FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Jun. 30, 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.

	June 30, 2022
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Corporate debt securities	$	132,629	$	—	$	132,629	$	—
U.S. government and federal agency securities	11,702		11,702		—		—
Total short-term investments	144,331		11,702		132,629		—
Investments:
Non-qualified supplemental savings plan	15,594		15,594		—		—
Debt securities	3,524		—		—		3,524
Equity investment in ADNOC Drilling	147,786		147,786		—		—
Debt security investment in Galileo	33,000		—		—		33,000
Total investments	199,904		163,380		—		36,524
Liabilities
Contingent consideration	$	3,996	$	—	$	—	$	3,996

	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 Long Term Debt Securities Available For Sale, Classified as Level 3

The following table reconciles changes in the fair value of our Level 3 assets for the periods presented below:

	Three Months Ended June 30,				Nine Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Assets at beginning of period	$	3,500	$	500	$	500	$	500
Additions	33,024		—		36,024		—
Assets at end of period	$	36,524	$	500	$	36,524	$	500

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

The following table reconciles changes in the fair value of our Level 3 liabilities for the periods presented below:

	Three Months Ended June 30,				Nine Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Liabilities at beginning of period	$	2,996	$	8,973	$	2,996	$	9,123
Additions	1,000		—		1,500		—
Total gains or losses:
Included in earnings	—		823		(250)		923
Settlements 1	—		—		(250)		(250)
Liabilities at end of period	$	3,996	$	9,796	$	3,996	$	9,796

(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

The following table reconciles changes in the balance of our equity securities, without readily determinable fair values, for the periods presented below:

	Three Months Ended June 30,				Nine Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Assets at beginning of period	$	13,990	$	1,000	$	2,865	$	—
Additions	62		1,865		11,187		2,865
Assets at end of period	$	14,052	$	2,865	$	14,052	$	2,865

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

The following information presents the supplemental fair value information for our current and long-term fixed-rate debt at June 30, 2022 and September 30, 2021:

(in millions)	June 30, 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	542.3		542.0
Fair value	472.8		554.3

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