EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Sep. 30, 2022

Net periodic costs (benefits) were as follows:


	Defined Benefits for the Years Ended September 30,						Supplemental Benefits for the Years Ended September 30,
	2022		2021		2020		2022		2021		2020
Net periodic (benefits) costs:

Interest cost	$	3,448	$	2,816	$	4,267	$	172	$	162	$	335
Expected return on plan assets	(11,255)		(10,177)		(10,343)		—		—		—

Amortization of:
Prior service costs	—		—		—		—		—		14
Actuarial loss	2,818		5,776		3,769		561		516		399
Total net periodic (benefits) costs	$	(4,989)	$	(1,585)	$	(2,307)	$	733	$	678	$	748

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,
	2022		2021		2020		2022		2021		2020
Discount rate	2.63	%	2.30	%	2.92	%	1.94	%	1.69	%	2.64	%

Expected return on assets	6.72	%	6.75	%	7.00	%	—	%	—	%	—	%

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,
	2022		2021		2022		2021
Change in benefit obligation:
Benefit obligation at beginning of fiscal year	$	170,505	$	183,003	$	14,775	$	16,070

Business acquisition	21,839		—		—		—
Interest cost	3,448		2,816		172		162

Benefits paid	(11,281)		(10,743)		(1,927)		(1,936)



Actuarial (gain) loss	(35,490)		(4,571)		(1,098)		479

Benefit obligation at end of fiscal year	149,021		170,505		11,922		14,775
Change in plan assets:
Fair value of plan assets at beginning of fiscal year	160,523		147,145		—		—
Business acquisition	22,288		—		—		—
Actual return on plan assets	(27,439)		23,199		—		—

Company contributions	—		922		1,927		1,936

Benefits paid	(11,281)		(10,743)		(1,927)		(1,936)


Fair value of plan assets at end of fiscal year	144,091		160,523		—		—
Projected benefit obligation in excess of plan assets	$	(4,930)	$	(9,982)	$	(11,922)	$	(14,775)
Amounts recognized in the statement of financial position consist of:
Accrued liabilities	$	—	$	—	$	(1,866)	$	(1,884)
Other liabilities (long-term)	(4,930)		(9,982)		(10,056)		(12,891)
Total Liabilities	(4,930)		(9,982)		(11,922)		(14,775)
Net actuarial losses	32,176		38,296		6,003		7,662
Prior service cost	—		—		—		—
Deferred taxes	(6,757)		(8,042)		(1,261)		(1,609)
Total Accumulated other comprehensive loss, net of tax	25,419		30,254		4,742		6,053
Net amount recognized at September 30,	$	20,489	$	20,272	$	(7,180)	$	(8,722)
Accumulated benefit obligations	$	149,021	$	170,505	$	11,922	$	14,775
Information for plans with accumulated benefit obligations in excess of plan assets:
ABO	$	149,021	$	170,505	$	11,922	$	14,775
PBO	149,021		170,505		11,922		14,775
Fair value of plan assets	144,091		160,523		—		—

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,
	2022		2021		2022		2021
Weighted average discount rate	5.17	%	2.58	%	5.02	%	1.94	%

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
2023	$	3,494	$	1,866
2024	3,573		1,736
2025	3,646		1,601
2026	3,722		1,464
2027	3,770		1,325
2028 through 2031	18,990		4,600

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,
	2022		2021		Target
Cash and equivalents	4.3	%	1.2	%	—	%
Equity securities	41.1	%	52.5	%	63.0	%
Fixed income	24.6	%	26.9	%	37.0	%
Other	30.0	%	19.4	%	—	%
Total	100.0	%	100.0	%	100.0	%

Schedule of Fair Value of Pension and Postretirement 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, 2022	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	$	6,178	$	—	$	—	$	6,178

Government agency securities	25,932		2,703		—		28,635
Debt instruments	1,326		3,604		—		4,930
Equity securities	59,190		—		—		59,190
Commingled funds	—		8,088		9,484		17,572
Limited partnerships and hedge fund investments	—		22,662		—		22,662
Other Securities	1,845		—		—		1,845
Subtotal	$	94,471	$	37,057	$	9,484	$	141,012
Accrued income and plan receivables							265
Fully benefit-responsive investment contract							2,814
Total							$	144,091


At September 30, 2021	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	$	1,867	$	—	$	—	$	1,867
Government and agency securities	32,217		4,608		—		36,825

Debt instruments	1,063		2,706		—		3,769
Equity securities	84,129		—		—		84,129
Commingled funds	—		—		11,286		11,286

Limited partnerships and hedge fund investments	—		19,823		—		19,823
Other Securities	2,379		160		—		2,539
Subtotal	$	121,655	$	27,297	$	11,286	$	160,238
Accrued income and plan receivables							285
Total							$	160,523

The following table represents level 3 significant unobservable inputs for the years ended September 30, 2022 and 2021:


	Significant Unobservable Inputs (Level 3)

As of October 1, 2021	$	9,362

Gains and losses	1,924
As of September 30, 2021	11,286
Purchases, issuances and settlements	150
Gains and losses	(1,952)
As of September 30, 2022	$	9,484

Employee Stock Ownership Plan (ESOP) Disclosures

The ESOP shares were as follows:


	At September 30,
	2022	2021
Allocated shares	3,938,384	3,311,660
Unallocated shares	1,024,642	1,863,181
Total	4,963,026	5,174,841