Property, Plant and Equipment

6 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Our property, plant and equipment consists of the following at the dates indicated:

Description	Estimated Useful Lives			September 30, 2024		March 31, 2024
	(in years)			(in thousands)
Water treatment facilities and equipment	3	-	30	$	2,083,508	$	2,055,565
Pipeline and related facilities	30	-	40	266,188		266,129
Crude oil tanks and related equipment	2	-	30	226,654		226,048
Natural gas liquids terminal and storage assets	2	-	30	168,903		167,633
Buildings and leasehold improvements	3	-	40	122,737		122,878
Vehicles and railcars (1)	3	-	25	91,303		91,715
Land				70,290		70,270
Information technology equipment	3	-	7	34,154		33,907
Tank bottoms and linefill (2)				32,545		28,269
Other	3	-	20	10,774		2,552
Construction in progress				156,864		43,010
Gross property, plant and equipment				3,263,920		3,107,976
Accumulated depreciation				(1,098,141)		(1,011,274)
Net property, plant and equipment				$	2,165,779	$	2,096,702

(1)    Includes a finance lease right-of-use asset of $0.1 million at September 30, 2024 and March 31, 2024. The accumulated amortization related to this finance lease is included within accumulated depreciation.

(2)    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. Linefill, which represents our portion of the product volume required for the operation of the proportionate share of a pipeline we own, is recorded at historical cost.

Amounts in the table above do not include property, plant and equipment and accumulated depreciation related to the sale of certain freshwater water solutions facilities, certain saltwater disposal assets and certain real estate, as these amounts have been classified as assets held for sale within our March 31, 2024 consolidated balance sheet (see Note 15).

The following table summarizes depreciation expense and capitalized interest expense for the periods indicated:

	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Depreciation expense	$	48,021	$	48,667	$	95,940	$	98,311
Capitalized interest expense	$	963	$	347	$	1,506	$	649

We record (gains) losses from the sales of property, plant and equipment and any write-downs in value due to impairment within loss (gain) on disposal or impairment of assets, net in our unaudited condensed consolidated statement of operations. The following table summarizes (gains) losses on the disposal or impairment of property, plant and equipment by segment for the periods indicated:

	Three Months Ended September 30, 2024		Six Months Ended September 30, 2024
	(in thousands)
Water Solutions (1)	$	1,942	$	2,021
Crude Oil Logistics	(442)		(420)
Total	$	1,500	$	1,601

(1)    Amounts do not include the gain recognized on the sale of certain freshwater water solutions facilities and certain saltwater disposal assets discussed in Note 15.