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CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION
 6 Months Ended
Mar. 31, 2014
Consolidating Guarantor And Non Guarantor Financial Information [Abstract]  
Consolidating Guarantor And Non Guarantor Financial Information [Text Block]

NOTE 20 — CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION


Griffon’s Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by the domestic assets of Clopay Building Products Company, Inc., Clopay Plastic Products Company, Inc., Telephonics Corporation, The Ames Companies, Inc., ATT Southern, Inc. and Clopay Ames True Temper Holding Corp, each of which are 100%, indirectly, owned by Griffon. In accordance with Rule 3-10 of Regulation S-X promulgated under the Securities Act of 1933, presented below are condensed consolidating financial information as of March 31, 2014 and September 30, 2013 and for the quarter and six-month period ended March 31, 2014 and 2013. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor companies or non-guarantor companies operated as independent entities. The guarantor companies and the non-guarantor companies include the consolidated financial results of their wholly-owned subsidiaries accounted for under the equity method.


The indenture relating to the Senior Notes (the “Indenture”) contains terms providing that, under certain limited circumstances, a guarantor will be released from its obligations to guarantee the Senior Notes.  These circumstances include (i) a sale of at least a majority of the stock, or all or substantially all the assets, of the subsidiary guarantor as permitted by the Indenture; (ii) a public equity offering of a subsidiary guarantor that qualifies as a “Minority Business” as defined in the Indenture (generally, a business the EBITDA of which constitutes less than 50% of the segment adjusted EBITDA of the Company for the most recently ended four fiscal quarters), and that meets certain other specified conditions as set forth in the Indenture; (iii) the designation of a guarantor as an “unrestricted subsidiary” as defined in the Indenture, in compliance with the terms of the Indenture; (iv) Griffon exercising its right to defease the Senior Notes, or to otherwise discharge its obligations under the Indenture, in each case in accordance with the terms of the Indenture; and (v) upon obtaining the requisite consent of the holders of the Senior Notes.


CONDENSED CONSOLIDATING BALANCE SHEETS


At March 31, 2014


    Parent Company     Guarantor Companies     Non-Guarantor Companies     Elimination     Consolidation  
CURRENT ASSETS                                        
Cash and equivalents   $ 4,199     $ 25,259     $ 40,475     $ —     $ 69,933  
Accounts receivable, net of allowances     —       258,037       82,765       (31,640 )     309,162  
Contract costs and recognized income not yet billed, net of progress payments     —       107,388       437       —       107,825  
Inventories, net     —       197,947       58,814       (71 )     256,690  
Prepaid and other current assets     4,273       21,059       15,319       10,561       51,212  
Assets of discontinued operations     —       —       1,217       —       1,217  
Total Current Assets     8,472       609,690       199,027       (21,150 )     796,039  
                                         
PROPERTY, PLANT AND EQUIPMENT, net     1,424       255,330       101,128       —       357,882  
GOODWILL     —       290,761       79,411       —       370,172  
INTANGIBLE ASSETS, net     —       158,950       65,276       —       224,226  
INTERCOMPANY RECEIVABLE     558,505       886,492       83,046       (1,528,043 )     —  
EQUITY INVESTMENTS IN SUBSIDIARIES     787,103       549,256       1,783,996       (3,120,355 )     —  
OTHER ASSETS     47,410       51,142       7,435       (75,213 )     30,774  
ASSETS OF DISCONTINUED OPERATIONS     —       —       3,107       —       3,107  
Total Assets   $ 1,402,914     $ 2,801,621     $ 2,322,426     $ (4,744,761 )   $ 1,782,200  
                                         
CURRENT LIABILITIES                                        
Notes payable and current portion of long-term debt   $ 1,847     $ 1,098     $ 10,448     $ —     $ 13,393  
Accounts payable and accrued liabilities     22,247       194,512       70,153       (21,935 )     264,977  
Liabilities of discontinued operations     —       —       3,069       —       3,069  
Total Current Liabilities     24,094       195,610       83,670       (21,935 )     281,439  
                                         
LONG-TERM DEBT, net of debt discounts     736,786       8,298       28,495       —       773,579  
INTERCOMPANY PAYABLES     21,318       772,390       707,295       (1,501,003 )     —  
OTHER LIABILITIES     62,964       153,635       22,804       (74,332 )     165,071  
LIABILITIES OF DISCONTINUED OPERATIONS     —       —       4,359       —       4,359  
Total Liabilities     845,162       1,129,933       846,623       (1,597,270 )     1,224,448  
                                         
SHAREHOLDERS’ EQUITY     557,752       1,671,688       1,475,803       (3,147,491 )     557,752  
Total Liabilities and Shareholders’ Equity   $ 1,402,914     $ 2,801,621     $ 2,322,426     $ (4,744,761 )   $ 1,782,200  

CONDENSED CONSOLIDATING BALANCE SHEETS
At September 30, 2013


    Parent
Company 		    Guarantor
Companies 		    Non-Guarantor
Companies 		    Elimination     Consolidation  
                                         
CURRENT ASSETS                                        
Cash and equivalents   $ 68,994     $ 25,343     $ 83,793     $ —     $ 178,130  
Accounts receivable, net of allowances     —       213,506       76,241       (33,532 )     256,215  
Contract costs and recognized income not yet billed, net of progress payments     —       109,683       145       —       109,828  
Inventories, net     —       173,406       56,723       (9 )     230,120  
Prepaid and other current assets     (712 )     21,854       17,330       10,431       48,903  
Assets of discontinued operations     —       —       1,214       —       1,214  
Total Current Assets     68,282       543,792       235,446       (23,110 )     824,410  
                                         
PROPERTY, PLANT AND EQUIPMENT, net     972       248,973       103,648       —       353,593  
GOODWILL     —       288,146       69,584       —       357,730  
INTANGIBLE ASSETS, net     —       160,349       61,042       —       221,391  
INTERCOMPANY RECEIVABLE     547,903       911,632       573,269       (2,032,804 )     —  
EQUITY INVESTMENTS IN SUBSIDIARIES     772,374       533,742       2,718,956       (4,025,072 )     —  
OTHER ASSETS     45,968       50,423       7,423       (75,234 )     28,580  
ASSETS OF DISCONTINUED OPERATIONS     —       —       3,075       —       3,075  
Total Assets   $ 1,435,499     $ 2,737,057     $ 3,772,443     $ (6,156,220 )   $ 1,788,779  
                                         
CURRENT LIABILITIES                                        
Notes payable and current portion of long-term debt   $ 1,000     $ 1,079     $ 8,689     $ —     $ 10,768  
Accounts payable and accrued liabilities     41,121       183,665       70,427       (24,860 )     270,353  
Liabilities of discontinued operations     —       —       3,288       —       3,288  
Total Current Liabilities     42,121       184,744       82,404       (24,860 )     284,409  
                                         
LONG-TERM DEBT, net of debt discounts     656,852       9,006       12,629       —       678,487  
INTERCOMPANY PAYABLES     20,607       796,741       1,188,017       (2,005,365 )     —  
OTHER LIABILITIES     65,455       153,970       25,578       (74,328 )     170,675  
LIABILITIES OF DISCONTINUED OPERATIONS     —       —       4,744       —       4,744  
Total Liabilities     785,035       1,144,461       1,313,372       (2,104,553 )     1,138,315  
                                         
SHAREHOLDERS’ EQUITY     650,464       1,592,596       2,459,071       (4,051,667 )     650,464  
Total Liabilities and Shareholders’ Equity   $ 1,435,499     $ 2,737,057     $ 3,772,443     $ (6,156,220 )   $ 1,788,779  

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended March 31, 2014


($ in thousands)   Parent Company     Guarantor Companies     Non-Guarantor Companies     Elimination     Consolidation  
                                         
Revenue   $ —     $ 396,505     $ 127,782     $ (16,600 )   $ 507,687  
Cost of goods and services     —       305,191       107,555       (15,046 )     397,700  
Gross profit     —       91,314       20,227       (1,554 )     109,987  
                                         
Selling, general and administrative expenses     7,161       68,234       15,833       (1,606 )     89,622  
Restructuring and other related charges     —       728       (36 )     —       692  
Total operating expenses     7,161       68,962       15,797       (1,606 )     90,314  
                                         
Income (loss) from operations     (7,161 )     22,352       4,430       52       19,673  
                                         
Other income (expense)                                        
Interest income (expense), net     (2,885 )     (7,329 )     (2,147 )     —       (12,361 )
Loss from debt extinguishment, net     (38,890 )     —       —       —       (38,890 )
Other, net     15       1,014       (194 )     (52 )     783  
Total other income (expense)     (41,760 )     (6,315 )     (2,341 )     (52 )     (50,468 )
                                         
Income (loss) before taxes     (48,921 )     16,037       2,089       —       (30,795 )
Provision (benefit) for income taxes     (11,045 )     6,053       22       —       (4,970 )
Income (loss) before equity in net income of subsidiaries     (37,876 )     9,984       2,067       —       (25,825 )
Equity in net income (loss) of subsidiaries     12,051       1,982       9,984       (24,017 )     —  
Net income (loss)   $ (25,825 )   $ 11,966     $ 12,051     $ (24,017 )   $ (25,825 )
                                         
Net Income (loss)   $ (25,825 )   $ 11,966     $ 12,051     $ (24,017 )   $ (25,825 )
Other comprehensive income (loss), net of taxes     170       80       2,073       —       2,323  
Comprehensive income (loss)   $ (25,655 )   $ 12,046     $ 14,124     $ (24,017 )   $ (23,502 )

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended March 31, 2013


($ in thousands)   Parent Company     Guarantor Companies     Non-Guarantor Companies     Elimination     Consolidation  
                                         
Revenue   $ —     $ 379,846     $ 123,599     $ (14,702 )   $ 488,743  
Cost of goods and services     —       292,369       104,011       (13,134 )     383,246  
Gross profit     —       87,477       19,588       (1,568 )     105,497  
                                         
Selling, general and administrative expenses     3,821       67,936       15,912       (1,610 )     86,059  
Restructuring and other related charges     —       5,372       3,964       —       9,336  
Total operating expenses     3,821       73,308       19,876       (1,610 )     95,395  
                                         
Income (loss) from operations     (3,821 )     14,169       (288 )     42       10,102  
                                         
Other income (expense)                                        
Interest income (expense), net     (3,610 )     (6,824 )     (2,475 )     —       (12,909 )
Other, net     322       1,546       (1,404 )     (42 )     422  
Total other income (expense)     (3,288 )     (5,278 )     (3,879 )     (42 )     (12,487 )
                                         
Income (loss) before taxes     (7,109 )     8,891       (4,167 )     —       (2,385 )
Provision (benefit) for income taxes     (4,393 )     2,750       77       —       (1,566 )
Income (loss) before equity in net income of subsidiaries     (2,716 )     6,141       (4,244 )     —       (819 )
Equity in net income (loss) of subsidiaries     1,897       (4,235 )     6,981       (4,643 )     —  
Net income (loss)   $ (819 )   $ 1,906     $ 2,737     $ (4,643 )   $ (819 )
                                         
Net Income (loss)   $ (819 )   $ 1,906     $ 2,737     $ (4,643 )   $ (819 )
Other comprehensive income (loss), net of taxes     (1,181 )     (1,422 )     (2,661 )     —       (5,264 )
Comprehensive income (loss)   $ (2,000 )   $ 484     $ 76     $ (4,643 )   $ (6,083 )

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
 For the Six Months Ended March 31, 2014


    Parent Company     Guarantor Companies     Non-Guarantor Companies     Elimination     Consolidation  
                                         
Revenue   $ —     $ 741,149     $ 249,534     $ (29,538 )   $ 961,145  
Cost of goods and services     —       565,174       206,949       (26,468 )     745,655  
Gross profit     —       175,975       42,585       (3,070 )     215,490  
                                         
Selling, general and administrative expenses     13,491       136,615       30,408       (3,212 )     177,302  
Restructuring and other related charges     —       1,492       42       —       1,534  
Total operating expenses     13,491       138,107       30,450       (3,212 )     178,836  
                                         
Income (loss) from operations     (13,491 )     37,868       12,135       142       36,654  
                                         
Other income (expense)                                        
Interest income (expense), net     (6,490 )     (14,579 )     (4,393 )     —       (25,462 )
Loss from debt extinguishment, net     (38,890 )     —       —       —       (38,890 )
Other, net     127       3,072       (1,368 )     (142 )     1,689  
Total other income (expense)     (45,253 )     (11,507 )     (5,761 )     (142 )     (62,663 )
                                         
Income (loss) before taxes     (58,744 )     26,361       6,374       —       (26,009 )
Provision (benefit) for income taxes     (15,579 )     11,692       467       —       (3,420 )
Income (loss) before equity in net income of subsidiaries     (43,165 )     14,669       5,907       —       (22,589 )
Equity in net income (loss) of subsidiaries     20,576       5,748       14,669       (40,993 )     —  
Net income (loss)   $ (22,589 )   $ 20,417     $ 20,576     $ (40,993 )   $ (22,589 )
                                         
Net Income (loss)   $ (22,589 )   $ 20,417     $ 20,576     $ (40,993 )   $ (22,589 )
Other comprehensive income (loss), net of taxes     340       1,869       (2,707 )     —       (498 )
Comprehensive income (loss)   $ (22,249 )   $ 22,286     $ 17,869     $ (40,993 )   $ (23,087 )

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Six Months Ended March 31, 2013


    Parent Company     Guarantor Companies     Non-Guarantor Companies     Elimination     Consolidation  
                                         
Revenue   $ —     $ 700,904     $ 238,510     $ (26,922 )   $ 912,492  
Cost of goods and services     —       531,186       202,365       (24,226 )     709,325  
Gross profit     —       169,718       36,145       (2,696 )     203,167  
                                         
Selling, general and administrative expenses     11,278       129,586       30,534       (3,120 )     168,278  
Restructuring and other related charges     —       6,480       3,964       —       10,444  
Total operating expenses     11,278       136,066       34,498       (3,120 )     178,722  
                                         
Income (loss) from operations     (11,278 )     33,652       1,647       424       24,445  
                                         
Other income (expense)                                        
Interest income (expense), net     (7,222 )     (13,703 )     (5,063 )     —       (25,988 )
Other, net     355       3,765       (2,788 )     (424 )     908  
Total other income (expense)     (6,867 )     (9,938 )     (7,851 )     (424 )     (25,080 )
                                         
Income (loss) before taxes     (18,145 )     23,714       (6,204 )     —       (635 )
Provision (benefit) for income taxes     (9,759 )     8,948       437       —       (374 )
Income (loss) before equity in net income of subsidiaries     (8,386 )     14,766       (6,641 )     —       (261 )
Equity in net income (loss) of subsidiaries     8,125       (6,596 )     14,766       (16,295 )     —  
Net income (loss)   $ (261 )   $ 8,170     $ 8,125     $ (16,295 )   $ (261 )
                                         
Net Income (loss)   $ (261 )   $ 8,170     $ 8,125     $ (16,295 )   $ (261 )
Other comprehensive income (loss), net of taxes     422       3,457       (2,280 )     —       1,599  
Comprehensive income (loss)   $ 161     $ 11,627     $ 5,845     $ (16,295 )   $ 1,338  

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS


For the Six Months Ended March 31, 2014


    Parent Company     Guarantor Companies     Non-Guarantor Companies     Elimination     Consolidation  
                                         
CASH FLOWS FROM OPERATING ACTIVITIES:                                        
Net income (loss)   $ (22,589 )   $ 20,417     $ 20,576     $ (40,993 )   $ (22,589 )
                                         
Net cash provided by (used in) operating activities     (30,836 )     (27,389 )     31,588       —       (26,637 )
                                         
CASH FLOWS FROM INVESTING ACTIVITIES:                                        
Acquisition of property, plant and equipment     (618 )     (29,921 )     (4,306 )     —       (34,845 )
Acquired business, net of cash acquired     —       (1,000 )     (21,720 )     —       (22,720 )
Intercompany distributions     10,000       (10,000 )     —       —       —  
Proceeds from sale of assets     —       230       64       —       294  
Net cash provided by (used in) investing activities     9,382       (40,691 )     (25,962 )     —       (57,271 )
                                         
CASH FLOWS FROM FINANCING ACTIVITIES:                                        
Proceeds from issuance of common stock     584       —       —       —       584  
Purchase of shares for treasury     (63,370 )     —       —       —       (63,370 )
Proceeds from issuance of long-term debt     629,568       10,939       4,007       —       644,514  
Payments of long-term debt     (582,108 )     (12,097 )     7,895       —       (586,310 )
Change in short-term borrowings     —       —       4,908       —       4,908  
Financing costs     (10,142 )     —       (545 )     —       (10,687 )
Purchase of ESOP shares     (10,000 )     —       —       —       (10,000 )
Tax effect from exercise/vesting of equity awards, net     273       —       —       —       273  
Dividend     (8,290 )     5,000       —       —       (3,290 )
Other, net     144       43,140       (43,140 )     —       144  
Net cash provided by (used in) financing activities     (43,341 )     46,982       (26,875 )     —       (23,234 )
                                         
CASH FLOWS FROM DISCONTINUED OPERATIONS:                                        
Net cash used in discontinued operations     —       —       (640 )     —       (640 )
                                         
Effect of exchange rate changes on cash and equivalents     —       —       (415 )     —       (415 )
                                         
NET DECREASE IN CASH AND EQUIVALENTS     (64,795 )     (21,098 )     (22,304 )     —       (108,197 )
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD     68,994       46,357       62,779       —       178,130  
CASH AND EQUIVALENTS AT END OF PERIOD   $ 4,199     $ 25,259     $ 40,475     $ —     $ 69,933  

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS


For the Six Months Ended March 31, 2013


    Parent Company     Guarantor Companies     Non-Guarantor Companies     Elimination     Consolidation  
                                         
CASH FLOWS FROM OPERATING ACTIVITIES:                                        
Net income (loss)   $ (261 )   $ 8,170     $ 8,125     $ (16,295 )   $ (261 )
                                         
Net cash provided by (used in) operating activities     (43,968 )     (26,900 )     36,885       —       (33,983 )
                                         
CASH FLOWS FROM INVESTING ACTIVITIES:                                        
Acquisition of property, plant and equipment     (24 )     (28,624 )     (2,347 )     —       (30,995 )
Intercompany distributions     10,000       (10,000 )     —       —       —  
Proceeds from sale of assets     —       1,171       45       —       1,216  
Net cash provided by (used in) investing activities     9,976       (37,453 )     (2,302 )     —       (29,779 )
                                         
CASH FLOWS FROM FINANCING ACTIVITIES:                                        
Purchase of shares for treasury     (22,109 )     —       —       —       (22,109 )
Proceeds from issuance of long-term debt     —       303       —       —       303  
Payments of long-term debt     (813 )     (514 )     (4,073 )     —       (5,400 )
Change in short-term borrowings     —       —       2,157       —       2,157  
Financing costs     (759 )     —       —       —       (759 )
Tax effect from exercise/vesting of equity awards, net     150       —       —       —       150  
Dividend     (2,938 )     —       —       —       (2,938 )
Other, net     242       44,885       (44,885 )     —       242  
Net cash provided by (used in) financing activities     (26,227 )     44,674       (46,801 )     —       (28,354 )
                                         
CASH FLOWS FROM DISCONTINUED OPERATIONS:                                        
Net cash used in discontinued operations     —       —       (478 )     —       (478 )
                                         
Effect of exchange rate changes on cash and equivalents     —       —       (138 )     —       (138 )
                                         
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS     (60,219 )     (19,679 )     (12,834 )     —       (92,732 )
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD     125,093       34,782       49,779       —       209,654  
CASH AND EQUIVALENTS AT END OF PERIOD   $ 64,874     $ 15,103     $ 36,945     $ —     $ 116,922