Intangible Assets

6 Months Ended

Sep. 30, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible Assets

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

		September 30, 2025						March 31, 2025
Description	Weighted- Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
	(in years)	(in thousands)
Customer relationships	17.6	$	857,903	$	(284,776)	$	573,127	$	857,903	$	(264,675)	$	593,228
Customer commitments	18.8	192,000		(48,000)		144,000		192,000		(44,160)		147,840
Rights-of-way and easements	28.2	100,167		(23,441)		76,726		99,964		(21,645)		78,319
Debt issuance costs (1)	3.4	22,323		(7,029)		15,294		21,841		(4,748)		17,093
Executory contracts and other agreements	23.0	19,505		(4,137)		15,368		19,973		(5,106)		14,867
Total		$	1,191,898	$	(367,383)	$	824,515	$	1,191,681	$	(340,334)	$	851,347

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

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).

Amortization expense is as follows for the periods indicated:

	Three Months Ended September 30,				Six Months Ended September 30,
Recorded In	2025		2024		2025		2024
	(in thousands)
Depreciation and amortization	$	13,295	$	13,854	$	26,463	$	28,099
Cost of sales - product	—		37		—		37
Interest expense	1,146		990		2,281		1,936
Operating expenses	61		61		123		123
Total	$	14,502	$	14,942	$	28,867	$	30,195

Amounts in the table above do not include amortization expense related to our refined products and biodiesel businesses, as these amounts have been classified within discontinued operations within our unaudited condensed consolidated statements of operations (see Note 16).

The following table summarizes expected amortization of our intangible assets at September 30, 2025 (in thousands):

Year Ending March 31,
2026 (six months)	$	28,663
2027	56,879
2028	54,552
2029	51,708
2030	44,337
2031	43,608
Thereafter	544,768
Total	$	824,515