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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value | 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.
| December 31, 2021
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 203,401 |  |  | $ | — |  |  | $ | 203,401 |  |  | $ | — |
U.S. government and federal agency securities | 3,667 |  |  | 3,667 |  |  | — |  |  | — |
Total short-term investments | 207,068 |  |  | 3,667 |  |  | 203,401 |  |  | — |
Investments: |  |  |  |  |  |  |
Non-qualified supplemental savings plan | 19,455 |  |  | 19,455 |  |  | — |  |  | — |
Equity and debt securities | 17,502 |  |  | 14,002 |  |  | — |  |  | 3,500 |
Equity investment in ADNOC Drilling | 147,786 |  |  | 147,786 |  |  | — |  |  | — |
Total investments | 184,743 |  |  | 181,243 |  |  | — |  |  | 3,500 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 3,096 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,096 |
| 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 |
The following tables summarize our financial assets measured at fair value on a non-recurring basis:
| December 31, 2021
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Investments: |  |  |  |  |  |  |
Equity securities | $ | 8,881 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,881 |
| September 30, 2021
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Investments: |  |  |  |  |  |  |
Equity securities | $ | 2,865 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,865 |
Schedule of Reconciliation of Changes in the Fair Value of Financial liabilities Classified as Level 3 | The contingent considerations are recorded in Accrued Liabilities and Other Noncurrent Liabilities in the Unaudited Condensed Consolidated Balance Sheets based on the expected timing of the milestone achievement. The following table reconciles changes in the fair value for the periods presented below:
| Three Months Ended December 31, |  |
(in thousands) | 2021 |  | 2020 |  |  |  |
Liabilities at beginning of period | $ | 2,996 |  |  | $ | 9,123 |  |  |  |  |
Additions | 500 |  |  | — |  |  |  |  |
Total gains or losses: |  |  |  |  |  |  |
Included in earnings | (150) |  |  | 100 |  |  |  |  |
Settlements 1 | (250) |  |  | (250) |  |  |  |  |
Liabilities at end of period | $ | 3,096 |  |  | $ | 8,973 |  |  |  |  |
(1)Settlements represent earnout payments that have been paid or earned during the period.
Schedule of Reconciliation of Changes in the Fair Value of Financial Assets Classified as Level 3 | The following table reconciles changes in the fair value for our equity securities without readily determinable fair values that are classified as Level 3 for the periods presented below:
| Three Months Ended December 31, |  |
(in thousands) | 2021 |  | 2020 |  |  |  |
Assets at beginning of period | $ | 2,865 |  |  | $ | — |  |  |  |  |
Purchases | 6,016 |  |  | 1,000 |  |  |  |  |
Assets at end of period | $ | 8,881 |  |  | $ | 1,000 |  |  |  |  |
Schedule of Supplemental Fair Value Information about Long-Term Fixed-Rate Debt | The following information presents the supplemental fair value information about long-term fixed-rate debt at December 31, 2021 and September 30, 2021:
(in millions) | December 31, 2021 1 |  | September 30, 2021
Current portion of long-term debt |  |  |
Carrying value | $ | — |  |  | $ | 483.5 |
Fair value | — |  |  | 541.6 |
Long-term debt, net |  |  |
Carrying value | 542.2 |  |  | 542.0 |
Fair value | 542.5 |  |  | 554.3 |
(1)On October 27, 2021 we redeemed the outstanding 2025 Notes. See Note 6—Debt to our Consolidated Financial Statements

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + 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 (b) -URI http://asc.fasb.org/extlink&oid=123874694&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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: 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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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