DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Mar. 31, 2022

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 Three Months Ended March 31,				For the Six Months Ended March 31,
	2022		2021		2022		2021
Revenue	$	56,273	$	60,150	$	110,266	$	127,918
Cost of goods and services	45,188		51,411		86,149		113,512
Gross profit	11,085		8,739		24,117		14,406
Selling, general and administrative expenses	10,289		9,359		20,309		19,301
Income (loss) from discontinued operations	796		(620)		3,808		(4,895)
Other income (expense)
Interest income, net	2		1		2		1
Gain on sale of business	—		(949)		—		5,291
Other, net	(104)		227		(102)		293
Total other income (expense)	(102)		(721)		(100)		5,585
Income from discontinued operations before taxes	$	694	$	(1,341)	$	3,708	$	690
Provision (benefit) for income taxes	(6,424)		(334)		(5,803)		(2,373)
Income from discontinued operations	$	7,118	$	(1,007)	$	9,511	$	3,063

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 March 31,		At September 30,
	2022		2021
CURRENT ASSETS
Accounts receivable, net	$	48,652	$	42,020
Contract assets, net of progress payments	52,497		72,983
Inventories	87,265		83,970
Prepaid and other current assets	4,993		4,409
PROPERTY, PLANT AND EQUIPMENT, net	47,313		45,371
OPERATING LEASE RIGHT-OF-USE ASSETS	1,167		1,167
GOODWILL	17,734		17,734
INTANGIBLE ASSETS, net	131		131
OTHER ASSETS	5,109		5,629
Total Assets Held for Sale	$	264,861	$	273,414
CURRENT LIABILITIES
Accounts payable	58,681		60,486
Accrued liabilities	10,510		15,153
Current portion of operating lease liabilities	223		287
LONG-TERM OPERATING LEASE LIABILITIES	766		867
OTHER LIABILITIES	3,038		3,955
Total Liabilities Held for Sale	$	73,218	$	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 March 31, 2022		At September 30, 2021
Assets of discontinued operations:
Prepaid and other current assets	$	497	$	605
Other long-term assets	3,194		3,424
Total assets of discontinued operations	$	3,691	$	4,029
Liabilities of discontinued operations:
Accrued liabilities, current	$	3,312	$	3,280
Other long-term liabilities	4,406		3,794
Total liabilities of discontinued operations	$	7,718	$	7,074