Fair Value of Financial Instruments (Tables)

9 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of estimated fair value measurements of assets and liabilities

The following table summarizes the estimated fair values of our commodity derivative assets and liabilities reported in our unaudited condensed consolidated balance sheets at the dates indicated:

	December 31, 2021				March 31, 2021
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Level 1 measurements	$	39,882	$	(13,497)	$	12,312	$	(17,857)
Level 2 measurements	33,588		(20,417)		37,520		(24,474)
	73,470		(33,914)		49,832		(42,331)
Netting of counterparty contracts (1)	(13,550)		13,550		(12,648)		12,648
Net cash collateral (held) provided	(5,755)		—		2,660		5,543
Commodity derivatives	$	54,165	$	(20,364)	$	39,844	$	(24,140)

(1)    Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase normal sale transactions are not subject to such netting arrangements.

Schedule of location of commodity derivative assets and liabilities reported in the unaudited condensed consolidated balance sheets

The following table summarizes the accounts that include our commodity derivative assets and liabilities in our unaudited condensed consolidated balance sheets at the dates indicated:

	December 31, 2021		March 31, 2021
	(in thousands)
Prepaid expenses and other current assets	$	54,165	$	39,844
Accrued expenses and other payables	(20,278)		(21,562)
Other noncurrent liabilities	(86)		(2,578)
Net commodity derivative asset	$	33,801	$	15,704

Schedule of open commodity derivative contract positions

The following table summarizes our open commodity 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, 2021:
Crude oil fixed-price (1)	January 2022–December 2023	(1,030)	$	27,054
Propane fixed-price (1)	January 2022–December 2023	6	6,145
Refined products fixed-price (1)	January 2022–December 2022	(278)	(2,084)
Butane fixed-price (1)	January 2022–December 2023	(446)	(5,273)
Other	January 2022–December 2022		13,714
			39,556
Net cash collateral held			(5,755)
Net commodity derivative asset			$	33,801
At March 31, 2021:
Crude oil fixed-price (1)	April 2021–December 2023	(1,850)	$	(5,414)
Propane fixed-price (1)	April 2021–December 2023	(195)	2,188
Refined products fixed-price (1)	April 2021–January 2022	(503)	1,928
Butane fixed-price (1)	April 2021–March 2022	(753)	(3,764)
Other	April 2021–June 2022		12,563
			7,501
Net cash collateral provided			8,203
Net commodity derivative asset			$	15,704

(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.

Schedule of fair value estimates of fixed-rate notes

The following table provides fair value estimates of our fixed-rate notes at December 31, 2021 (in thousands):

Senior Secured Notes:
2026 Senior Secured Notes	$	2,109,826
Senior Unsecured Notes:
2023 Notes	$	514,734
2025 Notes	$	327,134
2026 Notes	$	285,312