Significant Accounting Policies (Tables)

3 Months Ended

Jun. 30, 2026

The following table presents income tax benefit for the periods indicated:


	Three Months Ended June 30,
	2026		2025
	(in thousands)
Current income tax expense:

State	$	45	$	311
Foreign	—		35
Total	45		346
Deferred income tax benefit:
Federal	(344)		(528)

Total	(344)		(528)
Income tax benefit	$	(299)	$	(182)

Schedule of inventories

Inventories consist of the following at the dates indicated:


	June 30, 2026		March 31, 2026
	(in thousands)
Butane	$	24,473	$	26,200
Crude oil	24,274		25,173
Propane	10,911		7,320
Other	8,014		8,658
Total	$	67,672	$	67,351

Schedule of other noncurrent assets

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


	June 30, 2026		March 31, 2026
	(in thousands)
Costs to obtain contracts with customers (1)	$	21,893	$	27,183
Other	8,864		12,717
Total	$	30,757	$	39,900

(1) Represents the noncurrent portion of costs to obtain contracts with customers. At June 30, 2026 and March 31, 2026, the costs to obtain contracts with customers was $26.1 million and $27.2 million, respectively, of which $4.2 million is recorded within prepaid expenses and other current assets in our consolidated balance sheet at June 30, 2026.

Schedule of accrued expenses and other payables

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


	June 30, 2026		March 31, 2026
	(in thousands)
Accrued interest	$	28,453	$	27,265
Accrued compensation and benefits	26,449		75,243
Distributions payable	18,806		18,753
Derivative liabilities	9,924		31,619
Excise and other tax liabilities	7,971		13,750
Other	36,562		17,554
Total	$	128,165	$	184,184

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:


	June 30, 2026		March 31, 2026
	(in thousands)
Cash and cash equivalents	$	46	$	96
Accounts receivable, net	20		—
Accounts receivable-affiliates	526		312
Prepaid expenses and other current assets	259		281
Property, plant and equipment, net	15,507		15,527
Accounts payable	(13)		(45)
Accrued expenses and other payables	(174)		(225)
Current maturities of long-term debt	(1,997)		(1,957)
Long-term debt, net	(7,355)		(7,867)
Redeemable noncontrolling interests	(598)		(559)
Partnership's equity in VIEs	$	6,221	$	5,563

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, 2026	$	559
Contributions from redeemable noncontrolling interest owners	67
Net loss from continuing operations attributable to redeemable noncontrolling interests	(28)

Redeemable noncontrolling interests at June 30, 2026	$	598

Schedule of contingent consideration liabilities

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


Contingent consideration liabilities at March 31, 2026 (1)	$	18,000
Liabilities settled	(625)

Contingent consideration liabilities at June 30, 2026 (2)	$	17,375

(1) Includes $2.2 million which is recorded within accrued expenses and other payables and $15.8 million which is recorded within other noncurrent liabilities in our March 31, 2026 consolidated balance sheet.

(2) Includes $2.2 million which is recorded within accrued expenses and other payables and $15.2 million which is recorded within other noncurrent liabilities in our June 30, 2026 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.

+ References + Details