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Investments & Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule Of Financial Assets and Liabilities Carried At Fair Value

Our cash and investment portfolio consisted of the following (in thousands):

			March 31, 2023
			Cost			Unrealized												Estimated Fair Value
						Gains			Losses			Total						Level 1			Level 2			Level 3
Cash and cash equivalents:
Cash			$	597,659		$	—		$	—		$	597,659					$	597,659		$	—		$	—
Cash equivalents:
Money market funds			90,784			—			—			90,784						90,784			—			—
Cash and cash equivalents			688,443			—			—			688,443						688,443			—			—
Short-term investments:
Certificate of deposit			13,145			2			(41)			13,106						—			13,106			—
U.S. agency securities			1,450			—			(31)			1,419						—			1,419			—
Government bonds			46,417			1			(879)			45,539						41,598			3,941			—
Commercial paper			6,892			—			(13)			6,879						—			6,879			—
Corporate bonds			35,796			—			(239)			35,557						—			35,557			—
Municipal debt securities			24,026			13			(146)			23,893						—			23,893			—
Short-term investments			127,726			16			(1,349)			126,393						41,598			84,795			—
Long-term investments:
Government bonds			33,745			102			(828)			33,019						32,132			887			—
Corporate bonds			35,005			40			(857)			34,188						—			34,188			—
Municipal debt securities			23,489			127			(247)			23,369						—			23,369			—
Other investments (1)			10,221			—			—			10,221						—			—			—
Long-term investments			102,460			269			(1,932)			100,797						32,132			58,444			—
Total cash, cash equivalents, and investments			$	918,629		$	285		$	(3,281)		$	915,633					$	762,173		$	143,239		$	—
Investments held in supplemental retirement plan:
Assets			$	4,000		$	—		$	—		$	4,000					$	4,000		$	—		$	—
Included in prepaid expenses and other current assets and other non-current assets
Liabilities			$	4,000		$	—		$	—		$	4,000					$	4,000		$	—		$	—
Included in accrued liabilities and other non-current liabilities
Currency derivatives as hedge instruments:
Assets: Included in other current assets			$	—		$	641		$	—		$	641					$	—		$	641		$	—
Liabilities: Included in other accrued liabilities			—			—			(299)			(299)						—			(299)			—

(1)Other investments as of March 31, 2023 is comprised of an equity method investment of $5.2 million and an equity security without a readily determinable fair value of $5.0 million. The equity method investment is measured at cost minus impairment, if any, adjusted for our proportionate share of the investee's net income or loss. Our share of the equity method investee's net income or loss is included in other income/(expense), net on the unaudited interim condensed consolidated statements of operations, and was not material in the second quarters of fiscal 2023 and fiscal 2022, and fiscal year-to-date period ended April 1, 2022.Our share of the equity method investee's net income was $1.7 million in fiscal year-to-date period ended March 31, 2023.

			September 30, 2022
			Cost			Unrealized												Estimated Fair Value
						Gains			Losses			Total						Level 1			Level 2			Level 3
Cash and cash equivalents:
Cash			$	474,813		$	—		$	—		$	474,813					$	474,813		$	—		$	—
Cash equivalents:
Money market funds			134,987			—			—			134,987						134,987			—			—
U.S. agency securities			10,328			—			(1)			10,327						—			10,327			—
Cash and cash equivalents			620,128			—			(1)			620,127						609,800			10,327			—
Short-term investments:
Certificate of deposit			23,033			8			(47)			22,994						—			22,994			—
U.S. agency securities			3,412			—			(21)			3,391						—			3,391			—
Government bonds			57,417			—			(705)			56,712						52,833			3,879			—
Commercial paper			8,786			1			(15)			8,772						—			8,772			—
Corporate bonds			72,730			—			(734)			71,996						—			71,996			—
Municipal debt securities			25,589			—			(241)			25,348						—			25,348			—
Short-term investments			190,967			9			(1,763)			189,213						52,833			136,380			—
Long-term investments:
U.S. agency securities			861			—			(39)			822						—			822			—
Government bonds			43,816			—			(2,222)			41,594						38,055			3,539			—
Corporate bonds			29,684			4			(1,349)			28,339						—			28,339			—
Municipal debt securities			21,483			—			(626)			20,857						—			20,857			—
Other investments (1)			10,902			—			—			10,902						—			—			—
Long-term investments			106,746			4			(4,236)			102,514						38,055			53,557			—
Total cash, cash equivalents, and investments			$	917,841		$	13		$	(6,000)		$	911,854					$	700,688		$	200,264		$	—
Investments held in supplemental retirement plan:
Assets			$	4,225		$	—		$	—		$	4,225					$	4,225		$	—		$	—
Included in prepaid expenses and other current assets and other non-current assets
Liabilities			$	4,225		$	—		$	—		$	4,225					$	4,225		$	—		$	—
Included in accrued liabilities and other non-current liabilities
Currency derivatives as hedge instruments:
Liabilities: Included in other accrued liabilities			$	—		$	—		$	(4,882)		$	(4,882)					$	—		$	(4,882)		$	—
Liabilities: Included in other non-current liabilities			—			—			(420)			(420)						—			(420)			—

(1)Other investments as of September 30, 2022 is comprised of an equity method investment of $5.9 million and an equity security without a readily determinable fair value of $5.0 million.

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following table presents the gross unrealized losses and fair value for those AFS securities that were in an unrealized loss position for less than twelve months and for greater than twelve months as of March 31, 2023 and September 30, 2022 (in thousands):

			March 31, 2023															September 30, 2022
			Less Than 12 Months						Greater Than 12 Months									Less Than 12 Months						Greater Than 12 Months
Investment Type			Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses						Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses
Certificate of deposit			$	9,882		$	(41)		$	—		$	—					$	10,352		$	(47)		$	—		$	—
U.S. agency securities			880			(15)			539			(16)						13,144			(5)			1,395			(55)
Government bonds			13,629			(108)			49,976			(1,598)						89,741			(2,593)			8,566			(332)
Commercial paper			4,321			(13)			—			—						5,770			(15)			—			—
Corporate bonds			40,955			(413)			19,591			(683)						81,044			(1,523)			18,306			(561)
Municipal debt securities			24,633			(173)			10,043			(220)						40,119			(712)			3,336			(156)
Total			$	94,300		$	(763)		$	80,149		$	(2,517)					$	240,170		$	(4,895)		$	31,603		$	(1,104)

Debt Securities, Available-for-sale

The following table summarizes the amortized cost and estimated fair value of the AFS securities within our investment portfolio based on stated maturities as of March 31, 2023 and September 30, 2022, which are recorded within cash equivalents and both short and long-term investments in our unaudited interim condensed consolidated balance sheets (in thousands):

			March 31, 2023									September 30, 2022
Range of maturity			Amortized Cost			Fair Value						Amortized Cost			Fair Value
Due within 1 year			$	218,820		$	217,487					$	336,291		$	334,537
Due in 1 to 2 years			59,149			57,449						53,721			51,332
Due in 2 to 5 years			33,090			33,127						42,122			40,280
Total			$	311,059		$	308,063					$	432,134		$	426,149

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
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-Section 50
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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