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CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 12 Months Ended
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Sep. 30, 2019
Consolidating Guarantor And Non Guarantor Financial Information [Abstract] |
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 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 Corporation, Telephonics Corporation, The AMES Companies, Inc., ATT Southern LLC, Clopay Ames Holding Corp., ClosetMaid, LLC, CornellCookson, LLC and Cornell Real Estate Holdings, LLC. all of which are indirectly 100% 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 September 30, 2019 and 2018, and for the years ended September 30, 2019, 2018 and 2017. 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 September 30, 2019
| Parent Company |  | Guarantor Companies |  | Non-Guarantor Companies |  | Elimination |  | Consolidation
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents | $ | 1,649 |  |  | $ | 25,217 |  |  | $ | 45,511 |  |  | $ | — |  |  | $ | 72,377 |
Accounts receivable, net of allowances | — |  |  | 227,069 |  |  | 38,580 |  |  | (1,199 | ) |  | 264,450 |
Contract costs and recognized income not yet billed, net of progress payments | — |  |  | 104,109 |  |  | 1,002 |  |  | — |  |  | 105,111 |
Inventories | — |  |  | 372,839 |  |  | 69,540 |  |  | (258 | ) |  | 442,121 |
Prepaid and other current assets | 8,238 |  |  | 25,754 |  |  | 6,951 |  |  | (144 | ) |  | 40,799 |
Assets of discontinued operations | — |  |  | — |  |  | 321 |  |  | — |  |  | 321 |
Total Current Assets | 9,887 |  |  | 754,988 |  |  | 161,905 |  |  | (1,601 | ) |  | 925,179 |
PROPERTY, PLANT AND EQUIPMENT, net | 1,184 |  |  | 289,282 |  |  | 46,860 |  |  | — |  |  | 337,326 |
GOODWILL | — |  |  | 375,734 |  |  | 61,333 |  |  | — |  |  | 437,067 |
INTANGIBLE ASSETS, net | 93 |  |  | 224,275 |  |  | 132,271 |  |  | — |  |  | 356,639 |
INTERCOMPANY RECEIVABLE | 5,834 |  |  | 864,884 |  |  | 75,684 |  |  | (946,402 | ) |  | — |
EQUITY INVESTMENTS IN SUBSIDIARIES | 1,628,031 |  |  | 581,438 |  |  | 3,233,038 |  |  | (5,442,507 | ) |  | — |
OTHER ASSETS | 8,182 |  |  | 24,635 |  |  | (2,352 | ) |  | (14,625 | ) |  | 15,840 |
ASSETS OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | 2,888 |  |  | — |  |  | 2,888 |
Total Assets | $ | 1,653,211 |  |  | $ | 3,115,236 |  |  | $ | 3,711,627 |  |  | $ | (6,405,135 | ) |  | $ | 2,074,939 |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes payable and current portion of long-term debt | $ | — |  |  | $ | 3,075 |  |  | $ | 7,450 |  |  | $ | — |  |  | $ | 10,525 |
Accounts payable and accrued liabilities | 41,796 |  |  | 266,411 |  |  | 68,390 |  |  | (1,356 | ) |  | 375,241 |
Liabilities of discontinued operations | — |  |  | — |  |  | 4,333 |  |  | — |  |  | 4,333 |
Total Current Liabilities | 41,796 |  |  | 269,486 |  |  | 80,173 |  |  | (1,356 | ) |  | 390,099 |
LONG-TERM DEBT, net | 1,040,449 |  |  | 3,119 |  |  | 50,181 |  |  | — |  |  | 1,093,749 |
INTERCOMPANY PAYABLES | 71,634 |  |  | 457,265 |  |  | 444,557 |  |  | (973,456 | ) |  | — |
OTHER LIABILITIES | 21,569 |  |  | 81,582 |  |  | 15,017 |  |  | (8,171 | ) |  | 109,997 |
LIABILITIES OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | 3,331 |  |  | — |  |  | 3,331 |
Total Liabilities | 1,175,448 |  |  | 811,452 |  |  | 593,259 |  |  | (982,983 | ) |  | 1,597,176 |
SHAREHOLDERS’ EQUITY | 477,763 |  |  | 2,303,784 |  |  | 3,118,368 |  |  | (5,422,152 | ) |  | 477,763 |
Total Liabilities and Shareholders’ Equity | $ | 1,653,211 |  |  | $ | 3,115,236 |  |  | $ | 3,711,627 |  |  | $ | (6,405,135 | ) |  | $ | 2,074,939 |
CONDENSED CONSOLIDATING BALANCE SHEETS At September 30, 2018
| Parent Company |  | Guarantor Companies |  | Non-Guarantor Companies |  | Elimination |  | Consolidation
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents | 15,976 |  |  | 16,353 |  |  | 37,429 |  |  | — |  |  | 69,758 |
Accounts receivable, net of allowances | — |  |  | 234,885 |  |  | 69,729 |  |  | (24,105 | ) |  | 280,509 |
Contract costs and recognized income not yet billed, net of progress payments | — |  |  | 121,393 |  |  | 410 |  |  | — |  |  | 121,803 |
Inventories, net | — |  |  | 332,067 |  |  | 66,373 |  |  | (81 | ) |  | 398,359 |
Prepaid and other current assets | 12,179 |  |  | 21,313 |  |  | 6,168 |  |  | 2,461 |  |  | 42,121 |
Assets of discontinued operations | — |  |  | — |  |  | 324 |  |  | — |  |  | 324 |
Total Current Assets | 28,155 |  |  | 726,011 |  |  | 180,433 |  |  | (21,725 | ) |  | 912,874 |
PROPERTY, PLANT AND EQUIPMENT, net | 936 |  |  | 299,920 |  |  | 41,636 |  |  | — |  |  | 342,492 |
GOODWILL | 6,646 |  |  | 361,507 |  |  | 71,242 |  |  | — |  |  | 439,395 |
INTANGIBLE ASSETS, net | 93 |  |  | 293,093 |  |  | 77,672 |  |  | — |  |  | 370,858 |
INTERCOMPANY RECEIVABLE | 56,396 |  |  | 314,394 |  |  | (121,445 | ) |  | (249,345 | ) |  | — |
EQUITY INVESTMENTS IN SUBSIDIARIES | 1,528,932 |  |  | 968,330 |  |  | 3,347,894 |  |  | (5,845,156 | ) |  | — |
OTHER ASSETS | 8,651 |  |  | 15,942 |  |  | 374 |  |  | (8,612 | ) |  | 16,355 |
ASSETS OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | 2,916 |  |  | — |  |  | 2,916 |
Total Assets | 1,629,809 |  |  | 2,979,197 |  |  | 3,600,722 |  |  | (6,124,838 | ) |  | 2,084,890 |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes payable and current portion of long-term debt | 2,276 |  |  | 3,398 |  |  | 7,337 |  |  | — |  |  | 13,011 |
Accounts payable and accrued liabilities | 26,639 |  |  | 303,154 |  |  | 59,531 |  |  | (16,474 | ) |  | 372,850 |
Liabilities of discontinued operations | — |  |  | (22,327 | ) |  | 29,537 |  |  | — |  |  | 7,210 |
Total Current Liabilities | 28,915 |  |  | 284,225 |  |  | 96,405 |  |  | (16,474 | ) |  | 393,071 |
LONG-TERM DEBT, net | 1,044,071 |  |  | 6,110 |  |  | 57,890 |  |  | — |  |  | 1,108,071 |
INTERCOMPANY PAYABLES | 66,058 |  |  | (77,760 | ) |  | 263,227 |  |  | (251,525 | ) |  | — |
OTHER LIABILITIES | 16,374 |  |  | 73,391 |  |  | 20,592 |  |  | (3,647 | ) |  | 106,710 |
LIABILITIES OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | 2,647 |  |  | — |  |  | 2,647 |
Total Liabilities | 1,155,418 |  |  | 285,966 |  |  | 440,761 |  |  | (271,646 | ) |  | 1,610,499 |
SHAREHOLDERS’ EQUITY | 474,391 |  |  | 2,693,231 |  |  | 3,159,961 |  |  | (5,853,192 | ) |  | 474,391 |
Total Liabilities and Shareholders’ Equity | 1,629,809 |  |  | 2,979,197 |  |  | 3,600,722 |  |  | (6,124,838 | ) |  | 2,084,890 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended September 30, 2019
| Parent Company |  | Guarantor Companies |  | Non-Guarantor Companies |  | Elimination |  | Consolidation
Revenue | $ | — |  |  | $ | 1,808,824 |  |  | $ | 437,542 |  |  | $ | (37,077 | ) |  | $ | 2,209,289 |
Cost of goods and services | — |  |  | 1,341,868 |  |  | 310,707 |  |  | (38,555 | ) |  | 1,614,020 |
Gross profit | — |  |  | 466,956 |  |  | 126,835 |  |  | 1,478 |  |  | 595,269 |
Selling, general and administrative expenses | 22,566 |  |  | 340,147 |  |  | 97,661 |  |  | (370 | ) |  | 460,004 |
Income (loss) from operations | (22,566 | ) |  | 126,809 |  |  | 29,174 |  |  | 1,848 |  |  | 135,265 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income (expense), net | (27,883 | ) |  | (39,288 | ) |  | (89 | ) |  | — |  |  | (67,260 | )
Other, net | (778 | ) |  | (16,653 | ) |  | 23,452 |  |  | (1,848 | ) |  | 4,173 |
Total other income (expense) | (28,661 | ) |  | (55,941 | ) |  | 23,363 |  |  | (1,848 | ) |  | (63,087 | )
Income (loss) before taxes | (51,227 | ) |  | 70,868 |  |  | 52,537 |  |  | — |  |  | 72,178 |
Provision (benefit) for income taxes | (7,425 | ) |  | 20,534 |  |  | 13,447 |  |  | — |  |  | 26,556 |
Income (loss) before equity in net income of subsidiaries | (43,802 | ) |  | 50,334 |  |  | 39,090 |  |  | — |  |  | 45,622 |
Equity in net income (loss) of subsidiaries | 81,089 |  |  | 44,303 |  |  | 50,334 |  |  | (175,726 | ) |  | — |
Income (loss) from continuing operations | $ | 37,287 |  |  | $ | 94,637 |  |  | $ | 89,424 |  |  | $ | (175,726 | ) |  | $ | 45,622 |
Income from operations of discontinued businesses | — |  |  | — |  |  | (11,050 | ) |  | — |  |  | (11,050 | )
Provision (benefit) from income taxes | — |  |  | — |  |  | (2,715 | ) |  | — |  |  | (2,715 | )
Income (loss) from discontinued operations | — |  |  | — |  |  | (8,335 | ) |  | — |  |  | (8,335 | )
Net income (loss) | $ | 37,287 |  |  | $ | 94,637 |  |  | $ | 81,089 |  |  | $ | (175,726 | ) |  | $ | 37,287 |
Comprehensive income (loss) | $ | 5,483 |  |  | $ | 87,851 |  |  | $ | 87,875 |  |  | $ | (175,726 | ) |  | $ | 5,483 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended September 30, 2018
| Parent Company |  | Guarantor Companies |  | Non-Guarantor Companies |  | Elimination |  | Consolidation
Revenue | $ | — |  |  | $ | 1,638,792 |  |  | $ | 367,149 |  |  | $ | (28,023 | ) |  | $ | 1,977,918 |
Cost of goods and services | — |  |  | 1,232,398 |  |  | 245,687 |  |  | (29,348 | ) |  | 1,448,737 |
Gross profit | — |  |  | 406,394 |  |  | 121,462 |  |  | 1,325 |  |  | 529,181 |
Selling, general and administrative expenses | 37,540 |  |  | 308,338 |  |  | 90,872 |  |  | (370 | ) |  | 436,380 |
Income (loss) from operations | (37,540 | ) |  | 98,056 |  |  | 30,590 |  |  | 1,695 |  |  | 92,801 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income (expense), net | (23,911 | ) |  | (31,913 | ) |  | (8,047 | ) |  | — |  |  | (63,871 | )
Other, net | (7,666 | ) |  | 125,531 |  |  | (111,248 | ) |  | (1,737 | ) |  | 4,880 |
Total other income (expense) | (31,577 | ) |  | 93,618 |  |  | (119,295 | ) |  | (1,737 | ) |  | (58,991 | )
Income (loss) before taxes | (69,117 | ) |  | 191,674 |  |  | (88,705 | ) |  | (42 | ) |  | 33,810 |
Provision (benefit) for income taxes | (17,692 | ) |  | 9,546 |  |  | 8,743 |  |  | (42 | ) |  | 555 |
Income (loss) before equity in net income of subsidiaries | (51,425 | ) |  | 182,128 |  |  | (97,448 | ) |  | — |  |  | 33,255 |
Equity in net income (loss) of subsidiaries | 177,103 |  |  | (151,864 | ) |  | 182,128 |  |  | (207,367 | ) |  | — |
Income (loss) from continuing operations | 125,678 |  |  | 30,264 |  |  | 84,680 |  |  | (207,367 | ) |  | 33,255 |
Income (loss) from operations of discontinued businesses | — |  |  | 119,981 |  |  | — |  |  | — |  |  | 119,981 |
Provision (benefit) from income taxes | — |  |  | 27,558 |  |  | — |  |  | — |  |  | 27,558 |
Income (loss) from discontinued operations | — |  |  | 92,423 |  |  | — |  |  | — |  |  | 92,423 |
Net Income (loss) | $ | 125,678 |  |  | $ | 122,687 |  |  | $ | 84,680 |  |  | $ | (207,367 | ) |  | $ | 125,678 |
Comprehensive income (loss) | $ | 152,047 |  |  | $ | 143,936 |  |  | $ | 81,389 |  |  | $ | (225,325 | ) |  | $ | 152,047 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended September 30, 2017
| Parent Company |  | Guarantor Companies |  | Non-Guarantor Companies |  | Elimination |  | Consolidation
Revenue | $ | — |  |  | $ | 1,284,189 |  |  | $ | 270,520 |  |  | $ | (29,712 | ) |  | $ | 1,524,997 |
Cost of goods and services | — |  |  | 966,283 |  |  | 181,634 |  |  | (31,046 | ) |  | 1,116,871 |
Gross profit | — |  |  | 317,906 |  |  | 88,886 |  |  | 1,334 |  |  | 408,126 |
Selling, general and administrative expenses | 40,231 |  |  | 236,766 |  |  | 64,465 |  |  | (370 | ) |  | 341,092 |
Income (loss) from operations | (40,231 | ) |  | 81,140 |  |  | 24,421 |  |  | 1,704 |  |  | 67,034 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income (expense), net | (13,804 | ) |  | (24,242 | ) |  | (13,403 | ) |  | — |  |  | (51,449 | )
Other, net | (1,983 | ) |  | 5,431 |  |  | (631 | ) |  | (1,704 | ) |  | 1,113 |
Total other income (expense) | (15,787 | ) |  | (18,811 | ) |  | (14,034 | ) |  | (1,704 | ) |  | (50,336 | )
Income (loss) before taxes from continuing operations | (56,018 | ) |  | 62,329 |  |  | 10,387 |  |  | — |  |  | 16,698 |
Provision (benefit) for income taxes | (11,338 | ) |  | 24,560 |  |  | (14,307 | ) |  | — |  |  | (1,085 | )
Income (loss) before equity in net income of subsidiaries | (44,680 | ) |  | 37,769 |  |  | 24,694 |  |  | — |  |  | 17,783 |
Equity in net income (loss) of subsidiaries | 59,592 |  |  | (25,231 | ) |  | 37,770 |  |  | (72,131 | ) |  | — |
Income (loss) from continuing operations | 14,912 |  |  | 12,538 |  |  | 62,464 |  |  | (72,131 | ) |  | 17,783 |
Income from operations of discontinued businesses | — |  |  | 16,827 |  |  | 5,449 |  |  | — |  |  | 22,276 |
Provision (benefit) from income taxes | — |  |  | 4,476 |  |  | 20,671 |  |  | — |  |  | 25,147 |
Loss from discontinued operations | — |  |  | 12,351 |  |  | (15,222 | ) |  | — |  |  | (2,871 | )
Net income (loss) | $ | 14,912 |  |  | $ | 24,889 |  |  | $ | 47,242 |  |  | $ | (72,131 | ) |  | $ | 14,912 |
Comprehensive income (loss) | $ | 35,672 |  |  | $ | 35,575 |  |  | $ | 38,337 |  |  | $ | (73,912 | ) |  | $ | 35,672 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended September 30, 2019
| Parent Company |  | Guarantor Companies |  | Non-Guarantor Companies |  | Elimination |  | Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 37,287 |  |  | $ | 94,637 |  |  | $ | 81,089 |  |  | $ | (175,726 | ) |  | $ | 37,287 |
Net (income) loss from discontinued operations | — |  |  | — |  |  | 8,335 |  |  | — |  |  | 8,335 |
Net cash provided by operating activities | 42,159 |  |  | 41,992 |  |  | 29,807 |  |  | — |  |  | 113,958 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of property, plant and equipment | (542 | ) |  | (38,872 | ) |  | (5,947 | ) |  | — |  |  | (45,361 | )
Acquired business, net of cash acquired | (9,219 | ) |  | — |  |  | — |  |  | — |  |  | (9,219 | )
Proceeds from sale of business | (9,500 | ) |  | — |  |  | — |  |  | — |  |  | (9,500 | )
Insurance proceeds | (10,604 | ) |  | — |  |  | — |  |  | — |  |  | (10,604 | )
Proceeds from sale of assets | — |  |  | 254 |  |  | 26 |  |  | — |  |  | 280 |
Investment purchases | (149 | ) |  | — |  |  | — |  |  | — |  |  | (149 | )
Net cash used in investing activities | (30,014 | ) |  | (38,618 | ) |  | (5,921 | ) |  | — |  |  | (74,553 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of shares for treasury | (1,478 | ) |  | — |  |  | — |  |  | — |  |  | (1,478 | )
Proceeds from long-term debt | 163,297 |  |  | — |  |  | 38,451 |  |  | — |  |  | 201,748 |
Payments of long-term debt | (173,345 | ) |  | (2,973 | ) |  | (41,930 | ) |  | — |  |  | (218,248 | )
Change in short-term borrowings | — |  |  | (366 | ) |  | — |  |  | — |  |  | (366 | )
Financing costs | (1,090 | ) |  | — |  |  | — |  |  | — |  |  | (1,090 | )
Acquisition costs | — |  |  | — |  |  | (1,686 | ) |  | — |  |  | (1,686 | )
Dividends paid | (13,676 | ) |  | — |  |  | — |  |  | — |  |  | (13,676 | )
Other, net | (180 | ) |  | 8,830 |  |  | (8,830 | ) |  | — |  |  | (180 | )
Net cash provided by (used in) financing activities | (26,472 | ) |  | 5,491 |  |  | (13,995 | ) |  | — |  |  | (34,976 | )
CASH FLOWS FROM DISCONTINUED OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in discontinued operations | — |  |  | — |  |  | (2,123 | ) |  | — |  |  | (2,123 | )
Effect of exchange rate changes on cash and equivalents | — |  |  | (1 | ) |  | 314 |  |  | — |  |  | 313 |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | (14,327 | ) |  | 8,864 |  |  | 8,082 |  |  | — |  |  | 2,619 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 15,976 |  |  | 16,353 |  |  | 37,429 |  |  | — |  |  | 69,758 |
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 1,649 |  |  | $ | 25,217 |  |  | $ | 45,511 |  |  | $ | — |  |  | $ | 72,377 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended September 30, 2018
| Parent Company |  | Guarantor Companies |  | Non-Guarantor Companies |  | Elimination |  | Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 125,678 |  |  | $ | 122,687 |  |  | $ | 84,680 |  |  | $ | (207,367 | ) |  | $ | 125,678 |
Net (income) loss from discontinued operations | — |  |  | (92,423 | ) |  | — |  |  | — |  |  | (92,423 | )
Net cash provided by (used in) operating activities | 381,417 |  |  | (405,174 | ) |  | 108,981 |  |  | (27,032 | ) |  | 58,192 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Acquisition of property, plant and equipment | (544 | ) |  | (41,531 | ) |  | (8,063 | ) |  | — |  |  | (50,138 | )
Acquired business, net of cash acquired | (368,936 | ) |  | (4,843 | ) |  | (57,153 | ) |  | — |  |  | (430,932 | )
Proceeds from sale of business | — |  |  | 474,727 |  |  | — |  |  | — |  |  | 474,727 |
Insurance proceeds (payments) | 8,254 |  |  | — |  |  | — |  |  | — |  |  | 8,254 |
Proceeds from sale of assets | — |  |  | 62 |  |  | 601 |  |  | — |  |  | 663 |
Net cash provided by (used in) investing activities | (361,226 | ) |  | 428,415 |  |  | (64,615 | ) |  | — |  |  | 2,574 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Purchase of shares for treasury | (45,605 | ) |  | — |  |  | — |  |  | — |  |  | (45,605 | )
Proceeds from long-term debt | 411,623 |  |  | 2,125 |  |  | 29,310 |  |  | — |  |  | 443,058 |
Payments of long-term debt | (269,478 | ) |  | (5,403 | ) |  | (26,112 | ) |  | — |  |  | (300,993 | )
Change in short-term borrowings | — |  |  | 144 |  |  | — |  |  | — |  |  | 144 |
Financing costs | (7,793 | ) |  | — |  |  | — |  |  | — |  |  | (7,793 | )
Dividends paid | (49,797 | ) |  | — |  |  | — |  |  | — |  |  | (49,797 | )
Other, net | (46,405 | ) |  | 4,733 |  |  | 14,691 |  |  | 27,032 |  |  | 51 |
Net cash provided by (used in) financing activities | (7,455 | ) |  | 1,599 |  |  | 17,889 |  |  | 27,032 |  |  | 39,065 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: |  |  |  |  |  |  |  |  |
Net cash used in discontinued operations | — |  |  | (16,394 | ) |  | (62,533 | ) |  | — |  |  | (78,927 | )
Effect of exchange rate changes on cash and equivalents | — |  |  | (159 | ) |  | 1,332 |  |  | — |  |  | 1,173 |
NET INCREASE IN CASH AND EQUIVALENTS | 12,736 |  |  | 8,287 |  |  | 1,054 |  |  | — |  |  | 22,077 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 3,240 |  |  | 8,066 |  |  | 36,375 |  |  | — |  |  | 47,681 |
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 15,976 |  |  | $ | 16,353 |  |  | $ | 37,429 |  |  | $ | — |  |  | $ | 69,758 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended September 30, 2017
| Parent Company |  | Guarantor Companies |  | Non-Guarantor Companies |  | Elimination |  | Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 14,912 |  |  | $ | 24,889 |  |  | $ | 47,242 |  |  | $ | (72,131 | ) |  | $ | 14,912 |
Net income (loss) from discontinued operations | — |  |  | (12,351 | ) |  | 15,222 |  |  | — |  |  | 2,871 |
Net cash provided by (used in) operating activities | (10,771 | ) |  | 56,320 |  |  | 3,602 |  |  | — |  |  | 49,151 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of property, plant and equipment | (15 | ) |  | (27,902 | ) |  | (7,020 | ) |  | — |  |  | (34,937 | )
Acquired business, net of cash acquired | — |  |  | — |  |  | (34,719 | ) |  | — |  |  | (34,719 | )
Investment purchases | (1,824 | ) |  | — |  |  | — |  |  | — |  |  | (1,824 | )
Proceeds from sale of property, plant and equipment | — |  |  | 144 |  |  | (1 | ) |  | — |  |  | 143 |
Net cash used in investing activities | (1,839 | ) |  | (27,758 | ) |  | (41,740 | ) |  | — |  |  | (71,337 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of shares for treasury | (15,841 | ) |  | — |  |  | — |  |  | — |  |  | (15,841 | )
Proceeds from long-term debt | 201,124 |  |  | — |  |  | 32,319 |  |  | — |  |  | 233,443 |
Payments of long-term debt | (149,109 | ) |  | (1,282 | ) |  | (20,063 | ) |  | — |  |  | (170,454 | )
Share premium payment on settled debt | (24,997 | ) |  | — |  |  | — |  |  | — |  |  | (24,997 | )
Financing costs | (1,548 | ) |  | — |  |  | — |  |  | — |  |  | (1,548 | )
Purchase of ESOP shares | (10,908 | ) |  | — |  |  | — |  |  | — |  |  | (10,908 | )
Dividends paid | (10,325 | ) |  | — |  |  | — |  |  | — |  |  | (10,325 | )
Other, net | 20,937 |  |  | (34,806 | ) |  | 13,799 |  |  | — |  |  | (70 | )
Net cash provided by (used in) financing activities | 9,333 |  |  | (36,088 | ) |  | 26,055 |  |  | — |  |  | (700 | )
CASH FLOWS FROM DISCONTINUED OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) discontinued operations | — |  |  | (12,100 | ) |  | 9,950 |  |  | — |  |  | (2,150 | )
Effect of exchange rate changes on cash and equivalents | — |  |  | — |  |  | 164 |  |  | — |  |  | 164 |
NET DECREASE IN CASH AND EQUIVALENTS | (3,277 | ) |  | (19,626 | ) |  | (1,969 | ) |  | — |  |  | (24,872 | )
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 6,517 |  |  | 27,692 |  |  | 38,344 |  |  | — |  |  | 72,553 |
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 3,240 |  |  | $ | 8,066 |  |  | $ | 36,375 |  |  | $ | — |  |  | $ | 47,681 |

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