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RETIREMENT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2020
Retirement Benefits [Abstract] |
Schedule of changes in benefit obligations, fair values of plan assets and reconciliations of the funded status of the retirement plans | The following tables detail the changes in benefit obligations, fair values of plan assets and reconciliations of the funded status of the retirement plans:
| Pension |  | SERP |  | Postretirement Medical
| September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 10,971,000 |  |  | $ | 9,164,000 |  |  | $ | 2,385,000 |  |  | $ | 2,039,000 |  |  | $ | 2,633,000 |  |  | $ | 2,382,000 |
Service cost | 50,000 |  |  | 189,000 |  |  | 3,000 |  |  | 32,000 |  |  | — |  |  | — |
Interest cost | 304,000 |  |  | 372,000 |  |  | 63,000 |  |  | 78,000 |  |  | 80,000 |  |  | 99,000 |
Actuarial loss (gain) | 504,000 |  |  | 1,426,000 |  |  | (90,000) |  |  | 236,000 |  |  | 134,000 |  |  | 161,000 |
Benefits paid | (153,000) |  |  | (180,000) |  |  | — |  |  | — |  |  | (8,000) |  |  | (9,000) |
Curtailments | (1,396,000) |  |  | — |  |  | (330,000) |  |  | — |  |  | — |  |  | — |
Benefit obligation at end of year | 10,280,000 |  |  | 10,971,000 |  |  | 2,031,000 |  |  | 2,385,000 |  |  | 2,839,000 |  |  | 2,633,000 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 10,192,000 |  |  | 10,012,000 |  |  | — |  |  | — |  |  | — |  |  | — |
Actual return on plan assets | 1,012,000 |  |  | 245,000 |  |  | — |  |  | — |  |  | — |  |  | — |
Employer contributions | — |  |  | 115,000 |  |  | — |  |  | — |  |  | 8,000 |  |  | 9,000 |
Benefits paid | (153,000) |  |  | (180,000) |  |  | — |  |  | — |  |  | (8,000) |  |  | (9,000) |
Fair value of plan assets at end of year | 11,051,000 |  |  | 10,192,000 |  |  | — |  |  | — |  |  | — |  |  | — |
Funded status | $ | 771,000 |  |  | $ | (779,000) |  |  | $ | (2,031,000) |  |  | $ | (2,385,000) |  |  | $ | (2,839,000) |  |  | $ | (2,633,000) |
Schedule of amounts recognized in the consolidated balance sheets |
| Pension |  | SERP |  | Postretirement Medical
| September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Amounts recognized in the Consolidated Balance Sheets: |  |
Noncurrent assets | $ | 771,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (32,000) |  |  | (2,000) |  |  | (9,000) |  |  | (10,000) |
Noncurrent liabilities | — |  |  | (779,000) |  |  | (1,999,000) |  |  | (2,383,000) |  |  | (2,830,000) |  |  | (2,623,000) |
Net amount | $ | 771,000 |  |  | $ | (779,000) |  |  | $ | (2,031,000) |  |  | $ | (2,385,000) |  |  | $ | (2,839,000) |  |  | $ | (2,633,000) |
Amounts recognized in accumulated other comprehensive loss (income) before income taxes: |  |
Net actuarial loss | $ | 1,681,000 |  |  | $ | 2,939,000 |  |  | $ | 72,000 |  |  | $ | 497,000 |  |  | $ | 721,000 |  |  | $ | 667,000 |
Prior service cost (credit) | — |  |  | 54,000 |  |  | — |  |  | (54,000) |  |  | — |  |  | — |
Accumulated other comprehensive loss | $ | 1,681,000 |  |  | $ | 2,993,000 |  |  | $ | 72,000 |  |  | $ | 443,000 |  |  | $ | 721,000 |  |  | $ | 667,000 |
Schedule of amounts recognized in accumulated other comprehensive (loss) income |
| Pension |  | SERP |  | Postretirement Medical
| September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Amounts recognized in the Consolidated Balance Sheets: |  |
Noncurrent assets | $ | 771,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (32,000) |  |  | (2,000) |  |  | (9,000) |  |  | (10,000) |
Noncurrent liabilities | — |  |  | (779,000) |  |  | (1,999,000) |  |  | (2,383,000) |  |  | (2,830,000) |  |  | (2,623,000) |
Net amount | $ | 771,000 |  |  | $ | (779,000) |  |  | $ | (2,031,000) |  |  | $ | (2,385,000) |  |  | $ | (2,839,000) |  |  | $ | (2,633,000) |
Amounts recognized in accumulated other comprehensive loss (income) before income taxes: |  |
Net actuarial loss | $ | 1,681,000 |  |  | $ | 2,939,000 |  |  | $ | 72,000 |  |  | $ | 497,000 |  |  | $ | 721,000 |  |  | $ | 667,000 |
Prior service cost (credit) | — |  |  | 54,000 |  |  | — |  |  | (54,000) |  |  | — |  |  | — |
Accumulated other comprehensive loss | $ | 1,681,000 |  |  | $ | 2,993,000 |  |  | $ | 72,000 |  |  | $ | 443,000 |  |  | $ | 721,000 |  |  | $ | 667,000 |
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit (income) costs | The following table presents the weighted-average assumptions used to determine benefit obligations and net benefit (income) costs:
| Pension |  | SERP |  | Postretirement Medical
| Year ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Assumptions used to determine fiscal year-end benefit obligations: |  |  |  |
Discount rate | 2.54% |  | 3.06% |  | 2.54% |  | 3.06% |  | 2.54% |  | 3.06%
Rate of compensation increase | N/A |  | 4.00% |  | N/A |  | 4.00% |  | N/A |  | N/A
Assumptions used to determine net benefit costs (years ended): |  |  |  |  |  |
Discount rate | 3.06% / 3.15%* |  | 4.15% |  | 3.06% / 3.15%* |  | 4.15% |  | 3.06% |  | 4.15%
Expected return on plan assets | 6.50% |  | 6.50% |  | N/A |  | N/A |  | N/A |  | N/A
Rate of compensation increase | 4.00% |  | 4.00% |  | 4.00% |  | 4.00% |  | N/A |  | N/A
_______________________________________________ * 3.06% as of September 30, 2019 and 3.15% as of December 31, 2019 remeasurement.
Schedule of components of net periodic benefit (income) cost | The components of net periodic benefit (income) cost are as follows:
| Pension |  | SERP |  | Postretirement Medical
| Year ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net periodic benefit (income) cost for the year: |  |
Service cost | $ | 50,000 |  |  | $ | 189,000 |  |  | $ | 3,000 |  |  | $ | 32,000 |  |  | $ | — |  |  | $ | — |
Interest cost | 304,000 |  |  | 372,000 |  |  | 63,000 |  |  | 78,000 |  |  | 80,000 |  |  | 99,000 |
Expected return on plan assets | (680,000) |  |  | (648,000) |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 1,000 |  |  | 6,000 |  |  | (1,000) |  |  | (6,000) |  |  | — |  |  | — |
Amortization of net actuarial loss | 35,000 |  |  | 2,000 |  |  | 5,000 |  |  | — |  |  | 80,000 |  |  | 53,000 |
Curtailment cost (income) | 53,000 |  |  | — |  |  | (53,000) |  |  | — |  |  | — |  |  | — |
Net periodic benefit (income) cost | $ | (237,000) |  |  | $ | (79,000) |  |  | $ | 17,000 |  |  | $ | 104,000 |  |  | $ | 160,000 |  |  | $ | 152,000 |
Schedule of amounts that are estimated to be amortized from accumulated other comprehensive loss into net periodic benefit (income) cost in the next fiscal year | The amounts that are estimated to be amortized from accumulated other comprehensive loss into net periodic benefit (income) cost in the next fiscal year are as follows:
| Pension |  | SERP |  | Postretirement Medical
Prior service cost (credit) | $ | — |  |  | $ | — |  |  | $ | — |
Net actuarial loss | 39,000 |  |  | — |  |  | 94,000 |
| $ | 39,000 |  |  | $ | — |  |  | $ | 94,000 |
Schedule of benefits expected to be paid under the retirement plans | The benefits expected to be paid under the retirement plans as of September 30, 2020 are as follows:
| Pension |  | SERP |  | Postretirement Medical
Expected Benefit Payments: |  |  |  |  |
Fiscal year ending September 30, 2021 | $ | 272,000 |  |  | $ | 32,000 |  |  | $ | 9,000 |
Fiscal year ending September 30, 2022 | $ | 391,000 |  |  | $ | 63,000 |  |  | $ | 20,000 |
Fiscal year ending September 30, 2023 | $ | 455,000 |  |  | $ | 90,000 |  |  | $ | 33,000 |
Fiscal year ending September 30, 2024 | $ | 517,000 |  |  | $ | 117,000 |  |  | $ | 50,000 |
Fiscal year ending September 30, 2025 | $ | 508,000 |  |  | $ | 116,000 |  |  | $ | 69,000 |
Fiscal years ending September 30, 2026 through 2030 | $ | 2,653,000 |  |  | $ | 590,000 |  |  | $ | 391,000 |
Schedule of assumed health care cost trend rates related to the measurement of postretirement medical obligations | The following table provides the assumed health care cost trend rates related to the measurement of Barnwell’s postretirement medical obligations.
| Year ended September 30,
| 2020 |  | 2019
Health care cost trend rates assumed for next year | 6.75% |  | 7.00%
Ultimate cost trend rate | 5.00% |  | 5.00%
Year that the rate reaches the ultimate trend rate | 2028 |  | 2028
Schedule of effects of one-percentage-point change in the assumed health care cost trend rates | A one-percentage-point change in the assumed health care cost trend rates would have the following effects:
| 1-Percentage Point Increase |  | 1-Percentage Point (Decrease)
Effect on total service and interest cost components | $ | 18,000 |  |  | $ | (14,000) |
Effect on accumulated postretirement benefit obligations | $ | 620,000 |  |  | $ | (488,000) |
Schedule of year-end target allocation, by asset category, and the actual asset allocations | The Company’s year-end target allocation, by asset category, and the actual asset allocations were as follows:
| Target |  | September 30,
Asset Category | Allocation |  | 2020 |  | 2019
Cash and other | 0% - 15% |  | —% |  | —%
Fixed income securities | 25% - 55% |  | 52% |  | 38%
Equity securities | 40% - 60% |  | 48% |  | 62%
Schedule of pension plan assets at fair value | The following tables set forth by level, within the fair value hierarchy, pension plan assets at their fair value:
|  |  | Fair Value Measurements Using:
| Carrying Amount as of September 30, 2020 |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Financial Assets: |  |  |  |  |  |  |
Corporate bonds | $ | 1,000 |  |  | $ | 1,000 |  |  | $ | — |  |  | $ | — |
Fixed income exchange-traded funds | 5,762,000 |  |  | 5,762,000 |  |  | — |  |  | — |
Equity securities exchange-traded funds | 352,000 |  |  | 352,000 |  |  | — |  |  | — |
Equities | 4,936,000 |  |  | 4,936,000 |  |  | — |  |  | — |
Total | $ | 11,051,000 |  |  | $ | 11,051,000 |  |  | $ | — |  |  | $ | — |
|  |  | Fair Value Measurements Using:
| Carrying Amount as of September 30, 2019 |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Financial Assets: |  |  |  |  |  |  |
Cash | $ | 4,000 |  |  | $ | 4,000 |  |  | $ | — |  |  | $ | — |
Corporate bonds | 1,000 |  |  | 1,000 |  |  | — |  |  | — |
Fixed income exchange-traded funds | 3,859,000 |  |  | 3,859,000 |  |  | — |  |  | — |
Equity securities exchange-traded funds | 547,000 |  |  | 547,000 |  |  | — |  |  | — |
Equities | 5,781,000 |  |  | 5,781,000 |  |  | — |  |  | — |
Total | $ | 10,192,000 |  |  | $ | 10,192,000 |  |  | $ | — |  |  | $ | — |

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