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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, RISKS AND UNCERTAINTIES (Tables) | 12 Months Ended
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Sep. 30, 2021
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents, and restricted cash are reflected in the Consolidated Balance Sheets as follows:
| September 30,
(in thousands) | 2021 |  | 2020 |  | 2019
Cash | $ | 917,534 |  |  | $ | 487,884 |  |  | $ | 347,943 |
Restricted cash |  |  |  |  |
Prepaid expenses and other | 18,350 |  |  | 45,577 |  |  | 31,291 |
Other assets | 832 |  |  | 3,286 |  |  | 3,737 |
Total cash, cash equivalents, and restricted cash | $ | 936,716 |  |  | $ | 536,747 |  |  | $ | 382,971 |
Schedule of Restricted Cash and Cash Equivalents | Cash, cash equivalents, and restricted cash are reflected in the Consolidated Balance Sheets as follows:
| September 30,
(in thousands) | 2021 |  | 2020 |  | 2019
Cash | $ | 917,534 |  |  | $ | 487,884 |  |  | $ | 347,943 |
Restricted cash |  |  |  |  |
Prepaid expenses and other | 18,350 |  |  | 45,577 |  |  | 31,291 |
Other assets | 832 |  |  | 3,286 |  |  | 3,737 |
Total cash, cash equivalents, and restricted cash | $ | 936,716 |  |  | $ | 536,747 |  |  | $ | 382,971 |
Schedule of Rent Revenues | Our rent revenues are as follows:
| Year Ended September 30,
(in thousands) | 2021 |  | 2020 |  | 2019
Minimum rents | $ | 5,589 |  |  | $ | 9,245 |  |  | $ | 10,168 |
Overage and percentage rents | 726 |  |  | 656 |  |  | 932 |
Schedule of Minimum Future Rental Income to be Received on Noncancelable Operating Leases | At September 30, 2021, minimum future rental income to be received on noncancelable operating leases was as follows:
Fiscal Year | Amount (in thousands)
2022 | $ | 5,429 |
2023 | 4,630 |
2024 | 3,903 |
2025 | 3,128 |
2026 | 2,236 |
Thereafter | 4,064 |
Total | $ | 23,390 |
Schedule of Cost and Accumulated Depreciation for Real Estate Properties | At September 30, 2021 and 2020, the cost and accumulated depreciation for real estate properties were as follows:
| September 30,
(in thousands) | 2021 |  | 2020
Real estate properties | $ | 43,302 |  |  | $ | 43,389 |
Accumulated depreciation | (28,846) |  |  | (27,588) |
| $ | 14,456 |  |  | $ | 15,801 |
Property, plant and equipment as of September 30, 2021 and 2020 consisted of the following:
(in thousands) | Estimated Useful Lives |  | September 30, 2021 |  | September 30, 2020
Drilling services equipment | 4 - 15 years |  | $ | 6,229,011 |  |  | 7,313,234 |
Tubulars | 4 years |  | 573,900 |  |  | 615,281 |
Real estate properties | 10 - 45 years |  | 43,302 |  |  | 43,389 |
Other | 2 - 23 years |  | 459,741 |  |  | 464,704 |
Construction in progress 1 |  |  | 47,587 |  |  | 49,592 |
|  |  | 7,353,541 |  |  | 8,486,200 |
Accumulated depreciation |  |  | (4,226,254) |  |  | (4,839,859) |
Property, plant and equipment, net |  |  | $ | 3,127,287 |  |  | $ | 3,646,341 |
Assets held-for-sale |  |  | $ | 71,453 |  |  | $ | — |
(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.
Schedule of Description of Recent Accounting Pronouncements and Analysis of the Effects on the Financial Statements | 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. 2016-13, 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 periods beginning after December 15, 2019. | October 1, 2020 | We adopted this ASU during the first quarter of fiscal year 2021, as required. Refer to "Allowance for Credit Losses" below for additional information.
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 periods ending after December 15, 2020. | September 30, 2021 | We adopted this ASU during the fourth quarter of fiscal year 2021. The adoption did not have a material effect on our consolidated financial statements and disclosures.
Standards that are not yet adopted as of September 30, 2021
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. The update is effective for annual periods beginning after December 15, 2020. | October 1, 2021 | We plan to adopt this ASU, as required, in the first quarter of fiscal year 2022. Although we are currently evaluating the impact the new guidance may have on our consolidated financial statements and disclosures, we do not believe the adoption will have a material effect thereon.

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