XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.20.2

GOODWILL AND OTHER INTANGIBLES | 9 Months Ended
--- | ---
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLES | GOODWILL AND OTHER INTANGIBLES The following table provides changes in the carrying value of goodwill by segment during the nine months ended June 30, 2020:
| At September 30, 2019 |  | Goodwill from acquisitions |  | Other adjustments including currency translations |  | At June 30, 2020
Consumer and Professional Products | $ | 227,269 |  |  | $ | 3,125 |  |  | $ | (525 | ) |  | $ | 229,869 |
Home and Building Products | 191,253 |  |  | — |  |  | — |  |  | 191,253 |
Defense Electronics | 18,545 |  |  | — |  |  | — |  |  | 18,545 |
Total | $ | 437,067 |  |  | $ | 3,125 |  |  | $ | (525 | ) |  | $ | 439,667 |
The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets:
| At June 30, 2020 |  |  |  | At September 30, 2019
| Gross Carrying Amount |  | Accumulated Amortization |  | Average Life (Years) |  | Gross Carrying Amount |  | Accumulated Amortization
Customer relationships & other | $ | 184,445 |  |  | $ | 64,018 |  |  | 23 |  | $ | 183,515 |  |  | $ | 57,783 |
Technology and patents | 19,348 |  |  | 8,075 |  |  | 13 |  | 19,167 |  |  | 7,329 |
Total amortizable intangible assets | 203,793 |  |  | 72,093 |  |  |  |  | 202,682 |  |  | 65,112 |
Trademarks | 222,684 |  |  | — |  |  |  |  | 219,069 |  |  | — |
Total intangible assets | $ | 426,477 |  |  | $ | 72,093 |  |  |  |  | $ | 421,751 |  |  | $ | 65,112 |
Amortization expense for intangible assets was $2,381 and $2,506 for the quarters ended June 30, 2020 and 2019, respectively, and $7,177 and $7,436 for the nine months ended June 30, 2020 and 2019. Amortization expense for the remainder of 2020 and the next five fiscal years and thereafter, based on current intangible balances and classifications, is estimated as follows: 2020 - $2,416; 2021 - $9,387; 2022 - $9,387; 2023 - $9,234; 2024 - $9,208; 2025 - $9,208; thereafter $82,860. Griffon performs its annual goodwill impairment testing in the fourth quarter of each year. The 2019 impairment testing resulted in all three reporting units having fair values substantially in excess of their carrying values. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. Given the general deterioration in economic and market conditions surrounding the COVID-19 pandemic, the Company considered the impact that the COVID-19 pandemic may have on its near and long-term forecasts and completed an interim impairment test as of March 31, 2020. The company determined that there is no impairment to either its goodwill or indefinite-lived intangible assets at March 31, 2020. During the quarter ended June 30, 2020, the Company determined there were no triggering events.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration