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Fair Value Measurements | 9 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Disclosures [Text Block] | . FAIR VALUE MEASUREMENTS Fair Value Measurement Accounting Fair value is considered the price to sell an asset, or transfer a liability, between market participants on the measurement date. Fair value measurements assume that (1) the asset or liability is exchanged in an orderly manner, (2) the exchange is in the principal market for that asset or liability, and (3) the market participants are independent, knowledgeable, and able and willing to transact an exchange. Fair value accounting and reporting establishes a framework for measuring fair value by creating a hierarchy for observable independent market inputs and unobservable market assumptions and expands disclosures about fair value measurements. Judgment is required to interpret the market data used to develop fair value estimates. As such, the estimates presented herein are not necessarily indicative of the amounts that could be realized in a current exchange. The use of different market assumptions and/or estimation methods could have a material effect on the estimated fair value. At June 30, 2024 and September 30, 2023, financial assets and liabilities measured at fair value on a recurring basis were limited to investments in equity securities and debt securities classified as trading securities, our Executive Deferred Compensation Plan, under which certain employees are permitted to defer a portion of their base salary and/or bonus for a Plan Year (as defined in the plan), and contingent consideration liabilities related to certain of our acquisitions. Financial assets (liabilities) measured at fair value on a recurring basis as of June 30, 2024 and September 30, 2023, are summarized in the following tables by the type of inputs applicable to the fair value measurements:
| June 30, 2024
|  |  | Total Fair Value |  |  | Quoted Prices (Level 1) |  |  | Significant Unobservable Inputs (Level 3)
Equity securities |  | $ | 10,425 |  |  | $ | 10,425 |  |  | $ | — |
Debt securities classified as trading securities |  |  | 4,388 |  |  |  | 4,388 |  |  |  | — |
Executive savings plan assets |  |  | 940 |  |  |  | 940 |  |  |  | — |
Executive savings plan liabilities |  |  | (807) |  |  |  | (807) |  |  |  | — |
Contingent consideration liability |  |  | (2,833) |  |  |  | — |  |  |  | (2,833) |
Total |  | $ | 12,113 |  |  | $ | 14,946 |  |  | $ | (2,833) |
| September 30, 2023
|  |  | Total Fair Value |  |  | Quoted Prices (Level 1) |  |  | Significant Unobservable Inputs (Level 3)
Executive savings plan assets |  | $ | 783 |  |  | $ | 783 |  |  | $ | — |
Executive savings plan liabilities |  |  | (657) |  |  |  | (657) |  |  |  | — |
Contingent consideration liability |  |  | (4,465) |  |  |  | — |  |  |  | (4,465) |
Total |  | $ | (4,339) |  |  | $ | 126 |  |  | $ | (4,465) |
Investments in equity securities and debt securities, all of which are classified as trading securities and mature after one year and before five years at June 30, 2024, were included in “Prepaid expenses and other current assets” in our Condensed Consolidated Balance Sheets. Gains and losses to measure our investments in equity and debt securities at fair value were included in Other (income) expense, net in our Condensed Consolidated Statements of Comprehensive Income. Our unrealized net gains (losses), which are calculated as total net gains (losses) recognized during the period less net gains (losses) recognized on securities sold during the period, were as follows:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Unrealized loss on equity securities | $ | (1,497) |  |  | $ | — |  |  | $ | (3,349) |  |  | $ | — |
Unrealized gain (loss) on debt securities | (55) |  |  | — |  |  | 7 |  |  | — |
Total unrealized loss on trading securities | $ | (1,552) |  |  | $ | — |  |  | $ | (3,342) |  |  | $ | — |
On April 1, 2024, we entered into a contingent consideration arrangement valued at $2,790 in connection with the acquisition of Greiner Industries, Inc. For more information, refer to Note 13, “Business Combinations and Divestitures” in the Notes to our Condensed Consolidated Financial Statements. The contingent consideration obligation related to Bayonet, which was acquired in fiscal year 2021, was settled in cash in December 2023. The table below presents the change in fair value of these obligations, which used significant unobservable inputs (Level 3).
|  |  | Contingent Consideration Agreements |  |
Fair value at September 30, 2023 |  |  | $ | (4,465) |  |  |
Acquisitions |  |  | (2,790) |  |  |
Net adjustments to fair value |  |  | (78) |  |  |
Settlements |  |  | 4,500 |  |  |
Fair value at June 30, 2024 |  |  | $ | (2,833) |  |  |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments in equity securities and debt securities, all of which are classified as trading securities and mature after one year and before five years at June 30, 2024, were included in “Prepaid expenses and other current assets” in our Condensed Consolidated Balance Sheets. Gains and losses to measure our investments in equity and debt securities at fair value were included in Other (income) expense, net in our Condensed Consolidated Statements of Comprehensive Income. Our unrealized net gains (losses), which are calculated as total net gains (losses) recognized during the period less net gains (losses) recognized on securities sold during the period, were as follows:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Unrealized loss on equity securities | $ | (1,497) |  |  | $ | — |  |  | $ | (3,349) |  |  | $ | — |
Unrealized gain (loss) on debt securities | (55) |  |  | — |  |  | 7 |  |  | — |
Total unrealized loss on trading securities | $ | (1,552) |  |  | $ | — |  |  | $ | (3,342) |  |  | $ | — |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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