XML 58 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Sep. 30, 2012
Schedule of Net Benefit Costs [Table Text Block] Net periodic benefit costs (benefits) were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined Benefits for the Years
Ended September 30,

 

Supplemental Benefits for the
Years Ended September 30,

 

 

 


 


 

 

 

2012

 

2011

 

2010

 

2012

 

2011

 

2010

 


 


 


 


 


 


 

Net periodic costs (benefits)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

238

 

$

377

 

$

529

 

$

36

 

$

34

 

$

29

 

Interest cost

 

 

9,191

 

 

9,552

 

 

1,645

 

 

1,692

 

 

1,759

 

 

1,984

 

Expected return on plan assets

 

 

(11,896

)

 

(11,501

)

 

(1,371

)

 

 

 

 

 

 

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service costs

 

 

6

 

 

8

 

 

9

 

 

171

 

 

328

 

 

328

 

Actuarial loss

 

 

1,735

 

 

1,144

 

 

1,064

 

 

1,137

 

 

1,141

 

 

986

 

 

 



 



 



 



 



 



 

Total net periodic costs (benefits)

 

$

(726

)

$

(420

)

$

1,876

 

$

3,036

 

$

3,262

 

$

3,327

 

 

 



 



 



 



 



 



 

Schedule of Assumptions Used [Table Text Block] 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,

 

 

 


 


 

 

 

2012

 

2011

 

2010

 

2012

 

2011

 

2010

 

 

 


 


 


 


 


 


 

Discount rate

 

 

4.44

%

 

4.89

%

 

5.60

%

 

4.30

%

 

4.26

%

 

5.00

%

Average wage increase

 

 

0.11

%

 

0.72

%

 

3.50

%

 

4.89

%

 

4.89

%

 

5.00

%

Expected return on assets

 

 

7.71

%

 

7.72

%

 

7.00

%

 

 

 

 

 

 

Schedule Of Plan Assets And Benefit Obligation Of Defined Benefit Plan [Table Text Block] 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,

 

 

 


 


 

 

 

2012

 

2011

 

2012

 

2011

 


 


 


 


 


 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of fiscal year

 

$

212,660

 

$

200,208

 

$

41,285

 

$

43,220

 

Benefits earned during the year

 

 

238

 

 

378

 

 

36

 

 

34

 

Interest cost

 

 

9,191

 

 

9,552

 

 

1,692

 

 

1,759

 

Plan participant contributions

 

 

16

 

 

25

 

 

 

 

 

Benefits paid

 

 

(10,359

)

 

(10,607

)

 

(3,936

)

 

(3,915

)

Effect of foreign currency

 

 

(413

)

 

13

 

 

 

 

 

Actuarial loss

 

 

21,616

 

 

13,091

 

 

2,396

 

 

187

 

 

 



 



 



 



 

Benefit obligation at end of fiscal year

 

 

232,949

 

 

212,660

 

 

41,473

 

 

41,285

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of fiscal year

 

 

137,678

 

 

133,733

 

 

 

 

 

Actual return on plan assets

 

 

25,190

 

 

636

 

 

 

 

 

Plan participant contributions

 

 

16

 

 

25

 

 

 

 

 

Company contributions

 

 

8,638

 

 

13,889

 

 

3,936

 

 

3,915

 

Effect of foreign currency

 

 

(330

)

 

2

 

 

 

 

 

Benefits paid

 

 

(10,359

)

 

(10,607

)

 

(3,936

)

 

(3,915

)

 

 



 



 



 



 

Fair value of plan assets at end of fiscal year

 

 

160,833

 

 

137,678

 

 

 

 

 

 

 



 



 



 



 

Projected benefit obligation in excess of plan assets

 

$

(72,116

)

$

(74,982

)

$

(41,473

)

$

(41,285

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the statement of financial position consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued liabilities

 

$

 

$

 

$

(3,897

)

$

(3,918

)

Other liabilities (long-term)

 

 

(72,116

)

 

(74,982

)

 

(37,576

)

 

(37,367

)

 

 



 



 



 



 

Total Liabilites

 

 

(72,116

)

 

(74,982

)

 

(41,473

)

 

(41,285

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial losses

 

 

44,656

 

 

38,057

 

 

20,750

 

 

19,491

 

Prior service cost

 

 

10

 

 

16

 

 

113

 

 

284

 

Deferred taxes

 

 

(15,633

)

 

(13,326

)

 

(7,302

)

 

(6,921

)

 

 



 



 



 



 

Total Accumulated other comprehensive loss, net of tax

 

 

29,033

 

 

24,747

 

 

13,561

 

 

12,854

 

 

 



 



 



 



 

Net amount recognized at September 30,

 

$

(43,083

)

$

(50,235

)

$

(27,912

)

$

(28,431

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated benefit obligations

 

$

232,574

 

$

212,430

 

$

41,473

 

$

40,878

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information for plans with accumulated benefit obligations in excess of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

ABO

 

$

232,574

 

$

212,430

 

$

41,473

 

$

40,878

 

PBO

 

 

232,949

 

 

212,660

 

 

41,473

 

 

41,285

 

Fair value of plan assets

 

 

160,833

 

 

137,678

 

 

 

 

 

Schedule Of Weighted Average Assumptions Used in Defined And Supplemental Benefit Obligations [Table Text Block] The weighted-average assumptions used in determining the benefit obligations were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined Benefits at
September 30,

 

Supplemental Benefits at
September 30,

 

 

 


 


 

 

 

2012

 

2011

 

2012

 

2011

 

 

 


 


 


 


 

Weighted average discount rate

 

 

3.67

%

 

4.44

%

 

3.40

%

 

4.30

%

Weighted average wage increase

 

 

0.11

%

 

0.11

%

 

4.87

%

 

4.89

%

Schedule Of Actual And Weighted Average Assets Allocationfor Qualified Benefit plans [Table Text Block] The actual and weighted-average asset allocation for qualified benefit plans were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At September 30,

 

 

 

 

 

 

 


 

 

 

 

 

 

 

2012

 

2011

 

Target

 

 

 

 


 


 


 

 

Equity securities

 

 

66.0

%

 

55.0

%

 

63.0

%

 

Fixed income

 

 

29.0

%

 

41.0

%

 

37.0

%

 

Other

 

 

5.0

%

 

4.0

%

 

0.0

%

 

 

 



 



 



 

 

Total

 

 

100.0

%

 

100.0

%

 

100.0

%

 

 

 



 



 



 

Schedule of Expected Benefit Payments [Table Text Block] Estimated future benefit payments to retirees, which reflect expected future service, are as follows:

 

 

 

 

 

 

 

 

For the fiscal years ending September

 

Defined
Benefits

 

Supplemental
Benefits

 


 


 


 

2013

 

$

10,455

 

$

3,951

 

2014

 

 

10,789

 

 

3,951

 

2015

 

 

10,965

 

 

3,832

 

2016

 

 

11,208

 

 

3,778

 

2017

 

 

11,410

 

 

3,720

 

2018 through 2022

 

 

61,319

 

 

14,680

 

 

 

 

 

 

 

 

 

Schedule Of Fair Value Of Pension And Post Retirement Plan Assets By Asset Category [Table Text Block] 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

 

$

29

 

$

 

$

 

$

29

 

Short-term investment funds

 

 

 

 

5,231

 

 

 

 

5,231

 

Government agency securities

 

 

 

 

2,899

 

 

 

 

2,899

 

Debt instruments

 

 

 

 

30,616

 

 

 

 

30,616

 

Equity securities

 

 

62,713

 

 

 

 

 

 

62,713

 

Commingled funds

 

 

 

 

50,105

 

 

6,224

 

 

56,329

 

Limited partnerships and hedge

 

 

 

 

 

 

 

 

 

 

 

 

 

fund investments

 

 

 

 

 

 

3,016

 

 

3,016

 

 

 



 



 



 



 

Total

 

$

62,742

 

$

88,851

 

$

9,240

 

$

160,833

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

Significant Other
Observable Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Total

 

 

 


 


 


 


 

Short-term investment funds

 

$

 

$

667

 

$

 

$

667

 

Government agency securities

 

 

382

 

 

2,741

 

 

 

 

3,123

 

Debt instruments

 

 

 

 

14,876

 

 

 

 

14,876

 

Equity securities

 

 

68,313

 

 

3,841

 

 

 

 

72,154

 

Commingled funds

 

 

 

 

46,858

 

 

 

 

46,858

 

 

 



 



 



 



 

Total

 

$

68,695

 

$

68,983

 

$

 

$

137,678

 

 

 



 



 



 



 

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] The activity for the level 3 assets was as follows:

 

 

 

 

 

Beginning Balance at September 30, 2011

 

$

 

Actual Return on Plan Assets

 

 

175

 

Purchases

 

 

9,065

 

 

 



 

Ending Balance at September 30, 2012

 

$

9,240

 

 

 



 

Schedule of Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] The ESOP shares were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

At September 30,

 

 

 

 


 

 

 

 

2012

 

2011

 

 

 

 


 


 

 

Allocated shares

 

 

2,335,040

 

 

2,233,950

 

 

Unallocated shares

 

 

2,135,287

 

 

2,339,813

 

 

 

 



 



 

 

 

 

 

4,470,327

 

 

4,573,763