Fair Value of Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2023

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 consolidated balance sheet at the dates indicated:

	March 31, 2023				March 31, 2022
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Level 1 measurements	$	63,553	$	(6,043)	$	73,353	$	(47,585)
Level 2 measurements	25,128		(15,827)		51,968		(27,372)
	88,681		(21,870)		125,321		(74,957)
Netting of counterparty contracts (1)	(6,670)		6,670		(47,585)		47,585
Net cash collateral (held) provided	(47,686)		(114)		839		—
Commodity derivatives	$	34,325	$	(15,314)	$	78,575	$	(27,372)

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

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

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

	March 31,
	2023		2022
	(in thousands)
Prepaid expenses and other current assets	$	33,875	$	78,575
Other noncurrent assets	450		—
Accrued expenses and other payables	(14,752)		(27,108)
Other noncurrent liabilities	(562)		(264)
Net commodity derivative asset	$	19,011	$	51,203

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 March 31, 2023:
Crude oil fixed-price (1)	April 2023–March 2024	1,069	$	52,613
Propane fixed-price (1)	April 2023–March 2025	(320)	(4,047)
Refined products fixed-price (1)	April 2023–July 2024	(429)	4,468
Butane fixed-price (1)	April 2023–March 2024	(830)	3,485
Other	April 2023–September 2024		10,292
			66,811
Net cash collateral held			(47,800)
Net commodity derivative asset			$	19,011
At March 31, 2022:
Crude oil fixed-price (1)	April 2022–December 2023	(1,330)	$	35,662
Propane fixed-price (1)	April 2022–December 2023	184	3,785
Refined products fixed-price (1)	April 2022–December 2022	685	(6,063)
Butane fixed-price (1)	April 2022–December 2023	(268)	(1,711)
Other	April 2022–March 2023		18,691
			50,364
Net cash collateral provided			839
Net commodity derivative asset			$	51,203

(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 net losses from commodity derivatives

The following table summarizes the net losses recorded from our commodity derivatives to revenues and cost of sales in our consolidated statements of operations for the periods indicated (in thousands):

Year Ended March 31,
2023	$	(5,383)
2022	$	(116,556)
2021	$	(83,578)

Amounts in the table above do not include net losses from our commodity derivatives related to Mid-Con (as defined herein) and Gas Blending (as defined herein), as these amounts have been classified as discontinued operations within our consolidated statement of operations for the year ended March 31, 2021 (see Note 18).

Schedule of fair value estimates of fixed-rate notes

The following table provides fair values estimates of our fixed-rate notes at March 31, 2023 (in thousands):

2026 Senior Secured Notes	$	1,974,833
2025 Notes	$	340,118
2026 Notes	$	287,333