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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2019
Retirement Benefits [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,
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Net periodic (benefits) costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost | $ | 5,778 |  |  | $ | 5,084 |  |  | $ | 4,892 |  |  | $ | 503 |  |  | $ | 544 |  |  | $ | 715 |
Expected return on plan assets | (10,331 | ) |  | (10,736 | ) |  | (10,943 | ) |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service costs | — |  |  | — |  |  | 1 |  |  | 14 |  |  | 14 |  |  | 15 |
Actuarial loss | 630 |  |  | 755 |  |  | 1,980 |  |  | 258 |  |  | 628 |  |  | 1,347 |
Total net periodic (benefits) costs | $ | (3,923 | ) |  | $ | (4,897 | ) |  | $ | (4,070 | ) |  | $ | 775 |  |  | $ | 1,186 |  |  | $ | 2,077 |
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,
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Discount rate | 2.92 | % |  | 4.10 | % |  | 3.64 | % |  | 2.64 | % |  | 3.99 | % |  | 3.18 | %
Expected return on assets | 7.00 | % |  | 7.00 | % |  | 7.25 | % |  | — | % |  | — | % |  | — | %
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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of fiscal year | $ | 161,328 |  |  | $ | 174,337 |  |  | $ | 15,718 |  |  | $ | 32,627 |
Interest cost | 5,778 |  |  | 5,084 |  |  | 503 |  |  | 544 |
Benefits paid | (10,790 | ) |  | (10,531 | ) |  | (1,942 | ) |  | (3,001 | )
Actuarial (gain) loss | 21,481 |  |  | (7,562 | ) |  | 1,901 |  |  | (14,452 | )
Benefit obligation at end of fiscal year | 177,797 |  |  | 161,328 |  |  | 16,180 |  |  | 15,718 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of fiscal year | 150,680 |  |  | 150,822 |  |  | — |  |  | — |
Actual return on plan assets | 2,606 |  |  | 7,940 |  |  | — |  |  | — |
Company contributions | 3,114 |  |  | 2,449 |  |  | 1,942 |  |  | 3,001 |
Benefits paid | (10,790 | ) |  | (10,531 | ) |  | (1,942 | ) |  | (3,001 | )
Fair value of plan assets at end of fiscal year | 145,610 |  |  | 150,680 |  |  | — |  |  | — |
Projected benefit obligation in excess of plan assets | $ | (32,187 | ) |  | $ | (10,648 | ) |  | $ | (16,180 | ) |  | $ | (15,718 | )
Amounts recognized in the statement of financial position consist of: |  |  |  |  |  |  |  |  |  |  |
Accrued liabilities | $ | — |  |  | $ | — |  |  | $ | (1,906 | ) |  | $ | (1,906 | )
Other liabilities (long-term) | (32,187 | ) |  | (10,648 | ) |  | (14,279 | ) |  | (13,812 | )
Total Liabilities | (32,187 | ) |  | (10,648 | ) |  | (16,185 | ) |  | (15,718 | )
Net actuarial losses | 47,663 |  |  | 19,088 |  |  | 6,609 |  |  | 4,965 |
Prior service cost | — |  |  | — |  |  | 14 |  |  | 28 |
Deferred taxes | (17,098 | ) |  | (6,103 | ) |  | (2,374 | ) |  | (1,597 | )
Total Accumulated other comprehensive loss, net of tax | 30,565 |  |  | 12,985 |  |  | 4,249 |  |  | 3,396 |
Net amount recognized at September 30, | $ | (1,622 | ) |  | $ | 2,337 |  |  | $ | (11,936 | ) |  | $ | (12,322 | )
Accumulated benefit obligations | $ | 177,797 |  |  | $ | 161,328 |  |  | $ | 16,180 |  |  | $ | 15,718 |
Information for plans with accumulated benefit obligations in excess of plan assets: |  |  |  |  |  |  |  |  |  |  |
ABO | $ | 177,797 |  |  | $ | 161,328 |  |  | $ | 16,180 |  |  | $ | 15,718 |
PBO | 177,797 |  |  | 161,328 |  |  | 16,180 |  |  | 15,718 |
Fair value of plan assets | 145,610 |  |  | 150,680 |  |  | — |  |  | — |
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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Weighted average discount rate | 2.92 | % |  | 4.10 | % |  | 2.64 | % |  | 3.99 | %
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, |  |
| 2019 |  | 2018 |  | Target
Cash and equivalents | 1.9 | % |  | 18.0 | % |  | — | %
Equity securities | 49.9 | % |  | 68.5 | % |  | 63.0 | %
Fixed income | 29.4 | % |  | 9.5 | % |  | 37.0 | %
Other | 18.8 | % |  | 4.0 | % |  | — | %
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
2020 | $ | 11,017 |  |  | $ | 1,900 |
2021 | 11,094 |  |  | 1,807 |
2022 | 11,026 |  |  | 1,709 |
2023 | 10,990 |  |  | 1,608 |
2024 | 10,933 |  |  | 1,490 |
2025 through 2029 | 53,249 |  |  | 5,741 |
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, 2019 | 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 | $ | 2,791 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,791 |
Government agency securities | 27,408 |  |  | 10,008 |  |  | — |  |  | 37,416 |
Debt instruments | 182 |  |  | 2,996 |  |  | — |  |  | 3,178 |
Equity securities | 72,517 |  |  | — |  |  | — |  |  | 72,517 |
Commingled funds | — |  |  | — |  |  | 8,776 |  |  | 8,776 |
Limited partnerships and hedge fund investments | — |  |  | 18,569 |  |  | — |  |  | 18,569 |
Other Securities | 1,348 |  |  | 724 |  |  | — |  |  | 2,072 |
Total | $ | 104,246 |  |  | $ | 32,297 |  |  | $ | 8,776 |  |  | $ | 145,319 |
The following table represents level 3 significant unobservable inputs for the year ended September 30, 2019:
| Significant Unobservable Inputs (Level 3)
As of October 1, 2018 | $ | — |
Purchases, issuances and settlements | 7,695 |
Gains and losses | 1,081 |
As of September 30, 2019 | $ | 8,776 |
At September 30, 2018 | 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 | $ | 27,209 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,209 |
Debt instruments | 14,269 |  |  | — |  |  | — |  |  | 14,269 |
Equity securities | 41,042 |  |  | — |  |  | — |  |  | 41,042 |
Commingled funds | — |  |  | 62,088 |  |  | — |  |  | 62,088 |
Limited partnerships and hedge fund investments | — |  |  | 6,026 |  |  | — |  |  | 6,026 |
Total | $ | 82,520 |  |  | $ | 68,114 |  |  | $ | — |  |  | $ | 150,634 |
Employee Stock Ownership Plan (ESOP) Disclosures | The ESOP shares were as follows:
| At September 30,
| 2019 |  | 2018
Allocated shares | 3,209,069 |  |  | 3,157,530 |
Unallocated shares | 2,259,308 |  |  | 2,477,385 |
Total | 5,468,377 |  |  | 5,634,915 |

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