Investments

9 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

Investments at June 30, 2022 primarily consisted of commercial paper and corporate bonds that have maturities of less than 36 months and a certificate of deposit. Cash and cash equivalents consist of cash on hand and commercial paper purchased with 90-days or less remaining to maturity. The Company’s corporate bonds consist of both short-term and long-term bonds and are classified as “held-to-maturity” on the Company’s Consolidated Balance Sheets. The Company’s certificate of deposit matures in less than 12 months and is classified as “held-to-maturity” on the Company’s Consolidated Balance Sheet,’. The Company’s marketable equity securities consisted of mutual funds that primarily invest in U.S. government bonds, U.S. government agency bonds, corporate bonds and other asset-backed debt securities. Dividends from these funds were automatically re-invested. In April 2022, all marketable securities were sold for $122.3 million. The Company may also invest excess cash balances in money market accounts, and these securities would be classified as cash and cash equivalents on the Company’s Consolidated Balance Sheet. The Company accounts for its “held-to-maturity” investments in accordance with FASB ASC 320, Investments – Debt and Equity Securities and its marketable equity securities in accordance with ASC 321, Investments – Equity Securities. We did not record any impairment charges related to our marketable debt securities during the three and nine months ended June 30, 2022.

The following tables summarize the Company’s short-term and long-term investments and marketable securities as of June 30, 2022 and September 30, 2021 by measurement category:

	As of June 30, 2022
	(In thousands)
	Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Classified as Cash Equivalents
Commercial notes (due within ninety days)	$	25,325	$	11	$	—	$	25,336
Classified as Held to Maturity
Commercial notes (due within one year)	$	227,057	$	21	$	(1,588)	$	225,490
Commercial notes (due within one through three years)	$	165,920	$	—	$	(6,380)	$	159,540
Certificate of deposit (due within one year)	$	50,000	$	—	$	—	$	50,000
Classified as Marketable Securities
Marketable securities	$	—	$	—	$	—	$	—
Total	$	468,302	$	32	$	(7,968)	$	460,366
	As of September 30, 2021
	(In thousands)
	Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Classified as Held to Maturity
Commercial notes (due within one year)	$	56,627	$	803	$	—	$	57,430
Commercial notes (due within one through three years)	$	195,595	$	1,151	$	(103)	$	196,643
Certificate of deposit (due within one through two years)	$	50,000	$	—	$	—	$	50,000
Classified as Marketable Securities
Marketable securities	$	127,481	$	—	$	(753)	$	126,728
Total	$	429,703	$	1,954	$	(856)	$	430,801