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REPORTABLE SEGMENTS | 12 Months Ended
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Sep. 30, 2016
Segment Reporting [Abstract] |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS Griffon’s reportable segments are as follows:
• | HBP is a leading manufacturer and marketer of residential and commercial garage doors to professional dealers and to some of the largest home center retail chains in North America, as well as a global provider of long-handled tools and landscaping products for homeowners and professionals.
• | Telephonics is recognized globally as a leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.
• | PPC is a global leader in the development and production of embossed, laminated and printed specialty plastic films for hygienic, health-care and industrial products and sells to some of the world's largest consumer products companies.
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 | 2016 |  | 2015 |  | 2014
Home & Building Products: |  |  |  |  |  |  |  |
AMES | $ | 513,973 |  |  | $ | 535,881 |  |  | $ | 503,687 |
CBP | 527,370 |  |  | 516,320 |  |  | 475,756 |
Home & Building Products | 1,041,343 |  |  | 1,052,201 |  |  | 979,443 |
Telephonics | 435,692 |  |  | $ | 431,090 |  |  | $ | 419,005 |
PPC | 480,126 |  |  | $ | 532,741 |  |  | $ | 593,363 |
Total consolidated net sales | $ | 1,957,161 |  |  | $ | 2,016,032 |  |  | $ | 1,991,811 |
| For the Years Ended September 30,
INCOME (LOSS) BEFORE TAXES | 2016 |  | 2015 |  | 2014
Segment operating profit: |  |  |  |  |
Home & Building Products | $ | 79,682 |  |  | $ | 58,883 |  |  | $ | 40,538 |
Telephonics | 42,801 |  |  | 43,006 |  |  | 45,293 |
PPC | 20,313 |  |  | 33,137 |  |  | 28,881 |
Total segment operating profit | 142,796 |  |  | 135,026 |  |  | 114,712 |
Net interest expense | (51,111 | ) |  | (47,872 | ) |  | (48,144 | )
Unallocated amounts | (38,521 | ) |  | (33,518 | ) |  | (33,394 | )
Loss from debt extinguishment | — |  |  | — |  |  | (38,890 | )
Income (loss) before taxes | $ | 53,164 |  |  | $ | 53,636 |  |  | $ | (5,716 | )
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,
| 2016 |  | 2015 |  | 2014
Segment adjusted EBITDA: |  |  |  |  |  |  |  |
Home & Building Products | $ | 114,949 |  |  | $ | 94,226 |  |  | $ | 77,171 |
Telephonics | 53,385 |  |  | 53,028 |  |  | 57,525 |
PPC | 50,079 |  |  | 57,103 |  |  | 56,291 |
Total Segment adjusted EBITDA | 218,413 |  |  | 204,357 |  |  | 190,987 |
Net interest expense | (51,111 | ) |  | (47,872 | ) |  | (48,144 | )
Segment depreciation and amortization | (69,717 | ) |  | (69,331 | ) |  | (66,978 | )
Unallocated amounts | (38,521 | ) |  | (33,518 | ) |  | (33,394 | )
Loss from debt extinguishment | — |  |  | — |  |  | (38,890 | )
Restructuring charges | (5,900 | ) |  | — |  |  | (6,136 | )
Acquisition costs | — |  |  | — |  |  | (3,161 | )
Income (loss) before taxes | $ | 53,164 |  |  | $ | 53,636 |  |  | $ | (5,716 | )
| For the Years Ended September 30,
DEPRECIATION and AMORTIZATION | 2016 |  | 2015 |  | 2014
Segment: |  |  |  |  |
Home & Building Products | $ | 35,267 |  |  | $ | 35,343 |  |  | $ | 31,580 |
Telephonics | 10,584 |  |  | 10,022 |  |  | 7,988 |
PPC | 23,866 |  |  | 23,966 |  |  | 27,410 |
Total segment depreciation and amortization | 69,717 |  |  | 69,331 |  |  | 66,978 |
Corporate | 491 |  |  | 469 |  |  | 418 |
Total consolidated depreciation and amortization | $ | 70,208 |  |  | $ | 69,800 |  |  | $ | 67,396 |
CAPITAL EXPENDITURES |  |  |  |  |  |  |  |
Segment: |  |  |  |  |  |  |  |
Home & Building Products | $ | 49,351 |  |  | $ | 38,896 |  |  | $ | 33,779 |
Telephonics | 9,007 |  |  | 6,347 |  |  | 20,963 |
PPC | 31,817 |  |  | 28,103 |  |  | 21,032 |
Total segment | 90,175 |  |  | 73,346 |  |  | 75,774 |
Corporate | 584 |  |  | 274 |  |  | 1,320 |
Total consolidated capital expenditures | $ | 90,759 |  |  | $ | 73,620 |  |  | $ | 77,094 |
ASSETS | At September 30, 2016 |  | At September 30, 2015 |  | At September 30, 2014
Segment assets: |  |  |  |  |  |  |  |
Home & Building Products | $ | 1,020,297 |  |  | $ | 1,034,032 |  |  | $ | 1,031,904 |
Telephonics | 334,631 |  |  | 302,560 |  |  | 319,327 |
PPC | 365,920 |  |  | 343,519 |  |  | 389,464 |
Total segment assets | 1,720,848 |  |  | 1,680,111 |  |  | 1,740,695 |
Corporate | 59,061 |  |  | 29,211 |  |  | 64,381 |
Total continuing assets | 1,779,909 |  |  | 1,709,322 |  |  | 1,805,076 |
Assets of discontinued operations | 2,187 |  |  | 3,491 |  |  | 3,750 |
Consolidated total | $ | 1,782,096 |  |  | $ | 1,712,813 |  |  | $ | 1,808,826 |
Segment information by geographic region was as follows:
| For the Years Ended September 30,
REVENUE BY GEOGRAPHIC AREA - DESTINATION | 2016 |  | 2015 |  | 2014
United States | $ | 1,396,086 |  |  | $ | 1,383,775 |  |  | $ | 1,386,575 |
Europe | 198,897 |  |  | 227,203 |  |  | 254,460 |
Canada | 112,650 |  |  | 132,133 |  |  | 134,637 |
Australia | 111,587 |  |  | 113,077 |  |  | 62,567 |
South America | 72,813 |  |  | 87,759 |  |  | 105,691 |
All other countries | 65,128 |  |  | 72,085 |  |  | 47,881 |
Consolidated revenue | $ | 1,957,161 |  |  | $ | 2,016,032 |  |  | $ | 1,991,811 |
| For the Years Ended September 30,
LONG-LIVED ASSETS BY GEOGRAPHIC AREA | 2016 |  | 2015 |  | 2014
United States | $ | 466,266 |  |  | $ | 454,255 |  |  | $ | 439,737 |
Germany | 64,316 |  |  | 66,367 |  |  | 74,457 |
Canada | 35,984 |  |  | 36,449 |  |  | 42,374 |
Australia | 26,196 |  |  | 22,136 |  |  | 28,155 |
All other countries | 23,241 |  |  | 14,602 |  |  | 19,465 |
Consolidated property, plant and equipment, net | $ | 616,003 |  |  | $ | 593,809 |  |  | $ | 604,188 |
As a percentage of consolidated revenue, HBP sales to Home Depot approximated 13% in 2016 and 12% in both 2015 and 2014; PPC sales to P&G approximated 13% in 2016, and 14% in both 2015 and 2014; and Telephonics aggregate sales to the United States Government and its agencies approximated 16% in 2016, 14% in 2015 and 15% in 2014.

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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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