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Intangible Assets

3 Months Ended

Jun. 30, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible Assets

Our intangible assets consist of the following at the dates indicated:

												June 30, 2025																		March 31, 2025
Description						Weighted- Average Remaining Useful Life						Gross Carrying Amount						Accumulated Amortization						Net						Gross Carrying Amount						Accumulated Amortization						Net
						(in years)						(in thousands)
Customer relationships						17.7						$	857,903					$	(274,725)					$	583,178					$	857,903					$	(264,675)					$	593,228
Customer commitments						19.0						192,000						(46,080)						145,920						192,000						(44,160)						147,840
Rights-of-way and easements						28.4						100,181						(22,563)						77,618						99,964						(21,645)						78,319
Debt issuance costs (1)						3.7						22,146						(5,883)						16,263						21,841						(4,748)						17,093
Executory contracts and other agreements						22.7						20,971						(5,448)						15,523						19,973						(5,106)						14,867
Total												$	1,193,201					$	(354,699)					$	838,502					$	1,191,681					$	(340,334)					$	851,347

(1)    Includes debt issuance costs related to the ABL Facility (as defined herein). Debt issuance costs related to the fixed-rate notes and Term Loan B (as defined herein) are reported as a reduction of the carrying amount of long-term debt.

Amounts in the table above do not include assets classified as either held for sale or discontinued operations within our March 31, 2025 consolidated balance sheet (see Note 16).

Amortization expense is as follows for the periods indicated:

						Three Months Ended June 30,
Recorded In						2025						2024
						(in thousands)
Depreciation and amortization						$	13,168					$	14,245
Interest expense						1,135						946
Operating expenses						62						62
Total						$	14,365					$	15,253

Amounts in the table above do not include amortization expense 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).

The following table summarizes expected amortization of our intangible assets at June 30, 2025 (in thousands):

Year Ending March 31,
2026 (nine months)			$	42,940
2027			56,936
2028			54,568
2029			51,655
2030			44,324
2031			43,595
Thereafter			544,484
Total			$	838,502

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- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/985-20/tableOfContent

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- References

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