v3.25.4

Intangible Assets | 9 Months Ended
--- | ---
Dec. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
Intangible Assets | Intangible Assets Our intangible assets consist of the following at the dates indicated:
|  |  |  | December 31, 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 |  | 17.4 |  | $ | 857,903 |  |  | $ | (294,826) |  |  | $ | 563,077 |  |  | $ | 857,903 |  |  | $ | (264,675) |  |  | $ | 593,228 |
Customer commitments |  | 18.5 |  | 192,000 |  |  | (49,920) |  |  | 142,080 |  |  | 192,000 |  |  | (44,160) |  |  | 147,840 |
Rights-of-way and easements |  | 25.2 |  | 111,010 |  |  | (25,775) |  |  | 85,235 |  |  | 99,964 |  |  | (21,645) |  |  | 78,319 |
Debt issuance costs (1) |  | 3.2 |  | 22,329 |  |  | (8,176) |  |  | 14,153 |  |  | 21,841 |  |  | (4,748) |  |  | 17,093 |
Executory contracts and other agreements |  | 23.1 |  | 19,906 |  |  | (4,455) |  |  | 15,451 |  |  | 19,973 |  |  | (5,106) |  |  | 14,867 |
Total |  |  |  | $ | 1,203,148 |  |  | $ | (383,152) |  |  | $ | 819,996 |  |  | $ | 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 December 31, |  | Nine Months Ended December 31,
Recorded In |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in thousands)
Depreciation and amortization |  | $ | 14,561 |  |  | $ | 13,960 |  |  | $ | 41,024 |  |  | $ | 42,059 |
Cost of sales - product |  | — |  |  | 110 |  |  | — |  |  | 147 |
Interest expense |  | 1,147 |  |  | 1,092 |  |  | 3,428 |  |  | 3,028 |
Operating expenses |  | 62 |  |  | 62 |  |  | 185 |  |  | 185 |
Total |  | $ | 15,770 |  |  | $ | 15,224 |  |  | $ | 44,637 |  |  | $ | 45,419 |
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 December 31, 2025 (in thousands):
Year Ending March 31, |
2026 (three months) | $ | 15,943 |
2027 | 63,370 |
2028 | 55,169 |
2029 | 51,791 |
2030 | 44,534 |
2031 | 43,769 |
Thereafter | 545,420 |
Total | $ | 819,996 |

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