Intangible Assets

12 Months Ended

Mar. 31, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

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


		March 31, 2024						March 31, 2023
Description	Weighted- Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
	(in years)	(in thousands)
Amortizable:
Customer relationships	18.6	$	905,113	$	(265,621)	$	639,492	$	1,196,468	$	(492,002)	$	704,466
Customer commitments	20.3	192,000		(36,480)		155,520		192,000		(28,800)		163,200
Rights-of-way and easements	29.9	95,231		(18,187)		77,044		94,875		(15,138)		79,737
Water rights	25.6	36,068		(5,310)		30,758		99,869		(26,453)		73,416
Debt issuance costs (1)	4.9	18,473		(605)		17,868		25,592		(9,921)		15,671
Executory contracts and other agreements	25.2	17,854		(3,670)		14,184		21,570		(5,037)		16,533
Pipeline capacity rights	19.7	7,799		(2,687)		5,112		7,799		(2,427)		5,372
Non-compete agreements	—	—		—		—		1,100		(1,082)		18
Total amortizable		1,272,538		(332,560)		939,978		1,639,273		(580,860)		1,058,413
Non-amortizable:
Trade names		—				—		255				255
Total		$	1,272,538	$	(332,560)	$	939,978	$	1,639,528	$	(580,860)	$	1,058,668

(1) Includes debt issuance costs related to the ABL Facility. Debt issuance costs related to the fixed-rate notes and Term Loan B are reported as a reduction of the carrying amount of long-term debt.

Amounts in the table above do not include intangible assets and accumulated amortization related to the sale of certain freshwater water solutions facilities and certain saltwater disposal assets, as these amounts have been classified as assets held for sale within our March 31, 2024 consolidated balance sheet (see Note 17).

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 (loss) gain on early extinguishment of liabilities, net in our consolidated statement of operations. Intangible assets sold as part of the dispositions disclosed in Note 17 are not described below.

During the year ended March 31, 2024, we recorded an impairment charge of $0.3 million to write down the value of a trade name in conjunction with the sale of certain saltwater disposal assets in the Pinedale Anticline Basin as we are no longer using the trade name (see Note 17).

During the year ended March 31, 2023, we recorded an impairment charge of $1.6 million against certain intangible assets related to an underperforming crude oil terminal.

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 Caverns, LLC (“Sawtooth”) credit agreement which was paid off and terminated prior to us selling our ownership interest in Sawtooth (see Note 17).

Amortization expense is as follows for the periods indicated:


	Year Ended March 31,
Recorded In	2024		2023		2022
	(in thousands)
Depreciation and amortization	$	67,981	$	77,492	$	84,937
Cost of sales	260		274		281
Interest expense	5,541		4,866		4,779
Operating expenses	247		247		247
Total	$	74,029	$	82,879	$	90,244

The following table summarizes expected amortization of our intangible assets at March 31, 2024 (in thousands):


Year Ending March 31,
2025	$	59,403
2026	58,145
2027	57,464
2028	54,575
2029	52,001
Thereafter	658,390
Total	$	939,978