v3.25.4

Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of estimated fair value measurements of assets and liabilities | The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our derivative assets and liabilities reported in our unaudited condensed consolidated balance sheets at the dates indicated:
|  | December 31, 2025 |  | March 31, 2025
|  | Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
|  | (in thousands)
Level 1 measurements |  | $ | 1,574 |  |  | $ | (633) |  |  | $ | 67 |  |  | $ | (1,644) |
Level 2 measurements |  | 3,667 |  |  | (5,038) |  |  | 22 |  |  | (8,133) |
|  | 5,241 |  |  | (5,671) |  |  | 89 |  |  | (9,777) |
Netting of counterparty contracts (1) |  | (633) |  |  | 633 |  |  | (67) |  |  | 67 |
Net cash collateral provided |  | — |  |  | — |  |  | 1,527 |  |  | 1,577 |
Derivatives |  | $ | 4,608 |  |  | $ | (5,038) |  |  | $ | 1,549 |  |  | $ | (8,133) |
(1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase or normal sale transactions are not subject to such master netting arrangements.
Schedule of location of derivative assets and liabilities reported in the unaudited condensed consolidated balance sheets | The following table summarizes the accounts that include our derivative assets and liabilities in our unaudited condensed consolidated balance sheets at the dates indicated:
|  | December 31, 2025 |  | March 31, 2025
|  | (in thousands)
Prepaid expenses and other current assets |  | $ | 3,984 |  |  | $ | 1,549 |
Other noncurrent assets |  | 624 |  |  | — |
Accrued expenses and other payables |  | (3,281) |  |  | (6,427) |
Other noncurrent liabilities |  | (1,757) |  |  | (1,706) |
Net derivative liability |  | $ | (430) |  |  | $ | (6,584) |
Schedule of open derivative contract positions | The following table summarizes our open derivative contract positions at the dates indicated. We do not account for these derivatives as hedges.
Contracts |  | Settlement Period |  | Net Long (Short) Notional Units (in barrels) |  | Fair Value of Net Assets (Liabilities)
|  |  |  | (in thousands)
At December 31, 2025: |  |  |  |  |  |
Crude oil fixed-price (1) |  | January 2026–March 2027 |  | (540) |  |  | $ | 2,675 |
Propane fixed-price (1) |  | January 2026–March 2027 |  | 636 |  |  | (1,864) |
Butane fixed-price (1) |  | January 2026–December 2026 |  | (213) |  |  | 1,283 |
Variable-to-fixed interest rate swaps (2) |  | January 2026–April 2028 |  |  |  | (2,982) |
Other |  | January 2026–March 2026 |  |  |  | 458 |
|  |  |  |  |  | (430) |
Net cash collateral provided |  |  |  |  |  | — |
Net derivative liability |  |  |  |  |  | $ | (430) |
At March 31, 2025: |  |  |  |  |  |
Crude oil fixed-price (1) |  | April 2025–March 2026 |  | 59 |  |  | $ | (6,492) |
Butane fixed-price (1) |  | April 2025–March 2026 |  | (1,148) |  |  | (482) |
Variable-to-fixed interest rate swap (2) |  | April 2025–April 2028 |  |  |  | (2,539) |
Other |  | April 2025–March 2026 |  |  |  | (175) |
|  |  |  |  |  | (9,688) |
Net cash collateral provided |  |  |  |  |  | 3,104 |
Net derivative liability |  |  |  |  |  | $ | (6,584) |
(1) We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations. (2) See further discussion of these instruments in “Interest Rate Risk” below. Amounts in the tables above do not include assets and liabilities classified as either held for sale or discontinued operations within our March 31, 2025 consolidated balance sheet (see Note 16).
Schedule of fair value estimates of fixed-rate notes | The following table provides fair value estimates of our fixed-rate notes at December 31, 2025 (in thousands):
2029 Senior Secured Notes |  | $ | 931,875 |
2032 Senior Secured Notes |  | $ | 1,325,835 |

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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