OTHER INCOME (EXPENSE)

9 Months Ended

Jun. 30, 2019

Other Income and Expenses [Abstract]

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)

For the quarters ended June 30, 2019 and 2018, Other income (expense) includes $150 and ($17), respectively, of net currency exchange gains (losses) in connection with the translation of receivables and payables denominated in currencies other than the functional currencies of Griffon and its subsidiaries as well as $(14) and $104, respectively, of net investment (loss) income.

For the nine months ended June 30, 2019 and 2018, Other income (expense) includes $535 and $(236), respectively, of net currency exchange gains (losses) in connection with the translation of receivables and payables denominated in currencies other than the functional currencies of Griffon and its subsidiaries as well as $18 and $1,365, respectively, of net investment income.

Additionally, during the quarters ended June 30, 2019 and 2018, Other income (expense) included net periodic benefit plan income of $787 and $958, respectively. During the nine months ended June 30, 2019 and 2018, Other income (expense) included net periodic benefit plan income of $2,361 and $2,722, respectively. Effective October 1, 2018, these benefits amounts are required to be included in other income; in the past these were in Cost of goods and services and Selling, general and administrative expenses, as a result of implementation of the new accounting standard on pensions. All periods have been restated. See Note 13 - Employee Benefit Plans for further information on the implementation of this guidance.