Property, Plant and Equipment (Tables)

9 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of 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).

Schedule of depreciation expense and capitalized interest expense

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

Schedule of (gains) losses from the sales of property, plant and equipment and any write-downs in value due to impairment

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.