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RETIREMENT PLANS | 6 Months Ended
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Mar. 31, 2024
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. Effective December 31, 2019, the accrual of benefits for all participants in the Pension Plan and SERP was frozen and the plans were closed to new participants from that point forward. 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest cost | $ | 102,000 |  |  | $ | 101,000 |  |  | $ | 24,000 |  |  | $ | 22,000 |
Expected return on plan assets | (191,000) |  |  | (166,000) |  |  | — |  |  | — |
Amortization of net actuarial gain | — |  |  | — |  |  | (22,000) |  |  | (20,000) |
Net periodic benefit (income) cost | $ | (89,000) |  |  | $ | (65,000) |  |  | $ | 2,000 |  |  | $ | 2,000 |
| Pension Plan |  | SERP
| Six months ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest cost | $ | 205,000 |  |  | $ | 203,000 |  |  | $ | 48,000 |  |  | $ | 44,000 |
Expected return on plan assets | (383,000) |  |  | (333,000) |  |  | — |  |  | — |
Amortization of net actuarial gain | — |  |  | — |  |  | (43,000) |  |  | (40,000) |
Net periodic benefit (income) cost | $ | (178,000) |  |  | $ | (130,000) |  |  | $ | 5,000 |  |  | $ | 4,000 |
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 2024. The SERP plan is unfunded and Barnwell funds benefits when payments are made. Expected payments under the SERP for fiscal 2024 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.

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