EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Sep. 30, 2016

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

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	%	—		—		—

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			—			—

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	—	%	—	%	—	%	—	%

The actual and weighted-average asset allocation for qualified benefit plans were as follows:

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

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

The ESOP shares were as follows: