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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes our assets and liabilities measured at fair value presented in our Consolidated Balance Sheets:

			September 30, 2021
(in thousands)			Fair Value						Level 1						Level 2						Level 3
Recurring fair value measurements:
Cash and cash equivalents			$	917,534					$	917,534					$	—					$	—
Short-term investments:
Corporate debt securities			192,950						—						192,950						—
U.S. government and federal agency securities			5,750						5,750						—						—
Total short-term investments			198,700						5,750						192,950						—
Other current assets			18,350						18,350						—						—
Investments:
Non-qualified supplemental savings plan			18,221						18,221						—						—
Debt and equity securities			17,223						13,858						—						3,365
Cornerstone investment in ADNOC Drilling			100,000						100,000						—						—
Total investments			135,444						132,079						—						3,365
Other assets			832						832						—						—
Total assets measured at fair value			$	1,270,860					$	1,074,545					$	192,950					$	3,365
Liabilities:
Contingent consideration			$	2,996					$	—					$	—					$	2,996

			September 30, 2020
(in thousands)			Fair Value						Level 1						Level 2						Level 3
Recurring fair value measurements:
Cash and cash equivalents			$	487,884					$	487,884					$	—					$	—
Short-term investments:
Certificates of deposit			1,370						—						1,370						—
Corporate debt securities			78,156						—						78,156						—
U.S. government and federal agency securities			7,817						7,817						—						—
Other			1,992						1,992						—						—
Total short-term investments			89,335						9,809						79,526						—
Other current assets			45,577						45,577						—						—
Investments:
Non-qualified supplemental savings plan			19,819						19,819						—						—
Debt and equity securities			11,766						7,274						3,992						500
Total investments			31,585						27,093						3,992						500
Other assets			3,286						3,286						—						—
Total assets measured at fair value			$	657,667					$	573,649					$	83,518					$	500
Liabilities:
Contingent consideration			$	9,123					$	—					$	—					$	9,123

Schedule of Reconciliation of Changes in 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 liabilities classified as Level 3 fair value measurements in the fair value hierarchy for fiscal years 2021 and 2020:

(in thousands)			2021						2020
Net liabilities at beginning of period			$	9,123					$	18,373
Additions			—						1,500
Total gains or losses:
Included in earnings			1,123						(2,500)
Settlements1			(7,250)						(8,250)
Net liabilities at end of period			$	2,996					$	9,123

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

Schedule of Supplemental Fair Value Information about Long-Term Fixed-Rate Debt

The following information presents the supplemental fair value information about current and long-term fixed-rate debt at September 30, 2021 and 2020:

			September 30,
(in millions)			2021						20201
Current portion of long-term debt
Carrying value			$	483.5					$	—
Fair value			$	541.6					$	—
Long-term debt, net
Carrying value			$	542.0					$	480.7
Fair value			$	554.3					$	534.5

(1)As of September 30, 2021 we reclassified the outstanding 2025 Notes to Current Portion of Long-Term Debt on our Consolidated Balance Sheets. On October 27, 2021, we redeemed these notes. See Note 7—Debt to our Consolidated Financial Statements.

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- Definition

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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-Publisher FASB
-Name Accounting Standards Codification
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