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Fair Value of Financial Instruments | 3 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current assets and liabilities (excluding derivative instruments) approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table. Derivatives The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our derivative assets and liabilities reported in our unaudited condensed consolidated balance sheets at the dates indicated:
|  | June 30, 2025 |  | March 31, 2025
|  | Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
|  | (in thousands)
Level 1 measurements |  | $ | 2,065 |  |  | $ | (1,422) |  |  | $ | 67 |  |  | $ | (1,644) |
Level 2 measurements |  | 527 |  |  | (5,358) |  |  | 22 |  |  | (8,133) |
|  | 2,592 |  |  | (6,780) |  |  | 89 |  |  | (9,777) |
Netting of counterparty contracts (1) |  | (1,532) |  |  | 1,532 |  |  | (67) |  |  | 67 |
Net cash collateral (held) provided |  | (643) |  |  | — |  |  | 1,527 |  |  | 1,577 |
Derivatives |  | $ | 417 |  |  | $ | (5,248) |  |  | $ | 1,549 |  |  | $ | (8,133) |
(1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase normal sale transactions are not subject to such master netting arrangements. The following table summarizes the accounts that include our derivative assets and liabilities in our unaudited condensed consolidated balance sheets at the dates indicated:
|  | June 30, 2025 |  | March 31, 2025
|  | (in thousands)
Prepaid expenses and other current assets |  | $ | 417 |  |  | $ | 1,549 |
Accrued expenses and other payables |  | (2,610) |  |  | (6,427) |
Other noncurrent liabilities |  | (2,638) |  |  | (1,706) |
Net derivative liability |  | $ | (4,831) |  |  | $ | (6,584) |
The following table summarizes our open derivative contract positions at the dates indicated. We do not account for these derivatives as hedges.
Contracts |  | Settlement Period |  | Net Long (Short) Notional Units (in barrels) |  | Fair Value of Net Assets (Liabilities)
|  |  |  | (in thousands)
At June 30, 2025: |  |  |  |  |  |
Crude oil fixed-price (1) |  | July 2025–March 2026 |  | (162) |  |  | $ | (3,245) |
Propane fixed-price (1) |  | July 2025–February 2026 |  | (103) |  |  | 213 |
Butane fixed-price (1) |  | July 2025–March 2026 |  | (803) |  |  | 1,955 |
Variable-to-fixed interest rate swaps (2) |  | July 2025–April 2028 |  |  |  | (3,407) |
Other |  | July 2025–March 2026 |  |  |  | 296 |
|  |  |  |  |  | (4,188) |
Net cash collateral held |  |  |  |  |  | (643) |
Net derivative liability |  |  |  |  |  | $ | (4,831) |
At March 31, 2025: |  |  |  |  |  |
Crude oil fixed-price (1) |  | April 2025–March 2026 |  | 59 |  |  | $ | (6,492) |
Butane fixed-price (1) |  | April 2025–March 2026 |  | (1,148) |  |  | (482) |
Variable-to-fixed interest rate swap (2) |  | April 2025–April 2028 |  |  |  | (2,539) |
Other |  | April 2025–March 2026 |  |  |  | (175) |
|  |  |  |  |  | (9,688) |
Net cash collateral provided |  |  |  |  |  | 3,104 |
Net derivative liability |  |  |  |  |  | $ | (6,584) |
(1) We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations. (2) See further discussion of these instruments in “Interest Rate Risk” below. Amounts in the tables above do not include assets and liabilities classified as either held for sale or discontinued operations within our March 31, 2025 consolidated balance sheet (see Note 16). During the three months ended June 30, 2025 and 2024, we recorded net gains of $9.4 million and net losses of $0.1 million, respectively, from our commodity derivatives to revenues and cost of sales in our unaudited condensed consolidated statements of operations. These amounts do not include net gains and losses from our commodity derivatives related to our refined products and biodiesel businesses, as these amounts have been classified within discontinued operations within our unaudited condensed consolidated statements of operations (see Note 16). During the three months ended June 30, 2025 and 2024, we recorded net losses of $0.6 million and net gains of $0.3 million, respectively, from our interest rate swaps to interest expense in our unaudited condensed consolidated statements of operations. Credit Risk We have credit policies that we believe minimize our overall credit risk, including an evaluation of potential counterparties’ financial condition (including credit ratings), collateral requirements under certain circumstances, and the use of industry standard master netting agreements, which allow for offsetting counterparty receivable and payable balances for certain transactions. At June 30, 2025, our primary counterparties were retailers, resellers, energy marketers, producers, refiners, and dealers. This concentration of counterparties may impact our overall exposure to credit risk, either positively or negatively, as the counterparties may be similarly affected by changes in economic, regulatory or other conditions. If a counterparty does not perform on a contract, we may not realize amounts that have been recorded in our unaudited condensed consolidated balance sheets and recognized in our net income. Interest Rate Risk Long-Term Debt The ABL Facility is variable-rate debt with interest rates that are generally indexed to the prime rate or SOFR plus an applicable margin (see Note 6 for the current rates on the ABL Facility). The Term Loan B is variable-rate debt with interest rates that are generally indexed to SOFR plus an applicable margin (see Note 6 for the current rates on the Term Loan B). Interest Rate Swaps In March and April 2024, we entered into interest rate swaps totaling $400.0 million to reduce the variability of cash outflows associated with our floating-rate, SOFR-based borrowings, including borrowings on the Term Loan B. Under these arrangements, we pay fixed interest rates of 4.32% and 4.79%, respectively, in exchange for SOFR-based variable interest through April 2026. In September 2024, we entered into the following transaction: •For the $200.0 million interest rate swap entered into in April 2024, we extended the original maturity date of April 20, 2026 to a new maturity date of April 19, 2028; and •Blended the existing swap rate for this extended swap with the then prevailing interest rate swap rate, which lowered the rate from 4.79% to 3.842%. Preferred Unit Distributions The current distribution rate for the Class B, Class C and Class D Preferred Units is a floating rate of the three-month CME Term SOFR plus a fixed spread (see Note 8 for the current distribution rates). Fair Value of Fixed-Rate Notes The following table provides fair value estimates of our fixed-rate notes at June 30, 2025 (in thousands):
2029 Senior Secured Notes | $ | 907,500 |
2032 Senior Secured Notes | $ | 1,281,000 |
For the 2029 Senior Secured Notes and 2032 Senior Secured Notes, the fair value estimates were developed based on publicly traded quotes and would be classified as Level 2 in the fair value hierarchy.

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