XML 60 R40.htm IDEA: XBRL DOCUMENT
v3.3.0.814

EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract] |
Schedule of Net Benefit Costs | Net periodic costs (benefits) were as follows:
| Defined Benefits for the Years Ended September 30, |  | Supplemental Benefits for the Years Ended September 30,
| 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
Net periodic (benefits) costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | 22 |  |  | $ | 165 |  |  | $ | — |  |  | $ | — |  |  | $ | 35 |
Interest cost | 7,526 |  |  | 8,205 |  |  | 7,977 |  |  | 1,302 |  |  | 1,497 |  |  | 1,344 |
Expected return on plan assets | (11,728 | ) |  | (11,309 | ) |  | (11,869 | ) |  | — |  |  | — |  |  | — |
Recognition of settlement | — |  |  | — |  |  | 2,142 |  |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service costs | 1 |  |  | 1 |  |  | 6 |  |  | 16 |  |  | 14 |  |  | 14 |
Actuarial loss | 1,008 |  |  | 885 |  |  | 1,795 |  |  | 1,157 |  |  | 1,034 |  |  | 1,288 |
Total net periodic (benefits) costs | $ | (3,193 | ) |  | $ | (2,196 | ) |  | $ | 216 |  |  | $ | 2,475 |  |  | $ | 2,545 |  |  | $ | 2,681 |
Schedule of Assumptions Used | The weighted-average assumptions used in determining the net periodic (benefits) costs were as follows:
| Defined Benefits for the Years Ended September 30, |  | Supplemental Benefits for the Years Ended September 30,
| 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
Discount rate | 3.98 | % |  | 4.49 | % |  | 3.67 | % |  | 3.50 | % |  | 4.09 | % |  | 3.40 | %
Average wage increase | — | % |  | 0.15 | % |  | 0.11 | % |  | — | % |  | — | % |  | 4.87 | %
Expected return on assets | 8.00 | % |  | 8.00 | % |  | 7.80 | % |  | — |  |  | — |  |  | — |
Schedule Of Plan Assets And Benefit Obligation Of Defined Benefit Plan | Plan assets and benefit obligation of the defined and supplemental benefit plans were as follows:
| Defined Benefits at September 30, |  | Supplemental Benefits at September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of fiscal year | $ | 194,327 |  |  | $ | 195,961 |  |  | $ | 38,207 |  |  | $ | 38,674 |
Benefits earned during the year | — |  |  | 22 |  |  | — |  |  | — |
Interest cost | 7,526 |  |  | 8,205 |  |  | 1,302 |  |  | 1,497 |
Plan participant contributions | — |  |  | 3 |  |  | — |  |  | — |
Benefits paid | (10,300 | ) |  | (10,359 | ) |  | (4,082 | ) |  | (4,083 | )
Benefits paid - settlement | — |  |  | — |  |  | — |  |  | — |
Plan settlement | — |  |  | (9,780 | ) |  | — |  |  | — |
Effect of foreign currency | — |  |  | 37 |  |  | — |  |  | — |
Actuarial (gain) loss | (6,707 | ) |  | 10,238 |  |  | 1,878 |  |  | 2,119 |
Actuarial gain - settlement | — |  |  | — |  |  | — |  |  | — |
Benefit obligation at end of fiscal year | 184,846 |  |  | 194,327 |  |  | 37,305 |  |  | 38,207 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of fiscal year | 154,966 |  |  | 153,731 |  |  | — |  |  | — |
Actual return on plan assets | (1,711 | ) |  | 12,830 |  |  | — |  |  | — |
Plan participant contributions | — |  |  | 3 |  |  | — |  |  | — |
Company contributions | 1,670 |  |  | 7,433 |  |  | 4,082 |  |  | 4,083 |
Effect of foreign currency | — |  |  | 26 |  |  | — |  |  | — |
Benefits paid | (10,300 | ) |  | (10,359 | ) |  | (4,082 | ) |  | (4,083 | )
Benefits paid - settlement | — |  |  | — |  |  | — |  |  | — |
Plan settlement | — |  |  | (8,698 | ) |  |  |  |
Fair value of plan assets at end of fiscal year | 144,625 |  |  | 154,966 |  |  | — |  |  | — |
Projected benefit obligation in excess of plan assets | $ | (40,221 | ) |  | $ | (39,361 | ) |  | $ | (37,305 | ) |  | $ | (38,207 | )
Amounts recognized in the statement of financial position consist of: |  |  |  |  |  |  |  |  |  |  |
Accrued liabilities | $ | — |  |  | $ | — |  |  | $ | (4,056 | ) |  | $ | (4,058 | )
Other liabilities (long-term) | (40,221 | ) |  | (39,361 | ) |  | (33,249 | ) |  | (34,149 | )
Total Liabilities | (40,221 | ) |  | (39,361 | ) |  | (37,305 | ) |  | (38,207 | )
Net actuarial losses | 29,158 |  |  | 23,433 |  |  | 21,139 |  |  | 20,420 |
Prior service cost | 2 |  |  | 2 |  |  | 71 |  |  | 85 |
Deferred taxes | (10,206 | ) |  | (8,202 | ) |  | (7,423 | ) |  | (7,177 | )
Total Accumulated other comprehensive loss, net of tax | 18,954 |  |  | 15,233 |  |  | 13,787 |  |  | 13,328 |
Net amount recognized at September 30, | $ | (21,267 | ) |  | $ | (24,128 | ) |  | $ | (23,518 | ) |  | $ | (24,879 | )
Accumulated benefit obligations | $ | 184,846 |  |  | $ | 194,327 |  |  | $ | 37,305 |  |  | $ | 38,207 |
Information for plans with accumulated benefit obligations in excess of plan assets: |  |  |  |  |  |  |  |  |  |  |
ABO | $ | 184,846 |  |  | $ | 194,327 |  |  | $ | 37,305 |  |  | $ | 38,207 |
PBO | 184,846 |  |  | 194,327 |  |  | 37,305 |  |  | 38,207 |
Fair value of plan assets | 144,625 |  |  | 154,966 |  |  | — |  |  | — |
Schedule Of Weighted Average Assumptions Used in Defined And Supplemental Benefit Obligations | The weighted-average assumptions used in determining the benefit obligations were as follows:
| Defined Benefits at September 30, |  | Supplemental Benefits at September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Weighted average discount rate | 3.94 | % |  | 3.98 | % |  | 3.52 | % |  | 3.60 | %
Weighted average wage increase | — | % |  | — | % |  | — | % |  | — | %
Schedule Of Actual And Weighted Average Assets Allocation for Qualified Benefit plans | The actual and weighted-average asset allocation for qualified benefit plans were as follows:
| At September 30, |  |
| 2015 |  | 2014 |  | Target
Equity securities | 52.7 | % |  | 56.4 | % |  | 63.0 | %
Fixed income | 41.0 | % |  | 38.1 | % |  | 37.0 | %
Other | 6.3 | % |  | 5.5 | % |  | — | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Schedule of Expected Benefit Payments | Estimated future benefit payments to retirees, which reflect expected future service, are as follows:
For the years ending September 30, | Defined Benefits |  | Supplemental Benefits
2016 | $ | 10,618 |  |  | $ | 4,056 |
2017 | 10,665 |  |  | 3,997 |
2018 | 10,717 |  |  | 3,717 |
2019 | 10,804 |  |  | 3,550 |
2020 | 10,948 |  |  | 3,376 |
2021 through 2025 | 55,693 |  |  | 13,992 |
Schedule Of Fair Value Of Pension And Post Retirement Plan Assets By Asset Category | The following table presents the fair values of Griffon’s pension and post-retirement plan assets by asset category:
At September 30, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash and equivalents | $ | 1,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,370 |
Short-term investment funds | — |  |  | — |  |  | — |  |  | — |
Government agency securities | — |  |  | — |  |  | — |  |  | — |
Debt instruments | 14,291 |  |  | — |  |  | — |  |  | 14,291 |
Equity securities | 44,742 |  |  | — |  |  | — |  |  | 44,742 |
Commingled funds | — |  |  | 78,490 |  |  | — |  |  | 78,490 |
Limited partnerships and hedge fund investments | — |  |  | 5,732 |  |  | — |  |  | 5,732 |
Total | $ | 60,403 |  |  | $ | 84,222 |  |  | $ | — |  |  | $ | 144,625 |
At September 30, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash and equivalents | $ | 2,912 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,912 |
Short-term investment funds | — |  |  | — |  |  | — |  |  | — |
Government agency securities | — |  |  | — |  |  | — |  |  | — |
Debt instruments | 29,447 |  |  | — |  |  | — |  |  | 29,447 |
Equity securities | 45,870 |  |  | — |  |  | — |  |  | 45,870 |
Commingled funds | — |  |  | 72,722 |  |  | — |  |  | 72,722 |
Insurance contracts |  |  |  |  |  |  |  |  |  |  |
Limited partnerships and hedge fund investments | — |  |  | 4,015 |  |  | — |  |  | 4,015 |
Total | $ | 78,229 |  |  | $ | 76,737 |  |  | $ | — |  |  | $ | 154,966 |
Employee Stock Ownership Plan (ESOP) Disclosures | The ESOP shares were as follows:
| At September 30,
| 2015 |  | 2014
Allocated shares | 2,479,776 |  |  | 2,406,941 |
Unallocated shares | 3,037,831 |  |  | 3,281,095 |
| 5,517,607 |  |  | 5,688,036 |

X
- Definition Tabular disclosure for actual and weighted average assets allocation for qualified benefit plans. + References No definition available. + Details
Name: | gff_ScheduleOfActualAndWeightedAverageAssetsAllocationForQualifiedBenefitPlansTableTextBlock
Namespace Prefix: | gff_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for pension and post retirement plan assets by asset category. + References No definition available. + Details
Name: | gff_ScheduleOfFairValueOfPensionAndPostRetirementPlanAssetsByAssetCategoryTableTextBlock
Namespace Prefix: | gff_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for plan assets and benefit obligation of the defined plans. + References No definition available. + Details
Name: | gff_ScheduleOfPlanAssetsAndBenefitObligationOfDefinedBenefitPlanTableTextBlock
Namespace Prefix: | gff_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for weighted average assumptions used in determining the benefit obligations. + References No definition available. + Details
Name: | gff_ScheduleOfWeightedAverageAssumptionsUsedInDefinedAndSupplementalBenefitObligationsTableTextBlock
Namespace Prefix: | gff_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the details pertaining to each employee stock ownership plan. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 + Details
Name: | us-gaap_ScheduleOfEmployeeStockOwnershipPlanESOPDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration