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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

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 measurements1:
Other equity securities2			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 measurements1:
Geothermal equity securities2			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 interest1			2,434						—
Transfers in/(out)2			—						(3,000)
Reserves3			(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)
Settlements1			(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.

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