Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2017

Inventories consist of the following at the dates indicated:



	September 30, 2017		March 31, 2017
	(in thousands)
Crude oil	$	81,969	$	146,857
Natural gas liquids:
Propane	107,364		38,631
Butane	93,257		5,992
Other	9,389		6,035
Refined products:
Gasoline	131,640		193,051
Diesel	90,696		98,237
Renewables:
Ethanol	31,273		42,009
Biodiesel	16,517		21,410
Other	8,628		9,210
Total	$	570,733	$	561,432

Schedule of investments in unconsolidated entities

Our investments in unconsolidated entities consist of the following at the dates indicated:



Entity	Segment	Ownership Interest (1)	Date Acquired or Formed	September 30, 2017		March 31, 2017
				(in thousands)
Glass Mountain Pipeline, LLC (2)	Crude Oil Logistics	50%	December 2013	$	181,982	$	172,098
E Energy Adams, LLC	Refined Products and Renewables	19%	December 2013	14,264		12,952
Water treatment and disposal facility (3)	Water Solutions	50%	August 2015	2,035		2,147
Victory Propane, LLC (4)	Retail Propane	50%	April 2015	—		226
Total				$	198,281	$	187,423


(1)	Ownership interest percentages are at September 30, 2017.

(2)

Our investment in Glass Mountain Pipeline, LLC (“Glass Mountain”) exceeds our proportionate share of the historical net book value of Glass Mountain’s net assets by $71.5 million at September 30, 2017. This difference relates primarily to goodwill and customer relationships. We amortize the value of the customer relationships and record the expense within equity in earnings of unconsolidated entities in our unaudited condensed consolidated statement of operations.


(3)	This is an investment in an unincorporated joint venture.


(4)	This investment is negative at September 30, 2017 and has been reclassified to current liabilities within our unaudited condensed consolidated balance sheet as we believe the decline to be temporary.

Schedule of other noncurrent assets

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



	September 30, 2017		March 31, 2017
	(in thousands)
Loan receivable (1)	$	35,242	$	40,684
Line fill (2)	30,628		30,628
Tank bottoms (3)	42,044		42,044
Minimum shipping fees - pipeline commitments (4)	76,619		67,996
Other	56,028		58,252
Total	$	240,561	$	239,604


(1)	Represents a loan receivable associated with our financing of the construction of a natural gas liquids facility to be utilized by a third party.


(2)	Represents minimum volumes of crude oil we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At September 30, 2017 and March 31, 2017, line fill consisted of 427,193 barrels and 427,193 barrels of crude oil, respectively. Line fill held in pipelines we own is included within property, plant and equipment (see Note 5).

(3)

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. At September 30, 2017 and March 31, 2017, tank bottoms held in third party terminals consisted of 366,212 barrels and 366,212 barrels of refined products, respectively. Tank bottoms held in terminals we own are included within property, plant and equipment (see Note 5).


(4)	Represents the minimum shipping fees paid in excess of volumes shipped for two contracts. This amount can be recovered when volumes shipped exceed the minimum monthly volume commitment (see Note 9). Under these contracts, we currently have 2.6 years and 3.0 years, respectively, in which to ship the excess volumes.

Schedule of accrued expenses and other payables

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



	September 30, 2017		March 31, 2017
	(in thousands)
Accrued compensation and benefits	$	23,083	$	22,227
Excise and other tax liabilities	56,562		64,051
Derivative liabilities	28,942		27,622
Accrued interest	41,916		44,418
Product exchange liabilities	25,869		1,693
Deferred gain on sale of general partner interest in TLP	30,113		30,113
Other	20,584		17,001
Total	$	227,069	$	207,125