XML 36 R27.htm IDEA: XBRL DOCUMENT
v3.23.1

Fair Value Measurements | 6 Months Ended
--- | ---
Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 17. Fair Value Measurement The fair value measurement guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following levels of inputs may be used to measure fair value: ​ Level 1 Inputs: Quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset and liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Inputs: Observable inputs other than prices included in Level 1, including quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Inputs: Unobservable inputs that are significant to the fair value of the assets or liabilities and reflect an entity’s own assumptions in pricing assets or liabilities since they are supported by little or no market activity. The Company measures certain assets, including the cost and equity method investments, at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. The fair values of these investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. An impairment charge is recorded when the cost of the investment exceeds its fair value and this condition is determined to be other-than-temporary. ​ ​ Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables summarize assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying Consolidated Balance Sheets as of March 31, 2023 and September 30, 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at Reporting Date Using
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ |  | Significant
​ | ​ | ​ | ​ | ​ | Active Markets for | ​ | Significant Other | ​ | Unobservable
​ | ​ | March 31, | ​ | Identical Assets | ​ | Observable Inputs | ​ | Inputs
Description | ​ | 2023 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash equivalents | ​ | $ | 510,643 | ​ | $ | 499,283 | ​ | $ | 11,360 | ​ | $ | —
Available-for-sale securities | ​ |  | 779,827 | ​ |  | 208,527 | ​ | ​ | 571,300 | ​ |  | —
Foreign exchange contracts | ​ |  | 150 | ​ |  | — | ​ |  | 150 | ​ |  | —
Net investment hedge | ​ |  | 1,278 | ​ |  | — | ​ |  | 1,278 | ​ |  | —
Total assets | ​ | $ | 1,291,898 | ​ | $ | 707,810 | ​ | $ | 584,088 | ​ | $ | —
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Contingent consideration liability | ​ | $ | 1,406 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,406
Foreign exchange contracts | ​ | ​ | 164 | ​ | ​ | — | ​ | ​ | 164 | ​ | ​ | —
Total liabilities | ​ | $ | 1,570 | ​ | $ | — | ​ | $ | 164 | ​ | $ | 1,406
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at Reporting Date Using
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ |  | Significant
​ | ​ | ​ | ​ | ​ | Active Markets for | ​ | Significant Other | ​ | Unobservable
​ | ​ | September 30, | ​ | Identical Assets | ​ | Observable Inputs | ​ | Inputs
Description | ​ | 2022 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash equivalents | ​ | $ | 374,804 | ​ | $ | 374,055 | ​ | $ | 749 | ​ | $ | —
Available-for-sale securities | ​ |  | 1,263,782 | ​ |  | 651,800 | ​ |  | 611,982 | ​ |  | —
Foreign exchange contracts | ​ |  | 634 | ​ |  | — | ​ |  | 634 | ​ |  | —
Net investment hedge | ​ | ​ | 124,789 | ​ | ​ | — | ​ | ​ | 124,789 | ​ | ​ | —
Total assets | ​ | $ | 1,764,009 | ​ | $ | 1,025,855 | ​ | $ | 738,154 | ​ | $ | —
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Foreign exchange contracts | ​ | $ | 230 | ​ | $ | — | ​ | $ | 230 | ​ | $ | —
Total liabilities | ​ | $ | 230 | ​ | $ | — | ​ | $ | 230 | ​ | $ | —
​ Cash Equivalents Cash equivalents consist of money market funds and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. The Company considers all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. The fair values of these investments approximate their carrying values. Available-For-Sale Securities Available-for-sale securities primarily consist of municipal securities and U.S. government-backed securities, and as such are classified as Level 1. Investments classified as Level 2 consist of debt securities that are valued using matrix pricing and benchmarking because they are not actively traded and bank certificate of deposits. Matrix pricing is a mathematical technique used to value securities by relying on the securities’ relationship to other benchmark quoted prices. Foreign Exchange Contracts Foreign exchange contract assets and liabilities are measured and reported at fair value based on observable market inputs and classified within Level 2 of the fair value hierarchy due to a lack of an active market for these contracts. Net Investment Hedge Net investment hedge assets are measured and reported at fair value based on observable market inputs and classified within Level 2 of the fair value hierarchy due to a lack of an active market for these contracts. Contingent Consideration Liability Contingent consideration liability related to acquisitions is measured and reported at fair value using the real options method based on the unobservable inputs that are significant to the fair value and classified with Level 3 of the fair value hierarchy. The amount is contingent based on the acquired business’ performance for a one-year period from October 3, 2022 through September 30, 2023. Please refer to Note 5, “Business Combinations” for further detail. Changes in the fair value of contingent consideration resulting from a change in the underlying inputs are recognized in results of operations until the arrangement is settled. This liability was revalued from $18.5 million as of December 31, 2022 to $1.4 million as of March 31, 2023 with the offset recorded in the income statement. Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis During the three and six months ended March 31, 2023 and 2022, the Company did not record any material other-than-temporary impairments on financial assets required to be measured at fair value on a nonrecurring basis.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration