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Fair Value Measurements (Tables)
6 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Financial assets (liabilities) that are measured at fair value on a recurring basis
The tables below present our financial assets (liabilities) that were carried and measured at fair value on a recurring basis:
Financial Assets (Liabilities)
 
Balance Sheet Location
 
March 31, 2017
 
September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
Guarantee asset — Level 3
 
Prepaid expenses and other current assets
 
$
562

 
$
1,209

Guarantee liability — Level 3
 
Accounts payable, accrued expenses and other current liabilities
 
(584
)
 
(1,258
)
Cash Convertible Notes Hedges — Level 2
 
Other assets, net
 
15,138

 
37,692

Cash Convertible Notes Embedded Derivative — Level 2
 
Long-term debt, net
 
(15,138
)
 
(37,692
)

Financial assets, temporary equity, and liabilities not measured at fair value in the consolidated balance sheet
The tables below present our financial assets and liabilities that were not measured at fair value (including those discussed below the following tables) on a recurring basis:
 
 
Carrying Value
 
Estimated Fair Value
 
 
March 31, 2017
 
March 31, 2017
 
Fair Value Measurement Using
 
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
Financial assets:
 
 
 
 
 
 
 
 
 
 
Notes receivable, net
 
$
70,297

 
$
71,921

 
$

 
$

 
$
71,921

Investment in unconsolidated affiliate
 
38,334

 
37,101

 
37,101

 

 

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
Cash Convertible Notes
 
$
203,464

 
$
213,417

 
$

 
$
213,417

 
$

Term Loan Facility
 
48,122

 
50,403

 

 

 
50,403

 
 
Carrying Value
 
Estimated Fair Value
 
 
September 30, 2016
 
September 30, 2016
 
Fair Value Measurement Using
 
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
Financial assets:
 
 
 
 
 
 
 
 
 
 
Notes receivable, net
 
$
83,065

 
$
83,065

 
$

 
$

 
$
83,065

Investment in unconsolidated affiliate
 
37,128

 
37,128

 
37,128

 

 

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
Cash Convertible Notes
 
$
197,954

 
$
227,332

 
$

 
$
227,332

 
$

Term Loan Facility
 
47,965

 
48,688

 

 

 
48,688

Carrying amount and classification of assets and liabilities
The following table presents the carrying amount and classification of the assets and liabilities pertaining to our variable interest compared to the maximum exposure to loss for each asset and liability:
 
 
 
 
March 31, 2017
 
September 30, 2016
Instrument
 
Balance Sheet Location
 
Asset (Liability) Recorded in Consolidated Balance Sheet
 
Maximum Exposure to Loss
 
Asset (Liability) Recorded in Consolidated Balance Sheet
 
Maximum Exposure to Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
Notes receivable
 
Notes receivable, net (including discount of $4.8 million and $6.7 million as of March 31, 2017 and September 30, 2016, respectively)
 
$
70,297

 
$
70,297

 
$
83,065

 
$
83,065

Guarantee asset
 
Prepaid expenses and other current assets
 
562

 

 
1,209

 

Guarantee liability*
 
Accounts payable, accrued expenses and other current liabilities
 
(584
)
 

 
(1,258
)
 

*
Maximum exposure to loss under the guarantee liability was $11.8 million and $25.3 million as of March 31, 2017 and September 30, 2016, respectively. However such amount is included within the maximum exposure to loss for the notes receivable above, as the guarantee liability is a guarantee by us of Grupo Finmart’s repayment of our notes receivable owed by Grupo Finmart.