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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Dec. 31, 2023

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 and indicate the level in the fair value hierarchy in which we classify the fair value measurement as of the dates indicated below:

			December 31, 2023
(in thousands)			Fair Value						Level 1						Level 2						Level 3
Assets
Short-term investments:
Corporate and municipal debt securities			$	37,843					$	—					$	37,843					$	—
U.S. government and federal agency securities			46,278						46,278						—						—
Total			84,121						46,278						37,843						—
Long-term Investments:
Recurring fair value measurements:
Equity securities:
Non-qualified supplemental savings plan			16,478						16,478						—						—
Investment in ADNOC Drilling			164,339						164,339						—						—
Investment in Tamboran			16,237						16,237						—						—
Debt securities:
Investment in Galileo			35,868						—						—						35,868
Geothermal debt securities			2,000						—						—						2,000
Total			234,922						197,054						—						37,868
Nonrecurring fair value measurements1:
Other equity securities2			2,721						—						—						2,721
Total			2,721						—						—						2,721
Total			237,643						197,054						—						40,589
Liabilities
Contingent consideration			$	8,350					$	—					$	—					$	8,350

(1)As of December 31, 2023, our equity security investments in geothermal energy totaled $25.2 million. None of these investments were marked to fair value      during the period. The investments are measured at cost, less any impairments.

(2)As of December 31, 2023, our other equity securities subject to measurement at fair value on a nonrecurring basis totaled $3.3 million, of which $2.7 million has been marked to fair value. The remaining $0.6 million is measured at cost, less any impairments.

			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 totaled $25.2 million. None of these investments 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 totaled $3.0 million, of which $2.4 million has been marked to fair value. The remaining $0.6 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 (in thousands) about our Level 3 unobservable significant inputs related to our debt security investment with Galileo at the dates included below:

December 31, 2023
Fair Value						Valuation Technique						Unobservable Inputs
$	35,868					Black-Scholes-Merton model						Discount rate			19.2		%
												Risk-free rate			4.3		%
												Equity volatility			92.0		%

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 millions)			2023						2022
Assets at beginning of period			$	28,232					$	23,745
Purchases			291						2,055
Assets at end of period			$	28,523					$	25,800

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)			2023						2022
Assets at beginning of period			$	37,440					$	33,565
Purchases			—						42
Accrued interest			433						—
Transfers out			—						(500)
Reserves			(5)						$	—
Assets at end of period			$	37,868					$	33,107

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 millions)			2023						2022
Assets at beginning of period			$	28,232					$	23,745
Purchases			291						2,055
Assets at end of period			$	28,523					$	25,800

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)			2023						2022
Liabilities at beginning of period			$	9,455					$	4,022
Additions			—						500
Total gains or losses:
Included in earnings			20						8
Settlements1			(1,125)						(750)
Liabilities at end of period			$	8,350					$	3,780

(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, 2023 and September 30, 2023:

(in millions)			December 31, 2023						September 30, 2023
Long-term debt, net
Carrying value			$	545.3					$	545.1
Fair value			471.6						435.5

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