Property, Plant and Equipment

6 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Our property, plant and equipment consists of the following at the dates indicated:

Description	Estimated Useful Lives			September 30, 2025		March 31, 2025
	(in years)			(in thousands)
Water treatment facilities and equipment (1)	3	-	30	$	2,266,185	$	2,240,919
Pipeline and related facilities	30	-	40	266,324		266,324
Crude oil tanks and related equipment	2	-	30	230,784		230,174
Buildings and leasehold improvements	3	-	40	124,562		124,388
Natural gas liquids terminal and storage assets	2	-	30	100,137		99,805
Land				64,603		64,733
Tank bottoms and linefill (2)				31,555		30,623
Information technology equipment	3	-	7	30,970		31,319
Vehicles and railcars (3)	3	-	25	22,763		33,629
Other	3	-	20	19,269		19,161
Construction in progress				62,310		30,354
Gross property, plant and equipment				3,219,462		3,171,429
Accumulated depreciation				(1,185,359)		(1,104,582)
Net property, plant and equipment				$	2,034,103	$	2,066,847

(1)    Includes finance lease right-of-use assets of $5.8 million at September 30, 2025. Accumulated amortization related to these finance leases is included within accumulated depreciation.

(2)    Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost. We recover tank bottoms when the storage tanks are removed from service. Linefill, which represents our portion of the product volume required for the operation of the proportionate share of a pipeline we own, is recorded at historical cost.

(3)    Includes finance lease right-of-use assets of $0.1 million and $0.1 million at September 30, 2025 and March 31, 2025, respectively. Accumulated amortization related to these finance leases is included within accumulated depreciation.

Amounts in the table above do not include assets classified as either held for sale or discontinued operations within our March 31, 2025 consolidated balance sheet (see Note 16).

The following table summarizes depreciation expense and capitalized interest expense for the periods indicated:

	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Depreciation expense	$	50,699	$	48,021	$	104,116	$	95,940
Capitalized interest expense	$	146	$	963	$	230	$	1,506

We record (gains) losses from the sales of property, plant and equipment and any write-downs in value due to impairment within loss (gain) on disposal or impairment of assets, net in our unaudited condensed consolidated statements of operations. The following table summarizes (gains) losses on the disposal or impairment of property, plant and equipment by segment for the periods indicated:

	Three Months Ended September 30, 2025		Six Months Ended September 30, 2025
	(in thousands)
Water Solutions (1)	$	6,377	$	7,871
Crude Oil Logistics (2)	(10)		(13)
Liquids Logistics (3)	—		(13)
Corporate and Other	(1)		(2)
Total	$	6,366	$	7,843

(1)    Amount does not include the net loss recognized on the sale of certain investments in unconsolidated entities and related assets during the three months and six months ended September 30, 2025 discussed in Note 15.

(2)    Amount does not include the gain recognized on the sale of certain railcars during the three months and six months ended September 30, 2025 discussed in Note 15.

(3)    Amount does not include the net gains recognized on the Wholesale Propane Disposition and the sale of our refined products business during the three months and six months ended September 30, 2025 discussed in Note 15.