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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Mar. 31, 2022
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.
| March 31, 2022
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 141,655 |  |  | $ | — |  |  | $ | 141,655 |  |  | $ | — |
U.S. government and federal agency securities | 6,722 |  |  | 6,722 |  |  | — |  |  | — |
Total short-term investments | 148,377 |  |  | 6,722 |  |  | 141,655 |  |  | — |
Investments: |  |  |  |  |  |  |
Non-qualified supplemental savings plan | 17,710 |  |  | 17,710 |  |  | — |  |  | — |
Equity and debt securities | 22,812 |  |  | 19,312 |  |  | — |  |  | 3,500 |
Equity investment in ADNOC Drilling | 164,783 |  |  | 164,783 |  |  | — |  |  | — |
Total investments | 205,305 |  |  | 201,805 |  |  | — |  |  | 3,500 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 2,996 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,996 |
| 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 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 March 31, |  | Six Months Ended March 31,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Liabilities at beginning of period | $ | 3,096 |  |  | $ | 8,973 |  |  | $ | 2,996 |  |  | $ | 9,123 |
Additions | — |  |  | — |  |  | 500 |  |  | — |
Total gains or losses: |  |  |  |  |  |  |
Included in earnings | (100) |  |  | — |  |  | (250) |  |  | 100 |
Settlements 1 | — |  |  | — |  |  | (250) |  |  | (250) |
Liabilities at end of period | $ | 2,996 |  |  | $ | 8,973 |  |  | $ | 2,996 |  |  | $ | 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 |
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Assets at beginning of period | $ | 8,881 |  |  | $ | 1,000 |  |  | $ | 2,865 |  |  | $ | — |
Purchases | 5,109 |  |  | — |  |  | 11,125 |  |  | 1,000 |
Assets at end of period | $ | 13,990 |  |  | $ | 1,000 |  |  | $ | 13,990 |  |  | $ | 1,000 |
As of March 31, 2022 and September 30, 2021 the aggregate balance of our debt and equity security investments in geothermal energy was $16.9 million and $2.7 million, respectively. These investments include assets measured on both a recurring and nonrecurring basis.
Schedule of Supplemental Fair Value Information about Long-Term Fixed-Rate Debt | The following information presents the supplemental fair value information about current and long-term fixed-rate debt at March 31, 2022 and September 30, 2021:
(in millions) | March 31, 2022 |  | September 30, 2021
Current portion of long-term debt, net 1 |  |  |
Carrying value | $ | — |  |  | $ | 483.5 |
Fair value | — |  |  | 541.6 |
Long-term debt, net |  |  |
Carrying value | 542.0 |  |  | 542.0 |
Fair value | 506.9 |  |  | 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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