WARRANTY LIABILITY

6 Months Ended

Mar. 31, 2024

Product Warranties Disclosures [Abstract]

WARRANTY LIABILITY

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 $14,903 as of March 31, 2024 and $20,781 as of September 30, 2023. The long-term warranty liability was $1,239 at both March 31, 2024 and September 30, 2023.

Changes in Griffon’s warranty liability in accrued liabilities for the three and six months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Balance, beginning of period	$	15,461	$	17,699	$	20,781	$	16,786
Warranties issued and changes in estimated pre-existing warranties	9,104		6,413		10,044		11,080
Actual warranty costs incurred	(9,662)		(4,011)		(15,922)		(7,765)
Balance, end of period	$	14,903	$	20,101	$	14,903	$	20,101