v3.24.0.1
BUSINESS SEGMENTS
 3 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
Griffon reports its operations through two reportable segments, as follows:

•Home and Building Products ("HBP") conducts its operations through 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.

Information on Griffon’s reportable segments is as follows:
 For the Three Months Ended December 31,
REVENUE20232022
Home and Building Products$395,791 $396,573 
Consumer and Professional Products247,362 252,811 
Total revenue$643,153 $649,384 

Disaggregation of Revenue
Revenue from contracts with customers is disaggregated by end markets, segments and geographic location, as it more accurately depicts the nature and amount of the Company’s revenue. The following table presents revenue disaggregated by end market and segment:
Three Months Ended December 31,
20232022
Residential repair and remodel$186,541 $190,730 
Commercial 176,993 169,514 
Residential new construction32,257 36,329 
Total Home and Building Products395,791 396,573 
Residential repair and remodel76,064 81,706 
Retail69,278 68,497 
Residential new construction14,005 12,487 
Industrial14,777 17,093 
International excluding North America73,238 73,028 
Total Consumer and Professional Products247,362 252,811 
Total Consolidated Revenue$643,153 $649,384 
The following table presents revenue disaggregated by geography based on the location of the Company's customer:
For the Three Months Ended December 31,
20232022
HBPCPPTotalHBPCPPTotal
United States$379,628 $151,172 $530,800 $379,300 $153,667 $532,967 
Europe108 5,245 5,353 16 4,696 4,712 
Canada14,768 21,028 35,796 15,355 23,116 38,471 
Australia— 64,871 64,871 — 66,217 66,217 
All other countries1,287 5,046 6,333 1,902 5,115 7,017 
Consolidated revenue$395,791 $247,362 $643,153 $396,573 $252,811 $649,384 
Griffon evaluates performance and allocates resources based on segment adjusted EBITDA and adjusted EBITDA, non-GAAP measures, which is defined as income before taxes, excluding interest income and expense, depreciation and amortization, strategic review charges, non-cash impairment charges, restructuring charges, gain/loss from debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable. Segment adjusted EBITDA also excludes unallocated amounts, mainly corporate overhead. Griffon believes this information is useful to investors for the same reason. The following table provides a reconciliation of segment and adjusted EBITDA to income before taxes:
 For the Three Months Ended December 31,
 20232022
Segment adjusted EBITDA:  
Home and Building Products$124,719 $124,145 
Consumer and Professional Products5,539 (1,809)
Segment adjusted EBITDA130,258 122,336 
Unallocated amounts, excluding depreciation *(13,907)(13,776)
Adjusted EBITDA116,351 108,560 
Net interest expense(24,875)(24,544)
Depreciation and amortization(14,823)(17,113)
Restructuring charges(12,400)— 
Gain on sale of building547 10,852 
Strategic review - retention and other(4,658)(8,232)
Proxy expenses— (1,503)
Income before taxes $60,142 $68,020 
* Unallocated amounts typically include general corporate expenses not attributable to a reportable segment.
For the Three Months Ended December 31,
DEPRECIATION and AMORTIZATION20232022
Segment:  
Home and Building Products$3,633 $3,846 
Consumer and Professional Products11,057 13,127 
Total segment depreciation and amortization14,690 16,973 
Corporate133 140 
Total consolidated depreciation and amortization$14,823 $17,113 
CAPITAL EXPENDITURES  
Segment:  
Home and Building Products$10,508 $2,068 
Consumer and Professional Products3,749 2,658 
Total segment14,257 4,726 
Corporate73 — 
Total consolidated capital expenditures$14,330 $4,726 
ASSETS At December 31, 2023At September 30, 2023
Segment assets:  
Home and Building Products$694,151 $703,661 
Consumer and Professional Products(1)
1,573,506 1,579,588 
Total segment assets2,267,657 2,283,249 
Corporate120,534 130,339 
Total assets2,388,191 2,413,588 
Discontinued operations5,122 5,291 
Consolidated total$2,393,313 $2,418,879 
___________________
(1) In connection with the expansion of CPP's global sourcing strategy, certain owned manufacturing locations which ceased operations have met the criteria to be classified as held for sale as of December 31, 2023. The net book value of these properties as of December 31, 2023 totaled $15,010.