Fair Value of Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of estimated fair value measurements of assets and liabilities

The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our derivative assets and liabilities reported in our consolidated balance sheets at the dates indicated:

	March 31, 2024				March 31, 2023
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Level 1 measurements	$	4,798	$	(7,517)	$	63,553	$	(6,043)
Level 2 measurements	54,040		(37,345)		25,128		(15,827)
	58,838		(44,862)		88,681		(21,870)
Netting of counterparty contracts (1)	(4,798)		4,798		(6,670)		6,670
Net cash collateral provided (held)	630		2,719		(47,686)		(114)
Derivatives	$	54,670	$	(37,345)	$	34,325	$	(15,314)

(1)    Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase normal sale transactions are not subject to such master 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 derivative assets and liabilities in our consolidated balance sheets at the dates indicated:

	March 31,
	2024		2023
	(in thousands)
Prepaid expenses and other current assets	$	54,670	$	33,875
Other noncurrent assets	—		450
Accrued expenses and other payables	(36,679)		(14,752)
Other noncurrent liabilities	(666)		(562)
Net derivative asset	$	17,325	$	19,011

Schedule of open commodity derivative contract positions

The following table summarizes our open 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 March 31, 2024:
Crude oil fixed-price (1)	April 2024–March 2025	(174)	$	(3,000)
Propane fixed-price (1)	April 2024–April 2025	6,980	1,870
Refined products fixed-price (1)	April 2024–December 2024	(244)	518
Butane fixed-price (1)	April 2024–March 2025	(982)	(2,222)
Variable-to-fixed interest rate swap (2)	April 2024–April 2026		515
Other	April 2024–March 2025		16,295
			13,976
Net cash collateral provided			3,349
Net derivative asset			$	17,325
At March 31, 2023:
Crude oil fixed-price (1)	April 2023–March 2024	1,069	$	52,613
Propane fixed-price (1)	April 2023–March 2025	(320)	(4,047)
Refined products fixed-price (1)	April 2023–July 2024	(429)	4,468
Butane fixed-price (1)	April 2023–March 2024	(830)	3,485
Other	April 2023–September 2024		10,292
			66,811
Net cash collateral held			(47,800)
Net derivative asset			$	19,011

(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.

(2)    In March 2024, we entered into a $200.0 million interest rate swap to reduce the variability of cash outflows associated with our floating-rate, SOFR-based borrowings, including borrowings on the Term Loan B. Under this arrangement, we pay a fixed interest rate of 4.32% in exchange for SOFR-based variable interest through April 2026. The change in the fair value of the interest rate swap is recorded as a net gain or loss within interest expense in our consolidated statement of operations. There was $0.5 million of unrealized gains on our interest rate swap as of March 31, 2024.

Schedule of net losses from commodity derivatives

The following table summarizes the net losses 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,
2024	$	(1,562)
2023	$	(5,383)
2022	$	(116,556)

Schedule of fair value estimates of fixed-rate notes

The following table provides fair values estimates of our fixed-rate notes at March 31, 2024 (in thousands):

2029 Senior Secured Notes	$	921,375
2032 Senior Secured Notes	$	1,332,500