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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

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 out1			(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 in1			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
Settlements1			(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, net1
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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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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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