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REPORTABLE SEGMENTS
 12 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
Griffon conducts its operations through two reportable segments, as follows:

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

•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 CornellCookson brand.

On September 27, 2021, Griffon announced it is exploring strategic alternatives, including a sale, for its Defense Electronics segment, which conducts its operations through Telephonics Corporation ("Telephonics"). As a result, Griffon classified the results of operations of the Telephonics business as a discontinued operation in the Consolidated Statements of Operations for all periods presented and classified the related assets and liabilities associated with the discontinued operation as held for sale in the Consolidated Balance Sheets. Accordingly, all references made to results and information in this Annual Report on Form 10-K are to Griffon's continuing operations, unless specifically noted. Telephonics, founded in 1933, is a globally recognized leading provider of highly sophisticated intelligence, surveillance and communications solutions that are deployed across a wide range of land, sea and air applications. Telephonics designs, develops, manufactures and provides logistical support and lifecycle sustainment services to defense, aerospace and commercial customers worldwide.

Information on Griffon’s reportable segments from continuing operations is as follows:
 For the Years Ended September 30,
REVENUE202120202019
   
Consumer and Professional Products$1,229,518 $1,139,233 $1,000,608 
Home and Building Products1,041,108 927,313 873,640 
Defense Electronics271,060 340,976 $335,041 
Subtotal$2,541,686 $2,407,522 $2,209,289 
Less: Defense Electronics(271,060)(340,976)(335,041)
Total revenue$2,270,626 $2,066,546 $1,874,248 

Griffon evaluates performance and allocates resources based on each segment's operating results from continuing operations before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (primarily corporate overhead), restructuring charges, loss on debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable (“Segment Adjusted EBITDA”).
The following table provides a reconciliation of Segment Adjusted EBITDA to Income before taxes from continuing operations:
 For the Years Ended September 30,
 202120202019
Segment Adjusted EBITDA:   
Consumer and Professional Products$115,673 $104,053 $90,677 
Home and Building Products181,015 153,631 120,161 
Defense Electronics20,486 25,228 35,104 
Subtotal317,174 282,912 245,942 
Less: Defense Electronics(20,486)(25,228)(35,104)
Segment Adjusted EBITDA296,688 257,684 210,838 
Unallocated amounts, excluding depreciation(49,054)(48,262)(47,231)
Adjusted EBITDA247,634 209,422 163,607 
Net interest expense(62,735)(65,795)(67,513)
Depreciation and amortization(52,302)(52,100)(51,517)
Restructuring charges(21,418)(13,670)— 
Loss from debt extinguishment— (7,925)— 
Acquisition contingent consideration— 1,733 1,646 
Acquisition costs— (2,960)— 
Income before taxes from continuing operations$111,179 $68,705 $46,223 

For the Years Ended September 30,
DEPRECIATION and AMORTIZATION202120202019
Segment:   
Consumer and Professional Products$34,433 $32,788 $32,289 
Home and Building Products17,370 18,361 18,334 
Defense Electronics10,762 10,645 10,667 
Subtotal62,565 61,794 61,290 
Less: Defense Electronics(10,762)(10,645)(10,667)
Total segment depreciation and amortization51,803 51,149 50,623 
Corporate499 951 894 
Total consolidated depreciation and amortization$52,302 $52,100 $51,517 
CAPITAL EXPENDITURES   
Segment:   
Consumer and Professional Products$28,265 $23,321 $17,828 
Home and Building Products8,648 17,499 16,498 
Defense Electronics10,343 7,830 10,492 
Subtotal47,256 48,650 44,818 
Less: Defense Electronics(10,343)(7,830)(10,492)
Total segment36,913 40,820 34,326 
Corporate38 348 543 
Total consolidated capital expenditures$36,951 $41,168 $34,869 
ASSETSAt September 30, 2021At September 30, 2020
Segment assets:  
Consumer and Professional Products$1,377,618 $1,255,127 
Home and Building Products666,422 606,785 
Total segment assets2,044,040 1,861,912 
Corporate283,202 252,506 
Total continuing assets2,327,242 2,114,418 
Discontinued operations - held for sale273,414 325,678 
Other discontinued operations4,029 8,497 
Consolidated total$2,604,685 $2,448,593 
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.
For the Year Ended September 30, 2021For the Year Ended September 30, 2020For the Year Ended September 30, 2019
Residential repair and remodel$185,896 $173,859 $140,369 
Retail577,839 575,947 528,279 
Residential new construction50,437 59,907 58,709 
Industrial43,411 40,285 45,129 
International excluding North America371,935 289,235 228,122 
Total Consumer and Professional Products1,229,518 1,139,233 1,000,608 
Residential repair and remodel516,995 467,112 439,287 
Commercial construction407,585 354,916 335,339 
Residential new construction116,528 105,285 99,014 
Total Home and Building Products1,041,108 927,313 873,640 
Total Revenue$2,270,626 $2,066,546 $1,874,248 

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

For the Year Ended September 30, 2021
Revenue by Geographic Area - DestinationConsumer and Professional ProductsHome and Building ProductsTotal
United States$766,150 $986,925 $1,753,075 
Europe123,607 72 123,679 
Canada85,676 44,661 130,337 
Australia244,674 — 244,674 
All other countries9,411 9,450 18,861 
Total Revenue$1,229,518 $1,041,108 $2,270,626 

For the Year Ended September 30, 2020
Revenue by Geographic Area - DestinationConsumer and Professional ProductsHome and Building ProductsTotal
United States$769,100$877,115$1,646,215
Europe85,33913085,469
Canada74,07238,662112,734
Australia203,012—203,012
All other countries7,71011,40619,116
Total Revenue$1,139,233$927,313$2,066,546
For the Year Ended September 30, 2019
Revenue by Geographic Area - DestinationConsumer and Professional ProductsHome and Building ProductsTotal
United States$690,772 $820,396 $1,511,168 
Europe63,284 109 63,393 
Canada72,327 39,472 111,799 
Australia165,291 16 165,307 
All other countries8,934 13,647 22,581 
Total Revenue$1,000,608 $873,640 $1,874,248 

As a percentage of segment revenue, CPP sales to The Home Depot approximated 26%, 27% and 28% in 2021, 2020 and 2019, respectively; HBP sales to The Home Depot approximated 10%, 12% and 13% in 2021, 2020 and 2019, respectively.

As a percentage of Griffon's consolidated revenue, CPP sales to The Home Depot approximated 14% in 2021, and approximated 13% in both 2020 and 2019; HBP sales to The Home Depot approximated 5% in 2021, 2020 and 2019.