FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Mar. 31, 2019

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

Summary of assets and liabilities measured at fair value

The following table summarizes our assets and liabilities measured at fair value presented in our Unaudited Condensed Consolidated Balance Sheet as of March 31, 2019:

	Fair Value		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Recurring fair value measurements:
Short-term investments:
Certificates of deposit	$	6,696	$	—	$	6,696	$	—
Corporate and municipal debt securities		3,981		—		3,981		—
U.S. government and federal agency securities		15,441		11,441		4,000		—
Total short-term investments		26,118		11,441		14,677		—
Cash and cash equivalents		243,912		243,912		—		—
Investments		45,787		45,521		266		—
Other current assets		30,363		30,363		—		—
Other assets		3,832		3,832		—		—
Total assets measured at fair value	$	350,012	$	335,069	$	14,943	$	—
Liabilities:
Contingent earnout liability	$	9,015	$	—	$	—	$	9,015

Schedule of reconciliation of changes in the fair value of our financial assets and liabilities classified as Level 3

The following table presents a reconciliation of changes in the fair value of our financial assets and liabilities classified as Level 3 fair value measurements in the fair value hierarchy for the indicated periods:

	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2019		2018		2019		2018
	(in thousands)
Net liabilities at beginning of period	$	12,147	$	17,356	$	11,160	$	14,879
Additions		—		—		673		—
Total gains or losses:
Included in earnings		(3,132)		1,346		(2,818)		5,323
Settlements (1)		—		(3,000)		—		(4,500)
Net liabilities at end of period	$	9,015	$	15,702	$	9,015	$	15,702

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

Summary of supplemental fair value information about long-term fixed-rate debt

The following information presents the supplemental fair value information about long-term fixed-rate debt at December 31, 2018 and September 30, 2018:

	March 31,		September 30,
	2019		2018
	(in millions)
Carrying value of long-term fixed-rate debt	$	491.2	$	494.0
Fair value of long-term fixed-rate debt	$	507.0	$	509.3

Summary of equity securities

The following is a summary of our securities, which excludes assets held in a Non-Qualified Supplemental Savings Plan:

			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(in thousands)
Equity Securities:
March 31, 2019	$	38,473	$	16,656	$	(9,608)	$	45,521
September 30, 2018	$	38,473	$	44,023	$	—	$	82,496