Fair Value of Financial Instruments (Tables)

6 Months Ended

Sep. 30, 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 unaudited condensed consolidated balance sheets at the dates indicated:

	September 30, 2023				March 31, 2023
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Level 1 measurements	$	81,411	$	(19,185)	$	63,553	$	(6,043)
Level 2 measurements	70,639		(50,159)		25,128		(15,827)
	152,050		(69,344)		88,681		(21,870)
Netting of counterparty contracts (1)	(20,029)		20,029		(6,670)		6,670
Net cash collateral held	(51,239)		(73)		(47,686)		(114)
Commodity derivatives	$	80,782	$	(49,388)	$	34,325	$	(15,314)

(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 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, 2023		March 31, 2023
	(in thousands)
Prepaid expenses and other current assets	$	79,943	$	33,875
Other noncurrent assets	839		450
Accrued expenses and other payables	(49,371)		(14,752)
Other noncurrent liabilities	(17)		(562)
Net commodity derivative asset	$	31,394	$	19,011

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, 2023:
Crude oil fixed-price (1)	October 2023–April 2024	(244)	$	57,216
Propane fixed-price (1)	October 2023–March 2025	(649)	1,280
Refined products fixed-price (1)	October 2023–December 2024	(111)	(3,159)
Butane fixed-price (1)	October 2023–April 2024	(638)	2,384
Other	October 2023–September 2024		24,985
			82,706
Net cash collateral held			(51,312)
Net commodity derivative asset			$	31,394
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

(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, 2023 (in thousands):

2026 Senior Secured Notes	$	2,027,792
2025 Notes	$	274,545
2026 Notes	$	306,706