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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements, Recurring and Nonrecurring | The following tables summarize our financial assets and liabilities measured at fair value and indicate the level in the fair value hierarchy in which we classify the fair value measurement as of the dates indicated below.
| September 30, 2023
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 48,764 |  |  | $ | — |  |  | $ | 48,764 |  |  | $ | — |
U.S. government and federal agency securities | 44,836 |  |  | 44,836 |  |  | — |  |  | — |
Total | 93,600 |  |  | 44,836 |  |  | 48,764 |  |  | — |
Long-term investments: |  |  |  |  |  |  |
Recurring fair value measurements: |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Non-qualified supplemental savings plan | 14,597 |  |  | 14,597 |  |  | — |  |  | — |
Investment in ADNOC Drilling | 174,758 |  |  | 174,758 |  |  | — |  |  | — |
Investment in Tamboran | 9,920 |  |  | 9,920 |  |  | — |  |  | — |
Debt securities: |  |  |  |  |  |  |
Investment in Galileo | 35,434 |  |  | — |  |  | — |  |  | 35,434 |
Geothermal debt securities | 2,006 |  |  | — |  |  | — |  |  | 2,006 |
Total | 236,715 |  |  | 199,275 |  |  | — |  |  | 37,440 |
Nonrecurring fair value measurements 1: |  |  |  |  |  |  |
Other equity securities 2 | 2,430 |  |  | — |  |  | — |  |  | 2,430 |
Total | 2,430 |  |  | — |  |  | — |  |  | 2,430 |
Total | $ | 239,145 |  |  | $ | 199,275 |  |  | $ | — |  |  | $ | 39,870 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 9,455 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,455 |
(1)As of September 30, 2023, our equity security investments in geothermal energy was $25.2 million. None of these investment were marked to fair value during the period. The investments are measured at cost, less any impairments. (2)As of September 30, 2023, our other equity securities subject to measurement at fair value on a nonrecurring basis was $3.0 million, of which $2.4 million is marked to fair value. The remaining $0.6 million is measured at cost, less any impairments.
| 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 | 117,101 |  |  | 18,837 |  |  | 98,264 |  |  | — |
Long-term investments: |  |  |  |  |  |  |
Recurring fair value measurements: |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Non-qualified supplemental savings plan | 14,301 |  |  | 14,301 |  |  | — |  |  | — |
Investment in ADNOC Drilling | 147,370 |  |  | 147,370 |  |  | — |  |  | — |
Debt securities: |  |  |  |  |  |  |
Investment in Galileo | 33,000 |  |  | — |  |  | — |  |  | 33,000 |
Other | 565 |  |  | — |  |  | — |  |  | 565 |
Total | 195,236 |  |  | 161,671 |  |  | — |  |  | 33,565 |
Nonrecurring fair value measurements 1: |  |  |  |  |  |  |
Geothermal equity securities 2 | 10,707 |  |  | — |  |  | — |  |  | 10,707 |
Total | 10,707 |  |  | — |  |  | — |  |  | 10,707 |
Total | $ | 205,943 |  |  | $ | 161,671 |  |  | $ | — |  |  | $ | 44,272 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 4,022 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,022 |
(1)As of September 30, 2022, our other equity security investments are included in our nonrecurring fair value assets. The balances of these equity security investments was $0.6 million measured at cost, less any impairments. (2)As of September 30, 2022, our equity security investments in geothermal energy was $23.1 million, of which $10.7 million was marked to fair value during the period. The remaining $12.4 million is measured at cost, less any impairments. .
Schedule of Fair Value, Debt Security Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides quantitative information about our Level 3 unobservable significant inputs related to our debt security investment with Galileo at the dates included below:
September 30, 2023 |  |  |  |
Fair Value (in thousands) |  | Valuation Technique |  | Unobservable Inputs |  |  |  |
$ | 35,434 |  |  | Black-Scholes-Merton model |  | Discount rate | 19.2 | % |  |  |  |
|  |  |  | Risk-free rate | 4.3 | % |  |  |  |
|  |  |  | Equity volatility | 92.0 | % |  |  |  |
September 30, 2022 |  |  |  |
Fair Value (in thousands) |  | 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 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 September 30,
(in thousands) | 2023 |  | 2022
Assets at beginning of period | $ | 33,565 |  |  | $ | 500 |
Purchases | 2,122 |  |  | 36,065 |
Accrued interest 1 | 2,434 |  |  | — |
Transfers in/(out)2 | — |  |  | (3,000) |
Reserves 3 | (681) |  |  | — |
Assets at end of period | $ | 37,440 |  |  | $ | 33,565 |
(1)During the fiscal year ended September 30, 2023, our convertible note agreement with Galileo was amended to include any interest which has accrued but not yet compounded or issued as a funding note. As a result, we have included accrued interest in our total investment balance. (2)This represents the conversion from debt to equity securities on the Consolidated Balance Sheets as of September 30, 2022. (3)During the fiscal year ended September 30, 2023, we recorded an allowance for credit loss related to one of our geothermal debt securities as the balance is deemed to be uncollectible. 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) | 2023 |  | 2022
Assets at beginning of period | $ | 23,745 |  |  | $ | 2,865 |
Purchases | 4,487 |  |  | 15,177 |
Transfers in/(out)1 | — |  |  | 3,000 |
Unrealized gain included in earnings | — |  |  | 2,703 |
Assets at end of period | $ | 28,232 |  |  | $ | 23,745 |
(1)This represents the conversion from debt to equity securities on the Consolidated Balance Sheets as of September 30, 2022.
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) | 2023 |  | 2022
Liabilities at beginning of period | $ | 4,022 |  |  | $ | 2,996 |
Additions | 500 |  |  | 1,500 |
Total gains or losses: |  |  |
Included in earnings | 7,808 |  |  | (224) |
Settlements 1 | (2,875) |  |  | (250) |
Liabilities at end of period | $ | 9,455 |  |  | $ | 4,022 |
(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 long-term fixed-rate debt at September 30, 2023 and 2022:
| September 30,
(in millions) | 2023 |  | 2022
Long-term debt, net |  |  |
Carrying value | 545.1 |  |  | 542.6 |
Fair value | 435.5 |  |  | 430.7 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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