Short answer: yes.
Long answer: it depends.
In this case, Hanighen wrote lyrics to an instrumental song. So, the root work is "Round Midnight": Music written by Monk/Williams, while "Round Midnight": Lyrics written by Hanighen is an adapted work.
Sometimes is the other way around, for instance when someone set a poem to music. Down by the Salley Gardens
And sometimes a lyricist adapts/translate a song (that already has lyrics, for instance in English) to another language: The Fool on the Hill
These are the cases when you must create adapted works.
What happens when someone records an instrumental version of a song that has lyrics? Nothing, we just note in the comments that that performance is instrumental. Scrambled Egg
The reason is simple: in the latter case, there are no new credits.
Long story short: new credits = new (adapted) work.