FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)
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6 Months Ended |
Mar. 31, 2023 |
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| Fair Value Disclosures [Abstract] |
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| 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 | |
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| 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 | |
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| 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 | % | | | | |
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| 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.
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| 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 | |
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