Intangible Assets

9 Months Ended

Dec. 31, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Our intangible assets consist of the following at the dates indicated:


				December 31, 2021						March 31, 2021
Description	Amortizable Lives			Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
	(in years)			(in thousands)
Amortizable:
Customer relationships	5	-	25	$	1,241,463	$	(462,846)	$	778,617	$	1,318,638	$	(450,639)	$	867,999
Customer commitments	25			192,000		(19,200)		172,800		192,000		(13,440)		178,560
Pipeline capacity rights	30			7,799		(2,101)		5,698		7,799		(1,907)		5,892
Rights-of-way and easements	1	-	45	91,535		(11,624)		79,911		90,703		(9,270)		81,433
Water rights	13	-	30	100,369		(19,017)		81,352		100,369		(14,454)		85,915
Executory contracts and other agreements	1	-	35	36,249		(21,436)		14,813		48,709		(21,300)		27,409
Non-compete agreements	4	-	5	7,000		(6,063)		937		12,100		(6,102)		5,998
Debt issuance costs (1)	5			21,749		(3,934)		17,815		9,558		(406)		9,152
Total amortizable				1,698,164		(546,221)		1,151,943		1,779,876		(517,518)		1,262,358
Non-amortizable:

Trade names				255		—		255		255		—		255
Total				$	1,698,419	$	(546,221)	$	1,152,198	$	1,780,131	$	(517,518)	$	1,262,613

(1) Includes debt issuance costs related to the ABL Facility (as defined herein) and the Sawtooth (as defined herein) credit agreement. Debt issuance costs related to the fixed-rate notes are reported as a reduction of the carrying amount of long-term debt.

On June 18, 2021, the Sawtooth credit agreement was paid off and terminated prior to us selling our ownership interest in Sawtooth (see Note 15). We wrote off $0.1 million of debt issuance costs related to the Sawtooth credit agreement. The loss is reported within gain on early extinguishment of liabilities, net within our unaudited condensed consolidated statement of operations.

The weighted-average remaining amortization period for intangible assets is approximately 20.5 years.

Amortization expense is as follows for the periods indicated:


	Three Months Ended December 31,				Nine Months Ended December 31,
Recorded In	2021		2020		2021		2020
	(in thousands)
Depreciation and amortization	$	20,076	$	33,061	$	65,290	$	104,503
Cost of sales	69		77		213		230
Interest expense	1,283		1,595		3,658		4,687
Operating expenses	62		62		185		185
Total	$	21,490	$	34,795	$	69,346	$	109,605

Expected amortization of our intangible assets is as follows (in thousands):


Fiscal Year Ending March 31,
2022 (three months)	$	20,680
2023	81,315
2024	74,975
2025	67,405
2026	64,502
2027	60,185
Thereafter	782,881
Total	$	1,151,943