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Fair Value of Financial Instruments (Tables)
12 Months Ended
Mar. 31, 2022
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 consolidated balance sheet at the dates indicated:
March 31, 2022March 31, 2021
Derivative
Assets
Derivative
Liabilities
Derivative
Assets
Derivative
Liabilities
(in thousands)
Level 1 measurements$73,353 $(47,585)$12,312 $(17,857)
Level 2 measurements51,968 (27,372)37,520 (24,474)
125,321 (74,957)49,832 (42,331)
Netting of counterparty contracts (1)(47,585)47,585 (12,648)12,648 
Net cash collateral provided839 — 2,660 5,543 
Commodity derivatives$78,575 $(27,372)$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 consolidated balance sheets
The following table summarizes the accounts that include our commodity derivative assets and liabilities in our consolidated balance sheets at the dates indicated:
March 31,
20222021
(in thousands)
Prepaid expenses and other current assets$78,575 $39,844 
Accrued expenses and other payables(27,108)(21,562)
Other noncurrent liabilities(264)(2,578)
Net commodity derivative asset$51,203 $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.
ContractsSettlement PeriodNet Long
(Short)
Notional Units
(in barrels)
Fair Value
of
Net Assets
(Liabilities)
(in thousands)
At March 31, 2022:
Crude oil fixed-price (1)April 2022–December 2023(1,330)$35,662 
Propane fixed-price (1)April 2022–December 2023184 3,785 
Refined products fixed-price (1)April 2022–December 2022685 (6,063)
Butane fixed-price (1)April 2022–December 2023(268)(1,711)
OtherApril 2022–March 202318,691 
50,364 
Net cash collateral provided839 
Net commodity derivative asset$51,203 
At March 31, 2021:
Crude oil fixed-price (1)April 2021–December 2023(1,850)$(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)
OtherApril 2021–June 202212,563 
7,501 
Net cash collateral provided8,203 
Net commodity derivative asset$15,704 
(1)    We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations.
Schedule of net (losses) gains from commodity derivatives
The following table summarizes the net (losses) gains recorded from our commodity derivatives to revenues and cost of sales in our consolidated statements of operations for the periods indicated (in thousands):
Year Ended March 31,
2022$(116,556)
2021$(83,578)
2020$85,941 

Amounts in the table above do not include net (losses) gains from our commodity derivatives related to Mid-Con, Gas Blending and TPSL as these amounts have been classified as discontinued operations within our consolidated statements of operations for the years ended March 31, 2021 and 2020 (see Note 18).
Schedule of fair value estimates of fixed-rate notes
The following table provides fair values estimates of our fixed-rate notes at March 31, 2022 (in thousands):
Senior Secured Notes:
2026 Senior Secured Notes$2,016,688 
Senior Unsecured Notes:
2023 Notes$455,485 
2025 Notes$329,984 
2026 Notes$290,298