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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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 out1			(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)
Settlements1			(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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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