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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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

X

- 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.

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