FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which we classify the fair value measurement.

	March 31, 2022
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Corporate debt securities	$	141,655	$	—	$	141,655	$	—
U.S. government and federal agency securities	6,722		6,722		—		—
Total short-term investments	148,377		6,722		141,655		—
Investments:
Non-qualified supplemental savings plan	17,710		17,710		—		—
Equity and debt securities	22,812		19,312		—		3,500
Equity investment in ADNOC Drilling	164,783		164,783		—		—
Total investments	205,305		201,805		—		3,500
Liabilities
Contingent consideration	$	2,996	$	—	$	—	$	2,996

	September 30, 2021
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Corporate debt securities	$	192,950	$	—	$	192,950	$	—
U.S. government and federal agency securities	5,750		5,750		—		—
Total short-term investments	198,700		5,750		192,950		—
Investments:
Non-qualified supplemental savings plan	18,221		18,221		—		—
Equity and debt securities	14,358		13,858		—		500
Cornerstone investment in ADNOC Drilling	100,000		100,000		—		—
Total investments	132,579		132,079		—		500
Liabilities
Contingent consideration	$	2,996	$	—	$	—	$	2,996

Schedule of Reconciliation of Changes in the Fair Value of Financial liabilities Classified as Level 3

The contingent considerations are recorded in Accrued Liabilities and Other Noncurrent Liabilities in the Unaudited Condensed Consolidated Balance Sheets based on the expected timing of the milestone achievement. The following table reconciles changes in the fair value for the periods presented below:

	Three Months Ended March 31,				Six Months Ended March 31,
(in thousands)	2022		2021		2022		2021
Liabilities at beginning of period	$	3,096	$	8,973	$	2,996	$	9,123
Additions	—		—		500		—
Total gains or losses:
Included in earnings	(100)		—		(250)		100
Settlements 1	—		—		(250)		(250)
Liabilities at end of period	$	2,996	$	8,973	$	2,996	$	8,973

(1)Settlements represent earnout payments that have been paid or earned during the period.

Schedule of Reconciliation of Changes in the Fair Value of Financial Assets Classified as Level 3

	Three Months Ended March 31,				Six Months Ended March 31,
(in thousands)	2022		2021		2022		2021
Assets at beginning of period	$	8,881	$	1,000	$	2,865	$	—
Purchases	5,109		—		11,125		1,000
Assets at end of period	$	13,990	$	1,000	$	13,990	$	1,000

As of March 31, 2022 and September 30, 2021 the aggregate balance of our debt and equity security investments in geothermal energy was $16.9 million and $2.7 million, respectively. These investments include assets measured on both a recurring and nonrecurring basis.

Schedule of Supplemental Fair Value Information about Long-Term Fixed-Rate Debt

The following information presents the supplemental fair value information about current and long-term fixed-rate debt at March 31, 2022 and September 30, 2021:

(in millions)	March 31, 2022		September 30, 2021
Current portion of long-term debt, net1
Carrying value	$	—	$	483.5
Fair value	—		541.6
Long-term debt, net
Carrying value	542.0		542.0
Fair value	506.9		554.3

(1)On October 27, 2021 we redeemed the outstanding 2025 Notes. See Note 6—Debt to our Consolidated Financial Statements