v3.25.4

Property, Plant and Equipment | 9 Months Ended
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Dec. 31, 2025
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Property, Plant and Equipment Our property, plant and equipment consists of the following at the dates indicated:
Description |  | Estimated Useful Lives |  | December 31, 2025 |  | March 31, 2025
|  | (in years) |  | (in thousands)
Water treatment facilities and equipment (1) |  | 3 | - | 30 |  | $ | 2,397,317 |  |  | $ | 2,240,919 |
Pipeline and related facilities |  | 30 | - | 40 |  | 266,324 |  |  | 266,324 |
Crude oil tanks and related equipment |  | 2 | - | 30 |  | 230,963 |  |  | 230,174 |
Buildings and leasehold improvements |  | 3 | - | 40 |  | 124,744 |  |  | 124,388 |
Natural gas liquids terminal and storage assets |  | 2 | - | 30 |  | 100,207 |  |  | 99,805 |
Land |  |  |  |  |  | 64,603 |  |  | 64,733 |
Tank bottoms and linefill (2) |  |  |  |  |  | 31,555 |  |  | 30,623 |
Information technology equipment |  | 3 | - | 7 |  | 31,276 |  |  | 31,319 |
Vehicles and railcars (3) |  | 3 | - | 25 |  | 23,496 |  |  | 33,629 |
Other |  | 3 | - | 20 |  | 19,421 |  |  | 19,161 |
Construction in progress |  |  |  |  |  | 42,509 |  |  | 30,354 |
Gross property, plant and equipment |  |  |  |  |  | 3,332,415 |  |  | 3,171,429 |
Accumulated depreciation |  |  |  |  |  | (1,229,618) |  |  | (1,104,582) |
Net property, plant and equipment |  |  |  |  |  | $ | 2,102,797 |  |  | $ | 2,066,847 |
(1) Includes finance leases right-of-use assets of $8.0 million at December 31, 2025. Accumulated amortization related to these finance leases is included within accumulated depreciation. (2) Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost. We recover tank bottoms when the storage tanks are removed from service. Linefill, which represents our portion of the product volume required for the operation of the proportionate share of a pipeline we own, is recorded at historical cost. (3) Includes finance leases right-of-use assets of $0.1 million and $0.1 million at December 31, 2025 and March 31, 2025, respectively. Accumulated amortization related to these finance leases is included within accumulated depreciation. 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). The following table summarizes depreciation expense and capitalized interest expense for the periods indicated:
|  | Three Months Ended December 31, |  | Nine Months Ended December 31,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in thousands)
Depreciation expense |  | $ | 47,718 |  |  | $ | 52,279 |  |  | $ | 151,834 |  |  | $ | 148,219 |
Capitalized interest expense |  | $ | 747 |  |  | $ | 324 |  |  | $ | 977 |  |  | $ | 1,830 |
We record (gains) losses from the sales of property, plant and equipment and any write-downs in value due to impairment within loss on disposal or impairment of assets, net in our unaudited condensed consolidated statements of operations. The following table summarizes (gains) losses on the disposal or impairment of property, plant and equipment by segment for the periods indicated:
|  | Three Months Ended December 31, 2025 |  | Nine Months Ended December 31, 2025
|  | (in thousands)
Water Solutions (1) |  | $ | 5,669 |  |  | $ | 13,540 |
Crude Oil Logistics (2) |  | (2) |  |  | 267 |
Liquids Logistics (3) |  | — |  |  | (13) |
Corporate and Other |  | — |  |  | (2) |
Total |  | $ | 5,667 |  |  | $ | 13,792 |
(1) Amount does not include the net loss recognized on the sale of certain investments in unconsolidated entities and related assets during the nine months ended December 31, 2025 discussed in Note 15. (2) Amount does not include the gain recognized on the sale of certain railcars during the nine months ended December 31, 2025 discussed in Note 15. (3) Amount does not include the net gains recognized on the Wholesale Propane Disposition and the sale of our refined products business during the three months and nine months ended December 31, 2025 discussed in Note 15.

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