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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, RISKS AND UNCERTAINTIES (Tables)

12 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Cash and Cash Equivalents

The restricted cash and cash equivalents are reflected in the Consolidated Balance Sheets as follows:

	September 30,
(in thousands)	2020				2019				2018
Cash	$	487,884			$	347,943			$	284,355
Restricted Cash
Prepaid expenses and other	45,577				31,291				39,830
Other assets	3,286				3,737				2,000
Total cash, cash equivalents, and restricted cash	$	536,747			$	382,971			$	326,185

Restricted Cash and Cash Equivalents

The restricted cash and cash equivalents are reflected in the Consolidated Balance Sheets as follows:

	September 30,
(in thousands)	2020				2019				2018
Cash	$	487,884			$	347,943			$	284,355
Restricted Cash
Prepaid expenses and other	45,577				31,291				39,830
Other assets	3,286				3,737				2,000
Total cash, cash equivalents, and restricted cash	$	536,747			$	382,971			$	326,185

Rent Revenues

Our rent revenues are as follows:

	Year Ended September 30,
(in thousands)	2020				2019				2018
Minimum rents	$	9,245			$	10,168			$	9,950
Overage and percentage rents	656				932				1,040

Minimum Future Rental Income to be Received on Noncancelable Operating Leases

At September 30, 2020, minimum future rental income to be received on noncancelable operating leases was as follows (in thousands):

Fiscal Year	Amount
2021	$	5,512
2022	4,553
2023	3,564
2024	2,975
2025	2,350
Thereafter	5,358
Total	$	24,312

Cost and Accumulated Depreciation for Real Estate Properties

At September 30, 2020 and 2019, the cost and accumulated depreciation for real estate properties were as follows:

	September 30,
(in thousands)	2020				2019
Real estate properties	$	43,389			$	72,507
Accumulated depreciation	(27,588		)		(43,570		)
	$	15,801			$	28,937

Property, plant and equipment as of September 30, 2020 and 2019 consisted of the following:

(in thousands)	Estimated Useful Lives		September 30, 2020				September 30, 2019
Drilling services equipment	4 - 15 years		$	7,313,234			7,881,323
Tubulars	4 years		615,281				618,310
Real estate properties	10 - 45 years		43,389				72,507
Other	2 - 23 years		464,704				471,803
Construction in progress (1)			49,592				117,761
			8,486,200				9,161,704
Accumulated depreciation			(4,839,859		)		(4,659,620		)
Property, plant and equipment, net			$	3,646,341			$	4,502,084

(1)

Included in construction in progress are costs for projects in progress to upgrade or refurbish certain rigs in our existing fleet. Additionally, we include other capital maintenance purchase-orders that are open/in process. As these various projects are completed, the costs are then classified to their appropriate useful life category.

Summary of the Retrospective Impact of the Adoption of ASU 2016-15 and ASU 2016-18

The following table provides a brief description of recent accounting pronouncements and our analysis of the effects on our financial statements:

Standard	Description	Date of Adoption	Effect on the Financial  Statements or Other Significant Matters
Recently Adopted Accounting Pronouncements
ASU No. 2016-02, Leases (Topic 842) and related ASUs issued subsequent	ASU No. 2016-02 requires organizations that lease assets — referred to as “lessees” — to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with lease terms of more than 12 months. Lessor accounting remains substantially similar to current U.S. GAAP. In addition, disclosures of leasing activities are to be expanded to include qualitative along with specific quantitative information. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 mandates a modified retrospective transition method of adoption with an option to use certain practical expedients.	October 1, 2019	We adopted this ASU during the first quarter of fiscal year 2020, as required. Refer to Note 6—Leases for additional information.
ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract	This ASU aims to reduce complexity in the accounting for costs of implementing a cloud computing service arrangement. ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This update is effective for annual and interim periods beginning after December 15, 2019. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted.	October 1, 2019	We early adopted this ASU during the first quarter of fiscal year 2020 on a prospective basis. The prospective impact is not material to our consolidated financial statements and disclosures.
Standards that are not yet adopted as of September 30, 2020
ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) and related ASUs issued subsequent	This ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income(loss), and (4) beneficial interests in securitized financial assets. This update is effective for annual and interim periods beginning after December 15, 2019.	October 1, 2020	The guidance will be applied using the modified retrospective method with a cumulative effect adjustment to our beginning retained earnings balance. This update will apply primarily to receivables arising from revenue transactions. We have analyzed our historical credit losses and considered current economic conditions in developing our expected credit loss rate. We are currently finalizing our processes, internal controls and disclosures that are required upon adoption. We do not believe the implementation of this guidance will have a material impact on our consolidated financial statements and disclosures.

Standard	Description	Date of Adoption	Effect on the Financial  Statements or Other Significant Matters
ASU No. 2019-12, Financial Instruments – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	This ASU simplifies the accounting for income taxes by removing certain exceptions related to Topic 740. The ASU also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This update is effective for annual and interim periods beginning after December 15, 2020. Early adoption of the amendment is permitted, including adoption in any interim period for public entities for periods for which financial statements have not yet been issued. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. Upon adoption, the amendments addressed in this ASU will be applied either prospectively, retrospectively or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings.	October 1, 2021	We are currently evaluating the impact the new guidance may have on our consolidated financial statements and disclosures.
ASU No. 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans—General (Topic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans	This ASU amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit, pension and other postretirement plans. This update is effective for annual and interim periods ending after December 15, 2020. Upon adoption, the guidance will be applied on a retrospective basis to all periods presented.	October 1, 2021	We are currently evaluating the impact the new guidance may have on our consolidated financial statements and disclosures.

The change in accounting policy affected the following items in the balance sheet on October 1, 2019:

(in thousands)	September 30, 2019				Adjustments				October 1, 2019
Other Noncurrent Assets:
Operating lease right-of-use asset	$	—			$	56,071			$	56,071
Current Liabilities:
Accrued Liabilities	—				16,277				16,277
Noncurrent Liabilities:
Other	—				39,794				39,794

Revenues from Individual Customers Constituting 10% or More of Total Revenues

We had revenues from individual customers, within our North America Solutions segment, that constituted 10 percent or more of our total revenues as follows:

(in thousands)	2018
EOG Resources, Inc.	$	258,194

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