Intangible Assets

12 Months Ended

Mar. 31, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

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


	Weighted-
	Average	March 31, 2022						March 31, 2021
Description	Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
	(in years)	(in thousands)
Amortizable:
Customer relationships	19.4	$	1,200,919	$	(436,837)	$	764,082	$	1,318,638	$	(450,639)	$	867,999
Customer commitments	22.3	192,000		(21,120)		170,880		192,000		(13,440)		178,560
Pipeline capacity rights	21.7	7,799		(2,167)		5,632		7,799		(1,907)		5,892
Rights-of-way and easements	31.8	91,664		(12,201)		79,463		90,703		(9,270)		81,433
Water rights	17.1	99,869		(20,404)		79,465		100,369		(14,454)		85,915
Executory contracts and other agreements	22.5	20,931		(3,014)		17,917		48,709		(21,300)		27,409
Non-compete agreements	0.6	7,000		(6,487)		513		12,100		(6,102)		5,998
Debt issuance costs (1)	3.9	22,202		(5,055)		17,147		9,558		(406)		9,152
Total amortizable		1,642,384		(507,285)		1,135,099		1,779,876		(517,518)		1,262,358
Non-amortizable:
Trade names		255		—		255		255		—		255
Total		$	1,642,639	$	(507,285)	$	1,135,354	$	1,780,131	$	(517,518)	$	1,262,613

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

Write off of Intangible Assets

For intangible assets other than debt issuance costs, we record (gains) losses from the sales of intangible assets and any write-downs in value due to impairment within loss on disposal or impairment of assets, net in our consolidated statement of operations. We record the write-off of debt issuance costs within gain (loss) on early extinguishment of liabilities, net in our consolidated statement of operations.

During the year ended March 31, 2022, we recorded the following:

•A gain of $1.6 million related to the sale of certain intangible assets in our Water Solutions segment.

•A loss of $0.1 million from the write-off of debt issuance costs related to the Sawtooth credit agreement which was paid off and terminated prior to us selling our ownership interest in Sawtooth (see Note 17).

During the year ended March 31, 2021, we recorded the following:

•An impairment charge of $145.8 million against the customer commitment intangible asset related to a transportation contract with Extraction that was rejected as part of Extraction’s bankruptcy. See Note 17 for a further discussion of Extraction’s bankruptcy and the impairment of the intangible asset.

•An impairment charge of $39.2 million to write down the value of a customer relationship intangible asset as part of the write down in value of a larger asset group (see Note 4).

•A $4.5 million write off of the debt issuance costs related to a former revolving credit facility which was repaid and terminated on February 4, 2021 (see Note 7).

•An impairment charge of $2.5 million to write down the value of the trade name as part of the write down of a larger asset group (see Note 4).

Amortization expense is as follows for the periods indicated:


	Year Ended March 31,
Recorded In	2022		2021		2020
	(in thousands)
Depreciation and amortization	$	84,937	$	127,023	$	132,521
Cost of sales	281		307		349
Interest expense	4,779		5,572		5,462
Operating expenses	247		247		286
Total	$	90,244	$	133,149	$	138,618

Amounts in the table above do not include amortization expense related to TPSL, as these amounts have been classified as discontinued operations within our consolidated statement of operations for the year ended March 31, 2020 (see Note 18).

The following table summarizes expected amortization of our intangible assets at March 31, 2022 (in thousands):


Year Ending March 31,
2023	$	82,380
2024	75,663
2025	67,445
2026	64,639
2027	60,233
Thereafter	784,739
Total	$	1,135,099