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REPORTABLE SEGMENTS | 12 Months Ended
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Sep. 30, 2015
Segment Reporting [Abstract] |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS Griffon’s reportable segments are as follows:
• | HBP is a leading manufacturer and marketer of residential, commercial and industrial garage doors to professional dealers and major home center retail chains, as well as a global provider of non-powered landscaping products for homeowners and professionals.
• | Telephonics develops, designs and manufactures high-technology integrated information, communication and sensor system solutions for military and commercial markets worldwide.
• | PPC is an international leader in the development and production of embossed, laminated and printed specialty plastic films used in a variety of hygienic, health-care and industrial applications.
Griffon evaluates performance and allocates resources based on operating results before interest income or expense, income taxes and certain nonrecurring items of income or expense. Information on Griffon’s reportable segments is as follows:
| For the Years Ended September 30,
REVENUE | 2015 |  | 2014 |  | 2013
Home & Building Products: |  |  |  |  |  |  |  |
AMES | $ | 535,881 |  |  | $ | 503,687 |  |  | $ | 419,549 |
CBP | 516,320 |  |  | 475,756 |  |  | 435,416 |
Home & Building Products | 1,052,201 |  |  | 979,443 |  |  | 854,965 |
Telephonics | 431,090 |  |  | $ | 419,005 |  |  | $ | 453,351 |
PPC | 532,741 |  |  | $ | 593,363 |  |  | $ | 563,011 |
Total consolidated net sales | $ | 2,016,032 |  |  | $ | 1,991,811 |  |  | $ | 1,871,327 |
| For the Years Ended September 30,
INCOME (LOSS) BEFORE TAXES | 2015 |  | 2014 |  | 2013
Segment operating profit: |  |  |  |  |
Home & Building Products | $ | 58,883 |  |  | $ | 40,538 |  |  | $ | 26,130 |
Telephonics | 43,006 |  |  | 45,293 |  |  | 55,076 |
PPC | 33,137 |  |  | 28,881 |  |  | 16,589 |
Total segment operating profit | 135,026 |  |  | 114,712 |  |  | 97,795 |
Net interest expense | (47,872 | ) |  | (48,144 | ) |  | (52,167 | )
Unallocated amounts | (33,518 | ) |  | (33,394 | ) |  | (29,153 | )
Loss from debt extinguishment | — |  |  | (38,890 | ) |  | — |
Loss on pension settlement | — |  |  | — |  |  | (2,142 | )
Income (loss) before taxes from continuing operations | $ | 53,636 |  |  | $ | (5,716 | ) |  | $ | 14,333 |
Griffon evaluates performance and allocates resources based on each segments’ operating results before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead), restructuring charges, acquisition-related expenses , and gains (losses) from pension settlement and debt extinguishment, as applicable (“Segment adjusted EBITDA”, a non-GAAP measure). Griffon believes this information is useful to investors for the same reason. The following table provides a reconciliation of Segment adjusted EBITDA to Income (loss) before taxes and discontinued operations:
| For the Years Ended September 30,
| 2015 |  | 2014 |  | 2013
Segment adjusted EBITDA: |  |  |  |  |  |  |  |
Home & Building Products | $ | 94,226 |  |  | $ | 77,171 |  |  | $ | 70,064 |
Telephonics | 53,028 |  |  | 57,525 |  |  | 63,199 |
PPC | 57,103 |  |  | 56,291 |  |  | 48,100 |
Total Segment adjusted EBITDA | 204,357 |  |  | 190,987 |  |  | 181,363 |
Net interest expense | (47,872 | ) |  | (48,144 | ) |  | (52,167 | )
Segment depreciation and amortization | (69,331 | ) |  | (66,978 | ) |  | (70,306 | )
Unallocated amounts | (33,518 | ) |  | (33,394 | ) |  | (29,153 | )
Loss from debt extinguishment | — |  |  | (38,890 | ) |  | — |
Restructuring charges | — |  |  | (6,136 | ) |  | (13,262 | )
Acquisition costs | — |  |  | (3,161 | ) |  | — |
Loss on pension settlement | — |  |  | — |  |  | (2,142 | )
Income (loss) before taxes from continuing operations | $ | 53,636 |  |  | $ | (5,716 | ) |  | $ | 14,333 |
| For the Years Ended September 30,
DEPRECIATION and AMORTIZATION | 2015 |  | 2014 |  | 2013
Segment: |  |  |  |  |
Home & Building Products | $ | 35,343 |  |  | $ | 31,580 |  |  | $ | 36,195 |
Telephonics | 10,022 |  |  | 7,988 |  |  | 7,373 |
PPC | 23,966 |  |  | 27,410 |  |  | 26,738 |
Total segment depreciation and amortization | 69,331 |  |  | 66,978 |  |  | 70,306 |
Corporate | 469 |  |  | 418 |  |  | 442 |
Total consolidated depreciation and amortization | $ | 69,800 |  |  | $ | 67,396 |  |  | $ | 70,748 |
CAPITAL EXPENDITURES |  |  |  |  |  |  |  |
Segment: |  |  |  |  |  |  |  |
Home & Building Products | $ | 38,896 |  |  | $ | 33,779 |  |  | $ | 30,695 |
Telephonics | 6,347 |  |  | 20,963 |  |  | 11,112 |
PPC | 28,103 |  |  | 21,032 |  |  | 22,509 |
Total segment | 73,346 |  |  | 75,774 |  |  | 64,316 |
Corporate | 274 |  |  | 1,320 |  |  | 125 |
Total consolidated capital expenditures | $ | 73,620 |  |  | $ | 77,094 |  |  | $ | 64,441 |
ASSETS | At September 30, 2015 |  | At September 30, 2014 |  | At September 30, 2013
Segment assets: |  |  |  |  |  |  |  |
Home & Building Products | $ | 1,034,032 |  |  | $ | 1,031,904 |  |  | $ | 897,215 |
Telephonics | 302,560 |  |  | 319,327 |  |  | 296,919 |
PPC | 343,519 |  |  | 389,464 |  |  | 422,730 |
Total segment assets | 1,680,111 |  |  | 1,740,695 |  |  | 1,616,864 |
Corporate | 47,831 |  |  | 64,381 |  |  | 156,455 |
Total continuing assets | 1,727,942 |  |  | 1,805,076 |  |  | 1,773,319 |
Assets of discontinued operations | 3,491 |  |  | 3,750 |  |  | 4,289 |
Consolidated total | $ | 1,731,433 |  |  | $ | 1,808,826 |  |  | $ | 1,777,608 |
Segment information by geographic region was as follows:
| For the Years Ended September 30,
REVENUE BY GEOGRAPHIC AREA - DESTINATION | 2015 |  | 2014 |  | 2013
United States | $ | 1,383,775 |  |  | $ | 1,386,575 |  |  | $ | 1,319,740 |
Europe | 227,203 |  |  | 254,460 |  |  | 255,733 |
Canada | 132,133 |  |  | 134,637 |  |  | 114,984 |
Australia | 113,077 |  |  | 62,567 |  |  | 22,257 |
South America | 87,759 |  |  | 105,691 |  |  | 103,840 |
All other countries | 72,085 |  |  | 47,881 |  |  | 54,773 |
Consolidated revenue | $ | 2,016,032 |  |  | $ | 1,991,811 |  |  | $ | 1,871,327 |
| For the Years Ended September 30,
LONG-LIVED ASSETS BY GEOGRAPHIC AREA | 2015 |  | 2014 |  | 2013
United States | $ | 454,255 |  |  | $ | 439,737 |  |  | $ | 421,604 |
Germany | 66,367 |  |  | 74,457 |  |  | 82,314 |
Canada | 36,449 |  |  | 42,374 |  |  | 46,792 |
Australia | 22,136 |  |  | 28,155 |  |  | 4,309 |
All other countries | 14,602 |  |  | 19,465 |  |  | 19,965 |
Consolidated property, plant and equipment, net | $ | 593,809 |  |  | $ | 604,188 |  |  | $ | 574,984 |
As a percentage of consolidated revenue, HBP sales to Home Depot approximated 12% in both 2015 and 2014 and 11% in 2013; PPC sales to P&G approximated 14% in 2015, 2014 and 2013; and Telephonics aggregate sales to the United States Government and its agencies approximated 14% in 2015, 15% in 2014 and 19% in 2013.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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