DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

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

The following amounts related to Telephonics have been segregated from Griffon's continuing operations and are reported as a discontinued operation:

	For the Quarter Ended December 31,
	2021		2020
Revenue	$	53,993	$	67,768
Cost of goods and services	40,961		62,101
Gross profit	13,032		5,667
Selling, general and administrative expenses	10,020		9,942
Income (loss) from discontinued operations	3,012		(4,275)
Other income (expense)
Gain on sale of business	—		6,240
Other, net	2		66
Total other income (expense)	2		6,306
Income from discontinued operations before taxes	$	3,014	$	2,031
Provision (benefit) for income taxes	621		(2,039)
Income from discontinued operations	$	2,393	$	4,070

The following amounts related to Telephonics have been segregated from Griffon's continuing operations and are reported as assets and liabilities of discontinued operations held for sale in the consolidated balance sheets:

	At December 31,		At September 30,
	2021		2021
CURRENT ASSETS
Accounts receivable, net	32,642		42,020
Contract assets, net of progress payments	69,043		72,983
Inventories	84,796		83,970
Prepaid and other current assets	4,363		4,409
PROPERTY, PLANT AND EQUIPMENT, net	46,205		45,371
OPERATING LEASE RIGHT-OF-USE ASSETS	1,167		1,167
GOODWILL	17,734		17,734
INTANGIBLE ASSETS, net	131		131
OTHER ASSETS	5,433		5,629
Total Assets Held for Sale	$	261,514	$	273,414
CURRENT LIABILITIES
Accounts payable	55,661		60,486
Accrued liabilities	15,547		15,153
Current portion of operating lease liabilities	221		287
LONG-TERM OPERATING LEASE LIABILITIES	817		867
OTHER LIABILITIES	2,010		3,955
Total Liabilities Held for Sale	$	74,256	$	80,748

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

	At December 31, 2021		At September 30, 2021
Assets of discontinued operations:
Prepaid and other current assets	$	583	$	605
Other long-term assets	3,375		3,424
Total assets of discontinued operations	$	3,958	$	4,029
Liabilities of discontinued operations:
Accrued liabilities, current	$	3,095	$	3,280
Other long-term liabilities	3,740		3,794
Total liabilities of discontinued operations	$	6,835	$	7,074