RETIREMENT PLANS

6 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [Abstract]

RETIREMENT PLANS

RETIREMENT PLANS

Barnwell sponsors a noncontributory defined benefit pension plan (“Pension Plan”) covering substantially all of its U.S. employees. Additionally, Barnwell sponsors a Supplemental Employee Retirement Plan (“SERP”), a noncontributory supplemental retirement benefit plan which covers certain current and former employees of Barnwell for amounts exceeding the limits allowed under the Pension Plan, and a postretirement medical insurance benefits plan (“Postretirement Medical”) covering eligible U.S. employees.

The following tables detail the components of net periodic benefit cost for Barnwell’s retirement plans:

	Pension Plan						SERP						Postretirement Medical
	Three months ended March 31,
	2017			2016			2017			2016			2017		2016
Service cost	$	72,000		$	65,000		$	15,000		$	16,000		$	—	$	—
Interest cost	87,000			91,000			20,000			20,000			22,000		14,000
Expected return on plan assets	(141,000		)	(112,000		)	—			—			—		—
Amortization of prior service cost (credit)	1,000			1,000			(1,000		)	(1,000		)	—		—
Amortization of net actuarial loss	41,000			34,000			8,000			4,000			47,000		—
Net periodic benefit cost	$	60,000		$	79,000		$	42,000		$	39,000		$	69,000	$	14,000

	Pension Plan						SERP						Postretirement Medical
	Six months ended March 31,
	2017			2016			2017			2016			2017		2016
Service cost	$	144,000		$	130,000		$	31,000		$	32,000		$	—	$	—
Interest cost	174,000			182,000			41,000			40,000			44,000		28,000
Expected return on plan assets	(282,000		)	(224,000		)	—			—			—		—
Amortization of prior service cost (credit)	2,000			2,000			(2,000		)	(2,000		)	—		—
Amortization of net actuarial loss	82,000			68,000			17,000			9,000			94,000		—
Net periodic benefit cost	$	120,000		$	158,000		$	87,000		$	79,000		$	138,000	$	28,000

Barnwell contributed $350,000 to the Pension Plan during the six months ended March 31, 2017 and estimates that it will make further contributions of approximately $650,000 during the remainder of fiscal 2017. In January 2017, the Postretirement Medical plan commenced payments for retiree medical insurance benefits. The SERP and Postretirement Medical plans are unfunded, and Barnwell funds benefits when payments are made. Expected payments under the Postretirement Medical plan and the SERP for fiscal 2017 are not material. Fluctuations in actual equity market returns as well as changes in general interest rates will result in changes in the market value of plan assets and may result in increased or decreased retirement benefits costs and contributions in future periods.