Property, Plant and Equipment

12 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

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


	Estimated			March 31,
Description	Useful Lives			2026		2025
	(in years)			(in thousands)
Water treatment facilities and equipment (1)	2	-	30	$	2,418,731	$	2,240,919
Pipeline and related facilities	30	-	40	266,324		266,324
Crude oil tanks and related equipment	2	-	30	234,217		230,174
Buildings and leasehold improvements	3	-	40	124,783		124,388
Natural gas liquids terminal and storage assets	2	-	30	100,404		99,805
Land				64,610		64,733
Tank bottoms and linefill (2)				37,551		30,623
Information technology equipment	3	-	7	31,762		31,319
Vehicles and railcars (3)	3	-	25	23,734		33,629
Other	3	-	20	19,360		19,161
Construction in progress				42,557		30,354
Gross property, plant and equipment				3,364,033		3,171,429
Accumulated depreciation				(1,272,286)		(1,104,582)
Net property, plant and equipment				$	2,091,747	$	2,066,847

(1) Includes finance leases right-of-use assets of $8.6 million at March 31, 2026. 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 leases right-of-use assets of $0.2 million and $0.1 million at March 31, 2026 and 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 18).

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


	Year Ended March 31,
	2026		2025		2024
	(in thousands)
Depreciation expense	$	200,174	$	198,859	$	198,542
Capitalized interest expense	$	1,132	$	2,121	$	1,561

Amounts in the table above do not include depreciation expense related to our refined products and biodiesel businesses, as these amounts have been classified within discontinued operations within our consolidated statements of operations (see Note 18).

We record (gains) losses from the sales of property, plant and equipment and any write-downs in value due to impairment within loss on disposal or impairment of assets, net in our 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:


	Year Ended March 31,
	2026		2025		2024
	(in thousands)
Water Solutions (1)	$	18,041	$	9,007	$	38,938
Crude Oil Logistics (2)	267		(335)		2,910
Liquids Logistics (3)	(19)		(628)		(810)
Corporate and Other	(2)		43		(720)
Total	$	18,287	$	8,087	$	40,318

(1) Amount does not include the net loss recognized on the sale of certain investments in unconsolidated entities and related assets during the year ended March 31, 2026 discussed in Note 17. Amount does not include the gain recognized on the sale of certain freshwater water solutions facilities and certain saltwater disposal assets during the year ended March 31, 2025 discussed in Note 17. Amount does not include the loss recognized on the sale of certain saltwater disposal assets during the year ended March 31, 2024 discussed in Note 17.

(2) Amounts do not include the gains recognized on the sale of certain railcars during the years ended March 31, 2026 and 2025 discussed in Note 17.

(3) Amount does not include the net gains recognized on the Wholesale Propane Disposition and the sale of our refined products business during the year ended March 31, 2026 discussed in Note 17. Amount does not include the gain recognized on the sale of our natural gas liquids terminal in Green Bay, Wisconsin during the year ended March 31, 2025 discussed in Note 17. Amount does not include the gain recognized on the sale of three natural gas liquids terminals during the year ended March 31, 2024 discussed in Note 17.

During the year ended March 31, 2026, the following transactions were recorded:

•A net loss of $20.2 million primarily related to writing down the net book value of certain saltwater disposal wells and capital projects due to abandonment and the retirement of certain other assets in our Water Solutions segment.

•A gain of $2.2 million from insurance recoveries for certain saltwater disposal facilities and boosters damaged in a prior period in our Water Solutions segment.

•A net loss of $0.3 million primarily related to the sale or retirement of certain assets in our Crude Oil Logistics segment.

•A net loss of less than $0.1 million primarily related to the sale of certain assets in our Water Solutions segment.

During the year ended March 31, 2025, the following transactions were recorded:

•A net loss of $15.2 million primarily related to writing down the net book value of certain saltwater disposal wells and capital projects due to abandonment and the retirement of certain other assets in our Water Solutions segment.

•A gain of $6.5 million from insurance recoveries for certain saltwater disposal facilities and boosters damaged in a prior period in our Water Solutions segment.

•A gain of $0.6 million primarily related to the sale of certain assets in our Liquids Logistics segment.

•A net loss of $0.4 million primarily related to the sale of certain assets in our Water Solutions segment.

•A gain of $0.3 million primarily related to the retirement or sale of certain assets in our Crude Oil Logistics segment.

During the year ended March 31, 2024, the following transactions were recorded:

•A net loss of $35.9 million primarily related to writing down the net book value of certain saltwater disposal wells and capital projects due to abandonment and the retirement of certain other assets in our Water Solutions segment.

•A net loss of $6.9 million primarily related to the sale of certain assets in our Water Solutions segment.

•A gain of $3.9 million from insurance recoveries for certain saltwater disposal facilities and boosters damaged in a prior period in our Water Solutions segment.

•A loss of $2.9 million related to the retirement or sale of certain assets in our Crude Oil Logistics segment.

•A gain of $0.8 million on the sale of land in our Liquids Logistics segment.

•A gain of $0.7 million on the sale of our airplane in Corporate and Other.