RETIREMENT PLANS

9 Months Ended

Jun. 30, 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 June 30,
	2017			2016			2017			2016			2017		2016
Service cost	$	34,000		$	65,000		$	(5,000	)	$	19,000		$	—	$	—
Interest cost	78,000			91,000			1,000			24,000			22,000		14,000
Expected return on plan assets	(122,000		)	(139,000		)	—			—			—		—
Amortization of prior service cost (credit)	2,000			2,000			(2,000		)	(2,000		)	—		—
Amortization of net actuarial loss	21,000			38,000			(17,000		)	12,000			47,000		—
Net periodic benefit cost	$	13,000		$	57,000		$	(23,000	)	$	53,000		$	69,000	$	14,000

	Pension Plan						SERP						Postretirement Medical
	Nine months ended June 30,
	2017			2016			2017			2016			2017		2016
Service cost	$	178,000		$	195,000		$	26,000		$	51,000		$	—	$	—
Interest cost	252,000			273,000			42,000			64,000			66,000		42,000
Expected return on plan assets	(404,000		)	(363,000		)	—			—			—		—
Amortization of prior service cost (credit)	4,000			4,000			(4,000		)	(4,000		)	—		—
Amortization of net actuarial loss	103,000			106,000			—			21,000			141,000		—
Net periodic benefit cost	$	133,000		$	215,000		$	64,000		$	132,000		$	207,000	$	42,000

Barnwell contributed $350,000 to the Pension Plan during the nine months ended June 30, 2017 and estimates that it will make further contributions of approximately $350,000 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.