liabilities	7,014		3,331
Total liabilities of discontinued operations	$	10,811	$	7,664

At September 30, 2020, Griffon’s liabilities for Plastics, Installations Services and other discontinued operations primarily related to insurance claims, income taxes and product liability, warranty and environmental reserves totaling liabilities of approximately $10,811. The increase in assets and liabilities were primarily associated with insurance claims receivable and payable.

Plastics

On November 16, 2017, Griffon announced it entered into a definitive agreement to sell Plastics and on February 6, 2018, completed the sale to Berry for approximately $465,000, net of certain post-closing adjustments. As a result, Griffon classified the results of operations of the Plastics business as discontinued operations in the Consolidated Statements of Operations for all periods presented and classified the related assets and liabilities associated with the discontinued operations in the consolidated balance sheets. Plastics is a global leader in the development and production of embossed, laminated and printed specialty plastic films for hygienic, health-care and industrial products and sells to some of the world's largest consumer products companies. In connection with the sale of Plastics, the Company recorded a $9,500 post-closing adjustment ($7,085, net of tax) during 2019 and recorded

a gain on sale of $112,964 ($81,041, net of tax) during 2018. The following amounts related to the Plastics segment have been segregated from Griffon's continuing operations and are reported as discontinued operations:

	For the Year Ended September 30,
	2019			2018
Revenue	$	—		$	166,262
Cost of goods and services	—			132,100
Gross profit	—			34,162
Selling, general and administrative expenses	9,500			26,303
Restructuring charges	—			—
Total operating expenses	9,500			26,303
Income from discontinued operations	(9,500		)	7,859
Other income (expense)
Gain on sale of business	—			112,964
Interest expense, net	—			(155		)
Other, net	—			(687		)
Total other income (expense)	—			112,122
Income from operations of discontinued operations	(9,500		)	119,981

Installation Services and Other Discontinued Activities

There was no reported revenue in 2020, 2019 and 2018.