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ACQUISITIONS (Tables) | 12 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The calculation of the purchase price allocation is as follows:
Accounts receivable (1) | $ | 30,400 |
Inventories(2) | 12,336 |
Property, plant and equipment | 49,426 |
Goodwill | 43,183 |
Intangible assets | 67,600 |
Other current and non-current assets | 2,648 |
Total assets acquired | 205,593 |
Accounts payable and accrued liabilities | 12,507 |
Long-term liabilities | 660 |
Total liabilities assumed | 13,167 |
Total | $ | 192,426 |
(1) Includes $30,818 of gross accounts receivable of which $418 was not expected to be collected. The fair value of accounts receivable approximated book value acquired. (2) Includes $13,434 of gross inventory of which $1,098 was reserved for obsolete items. The following unaudited proforma summary from continuing operations presents consolidated information as if the Company acquired ClosetMaid on October 1, 2016:
| Proforma For the year ended September 30, 2017 (unaudited)
Revenue | $ | 1,823,497 |
Income from continuing operations | 15,070 |
Griffon did not include any material, nonrecurring proforma adjustments directly attributable to the business combination in the proforma revenue and earnings. These proforma amounts have been compiled by adding the historical results from continuing operations of Griffon, restated for classifying the results of operations of the Plastics business as a discontinued operation, to the historical results of ClosetMaid after applying Griffon’s accounting policies and the following proforma adjustments:
• | Additional depreciation and amortization that would have been charged assuming the preliminary fair value adjustments to property, plant, and equipment, and intangible assets had been applied from October 1, 2016.
• | Elimination of intercompany interest income recorded on ClosetMaid’s financial statements earned on an intercompany receivable due from ClosetMaid’s former parent.
• | Additional interest and related expenses from the add-on offering of $275,000 for the aggregate principal amount of 5.25% senior notes due 2022 that Griffon used to acquire ClosetMaid.
• | Removal of $900 of restructuring costs from ClosetMaid's historical results for 2017.
• | The consequential tax effects of the above adjustments using a 39.7% tax rate for 2017.
The calculation of the purchase price allocation is as follows:
Accounts receivable (1) | $ | 32,234 |
Inventories (2) | 28,411 |
Property, plant and equipment | 47,464 |
Goodwill | 70,159 |
Intangible assets | 74,580 |
Other current and non-current assets | 3,852 |
Total assets acquired | 256,700 |
Accounts payable and accrued liabilities | 68,251 |
Long-term liabilities | 2,720 |
Total liabilities assumed | 70,971 |
Total | $ | 185,729 |
Schedule of Goodwill And Intangible Assets Acquired as Part of Business Combination | The amounts assigned to goodwill and major intangible asset classifications, all of which are tax deductible, for the ClosetMaid acquisition are as follows:
|  |  |  | Average Life (Years)
Goodwill |  | $ | 70,159 |  |  | N/A
Indefinite-lived intangibles |  | 47,740 |  |  | N/A
Definite-lived intangibles |  | 26,840 |  |  | 21
Total goodwill and intangible assets |  | $ | 144,739 |  |  |
The amounts assigned to goodwill and major intangible asset classifications, all of which are tax deductible, for the CornellCookson acquisition are as follows:
|  |  |  | Average Life (Years)
Goodwill |  | $ | 43,183 |  |  | N/A
Indefinite-lived intangibles |  | 53,500 |  |  | N/A
Definite-lived intangibles |  | 14,100 |  |  | 12
Total goodwill and intangible assets |  | $ | 110,783 |  |  |
Business Acquisition, Pro Forma Information | The following unaudited proforma summary from continuing operations presents consolidated information as if the Company acquired ClosetMaid on October 1, 2016:
| Proforma For the year ended September 30, 2017 (unaudited)
Revenue | $ | 1,823,497 |
Income from continuing operations | 15,070 |

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