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Assets and Liabilities Held for Sale and Discontinued Operations | 3 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Assets and Liabilities Held for Sale and Discontinued Operations | Assets and Liabilities Held for Sale and Discontinued Operations As discussed in Note 1, at March 31, 2025, we met the criteria for classifying the assets and liabilities of our refined products business and biodiesel business as either held for sale or discontinued operations and the operations of these businesses as discontinued. Also, as discussed in Note 1 and Note 15, at March 31, 2025, we met the criteria for classifying a portion of our Liquids Logistics segment, certain railcars and certain investments in unconsolidated entities and related assets as held for sale. Upon classification as held for sale, we recorded a loss of $8.0 million to write down certain investments in unconsolidated entities and related assets to fair value less cost to sell within loss on disposal or impairment of assets, net in our consolidated statement of operations for the year ended March 31, 2025, and a valuation allowance included in assets held for sale in our March 31, 2025 consolidated balance sheet. The following tables summarize the major classes of assets and liabilities classified as held for sale by segment at the dates indicated:
|  | June 30, 2025
|  | Crude Oil Logistics
|  | (in thousands)
Assets Held for Sale |  |
Property, plant and equipment, net |  | $ | 310 |
Total assets held for sale |  | $ | 310 |
|  | March 31, 2025
|  | Water Solutions |  | Crude Oil Logistics |  | Liquids Logistics |  | Total
|  | (in thousands)
Assets Held for Sale |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 114 |  |  | $ | 114 |
Accounts receivable, net |  | — |  |  | — |  |  | 21,204 |  |  | 21,204 |
Inventories |  | — |  |  | — |  |  | 20,715 |  |  | 20,715 |
Prepaid expenses and other current assets |  | — |  |  | — |  |  | 5,098 |  |  | 5,098 |
Property, plant and equipment, net |  | 412 |  |  | 1,350 |  |  | 51,349 |  |  | 53,111 |
Goodwill |  | — |  |  | — |  |  | 17,051 |  |  | 17,051 |
Intangible assets, net |  | 29,557 |  |  | — |  |  | 9,718 |  |  | 39,275 |
Investments in unconsolidated entities |  | 18,221 |  |  | — |  |  | 51 |  |  | 18,272 |
Operating lease right-of-use assets |  | — |  |  | — |  |  | 3,962 |  |  | 3,962 |
Other noncurrent assets |  | — |  |  | 1,237 |  |  | 3,142 |  |  | 4,379 |
Valuation allowance on assets held for sale |  | (7,974) |  |  | — |  |  | — |  |  | (7,974) |
Total assets held for sale |  | $ | 40,216 |  |  | $ | 2,587 |  |  | $ | 132,404 |  |  | $ | 175,207 |
Liabilities Held for Sale |  |  |  |  |  |  |  |
Accounts payable |  | $ | — |  |  | $ | — |  |  | $ | 32,072 |  |  | $ | 32,072 |
Accrued expenses and other payables |  | — |  |  | — |  |  | 4,650 |  |  | 4,650 |
Advance payments received from customers |  | — |  |  | — |  |  | 259 |  |  | 259 |
Operating lease obligations-current |  | — |  |  | — |  |  | 1,705 |  |  | 1,705 |
Operating lease obligations-noncurrent |  | — |  |  | — |  |  | 2,233 |  |  | 2,233 |
Other noncurrent liabilities |  | 94 |  |  | — |  |  | 1,090 |  |  | 1,184 |
Total liabilities held for sale |  | $ | 94 |  |  | $ | — |  |  | $ | 42,009 |  |  | $ | 42,103 |
The following table summarizes the major classes of assets and liabilities classified as discontinued operations in our Liquids Logistics segment at the dates indicated:
|  | June 30, 2025 |  | March 31, 2025
|  | (in thousands)
Assets of Discontinued Operations |  |  |  |
Accounts receivable, net |  | $ | 120 |  |  | $ | 67,350 |
Prepaid expenses and other current assets |  | 168 |  |  | 82 |
Total assets of discontinued operations |  | $ | 288 |  |  | $ | 67,432 |
Liabilities of Discontinued Operations |  |  |  |
Accounts payable |  | $ | 578 |  |  | $ | 48,454 |
Accrued expenses and other payables |  | 66 |  |  | 4,295 |
Total liabilities of discontinued operations |  | $ | 644 |  |  | $ | 52,749 |
The following table summarizes the results of operations from discontinued operations related to our refined products and biodiesel businesses for the periods indicated:
|  | Three Months Ended June 30,
|  | 2025 |  | 2024
|  | (in thousands)
Revenues |  | $ | 148,086 |  |  | $ | 628,025 |
Cost of sales |  | 146,597 |  |  | 633,903 |
Operating expenses |  | 462 |  |  | 1,145 |
General and administrative expenses |  | 16 |  |  | 50 |
Depreciation and amortization |  | — |  |  | 55 |
Gain on disposal or impairment of assets, net |  | (38,373) |  |  | — |
Operating income (loss) from discontinued operations |  | 39,384 |  |  | (7,128) |
Interest expense |  | (5) |  |  | — |
Other income, net |  | — |  |  | 3 |
Income (loss) from discontinued operations before taxes |  | 39,379 |  |  | (7,125) |
Income tax expense |  | — |  |  | (3) |
Income (loss) from discontinued operations, net of tax |  | $ | 39,379 |  |  | $ | (7,128) |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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