v3.10.0.1
EMPLOYEE BENEFIT PLANS (Tables)
|
12 Months Ended |
|
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 | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | Net periodic (benefits) costs: | |
| | |
| | |
| | |
| | |
| | |
| Interest cost | $ | 5,084 |
| | $ | 4,892 |
| | $ | 5,465 |
| | $ | 544 |
| | $ | 715 |
| | $ | 1,243 |
| Expected return on plan assets | (10,736 | ) | | (10,943 | ) | | (10,934 | ) | | — |
| | — |
| | — |
| Amortization of: | |
| | |
| | |
| | |
| | |
| | |
| Prior service costs | — |
| | 1 |
| | 1 |
| | 14 |
| | 15 |
| | 19 |
| Actuarial loss | 755 |
| | 1,980 |
| | 1,131 |
| | 628 |
| | 1,347 |
| | 1,224 |
| Total net periodic (benefits) costs | $ | (4,897 | ) | | $ | (4,070 | ) | | $ | (4,337 | ) | | $ | 1,186 |
| | $ | 2,077 |
| | $ | 2,486 |
|
|
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 | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | Discount rate | 4.10 | % | | 3.64 | % | | 3.42 | % | | 3.99 | % | | 3.18 | % | | 2.86 | % | Expected return on assets | 7.00 | % | | 7.25 | % | | 7.50 | % | | — | % | | — | % | | — | % |
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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 | | 2018 | | 2017 | | 2018 | | 2017 | Change in benefit obligation: | |
| | |
| | |
| | |
| Benefit obligation at beginning of fiscal year | $ | 174,337 |
| | $ | 189,156 |
| | $ | 32,627 |
| | $ | 35,774 |
| Interest cost | 5,084 |
| | 4,892 |
| | 544 |
| | 715 |
| Benefits paid | (10,531 | ) | | (10,393 | ) | | (3,001 | ) | | (4,057 | ) | Actuarial (gain) loss | (7,562 | ) | | (9,318 | ) | | (14,452 | ) | | 195 |
| Benefit obligation at end of fiscal year | 161,328 |
| | 174,337 |
| | 15,718 |
| | 32,627 |
| Change in plan assets: | |
| | |
| | |
| | |
| Fair value of plan assets at beginning of fiscal year | 150,822 |
| | 144,316 |
| | — |
| | — |
| Actual return on plan assets | 7,940 |
| | 13,152 |
| | — |
| | — |
| Company contributions | 2,449 |
| | 3,747 |
| | 3,001 |
| | 4,057 |
| Benefits paid | (10,531 | ) | | (10,393 | ) | | (3,001 | ) | | (4,057 | ) | Fair value of plan assets at end of fiscal year | 150,680 |
| | 150,822 |
| | — |
| | — |
| Projected benefit obligation in excess of plan assets | $ | (10,648 | ) | | $ | (23,515 | ) | | $ | (15,718 | ) | | $ | (32,627 | ) | Amounts recognized in the statement of financial position consist of: | |
| | |
| | |
| | |
| Accrued liabilities | $ | — |
| | $ | — |
| | $ | (1,906 | ) | | $ | (3,984 | ) | Other liabilities (long-term) | (10,648 | ) | | (23,515 | ) | | (13,812 | ) | | (28,643 | ) | Total Liabilities | (10,648 | ) | | (23,515 | ) | | (15,718 | ) | | (32,627 | ) | Net actuarial losses | 19,088 |
| | 24,608 |
| | 4,965 |
| | 20,045 |
| Prior service cost | — |
| | — |
| | 28 |
| | 42 |
| Deferred taxes | (6,103 | ) | | (9,069 | ) | | (1,597 | ) | | (7,486 | ) | Total Accumulated other comprehensive loss, net of tax | 12,985 |
| | 15,539 |
| | 3,396 |
| | 12,601 |
| Net amount recognized at September 30, | $ | 2,337 |
| | $ | (7,976 | ) | | $ | (12,322 | ) | | $ | (20,026 | ) | Accumulated benefit obligations | $ | 161,328 |
| | $ | 174,337 |
| | $ | 15,718 |
| | $ | 32,627 |
| Information for plans with accumulated benefit obligations in excess of plan assets: | |
| | |
| | |
| | |
| ABO | $ | 161,328 |
| | $ | 174,337 |
| | $ | 15,718 |
| | $ | 32,627 |
| PBO | 161,328 |
| | 174,337 |
| | 15,718 |
| | 32,627 |
| Fair value of plan assets | 150,680 |
| | 150,822 |
| | — |
| | — |
|
|
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 | | 2018 | | 2017 | | 2018 | | 2017 | Weighted average discount rate | 4.10 | % | | 3.64 | % | | 3.99 | % | | 3.18 | % |
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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: | | | | | | | | | | | | | | | 2018 | | 2017 | | Target | Cash and equivalents | 18.0 | % | | 18.0 | % | | — | % | Equity securities | 68.5 | % | | 58.0 | % | | 63.0 | % | Fixed income | 9.5 | % | | 19.3 | % | | 37.0 | % | Other | 4.0 | % | | 4.7 | % | | — | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
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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 | 2019 | $ | 10,767 |
| | $ | 1,906 |
| 2020 | 10,892 |
| | 1,822 |
| 2021 | 10,979 |
| | 1,734 |
| 2022 | 10,960 |
| | 1,642 |
| 2023 | 10,950 |
| | 1,545 |
| 2024 through 2028 | 53,652 |
| | 6,068 |
|
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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: | | | | | | | | | | | | | | | | | | 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 |
|
| | | | | | | | | | | | | | | | | | 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 | $ | 27,156 |
| | $ | — |
| | $ | — |
| | $ | 27,156 |
| Debt instruments | 14,520 |
| | — |
| | — |
| | 14,520 |
| Equity securities | 40,423 |
| | — |
| | — |
| | 40,423 |
| Commingled funds | — |
| | 62,907 |
| | — |
| | 62,907 |
| Limited partnerships and hedge fund investments | — |
| | 5,816 |
| | — |
| | 5,816 |
| Total | $ | 82,099 |
| | $ | 68,723 |
| | $ | — |
| | $ | 150,822 |
|
|
Employee Stock Ownership Plan (ESOP) Disclosures |
The ESOP shares were as follows: | | | | | | | | | | 2018 | | 2017 | Allocated shares | 3,157,530 |
| | 2,676,486 |
| Unallocated shares | 2,477,385 |
| | 3,125,850 |
| Total | 5,634,915 |
| | 5,802,336 |
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