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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Mar. 31, 2024
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:
| March 31, 2024
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |
Corporate and municipal debt securities | $ | 38,756 |  |  | $ | — |  |  | $ | 38,756 |  |  | $ | — |
U.S. government and federal agency securities | 44,634 |  |  | 44,634 |  |  | — |  |  | — |
Total | 83,390 |  |  | 44,634 |  |  | 38,756 |  |  | — |
Long-term Investments: |  |  |  |  |  |  |
Recurring fair value measurements: |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Non-qualified supplemental savings plan | 16,165 |  |  | 16,165 |  |  | — |  |  | — |
Investment in ADNOC Drilling | 172,620 |  |  | 172,620 |  |  | — |  |  | — |
Investment in Tamboran | 11,734 |  |  | 11,734 |  |  | — |  |  | — |
Debt securities: |  |  |  |  |  |  |
Investment in Galileo | 36,301 |  |  | — |  |  | — |  |  | 36,301 |
Geothermal debt securities | 2,000 |  |  | — |  |  | — |  |  | 2,000 |
Other debt securities | 5,250 |  |  | 5,000 |  |  | — |  |  | 250 |
Total | 244,070 |  |  | 205,519 |  |  | — |  |  | 38,551 |
Nonrecurring fair value measurements 1: |  |  |  |  |  |  |
Other equity securities | 2,965 |  |  | — |  |  | — |  |  | 2,965 |
Total | 2,965 |  |  | — |  |  | — |  |  | 2,965 |
Total | 247,035 |  |  | 205,519 |  |  | — |  |  | 41,516 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 14,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,000 |
(1)As of March 31, 2024, our equity security investments in geothermal energy totaled $27.2 million and our debt security investments in held to maturity bonds totaled $0.2 million. None of these investments were marked to fair value during the period. The investments are 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 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 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:
March 31, 2024 |  |  |  |
Fair Value |  | Valuation Technique |  | Unobservable Inputs |  |  |  |
$ | 36,301 |  |  | Black-Scholes-Merton model |  | Discount rate | 20.8 | % |  |  |  |
|  |  |  | Risk-free rate | 4.3 | % |  |  |  |
|  |  |  | Equity volatility | 105.0 | % |  |  |  |
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 March 31, |  | Six Months Ended March 31,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Assets at beginning of period | $ | 37,868 |  |  | $ | 33,107 |  |  | $ | 37,440 |  |  | $ | 33,565 |
Purchases | 250 |  |  | 2,033 |  |  | 250 |  |  | 2,075 |
Accrued interest | 433 |  |  | — |  |  | 866 |  |  | — |
Transfers out | — |  |  | — |  |  | — |  |  | (500) |
Reserves | — |  |  | — |  |  | (5) |  |  | — |
Assets at end of period | $ | 38,551 |  |  | $ | 35,140 |  |  | $ | 38,551 |  |  | $ | 35,140 |
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 March 31, |  | Six Months Ended March 31,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Assets at beginning of period | $ | 28,523 |  |  | $ | 25,800 |  |  | $ | 28,232 |  |  | $ | 23,745 |
Purchases | 2,245 |  |  | 501 |  |  | 2,536 |  |  | 2,556 |
Disposals | (616) |  |  | — |  |  | (616) |  |  | — |
Assets at end of period | $ | 30,152 |  |  | $ | 26,301 |  |  | $ | 30,152 |  |  | $ | 26,301 |
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 March 31, |  | Six Months Ended March 31,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Liabilities at beginning of period | $ | 8,350 |  |  | $ | 3,780 |  |  | $ | 9,455 |  |  | $ | 4,022 |
Additions | — |  |  | — |  |  | — |  |  | 500 |
Total gains or losses: |  |  |  |  |  |  |
Included in earnings | 5,650 |  |  | 1,750 |  |  | 5,670 |  |  | 1,758 |
Settlements 1 | — |  |  | (500) |  |  | (1,125) |  |  | (1,250) |
Liabilities at end of period | $ | 14,000 |  |  | $ | 5,030 |  |  | $ | 14,000 |  |  | $ | 5,030 |
(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 March 31, 2024 and September 30, 2023:
(in millions) | March 31, 2024 |  | September 30, 2023
Long-term debt, net |  |  |
Carrying value | $ | 545.4 |  |  | $ | 545.1 |
Fair value | 461.2 |  |  | 435.5 |

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