Fair Value of Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2025

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 unaudited condensed consolidated balance sheets at the dates indicated:


	September 30, 2025				March 31, 2025
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Level 1 measurements	$	577	$	(721)	$	67	$	(1,644)
Level 2 measurements	538		(4,178)		22		(8,133)
	1,115		(4,899)		89		(9,777)

Netting of counterparty contracts (1)	(741)		741		(67)		67
Net cash collateral provided	—		143		1,527		1,577
Derivatives	$	374	$	(4,015)	$	1,549	$	(8,133)

(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 derivative assets and liabilities reported in the unaudited condensed consolidated balance sheets

The following table summarizes the accounts that include our derivative assets and liabilities in our unaudited condensed consolidated balance sheets at the dates indicated:


	September 30, 2025		March 31, 2025
	(in thousands)
Prepaid expenses and other current assets	$	—	$	1,549
Other noncurrent assets	374		—
Accrued expenses and other payables	(1,848)		(6,427)
Other noncurrent liabilities	(2,167)		(1,706)
Net derivative liability	$	(3,641)	$	(6,584)

Schedule of open 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 September 30, 2025:
Crude oil fixed-price (1)	October 2025–March 2027	(531)	$	(524)
Propane fixed-price (1)	October 2025–February 2026	373	(74)
Butane fixed-price (1)	October 2025–March 2026	(747)	170
Variable-to-fixed interest rate swaps (2)	October 2025–April 2028		(3,320)
Other	October 2025–March 2026		(36)
			(3,784)
Net cash collateral provided			143
Net derivative liability			$	(3,641)

At March 31, 2025:
Crude oil fixed-price (1)	April 2025–March 2026	59	$	(6,492)
Butane fixed-price (1)	April 2025–March 2026	(1,148)	(482)
Variable-to-fixed interest rate swap (2)	April 2025–April 2028		(2,539)
Other	April 2025–March 2026		(175)
			(9,688)
Net cash collateral provided			3,104
Net derivative liability			$	(6,584)

(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) See further discussion of these instruments in “Interest Rate Risk” below.

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

Schedule of fair value estimates of fixed-rate notes

The following table provides fair value estimates of our fixed-rate notes at September 30, 2025 (in thousands):


2029 Senior Secured Notes	$	922,500
2032 Senior Secured Notes	$	1,313,559