Intangible Assets

12 Months Ended

Mar. 31, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Our intangible assets consist of the following at the dates indicated:


				March 31, 2021						March 31, 2020
Description	Amortizable Lives			Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
	(in years)			(in thousands)
Amortizable:
Customer relationships	3	-	30	$	1,318,638	$	(450,639)	$	867,999	$	1,435,573	$	(445,250)	$	990,323
Customer commitments	10	-	25	192,000		(13,440)		178,560		502,000		(111,677)		390,323
Pipeline capacity rights	30			7,799		(1,907)		5,892		7,799		(1,647)		6,152
Rights-of-way and easements	1	-	45	90,703		(9,270)		81,433		89,476		(6,506)		82,970
Water rights	13	-	30	100,369		(14,454)		85,915		100,937		(8,441)		92,496
Executory contracts and other agreements	5	-	30	48,709		(21,300)		27,409		48,570		(18,210)		30,360
Non-compete agreements	2	-	24	12,100		(6,102)		5,998		12,723		(4,735)		7,988
Debt issuance costs (1)	2	-	5	9,558		(406)		9,152		44,051		(34,983)		9,068
Total amortizable				1,779,876		(517,518)		1,262,358		2,241,129		(631,449)		1,609,680
Non-amortizable:
Trade names				255		—		255		2,800		—		2,800
Total				$	1,780,131	$	(517,518)	$	1,262,613	$	2,243,929	$	(631,449)	$	1,612,480

(1) Includes debt issuance costs related to the ABL Facility (as defined herein), Revolving Credit Facility (as defined herein) and the Sawtooth credit agreement. Debt issuance costs related to fixed-rate notes, Bridge Term Credit Agreement (as defined herein) and Term Credit Agreement (as defined herein) are reported as a reduction of the carrying amount of long-term debt.

The weighted-average remaining amortization period for intangible assets is approximately 20.7 years.

Write off of Intangible Assets

During the year ended March 31, 2021, we recorded the following:

•An impairment charge of $145.8 million against the customer commitment intangible asset related to a transportation contract with Extraction that was rejected as part of Extraction’s bankruptcy. See Note 18 for a further discussion of Extraction’s bankruptcy and the impairment of the intangible asset.

•An impairment charge of $39.2 million to write down the value of a customer relationship intangible asset as part of the write down in value of a larger asset group (see Note 5).

•A $4.5 million write off of the debt issuance costs related to the Revolving Credit Facility which was repaid and terminated on February 4, 2021 (see Note 8).

•An impairment charge of $2.5 million to write down the value of the trade name as part of the write down of a larger asset group (see Note 5).

Amortization expense is as follows for the periods indicated:


	Year Ended March 31,
Recorded In	2021		2020		2019
	(in thousands)
Depreciation and amortization	$	127,023	$	132,521	$	110,458
Cost of sales	307		349		486
Interest expense	5,572		5,462		4,928
Operating expenses	247		286		—
Total	$	133,149	$	138,618	$	115,872

Amounts in the table above do not include amortization expense related to TPSL and our former Retail Propane segment, as these amounts have been classified as discontinued operations within our consolidated statements of operations for all periods presented (see Note 19).

Expected amortization of our intangible assets is as follows (in thousands):


Year Ending March 31,
2022	$	96,206
2023	78,510
2024	72,308
2025	67,807
2026	66,413
Thereafter	881,114
Total	$	1,262,358