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FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

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 measurements1:
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 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:

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
Settlements1			—						(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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