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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Jun. 30, 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 June 30, 2020:

(in thousands)	Fair Value				Level 1				Level 2				Level 3
Recurring fair value measurements:
Short-term investments:
Certificates of deposit	$	1,743			$	—			$	1,743			$	—
Corporate and municipal debt securities	45,185				—				45,185				—
U.S. government and federal agency securities	18,859				18,859				—				—
Total short-term investments	65,787				18,859				46,928				—
Cash and cash equivalents	426,245				426,245				—				—
Investments	8,940				8,597				343				—
Other current assets	46,643				46,643				—				—
Other assets	3,336				3,336				—				—
Total assets measured at fair value	$	550,951			$	503,680			$	47,271			$	—
Liabilities:
Contingent earnout liability	$	12,723			$	—			$	—			$	12,723

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 June 30,								Nine Months Ended June 30,
(in thousands)	2020				2019				2020				2019
Net liabilities at beginning of period	$	11,823			$	9,015			$	18,373			$	11,160
Additions	—				—				1,500				673
Total gains or losses:
Included in earnings	900				540				(2,900		)		(2,278		)
Settlements (1)	—				—				(4,250		)		—
Net liabilities at June 30,	$	12,723			$	9,555			$	12,723			$	9,555

(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 June 30, 2020:

Fair Value		Valuation Technique		Unobservable Input		Unobservable Input			Range		Weighted Average (1)
$1,000		Monte Carlo simulation		Discount rate		2.0	%
				Revenue Volatility		34.6	%
				Risk free rate		1.2	%
$11,723		Probability Analysis		Discount rate		1.0	%
				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 June 30, 2020 and September 30, 2019:

(in millions)	June 30, 2020				September 30, 2019
Carrying value of long-term fixed-rate debt	$	480.3			$	479.4
Fair value of long-term fixed-rate debt	520.5				526.4

X

- 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 input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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