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Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2025

Inventories consist of the following at the dates indicated:


	September 30, 2025		March 31, 2025
	(in thousands)
Butane	$	52,856	$	22,674
Crude oil	44,538		23,962
Propane	14,137		11,847
Other	6,472		11,433
Total	$	118,003	$	69,916

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).

Schedule of other noncurrent assets

Other noncurrent assets consist of the following at the dates indicated:


	September 30, 2025		March 31, 2025
	(in thousands)
Linefill (1)	$	5,240	$	5,240
Loan receivable (2)	—		3,089
Other	10,254		11,646
Total	$	15,494	$	19,975

(1) Represents minimum volumes of product we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At September 30, 2025 and March 31, 2025, linefill consisted of 95,877 and 90,881 barrels of crude oil, respectively. Linefill held in pipelines we own is included within property, plant and equipment (see Note 4).

(2) Represents the noncurrent portion of loan receivables, net of allowances for expected credit losses, primarily related to the sale of certain saltwater disposal assets. At September 30, 2025 and March 31, 2025, the loan receivable balance (which includes interest receivable) was $3.6 million and $6.1 million, respectively, of which $3.6 million and $3.0 million, respectively, are recorded within prepaid expenses and other current assets in our unaudited condensed consolidated balance sheets.

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).

Schedule of accrued expenses and other payables

Accrued expenses and other payables consist of the following at the dates indicated:


	September 30, 2025		March 31, 2025
	(in thousands)
Distributions payable	$	26,136	$	29,845
Accrued interest	24,761		25,308
Accrued compensation and benefits	21,400		45,081
Excise and other tax liabilities	15,364		13,100
Derivative liabilities	1,848		6,427
Other	37,105		15,472
Total	$	126,614	$	135,233

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

Schedule of variable interest entities

The following table summarizes the balances related to the VIEs that are consolidated in our unaudited condensed consolidated balance sheets at the dates indicated (excluding intercompany eliminations at the time of consolidation) as well as our equity in the VIEs:


	September 30, 2025		March 31, 2025
	(in thousands)
Cash and cash equivalents	$	101	$	14
Accounts receivable-affiliates	237		135
Prepaid expenses and other current assets	274		108
Property, plant and equipment, net	15,757		15,984
Accounts payable	(77)		(24)
Accrued expenses and other payables	(169)		(190)
Current maturities of long-term debt	(1,880)		(1,805)
Long-term debt, net	(8,865)		(9,818)
Redeemable noncontrolling interests	(488)		(424)
Partnership's equity in VIEs	$	4,890	$	3,980

Schedule of redeemable noncontrolling interests

The following table summarizes changes in our redeemable noncontrolling interests in our unaudited condensed consolidated balance sheets (in thousands):


Redeemable noncontrolling interests at March 31, 2025	$	424

Net income from continuing operations attributable to redeemable noncontrolling interests	64

Redeemable noncontrolling interests at September 30, 2025	$	488

Schedule of contingent consideration liabilities

The following table summarizes changes in our contingent consideration liabilities (in thousands):


Contingent consideration liabilities at March 31, 2025 (1)	$	15,797
Liabilities settled	(1,137)

Contingent consideration liabilities at September 30, 2025 (2)	$	14,660

(1) Includes $2.0 million which is recorded within accrued expenses and other payables and $13.8 million which is recorded within other noncurrent liabilities in our March 31, 2025 consolidated balance sheet.

(2) Includes $2.0 million which is recorded within accrued expenses and other payables and $12.7 million which is recorded within other noncurrent liabilities in our September 30, 2025 unaudited condensed consolidated balance sheet.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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