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DISCONTINUED OPERATIONS | 12 Months Ended
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Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS PPC On November 16, 2017, Griffon announced it entered into a definitive agreement to sell PPC and on February 6, 2018, completed the sale to Berry for approximately $475,000. As a result, Griffon classified the results of operations of the PPC business as discontinued operations in the Consolidated Statements of Operations for all periods presented and classified the related assets and liabilities associated with the discontinued operations in the consolidated balance sheets. 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. In connection with the sale of PPC, the Company recorded a gain of $112,964 (81,041, net of tax) during the year ended September 30, 2018. The tax computed on the PPC gain is preliminary and is subject to finalization. The following amounts related to the PPC segment have been segregated from Griffon's continuing operations and are reported as discontinued operations:
|  | For the Year Ended September 30,
|  | 2018 |  | 2017 |  | 2016
Revenue |  | $ | 166,262 |  |  | $ | 460,914 |  |  | $ | 480,126 |
Cost of goods and services |  | 132,100 |  |  | 389,416 |  |  | 407,385 |
Gross profit |  | 34,162 |  |  | 71,498 |  |  | 72,741 |
Selling, general and administrative expenses |  | 26,303 |  |  | 43,518 |  |  | 45,673 |
Restructuring charges |  | — |  |  | — |  |  | 5,900 |
Total operating expenses |  | 26,303 |  |  | 43,518 |  |  | 51,573 |
Income from discontinued operations |  | 7,859 |  |  | 27,980 |  |  | 21,168 |
Other income (expense) |  |  |  |  |  |  |  |  |
Gain on sale of business |  | 112,964 |  |  | — |  |  | — |
Interest expense, net |  | (155 | ) |  | (63 | ) |  | (1,234 | )
Other, net |  | (687 | ) |  | 59 |  |  | 1,018 |
Total other income (expense) |  | 112,122 |  |  | (4 | ) |  | (216 | )
Income from operations of discontinued operations |  | 119,981 |  |  | 27,976 |  |  | 20,952 |
The Company has no assets or liabilities classified as held for sale as of September 30, 2018. The following amounts related to PPC 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 sheet at September 30, 2017:
| At September 30, 2017 |
ASSETS |  |  |
Accounts receivable, net | $ | 51,768 |  |
Inventories, net | 45,742 |  |
Prepaid and other current assets | 11,000 |  |
PROPERTY, PLANT AND EQUIPMENT, net | 185,940 |  |
GOODWILL | 57,087 |  |
INTANGIBLE ASSETS, net | 12,298 |  |
OTHER ASSETS | 6,889 |  |
Total Assets Held for Sale | $ | 370,724 |  |
LIABILITIES |  |  |
Notes payable and current portion of long-term debt | $ | 11,163 |  |
Accounts payable | 36,619 |  |
Accrued liabilities | 14,553 |  |
LONG-TERM DEBT, net | 10,549 |  |
OTHER LIABILITIES | 11,566 |  |
Total Liabilities Held for Sale | $ | 84,450 |  |
Installation Services and Other Discontinued Activities In 2008, as a result of the downturn in the residential housing market, Griffon exited substantially all operating activities of its Installation Services segment which sold, installed and serviced garage doors and openers, fireplaces, floor coverings, cabinetry and a range of related building products, primarily for the new residential housing market. In 2008, Griffon sold eleven units, closed one unit and merged two units into CBP. Griffon substantially concluded its remaining disposal activities in 2009. Installation Services operating results have been reported as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income (Loss) for all periods presented; Installation Services is excluded from segment reporting. There was no reported revenue in 2018, 2017 and 2016. During the year ended September 30, 2017, Griffon recorded $5,700 of reserves in discontinued operations related to historical environmental remediation efforts and to increase the reserve for homeowner association claims (HOA) related to the Clopay Services Corporation discontinued operations in 2008. The following amounts summarize the total assets and liabilities of PPC and 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 consolidated balance sheets:
| At September 30, 2018 |  | At September 30, 2017
Assets of discontinued operations: |  |  |  |  |
Prepaid and other current assets | $ | 324 |  |  | $ | 329 |
Other long-term assets | 2,916 |  |  | 2,960 |
Total assets of discontinued operations | $ | 3,240 |  |  | $ | 3,289 |
Liabilities of discontinued operations: |  |  |  |  |
Accrued liabilities, current | $ | 7,210 |  |  | $ | 8,342 |
Other long-term liabilities | 2,648 |  |  | 3,037 |
Total liabilities of discontinued operations | $ | 9,858 |  |  | $ | 11,379 |
At September 30, 2018, Griffon’s liabilities for PPC and Installations Services and other discontinued operations primarily related to insurance claims, income taxes and product liability, warranty and environmental reserves and stay and transaction bonuses totaling liabilities of approximately $9,858.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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