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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2024
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from          to
 
Commission File Number: 1-06620
 
GRIFFON CORPORATION
(Exact name of registrant as specified in its charter) 
Delaware11-1893410
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
  
712 Fifth Ave, 18th FloorNew YorkNew York10019
(Address of principal executive offices)(Zip Code)
 
(212) 957-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.25 par value GFF New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No

The number of shares of common stock outstanding at April 30, 2024 was 49,553,357.



Griffon Corporation and Subsidiaries
 
Contents
 
Page


Part I – Financial Information
Item 1 – Financial Statements
 
GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
 March 31,
2024
September 30,
2023
CURRENT ASSETS  
Cash and equivalents$123,030 $102,889 
Accounts receivable, net of allowances of $11,567 and $11,264
349,818 312,432 
Inventories443,970 507,130 
Prepaid and other current assets65,196 57,139 
Assets held for sale24,172  
Assets of discontinued operations980 1,001 
Total Current Assets1,007,166 980,591 
PROPERTY, PLANT AND EQUIPMENT, net267,337 279,218 
OPERATING LEASE RIGHT-OF-USE ASSETS168,252 169,942 
GOODWILL327,864 327,864 
INTANGIBLE ASSETS, net625,202 635,243 
OTHER ASSETS23,805 21,731 
ASSETS OF DISCONTINUED OPERATIONS4,104 4,290 
Total Assets$2,423,730 $2,418,879 
CURRENT LIABILITIES  
Notes payable and current portion of long-term debt$8,152 $9,625 
Accounts payable143,152 116,646 
Accrued liabilities174,247 193,098 
Current portion of operating lease liabilities33,433 32,632 
Liabilities of discontinued operations2,753 7,148 
Total Current Liabilities361,737 359,149 
LONG-TERM DEBT, net1,577,208 1,459,904 
LONG-TERM OPERATING LEASE LIABILITIES145,295 147,224 
OTHER LIABILITIES132,063 132,708 
LIABILITIES OF DISCONTINUED OPERATIONS5,241 4,650 
Total Liabilities2,221,544 2,103,635 
COMMITMENTS AND CONTINGENCIES - See Note 21
SHAREHOLDERS’ EQUITY  
Total Shareholders’ Equity202,186 315,244 
Total Liabilities and Shareholders’ Equity$2,423,730 $2,418,879 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

1

GRIFFON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
For the Three and Six Months Ended March 31, 2024 and 2023
(Unaudited) 

COMMON STOCKCAPITAL IN
EXCESS OF
PAR VALUE
RETAINED
EARNINGS
TREASURY SHARESACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
DEFERRED
COMPENSATION
(in thousands)SHARESPAR VALUESHARESCOSTTOTAL
Balance at September 30, 202384,746 $21,187 $662,680 $281,516 31,684 $(577,686)$(70,010)$(2,443)$315,244 
Net income— — — 42,177 — — — — 42,177 
Dividend— — — (7,825)— — — — (7,825)
Shares withheld on employee taxes on vested equity awards— — — — 221 (11,604)— — (11,604)
Amortization of deferred compensation— — — — — — — 520 520 
Common stock acquired— — — — 1,634 (70,543)— — (70,543)
Equity awards granted, net— — (3,383)— (180)3,383 — —  
ESOP allocation of common stock— — 1,550 — — — — — 1,550 
Stock-based compensation— — 5,028 — — — — — 5,028 
Other comprehensive income, net of tax— — — — — — 10,475 — 10,475 
Balance at December 31, 202384,746 $21,187 $665,875 $315,868 33,359 $(656,450)$(59,535)$(1,923)$285,022 
Net income — — — 64,143 — — — — 64,143 
Dividend— — — (7,289)— — — — (7,289)
Shares withheld on employee taxes on vested equity awards— — — — 375 (22,722)— — (22,722)
Amortization of deferred compensation— — — — — — — 586 586 
Common stock acquired— — — — 1,803 (118,964)— — (118,964)
Equity awards granted, net— — (9,492)— (428)9,492 — —  
ESOP allocation of common stock— — 2,484 — — — — — 2,484 
Stock-based compensation— — 3,849 — — — — — 3,849 
SEC filing fees— — (27)— — — — — (27)
Other comprehensive loss, net of tax— — — — — — (4,896)— (4,896)
Balance at March 31, 202484,746 $21,187 $662,689 $372,722 35,109 $(788,644)$(64,431)$(1,337)$202,186 


2

 COMMON STOCKCAPITAL IN
EXCESS OF
PAR VALUE
RETAINED
EARNINGS
TREASURY SHARESACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
DEFERRED
COMPENSATION
 
(in thousands)SHARESPAR VALUESHARESCOSTTOTAL
Balance at September 30, 202284,746 $21,187 $627,982 $344,060 27,682 $(420,116)$(82,738)$(12,805)$477,570 
Net income— — — 48,702 — — — — 48,702 
Dividend— — — (6,145)— — — — (6,145)
Shares withheld on employee taxes on vested equity awards— — — — 345 (12,734)— — (12,734)
Amortization of deferred compensation— — — — — — — 571 571 
Equity awards granted, net— — (7,082)— (467)7,082 — —  
ESOP allocation of common stock— — 1,127 — — — — — 1,127 
Stock-based compensation— — 5,538 — — — — — 5,538 
Other comprehensive income, net of tax— — — — — — 12,219 — 12,219 
Balance at December 31, 202284,746 $21,187 $627,565 $386,617 27,560 $(425,768)$(70,519)$(12,234)$526,848 
Net loss— — — (62,255)— — — — (62,255)
Dividend— — — (5,714)— — — — (5,714)
Shares withheld on employee taxes on vested equity awards— — — — 21 (254)— — (254)
Amortization of deferred compensation— — — — — — — 570 570 
Equity awards granted, net— — (617)— (40)617 — —  
ESOP allocation of common stock— — 1,207 — — — — — 1,207 
Stock-based compensation— — 5,296 — — — — — 5,296 
Other comprehensive income, net of tax— — — — — — 2,613 — 2,613 
Balance at March 31, 202384,746 $21,187 $633,451 $318,648 27,541 $(425,405)$(67,906)$(11,664)$468,311 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.


3

GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
(Unaudited) 
 Three Months Ended March 31,Six Months Ended March 31,
 2024202320242023
Revenue$672,880 $710,984 $1,316,033 $1,360,368 
Cost of goods and services402,215 516,492 808,727 932,051 
Gross profit270,665 194,492 507,306 428,317 
Selling, general and administrative expenses157,217 160,301 310,020 313,021 
Intangible asset impairment 100,000  100,000 
Total operating expenses157,217 260,301 310,020 413,021 
Income (loss) from operations113,448 (65,809)197,286 15,296 
Other income (expense)    
Interest expense(26,149)(24,879)(51,448)(49,527)
Interest income637 236 1,061 340 
Gain on sale of building11  558 10,852 
Other, net626 293 1,258 900 
Total other expense, net(24,875)(24,350)(48,571)(37,435)
Income (loss) before taxes 88,573 (90,159)148,715 (22,139)
Provision (benefit) for income taxes24,430 (27,904)42,395 (8,586)
Net income (loss)$64,143 $(62,255)$106,320 $(13,553)
Basic earnings (loss) per common share$1.34 $(1.17)$2.20 $(0.26)
Basic weighted-average shares outstanding47,946 53,038 48,365 52,809 
Diluted earnings (loss) per common share$1.28 $(1.17)$2.10 $(0.26)
Diluted weighted-average shares outstanding49,931 53,038 50,714 52,809 
Dividends paid per common share$0.15 $0.10 $0.30 $0.20 
Net income (loss)$64,143 $(62,255)$106,320 $(13,553)
Other comprehensive income (loss), net of taxes:    
Foreign currency translation adjustments(7,199)334 3,039 12,271 
Pension and other post retirement plans531 746 1,063 1,608 
Change in cash flow hedges1,772 1,533 1,477 953 
Total other comprehensive income (loss), net of taxes(4,896)2,613 5,579 14,832 
Comprehensive income (loss), net$59,247 $(59,642)$111,899 $1,279 
 The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
4

GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 Six Months Ended March 31,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income (loss)$106,320 $(13,553)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation and amortization29,903 34,367 
Stock-based compensation12,674 13,335 
Intangible asset impairments 100,000 
Asset impairment charges - restructuring8,482 59,118 
Provision for losses on accounts receivable904 343 
Amortization of debt discounts and issuance costs2,113 2,045 
Deferred income tax provision (benefit) (25,744)
Gain on sale of assets and investments(1,075)(10,852)
Increase in accounts receivable(33,503)(19,431)
Decrease in inventories56,250 64,582 
(Increase) decrease in prepaid and other assets(5,766)3,451 
Increase (decrease) in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities7,979 (51,409)
Other changes, net1,579 5,384 
Net cash provided by operating activities 185,860 161,636 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Acquisition of property, plant and equipment(33,289)(11,837)
Payments related to sale of business (2,568)
Proceeds from the sale of property, plant and equipment1,272 11,834 
Net cash used in investing activities (32,017)(2,571)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Dividends paid(21,676)(12,824)
Purchase of shares for treasury(222,421)(12,989)
Proceeds from long-term debt179,500 45,419 
Payments of long-term debt(67,184)(119,110)
Other, net(262)(127)
Net cash used in financing activities (132,043)(99,631)
    
The accompanying notes to condensed consolidated financial statements are an integral part of these statements.














5

GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)

 Six Months Ended March 31,
 20242023
CASH FLOWS FROM DISCONTINUED OPERATIONS:  
Net cash used in operating activities(3,273)(2,598)
Net cash used in discontinued operations(3,273)(2,598)
Effect of exchange rate changes on cash and equivalents1,614 (1,428)
NET INCREASE IN CASH AND EQUIVALENTS20,141 55,408 
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD102,889 120,184 
CASH AND EQUIVALENTS AT END OF PERIOD$123,030 $175,592 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
6

GRIFFON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(US dollars and non US currencies in thousands, except per share data)
(Unaudited)
(Unless otherwise indicated, references to years or year-end refer to Griffon’s fiscal period ending September 30)



NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 
About Griffon Corporation
 
Griffon Corporation (the “Company”, “Griffon”, "we" or "us") is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities, as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.

The Company was founded in 1959, is a Delaware corporation headquartered in New York, N.Y. and is listed on the New York Stock Exchange (NYSE:GFF).

Griffon conducts its operations through two reportable segments:

Home and Building Products ("HBP") conducts its operations through Clopay Corporation ("Clopay"). Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America.  Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Cornell and Cookson brands.

Consumer and Professional Products (“CPP”) is a leading global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid.

Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by US GAAP for complete financial statements. As such, they should be read together with Griffon’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023, which provides a more complete explanation of Griffon’s accounting policies, financial position, operating results, business, properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results. Griffon’s businesses are seasonal; for this and other reasons, the financial results of the Company for any interim period are not necessarily indicative of the results for the full year.
 
The condensed consolidated balance sheet information at September 30, 2023 was derived from the audited financial statements included in Griffon’s Annual Report on Form 10-K for the year ended September 30, 2023.
 
The condensed consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in prior years may have been reclassified to conform to the current year presentation.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates may be adjusted due to changes in economic, industry or customer financial conditions, as well as changes in technology or demand. Significant estimates include expected loss allowances for credit losses and returns, net realizable value of inventories, restructuring reserves, valuation of goodwill and intangible assets, assumptions associated with pension benefit obligations and income or
7


GRIFFON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(US dollars and non US currencies in thousands, except per share data)
(Unaudited)
expenses, useful lives associated with depreciation and amortization of intangible and fixed assets, warranty reserves, sales incentive accruals, assumption associated with stock based compensation valuation, income taxes and tax valuation reserves, environmental reserves, legal reserves, insurance reserves, the valuation of assets and liabilities of discontinued operations and the accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions Griffon may undertake in the future. Actual results may ultimately differ from these estimates.


NOTE 2 – FAIR VALUE MEASUREMENTS
 
The carrying values of cash and equivalents, accounts receivable, accounts and notes payable, and revolving credit and variable interest rate debt approximate fair value due to either the short-term nature of such instruments or the fact that the interest rate of the revolving credit and variable rate debt is based upon current market rates.

Applicable accounting guidance establishes a fair value hierarchy requiring the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. The accounting guidance establishes three levels of inputs that may be used to measure fair value, as follows:

Level 1 inputs are measured and recorded at fair value based upon quoted prices in active markets for identical assets.

Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities.

Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
 
On March 31, 2024, the fair values of Griffon’s 2028 Senior Notes and Term Loan B facility approximated $950,406 and $459,574, respectively. Fair values were based upon quoted market prices (level 1 inputs).
 
Insurance contracts with values of $4,671 at March 31, 2024 are measured and recorded at fair value based upon quoted prices in active markets for similar assets (level 2 inputs) and are included in Prepaid and other current assets and $634 is included in other assets on the Consolidated Balance Sheets.
 
Items Measured at Fair Value on a Recurring Basis

In the normal course of business, Griffon’s operations are exposed to the effects of changes in foreign currency exchange rates related to inventory purchases. To manage these risks, Griffon may enter into various derivative contracts such as foreign currency exchange contracts, including forwards and options. As of March 31, 2024, Griffon entered into several such contracts in order to lock into a foreign currency rate for planned settlements of trade liabilities payable in U.S. dollars.

At March 31, 2024, Griffon had $38,500 of Australian dollar contracts at a weighted average rate of $1.48 which qualified for hedge accounting (level 2 inputs). These hedges were all deemed effective as cash flow hedges with gains and losses related to changes in fair value deferred and recorded in Accumulated other comprehensive income (loss) ("AOCI") and Prepaid and other current assets, or Accrued liabilities, until settlement. Upon settlement, gains and losses are recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss) in Cost of goods and services ("COGS"). AOCI included deferred gains of $1,388 ($972, net of tax) at March 31, 2024. Upon settlement, losses of $215 and gains of $310 were recorded in COGS during the three months and six months ended March 31, 2024. All contracts expire in 30 to 150 days.

At March 31, 2024, Griffon had $49,500 of Chinese Yuan contracts at a weighted average rate of $6.93 which qualified for hedge accounting (level 2 inputs). These hedges were all deemed effective as cash flow hedges with gains and losses related to changes in fair value deferred and recorded in AOCI and Prepaid and other current assets, or Accrued liabilities, until
8


GRIFFON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(US dollars and non US currencies in thousands, except per share data)
(Unaudited)
settlement. Upon settlement, gains and losses are recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss) in COGS. AOCI included deferred losses of $925 ($675, net of tax) at March 31, 2024. Upon settlement, losses of $564 and $1,200 were recorded in COGS during the three months and six months ended March 31, 2024. All contracts expire in 3 to 365 days.

At March 31, 2024, Griffon had $8,130 of Canadian dollar contracts at a weighted average rate of $1.35. The contracts, which protect Canadian operations from currency fluctuations for U.S. dollar based purchases, do not qualify for hedge accounting. For the three and six months ended March 31, 2024, fair value gains (losses) of $38 and $(65), respectively, were recorded to Other liabilities and to Other income for the outstanding contracts, based on similar contract values (level 2 inputs). Realized gains of $2 and $26 were recorded in Other income during the three months and six months ended March 31, 2024 for all settled contracts. All contracts expire in 30 to 509 days.

NOTE 3 – REVENUE

The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service, or a bundle of goods or services, to the customer, and is the unit of accounting. A contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance and with respect to which payment terms are identified and collectability is probable. Once the Company has entered into a contract or purchase order, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized when control of the promised products is transferred to the customer, or services are satisfied under the contract or purchase order, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services (the transaction price).

The Company’s performance obligations are recognized at a point in time related to the manufacture and sale of a broad range of products and components, and revenue is recognized when title, and risk and rewards of ownership, have transferred to the customer, which is generally upon shipment.

For a complete explanation of Griffon’s revenue accounting policies, this note should be read in conjunction with Griffon’s Annual Report on Form 10-K for the year ended September 30, 2023. See Note 12 - Business Segments for revenue from contracts with customers disaggregated by end markets, segments and geographic location.
NOTE 4 – INVENTORIES
 
Inventories are stated at the lower of cost (first-in, first-out or average cost) or net realizable value.
 
The following table details the components of inventory:
At March 31, 2024At September 30, 2023
Raw materials and supplies$92,740 $127,342 
Work in process16,594 12,070 
Finished goods334,636 367,718 
Total$443,970 $507,130 
 
In connection with the Company's restructuring activities described in Note 16, Restructuring Charges, during the six months ended March 31, 2024, CPP recorded an impairment charge of $8,482 to adjust inventory to its net realizable value.

9


GRIFFON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(US dollars and non US currencies in thousands, except per share data)
(Unaudited)
NOTE 5 – PROPERTY, PLANT AND EQUIPMENT

The following table details the components of property, plant and equipment, net:
At March 31, 2024At September 30, 2023
Land, building and building improvements$140,457 $169,923 
Machinery and equipment455,176 447,972 
Leasehold improvements34,905 33,740 
630,538 651,635 
Accumulated depreciation(363,201)(372,417)
Total$267,337 $279,218 

Depreciation and amortization expense for property, plant and equipment was $9,499 and $11,601 for the quarters ended March 31, 2024 and 2023, respectively, and $18,766 and $23,090 for the six months ended March 31, 2024 and 2023, respectively. Depreciation included in Selling, general and administrative ("SG&A") expenses was $4,095 and $4,646 for the quarters ended March 31, 2024 and 2023, respectively, and $8,094 and $8,885 for the six months ended March 31, 2024 and 2023, respectively. Remaining components of depreciation, attributable to manufacturing operations, are included in Cost of goods and services.
In connection with the expansion of CPP's global sourcing strategy announced on May 3, 2023, certain owned manufacturing locations which ceased operations have met the criteria to be classified as held for sale as of March 31, 2024. The net book value of these properties as of March 31, 2024 totaled $24,172.
Except as described in Note 16, Restructuring charges, no event or indicator of impairment occurred during the six months ended March 31, 2024 which would require additional impairment testing of property, plant and equipment.
 
NOTE 6 – CREDIT LOSSES

The Company is exposed to credit losses primarily through sales of products and services. Trade receivables are recorded at their stated amount, less allowances for discounts, credit losses and returns. The Company’s expected loss allowance methodology for trade receivables is primarily based on the aging method of the accounts receivables balances and the financial condition of its customers. The allowances represent estimated uncollectible receivables associated with potential customer defaults on contractual obligations (usually due to customers’ potential insolvency), discounts related to early payment of accounts receivables by customers and estimates for returns. The allowance for credit losses includes amounts for certain customers in which a risk of default has been specifically identified, as well as an amount for customer defaults, based on a formula, when it is determined the risk of some default is probable and estimable, but cannot yet be associated with specific customers. Allowance for discounts and returns are recorded as a reduction of revenue and the provision related to the allowance for credit losses is recorded in SG&A expenses.

The Company also considers current and expected future economic and market conditions when determining any estimate of credit losses. Generally, estimates used to determine the allowance are based on assessment of anticipated payment and all other historical, current and future information that is reasonably available. All accounts receivable amounts are expected to be collected in less than one year.

Based on a review of the Company's policies and procedures across all segments, including the aging of its trade receivables, recent write-off history and other factors related to future macroeconomic conditions, Griffon determined that its method to determine credit losses and the amount of its allowances for bad debts is in accordance with the accounting guidance for credit losses on financial instruments, including trade receivables, in all material respects.

The following table provides a roll-forward of the allowance for doubtful accounts, including provisions for expected credit losses that is deducted from gross accounts receivable to present the net amount expected to be collected:
10


GRIFFON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(US dollars and non US currencies in thousands, except per share data)
(Unaudited)

Six months ended March 31,
20242023
Beginning Balance, October 1$11,264 $12,137 
Provision for expected credit losses904 2,395 
Amounts written off charged against the allowance(636)(723)
Other, primarily foreign currency translation35 (554)
Ending Balance, March 31$11,567 $13,255 

NOTE 7 – GOODWILL AND OTHER INTANGIBLES

Indicators of impairment were not present for any of Griffon's reporting units during the six months ended March 31, 2024. The following table provides a summary of the carrying value of goodwill by segment as of September 30, 2023 and March 31, 2024, as follows:
 
Home and Building Products$191,253 
Consumer and Professional Products136,611 
Total$327,864 
The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets:
 At March 31, 2024 At September 30, 2023
 Gross Carrying AmountAccumulated
Amortization
Average
Life
(Years)
Gross Carrying AmountAccumulated
Amortization
Customer relationships & other$447,152 $124,198 23$443,164 $113,057 
Technology and patents16,663 4,304 1315,504 3,815 
Total amortizable intangible assets463,815 128,502  458,668 116,872 
Trademarks289,889 —  293,447 — 
Total intangible assets$753,704 $128,502  $752,115 $116,872 
 
The gross carrying amount of intangible assets was impacted by $1,589 related to favorable foreign currency translation.

Amortization expense for intangible assets was $5,581 and $5,653 for the quarters ended March 31, 2024 and 2023, respectively, and $11,137 and $11,277 for the six months ended March 31, 2024 and 2023, respectively. Amortization expense for the remainder of 2024 and the next five fiscal years and thereafter, based on current intangible balances and classifications, is estimated as follows: remaining in 2024 - $11,037; 2025 - $22,174; 2026 - $22,174; 2027 - $22,174; 2028 - $22,174; 2029 - $21,354; thereafter $214,226.


11


GRIFFON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(US dollars and non US currencies in thousands, except per share data)
(Unaudited)
NOTE 8 – INCOME TAXES

During the quarter ended March 31, 2024, the Company recognized a tax provision of $24,430 on income before taxes of $88,573, compared to a tax benefit of $27,904 on a loss before taxes of $90,159 in the prior year quarter. The current year quarter results included strategic review costs - retention and other of $2,676 ($1,997, net of tax); restructuring charges of $2,401 ($1,769, net of tax); gain on sale of building of $11 ($9, net of tax); and discrete and certain other tax benefits, net, that affect comparability of $390. The prior year quarter results included strategic review - retention and other of $6,190 ($4,658, net of tax); restructuring charges of $78,334 ($58,529, net of tax); intangible asset impairment charges of $100,000 ($74,256, net of tax); proxy expenses of $614 ($471, net of tax); and discrete and certain other tax benefits, net, that affect comparability of $8,723. Excluding these items, the effective tax rates for the quarters ended March 31, 2024 and 2023 were 27.9% and 29.5%, respectively.

During the six months ended March 31, 2024, the Company recognized a tax provision of $42,395 on income before taxes of $148,715, compared to a tax benefit of $8,586 on a loss before taxes of $22,139 in the comparable prior year period. The six month period ended March 31, 2024 included restructuring charges of $14,801 ($10,982, net of tax); strategic review - retention and other of $7,334 ($5,497, net of tax); gain on sale of building of $558 ($415, net of tax); and discrete and certain other tax provisions, net, that affect comparability of $393. The six month period ended March 31, 2023 included restructuring charges of $78,334 ($58,529, net of tax); Strategic review - retention and other of $14,422 ($10,880, net of tax); gain on the sale of building $10,852 ($8,323, net of tax); intangible asset impairment charges of $100,000 ($74,256, net of tax); proxy expenses of $2,117 ($1,624, net of tax); and discrete tax and certain other tax benefits, net, that affect comparability of $9,056. Excluding these items, the effective tax rates for the six months ended March 31, 2024 and 2023 were 27.9% and 29.4%, respectively.




12


GRIFFON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(US dollars and non US currencies in thousands, except per share data)
(Unaudited)
NOTE 9 – LONG-TERM DEBT
 
  At March 31, 2024At September 30, 2023
   Outstanding BalanceOriginal Issuer Premium/(Discount)Capitalized Fees & ExpensesBalance SheetCoupon Interest RateOutstanding BalanceOriginal Issuer Premium/(Discount)Capitalized Fees & ExpensesBalance SheetCoupon Interest Rate
Senior notes due 2028(a)$974,775 $194 (7,910)$967,059 5.75 %$974,775 $218 $(8,920)$966,073 5.75 %
Term Loan B due 2029(b)459,000 (837)(6,378)451,785 Variable463,000 (922)(7,039)455,039 Variable
Revolver due 2028(b)169,500  (3,232)166,268 Variable50,445  (3,606)46,839 Variable
Non US lines of credit(d)  (9)(9)Variable  (3)(3)Variable
Other long term debt(e)279  (22)257 Variable1,592  (11)1,581 Variable
Totals 1,603,554 (643)(17,551)1,585,360  1,489,812 (704)(19,579)1,469,529  
less: Current portion (8,152)— — (8,152) (9,625)— — (9,625) 
Long-term debt $1,595,402 $(643)$(17,551)$1,577,208  $1,480,187 $(704)$(19,579)$1,459,904  

  Three Months Ended March 31, 2024Three Months Ended March 31, 2023
  Effective Interest RateCash InterestAmort. Debt (Premium)/DiscountAmort. Debt Issuance Costs & Other FeesTotal Interest ExpenseEffective Interest RateCash InterestAmort. Debt (Premium)/DiscountAmort.
Debt Issuance Costs
& Other Fees
Total Interest Expense
Senior notes due 2028(a)6.0 %$14,012 $(12)$505 $14,505 6.0 %$14,012 $(12)$505 $14,505 
Term Loan B due 2029(b)8.2 %9,027 42 331 9,400 7.5 %8,737 43 352 9,132 
Revolver due 2028(b)Variable2,231  187 2,418 Variable673  122 795 
Finance lease - real estate(c)n/a    5.6 %174   174 
Non US lines of credit(d)Variable14  4 18 Variable205  12 217 
Other long term debt(e)Variable115  1 116 Variable64  1 65 
Capitalized interest  (308)— — (308) (9)— — (9)
Totals  $25,091 $30 $1,028 $26,149  $23,856 $31 $992 $24,879 

13


GRIFFON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(US dollars and non US currencies in thousands, except per share data)
(Unaudited)
  
Six Months Ended March 31, 2024
Six Months Ended March 31, 2023
  Effective Interest RateCash InterestAmort. Debt (Premium)/DiscountAmort. Debt Issuance Costs & Other FeesTotal Interest ExpenseEffective Interest RateCash InterestAmort. Debt (Premium)/DiscountAmort. Debt Issuance Costs & Other FeesTotal Interest Expense
Senior notes due 2028(a)6.0 %$28,024 $(24)$1,010 $29,010 6.0 %$28,024 $(24)$1,010 $29,010 
Term Loan B due 2029(b)8.2 %18,244 85 661 18,990 7.0 %16,545 86 703 17,334 
Revolver due 2028(b)Variable3,139  373 3,512 Variable2,017  245 2,262 
Finance lease - real estate(c)n/a