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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2016
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,
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Net periodic (benefits) costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 5,465 |  |  | 7,526 |  |  | 8,205 |  |  | 1,243 |  |  | 1,302 |  |  | 1,497 |
Expected return on plan assets | (10,934 | ) |  | (11,728 | ) |  | (11,309 | ) |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service costs | 1 |  |  | 1 |  |  | 1 |  |  | 19 |  |  | 16 |  |  | 14 |
Actuarial loss | 1,131 |  |  | 1,008 |  |  | 885 |  |  | 1,224 |  |  | 1,157 |  |  | 1,034 |
Total net periodic (benefits) costs | $ | (4,337 | ) |  | $ | (3,193 | ) |  | $ | (2,196 | ) |  | $ | 2,486 |  |  | $ | 2,475 |  |  | $ | 2,545 |
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,
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Discount rate | 3.42 | % |  | 3.98 | % |  | 4.49 | % |  | 2.86 | % |  | 3.50 | % |  | 4.09 | %
Average wage increase | — | % |  | — | % |  | 0.15 | % |  | — | % |  | — | % |  | — | %
Expected return on assets | 7.50 | % |  | 8.00 | % |  | 8.00 | % |  | — |  |  | — |  |  | — |
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,
| 2016 |  | 2015 |  | 2016 |  | 2015
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of fiscal year | $ | 184,846 |  |  | $ | 194,327 |  |  | $ | 37,305 |  |  | $ | 38,207 |
Interest cost | 5,465 |  |  | 7,526 |  |  | 1,243 |  |  | 1,302 |
Benefits paid | (10,460 | ) |  | (10,300 | ) |  | (4,060 | ) |  | (4,082 | )
Actuarial (gain) loss | 9,305 |  |  | (6,707 | ) |  | 1,286 |  |  | 1,878 |
Benefit obligation at end of fiscal year | 189,156 |  |  | 184,846 |  |  | 35,774 |  |  | 37,305 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of fiscal year | 144,625 |  |  | 154,966 |  |  | — |  |  | — |
Actual return on plan assets | 10,151 |  |  | (1,711 | ) |  | — |  |  | — |
Company contributions | — |  |  | 1,670 |  |  | 4,060 |  |  | 4,082 |
Benefits paid | (10,460 | ) |  | (10,300 | ) |  | (4,060 | ) |  | (4,082 | )
Fair value of plan assets at end of fiscal year | 144,316 |  |  | 144,625 |  |  | — |  |  | — |
Projected benefit obligation in excess of plan assets | $ | (44,840 | ) |  | $ | (40,221 | ) |  | $ | (35,774 | ) |  | $ | (37,305 | )
Amounts recognized in the statement of financial position consist of: |  |  |  |  |  |  |  |  |  |  |
Accrued liabilities | $ | — |  |  | $ | — |  |  | $ | (4,030 | ) |  | $ | (4,056 | )
Other liabilities (long-term) | (44,840 | ) |  | (40,221 | ) |  | (31,744 | ) |  | (33,249 | )
Total Liabilities | (44,840 | ) |  | (40,221 | ) |  | (35,774 | ) |  | (37,305 | )
Net actuarial losses | 38,115 |  |  | 29,158 |  |  | 21,195 |  |  | 21,139 |
Prior service cost | 1 |  |  | 2 |  |  | 56 |  |  | 71 |
Deferred taxes | (13,341 | ) |  | (10,206 | ) |  | (7,438 | ) |  | (7,423 | )
Total Accumulated other comprehensive loss, net of tax | 24,775 |  |  | 18,954 |  |  | 13,813 |  |  | 13,787 |
Net amount recognized at September 30, | $ | (20,065 | ) |  | $ | (21,267 | ) |  | $ | (21,961 | ) |  | $ | (23,518 | )
Accumulated benefit obligations | $ | 189,156 |  |  | $ | 184,846 |  |  | $ | 35,774 |  |  | $ | 37,305 |
Information for plans with accumulated benefit obligations in excess of plan assets: |  |  |  |  |  |  |  |  |  |  |
ABO | $ | 189,156 |  |  | $ | 184,846 |  |  | $ | 35,774 |  |  | $ | 37,305 |
PBO | 189,156 |  |  | 184,846 |  |  | 35,774 |  |  | 37,305 |
Fair value of plan assets | 144,316 |  |  | 144,625 |  |  | — |  |  | — |
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,
| 2016 |  | 2015 |  | 2016 |  | 2015
Weighted average discount rate | 3.42 | % |  | 3.94 | % |  | 2.86 | % |  | 3.52 | %
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, |  |
| 2016 |  | 2015 |  | Target
Cash and equivalents | 18.0 | % |  | 1.0 | % |  | — | %
Equity securities | 57.7 | % |  | 52.7 | % |  | 63.0 | %
Fixed income | 19.3 | % |  | 41.0 | % |  | 37.0 | %
Other | 5.0 | % |  | 5.3 | % |  | — | %
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
2017 | $ | 10,735 |  |  | $ | 4,060 |
2018 | 10,773 |  |  | 4,030 |
2019 | 10,861 |  |  | 3,821 |
2020 | 11,007 |  |  | 3,636 |
2021 | 11,141 |  |  | 3,442 |
2022 through 2026 | 55,439 |  |  | 12,927 |
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, 2016 | 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 | $ | 26,008 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,008 |
Short-term investment funds | — |  |  | — |  |  | — |  |  | — |
Government agency securities | — |  |  | — |  |  | — |  |  | — |
Debt instruments | 14,122 |  |  | — |  |  | — |  |  | 14,122 |
Equity securities | 44,759 |  |  | — |  |  | — |  |  | 44,759 |
Commingled funds | — |  |  | 53,703 |  |  | — |  |  | 53,703 |
Limited partnerships and hedge fund investments | — |  |  | 5,724 |  |  | — |  |  | 5,724 |
Total | $ | 84,889 |  |  | $ | 59,427 |  |  | $ | — |  |  | $ | 144,316 |
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 |
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 |
Employee Stock Ownership Plan (ESOP) Disclosures | The ESOP shares were as follows:
| At September 30,
| 2016 |  | 2015
Allocated shares | 2,596,016 |  |  | 2,479,776 |
Unallocated shares | 2,784,579 |  |  | 3,037,831 |
| 5,380,595 |  |  | 5,517,607 |

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