XML 34 R22.htm IDEA: XBRL DOCUMENT v3.25.3
Assets and Liabilities Held for Sale and Discontinued Operations
 6 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Assets and Liabilities Held for Sale and Discontinued Operations Assets and Liabilities Held for Sale and Discontinued Operations
As discussed in Note 1, at March 31, 2025, we met the criteria for classifying the assets and liabilities of our refined products business and biodiesel business as either held for sale or discontinued operations and the operations of these businesses as discontinued. Also, as discussed in Note 1 and Note 15, at March 31, 2025, we met the criteria for classifying a portion of our Liquids Logistics segment, certain railcars and certain investments in unconsolidated entities and related assets as held for sale. Upon classification as held for sale, we recorded a loss of $8.0 million to write down certain investments in unconsolidated entities and related assets to fair value less cost to sell within loss on disposal or impairment of assets, net in our consolidated statement of operations for the year ended March 31, 2025, and a valuation allowance included in assets held for sale in our March 31, 2025 consolidated balance sheet.

The following table summarizes the major classes of assets and liabilities classified as held for sale by segment at the date indicated:
March 31, 2025
Water SolutionsCrude Oil LogisticsLiquids LogisticsTotal
(in thousands)
Assets Held for Sale
Cash and cash equivalents$— $— $114 $114 
Accounts receivable, net— — 21,204 21,204 
Inventories— — 20,715 20,715 
Prepaid expenses and other current assets— — 5,098 5,098 
Property, plant and equipment, net412 1,350 51,349 53,111 
Goodwill— — 17,051 17,051 
Intangible assets, net29,557 — 9,718 39,275 
Investments in unconsolidated entities18,221 — 51 18,272 
Operating lease right-of-use assets— — 3,962 3,962 
Other noncurrent assets— 1,237 3,142 4,379 
Valuation allowance on assets held for sale(7,974)— — (7,974)
Total assets held for sale$40,216 $2,587 $132,404 $175,207 
Liabilities Held for Sale
Accounts payable$— $— $32,072 $32,072 
Accrued expenses and other payables— — 4,650 4,650 
Advance payments received from customers— — 259 259 
Operating lease obligations-current— — 1,705 1,705 
Operating lease obligations-noncurrent— — 2,233 2,233 
Other noncurrent liabilities94 — 1,090 1,184 
Total liabilities held for sale$94 $— $42,009 $42,103 
The following table summarizes the major classes of assets and liabilities classified as discontinued operations in our Liquids Logistics segment at the dates indicated:
September 30, 2025March 31, 2025
(in thousands)
Assets of Discontinued Operations
Accounts receivable, net$— $67,350 
Prepaid expenses and other current assets146 82 
Total assets of discontinued operations$146 $67,432 
Liabilities of Discontinued Operations
Accounts payable$40 $48,454 
Accrued expenses and other payables— 4,295 
Total liabilities of discontinued operations$40 $52,749 

The following table summarizes the results of operations from discontinued operations related to our refined products and biodiesel businesses for the periods indicated:
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
(in thousands)
Revenues (1)$(12)$596,203 $148,074 $1,224,228 
Cost of sales (1)(77)598,280 146,520 1,232,183 
Operating expenses39 1,567 501 2,712 
General and administrative expenses (1)(22)62 (6)112 
Depreciation and amortization— 56 — 111 
Loss (gain) on disposal or impairment of assets, net3 — (38,370)— 
Operating income (loss) from discontinued operations45 (3,762)39,429 (10,890)
Interest expense— (224)(5)(224)
Other expense, net(20)(12)(20)(9)
Income (loss) from discontinued operations before taxes25 (3,998)39,404 (11,123)
Income tax expense(16)(104)(16)(107)
Income (loss) from discontinued operations, net of tax$9 $(4,102)$39,388 $(11,230)
(1)    Negative amounts relate to prior period adjustments.