Revenue from Contracts with Customers

9 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customer

Revenue from Contracts with Customers

We recognize revenue for services and products under revenue contracts as our obligations to either perform services or deliver or sell products under the contracts are satisfied. Our revenue contracts in scope under ASC 606 primarily have a single performance obligation and we do not receive material amounts of non-cash consideration. Our costs to obtain or fulfill our revenue contracts were not material as of December 31, 2021.

The majority of our revenue agreements are within scope under ASC 606 and the remainder of our revenue comes from contracts that are accounted for as derivatives under ASC 815 or that contain nonmonetary exchanges or leases and are in scope under Topics 845 and 842, respectively. See Note 10 for a detail of disaggregated revenue. Revenue from contracts

accounted for as derivatives under ASC 815 within our Liquids Logistics segment includes $15.6 million of net gains related to changes in the mark-to-market value of these arrangements recorded during the nine months ended December 31, 2021.

Remaining Performance Obligations

Most of our service contracts are such that we have the right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. Therefore, we are utilizing the practical expedient in ASC 606-10-55-18 under which we recognize revenue in the amount to which we have the right to invoice. Applying this practical expedient, we are not required to disclose the transaction price allocated to remaining performance obligations under these agreements. The following table summarizes the amount and timing of revenue recognition for such contracts at December 31, 2021 (in thousands):

Fiscal Year Ending March 31,
2022 (three months)	$	34,481
2023	104,452
2024	85,386
2025	62,483
2026	17,240
2027	3,727
Thereafter	2,071
Total	$	309,840

Contract Assets and Liabilities

The following tables summarize the balances of our contract assets and liabilities at the dates indicated:

	December 31, 2021		March 31, 2021
	(in thousands)
Accounts receivable from contracts with customers	$	503,351	$	436,682

Contract liabilities balance at March 31, 2021	$	10,896
Payment received and deferred	39,874
Payment recognized in revenue	(26,582)
Disposition of Sawtooth (see Note 15)	(8,234)
Contract liabilities balance at December 31, 2021	$	15,954