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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which we classify the fair value measurement.
| September 30, 2022
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 98,264 |  |  | — |  |  | 98,264 |  |  | — |
U.S. government and federal agency securities | 18,837 |  |  | 18,837 |  |  | — |  |  | — |
Total short-term investments | 117,101 |  |  | 18,837 |  |  | 98,264 |  |  | — |
Investments: |  |  |  |  |  |  |
Non-qualified supplemental savings plan | 14,301 |  |  | 14,301 |  |  | — |  |  | — |
Equity investment in ADNOC Drilling | 147,370 |  |  | 147,370 |  |  | — |  |  | — |
Debt security investment in Galileo | 33,000 |  |  | — |  |  | — |  |  | 33,000 |
Other debt securities | 565 |  |  | — |  |  | — |  |  | 565 |
Total investments | 195,236 |  |  | 161,671 |  |  | — |  |  | 33,565 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 4,022 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,022 |
| September 30, 2021
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
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 |  |  | — |
Investments: |  |  |  |  |  |  |
Non-qualified supplemental savings plan | 18,221 |  |  | 18,221 |  |  | — |  |  | — |
Equity and debt securities | 14,358 |  |  | 13,858 |  |  | — |  |  | 500 |
Cornerstone investment in ADNOC Drilling | 100,000 |  |  | 100,000 |  |  | — |  |  | — |
Total investments | 132,579 |  |  | 132,079 |  |  | — |  |  | 500 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 2,996 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,996 |
Schedule of Reconciliation of Long Term Debt Securities Available For Sale, Classified as Level 3 | The following table reconciles changes in the fair value of our Level 3 assets for the periods presented below:
| Year Ended
(in thousands) | 2022 |  | 2021
Assets at beginning of period | $ | 500 |  |  | $ | 500 |
Purchases | 36,065 |  |  | — |
Transfers out 1 | (3,000) |  |  | — |
Assets at end of period | $ | 33,565 |  |  | $ | 500 |
(1)Conversion from debt to equity security The following table reconciles changes in the balance of our equity securities, without readily determinable fair values, for the periods presented below:
| Year Ended September 30,
(in thousands) | 2022 |  | 2021
Assets at beginning of period | $ | 2,865 |  |  | $ | — |
Purchases | 15,177 |  |  | 2,865 |
Transfers in 1 | 3,000 |  |  | — |
Unrealized gain included in earnings | 2,703 |  |  | — |
Assets at end of period | $ | 23,745 |  |  | $ | 2,865 |
(1)Conversion from debt to equity security
Schedule of Fair Value, Debt Security Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides quantitative information (in thousands) about our Level 3 unobservable significant inputs related to our debt security investment with Galileo at September 30, 2022:
Fair Value |  | Valuation Technique |  | Unobservable Inputs |  |  |  |
$ | 33,000 |  |  | Black-Scholes-Merton model |  | Discount rate | 22.4 | % |  |  |  |
|  |  |  | Risk-free rate | 4.0 | % |  |  |  |
|  |  |  | Equity volatility | 92.5 | % |  |  |  |
Schedule of Reconciliation of Changes in Fair Value of Financial Liabilities Classified as Level 3 | The following table reconciles changes in the fair value of our Level 3 liabilities for the periods presented below:
(in thousands) | 2022 |  | 2021
Liabilities at beginning of period | $ | 2,996 |  |  | $ | 9,123 |
Additions | 1,500 |  |  | — |
Total gains or losses: |  |  |
Included in earnings | (224) |  |  | 1,123 |
Settlements 1 | (250) |  |  | (7,250) |
Liabilities at end of period | $ | 4,022 |  |  | $ | 2,996 |
(1)Settlements represent earnout payments that have been paid or earned during the period.
Schedule of Supplemental Fair Value Information about Long-Term Fixed-Rate Debt | The following information presents the supplemental fair value information for our current and long-term fixed-rate debt at September 30, 2022 and 2021:
| September 30,
(in millions) | 2022 |  | 2021
Current portion of long-term debt, net 1 |  |  |
Carrying value | $ | — |  |  | $ | 483.5 |
Fair value | — |  |  | 541.6 |
Long-term debt, net |  |  |
Carrying value | 542.6 |  |  | 542.0 |
Fair value | 430.7 |  |  | 554.3 |
(1)On October 27, 2021 we redeemed the outstanding 2025 Notes. See Note 7—Debt to our Consolidated Financial Statements.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
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