FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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, 2023
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Corporate debt securities	$	71,984	$	—	$	71,984	$	—
U.S. government and federal agency securities	13,106		13,106		—		—
Total short-term investments	85,090		13,106		71,984		—
Investments:
Non-qualified supplemental savings plan	14,578		14,578		—		—
Equity investment in ADNOC Drilling	171,745		171,745		—		—
Equity investment in Tamboran	14,196		14,196		—		—
Debt security investment in Galileo	33,000		—		—		33,000
Other debt securities	2,140		—		—		2,140
Total investments	235,659		200,519		—		35,140
Liabilities
Contingent consideration	$	5,030	$	—	$	—	$	5,030

	September 30, 2022
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Corporate debt securities	$	98,264	$	—	$	98,264	$	—
U.S. government and federal agency securities	18,837		18,837		—		—
Total short-term investments	117,101		18,837		98,264		—
Investments:
Non-qualified supplemental savings plan	14,301		14,301		—		—
Equity investment in ADNOC Drilling	147,370		147,370		—		—
Debt security investment in Galileo	33,000		—		—		33,000
Other debt securities	565		—		—		565
Total investments	195,236		161,671		—		33,565
Liabilities
Contingent consideration	$	4,022	$	—	$	—	$	4,022

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 March 31,				Six Months Ended March 31,
(in thousands)	2023		2022		2023		2022
Assets at beginning of period	$	33,107	$	3,500	$	33,565	$	500
Purchases	2,033		—		2,075		3,000
Transfers out1	—		—		(500)		—
Assets at end of period	$	35,140	$	3,500	$	35,140	$	3,500

(1)We reclassified a portion of our long-term debt securities to short-term notes receivable and is recorded in accounts receivable on the Unaudited Condensed Consolidated Balance Sheets.

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 March 31,				Six Months Ended March 31,
(in thousands)	2023		2022		2023		2022
Assets at beginning of period	$	25,800	$	8,881	$	23,745	$	2,865
Purchases	501		5,109		2,556		11,125
Assets at end of period	$	26,301	$	13,990	$	26,301	$	13,990

Schedule of Fair Value, Debt Security Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides quantitative information (in thousands) about our Level 3 unobservable significant inputs related to our debt security investment with Galileo at March 31, 2023:

Fair Value		Valuation Technique	Unobservable Inputs
$	33,000	Black-Scholes-Merton model	Discount rate	22.4	%
			Risk-free rate	4.0	%
			Equity volatility	92.5	%

Schedule of Reconciliation of Changes in 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 March 31,				Six Months Ended March 31,
(in thousands)	2023		2022		2023		2022
Liabilities at beginning of period	$	3,780	$	3,096	$	4,022	$	2,996
Additions	—		—		500		500
Total gains or losses:
Included in earnings	1,750		(100)		1,758		(250)
Settlements1	(500)		—		(1,250)		(250)
Liabilities at end of period	$	5,030	$	2,996	$	5,030	$	2,996

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

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

The following information presents the supplemental fair value information for our long-term fixed-rate debt at March 31, 2023 and September 30, 2022:

(in millions)	March 31, 2023		September 30, 2022
Long-term debt, net
Carrying value	$	542.7	$	542.6
Fair value	456.4		430.7