XML 65 R45.htm IDEA: XBRL DOCUMENT v3.25.3

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Schedule of Reconciliation of the Changes in the Pension Benefit Obligations and Fair Value of Pension Plan Assets

The following table provides a reconciliation of the changes in the pension benefit obligations and fair value of the U.S. Plan assets over the two-year period ended September 30, 2025 and a statement of the funded status as of September 30, 2025 and 2024:

			September 30,
(in thousands)			2025						2024
Accumulated benefit obligation			$	50,127					$	57,154
Changes in projected benefit obligations:
Projected benefit obligation at beginning of year			$	57,154					$	54,646
Interest cost			2,584						3,009
Actuarial loss (gain)			(3,404)						2,885
Benefits paid			(6,207)						(3,386)
Projected benefit obligation at end of year			$	50,127					$	57,154
Change in plan assets:
Fair value of plan assets at beginning of year			$	53,521					$	43,780
Actual return on plan assets			1,236						7,127
Employer contribution			—						6,000
Benefits paid			(6,207)						(3,386)
Fair value of plan assets at end of year			$	48,550					$	53,521
Funded status of the plan at end of year			$	(1,577)					$	(3,633)

Fluctuations in actuarial gains and losses during the period are primarily due to changes in the discount rate and investment returns. The mortality table issued by the Society of Actuaries in October 2021 was used for the September 30, 2025 pension calculation. The U.S. Plan's net pension liability at September 30, 2025 and 2024 was $1.6 million and $3.6 million, respectively. These liabilities are recorded within Retirement benefit obligation in our Consolidated Balance Sheets.

The U.S. Plan's net actuarial loss recognized in Accumulated other comprehensive income (loss) at September 30, 2025 and 2024, and not yet reflected in net periodic benefit cost, was $4.7 million and $7.6 million, respectively. Unrecognized actuarial gains/losses outside of a corridor of the greater of: 1) 10 percent of the Projected Benefit Obligation, or 2) the fair value of assets, are amortized into expense for the year on a straight-line basis over the average remaining service years of participants. Amortization is not carried from year-to-year as the calculation resets each year.

The following weighted average assumptions were used in the U.S. Plan's calculation:

			September 30,
			2025						2024						2023
Discount rate for net periodic benefit costs			4.84		%				5.77		%				5.44		%
Discount rate for year-end obligations			5.21		%				4.84		%				5.77		%
Expected return on plan assets			4.40		%				4.40		%				4.50		%

We did not make any voluntary contributions to the U.S. Plan in fiscal year 2025; however, we made voluntary contributions of $6.0 million and $5.0 million in fiscal years 2024 and 2023, respectively. In fiscal year 2026, we do not expect minimum contributions required by law to be needed. However, we may make contributions in fiscal year 2026 if needed to fund unexpected distributions in lieu of liquidating pension assets.

Components of the net periodic pension expense were as follows:

			Year Ended September 30,
(in thousands)			2025						2024						2023
Interest cost			$	2,584					$	3,009					$	3,086
Expected return on plan assets1			(2,220)						(2,080)						(1,762)
Recognized net actuarial loss			190						612						1,139
Settlement expense			442						—						—
Net pension expense			$	996					$	1,541					$	2,463

(1)The Company uses the fair value of plan assets in determining the expected return on plan assets.

The following table reflects the expected benefits to be paid from the U.S. Plan in each of the next five fiscal years, and in the aggregate for the five years thereafter (in thousands):

Year Ended September 30,
2026						2027						2028						2029						2030						2031-2035						Total
$	4,778					$	4,788					$	4,449					$	3,789					$	4,341					$	19,501					$	41,646

Our investment policy and strategies are established with a long-term view in mind. The investment strategy is intended to help pay the cost of the U.S Plan while providing adequate security to meet the benefits promised under the U.S. Plan. We maintain a diversified asset mix to minimize the risk of a material loss to the portfolio value that might occur from devaluation of any single investment. In determining the appropriate asset mix, our financial strength and ability to fund potential shortfalls are considered. Pension Plan assets are invested in portfolios of diversified public-market equity securities and fixed income securities. The U.S. Plan does not directly hold securities of the Company.

The expected long-term rate of return on U.S. Plan assets is based on historical and projected rates of return for current and planned asset classes in the U.S. Plan’s investment portfolio after analyzing historical experience and future expectations of the return and volatility of various asset classes.

During the 2021 fiscal year, for our U.S. Plan, we implemented a glide-path strategy with a goal to reduce risk as certain funded levels are achieved and began aligning our fixed income exposure with our pension liabilities. The target allocation for fiscal year 2026 and the asset allocation at the end of fiscal years 2025 and 2024, by asset category, are as follows:

			Target Allocation						September 30,
Asset Category			2026						2025						2024
U.S. equities			4		%				5		%				10		%
International equities			5						5						5
Fixed income			91						90						85
Total			100		%				100		%				100		%

The fair value of U.S. Pension Plan's assets at September 30, 2025 and 2024, summarized by level within the fair value hierarchy described in Note 13—Fair Value Measurement of Financial Instruments, are as follows:

			September 30, 2025
(in thousands)			Total						Level 1						Level 2						Level 3
Short-term investments			$	201					$	201					$	—					$	—
Mutual funds:
Domestic stock funds			2,218						2,218						—						—
Bond funds			43,489						43,489						—						—
International stock funds			2,615						2,615						—						—
Total mutual funds			48,322						48,322						—						—
Oil and gas properties			27						—						—						27
Total			$	48,550					$	48,523					$	—					$	27

			September 30, 2024
(in thousands)			Total						Level 1						Level 2						Level 3
Short-term investments			$	3,369					$	3,369					$	—					$	—
Mutual funds:
Domestic stock funds			5,223						5,223						—						—
Bond funds			41,950						41,950						—						—
International stock funds			2,887						2,887						—						—
Total mutual funds			50,060						50,060						—						—
Oil and gas properties			92						—						—						92
Total			$	53,521					$	53,429					$	—					$	92

As of September 30, 2025 and 2024, the assets utilizing Level 3 inputs consist of oil and gas properties. The fair value of oil and gas properties is determined by Wells Fargo Bank, N.A., based upon actual revenue received for the previous twelve-month period and experience with similar assets.

Non-U.S. Pension Plans

As a result of the Acquisition, we now maintain four pension plans in Germany (the "German Plans") and two pension plans in the UK (the "UK Plans") (collectively, the "Non-U.S. Plans"). The German Plans are unfunded, consistent with local business practices, whereas the UK Plans are funded through trustee-administered trusts. The Non-U.S. Plans are closed to new entrants, but existing members continue to accrue based on years of service and final salary. These plans had a net pension liability of $99.3 million ($132.5 million in obligations and $33.2 million in plan assets) recorded in Retirement benefit obligations within Noncurrent liabilities, on the opening balance sheet presented in Note 3—Business Combination as of the Acquisition Date. The Non-U.S. Plans had a net pension liability of $99.5 million ($134.6 million in obligations and $35.1 million in plan assets) presented in Retirement benefit obligations within Noncurrent liabilities on the Consolidated Balance Sheet as of September 30, 2025. Changes in the funded status are recognized in our Consolidated Statements of Comprehensive Income (Loss) in the period in which they occur.

The Company recognizes the unfunded status of its German Plans, based on the projected benefit obligation, as retirement benefit obligations.

The following table provides a reconciliation of the changes in the pension benefit obligations and fair value of the Non-U.S. Plans' assets over the year ended September 30, 2025 and a statement of the funded status as of September 30, 2025:

(in thousands)			September 30, 20251
Accumulated benefit obligation			$	134,585
Changes in projected benefit obligations:
Projected benefit obligation at beginning of year			$	—
Acquisition of KCA Deutag			132,477
Service cost			3,339
Interest cost			5,549
Actuarial gain			(1,714)
Benefits paid			(5,066)
Projected benefit obligation at end of year			$	134,585
Change in plan assets:
Fair value of plan assets at beginning of year			$	—
Acquisition of KCA Deutag			33,176
Actual return on plan assets			1,260
Employer contribution			1,342
Benefits paid			(583)
Administration costs			(67)
Fair value of plan assets at end of year			$	35,128
Funded status of the plan at end of year			$	(99,457)

(1)The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025.

Schedule of Weighted Average Assumptions Used for the Pension Calculations

The following weighted average assumptions were used in the Non-U.S. Plan's calculations:

			September 30, 20251
UK Plans:
Contribution increase rate			3.0		%
Discount rate			5.8		%
Inflation rate			3.0		%
Germany Plans:
Participant salaries increase rate			4.0		%
Contribution increase rate			2.5		%
Discount rate			4.0		%
Inflation rate			3.0		%

(1)The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025.

Schedule of Components of the Net Periodic Pension (Benefit)

Components of the net periodic pension expense were as follows:

(in thousands)			Year ended September 30, 20251
Service cost			$	3,339
Interest cost			5,549
Expected return on plan assets2			(1,714)
Net pension expense			$	7,174

(1)The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025.

(2)The Company uses the fair value of plan assets in determining the expected return on plan assets.

Schedule of Expected Benefits to be Paid from the Pension Plan in Each of the Next Five Fiscal Years and Thereafter

The following table reflects the expected benefits to be paid from the Non-U.S. Plans in each of the next five fiscal years, and in the aggregate for the five years thereafter (in thousands):

Year Ended September 30,
2026						2027						2028						2029						2030						2031-2035						Total
$	7,231					$	6,481					$	6,359					$	6,379					$	6,560					$	31,406					$	64,416

Schedule of Target Allocation and Asset Allocation for the Pension Plan

The asset allocation at the end of fiscal year 2025, by asset category, was as follows:

Asset Category			September 30, 20251
Equities:
International equities			10		%
Diversified Growth Fund2			13
Fixed income:
Gilts (UK government bonds)			4
Corporate bonds			2
Strategic Income Fund3			13
Risk management:
Liability-Driven Investments (LDI)			27
Alternative investments:
Absolute Return Credit Fund4			25
Cash			6

(1)The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025.

(2)Investments are equity-oriented with multi-asset exposure.

(3)An actively managed investment fund designed to invest mainly in debt securities.

(4)Invests primarily in credit instruments (corporate bonds, loans, structured credit) and uses active management techniques.

Schedule of Fair Value of Pension Plan Assets

The fair value of the U.K. Plan assets at September 30, 2025, summarized by level within the fair value hierarchy described in Note 13—Fair Value Measurement of Financial Instruments, are as follows:

			September 30, 20251
(in thousands)			Total						Level 1						Level 2						Level 3
Equities:
International equities			$	3,674					$	3,674					$	—					$	—
Diversified Growth Fund			4,636						—						4,636						—
Fixed income:
Gilts (UK government bonds)			1,359						1,359						—						—
Corporate bonds			817						—						817						—
Strategic Income Fund			4,729						—						4,729						—
Risk management:
Liability-Driven Investments (LDI)			9,365						—						9,365						—
Alternative investments:
Absolute Return Credit Fund			8,734						—						8,734						—
Cash			1,838						1,838						—						—
			$	35,152					$	6,871					$	28,281					$	—

(1)The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025.

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans, including the fair value of each major category of plan assets and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

No definition available.

+ Details

Name:	hp_ScheduleOfFairValueMeasurementOfPlanAssetsTableTextBlock
Namespace Prefix:	hp_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (f)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of net funded status of pension plans and/or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration