v3.25.4
Leases
 9 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lessee, Operating Leases Leases
Lessee Accounting

Our leasing activity primarily consists of product storage, office space, real estate, railcars, and equipment.

The following table summarizes the components of our lease cost for the periods indicated:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
(in thousands)
Operating lease cost (1)$10,765 $10,816 $30,502 $31,505 
Variable lease cost (1)13,270 8,744 31,933 28,306 
Short-term lease cost (1)121 250 404 1,543 
Finance lease cost
Amortization of right-of-use asset (2)260 1 540 4 
Interest on lease obligation (3)152 2 341 7 
Total lease cost$24,568 $19,813 $63,720 $61,365 
(1)    Included in operating expenses in our unaudited condensed consolidated statements of operations.
(2)    Included in depreciation and amortization expense in our unaudited condensed consolidated statements of operations.
(3)    Included in interest expense in our unaudited condensed consolidated statements of operations.

Amounts in the table above do not include lease costs 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 16).

The following table summarizes maturities of our lease obligations at December 31, 2025 (in thousands):
OperatingFinance
Year Ending March 31,LeasesLeases (1)
2026 (three months)$10,704 $750 
202740,289 2,998 
202836,680 2,998 
202924,460 1,373 
203014,042 192 
20314,834 — 
Thereafter19,896 — 
Total lease payments150,905 8,311 
Less imputed interest(28,964)(888)
Total lease obligations$121,941 $7,423 
(1)    At December 31, 2025, the short-term finance lease obligation of $2.6 million is included in accrued expenses and other payables and the long-term finance lease obligation of $4.8 million is included in other noncurrent liabilities in our unaudited condensed consolidated balance sheet.
The following table summarizes supplemental cash flow information related to our leases for the periods indicated:
Nine Months Ended December 31,
20252024
(in thousands)
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease obligations
Operating cash outflows from operating leases$31,304 $31,922 
Operating cash outflows from finance leases$295 $7 
Financing cash outflows from finance leases$944 $14 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$34,017 $42,143 
Finance leases$8,141 $— 

Amounts in the table above do not include operating cash outflows from operating leases 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).

Lessor Accounting and Subleases

Our lessor arrangements include storage and railcar contracts. We also, from time to time, sublease certain of our storage capacity and railcars to third-parties. Fixed rental revenue is recognized on a straight-line basis over the lease term. During the three months ended December 31, 2025 and 2024, fixed rental revenue was $3.5 million, including $1.2 million of sublease revenue, and $4.3 million, including $1.2 million of sublease revenue, respectively. During the nine months ended December 31, 2025 and 2024, fixed rental revenue was $9.9 million, including $3.1 million of sublease revenue, and $12.0 million, including $2.8 million of sublease revenue, respectively.

The following table summarizes future minimum lease payments to be received under various noncancelable operating lease agreements at December 31, 2025 (in thousands):
Year Ending March 31,
2026 (three months)$3,133 
202711,240 
20288,114 
20293,601 
20301,808 
20311,816 
Thereafter2,611 
Total$32,323