XML 49 R32.htm IDEA: XBRL DOCUMENT
v3.26.1

Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2026
Accounting Policies [Abstract] |
Schedule of income tax (benefit) expense | The following table presents income tax (benefit) expense for the periods indicated:
|  | Year Ended March 31,
|  | 2026 |  | 2025 |  | 2024
|  | (in thousands)
Current income tax expense (benefit): |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | 501 |  |  | $ | (106) |
State |  | 920 |  |  | 1,276 |  |  | 1,934 |
Foreign |  | 260 |  |  | 410 |  |  | 830 |
Total |  | 1,180 |  |  | 2,187 |  |  | 2,658 |
Deferred income tax benefit: |  |  |  |  |  |
Federal |  | (1,456) |  |  | (7,070) |  |  | (1,080) |
State |  | — |  |  | (2) |  |  | (120) |
Total |  | (1,456) |  |  | (7,072) |  |  | (1,200) |
Income tax (benefit) expense |  | $ | (276) |  |  | $ | (4,885) |  |  | $ | 1,458 |
Amounts in the table above do not include income tax (benefit) expense 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 18).
Schedule of income taxes paid (net of income tax refunds) | The following table presents income taxes paid (net of income tax refunds) for the periods indicated:
|  | Year Ended March 31,
|  | 2026 |  | 2025 |  | 2024
|  | (in thousands)
Federal |  | $ | 1,893 |  |  | $ | 1,420 |  |  | $ | 1,119 |
State |  | 925 |  |  | 4,343 |  |  | 1,265 |
Foreign |  | 431 |  |  | 410 |  |  | 829 |
Total |  | $ | 3,249 |  |  | $ | 6,173 |  |  | $ | 3,213 |
Amounts in the table above do not include income taxes paid (net of income tax refunds) related to our refined products and biodiesel businesses, as these amounts have been classified within discontinued operations within our consolidated statements of cash flows. The following table presents income taxes paid (net of income tax refunds) which exceeded five percent of total income taxes paid (net of income tax refunds) in the following jurisdictions for the periods indicated:
|  | Year Ended March 31,
|  | 2026 |  | 2025 |  | 2024
|  | (in thousands)
State |  |  |  |  |  |
Texas |  | $ | 675 |  |  | $ | 977 |  |  | $ | 560 |
New Mexico |  | * |  | * |  | $ | 206 |
Foreign |  |  |  |  |  |
Canada |  | $ | 431 |  |  | $ | 410 |  |  | $ | 829 |
* Jurisdiction is below the five percent disaggregation threshold for the period presented.
Schedule of inventories | Inventories consist of the following at the dates indicated:
|  | March 31,
|  | 2026 |  | 2025
|  | (in thousands)
Butane |  | $ | 26,200 |  |  | $ | 22,674 |
Crude oil |  | 25,173 |  |  | 23,962 |
Propane |  | 7,320 |  |  | 11,847 |
Other |  | 8,658 |  |  | 11,433 |
Total |  | $ | 67,351 |  |  | $ | 69,916 |
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 18).
Schedule of other noncurrent assets | Other noncurrent assets consist of the following at the dates indicated:
|  | March 31,
|  | 2026 |  | 2025
|  | (in thousands)
Linefill (1) |  | $ | 284 |  |  | $ | 5,240 |
Loan receivable (2) |  | — |  |  | 3,089 |
Other (3) |  | 39,616 |  |  | 11,646 |
Total |  | $ | 39,900 |  |  | $ | 19,975 |
(1) Represents minimum volumes of product we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At March 31, 2026 and 2025, linefill consisted of 6,981 and 90,881 barrels of crude oil, respectively. Linefill held in pipelines we own is included within property, plant and equipment (see Note 4). (2) Represents the noncurrent portion of loan receivables, net of allowances for expected credit losses, primarily related to the sale of certain saltwater disposal assets (see Note 17). At March 31, 2026 and 2025, the loan receivable balance (which includes interest receivable) was $3.3 million and $6.1 million, respectively, of which $3.3 million and $3.0 million, respectively, are recorded within prepaid expenses and other current assets in our consolidated balance sheets. (3) At March 31, 2026 and 2025, other consisted of $27.2 million and $2.9 million, respectively, of capitalized costs to obtain contracts with customers. 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 18).
Schedule of accrued expenses and other payables | Accrued expenses and other payables consist of the following at the dates indicated:
|  | March 31,
|  | 2026 |  | 2025
|  | (in thousands)
Accrued compensation and benefits |  | $ | 75,243 |  |  | $ | 45,081 |
Derivative liabilities |  | 31,619 |  |  | 6,427 |
Accrued interest |  | 27,265 |  |  | 25,308 |
Distributions payable |  | 18,753 |  |  | 29,845 |
Excise and other tax liabilities |  | 13,750 |  |  | 13,100 |
Other |  | 17,554 |  |  | 15,472 |
Total |  | $ | 184,184 |  |  | $ | 135,233 |
Amounts in the table above do not include liabilities classified as either held for sale or discontinued operations within our March 31, 2025 consolidated balance sheet (see Note 18).
Schedule of variable interest entities | The following table summarizes the balances related to the VIEs that are consolidated in our consolidated balance sheets at the dates indicated (excluding intercompany eliminations at the time of consolidation) as well as our equity in the VIEs:
|  | March 31,
|  | 2026 |  | 2025
|  | (in thousands)
Cash and cash equivalents |  | $ | 96 |  |  | $ | 14 |
Accounts receivable-affiliates |  | 312 |  |  | 135 |
Prepaid expenses and other current assets |  | 281 |  |  | 108 |
Property, plant and equipment, net |  | 15,527 |  |  | 15,984 |
Accounts payable |  | (45) |  |  | (24) |
Accrued expenses and other payables |  | (225) |  |  | (190) |
Current maturities of long-term debt |  | (1,957) |  |  | (1,805) |
Long-term debt, net |  | (7,867) |  |  | (9,818) |
Redeemable noncontrolling interest |  | (559) |  |  | (424) |
Partnership's equity in VIEs |  | $ | 5,563 |  |  | $ | 3,980 |
Schedule of redeemable noncontrolling interest | The following table summarizes changes in our redeemable noncontrolling interest in our consolidated balance sheets (in thousands):
Redeemable noncontrolling interests at March 31, 2024 |  | $ | — |
Contributions from redeemable noncontrolling interest owners (Note 17) |  | 378 |
Net income from continuing operations attributable to redeemable noncontrolling interests |  | 46 |
Redeemable noncontrolling interests at March 31, 2025 |  | 424 |
Contributions from redeemable noncontrolling interest owners |  | 379 |
Net loss from continuing operations attributable to redeemable noncontrolling interests |  | (244) |
Redeemable noncontrolling interests at March 31, 2026 |  | $ | 559 |
Schedule of contingent consideration liabilities | The following table summarizes changes in our contingent consideration liabilities (in thousands):
Contingent consideration liabilities at March 31, 2024 |  | $ | 24,810 |
Liabilities settled |  | (2,308) |
Valuation adjustment (1) |  | (6,705) |
Contingent consideration liabilities at March 31, 2025 (2) |  | 15,797 |
Liabilities settled |  | (2,212) |
Valuation adjustment (3) |  | 4,415 |
Contingent consideration liabilities at March 31, 2026 (4) |  | $ | 18,000 |
(1) Decrease due primarily to lower expected produced water volumes from our customers, resulting in a decrease to the expected future royalty payment. (2) Includes $2.0 million which is recorded within accrued expenses and other payables and $13.8 million which is recorded within other noncurrent liabilities in our March 31, 2025 consolidated balance sheet. (3) Increase due primarily to higher expected produced water volumes from our customers, resulting in an increase to the expected future royalty payment. (4) Includes $2.2 million which is recorded within accrued expenses and other payables and $15.8 million which is recorded within other noncurrent liabilities in our March 31, 2026 consolidated balance sheet.

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3A -Subparagraph (24) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A + Details
Name: | us-gaap_RedeemableNoncontrollingInterestTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accrued liabilities. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479581/805-30-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479581/805-30-50-1 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of supplemental cash flow information for the periods presented. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483489/210-10-50-1 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of noncurrent assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(17)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
Name: | us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration