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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, RISKS AND UNCERTAINTIES (Tables) | 12 Months Ended
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Sep. 30, 2022
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) | 2022 |  | 2021 |  | 2020
Cash and cash equivalents | $ | 232,131 |  |  | $ | 917,534 |  |  | $ | 487,884 |
Restricted cash | 36,246 |  |  | 18,350 |  |  | 45,577 |
Restricted cash - long-term: |  |  |  |  |
Other assets, net | 632 |  |  | 832 |  |  | 3,286 |
Total cash, cash equivalents, and restricted cash | $ | 269,009 |  |  | $ | 936,716 |  |  | $ | 536,747 |
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) | 2022 |  | 2021 |  | 2020
Cash and cash equivalents | $ | 232,131 |  |  | $ | 917,534 |  |  | $ | 487,884 |
Restricted cash | 36,246 |  |  | 18,350 |  |  | 45,577 |
Restricted cash - long-term: |  |  |  |  |
Other assets, net | 632 |  |  | 832 |  |  | 3,286 |
Total cash, cash equivalents, and restricted cash | $ | 269,009 |  |  | $ | 936,716 |  |  | $ | 536,747 |
Schedule of Rent Revenues | Our rent revenues are as follows:
| Year Ended September 30,
(in thousands) | 2022 |  | 2021 |  | 2020
Minimum rents | $ | 6,362 |  |  | $ | 5,589 |  |  | $ | 9,245 |
Overage and percentage rents | 773 |  |  | 726 |  |  | 656 |
Schedule of Minimum Future Rental Income to be Received on Noncancelable Operating Leases | At September 30, 2022, minimum future rental income to be received on noncancellable operating leases was as follows:
Fiscal Year | Amount (in thousands)
2023 | $ | 5,214 |
2024 | 4,519 |
2025 | 3,733 |
2026 | 2,820 |
2027 | 1,575 |
Thereafter | 2,241 |
Total | $ | 20,102 |
Schedule of Cost and Accumulated Depreciation for Real Estate Properties | At September 30, 2022 and 2021, the cost and accumulated depreciation for real estate properties were as follows:
| September 30,
(in thousands) | 2022 |  | 2021
Real estate properties | $ | 45,557 |  |  | $ | 43,302 |
Accumulated depreciation | (30,510) |  |  | (28,846) |
| $ | 15,047 |  |  | $ | 14,456 |
Property, plant and equipment as of September 30, 2022 and 2021 consisted of the following:
(in thousands) | Estimated Useful Lives |  | September 30, 2022 |  | September 30, 2021
Drilling services equipment | 4 - 15 years |  | $ | 6,369,888 |  |  | $ | 6,229,011 |
Tubulars | 4 years |  | 569,496 |  |  | 573,900 |
Real estate properties | 10 - 45 years |  | 45,557 |  |  | 43,302 |
Other | 2 - 23 years |  | 422,479 |  |  | 459,741 |
Construction in progress 1 |  |  | 70,119 |  |  | 47,587 |
|  |  | 7,477,539 |  |  | 7,353,541 |
Accumulated depreciation |  |  | (4,516,730) |  |  | (4,226,254) |
Property, plant and equipment, net |  |  | $ | 2,960,809 |  |  | $ | 3,127,287 |
Assets held-for-sale |  |  | $ | 4,333 |  |  | $ | 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 advances for 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 a recently adopted accounting pronouncement 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. 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. This update is effective for annual periods beginning after December 15, 2020. | October 1, 2021 | We adopted this ASU, as required, during the first quarter of fiscal year 2022. 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, 2022
ASU No. 2020-06, Debt with conversion and other options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s own equity (subtopic 815-40): Accounting For Convertible Instruments and Contracts In An Entity’s Own Equity | This ASU reduces the complexity of accounting for convertible debt and other equity-linked instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. This update is effective for annual and interim periods beginning after December 15, 2021. Early adoption of the amendment is permitted. | October 1, 2022 | We plan to adopt this ASU, as required, during the first quarter of fiscal year 2023. We do not believe the adoption will have a material effect on our Consolidated Financial Statements and disclosures.
ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions | The amendments in this update clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value (i.e., the entity would not apply a discount related to the contractual sale restriction). Furthermore, an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The following disclosures for equity securities subject to contractual sale restrictions will be required: (1) the fair value of the equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restriction(s), and (3) the circumstances that could cause a lapse in the restriction(s). This update is effective for annual and interim periods beginning after December 15, 2023. Early adoption of the amendment is permitted for both interim and annual financial statements. | October 1, 2022 | We plan to early adopt this ASU during the first quarter of fiscal year 2023. We do not believe the adoption will have a material effect on our Consolidated Financial Statements and disclosures.

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