EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Sep. 30, 2020

Net periodic costs (benefits) were as follows:



	Defined Benefits for the Years Ended September 30,									Supplemental Benefits for the Years Ended September 30,
	2020			2019			2018			2020		2019		2018
Net periodic (benefits) costs:
Interest cost	$	4,267		$	5,778		$	5,084		$	335	$	503	$	544
Expected return on plan assets	(10,343		)	(10,331		)	(10,736		)	—		—		—
Amortization of:
Prior service costs	—			—			—			14		14		14
Actuarial loss	3,769			630			755			399		258		628
Total net periodic (benefits) costs	$	(2,307	)	$	(3,923	)	$	(4,897	)	$	748	$	775	$	1,186

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,
	2020		2019		2018		2020		2019		2018
Discount rate	2.92	%	4.10	%	3.64	%	2.64	%	3.99	%	3.18	%
Expected return on assets	7.00	%	7.00	%	7.25	%	—	%	—	%	—	%

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,
	2020			2019			2020			2019
Change in benefit obligation:
Benefit obligation at beginning of fiscal year	$	177,797		$	161,328		$	16,180		$	15,718
Interest cost	4,267			5,778			335			503
Benefits paid	(10,747		)	(10,790		)	(1,939		)	(1,942		)
Actuarial (gain) loss	11,686			21,481			1,494			1,901
Benefit obligation at end of fiscal year	183,003			177,797			16,070			16,180
Change in plan assets:
Fair value of plan assets at beginning of fiscal year	145,610			150,680			—			—
Actual return on plan assets	4,261			2,606			—			—
Company contributions	8,021			3,114			1,939			1,942
Benefits paid	(10,747		)	(10,790		)	(1,939		)	(1,942		)
Fair value of plan assets at end of fiscal year	147,145			145,610			—			—
Projected benefit obligation in excess of plan assets	$	(35,858	)	$	(32,187	)	$	(16,070	)	$	(16,180	)
Amounts recognized in the statement of financial position consist of:
Accrued liabilities	$	—		$	—		$	(1,891	)	$	(1,906	)
Other liabilities (long-term)	(35,858		)	(32,187		)	(14,179		)	(14,279		)
Total Liabilities	(35,858		)	(32,187		)	(16,070		)	(16,185		)
Net actuarial losses	61,666			47,663			7,700			6,609
Prior service cost	—			—			—			14
Deferred taxes	(12,950		)	(17,098		)	(1,617		)	(2,374		)
Total Accumulated other comprehensive loss, net of tax	48,716			30,565			6,083			4,249
Net amount recognized at September 30,	$	12,858		$	(1,622	)	$	(9,987	)	$	(11,936	)
Accumulated benefit obligations	$	183,003		$	177,797		$	16,070		$	16,180
Information for plans with accumulated benefit obligations in excess of plan assets:
ABO	$	183,003		$	177,797		$	16,070		$	16,180
PBO	183,003			177,797			16,070			16,180
Fair value of plan assets	147,145			145,610			—			—

The weighted-average assumptions used in determining the benefit obligations were as follows:



	Defined Benefits at September 30,				Supplemental Benefits at September 30,
	2020		2019		2020		2019
Weighted average discount rate	2.30	%	2.92	%	1.69	%	2.64	%

Estimated future benefit payments to retirees, which reflect expected future service, are as follows:



For the years ending September 30,	Defined Benefits		Supplemental Benefits
2021	$	11,006	$	1,891
2022	10,964		1,787
2023	10,945		1,679
2024	10,892		1,556
2025	10,809		1,437
2026 through 2030	52,390		5,354

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

The following table presents the fair values of Griffon’s pension and post-retirement plan assets by asset category:



At September 30, 2020	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	$	600	$	—	$	—	$	600
Government agency securities	33,675		6,136		—		39,811
Debt instruments	179		2,722		—		2,901
Equity securities	68,987		—		—		68,987
Commingled funds	—		—		9,362		9,362
Limited partnerships and hedge fund investments	—		17,867		—		17,867
Other Securities	2,488		163		—		2,651
Subtotal	$	105,929	$	26,888	$	9,362	$	142,179
Accrued income and plan receivables							4,966
Total							$	147,145



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 and agency securities	28,297		9,119		—		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	1,913		159		—		2,072
Subtotal	$	105,700	$	30,843	$	8,776	$	145,319
Accrued income and plan receivables							291
Total							$	145,610

The following table represents level 3 significant unobservable inputs for the years ended September 30, 2020 and 2019:



	Significant Unobservable Inputs (Level 3)

As of October 1, 2019	$	—
Purchases, issuances and settlements	7,695
Gains and losses	1,081
As of September 30, 2019	8,776
Purchases, issuances and settlements	—
Gains and losses	586
As of September 30, 2020	$	9,362

The ESOP shares were as follows: