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Leases | 3 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Lessee, Operating Leases | Leases Lessee Accounting Our leasing activity primarily consists of product storage, office space, real estate, railcars, and equipment. The following table summarizes the components of our lease cost for the periods indicated:
|  | Three Months Ended June 30, |  |
|  | 2025 |  | 2024 |  |  |  |
|  | (in thousands)
Operating lease cost (1) |  | $ | 10,040 |  |  | $ | 10,499 |  |  |  |  |
Variable lease cost (1) |  | 8,935 |  |  | 7,586 |  |  |  |  |
Short-term lease cost (1) |  | 221 |  |  | 623 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use asset (2) |  | 69 |  |  | 1 |  |  |  |  |
Interest on lease obligation (3) |  | 47 |  |  | 3 |  |  |  |  |
Total lease cost |  | $ | 19,312 |  |  | $ | 18,712 |  |  |  |  |
(1) Included in operating expenses in our unaudited condensed consolidated statements of operations. (2) Included in depreciation and amortization expense in our unaudited condensed consolidated statements of operations. (3) Included in interest expense in our unaudited condensed consolidated statements of operations. Amounts in the table above do not include lease costs related to our refined products and biodiesel businesses, as these amounts have been classified within discontinued operations within our consolidated statements of operations (see Note 16). The following table summarizes maturities of our lease obligations at June 30, 2025 (in thousands):
| Operating |  | Finance
Year Ending March 31, | Leases |  | Leases (1)
2026 (nine months) | $ | 28,845 |  |  | $ | 1,643 |
2027 | 33,416 |  |  | 2,178 |
2028 | 30,333 |  |  | 2,178 |
2029 | 21,185 |  |  | 780 |
2030 | 11,904 |  |  | — |
2031 | 4,017 |  |  | — |
Thereafter | 17,856 |  |  | — |
Total lease payments | 147,556 |  |  | 6,779 |
Less imputed interest | (29,918) |  |  | (936) |
Total lease obligations | $ | 117,638 |  |  | $ | 5,843 |
(1) At June 30, 2025, the short-term finance lease obligation of $1.7 million is included in accrued expenses and other payables and the long-term finance lease obligation of $4.2 million is included in other noncurrent liabilities in our unaudited condensed consolidated balance sheet. The following table summarizes supplemental cash flow information related to our leases for the periods indicated:
|  | Three Months Ended June 30,
|  | 2025 |  | 2024
|  | (in thousands)
Supplemental Cash Flow Information |  |  |  |
Cash paid for amounts included in the measurement of lease obligations |  |  |  |
Operating cash outflows from operating leases |  | $ | 10,022 |  |  | $ | 10,506 |
Operating cash outflows from finance lease |  | $ | — |  |  | $ | 3 |
Financing cash outflows from finance lease |  | $ | — |  |  | $ | 5 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |
Operating leases |  | $ | 11,894 |  |  | $ | 3,371 |
Finance lease |  | $ | 5,796 |  |  | $ | — |
Amounts in the table above do not include operating cash outflows from operating leases 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). Lessor Accounting and Subleases Our lessor arrangements include storage and railcar contracts. We also, from time to time, sublease certain of our storage capacity and railcars to third-parties. Fixed rental revenue is recognized on a straight-line basis over the lease term. During the three months ended June 30, 2025 and 2024, fixed rental revenue was $3.0 million, including $0.7 million of sublease revenue, and $4.0 million, including $0.4 million of sublease revenue, respectively. The following table summarizes future minimum lease payments to be received under various noncancelable operating lease agreements at June 30, 2025 (in thousands):
Year Ending March 31, |
2026 (nine months) | $ | 7,569 |
2027 | 8,657 |
2028 | 5,706 |
2029 | 1,337 |
2030 | 1,063 |
2031 | 1,078 |
Thereafter | 727 |
Total | $ | 26,137 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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