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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

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, 2020:

(in thousands)	Fair Value				Level 1				Level 2				Level 3
Recurring fair value measurements:
Short-term investments:
Certificates of deposit	$	6,545			$	—			$	6,545			$	—
Corporate and municipal debt securities	18,985				—				18,985				—
U.S. government and federal agency securities	20,125				20,125				—				—
Total short-term investments	45,655				20,125				25,530				—
Cash and cash equivalents	336,089				336,089				—				—
Investments	6,650				6,307				343				—
Other current assets	40,744				40,744				—				—
Other assets	3,386				3,386				—				—
Total assets measured at fair value	$	432,524			$	406,651			$	25,873			$	—
Liabilities:
Contingent earnout liability	$	11,823			$	—			$	—			$	11,823

Reconciliation of Changes in the Fair Value of 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 March 31,								Six Months Ended March 31,
(in thousands)	2020				2019				2020				2019
Net liabilities at beginning of period	$	19,873			$	12,147			$	18,373			$	11,160
Additions	—				—				1,500				673
Total gains or losses:
Included in earnings	(3,800		)		(3,132		)		(3,800		)		(2,818		)
Settlements (1)	(4,250		)		—				(4,250		)		—
Net liabilities at March 31,	$	11,823			$	9,015			$	11,823			$	9,015

(1)

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

Quantitative Information about Level 3 Unobservable Inputs

The following table provides quantitative information (in thousands) about our Level 3 unobservable inputs at March 31, 2020:

Fair Value		Valuation Technique		Unobservable Input		Unobservable Input			Range		Weighted Average (1)
$500		Monte Carlo simulation		Discount rate		4.5	%
				Revenue Volatility		30.6	%
				Risk free rate		1.2	%
$11,323		Probability Analysis		Discount rate		5.0	%
				Payment amounts					$3,000 - $7,000		$	5,400
				Probabilities					40% - 60%		53		%

(1)

The weighted average of the payment amounts and the probabilities (Level 3 unobservable inputs), associated with the contingent consideration valued using probability analysis, were weighted by the relative undiscounted fair value of payment amounts and of probability payment amounts, respectively.

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 March 31, 2020 and September 30, 2019:

(in millions)	March 31, 2020				September 30, 2019
Carrying value of long-term fixed-rate debt	$	479.8			$	479.4
Fair value of long-term fixed-rate debt	494.3				526.4

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- Definition

Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs).

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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