RETIREMENT PLANS

6 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

RETIREMENT PLANS

RETIREMENT PLANS

Barnwell sponsors a noncontributory defined benefit pension plan (“Pension Plan”) covering substantially all of its U.S. employees and a noncontributory Supplemental Executive Retirement Plan (“SERP”), which covers certain current and former employees of Barnwell for amounts exceeding the limits allowed under the Pension Plan.

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

	Pension Plan				SERP
	Three months ended March 31,
	2023		2022		2023		2022
Interest cost	$	101,000	$	72,000	$	22,000	$	15,000
Expected return on plan assets	(166,000)		(155,000)		—		—
Amortization of net actuarial gain	—		—		(20,000)		—
Net periodic benefit (income) cost	$	(65,000)	$	(83,000)	$	2,000	$	15,000

	Pension Plan				SERP
	Six months ended March 31,
	2023		2022		2023		2022
Interest cost	$	203,000	$	145,000	$	44,000	$	30,000
Expected return on plan assets	(333,000)		(311,000)		—		—
Amortization of net actuarial gain	—		—		(40,000)		—
Net periodic benefit (income) cost	$	(130,000)	$	(166,000)	$	4,000	$	30,000

The net periodic benefit (income) cost is included in “General and administrative” expenses in the Company's Condensed Consolidated Statements of Operations.

Currently, no contributions are expected to be made to the Pension Plan during fiscal 2023. The SERP plan is unfunded and Barnwell funds benefits when payments are made. Expected payments under the SERP for fiscal 2023 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.