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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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, 2022
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 99,746 |  |  | — |  |  | 99,746 |  |  | — |
U.S. government and federal agency securities | 18,711 |  |  | 18,711 |  |  | — |  |  | — |
Total short-term investments | 118,457 |  |  | 18,711 |  |  | 99,746 |  |  | — |
Investments: |  |  |  |  |  |  |
Non-qualified supplemental savings plan | 15,627 |  |  | 15,627 |  |  | — |  |  | — |
Equity investment in ADNOC Drilling | 129,130 |  |  | 129,130 |  |  | — |  |  | — |
Equity investment in Tamboran | 17,228 |  |  | 17,228 |  |  | — |  |  | — |
Debt security investment in Galileo | 33,000 |  |  | — |  |  | — |  |  | 33,000 |
Other debt securities | 107 |  |  | — |  |  | — |  |  | 107 |
Total investments | 195,092 |  |  | 161,985 |  |  | — |  |  | 33,107 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 3,780 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,780 |
| 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 short-term investments | 117,101 |  |  | 18,837 |  |  | 98,264 |  |  | — |
Investments: |  |  |  |  |  |  |
Non-qualified supplemental savings plan | 14,301 |  |  | 14,301 |  |  | — |  |  | — |
Equity investment in ADNOC Drilling | 147,370 |  |  | 147,370 |  |  | — |  |  |
Debt security investment in Galileo | 33,000 |  |  |  |  | — |  |  | 33,000 |
Other debt securities | 565 |  |  |  |  |  |  | 565 |
Total investments | 195,236 |  |  | 161,671 |  |  | — |  |  | 33,565 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 4,022 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,022 |
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:
| Three Months Ended December 31,
(in thousands) | 2022 |  | 2021
Assets at beginning of period | $ | 33,565 |  |  | $ | 500 |
Purchases | 42 |  |  | 3,000 |
Transfers out 1 | (500) |  |  | — |
Assets at end of period | $ | 33,107 |  |  | $ | 3,500 |
(1)We reclassified a portion of our long-term debt securities to short-term notes receivable and is recorded in Accounts Receivable on the Unaudited Condensed Consolidated Balance Sheets. The following table reconciles changes in the balance of our equity securities, without readily determinable fair values, for the periods presented below:
| Three Months Ended December 31,
(in thousands) | 2022 |  | 2021
Assets at beginning of period | $ | 23,745 |  |  | $ | 2,865 |
Purchases | 2,055 |  |  | 6,016 |
Assets at end of period | $ | 25,800 |  |  | $ | 8,881 |
Schedule of Fair Value, Debt Security Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides quantitative information (in thousands) about our Level 3 unobservable significant inputs related to our debt security investment with Galileo at December 31, 2022 and September 30, 2022:
Fair Value |  | 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 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:
| Three Months Ended December 31,
(in thousands) | 2022 |  | 2021
Liabilities at beginning of period | $ | 4,022 |  |  | $ | 2,996 |
Additions | 500 |  |  | 500 |
Total gains or losses: |  |  |
Included in earnings | 8 |  |  | (150) |
Settlements 1 | (750) |  |  | (250) |
Liabilities at end of period | $ | 3,780 |  |  | $ | 3,096 |
(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 December 31, 2022 and September 30, 2022:
(in millions) | December 31, 2022 |  | September 30, 2022
Long-term debt, net |  |  |
Carrying value | 542.9 |  |  | 542.6 |
Fair value | 446.5 |  |  | 430.7 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + 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 https://asc.fasb.org/extlink&oid=126976982&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 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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