Fair Value of Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of estimated fair value measurements of assets and liabilities

The following table summarizes the estimated fair values of our commodity derivative assets and liabilities reported in our unaudited condensed consolidated balance sheet at the dates indicated:

	September 30, 2020				March 31, 2020
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Level 1 measurements	$	19,795	$	(7,658)	$	64,037	$	(2,235)
Level 2 measurements	4,231		(4,060)		25,217		(17,635)
	24,026		(11,718)		89,254		(19,870)
Netting of counterparty contracts (1)	(7,658)		7,658		(2,282)		2,282
Net cash collateral held	(1,855)		—		(50,104)		(370)
Commodity derivatives	$	14,513	$	(4,060)	$	36,868	$	(17,958)

(1)    Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase normal sale transactions are not subject to such netting arrangements.

Schedule of location of commodity derivative assets and liabilities reported in the unaudited condensed consolidated balance sheets

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

	September 30, 2020		March 31, 2020
	(in thousands)
Prepaid expenses and other current assets	$	14,513	$	36,868
Accrued expenses and other payables	(4,014)		(17,777)
Other noncurrent liabilities	(46)		(181)
Net commodity derivative asset	$	10,453	$	18,910

Schedule of open commodity derivative contract positions

The following table summarizes our open commodity 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, 2020:
Crude oil fixed-price (1)	October 2020–December 2021	(1,209)	$	11,741
Propane fixed-price (1)	October 2020–December 2021	938	4,980
Refined products fixed-price (1)	October 2020–March 2021	(107)	159
Butane fixed-price (1)	October 2020–April 2021	(1,451)	(7,702)
Other	October 2020–March 2022		3,130
			12,308
Net cash collateral held			(1,855)
Net commodity derivative asset			$	10,453
At March 31, 2020:
Crude oil fixed-price (1)	April 2020–December 2021	(2,252)	$	41,721
Propane fixed-price (1)	April 2020–December 2021	415	(738)
Refined products fixed-price (1)	April 2020–January 2021	(26)	27,401
Other	April 2020–March 2022		1,000
			69,384
Net cash collateral held			(50,474)
Net commodity derivative asset			$	18,910

(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.

Schedule of fair value estimates of fixed-rate notes

The following table provides fair value estimates of our fixed-rate notes at September 30, 2020 (in thousands):

Senior Unsecured Notes:
2023 Notes	$	383,455
2025 Notes	$	230,867
2026 Notes	$	245,880