Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | May 28, 2020 | Sep. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-35172 | ||
Entity Registrant Name | NGL Energy Partners LP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-3427920 | ||
Entity Address, Address Line One | 6120 South Yale Avenue, SuiteĀ 805 | ||
Entity Address, City or Town | Tulsa, | ||
Entity Address, State or Province | OK | ||
Entity Address, Postal Zip Code | 74136 | ||
City Area Code | (918) | ||
Local Phone Number | 481-1119 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Share Price | $ 13.91 | ||
Entity Public Float | $ 1,400,000,000 | ||
Entity Common Stock, Shares Outstanding | 128,771,715 | ||
Entity Central Index Key | 0001504461 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
NEW YORK STOCK EXCHANGE, INC. | Common units | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common units representing Limited Partner Interests | ||
Trading Symbol | NGL | ||
Security Exchange Name | NYSE | ||
NEW YORK STOCK EXCHANGE, INC. | Class B Perpetual Preferred Units | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Fixed-to-floating rate cumulative redeemable perpetual preferred units | ||
Trading Symbol | NGL-PB | ||
Security Exchange Name | NYSE | ||
NEW YORK STOCK EXCHANGE, INC. | Class C Perpetual Preferred Units | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Fixed-to-floating rate cumulative redeemable perpetual preferred units | ||
Trading Symbol | NGL-PC | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 22,704 | $ 18,572 |
Accounts receivable-trade, net of allowance for doubtful accounts of $4,540 and $4,016, respectively | 566,834 | 998,203 |
Accounts receivable-affiliates | 12,934 | 12,867 |
Inventories | 69,634 | 136,128 |
Prepaid expenses and other current assets | 101,981 | 65,918 |
Assets held for sale | 0 | 580,985 |
Total current assets | 774,087 | 1,812,673 |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $529,068 and $417,457, respectively | 2,851,555 | 1,828,940 |
GOODWILL | 993,587 | 1,110,456 |
INTANGIBLE ASSETS, net of accumulated amortization of $631,449 and $503,117, respectively | 1,612,480 | 800,889 |
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 23,182 | 1,127 |
OPERATING LEASE RIGHT-OF-USE ASSETS | 180,708 | 0 |
OTHER NONCURRENT ASSETS | 63,137 | 113,857 |
ASSETS HELD FOR SALE | 0 | 234,551 |
Total assets | 6,498,736 | 5,902,493 |
CURRENT LIABILITIES: | ||
Accounts payable-trade | 515,049 | 879,063 |
Accounts payable-affiliates | 17,717 | 28,469 |
Accrued expenses and other payables | 232,062 | 107,759 |
Advance payments received from customers | 19,536 | 8,461 |
Current maturities of long-term debt | 4,683 | 648 |
Operating lease obligations | 56,776 | 0 |
Liabilities held for sale | 0 | 226,753 |
Total current liabilities | 845,823 | 1,251,153 |
LONG-TERM DEBT, net of debt issuance costs of $19,795 and $12,008, respectively, and current maturities | 3,144,848 | 2,160,133 |
OPERATING LEASE OBLIGATIONS | 121,013 | 0 |
OTHER NONCURRENT LIABILITIES | 114,079 | 63,542 |
NONCURRENT LIABILITIES HELD FOR SALE | 0 | 33 |
COMMITMENTS AND CONTINGENCIES (NOTE 9) | ||
EQUITY: | ||
General partner, representing a 0.1% interest, 128,901 and 124,633 notional units, respectively | (51,390) | (50,603) |
Limited partners, representing a 99.9% interest, 128,771,715 and 124,508,497 common units issued and outstanding, respectively | 1,366,152 | 2,067,197 |
Accumulated other comprehensive loss | (385) | (255) |
Noncontrolling interests | 72,954 | 58,748 |
Total equity | 1,735,690 | 2,277,818 |
Total liabilities and equity | 6,498,736 | 5,902,493 |
Class A Convertible Preferred Units | ||
CURRENT LIABILITIES: | ||
PREFERRED UNITS | 0 | 149,814 |
Class D Preferred Units | ||
CURRENT LIABILITIES: | ||
PREFERRED UNITS | 537,283 | 0 |
Class B Perpetual Preferred Units | ||
EQUITY: | ||
Preferred limited partners | 305,468 | 202,731 |
Class C Perpetual Preferred Units | ||
EQUITY: | ||
Preferred limited partners | $ 42,891 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts receivable - trade, allowance for doubtful accounts | $ (4,540) | $ (4,016) |
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation | 529,068 | 417,457 |
INTANGIBLE ASSETS, accumulated amortization | 631,449 | 503,117 |
Debt issuance costs, noncurrent, net | $ 19,795 | $ 12,008 |
General partner, notional units outstanding (in units) | 128,901 | 124,633 |
Limited partners, common units issued (in units) | 128,771,715 | 124,508,497 |
Limited partners, common units outstanding (in units) | 128,771,715 | 124,508,497 |
Class A Convertible Preferred Units | ||
Preferred units dividend rate | 10.75% | |
Temporary equity, issued (in units) | 19,942,169 | |
Temporary equity, outstanding (in units) | 19,942,169 | |
Class D Preferred Units | ||
Preferred units dividend rate | 9.00% | |
Temporary equity, issued (in units) | 600,000 | |
Temporary equity, outstanding (in units) | 600,000 | |
Class B Perpetual Preferred Units | ||
Preferred units, issued (in units) | 12,585,642 | 8,400,000 |
Preferred units, outstanding (in units) | 12,585,642 | 8,400,000 |
Class C Perpetual Preferred Units | ||
Preferred units, issued (in units) | 1,800,000 | |
Preferred units, outstanding (in units) | 1,800,000 | |
General Partner | ||
General partner interest | 0.10% | 0.10% |
Limited Partner | ||
Limited partner interest | 99.90% | 99.90% |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
REVENUES: | |||
Crude Oil Logistics | $ 2,549,767 | $ 3,136,635 | $ 2,260,075 |
Water Solutions | 422,059 | 301,686 | 229,139 |
Liquids and Refined Products | 4,611,136 | 5,249,474 | 4,463,559 |
Other | 1,038 | 1,362 | 1,174 |
Total Revenues | 7,584,000 | 8,689,157 | 6,953,947 |
COST OF SALES: | |||
Crude Oil Logistics | 2,293,953 | 2,902,656 | 2,113,747 |
Water Solutions | (33,870) | (10,787) | 19,345 |
Liquids and Refined Products | 4,342,526 | 5,089,263 | 4,129,939 |
Other | 1,774 | 1,929 | 530 |
Total Cost of Sales | 6,604,383 | 7,983,061 | 6,263,561 |
OPERATING COSTS AND EXPENSES: | |||
Operating | 332,993 | 231,065 | 193,076 |
General and administrative | 113,664 | 107,407 | 97,979 |
Depreciation and amortization | 265,312 | 211,973 | 208,398 |
Loss (gain) on disposal or impairment of assets, net | 261,786 | 34,296 | (17,118) |
Revaluation of liabilities | 9,194 | (5,373) | 20,716 |
Operating (Loss) Income | (3,332) | 126,728 | 187,335 |
OTHER INCOME (EXPENSE): | |||
Equity in earnings of unconsolidated entities | 1,291 | 2,533 | 7,539 |
Interest expense | (181,184) | (164,725) | (199,149) |
Gain (loss) on early extinguishment of liabilities, net | 1,341 | (12,340) | (23,201) |
Other income (expense), net | 1,684 | (30,418) | 6,352 |
Loss From Continuing Operations Before Income Taxes | (180,200) | (78,222) | (21,124) |
INCOME TAX EXPENSE | (345) | (1,233) | (1,353) |
Loss From Continuing Operations | (180,545) | (79,455) | (22,477) |
(Loss) Income From Discontinued Operations, net of Tax | (218,235) | 418,850 | (47,128) |
Net (Loss) Income | (398,780) | 339,395 | (69,605) |
LESS: NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,773 | 20,206 | (240) |
LESS: NET LOSS (INCOME) ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS | 0 | 446 | (1,030) |
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP | (397,007) | 360,047 | (70,875) |
NET LOSS FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3) | (367,246) | (171,153) | (82,816) |
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3) | (218,017) | 418,877 | (48,110) |
NET (LOSS) INCOME ALLOCATED TO COMMON UNITHOLDERS | $ (585,263) | $ 247,724 | $ (130,926) |
BASIC (LOSS) INCOME PER COMMON UNIT | |||
Loss From Continuing Operations | $ (2.88) | $ (1.39) | $ (0.68) |
(Loss) Income From Discontinued Operations, net of Tax | (1.71) | 3.41 | (0.40) |
Net (Loss) Income | (4.59) | 2.01 | (1.08) |
DILUTED (LOSS) INCOME PER COMMON UNIT | |||
Loss From Continuing Operations | (2.88) | (1.39) | (0.68) |
(Loss) Income From Discontinued Operations, net of Tax | (1.71) | 3.41 | (0.40) |
Net (Loss) Income | $ (4.59) | $ 2.01 | $ (1.08) |
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units) | 127,411,908 | 123,017,064 | 120,991,340 |
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units) | 127,411,908 | 123,017,064 | 120,991,340 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net (loss) income | $ (248,444) | $ 42,991 | $ (201,366) | $ 8,039 | $ 43,217 | $ 110,528 | $ 354,939 | $ (169,289) | $ (398,780) | $ 339,395 | $ (69,605) |
Other comprehensive (loss) income | (130) | (9) | 13 | ||||||||
Comprehensive (loss) income | $ (398,910) | $ 339,386 | $ (69,592) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Accumulated other comprehensive income (loss) | Noncontrolling interests | Preferred Class B and Class C Preferred Units | Preferred Class B and Class C Preferred UnitsPreferred Class B and Class C Preferred Units | Class C Perpetual Preferred Units | Class C Perpetual Preferred UnitsClass C Perpetual Preferred Units | General Partner | Class B Perpetual Preferred Units | Class B Perpetual Preferred UnitsClass B Perpetual Preferred Units | Limited Partner | Limited PartnerCommon units |
Beginning Balance (in units) at Mar. 31, 2017 | 120,179,407 | |||||||||||
Beginning Balance at Mar. 31, 2017 | $ 2,166,802 | $ (1,828) | $ 26,746 | $ (50,529) | $ 2,192,413 | |||||||
Increase (Decrease) in Partnership Capital | ||||||||||||
Distributions to general and common unit partners and preferred unitholders (Note 10) | (229,792) | (323) | (229,469) | |||||||||
Distributions to noncontrolling interest owners | (3,082) | (3,082) | ||||||||||
Contributions | 23 | 23 | ||||||||||
Sawtooth joint venture (Note 17) | 59,233 | 76,214 | (16,981) | |||||||||
Investment in NGL Energy Holdings LLC | 0 | |||||||||||
Purchase of noncontrolling interest | (22,883) | (16,638) | (6,245) | |||||||||
Redeemable noncontrolling interest valuation adjustment | (5,825) | (5,825) | ||||||||||
Repurchase of warrants | (10,549) | (10,549) | ||||||||||
Equity issued pursuant to incentive compensation plan (in units) | 2,260,011 | |||||||||||
Equity issued pursuant to incentive compensation plan (Note 10) | 34,651 | 28 | 34,623 | |||||||||
Common unit repurchases and cancellations (in units) | (1,574,346) | |||||||||||
Common unit repurchases and cancellations (Note 10) | (15,817) | (15,817) | ||||||||||
Warrants exercised (in units) | 607,653 | |||||||||||
Warrants exercised (Note 10) | 6 | 6 | ||||||||||
Accretion of beneficial conversion feature of Class A convertible preferred units (Note 10) | (18,781) | (18,781) | ||||||||||
Units issued, net of offering costs (in units) | 8,400,000 | |||||||||||
Units issued, net of offering costs (Note 10) | 202,731 | $ 202,731 | ||||||||||
Net (loss) income | (70,635) | 240 | 5 | (70,880) | ||||||||
Other comprehensive (loss) income | 13 | 13 | ||||||||||
Ending Balance (in units) at Mar. 31, 2018 | 8,400,000 | 121,472,725 | ||||||||||
Ending Balance at Mar. 31, 2018 | 2,086,095 | (1,815) | 83,503 | (50,819) | 202,731 | 1,852,495 | ||||||
Increase (Decrease) in Partnership Capital | ||||||||||||
Distributions to general and common unit partners and preferred unitholders (Note 10) | (236,633) | (330) | (236,303) | |||||||||
Contributions | 169 | 169 | ||||||||||
Sawtooth joint venture (Note 17) | 854 | 791 | 63 | |||||||||
Investment in NGL Energy Holdings LLC | 0 | |||||||||||
Purchase of noncontrolling interest | (3,960) | (3,927) | (33) | |||||||||
Redeemable noncontrolling interest valuation adjustment | (3,349) | (3,349) | ||||||||||
Repurchase of warrants | (14,988) | (14,988) | ||||||||||
Equity issued pursuant to incentive compensation plan (in units) | 2,833,968 | |||||||||||
Equity issued pursuant to incentive compensation plan (Note 10) | 39,734 | 22 | 39,712 | |||||||||
Common unit repurchases and cancellations (in units) | (26,993) | |||||||||||
Common unit repurchases and cancellations (Note 10) | (297) | (297) | ||||||||||
Warrants exercised (in units) | 228,797 | |||||||||||
Warrants exercised (Note 10) | 2 | 2 | ||||||||||
Accretion of beneficial conversion feature of Class A convertible preferred units (Note 10) | (67,239) | (67,239) | ||||||||||
Net (loss) income | 339,841 | (20,206) | 387 | 359,660 | ||||||||
Other comprehensive (loss) income | (9) | (9) | ||||||||||
Ending Balance (in units) at Mar. 31, 2019 | 8,400,000 | 124,508,497 | ||||||||||
Ending Balance at Mar. 31, 2019 | 2,277,818 | (255) | 58,748 | (50,603) | 202,731 | 2,067,197 | ||||||
Increase (Decrease) in Partnership Capital | ||||||||||||
Cumulative effect adjustment for adoption of ASC 606 | 139,306 | |||||||||||
Cumulative effect adjustment for adoption of ASC 606 | General Partner | 139 | |||||||||||
Cumulative effect adjustment for adoption of ASC 606 | Limited Partner | 139,167 | |||||||||||
Cumulative effect adjustment for adoption of ASU 2016-01 | 0 | |||||||||||
Cumulative effect adjustment for adoption of ASU 2016-01 | General Partner | (2) | |||||||||||
Cumulative effect adjustment for adoption of ASU 2016-01 | Limited Partner | 1,569 | (1,567) | ||||||||||
Distributions to general and common unit partners and preferred unitholders (Note 10) | (258,362) | (342) | (258,020) | |||||||||
Distributions to noncontrolling interest owners | (1,145) | (1,145) | ||||||||||
Mesquite acquisition (Note 4) | 17,124 | 17,124 | ||||||||||
Investment in NGL Energy Holdings LLC | (15,226) | (15,226) | ||||||||||
Repurchase of warrants | 0 | |||||||||||
Equity issued pursuant to incentive compensation plan (in units) | 2,938,481 | |||||||||||
Equity issued pursuant to incentive compensation plan (Note 10) | 32,964 | 33 | 32,931 | |||||||||
Common unit repurchases and cancellations (in units) | (133,634) | |||||||||||
Common unit repurchases and cancellations (Note 10) | (1,644) | (1,644) | ||||||||||
Warrants exercised (in units) | 1,458,371 | |||||||||||
Warrants exercised (Note 10) | 15 | 15 | ||||||||||
Accretion of beneficial conversion feature of Class A convertible preferred units (Note 10) | (36,517) | (36,517) | ||||||||||
Class A convertible preferred units redemption - amount paid in excess of carrying value (Note 10) | (78,797) | (78,797) | ||||||||||
Units issued, net of offering costs (in units) | 1,800,000 | 4,185,642 | ||||||||||
Units issued, net of offering costs (Note 10) | $ 42,891 | 100 | $ 102,737 | |||||||||
Issuance of warrants, net of offering costs (Note 10) | 52,742 | 52,742 | ||||||||||
Net (loss) income | (398,780) | (1,773) | (478) | (396,529) | ||||||||
Other comprehensive (loss) income | (130) | (130) | ||||||||||
Ending Balance (in units) at Mar. 31, 2020 | 14,385,642 | 128,771,715 | ||||||||||
Ending Balance at Mar. 31, 2020 | $ 1,735,690 | $ (385) | $ 72,954 | $ 348,359 | $ (51,390) | $ 1,366,152 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES: | |||
Net (loss) income | $ (398,780) | $ 339,395 | $ (69,605) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Loss (income) from discontinued operations, net of tax | 218,235 | (418,850) | 47,128 |
Depreciation and amortization, including amortization of debt issuance costs | 276,848 | 221,674 | 219,983 |
Loss on early extinguishment or revaluation of liabilities, net | 7,853 | 6,967 | 43,917 |
Non-cash equity-based compensation expense | 26,510 | 41,367 | 35,241 |
Loss (gain) on disposal or impairment of assets, net | 261,786 | 34,296 | (17,118) |
Provision for doubtful accounts | 1,002 | 381 | 584 |
Net adjustments to fair value of commodity derivatives | (85,941) | (10,817) | 41,263 |
Equity in earnings of unconsolidated entities | (1,291) | (2,533) | (7,539) |
Distributions of earnings from unconsolidated entities | 0 | 2,206 | 4,632 |
Lower of cost or net realizable value adjustments | 33,973 | 14,305 | 410 |
Other | 2,541 | (485) | (440) |
Changes in operating assets and liabilities, exclusive of acquisitions: | |||
Accounts receivable-trade and affiliates | 436,349 | (185,717) | (214,750) |
Inventories | 29,779 | (10,093) | 58,227 |
Other current and noncurrent assets | 14,081 | 43,996 | (31,689) |
Accounts payable-trade and affiliates | (375,257) | 87,739 | 197,273 |
Other current and noncurrent liabilities | (65,262) | (12,308) | (7,169) |
Net cash provided by operating activities-continuing operations | 382,426 | 151,523 | 300,348 |
Net cash provided by (used in) operating activities-discontinued operations | 81,629 | 185,727 | (162,381) |
Net cash provided by operating activities | 464,055 | 337,250 | 137,967 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (555,713) | (455,586) | (133,761) |
Acquisitions, net of cash acquired | (1,268,474) | (300,614) | (19,897) |
Net settlements of commodity derivatives | 86,702 | (10,173) | (39,113) |
Proceeds from sales of assets | 17,621 | 16,177 | 33,844 |
Proceeds from divestitures of businesses and investments, net | 0 | 335,809 | 329,780 |
Transaction with Victory Propane (Note 13) | 0 | 0 | (6,424) |
Investments in unconsolidated entities | (21,218) | (389) | (21,465) |
Distributions of capital from unconsolidated entities | 440 | 1,440 | 11,969 |
Repayments on loan for natural gas liquids facility | 3,022 | 10,336 | 10,052 |
Loan to affiliate | 0 | (1,515) | (2,510) |
Repayments on loan to affiliate | 0 | 0 | 4,160 |
Net cash (used in) provided by investing activities-continuing operations | (1,737,620) | (404,515) | 166,635 |
Net cash provided by investing activities-discontinued operations | 298,864 | 857,988 | 103,947 |
Net cash (used in) provided by investing activities | (1,438,756) | 453,473 | 270,582 |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings under Revolving Credit Facility | 4,074,000 | 4,098,500 | 2,434,500 |
Payments on Revolving Credit Facility | (3,775,000) | (3,897,000) | (2,279,500) |
Issuance of senior unsecured notes and term credit agreement | 700,000 | 0 | 0 |
Repayment and repurchase of senior secured and senior unsecured notes | (454) | (737,058) | (486,699) |
Payments on other long-term debt | (653) | (653) | (877) |
Debt issuance costs | (14,950) | (1,383) | (2,700) |
Contributions from noncontrolling interest owners, net | 0 | 169 | 23 |
Distributions to general and common unit partners and preferred unitholders | (244,400) | (236,633) | (225,067) |
Distributions to noncontrolling interest owners | (1,145) | 0 | (3,082) |
Proceeds from sale of preferred units, net of offering costs | 622,391 | 0 | 202,731 |
Payments for redemption of preferred units | (265,128) | 0 | 0 |
Repurchase of warrants | 0 | (14,988) | (10,549) |
Common unit repurchases and cancellations | (1,644) | (297) | (15,817) |
Payments for settlement and early extinguishment of liabilities | (98,958) | (4,577) | (3,408) |
Investment in NGL Energy Holdings LLC | (15,226) | 0 | 0 |
Net cash provided by (used in) financing activities-continuing operations | 978,833 | (793,920) | (390,445) |
Net cash used in financing activities-discontinued operations | 0 | (325) | (3,836) |
Net cash provided by (used in) financing activities | 978,833 | (794,245) | (394,281) |
Net increase (decrease) in cash and cash equivalents | 4,132 | (3,522) | 14,268 |
Cash and cash equivalents, beginning of period | 18,572 | 22,094 | 7,826 |
Cash and cash equivalents, end of period | 22,704 | 18,572 | 22,094 |
Supplemental cash flow information: | |||
Cash interest paid | 155,445 | 170,632 | 192,938 |
Income taxes paid (net of income tax refunds) | 4,931 | 2,423 | 1,843 |
Supplemental non-cash investing and financing activities: | |||
Distributions declared but not paid to Class B, Class C and Class D preferred unitholders | 18,687 | 4,725 | 4,725 |
Accrued capital expenditures | 88,917 | 19,121 | 12,123 |
Limited Partner | |||
FINANCING ACTIVITIES: | |||
Repurchase of warrants | $ (14,988) | $ (10,549) | |
Investment in NGL Energy Holdings LLC | $ (15,226) |
Nature of Operations and Organi
Nature of Operations and Organization | 12 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Organization | Nature of Operations and Organization NGL Energy Partners LP (āwe,ā āus,ā āour,ā or the āPartnershipā) is a Delaware limited partnership formed in September 2010. NGL Energy Holdings LLC serves as our general partner. At March 31, 2020 , our operations included: ā¢ Our Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries or for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs, and provides storage, terminaling and transportation services through its owned assets. Our activities in this segment are supported by certain long-term, fixed rate contracts which include minimum volume commitments on our pipelines. ā¢ Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. We also dispose of solids such as tank bottoms, drilling fluids and drilling muds and perform other ancillary services such as truck and frac tank washouts. As part of processing water, we are able to aggregate recovered crude oil, also known as skim oil, that was contained in the water and sell the crude oil. We also sell brackish non-potable water to our producer customers to be used in their crude oil exploration and production activities. Our activities in the Water Solutions segment are underpinned by long-term, fixed fee contracts and acreage dedications, some of which contain minimum volume commitments, with leading oil and gas companies including large, investment grade producer customers. ā¢ Our Liquids and Refined Products segment conducts marketing operations for natural gas liquids, refined petroleum products and biodiesel to a broad range of commercial, retail and industrial customers across the United States and Canada. These operations are conducted through our 28 company-owned terminals, other third party storage and terminal facilities, common carrier pipelines and our extensive fleet of leased railcars. We also provide natural gas liquid and refined product terminaling and storage services at our salt dome storage facility joint venture in Utah and marine exports through our facility located in Chesapeake, Virginia. We employ a number of contractual and hedging strategies to minimize commodity exposure and maximize earnings stability of this segment. Recent Developments On September 30, 2019, we completed the sale of TransMontaigne Product Services, LLC (āTPSLā) and associated assets to Trajectory Acquisition Company, LLC (āTrajectoryā) for total consideration of $233.8 million , including equity consideration, inventory and net working capital (see Note 18 ). TPSL made up a significant portion of our former Refined Products and Renewables segment. The divested assets include the following: TPSL Terminaling Services Agreement with TransMontaigne Partners LP, including the exclusive rights to utilize 19 terminals; line space along Colonial and Plantation Pipelines; two wholly-owned refined products terminals in Georgia and multiple third-party throughput agreements; and customer contracts, inventory and other working capital associated with the assets. On January 3, 2020, we completed the sale of our refined products marketing business in the mid-continent region of the United States (āMid-Conā) to a third-party. On March 30, 2020, we completed the sale of our gas blending business in the southeastern and eastern regions of the United States (āGas Blendingā) to another third-party. The Partnership had determined that these businesses were no longer core to the Partnershipās strategy. These transactions represent a strategic shift in our operations and will have a significant effect on our operations and financial results going forward. Accordingly, the results of operations and cash flows related to TPSL, Mid-Con and Gas Blending have been classified as discontinued operations for all periods presented and prior periods have been retrospectively adjusted in the consolidated statements of operations and consolidated statements of cash flows. In addition, the assets and liabilities related to TPSL and certain assets and liabilities, particularly inventory, derivatives and leases, related to Mid-Con and Gas Blending have been classified as held for sale in our March 31, 2019 consolidated balance sheet. See Note 18 for a further discussion of the accounting for these transactions. On March 30, 2018, we sold a portion of our Retail Propane segment to DCC LPG (āDCCā) for net proceeds of $212.4 million in cash. The Retail Propane businesses subject to this transaction consisted of our operations across the Mid-Continent and Western portions of the United States. On July 10, 2018, we completed the sale of virtually all of our remaining Retail Propane segment to Superior Plus Corp. (āSuperiorā) for total consideration of $889.8 million in cash. We retained our 50% ownership interest in Victory Propane, LLC (āVictory Propaneā), which we subsequently sold on August 14, 2018 (see Note 13 ). These transactions represented a strategic shift in our operations and will have a significant effect on our operations and financial results going forward. Accordingly, the results of operations and cash flows related to our former Retail Propane segment (including equity in earnings of Victory Propane) have been classified as discontinued operations for all periods presented and prior periods have been retrospectively adjusted in the consolidated statements of operations and consolidated statements of cash flows. See Note 18 for a further discussion of these transactions. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (āGAAPā). The accompanying consolidated financial statements include our accounts and those of our controlled subsidiaries. Intercompany transactions and account balances have been eliminated in consolidation. Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. We also own an undivided interest in a crude oil pipeline, and include our proportionate share of assets, liabilities, and expenses related to this pipeline in our consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amount of assets and liabilities reported at the date of the consolidated financial statements and the amount of revenues and expenses reported during the periods presented. Critical estimates we make in the preparation of our consolidated financial statements include, among others, determining the fair value of assets and liabilities acquired in acquisitions, the fair value of derivative instruments, the collectibility of accounts receivable, the recoverability of inventories, useful lives and recoverability of property, plant and equipment and amortizable intangible assets, the impairment of long-lived assets and goodwill, the fair value of asset retirement obligations, the value of equity-based compensation, accruals for environmental matters and estimating certain revenues. Although we believe these estimates are reasonable, actual results could differ from those estimates. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value is based upon assumptions that market participants would use when pricing an asset or liability. We use the following fair value hierarchy, which prioritizes valuation technique inputs used to measure fair value into three broad levels: ā¢ Level 1: Quoted prices in active markets for identical assets and liabilities that we have the ability to access at the measurement date. ā¢ Level 2: Inputs (other than quoted prices included within Level 1) that are either directly or indirectly observable for the asset or liability, including (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in inactive markets, (iii) inputs other than quoted prices that are observable for the asset or liability, and (iv) inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter commodity price swap and option contracts and forward commodity contracts. We determine the fair value of all of our derivative financial instruments utilizing pricing models for similar instruments. Inputs to the pricing models include publicly available prices and forward curves generated from a compilation of data gathered from third parties. ā¢ Level 3: Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to a fair value measurement requires judgment, considering factors specific to the asset or liability. Derivative Financial Instruments We record all derivative financial instrument contracts at fair value in our consolidated balance sheets except for certain physical contracts that qualify for the normal purchase and normal sale election . Under this accounting policy election, we do not record the physical contracts at fair value at each balance sheet date; instead, we record the purchase or sale at the contracted value once the delivery occurs. We have not designated any financial instruments as hedges for accounting purposes. All changes in the fair value of our physical contracts that do not qualify as normal purchases and normal sales and settlements (whether cash transactions or non-cash mark-to-market adjustments) are reported either within revenue (for sales contracts) or cost of sales (for purchase contracts) in our consolidated statements of operations, regardless of whether the contract is physically or financially settled. We utilize various commodity derivative financial instrument contracts to attempt to reduce our exposure to price fluctuations. We do not enter into such contracts for trading purposes. Changes in assets and liabilities from commodity derivative financial instruments result primarily from changes in market prices, newly originated transactions, and the timing of settlements and are reported within cost of sales on the consolidated statements of operations, along with related settlements. We attempt to balance our contractual portfolio in terms of notional amounts and timing of performance and delivery obligations. However, net unbalanced positions can exist or are established based on our assessment of anticipated market movements. Inherent in the resulting contractual portfolio are certain business risks, including commodity price risk and credit risk. Commodity price risk is the risk that the market value of crude oil, natural gas liquids, or refined and renewables products will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. Procedures and limits for managing commodity price risks and credit risks are specified in our market risk policy and credit policy, respectively. Open commodity positions and market price changes are monitored daily and are reported to senior management and to marketing operations personnel. Credit risk is monitored daily and exposure is minimized through customer deposits, restrictions on product liftings, letters of credit, and entering into master netting agreements that allow for offsetting counterparty receivable and payable balances for certain transactions. Cost of Sales We include all costs we incur to acquire products, including the costs of purchasing, terminaling, and transporting inventory, prior to delivery to our customers, in cost of sales. Cost of sales excludes depreciation of our property, plant and equipment. Depreciation and Amortization Depreciation and amortization in our consolidated statements of operations includes all depreciation of our property, plant and equipment and amortization of intangible assets other than debt issuance costs, for which the amortization is recorded to interest expense and certain contract-based intangible assets, for which the amortization is recorded to either cost of sales or operating expense. Income Taxes We qualify as a partnership for income tax purposes. As such, we generally do not pay United States federal income tax. Rather, each owner reports his or her share of our income or loss on his or her individual tax return. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined, as we do not have access to information regarding each partnerās basis in the Partnership. We have certain taxable corporate subsidiaries in the United States and Canada, and our operations in Texas are subject to a state franchise tax that is calculated based on revenues net of cost of sales. Our fiscal years 2016 to 2019 generally remain subject to examination by federal, state, and Canadian tax authorities. We utilize the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which these temporary differences are expected to be recovered or settled. Changes in tax rates are recognized in income in the period that includes the enactment date. A publicly traded partnership is required to generate at least 90% of its gross income (as defined for federal income tax purposes) from certain qualifying sources. Income generated by our taxable corporate subsidiaries is excluded from this qualifying income calculation. Although we routinely generate income outside of our corporate subsidiaries that is non-qualifying, we believe that at least 90% of our gross income has been qualifying income for each of the calendar years since our IPO. We have a deferred tax liability of $56.4 million at March 31, 2020 as a result of acquiring corporations in connection with certain of our acquisitions, which is included within other noncurrent liabilities in our consolidated balance sheet. The deferred tax liability is the tax effected cumulative temporary difference between the GAAP basis and tax basis of the acquired assets within the corporation. For GAAP purposes, certain of the acquired assets will be depreciated and amortized over time which will lower the GAAP basis. The deferred tax benefit recorded during the year ended March 31, 2020 was $2.9 million with an effective tax rate of 27.8% . We evaluate uncertain tax positions for recognition and measurement in the consolidated financial statements. To recognize a tax position, we determine whether it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. A tax position that meets the more likely than not threshold is measured to determine the amount of benefit to be recognized in the consolidated financial statements. We had no material uncertain tax positions that required recognition in our consolidated financial statements at March 31, 2020 or 2019 . Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand and time deposits, and funds invested in highly liquid instruments with maturities of three months or less at the date of purchase. At times, certain account balances may exceed federally insured limits. Accounts Receivable and Concentration of Credit Risk We operate in the United States and Canada. We grant unsecured credit to customers under normal industry standards and terms, and have established policies and procedures that allow for an evaluation of each customerās creditworthiness as well as general economic conditions. The allowance for doubtful accounts is based on our assessment of the collectibility of customer accounts, which assessment considers the overall creditworthiness of customers and any specific disputes. Accounts receivable are considered past due or delinquent based on contractual terms. We write off accounts receivable against the allowance for doubtful accounts when collection efforts have been exhausted. We execute netting agreements with certain customers to mitigate our credit risk. Receivables and payables are reflected at a net balance to the extent a netting agreement is in place and we intend to settle on a net basis. Our accounts receivable consists of the following at the dates indicated: March 31, 2020 March 31, 2019 Segment Gross Allowance for Net Gross Allowance for Net (in thousands) Crude Oil Logistics $ 228,432 $ ā $ 228,432 $ 514,243 $ (15 ) $ 514,228 Water Solutions 121,928 (3,711 ) 118,217 57,526 (3,157 ) 54,369 Liquids and Refined Products 220,820 (829 ) 219,991 430,034 (844 ) 429,190 Corporate and Other 194 ā 194 416 ā 416 Total $ 571,374 $ (4,540 ) $ 566,834 $ 1,002,219 $ (4,016 ) $ 998,203 Changes in the allowance for doubtful accounts are as follows for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands) Allowance for doubtful accounts, beginning of period $ (4,016 ) $ (3,851 ) $ (3,604 ) Provision for doubtful accounts (1) (1,202 ) (381 ) (584 ) Write off of uncollectible accounts 678 216 337 Allowance for doubtful accounts, end of period $ (4,540 ) $ (4,016 ) $ (3,851 ) (1) The amount for the year ended March 31, 2020 includes $0.2 million assumed in the Hillstone acquisition (see Note 4 ). Amounts in the tables above do not include accounts receivable or allowance for doubtful accounts related to TPSL, as these amounts have been classified as current assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). We did not have any customers that represented over 10% of consolidated revenues for fiscal years 2020 , 2019 and 2018 . Inventories Our inventories are valued at the lower of cost or net realizable value, with cost determined using either the weighted-average cost or the first in, first out (FIFO) methods, including the cost of transportation and storage, and with net realizable value defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In performing this analysis, we consider fixed-price forward commitments. Inventories consist of the following at the dates indicated: March 31, 2020 2019 (in thousands) Crude oil $ 18,201 $ 51,359 Propane 25,163 33,478 Butane 9,619 15,294 Diesel 2,414 9,186 Ethanol 1,834 14,650 Biodiesel 8,195 4,679 Other 4,208 7,482 Total $ 69,634 $ 136,128 Amounts in the table above do not include inventory related to Mid-Con, Gas Blending and TPSL, as these amounts have been classified as current assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). Investments in Unconsolidated Entities Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. Investments in partnerships and limited liability companies, unless our investment is considered to be minor, and investments in unincorporated joint ventures are also accounted for using the equity method of accounting. Under the equity method, we do not report the individual assets and liabilities of these entities on our consolidated balance sheets; instead, our ownership interests are reported within investments in unconsolidated entities on our consolidated balance sheets. Under the equity method, the investment is recorded at acquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased by our proportionate share of any losses, distributions paid, and amortization of any excess investment. Excess investment is the amount by which our total investment exceeds our proportionate share of the net assets of the investee. We consider distributions received from unconsolidated entities which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and are classified as operating activities in our consolidated statements of cash flows. We consider distributions received from unconsolidated entities in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment and are classified as investing activities in our consolidated statements of cash flows. Our investments in unconsolidated entities consist of the following at the dates indicated: Ownership March 31, Entity Segment Interest (1) Date Acquired 2020 2019 (in thousands) Water services and land company (2) Water Solutions 50% November 2019 $ 16,607 $ ā Water services and land company (3) Water Solutions 50% November 2019 2,092 ā Water services and land company (4) Water Solutions 10% November 2019 3,384 ā Aircraft company (5) Corporate and Other 50% June 2019 447 ā Water services company (6) Water Solutions 50% August 2018 449 920 Natural gas liquids terminal company (7) Liquids and Refined Products 50% March 2019 203 207 Total $ 23,182 $ 1,127 (1) Ownership interest percentages are at March 31, 2020 . (2) This is an investment that we acquired as part of an acquisition in November 2019 (see Note 4), and represents certain membership interests in a limited liability company and are related to specific land operations. (3) This is an investment that we acquired as part of an acquisition in November 2019 (see Note 4), and represents certain membership interests in a limited liability company and are related to specific land operations. (4) This is an investment that we acquired as part of an acquisition in November 2019 (see Note 4), and represents certain membership interests in a limited liability company and are related to specific water services operations. (5) This is an investment with a related party. See Note 13 for a further discussion. (6) This is an investment that we acquired as part of an acquisition in August 2018. (7) This is an investment that we acquired as part of an acquisition in March 2019. Combined summarized financial information for all of our unconsolidated entities is as follows for the dates and periods indicated. This information includes 100% of the activity of our unconsolidated entities and not just our ownership interest. Balance sheets: March 31, 2020 2019 (in thousands) Current assets $ 25,065 $ 1,328 Noncurrent assets $ 106,090 $ 519 Current liabilities $ 6,659 $ 178 Noncurrent liabilities $ 3,469 $ ā Statements of operations: March 31, 2020 2019 2018 (in thousands) Revenues $ 16,115 $ 21,036 $ 182,820 Cost of sales $ 5,945 $ 9,919 $ 114,890 Net income $ 3,958 $ 5,506 $ 26,438 At March 31, 2020 , cumulative equity earnings and cumulative distributions of our unconsolidated entities since they were acquired were $3.2 million and $3.4 million , respectively. Other Noncurrent Assets Other noncurrent assets consist of the following at the dates indicated: March 31, 2020 2019 (in thousands) Loans receivable (1) $ 5,374 $ 19,474 Line fill (2) 25,763 33,437 Minimum shipping fees - pipeline commitments (3) 17,443 23,494 Other 14,557 37,452 Total $ 63,137 $ 113,857 (1) Represents the noncurrent portion of a loan receivable associated with our interest in the construction of a natural gas liquids loading/unloading facility (the āFacilityā) that is utilized by a third party. As of March 31, 2020 , we are owed a total of $26.7 million under this loan receivable, of which approximately $24.2 million is recorded within prepaid expenses and other current assets in our consolidated balance sheet. Our loan receivable is secured by a lien on the Facility. The third party filed for Chapter 11 bankruptcy in July 2019. For a further discussion, see Note 17. The remaining amount represents the noncurrent portion of a loan receivable with Victory Propane. (2) Represents minimum volumes of product we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At March 31, 2020 , line fill consisted of 335,069 barrels of crude oil and 262,000 barrels of propane. During the three months ended March 31, 2020 , we recorded an impairment of $7.7 million primarily due to adjusting the cost basis of pipeline line fill to the market price of propane as of March 31, 2020 . At March 31, 2019 , line fill consisted of 335,069 barrels of crude oil and 262,000 barrels of propane. Line fill held in pipelines we own is included within property, plant and equipment (see Note 5). (3) Represents the noncurrent portion of minimum shipping fees paid in excess of volumes shipped, or deficiency credits, for one contract with a crude oil pipeline operator. This amount can be recovered when volumes shipped exceed the minimum monthly volume commitment (see Note 9). As of March 31, 2019, the deficiency credit was $23.5 million . In October 2019, we extended our commitment with this crude oil pipeline operator and this extension allows us an additional 5.0 years to recapture the minimum shipping deficiency fees (see Note 9). As of March 31, 2020 , the deficiency credit was $21.7 million , of which $4.3 million is recorded within prepaid expenses and other current assets in our consolidated balance sheet. Amounts in the table above do not include other noncurrent assets related to TPSL, as these amounts have been classified as noncurrent assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). Accrued Expenses and Other Payables Accrued expenses and other payables consist of the following at the dates indicated: March 31, 2020 2019 (in thousands) Accrued compensation and benefits $ 29,990 $ 19,312 Excise and other tax liabilities 9,941 10,481 Derivative liabilities 17,777 4,960 Accrued interest 39,803 24,882 Product exchange liabilities 1,687 5,945 Gavilon legal matter settlement (Note 9) ā 12,500 Contingent consideration liability (Note 4) 102,419 ā Other 30,445 29,679 Total $ 232,062 $ 107,759 Amounts in the table above do not include accrued expenses and other payables related to TPSL and Mid-Con and Gas Blending derivative liabilities, as these amounts have been classified as current liabilities held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). Property, Plant and Equipment We record property, plant and equipment at cost, less accumulated depreciation. Acquisitions and improvements are capitalized, and maintenance and repairs are expensed as incurred. As we dispose of assets, we remove the cost and related accumulated depreciation from the accounts, and any resulting gain or loss is included within loss (gain) on disposal or impairment of assets, net . We compute depreciation expense of our property, plant and equipment using the straight-line method over the estimated useful lives of the assets (see Note 5 ). Intangible Assets Our intangible assets include contracts and arrangements acquired in business combinations, including customer relationships, customer commitments, pipeline capacity rights, rights-of-way and easements, water rights, executory contracts and other agreements, covenants not to compete, and trade names. In addition, we capitalize certain debt issuance costs associated with the Revolving Credit Facility (as defined herein). We amortize the majority of our intangible assets on a straight-line basis over the estimated useful lives of the assets (see Note 7 ). We amortize debt issuance costs over the terms of the related debt using a method that approximates the effective interest method. Impairment of Long-Lived Assets We evaluate the carrying value of our long-lived assets (property, plant and equipment and amortizable intangible assets) for potential impairment when events and circumstances warrant such a review. A long-lived asset group is considered impaired when the anticipated undiscounted future cash flows from the use and eventual disposition of the asset group is less than its carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value of the asset group. When we cease to use an acquired trade name, we test the trade name for impairment using the relief from royalty method and we begin amortizing the trade name over its estimated useful life as a defensive asset. See Note 5 and Note 7 for a further discussion of long-lived asset impairments recognized in the consolidated statements of operations. We evaluate our equity method investments for impairment when we believe the current fair value may be less than the carrying amount and record an impairment if we believe the decline in value is other than temporary. Goodwill Goodwill represents the excess of the consideration paid for the acquired businesses over the fair value of the individual assets acquired, net of liabilities assumed. Business combinations are accounted for using the āacquisition methodā (see Note 4 ). We expect that all of our goodwill at March 31, 2020 is deductible for federal income tax purposes. Goodwill and indefinite-lived intangible assets are not amortized, but instead are evaluated for impairment at least annually. We perform our annual assessment of impairment during the fourth quarter of our fiscal year, and more frequently if circumstances warrant. To perform this assessment, we first consider qualitative factors to determine whether it is more likely than not that the fair value of each reporting unit exceeds its carrying amount. If we conclude that it is more likely than not that the fair value of a reporting unit does not exceed its carrying amount, we calculate the fair value for the reporting unit and compare the amount to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered to be impaired and the goodwill balance is reduced by the difference between the fair value and carrying amount of the reporting unit. Estimates and assumptions used to perform the impairment evaluation are inherently uncertain and can significantly affect the outcome of the analysis. The estimates and assumptions we used in the annual goodwill impairment assessment included market participant considerations and future forecasted operating results. Changes in operating results and other assumptions could materially affect these estimates. See Note 6 for a further discussion and analysis of our goodwill impairment assessment. Product Exchanges Quantities of products receivable or returnable under exchange agreements are reported within prepaid expenses and other current assets and within accrued expenses and other payables in our consolidated balance sheets. We estimate the value of product exchange assets and liabilities based on the weighted-average cost basis of the inventory we have delivered or will deliver on the exchange, plus or minus location differentials. Product exchanges related to TPSL have been classified as current assets and current liabilities held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). Noncontrolling Interests Noncontrolling interests represent the portion of certain consolidated subsidiaries that are owned by third parties. Amounts are adjusted by the noncontrolling interest holderās proportionate share of the subsidiariesā earnings or losses each period and any distributions that are paid. Noncontrolling interests are reported as a component of equity, unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded between liabilities and equity (mezzanine or temporary equity) in our consolidated balance sheet. The redeemable noncontrolling interest is adjusted at each balance sheet date to its maximum redemption value if the amount is greater than the carrying value. During the year ended March 31, 2019, the redeemable noncontrolling interest of $12.8 million was included in the sale of our former Retail Propane segment (see Note 18 ). Acquisitions To determine if a transaction should be accounted for as a business combination or an acquisition of assets, we first calculate the relative fair values of the assets acquired. If substantially all of the relative fair value is concentrated in a single asset or group of similar assets, or if not but the transaction does not include a significant process (does not meet the definition of a business), we record the transaction as an acquisition of assets. For acquisitions of assets, the purchase price is allocated based on the relative fair values. For an acquisition of assets, goodwill is not recorded. All other transactions are recorded as business combinations. We record the assets acquired and liabilities assumed in a business combination at their acquisition date fair values. For a business combination, the excess of the purchase price over the net fair value of acquired assets and assumed liabilities is recorded as goodwill, which is not amortized but instead is evaluated for impairment at least annually (as described above). Pursuant to GAAP, an entity is allowed a reasonable period of time (not to exceed one year) to obtain the information necessary to identify and measure the fair value of the assets acquired and liabilities assumed in a business combination. As discussed in Note 4 , certain of our acquisitions are still within this measurement period, and as a result, the acquisition date fair values we have recorded for the assets acquired and liabilities assumed are subject to change. Also, as discussed in Note 4 , we made certain adjustments during the year ended March 31, 2020 to our estimates of the acquisition date fair values of the assets acquired and liabilities assumed in business combinations that occurred during the year ended March 31, 2019. Reclassifications We have reclassified certain prior period financial statement information to be consistent with the classification methods used in the current fiscal year. These reclassifications did not impact previously reported amounts of assets, liabilities, equity, net income, or cash flows. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) No. 2016-13, āFinancial Instruments-Credit Losses.ā The ASU requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected, which would include accounts receivable. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. We adopted ASU No. 2016-13 on April 1, 2020 and $1.1 million will be recognized as a cumulative effect adjustment in the beginning balance of our retained earnings as a result of our implementation of this new guidance. In February 2016, the FASB issued ASC 842, āLeases.ā This ASU replaced previous lease accounting guidance in GAAP. The new guidance requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. It also retains a distinction between finance leases and operating leases. For lessors, the new accounting model remains largely the same, although some changes have been made to align it with the new lessee model and the ASC 606 revenue recognition guidance. We adopted ASC 842 effective April 1, 2019 using the modified retrospective method, with no adjustment to comparative period information, which remains reported under ASC 840, and no cumulative effect adjustment to equity. See Note 16 for a further discussion of the impact of adoption of ASC 842 to our consolidated financial statements. |
(Loss) Income Per Common Unit
(Loss) Income Per Common Unit | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Unit [Abstract] | |
(Loss) Income Per Common Unit | (Loss) Income Per Common Unit The following table presents our calculation of basic and diluted weighted average common units outstanding for the periods indicated: Year Ended March 31, 2020 2019 2018 Weighted average common units outstanding during the period: Common units - Basic 127,411,908 123,017,064 120,991,340 Common units - Diluted 127,411,908 123,017,064 120,991,340 For the years ended March 31, 2020 , 2019 and 2018 all potential common units or convertible securities were considered antidilutive. Our (loss) income per common unit is as follows for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands, except unit and per unit amounts) Loss from continuing operations $ (180,545 ) $ (79,455 ) $ (22,477 ) Less: Continuing operations loss (income) attributable to noncontrolling interests 1,773 20,206 (240 ) Net loss from continuing operations attributable to NGL Energy Partners LP (178,772 ) (59,249 ) (22,717 ) Less: Distributions to preferred unitholders (1) (188,734 ) (111,936 ) (59,697 ) Less: Continuing operations net loss (income) allocated to general partner (2) 260 32 (53 ) Less: Repurchase of warrants (3) ā ā (349 ) Net loss from continuing operations allocated to common unitholders $ (367,246 ) $ (171,153 ) $ (82,816 ) (Loss) income from discontinued operations, net of tax $ (218,235 ) $ 418,850 $ (47,128 ) Less: Discontinued operations loss (income) attributable to redeemable noncontrolling interests ā 446 (1,030 ) Less: Discontinued operations net loss (income) allocated to general partner (2) 218 (419 ) 48 Net (loss) income from discontinued operations allocated to common unitholders $ (218,017 ) $ 418,877 $ (48,110 ) Net (loss) income allocated to common unitholders $ (585,263 ) $ 247,724 $ (130,926 ) Basic (loss) income per common unit Loss from continuing operations $ (2.88 ) $ (1.39 ) $ (0.68 ) (Loss) income from discontinued operations, net of tax $ (1.71 ) $ 3.41 $ (0.40 ) Net (loss) income $ (4.59 ) $ 2.01 $ (1.08 ) Diluted (loss) income per common unit Loss from continuing operations $ (2.88 ) $ (1.39 ) $ (0.68 ) (Loss) income from discontinued operations, net of tax $ (1.71 ) $ 3.41 $ (0.40 ) Net (loss) income $ (4.59 ) $ 2.01 $ (1.08 ) Basic weighted average common units outstanding 127,411,908 123,017,064 120,991,340 Diluted weighted average common units outstanding 127,411,908 123,017,064 120,991,340 (1) This amount includes distributions to preferred unitholders, the final accretion for the beneficial conversion of the Class A Preferred Units (as defined herein) and the excess of the Class A Preferred Units repurchase price over the carrying value of the units, as discussed further in Note 10 . (2) Net loss (income) allocated to the general partner includes distributions to which it is entitled as the holder of incentive distribution rights. (3) This amount represents the excess of the repurchase price over the fair value of the warrants, as discussed further in Note 10 . |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The following summarizes our business combinations and acquisitions of assets during the year ended March 31, 2020 : Business Combinations Hillstone Acquisition On October 31, 2019, we acquired all of the equity interests of Hillstone Environmental Partners, LLC (āHillstoneā) for $642.5 million , subject to certain adjustments. Hillstone provides water pipeline and disposal infrastructure solutions to producers with a core operational focus in the state line area of southern Eddy and Lea Counties, New Mexico and northern Loving County, Texas in the Delaware Basin. Hillstone has a fully interconnected produced water pipeline transportation and disposal system, which consists of 19 saltwater disposal wells, representing approximately 580,000 barrels per day of permitted disposal capacity, and approximately 70 miles of a newly-built network of water pipelines, with approximately 680,000 barrels per day of transportation capacity. Hillstone also has an additional 22 permits to develop another 660,000 barrels per day of disposal capacity. As part of this acquisition, we recorded contract and customer relationship intangible assets related to multiple long-term agreements, including acreage dedications and minimum volume commitments. We estimated the value of these intangible assets using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The agreement for this acquisition contemplates post-closing payments for certain working capital items. We are accounting for this transaction as a business combination. The following table summarizes the preliminary estimates of the fair values as of the acquisition date for the assets acquired and liabilities assumed (in thousands): Current assets $ 32,972 Property, plant and equipment 169,043 Goodwill 50,233 Intangible assets 446,000 Investments in unconsolidated entities 359 Operating lease right-of-use assets 3,090 Other noncurrent assets 811 Assets held for sale 5,100 Current liabilities (15,238 ) Operating lease obligations (3,090 ) Other noncurrent liabilities (1,448 ) Deferred tax liability (44,533 ) Liabilities held for sale (786 ) Fair value of net assets acquired $ 642,513 As of March 31, 2020 , the allocation of the purchase price is considered preliminary as we are continuing to gather additional information to (i) finalize the fair values of the property, plant and equipment and intangible assets, (ii) finalize the calculation of the deferred tax liability and (iii) finalize working capital items. Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill represents a premium paid to expand the number of our disposal sites in an oilfield production basin currently serviced by us, thereby enhancing our competitive position as a provider of disposal services in this oilfield production basin. We expect that all of the goodwill will be deductible for federal income tax purposes. The operations of these water solutions facilities have been included in our consolidated statement of operations since their acquisition date. Our consolidated statement of operations for the year ended March 31, 2020 includes revenues of $37.9 million and operating income of $5.4 million that were generated by the operations of these water solutions facilities. We incurred $12.3 million of transaction costs related to this acquisition during the year ended March 31, 2020 , which is recorded within general and administrative expenses in our consolidated statement of operations. In addition, on December 31, 2019, the Partnership sold its interest in the unconsolidated entity acquired as part of this transaction. Mesquite Acquisition On July 2, 2019, we acquired all of the assets of Mesquite Disposals Unlimited, LLC (āMesquiteā) (including 34 saltwater disposal wells and approximately 175 miles of pipelines). The purchase price was comprised of (i) $592.5 million in cash, (ii) the issuance of $102.8 million of our Class B Preferred Units (as defined herein) and (iii) additional cash payments of $200.0 million to be paid in two deferred installments contingent on the average daily volume of water processed utilizing the assets being acquired. The assets consist of a fully interconnected produced water pipeline transportation and disposal system in Eddy and Lea Counties, New Mexico, and Loving County, Texas. The vast majority of volumes on Mesquiteās system are contracted under long-term acreage dedications and minimum volume commitments. To determine our preliminary purchase price of $885.3 million , we included the fair value of the deferred payments at the date of acquisition of $190.0 million , to the sum of the cash paid and the value of the preferred units issued. During the three months ended December 31, 2019, the volume of produced water processed utilizing the assets acquired surpassed both thresholds, thus triggering the payment of the full $200.0 million . The agreement was amended by both parties for the payment to be made in six installments over the next six months. We made the first three installment payments totaling $100.0 million prior to March 31, 2020. The agreement was further amended by both parties for the remaining balance to be paid in accordance with the following schedule: $55.0 million on April 2, 2020, $5.6 million on May 5, 2020, $5.6 million on June 5, 2020, $5.6 million on July 6, 2020, $5.6 million on August 5, 2020, $5.6 million on September 7, 2020, $5.6 million on October 5, 2020, $5.6 million on November 5, 2020 and $5.6 million on December 7, 2020. As part of this acquisition, we recorded customer commitment, customer relationship and right-of way intangible assets. We estimated the value of these intangible assets using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. We are accounting for this transaction as a business combination. As of March 31, 2020, we completed the acquisition accounting for this acquisition. The following table summarizes the final fair values as of the acquisition date for the assets acquired and liabilities assumed (in thousands): Property, plant and equipment $ 370,923 Goodwill 77,549 Intangible assets 458,678 Other noncurrent liabilities (4,769 ) Noncontrolling interests (17,124 ) Fair value of net assets acquired $ 885,257 Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill represents a premium paid to expand the number of our disposal sites in an oilfield production basin currently serviced by us, thereby enhancing our competitive position as a provider of disposal services in this oilfield production basin. We expect that all of the goodwill will be deductible for federal income tax purposes. The operations of these water solutions facilities have been included in our consolidated statement of operations since their acquisition date. Our consolidated statement of operations for the year ended March 31, 2020 includes revenues of $92.4 million and operating income of $14.4 million that were generated by the operations of these water solutions facilities. We incurred $6.1 million of transaction costs related to this acquisition during the year ended March 31, 2020 , which is recorded within general and administrative expenses in our consolidated statement of operations. Saltwater Disposal Facility Acquisition During the year ended March 31, 2020 , we acquired one saltwater disposal facility (including three saltwater disposal wells) in Eddy County, New Mexico for total consideration of approximately $53.0 million . As part of this acquisition, we recorded customer relationship, favorable contract, non-compete agreement and right-of way intangible assets. We estimated the value of these intangible assets using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The agreement for this acquisition contemplates post-closing payments for certain working capital items. We are accounting for this transaction as a business combination. As of March 31, 2020, we completed the acquisition accounting for this acquisition. The following table summarizes the final fair values as of the acquisition date for the assets acquired and liabilities assumed (in thousands): Property, plant and equipment $ 27,243 Goodwill 1,982 Intangible assets 24,201 Other noncurrent liabilities (426 ) Fair value of net assets acquired $ 53,000 Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill represents a premium paid to expand the number of our disposal sites in an oilfield production basin currently serviced by us, thereby enhancing our competitive position as a provider of disposal services in this oilfield production basin. We expect that all of the goodwill will be deductible for federal income tax purposes. The operations of these water solutions facilities have been included in our consolidated statement of operations since their acquisition date. Our consolidated statement of operations for the year ended March 31, 2020 includes revenues of $6.4 million and operating income of $2.1 million that were generated by the operations of these water solutions facilities. We incurred less than $0.1 million of transaction costs related to this acquisition during the year ended March 31, 2020 , which is recorded within general and administrative expenses in our consolidated statement of operations. Propane Terminal Acquisition On January 31, 2020, we completed the acquisition of a propane terminal located in West Point, Virginia, from Quarles Petroleum, Incorporated for total consideration of approximately $5.6 million . As part of this acquisition, we recorded a customer relationship intangible asset whereby we estimated the value of this intangible asset using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. As of March 31, 2020, we completed the acquisition accounting for this acquisition. As of the acquisition date, we recorded $2.6 million to property, plant and equipment, $2.2 million to intangible assets and $0.7 million to goodwill as the final fair values for the assets acquired. Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired. Goodwill represents a premium paid to expand the number of our propane terminals in an area currently serviced by us, thereby enhancing our competitive position as a provider of services in this area. We expect that all of the goodwill will be deductible for federal income tax purposes. The operations of this propane terminal have been included in our consolidated statement of operations since its acquisition date. Our consolidated statement of operations for the year ended March 31, 2020 includes revenues (including intercompany transactions) of $0.1 million and operating income of $0.1 million that were generated by the operations of this propane terminal. We incurred less than $0.1 million of transaction costs related to this acquisition during the year ended March 31, 2020. These amounts are recorded within general and administrative expenses in our consolidated statement of operations. Acquisitions of Assets On November 7, 2019, we acquired the exclusive rights to use certain land in Lea County, New Mexico, for produced and treated water operations from one entity, certain membership interests (see Note 2 ) in another entity and other assets. The membership interests are in an entity that owns real property and provides brackish non-potable water services. In addition, we entered into a joint development agreement with the seller and affiliates to build and operate produced, treated and blended water facilities. The total purchase price for this transaction was $56.5 million , of which $36.1 million was allocated to the produced and treated water rights (intangible asset), $20.2 million to the membership interests and $0.3 million to net other current and noncurrent assets. During the year ended March 31, 2020 , we also acquired land and two saltwater disposal wells in Pecos County, Texas, for total consideration of $13.0 million , which we are accounting for as an acquisition of assets. The consideration paid for this transaction was allocated primarily to property, plant and equipment. The following summarizes the status of the preliminary purchase price allocation of acquisitions prior to April 1, 2019: Saltwater Water Solutions Facilities During the three months ended June 30, 2019, we completed the acquisition accounting for all saltwater disposal facilities and saltwater disposal wells acquired during the fiscal year ended March 31, 2019. Due to the receipt of additional information, we recorded a decrease of $2.3 million to intangible assets with the offset recorded to goodwill. There were no other adjustments to the fair value of assets acquired and liabilities assumed during the three months ended June 30, 2019. Brackish Non-Potable Water Solutions Facilities During the three months ended June 30, 2019, we completed the acquisition accounting for four brackish non-potable water facilities (including 16 brackish non-potable water wells). There were no adjustments to the fair value of assets acquired and liabilities assumed during the three months ended June 30, 2019 for this acquisition. During the six months ended September 30, 2019, we completed the acquisition accounting for a separate brackish non-potable water acquisition. We paid $2.5 million in cash to the sellers during the six months ended September 30, 2019 to complete the settlement of the acquisition. The offset of the cash payment was recorded to goodwill. There were no other adjustments to the fair value of assets acquired and liabilities assumed during the six months ended September 30, 2019. Natural Gas Liquids Terminal Business During the year ended March 31, 2020, we completed the acquisition accounting for this transaction and recorded a decrease of $2.7 million to inventories, an increase of $0.3 million to other current assets, an increase of $0.1 million to property, plant and equipment, a decrease of $0.9 million to current liabilities and a decrease of $0.5 million to noncurrent liabilities related to working capital items. Also, due to the receipt of additional information, we recorded an increase of $29.0 million to property, plant and equipment, a decrease of $26.9 million to intangible assets and a decrease of $2.1 million to goodwill. There were no other adjustments to the fair value of assets acquired and liabilities assumed during the year ended March 31, 2020. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2020 | |
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: Estimated March 31, Description Useful Lives 2020 2019 (in years) (in thousands) Natural gas liquids terminal and storage assets 2 - 30 $ 314,694 $ 280,106 Pipeline and related facilities 30 - 40 244,751 243,799 Vehicles and railcars 3 - 25 123,937 124,948 Water treatment facilities and equipment 3 - 30 1,525,859 704,666 Crude oil tanks and related equipment 2 - 30 234,143 225,476 Barges and towboats 5 - 30 125,162 103,735 Information technology equipment 3 - 7 34,261 31,831 Buildings and leasehold improvements 3 - 40 151,690 143,711 Land 91,446 62,379 Tank bottoms and line fill (1) 20,346 20,071 Other 3 - 20 14,627 14,870 Construction in progress 499,707 290,805 3,380,623 2,246,397 Accumulated depreciation (529,068 ) (417,457 ) Net property, plant and equipment $ 2,851,555 $ 1,828,940 (1) 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. Line fill, 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 TPSL, as these amounts have been classified as noncurrent assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). The following table summarizes depreciation expense and capitalized interest expense for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands) Depreciation expense $ 132,791 $ 101,515 $ 99,954 Capitalized interest expense $ 650 $ 482 $ 182 Amounts in the table above do not include depreciation expense and capitalized interest 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 1 and Note 18 ). 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 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: Year Ended March 31, 2020 2019 2018 (in thousands) Crude Oil Logistics (1) $ 36 $ 3,489 $ (3,144 ) Water Solutions (2) 22,491 3,067 8,117 Liquids and Refined Products (30 ) 993 639 Corporate ā ā 8 Total $ 22,497 $ 7,549 $ 5,620 (1) Amount for the year ended March 31, 2018 primarily relates to a gain related to the sale of excess pipe, partially offset by losses from the disposal of certain assets and the write-down of other assets. (2) Amount for the year ended March 31, 2020 |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The following table summarizes changes in goodwill by segment for the periods indicated (in thousands): Crude Oil Water Liquids and Refined Products Total (in thousands) Balances at March 31, 2018 $ 579,846 $ 424,465 $ 166,219 $ 1,170,530 Acquisitions (Note 4) ā 74,189 20,472 94,661 Disposals (Note 17) ā (88,515 ) ā (88,515 ) Impairment ā ā (66,220 ) (66,220 ) Balances at March 31, 2019 579,846 410,139 120,471 1,110,456 Revisions to acquisition accounting (Note 4) ā 4,755 (2,103 ) 2,652 Acquisitions (Note 4) ā 129,764 715 130,479 Impairment ā (250,000 ) ā (250,000 ) Balances at March 31, 2020 $ 579,846 $ 294,658 $ 119,083 $ 993,587 Amounts in the table above do not include goodwill that was allocated to TPSL and Gas Blending as the amounts have been classified as noncurrent assets held for sale within our consolidated balance sheets (see Note 1 and Note 18 ). Fiscal Year 2020 Goodwill Impairment Assessment We performed a qualitative assessment as of January 1, 2020 to determine whether it was more likely than not that the fair value of each reporting unit was greater than the carrying value of the reporting unit. Based on these qualitative assessments, we determined that the fair value of each of these reporting units was more likely than not greater than the carrying value of the reporting units as of January 1, 2020. During the month of March 2020, our market capitalization declined significantly driven by current macroeconomic conditions including the collapse of oil prices driven by both the decrease in demand caused by the novel strain of coronavirus (COVID-19) pandemic and excess supply, as well as changing market conditions and expected lower crude oil production in certain regions, resulting in expected decreases in future cash flows for certain of our assets. In addition, the uncertainty related to oil demand continues to have a significant impact on the investment and operating plans of our primary customers. Based on these events, we concluded that a triggering event occurred which required us to perform a quantitative impairment test as of March 31, 2020 for our reporting units. We estimated the fair value of our reporting units based on the income approach, also known as the discounted cash flow method, which utilizes the present value of future expected cash flows to estimate the fair value. The future cash flows of our reporting units were projected based upon estimates as of the test date of future revenues, operating expenses and cash outflows necessary to support these cash flows, including working capital and maintenance capital expenditures. We also considered expectations regarding: (i) the crude oil price environment as reflected in crude oil forward prices as of the test date, (ii) volumes based on historical information and estimates of future drilling and completion activity, as well expectations for future demand recovery and (iii) estimated fixed and variable costs. The discounted cash flows for each reporting unit were based on five years of projected cash flows and we applied discount rates and terminal multiples that we believe would be applied by a theoretical market participant in similar market transactions. Based on these tests, we concluded that the fair values of each of our reporting units exceeded their carrying values with the exception of our Water Solutions reporting unit, whose fair value was less than its carrying value by 7.3% . During the three months ended March 31, 2020, in our Water Solutions reporting unit, we recorded a goodwill impairment charge of $250.0 million within loss (gain) on disposal or impairment of assets, net in our consolidated statement of operations. Fiscal Year 2019 Goodwill Impairment Assessment Due to the continued decrease in demand for natural gas liquid storage and the resulting decline in revenues and earnings as compared to actual and projected results, we tested the goodwill within our natural gas liquids salt cavern storage reporting unit (āSawtooth reporting unitā), which is part of our Liquids and Refined Products segment, for impairment at January 1, 2019. We estimated the fair value of our Sawtooth reporting unit based on the income approach, also known as the discounted cash flow method, which utilizes the present value of future expected cash flows to estimate the fair value. The future cash flows of our Sawtooth reporting unit were projected based upon estimates as of the test date of future revenues, operating expenses and cash outflows necessary to support these cash flows, including working capital and maintenance capital expenditures. We also considered expectations regarding: (i) expected storage volumes, which are assumed to increase in the coming years due to increased production of natural gas liquids, (ii) expected propane and butane prices, (iii) expected rental fees and (iv) the addition of storing refined products (which we acquired as part of the sale of a portion of the reporting unit (see Note 17 ). We assumed that commodity prices would be flat through the duration of the model and an average increase of approximately 7% increase in rental fees per year starting in April 2020, and held such prices and fees flat for periods in our model beyond our 2024 fiscal year. For expenses, we assumed an increase consistent with the increase in storage volumes, and maintenance capital was held flat throughout the model. The discount rate used in our discounted cash flow method was a risk adjusted weighted average cost of capital calculated as of January 1, 2019 of approximately 13.1% . The discounted cash flow results indicated that the estimated fair value of our Sawtooth reporting unit was less than its carrying value by approximately 35.2% at January 1, 2019. During the three months ended March 31, 2019, we recorded a goodwill impairment charge of $66.2 million , which was a write-off of the remaining goodwill within the Sawtooth reporting unit. The goodwill impairment charge was recorded within loss (gain) on disposal or impairment of assets, net in our consolidated statement of operations. We performed a qualitative assessment as of January 1, 2019 to determine whether it was more likely than not that the fair value of each reporting unit was greater than the carrying value of the reporting unit. Based on these qualitative assessments, we determined that the fair value of each of these reporting units was more likely than not greater than the carrying value of the reporting units, other than the Sawtooth reporting unit as previously described. Fiscal Year 2018 Goodwill Impairment Assessment Due to the decreased demand for natural gas liquid storage and resulting decline in revenues and earnings as compared to actual and projected results of prior and future periods, we tested the goodwill within our Sawtooth reporting unit, which is part of our Liquids and Refined Products segment, for impairment at September 30, 2017. We estimated the fair value of our Sawtooth reporting unit based on the income approach, also known as the discounted cash flow method, which utilizes the present value of future expected cash flows to estimate the fair value. The future cash flows of our Sawtooth reporting unit were projected based upon estimates as of the test date of future revenues, operating expenses and cash outflows necessary to support these cash flows, including working capital and maintenance capital expenditures. We also considered expectations regarding: (i) expected storage volumes, which are assumed to increase in the coming years due to increased production of natural gas liquids, (ii) expected propane and butane prices and (iii) expected rental fees. We assumed a 2% per year increase in commodity prices and a 4% increase in rental fees per year starting in April 2018, and held such prices and fees flat for periods in our model beyond our 2023 fiscal year. For expenses, we assumed an increase consistent with the increase in storage volumes, and maintenance capital was held flat throughout the model. The discount rate used in our discounted cash flow method was a risk adjusted weighted average cost of capital calculated as of September 30, 2017 of 12% . The discounted cash flow results indicated that the estimated fair value of our Sawtooth reporting unit was less than its carrying value by approximately 32% at September 30, 2017. During the three months ended September 30, 2017, we recorded a goodwill impairment charge of $116.9 million , which was recorded within loss (gain) on disposal or impairment of assets, net in our consolidated statement of operations. At September 30, 2017, our Sawtooth reporting unit had a goodwill balance of $66.2 million . In Note 17 , we discuss a transaction in which we formed a joint venture which included our Sawtooth salt dome storage facility. As a result of this transaction, we tested the goodwill of our Sawtooth reporting unit, immediately prior to the closing of this transaction, for impairment. As of March 30, 2018, our Sawtooth reporting unit had a goodwill balance of $66.2 million . Similar to the analysis we performed as of September 30, 2017, as discussed above, we estimated the fair value of our Sawtooth reporting unit based on the income approach, also known as the discounted cash flow method, which utilizes the present value of future expected cash flows to estimate the fair value. The future cash flows of our Sawtooth reporting unit were projected based upon estimates as of the test date of future revenues, operating expenses and cash outflows necessary to support these cash flows, including working capital and maintenance capital expenditures. We also considered expectations regarding: (i) expected storage volumes, which are assumed to increase in the coming years due to increased production of natural gas liquids, (ii) expected propane and butane prices and (iii) expected rental fees. We assumed a 2% per year increase in commodity prices and a 4% increase in rental fees per year starting in April 2018, and held such prices and fees flat for periods in our model beyond our 2023 fiscal year. For expenses, we assumed an increase consistent with the increase in storage volumes, and maintenance capital was held flat throughout the model. The discount rate used in our discounted cash flow method was a risk adjusted weighted average cost of capital calculated as of March 30, 2018 of 12.4% . The discounted cash flow results indicated that the estimated fair value of our Sawtooth reporting unit was greater than its carrying value by approximately 2% at March 30, 2018. We performed a qualitative assessment as of January 1, 2018 to determine whether it was more likely than not that the fair value of each reporting unit was greater than the carrying value of the reporting unit. Based on these qualitative assessments, we determined that the fair value of each of these reporting units was more likely than not greater than the carrying value of the reporting units, other than the Sawtooth reporting unit as previously described. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets Our intangible assets consist of the following at the dates indicated: March 31, 2020 March 31, 2019 Description Amortizable Lives Gross Carrying Amount Accumulated Amortization Net Gross Carrying Accumulated Net (in years) (in thousands) Amortizable: Customer relationships 3 - 30 $ 1,435,573 $ (445,250 ) $ 990,323 $ 742,832 $ (369,983 ) $ 372,849 Customer commitments 10 - 25 502,000 (111,677 ) 390,323 310,000 (74,917 ) 235,083 Pipeline capacity rights 30 7,799 (1,647 ) 6,152 7,799 (1,387 ) 6,412 Rights-of-way and easements 1 - 45 89,476 (6,506 ) 82,970 73,409 (4,509 ) 68,900 Water rights 13 - 30 100,937 (8,441 ) 92,496 64,868 (3,018 ) 61,850 Executory contracts and other agreements 5 - 30 48,570 (18,210 ) 30,360 47,230 (17,212 ) 30,018 Non-compete agreements 2 - 24 12,723 (4,735 ) 7,988 12,723 (2,570 ) 10,153 Debt issuance costs (1) 3 - 5 44,051 (34,983 ) 9,068 42,345 (29,521 ) 12,824 Total amortizable 2,241,129 (631,449 ) 1,609,680 1,301,206 (503,117 ) 798,089 Non-amortizable: Trade names 2,800 ā 2,800 2,800 ā 2,800 Total $ 2,243,929 $ (631,449 ) $ 1,612,480 $ 1,304,006 $ (503,117 ) $ 800,889 (1) Includes debt issuance costs related to the Revolving Credit Facility (as defined herein). Debt issuance costs related to fixed-rate notes and Term Credit Agreement (as defined herein) are reported as a reduction of the carrying amount of long-term debt. Amounts in the table above do not include intangible assets and accumulated amortization related to TPSL, as these amounts have been classified as noncurrent assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). The weighted-average remaining amortization period for intangible assets is approximately 18.8 years . Write off of Intangible Assets During the year ended March 31, 2018, we wrote off $1.8 million related to the non-compete agreement which was terminated as part of our acquisition of the remaining interest in NGL Solids Solutions, LLC. Amortization expense is as follows for the periods indicated: Year Ended March 31, Recorded In 2020 2019 2018 (in thousands) Depreciation and amortization $ 132,521 $ 110,458 $ 108,444 Cost of sales 349 486 966 Interest expense 5,462 4,928 4,568 Operating expenses 286 ā ā Total $ 138,618 $ 115,872 $ 113,978 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 1 and Note 18 ). Expected amortization of our intangible assets is as follows (in thousands): Year Ending March 31, 2021 $ 144,367 2022 131,171 2023 122,751 2024 116,549 2025 100,320 Thereafter 994,522 Total $ 1,609,680 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Our long-term debt consists of the following at the dates indicated: March 31, 2020 March 31, 2019 Face Unamortized Book Face Unamortized Book (in thousands) Revolving credit facility: Expansion capital borrowings $ 1,120,000 $ ā $ 1,120,000 $ 275,000 $ ā $ 275,000 Working capital borrowings 350,000 ā 350,000 896,000 ā 896,000 Senior unsecured notes: 7.500% Notes due 2023 ("2023 Notes") 607,323 (5,405 ) 601,918 607,323 (6,916 ) 600,407 6.125% Notes due 2025 ("2025 Notes") 387,320 (4,217 ) 383,103 389,135 (5,092 ) 384,043 7.500% Notes due 2026 ("2026 Notes") 450,000 (6,975 ) 443,025 ā ā ā Term credit agreement 250,000 (3,198 ) 246,802 ā ā ā Other long-term debt 4,683 ā 4,683 5,331 ā 5,331 3,169,326 (19,795 ) 3,149,531 2,172,789 (12,008 ) 2,160,781 Less: Current maturities 4,683 ā 4,683 648 ā 648 Long-term debt $ 3,164,643 $ (19,795 ) $ 3,144,848 $ 2,172,141 $ (12,008 ) $ 2,160,133 (1) Debt issuance costs related to the Revolving Credit Facility are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt. Amortization expense for debt issuance costs related to long-term debt in the table above was $5.4 million , $4.3 million and $6.1 million during the years ended March 31, 2020 , 2019 and 2018 . Expected amortization of debt issuance costs is as follows (in thousands): Year Ending March 31, 2021 $ 5,206 2022 3,983 2023 3,983 2024 3,359 2025 2,061 Thereafter 1,203 Total $ 19,795 Credit Agreement We are a party to a credit agreement (āCredit Agreementā) with a syndicate of banks. The Credit Agreement provides up to $1.915 billion in aggregate commitments and consists of a revolving credit facility to fund working capital needs, which had a capacity of $641.5 million for cash borrowings and letters of credit (the āWorking Capital Facilityā), and a revolving credit facility to fund acquisitions and expansion projects, which had a capacity of $1.273 billion (the āExpansion Capital Facility,ā and together with the Working Capital Facility, the āRevolving Credit Facilityā) at March 31, 2020. We had letters of credit of $65.8 million on the Working Capital Facility at March 31, 2020 . The capacity under the Working Capital Facility may be limited by a āborrowing baseā (as defined in the Credit Agreement) which is calculated based on the value of certain working capital items at any point in time. On April 27, 2020, we amended our Credit Agreement to reallocate availability between the two revolving credit facilities. We reduced the capacity of the Working Capital Facility to $350.0 million and increased the Expansion Capital Facility to $1.565 billion . This change was due to reduced working capital borrowing needs going forward due to the sale of the TPSL, Mid-Con and Gas Blending refined products businesses. The commitments under the Credit Agreement expire on October 5, 2021. We have the right to prepay outstanding borrowings under the Credit Agreement without incurring any penalties, and prepayments of principal may be required if we enter into certain transactions to sell assets or obtain new borrowings. The Credit Agreement is secured by substantially all of our assets. At March 31, 2020 , the borrowings under the Credit Agreement had a weighted average interest rate of 3.36% , calculated as the weighted average LIBOR rate of 0.85% plus a margin of 2.50% for LIBOR borrowings and the prime rate of 3.25% plus a margin of 1.50% on alternate base rate borrowings. At March 31, 2020 , the interest rate in effect on letters of credit was 2.50% . Commitment fees are charged at a rate ranging from 0.375% to 0.50% on any unused capacity. On October 30, 2019, we amended the Credit Agreement to, among other things, adjust the allocation of the commitments of the lenders to make revolving loans thereunder and, effective with the fiscal quarter ending December 31, 2019, amend the covenant package to include the senior secured leverage ratio, interest coverage ratio and total leverage indebtedness ratio financial covenants (each as defined in the Credit Agreement). The following table summarizes the debt covenant levels specified in the Credit Agreement as of March 31, 2020 (as amended): Senior Secured Interest Total Leverage Period Beginning Leverage Ratio (1) Coverage Ratio (2) Indebtedness Ratio (1) March 31, 2020 3.50 2.50 5.75 June 30, 2020 and thereafter 3.50 2.50 5.50 (1) Represents the maximum ratio for the period presented. (2) Represents the minimum ratio for the period presented. At March 31, 2020 , our senior secured leverage ratio was approximately 2.56 to 1 , our interest coverage ratio was approximately 3.98 to 1 and our total leverage indebtedness ratio was approximately 4.86 to 1 . The Credit Agreement contains various customary representations, warranties, and additional covenants, including, without limitation, limitations on fundamental changes and limitations on indebtedness and liens. Our obligations under the Credit Agreement may be accelerated following certain events of default (subject to applicable cure periods), including, without limitation, (i) the failure to pay principal or interest when due, (ii) a breach by the Partnership or its subsidiaries of any material representation or warranty or any covenant made in the Credit Agreement, or (iii) certain events of bankruptcy or insolvency. We were in compliance with the covenants under the Credit Agreement at March 31, 2020 . Senior Unsecured Notes The senior unsecured notes include, as defined below, the 2019 Notes, 2021 Notes, 2023 Notes, 2025 Notes and 2026 Notes (collectively, the āSenior Unsecured Notesā). The Partnership and NGL Energy Finance Corp. are co-issuers of the Senior Unsecured Notes, and the obligations under the Senior Unsecured Notes are fully and unconditionally guaranteed by certain of our existing and future restricted subsidiaries that incur or guarantee indebtedness under certain of our other indebtedness, including the Revolving Credit Facility. The indentures governing the Senior Unsecured Notes contain various customary covenants, including, (i) pay distributions on, purchase or redeem our common equity or purchase or redeem our subordinated debt, (ii) incur or guarantee additional indebtedness or issue preferred units, (iii) create or incur certain liens, (iv) enter into agreements that restrict distributions or other payments from our restricted subsidiaries to us, (v) consolidate, merge or transfer all or substantially all of our assets, and (vi) engage in transactions with affiliates. Our obligations under the Senior Unsecured Notes may be accelerated following certain events of default (subject to applicable cure periods), including, without limitation, (i) the failure to pay principal or interest when due, (ii) experiencing an event of default on certain other debt agreements, or (iii) certain events of bankruptcy or insolvency. Issuances On July 9, 2014, we issued $400.0 million of 5.125% Senior Unsecured Notes Due 2019 (the ā2019 Notesā). Interest is payable on January 15 and July 15 of each year. The 2019 Notes were redeemed on March 15, 2019. See further discussion below. On October 16, 2013, we issued $450.0 million of 6.875% Senior Unsecured Notes Due 2021 (the ā2021 Notesā). Interest is payable on April 15 and October 15 of each year. The 2021 Notes were redeemed on October 16, 2018. See further discussion below. On October 24, 2016, we issued $700.0 million of 7.50% 2023 Notes. Interest is payable on May 1 and November 1 of each year. The registration of the 2023 Notes became effective on July 11, 2017. The 2023 Notes mature on November 1, 2023. On February 22, 2017, we issued $500.0 million of 6.125% 2025 Notes. Interest is payable on March 1 and September 1 of each year. The registration of the 2025 Notes became effective on July 11, 2017. The 2025 Notes mature on March 1, 2025. On April 9, 2019, we issued $450.0 million of 7.50% 2026 Notes in a private placement. The 2026 Notes bear interest, which is payable on April 15 and October 15 of each year, beginning on October 15, 2019. We received net proceeds of $442.1 million , after the initial purchasersā discount of $6.8 million and offering costs of $1.1 million . The 2026 Notes mature on April 15, 2026 . We have the option to redeem all or a portion of the 2026 Notes at any time on or after April 15, 2022 at fixed redemption prices beginning at 103.750% on such date and declining annually and ratably to par for redemptions occurring on or after April 15, 2024 plus accrued and unpaid interest. At any time prior to April 15, 2022, we may redeem all or a portion of the 2026 Notes, at a redemption price equal to the āmake whole priceā specified in the indenture, plus accrued and unpaid interest. In connection with the issuance of the 2026 Notes, we entered into a registration rights agreement in which we agreed to file a registration statement with the Securities and Exchange Commission (āSECā) so that holders can exchange the 2026 Notes for registered notes that have substantially identical terms as the 2026 Notes and evidence the same indebtedness of the 2026 Notes. In addition, the subsidiary guarantors agreed to exchange the guarantee related to the 2026 Notes for a registered guarantee having substantially the same terms as the original guarantee. We filed a registration statement with the SEC for the 2026 Notes, and the related guarantees, which became effective on January 22, 2020 and 100% of the 2026 Notes were exchanged on February 21, 2020. Redemptions The following table summarizes redemptions of Senior Unsecured Notes for the period indicated: Year Ended March 31, 2019 (in thousands) 2019 Notes (1) Notes redeemed $ 328,005 Cash paid (excluding payments of accrued interest) $ 329,719 Loss on early extinguishment of debt $ (2,113 ) 2021 Notes (2) Notes redeemed $ 367,048 Cash paid (excluding payments of accrued interest) $ 373,358 Loss on early extinguishment of debt $ (10,130 ) (1) On March 15, 2019, we redeemed all of the remaining outstanding 2019 Notes. Loss on the early extinguishment of debt for the 2019 Notes during the year ended March 31, 2019 is inclusive of the write off of debt issuance costs of $0.4 million . The loss is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. (2) On October 16, 2018, we redeemed all of the remaining outstanding 2021 Notes. Loss on the early extinguishment of debt for the 2021 Notes during the year ended March 31, 2019 is inclusive of the write off of debt issuance costs of $3.8 million . The loss is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. Repurchases The following table summarizes repurchases of Senior Unsecured Notes for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands) 2019 Notes Notes repurchased $ ā $ 25,419 $ 26,034 Cash paid (excluding payments of accrued interest) $ ā $ 25,406 $ 26,002 Loss on early extinguishment of debt (1) $ ā $ (34 ) $ (140 ) 2023 Notes Notes repurchased $ ā $ 8,624 $ 84,053 Cash paid (excluding payments of accrued interest) $ ā $ 8,575 $ 83,967 Loss on early extinguishment of debt (2) $ ā $ (63 ) $ (1,136 ) 2025 Notes Notes repurchased $ 1,815 $ ā $ 110,865 Cash paid (excluding payments of accrued interest) $ 454 $ ā $ 107,050 Gain on early extinguishment of debt (3) $ 1,341 $ ā $ 2,046 (1) Loss on early extinguishment of debt for the 2019 Notes during the years ended March 31, 2019 and 2018 is inclusive of the write off of debt issuance costs of less than $0.1 million and $0.2 million , respectively. The loss is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. (2) Loss on early extinguishment of debt for the 2023 Notes during the years ended March 31, 2019 and 2018 is inclusive of the write off of debt issuance costs of $0.1 million and $1.2 million , respectively. The loss is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. (3) Gain on early extinguishment of debt for the 2025 Notes during the years ended March 31, 2020 and 2018 is inclusive of the write off of debt issuance costs of less than $0.1 million and $1.8 million , respectively. The gain is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. Compliance At March 31, 2020 , we were in compliance with the covenants under all of the Senior Unsecured Notes indentures. Term Credit Agreement On July 2, 2019 (the āClosing Dateā), we entered into a term credit agreement (the āTerm Credit Agreementā) with Toronto Dominion (Texas) LLC for a $250.0 million term loan facility. Toronto Dominion (Texas) LLC and certain of its affiliates are also lenders under our Credit Agreement. Proceeds from the term loan facility were used to fund a portion of the purchase price for the Mesquite acquisition (see Note 4 ). The commitments under the Term Credit Agreement expire on July 2, 2024. We are subject to prepayments of principal if we enter into certain transactions to sell assets, issue equity or obtain new borrowings. The obligations under the Term Credit Agreement are guaranteed by the Partnership and certain of the Borrowerās wholly owned subsidiaries, and are secured by substantially all of the assets of the Borrower, the Partnership and the other subsidiary guarantors subject to certain customary exclusions. All borrowings under the Term Credit Agreement bear interest, at either (a) an alternate base rate plus (i) during the first three-month period after the Closing Date, margin equal to the applicable margin for alternate base rate loans calculated under our existing revolving credit facility, (ii) 2.00% per annum for the second three-month period after the Closing Date, (iii) 2.25% per annum for the third three-month period after the Closing Date, (iv) 2.50% per annum for the fourth three-month period after the Closing Date, and (v) thereafter, the rate per year such that the alternate base rate equals a rate of interest agreed to between us and the administrative agent, or (b) an adjusted LIBOR rate plus (i) during the first three-month period after the Closing Date, margin equal to the applicable margin for LIBOR rate loans calculated under our existing revolving credit facility, (ii) 3.00% per annum for the second three-month period after the Closing Date, (iii) 3.25% per annum for the third three-month period after the Closing Date, (iv) 3.50% per annum for the fourth three-month period after the Closing Date, and (v) thereafter, such rate per annum such that the adjusted LIBOR rate equals a rate of interest agreed to between us and the administrative agent. At March 31, 2020 , the borrowings under the Term Credit Agreement had an interest rate of 4.05% calculated as the LIBOR rate of 0.80% plus a margin of 3.25% . The Term Credit Agreement contains various customary representations, warranties and covenants by the Partnership and its subsidiaries, including, without limitation, (i) commencing September 30, 2019, the Partnership and the subsidiary guarantors will be subject to financial covenants limiting leverage, including senior leverage, secured leverage and total leverage, and requiring a minimum interest coverage, (ii) negative covenants limiting indebtedness, liens, equity distributions and fundamental changes involving the Partnership or its subsidiaries and (iii) affirmative covenants requiring, among other things, reporting of financial information and material events and covenants to maintain existence and pay taxes, in each case substantially consistent with the Partnershipās existing Revolving Credit Facility. On October 30, 2019, we amended the Term Credit Agreement, to, among other things, conform financial covenants in the Term Credit Agreement to the financial covenants set forth in the amended Credit Agreement, as described above. Senior Secured Notes On June 19, 2012, we entered into the Note Purchase Agreement (as amended, the āSenior Secured Notes Purchase Agreementā) whereby we issued $250.0 million of senior secured notes in a private placement (the āSenior Secured Notesā). The Senior Secured Notes paid interest at a fixed rate of 6.65% which was payable quarterly. The Senior Secured Notes were required to be repaid in semi-annual installments of $25.0 million beginning on December 19, 2017 and ending on the maturity date of June 19, 2022. We had the option to prepay outstanding principal, although we would incur a prepayment penalty. On December 29, 2017, we repurchased all of the remaining outstanding Senior Secured Notes. See below for the details related to the repurchase. Repurchases The following table summarizes repurchases of Senior Secured Notes for the period indicated: Year Ended March 31, 2018 (in thousands) Senior Secured Notes Notes repurchased $ 230,500 Cash paid (excluding payments of accrued interest) $ 250,179 Loss on early extinguishment of debt (1) $ (23,971 ) (1) Loss on the early extinguishment of debt for the Senior Secured Notes during the year ended March 31, 2018 is inclusive of the write off of debt issuance costs of $4.3 million . The loss is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. Prior to the December 29, 2017 repurchase of all the remaining outstanding Senior Secured Notes, we made a semi-annual principal installment payment of $19.5 million on December 19, 2017. Sawtooth Credit Agreement On November 27, 2019, Sawtooth Caverns LLC (āSawtoothā), a joint venture in which we own approximately a 71.5% interest, entered into a credit agreement with Zions Bancorporation (doing business as āAmegy Bankā). The Sawtooth credit agreement has a capacity of $20.0 million . The commitments under the Sawtooth credit agreement expire on November 27, 2022 . At March 31, 2020 , no amounts had been borrowed under the Sawtooth credit agreement. Commitment fees are charged at a rate of 0.50% on any unused capacity. Other Long-Term Debt We have other notes payable related to equipment financing. The interest rates on these instruments range from 4.13% to 7.10% per year and have an aggregate principal balance of $4.7 million at March 31, 2020 . Debt Maturity Schedule The scheduled maturities of our long-term debt are as follows at March 31, 2020 : Year Ending March 31, Revolving Senior Unsecured Notes Term Credit Agreement Other Long-Term Debt Total 2021 $ ā $ ā $ ā $ 4,683 $ 4,683 2022 1,470,000 ā ā ā 1,470,000 2023 ā ā ā ā ā 2024 ā 607,323 ā ā 607,323 2025 ā 387,320 250,000 ā 637,320 Thereafter ā 450,000 ā ā 450,000 Total $ 1,470,000 $ 1,444,643 $ 250,000 $ 4,683 $ 3,169,326 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Contingencies In August 2015, LCT Capital, LLC (āLCTā) filed a lawsuit against NGL Energy Holdings LLC (the āGPā) and the Partnership seeking payment for investment banking services relating to the purchase of TransMontaigne Inc. and related assets in July 2014. After pre-trial rulings, LCT was limited to pursuing claims of (i) quantum meruit (the value of the services rendered by LCT) and (ii) fraudulent misrepresentation against the defendants. Following a jury trial conducted in Delaware state court from July 23, 2018 through August 1, 2018, the jury returned a verdict consisting of an award of $4.0 million for quantum meruit and $29.0 million for fraudulent misrepresentation, subject to statutory interest. The GP and the Partnership contend that the jury verdict, at least in respect of fraudulent misrepresentation, is not supportable by either controlling law or the evidentiary record. On December 5, 2019, in response to the defendantsā post-trial motion, the Court issued an Order overturning the juryās damages award and ordering the case to be set for a damages-only trial. Both parties filed applications with the trial court asking the trial court to certify the December 5th Order for interlocutory, immediate review by the Appellate Court. On December 23, 2019, the trial court issued an Order certifying for immediate review by the appellate court the issue of whether the types of damages awarded by the jury are legally supportable since it was also determined by the Court that there was no contract between the parties. On January 7, 2020, the Supreme Court of Delaware entered an Order expanding the issues to be reviewed on appeal to include the additional issues raised by the NGL partiesā application - namely, whether the December 5th Order correctly set aside the juryās $4.0 million quantum meruit award, whether certain jury instructions were correct and whether the evidence presented at trial supported the claims asserted by LCT. The Supreme Court consolidated the appeal proceedings for judicial efficiency; and set a briefing cycle for the parties whereby the appeal-related materials will likely be fully submitted by both parties by the Summer of 2020. It is our position that the awards, even if they each stand, are not cumulative. Any allocation of the ultimate verdict award between the GP and the Partnership will be made by the Board of Directors once all information is available to it and after the post-trial and any appellate process has run its course and the verdict is final as a matter of law. Because the Partnership is a named defendant in the suit, and any judgment ultimately awarded would be joint and several with the GP, we have determined that it is probable that the Partnership could be liable for a portion of this judgment. At this time, we believe the amount that could be allocated to the Partnership would not be material as it is estimated to be less than $4.0 million . As of March 31, 2020 , we have accrued $2.5 million related to this matter. We are party to various other claims, legal actions, and complaints arising in the ordinary course of business. In the opinion of our management, the ultimate resolution of these claims, legal actions, and complaints, after consideration of amounts accrued, insurance coverage, and other arrangements, is not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, the outcome of such matters is inherently uncertain, and estimates of our liabilities may change materially as circumstances develop. Environmental Matters At March 31, 2020 , we have an environmental liability, measured on an undiscounted basis, of $2.0 million , which is recorded within accrued expenses and other payables in our consolidated balance sheet. Our operations are subject to extensive federal, state, and local environmental laws and regulations. Although we believe our operations are in substantial compliance with applicable environmental laws and regulations, risks of additional costs and liabilities are inherent in our business, and there can be no assurance that we will not incur significant costs. Moreover, it is possible that other developments, such as increasingly stringent environmental laws, regulations and enforcement policies thereunder, and claims for damages to property or persons resulting from the operations, could result in substantial costs. Accordingly, we have adopted policies, practices, and procedures in the areas of pollution control, product safety, occupational health, and the handling, storage, use, and disposal of hazardous materials designed to prevent material environmental or other damage, and to limit the financial liability that could result from such events. However, some risk of environmental or other damage is inherent in our business. In 2015, as previously disclosed, the United States Environmental Protection Agency (āEPAā) informed NGL Crude Logistics, LLC, formerly known as Gavilon, LLC (āGavilon Energyā), of alleged violations that occurred in 2011 by Gavilon Energy of the Clean Air Actās renewable fuel standards regulations (prior to its acquisition by us in December 2013). On October 4, 2016, the United States Department of Justice, acting at the request of the EPA, filed a civil complaint in the Northern District of Iowa against Gavilon Energy and one of its then suppliers, Western Dubuque Biodiesel LLC (āWestern Dubuqueā). Consistent with the earlier allegations by the EPA, the civil complaint related to transactions between Gavilon Energy and Western Dubuque and the generation of biodiesel renewable identification numbers (āRINsā) sold by Western Dubuque to Gavilon Energy in 2011. On December 19, 2016, we filed a motion to dismiss the complaint. On January 9, 2017, the EPA filed an amended complaint. The amended complaint seeks an order declaring Western Dubuqueās RINs invalid and requiring the defendants to retire an equivalent number of valid RINs and that the defendants pay statutory civil penalties. On January 23, 2017, we filed a motion to dismiss the amended complaint. On May 24, 2017, the court denied our motion to dismiss. Subsequently, the EPA filed a second amended complaint seeking an order declaring Western Dubuqueās RINs invalid, an order requiring us to retire an equivalent number of valid RINs and an award against us of statutory civil penalties. In May 2018, the parties completed briefing on cross-motions for summary judgment concerning liability issues in the case. On July 3, 2018, the Court denied our summary judgment motion and largely granted the plaintiffās two summary judgment motions on liability. On July 19, 2018, Gavilon Energy reached an agreement in principle with the EPA regarding the terms of a settlement of the case, which was memorialized in a consent decree lodged to the Court on September 27, 2018. Such terms will result in Gavilon Energy paying cash of $25.0 million and retiring 36 million RINs, over a twelve-month period. The consent decree was approved by the Court on November 8, 2018. The consent decree resolves all matters between Gavilon Energy and the EPA in connection with the above-described complaint. During the year ended March 31, 2019 , we paid the EPA $12.5 million and retired all 36 million RINs. During the year ended March 31, 2020 , we paid the final EPA settlement amount of $12.5 million . Asset Retirement Obligations We have contractual and regulatory obligations at certain facilities for which we have to perform remediation, dismantlement, or removal activities when the assets are retired. Our liability for asset retirement obligations is discounted to present value. To calculate the liability, we make estimates and assumptions about the retirement cost and the timing of retirement. Changes in our assumptions and estimates may occur as a result of the passage of time and the occurrence of future events. The following table summarizes changes in our asset retirement obligation, which is reported within other noncurrent liabilities in our consolidated balance sheets (in thousands): Balance at March 31, 2018 $ 9,133 Liabilities incurred 586 Liabilities assumed in acquisitions 438 Liabilities associated with disposed assets (1) (585 ) Liabilities settled (546 ) Accretion expense 697 Balance at March 31, 2019 9,723 Liabilities incurred 1,643 Liabilities assumed in acquisitions 6,642 Liabilities settled (658 ) Accretion expense 1,066 Balance at March 31, 2020 $ 18,416 (1) This amount primarily relates to the sales of our Bakken and South Pecos water disposal businesses (see Note 17 ). In addition to the obligations described above, we may be obligated to remove facilities or perform other remediation upon retirement of certain other assets. However, the fair value of the asset retirement obligation cannot currently be reasonably estimated because the settlement dates are indeterminable. We will record an asset retirement obligation for these assets in the periods in which settlement dates are reasonably determinable. Other Commitments We have noncancelable agreements for product storage, railcar spurs and real estate. The following table summarizes future minimum payments under these agreements at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 13,136 2022 10,375 2023 4,521 2024 4,521 2025 172 Thereafter 525 Total $ 33,250 As part of the Hillstone acquisition discussed in Note 4 , we assumed an obligation to pay a quarterly subsidy payment in the event that specified volumetric thresholds are not exceeded at a third-party facility. This agreement expires on December 31, 2022. For the year ended March 31, 2020 , we recorded $0.8 million within operating expense in our consolidated statement of operations. At March 31, 2020 , the range of potential payments we could be obligated to make pursuant to the subsidy agreement could be from $0.0 million to $8.9 million . Pipeline Capacity Agreements We have noncancelable agreements with crude oil pipeline operators, which guarantee us minimum monthly shipping capacity on the pipelines. As a result, we are required to pay the minimum shipping fees if actual shipments are less than our allotted capacity. Under certain agreements we have the ability to recover minimum shipping fees previously paid if our shipping volumes exceed the minimum monthly shipping commitment during each month remaining under the agreement, with some contracts containing provisions that allow us to continue shipping up to six months after the maturity date of the contract in order to recapture previously paid minimum shipping delinquency fees. We currently have an asset recorded in prepaid expenses and other current assets and in other noncurrent assets in our consolidated balance sheet for minimum shipping fees paid in both the current and previous periods that are expected to be recovered in future periods by exceeding the minimum monthly volumes (see Note 2 ). In September 2019, we extended our commitment with one pipeline operator through March 31, 2025 and in October 2019, we extended our commitment with another pipeline operator through October 31, 2024. Both extensions are backed by long-term purchase agreements. The extension with the second operator also allows us an additional 5.0 years , as of March 31, 2020, to recapture the minimum shipping deficiency fees discussed above. The following table summarizes future minimum throughput payments under these agreements at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 35,314 2022 35,314 2023 35,314 2024 35,410 2025 30,897 Total $ 172,249 Construction Commitments At March 31, 2020 , we had construction commitments of $5.1 million . Sales and Purchase Contracts We have entered into product sales and purchase contracts for which we expect the parties to physically settle and deliver the inventory in future periods. At March 31, 2020 , we had the following commodity purchase commitments (in thousands): Crude Oil (1) Natural Gas Liquids Value Volume Value Volume Fixed-Price Commodity Purchase Commitments: 2021 $ 52,420 2,134 $ 10,142 23,994 2022 ā ā 2,495 5,766 Total $ 52,420 2,134 $ 12,637 29,760 Index-Price Commodity Purchase Commitments: 2021 $ 522,123 23,374 $ 377,992 1,169,741 2022 259,847 8,264 11,636 36,545 2023 191,584 5,482 ā ā 2024 150,682 4,110 ā ā Total $ 1,124,236 41,230 $ 389,628 1,206,286 (1) Our crude oil index-price purchase commitments exceed our crude oil index-price sales commitments (presented below) due primarily to our long-term purchase commitments for crude oil that we purchase and ship on the Grand Mesa Pipeline. As these purchase commitments are deliver-or-pay contracts, whereby our counterparty is required to pay us for any volumes not delivered, we have not entered into corresponding long-term sales contracts for volumes we may not receive. At March 31, 2020 , we had the following commodity sale commitments (in thousands): Crude Oil Natural Gas Liquids Value Volume Value Volume Fixed-Price Commodity Sale Commitments: 2021 $ 57,073 2,194 $ 54,176 88,542 2022 ā ā 4,472 8,164 2023 ā ā 28 36 Total $ 57,073 2,194 $ 58,676 96,742 Index-Price Commodity Sale Commitments: 2021 $ 325,215 14,120 $ 278,304 605,250 2022 ā ā 723 1,470 Total $ 325,215 14,120 $ 279,027 606,720 We account for the contracts shown in the tables above using the normal purchase and normal sale election . Under this accounting policy election, we do not record the physical contracts at fair value at each balance sheet date; instead, we record the purchase or sale at the contracted value once the delivery occurs. Contracts in the tables above may have offsetting derivative contracts (described in Note 11 ) or inventory positions (described in Note 2 ). Certain other forward purchase and sale contracts do not qualify for the normal purchase and normal sale election. These contracts are recorded at fair value in our consolidated balance sheet and are not included in the tables above. These contracts are included in the derivative disclosures in Note 11 , and represent $25.2 million of our prepaid expenses and other current assets and $17.1 million of our accrued expenses and other payables at March 31, 2020 . |
Equity
Equity | 12 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity Partnership Equity The Partnershipās equity consists of a 0.1% general partner interest and a 99.9% limited partner interest, which consists of common units. Our general partner has the right, but not the obligation, to contribute a proportionate amount of capital to us to maintain its 0.1% general partner interest. Our general partner is not required to guarantee or pay any of our debts or obligations. As of March 31, 2020 , we owned 8.69% of our general partner. General Partner Contributions In connection with the issuance of common units for the vesting of restricted units and warrants that were exercised for common units during the years ended March 31, 2020 , 2019 and 2018 , we issued 4,268 , 3,039 , and 1,294 , respectively, notional units to our general partner which represented less than $0.1 million in each of the years, in order to maintain its 0.1% interest in us. Equity Issuances On August 24, 2016, we entered into an equity distribution agreement in connection with an at-the-market program (the āATM Programā) pursuant to which we may issue and sell up to $200.0 million of common units. This ATM Program is registered with the SEC on an effective registration statement on Form S-3. During the year ended March 31, 2017, we sold 3,321,135 common units for net proceeds of $64.4 million (net of offering costs of $0.9 million ). We did not sell any common units under the ATM Program during the years ended March 31, 2020 , 2019 and 2018. The registration statement applicable to this program expired in July 2019. Common Unit Repurchase Program On August 29, 2017, the board of directors of our general partner authorized a common unit repurchase program, under which we may repurchase up to $15.0 million of our outstanding common units through December 31, 2017 from time to time in the open market or in other privately negotiated transactions . Under this program, we repurchased 1,516,848 common units for an aggregate price of $15.0 million , including commissions. This program ended on December 31, 2017. On August 30, 2019, the board of directors of our general partner authorized a common unit repurchase program, under which we may repurchase up to $150.0 million of our outstanding common units through September 30, 2021 from time to time in the open market or in other privately negotiated transactions. We did not repurchase any units under this plan during the year ended March 31, 2020 . Our Distributions The following table summarizes distributions declared on our common units during the last three fiscal years: Date Declared Record Date Payment Date Amount Per Unit Amount Paid to Limited Partners Amount Paid to General Partner (in thousands) (in thousands) April 24, 2017 May 8, 2017 May 15, 2017 $ 0.3900 $ 46,870 $ 80 July 20, 2017 August 4, 2017 August 14, 2017 $ 0.3900 $ 47,460 $ 81 October 19, 2017 November 6, 2017 November 14, 2017 $ 0.3900 $ 47,000 $ 81 January 23, 2018 February 6, 2018 February 14, 2018 $ 0.3900 $ 47,223 $ 81 April 24, 2018 May 7, 2018 May 15, 2018 $ 0.3900 $ 47,374 $ 82 July 24, 2018 August 8, 2018 August 14, 2018 $ 0.3900 $ 47,600 $ 82 October 23, 2018 November 8, 2018 November 14, 2018 $ 0.3900 $ 48,260 $ 83 January 22, 2019 February 6, 2019 February 14, 2019 $ 0.3900 $ 48,373 $ 83 April 24, 2019 May 7, 2019 May 15, 2019 $ 0.3900 $ 49,127 $ 85 July 23, 2019 August 7, 2019 August 14, 2019 $ 0.3900 $ 49,217 $ 85 October 23, 2019 November 7, 2019 November 14, 2019 $ 0.3900 $ 49,936 $ 86 January 23, 2020 February 7, 2020 February 14, 2020 $ 0.3900 $ 50,056 $ 86 April 27, 2020 May 7, 2020 May 15, 2020 $ 0.2000 $ 25,754 $ 26 Class A Convertible Preferred Units On April 21, 2016, we entered into a private placement agreement to issue $200 million of 10.75% Class A Convertible Preferred Units (āClass A Preferred Unitsā) to Oaktree Capital Management L.P. and its co-investors (āOaktreeā). On June 23, 2016, the private placement agreement was amended to increase the aggregate principal amount from $200 million to $240 million . We received net proceeds of $235.0 million (net of offering costs of $5.0 million ) in connection with the issuance of 19,942,169 Class A Preferred Units and 4,375,112 warrants, which have an exercise price of $0.01 . As noted below, the remaining Class A Preferred Units were redeemed and all remaining warrants were exercised during the year ended March 31, 2020 . We pay a cumulative, quarterly distribution in arrears at an annual rate of 10.75% on the Class A Preferred Units to the extent declared by the board of directors of our general partner. To the extent declared, such distributions will be paid for each such quarter within 45 days after each quarter end. The following table summarizes distributions declared on our Class A Preferred Units during the last three fiscal years: Date Declared Payment Date Amount Paid to Class A (in thousands) April 24, 2017 May 15, 2017 $ 6,449 July 20, 2017 August 14, 2017 $ 6,449 October 19, 2017 November 14, 2017 $ 6,449 January 23, 2018 February 14, 2018 $ 6,449 April 24, 2018 May 15, 2018 $ 6,449 July 24, 2018 August 14, 2018 $ 6,449 October 23, 2018 November 14, 2018 $ 6,449 January 22, 2019 February 14, 2019 $ 6,449 April 24, 2019 May 10, 2019 $ 4,034 We allocated the net proceeds on a relative fair value basis to the Class A Preferred Units, which includes the value of a beneficial conversion feature, and warrants. We recorded the accretion attributable to the beneficial conversion feature as a deemed distribution. Accretion for the beneficial conversion feature was $36.5 million , $67.2 million and $18.8 million for the years ended March 31, 2020 , 2019 and 2018 , respectively. During the year ended March 31, 2019, 228,797 warrants were exercised for common units and we received proceeds of less than $0.1 million , and we repurchased 1,229,575 unvested warrants for a total purchase price of $15.0 million on April 26, 2018. During the year ended March 31, 2018, 607,653 warrants were exercised for common units and we received proceeds of less than $0.1 million , and we repurchased 850,716 unvested warrants for a total purchase price of $10.5 million on June 23, 2017. On April 5, 2019, we redeemed 7,468,978 of the Class A Preferred Units. The applicable Class A redemption price was $13.389 per Class A Preferred Unit, calculated at 111.25% of $12.035 (the Class A Preferred Unit price), plus accrued but unpaid and accumulated distributions of $0.338 . The amount per Class A Preferred Unit paid to each Class A preferred unitholder was $13.727 , for a total payment of $102.5 million . On April 5, 2019, all 1,458,371 outstanding warrants to purchase common units were exercised for proceeds of less than $0.1 million . On May 11, 2019, we redeemed the remaining 12,473,191 outstanding Class A Preferred Units. The applicable Class A redemption price was $13.2385 per Class A Preferred Unit, calculated at 110% of $12.035 (the Class A Preferred Unit price), plus accrued but unpaid and accumulated distributions of $0.1437 . The amount per Class A Preferred Unit paid to each Class A preferred unitholder was $13.3822 , for a total payment of $166.9 million . In addition, we paid the Class A preferred unitholders the distribution declared on April 24, 2019 for the quarter ended March 31, 2019 of $4.0 million , or $0.3234 per unit, which was paid to the holders of the Class A Preferred Units on May 10, 2019 . Class B Preferred Units On June 13, 2017, we issued 8,400,000 of our 9.00% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (āClass B Preferred Unitsā) representing limited partner interests at a price of $25.00 per unit for net proceeds of $202.7 million (net of the underwritersā discount of $6.6 million and offering costs of $0.7 million ). On July 2, 2019, we issued 4,185,642 Class B Preferred Units to fund a portion of the purchase price for the Mesquite acquisition (see Note 4 ). At any time on or after July 1, 2022, we may redeem our Class B Preferred Units, in whole or in part, at a redemption price of $25.00 per Class B Preferred Unit plus an amount equal to all accumulated and unpaid distributions to, but not including, the date of redemption, whether or not declared. We may also redeem the Class B Preferred Units upon a change of control as defined in our partnership agreement. If we choose not to redeem the Class B Preferred Units, the Class B preferred unitholders may have the ability to convert the Class B Preferred Units to common units at the then applicable conversion rate. Class B preferred unitholders have no voting rights except with respect to certain matters set forth in our partnership agreement. Distributions on the Class B Preferred Units are payable on the 15th day of each January, April, July and October of each year to holders of record on the first day of each payment month. The initial distribution rate for the Class B Preferred Units from and including the date of original issue to, but not including, July 1, 2022 is 9.00% per year of the $25.00 liquidation preference per unit (equal to $2.25 per unit per year). On and after July 1, 2022, distributions on the Class B Preferred Units will accumulate at a percentage of the $25.00 liquidation preference equal to the applicable three-month LIBOR plus a spread of 7.213%. The current distribution rate for the Class B Preferred Units is 9.00% per year of the $25.00 liquidation preference per unit (equal to $2.25 per unit per year). The following table summarizes distributions declared on our Class B Preferred Units during the last three fiscal years: Date Declared Record Date Payment Date Amount Per Unit Amount Paid to Class B (in thousands) September 18, 2017 September 29, 2017 October 16, 2017 $ 0.5625 $ 5,670 December 19, 2017 December 29, 2017 January 15, 2018 $ 0.5625 $ 4,725 March 19, 2018 April 2, 2018 April 16, 2018 $ 0.5625 $ 4,725 June 19, 2018 July 2, 2018 July 16, 2018 $ 0.5625 $ 4,725 September 12, 2018 October 1, 2018 October 15, 2018 $ 0.5625 $ 4,725 December 17, 2018 December 31, 2018 January 15, 2019 $ 0.5625 $ 4,725 March 15, 2019 April 1, 2019 April 15, 2019 $ 0.5625 $ 4,725 June 14, 2019 July 1, 2019 July 15, 2019 $ 0.5625 $ 4,725 September 16, 2019 October 1, 2019 October 15, 2019 $ 0.5625 $ 7,079 December 16, 2019 December 31, 2019 January 15, 2020 $ 0.5625 $ 7,079 March 16, 2020 March 31, 2020 April 15, 2020 $ 0.5625 $ 7,079 The distribution amount paid on April 15, 2020 is included in accrued expenses and other payables in our consolidated balance sheet at March 31, 2020 . Class C Preferred Units On April 2, 2019, we issued 1,800,000 of our 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (āClass C Preferred Unitsā) representing limited partner interests at a price of $25.00 per unit for net proceeds of $42.9 million (net of the underwritersā discount of $1.4 million and estimated offering costs of $0.7 million ). At any time on or after April 15, 2024, we may redeem our Class C Preferred Units, in whole or in part, at a redemption price of $25.00 per Class C Preferred Unit plus an amount equal to all accumulated and unpaid distributions to, but not including, the date of redemption, whether or not declared. We may also redeem the Class C Preferred Units upon a change of control as defined in our partnership agreement. If we choose not to redeem the Class C Preferred Units, the Class C preferred unitholders may have the ability to convert the Class C Preferred Units to common units at the then applicable conversion rate. Class C preferred unitholders have no voting rights except with respect to certain matters set forth in our partnership agreement. Distributions on the Class C Preferred Units are payable on the 15th day of each January, April, July and October of each year to holders of record on the first day of each payment month. On and after April 15, 2024, distributions on the Class C Preferred Units will accumulate at a percentage of the $25.00 liquidation preference equal to the applicable three-month LIBOR plus a spread of 7.384%. The current distribution rate for the Class C Preferred Units is 9.625% per year of the $25.00 liquidation preference per unit (equal to $2.41 per unit per year). The following table summarizes distributions declared on our Class C Preferred Units during the last fiscal year: Amount Paid to Class C Date Declared Record Date Payment Date Amount Per Unit Preferred Unitholders (in thousands) June 14, 2019 July 1, 2019 July 15, 2019 $ 0.5949 $ 1,071 September 16, 2019 October 1, 2019 October 15, 2019 $ 0.6016 $ 1,083 December 16, 2019 December 31, 2019 January 15, 2020 $ 0.6016 $ 1,083 March 16, 2020 March 31, 2020 April 15, 2020 $ 0.6016 $ 1,083 The distribution amount paid on April 15, 2020 is included in accrued expenses and other payables in our consolidated balance sheet at March 31, 2020 . Class D Preferred Units On July 2, 2019, we completed a private placement of an aggregate o f 400,000 preferred units (āClass D Preferred Unitsā) and warrants exercisable to purchase an aggregate of 17,000,000 common units for an aggregate purchase price of $400.0 million . The private placement resulted in aggregate net proceeds to us of approximately $385.4 million (net of a closing fee of $14.6 million payable to affiliates of the purchasers and certain estimated expenses and expense reimbursements). We allocated the net proceeds, on a relative fair value basis, to the Class D Preferred Units ( $343.7 million ) and warrants ( $41.7 million ). Proceeds from this issuance of Class D Preferred Units were used to fund a portion of the purchase price for the Mesquite acquisition (see Note 4 ). On October 31, 2019, we completed a private placement of an aggregate of 200,000 Class D Preferred Units and warrants exercisable to purchase an aggregate of 8,500,000 common units for an aggregate purchase price of $200.0 million . The private placement resulted in aggregate net proceeds to us of approximately $194.7 million (net of a closing fee of $5.3 million payable to affiliates of the purchasers and certain estimated expenses and expense reimbursements). We allocated the net proceeds, on a relative fair value basis, to the Class D Preferred Units ( $183.6 million ) and warrants ( $11.1 million ). Proceeds from this issuance of Class D Preferred Units were used to fund a portion of the purchase price for the Hillstone acquisition (see Note 4 ). The holders of the Class D Preferred Units are entitled to receive a cumulative, quarterly distribution in arrears on each Class D Preferred Unit then held at an annual rate of (i) 9.00% per annum for all periods during which the Class D Preferred Units are outstanding beginning on the Closing Date and ending on the date and including the last day of the eleventh full quarter following the Closing Date, (ii) 10.00% per annum for all periods during which the Class D Preferred Units are outstanding beginning on and including the first day of the twelfth full quarter following the Closing Date and ending on the last day of the nineteenth full quarter following the Closing Date, and (iii) thereafter, 10.00% per annum or, at the purchasersā election from time to time, a floating rate equal to the applicable three-month LIBOR, plus 7.00% per annum. The current distribution rate for the Class D Preferred Units is 9.00% per year per unit (equal to $90.00 per unit per year). The following table summarizes distributions declared on our Class D Preferred Units during the last fiscal year: Amount Paid to Class D Date Declared Record Date Payment Date Amount Per Unit Preferred Unitholders (in thousands) October 23, 2019 November 7, 2019 November 14, 2019 $ 11.25 $ 4,450 January 23, 2020 February 7, 2020 February 14, 2020 $ 11.25 $ 6,075 April 27, 2020 May 7, 2020 May 15, 2020 $ 11.25 $ 6,868 The distributions paid in cash for the year ended March 31, 2020 of $17.4 million represented 50% of the Class D Preferred Units distribution amount. In accordance with the terms of our Partnership Agreement, the value of each Class D Preferred Unit shall automatically increase by the non-cash accretion, which is approximately $17.4 million in the aggregate with respect to the distributions for the year ended March 31, 2020 . At any time after the Closing Date, the Partnership shall have the right to redeem all of the outstanding Class D Preferred Units at a price per Class D Preferred Unit equal to the sum of the then-unpaid accumulations with respect to such Class D Preferred Unit and the greater of either the applicable multiple on invested capital or the applicable redemption price based on an applicable internal rate of return, as more fully described in the Amended and Restated Partnership Agreement. At any time on or after the eighth anniversary of the Closing Date, each Class D Preferred Unitholder will have the right to require the Partnership to redeem on a date not prior to the 180th day after such anniversary all or a portion of the Class D Preferred Units then held by such preferred unitholder for the then-applicable redemption price, which may be paid in cash or, at the Partnershipās election, a combination of cash and a number of Common Units not to exceed one-half of the aggregate then-applicable redemption price, as more fully described in the Amended and Restated Partnership Agreement. Upon a Class D Change of Control (as defined in the Amended and Restated Partnership Agreement), each Class D Preferred Unitholder will have the right to require the Partnership to redeem the Class D Preferred Units then held by such Preferred Unitholder at a price per Class D Preferred Unit equal to the applicable redemption price. The Class D Preferred Units generally will not have any voting rights, except with respect to certain matters which require the vote of the Class D Preferred Units. The Class D Preferred Units generally do not have any voting rights, except that the Class D Preferred Units shall be entitled to vote as a separate class on any matter on which unitholders are entitled to vote that adversely affects the rights, powers, privileges or preferences of the Class D Preferred Units in relation to other classes of Partnership Interests (as defined in the Amended and Restated Partnership Agreement) or as required by law. The consent of a majority of the then-outstanding Class D Preferred Units, with one vote per Class D Preferred Unit, shall be required to approve any matter for which the preferred unitholders are entitled to vote as a separate class or the consent of the representative of the Class D Preferred Unitholders, as applicable. The warrants issued in the July 2, 2019 private placement are exercisable for, in the aggregate, 17,000,000 common units, of which 10,000,000 were issued with an exercise price of $17.45 per common unit (the āPremium Warrantsā), and the remaining warrants to purchase 7,000,000 common units were issued with an exercise price of $14.54 per common unit (the āPar Warrantsā). The warrants issued in the October 31, 2019 private placement are exercisable for, in the aggregate, 8,500,000 common units, of which, 5,000,000 were issued with an exercise price of $16.28 per common unit, and the remaining warrants to purchase 3,500,000 common units were issued with an exercise price of $13.56 per common unit. The warrants may be exercised from and after the first anniversary of the date of issuance. Unexercised warrants will expire on the tenth anniversary of the date of issuance. The warrants will not participate in cash distributions. Upon a change of control, all unvested warrants shall immediately vest and be exercisable in full. A change of control occurs when (a) the current general partner owners cease to own, directly or indirectly, at least 50% of the outstanding voting securities of the general partner, (b) the general partner withdraws or is removed by the limited partners, (c) the common units are no longer listed on a national exchange, or (d) the general partners and/or its affiliates become beneficial owner, directly or indirectly, of 80% or more of the outstanding common units or any transaction or event that occurs due to default on our credit agreement. Registration Rights Agreement In connection with the issuance of the Class D Preferred Units, we entered into a registration rights agreement (āRegistration Rights Agreementā) with the purchasers of the Class D Preferred Units (āPurchasersā), pursuant to which we are required to prepare and file a registration statement (the āRegistration Statementā) within 180 days of the Closing Date, to permit the public resale of (i) the Class D Preferred Units, (ii) the common units issued or issuable upon the exercise of the warrants, (iii) the common units that are issuable pursuant to the terms of the Class D Preferred Units in connection with a redemption of the Class D Preferred Units and (iv) any common units issued in lieu of cash as liquidated damages under the Registration Rights Agreement. The Partnership is also required to use its commercially reasonable efforts to cause the Registration Statement to become effective no later than 360 days after the Closing Date. The Registration Rights Agreement provides that if the Registration Statement is not declared effective on or prior to the Registration Statement Deadline, the Partnership will be liable to the Purchasers for liquidated damages in accordance with a formula, subject to the limitations set forth in the Registration Rights Agreement. Such liquidated damages would be payable in cash, or if payment in cash would breach any covenant or a cause a default under a credit facility or any other debt instrument filed by the Partnership as an exhibit to a periodic report filed with the SEC, then such liquidated damages would be payable in the form of newly issued common units. In addition, the Registration Rights Agreement grants the Purchasers piggyback registration rights. These registration rights are transferable to affiliates of the Purchasers and, in certain circumstances, to third parties. The Partnershipās registration statement was declared effective by the SEC on February 7, 2020. Board Rights Agreement In connection with the issuance of the Class D Preferred Units, we entered into a board rights agreement pursuant to which affiliates of the Purchasers will have the right to designate one director on the board of directors of our general partner, so long as the Purchasers and their respective affiliates, in the aggregate, own either at least (i) (A) 50% of the number of Class D Preferred Units issued on the Closing Date or (B) 50% of the aggregate liquidation preference of any class or series of Class D Parity Securities (as defined in the Amended and Restated Partnership Agreement), or (ii) warrants and/or common units that, in the aggregate, comprise 10% or more of the then-outstanding common units. Amended and Restated Partnership Agreement On October 31, 2019, NGL Energy Holdings LLC executed the Seventh Amended and Restated Agreement of Limited Partnership. The preferences, rights, powers and duties of holders of Class D Preferred Units are defined in the Amended and Restated Partnership Agreement. The Class D Preferred Units rank senior to the common units with respect to payment of distributions and distribution of assets upon liquidation, dissolution and winding up, and are in parity with the Class B Preferred Units and Class C Preferred Units. The Class D Preferred Units have no stated maturity, but we may redeem the Class D Preferred Units at any time after the Closing Date or upon the occurrence of a change in control. On April 2, 2019, NGL Energy Holdings LLC executed the Fifth Amended and Restated Agreement of Limited Partnership. The preferences, rights, powers and duties of holders of the Class C Preferred Units are defined in the amended and restated partnership agreement. The Class C Preferred Units rank senior to the common units, with respect to the payment of distributions and distribution of assets upon liquidation, dissolution and winding up, and are on parity with the Class A Preferred Units (see above discussion regarding the redemption of these units) and Class B Preferred Units. The Class C Preferred Units have no stated maturity but we may redeem the Class C Preferred Units at any time on or after April 15, 2024 or upon the occurrence of a change in control. Equity-Based Incentive Compensation Our general partner has adopted a long-term incentive plan (āLTIPā), which allows for the issuance of equity-based compensation. Our general partner has granted certain restricted units to employees and directors , which vest in tranches, subject to the continued service of the recipients. The awards may also vest upon a change of control, at the discretion of the board of directors of our general partner. No distributions accrue to or are paid on the restricted units during the vesting period. The restricted units include awards that vest contingent on the continued service of the recipients through the vesting date (the āService Awardsā). On April 1, 2017, we made an accounting policy election to account for actual forfeitures when they occur, rather than estimate forfeitures each period (as previously required). As a result, the cumulative effect adjustment, which represents the differential between the amount of compensation expense previously recorded and the amount that would have been recorded without assuming forfeitures, had no impact on our consolidated financial statements. The following table summarizes the Service Award activity during the years ended March 31, 2020 , 2019 and 2018 : Unvested Service Award units at March 31, 2017 2,708,500 Units granted 1,964,911 Units vested and issued (2,260,011 ) Units forfeited (134,525 ) Unvested Service Award units at March 31, 2018 2,278,875 Units granted 3,141,993 Units vested and issued (2,833,968 ) Units forfeited (278,500 ) Unvested Service Award units at March 31, 2019 2,308,400 Units granted 2,211,431 Units vested and issued (2,938,481 ) Units forfeited (209,925 ) Unvested Service Award units at March 31, 2020 1,371,425 The weighted-average grant prices for March 31, 2020 , 2019 and 2018 were $12.84 , $9.74 and $12.44 , respectively. In connection with the vesting of certain restricted units during the year ended March 31, 2020 , we canceled 133,634 of the newly-vested common units in satisfaction of $1.6 million of employee tax liability paid by us. Pursuant to the terms of the LTIP, these canceled units are available for future grants under the LTIP. The following table summarizes the scheduled vesting of our unvested Service Award units at March 31, 2020 : Year Ending March 31, 2021 912,700 2022 458,725 Total 1,371,425 Service Awards are valued at the average of the high/low sales price as of the grant date less the present value of the expected distribution stream over the vesting period using a risk-free interest rate. We record the expense for each Service Award on a straight-line basis over the requisite period for the entire award (that is, over the requisite service period of the last separately vesting portion of the award), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date value of the award that is vested at that date. During the years ended March 31, 2020 , 2019 and 2018 , we recorded compensation expense related to Service Award units of $8.5 million , $12.0 million and $16.2 million , respectively. Of the restricted units granted and vested during the years ended March 31, 2020 , 2019 , and 2018 , 1,886,131 , 1,922,618 and 59,393 units, respectively, were granted for performance bonuses. The total amount of the bonus payment for the year ended March 31, 2020 was $24.5 million , of which we had accrued $8.7 million as of March 31, 2019 . The total amount of the bonus payment for the year ended March 31, 2019 was $22.8 million , of which we had accrued $6.3 million as of March 31, 2018 . The total amount of the bonus payment for the year ended March 31, 2018 was $0.7 million . The following table summarizes the estimated future expense we expect to record on the unvested Service Award units at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 5,013 2022 1,720 Total $ 6,733 Beginning in April 2015, our general partner granted units to certain employees that vest contingent both on the continued service of the recipients through the vesting date and also on the performance of our common units relative to other entities in the Alerian MLP Index (the āIndexā) over specified periods of time (the āPerformance Awardsā). Performance was to be calculated based on the return on our common units (including changes in the market price of the common units and distributions paid during the performance period) relative to the returns on the common units of the other entities in the Index. During the three months ended December 31, 2018, the compensation committee of the board of directors of our general partner terminated the Performance Award plan and all unvested outstanding Performance Award units were canceled. Accordingly, as no replacement awards were granted, all previously unrecognized compensation cost was expensed as of the cancellation date. During the year ended March 31, 2019 , we recorded compensation expense related to the cancellation of the Performance Award units of $3.1 million which was recorded within general and administrative expense in our consolidated statement of operations for the year ended March 31, 2019 . The following table summarizes the Performance Award activity during the years ended March 31, 2019 and 2018 : Unvested Performance Award units at March 31, 2017 1,189,000 Units granted 224,000 Units forfeited (496,000 ) Unvested Performance Award units at March 31, 2018 917,000 Units forfeited (445,500 ) Units canceled (471,500 ) Unvested Performance Award units at March 31, 2019 ā During the July 1, 2015 through June 30, 2018 performance period, the return on our common units was below the return of the 50th percentile of our peer companies in the Index. As a result, no Performance Award units vested on July 1, 2018 and Performance Award units with the July 1, 2018 vesting date are considered to be forfeited. The fair value of the Performance Awards was estimated using a Monte Carlo simulation at the grant date. The significant inputs used to calculate the fair value of these awards include (i) the price per our common units at the grant date and the beginning of the performance period, (ii) a compounded risk-free interest rate, (iii) our compounded dividend yield, (iv) our historical volatility, (v) the volatility and correlations of our peers and (vi) the remaining performance period. We recorded the expense on a straight-line basis over the period beginning with the grant date and ending with the vesting date of the tranche. During the years ended March 31, 2019 , and 2018 , we recorded compensation expense related to Performance Award units of $4.9 million (including amounts recorded related to the cancellation of the Performance Award plan (see above)) and $5.3 million , respectively. The number of common units that may be delivered pursuant to awards under the LTIP is limited to 10% of our issued and outstanding common units. The maximum number of common units deliverable under the LTIP automatically increases to 10% of the issued and outstanding common units immediately after each issuance of common units, unless the plan administrator determines to increase the maximum number of units deliverable by a lesser amount. When an award is forfeited, canceled, exercised, paid or otherwise terminates or expires without the delivery of units, the units subject to such award are again available for new awards under the LTIP. As of March 31, 2020 , there are approximately 2.9 million units remaining available for issuance under the LTIP. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Our cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current assets and liabilities (excluding derivative instruments) are carried at amounts which reasonably approximate their fair values due to their short-term nature. Commodity Derivatives 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, 2020 March 31, 2019 Derivative Derivative Derivative Derivative (in thousands) Level 1 measurements $ 64,037 $ (2,235 ) $ 3,754 $ (1,349 ) Level 2 measurements 25,217 (17,635 ) 8,882 (5,119 ) 89,254 (19,870 ) 12,636 (6,468 ) Netting of counterparty contracts (1) (2,282 ) 2,282 (1,577 ) 1,577 Net cash collateral (held) provided (50,104 ) (370 ) 1,740 (208 ) Commodity derivatives $ 36,868 $ (17,958 ) $ 12,799 $ (5,099 ) (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. 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, 2020 2019 (in thousands) Prepaid expenses and other current assets $ 36,868 $ 12,799 Accrued expenses and other payables (17,777 ) (4,960 ) Other noncurrent liabilities (181 ) (139 ) Net commodity derivative asset $ 18,910 $ 7,700 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 Fair Value (in thousands) At March 31, 2020: Crude oil fixed-price (1) April 2020āDecember 2021 (2,252 ) $ 41,721 Propane fixed-price (1) April 2020āDecember 2021 415 (738 ) Refined products fixed-price (1) April 2020āJanuary 2021 (26 ) 27,401 Other April 2020āMarch 2022 1,000 69,384 Net cash collateral held (50,474 ) Net commodity derivative asset $ 18,910 At March 31, 2019: Crude oil fixed-price (1) April 2019āDecember 2020 (1,961 ) $ 979 Propane fixed-price (1) April 2019āMarch 2020 198 608 Refined products fixed-price (1) April 2019āJanuary 2021 (177 ) 376 Other April 2019āMarch 2022 4,205 6,168 Net cash collateral provided 1,532 Net commodity derivative asset $ 7,700 (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. The following table summarizes the net gains (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, 2020 $ 85,941 2019 $ 10,817 2018 $ (41,263 ) Amounts in the tables above do not include commodity derivative contract positions related to Mid-Con, Gas Blending and TPSL, as these amounts have been classified as current and noncurrent assets and liabilities held for sale within our March 31, 2019 consolidated balance sheet, and net gains (losses) from our commodity derivatives related to Mid-Con, Gas Blending, 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 1 and Note 18 ). Credit Risk We have credit policies that we believe minimize our overall credit risk, including an evaluation of potential counterpartiesā financial condition (including credit ratings), collateral requirements under certain circumstances, and the use of industry standard master netting agreements, which allow for offsetting counterparty receivable and payable balances for certain transactions. At March 31, 2020 , our primary counterparties were retailers, resellers, energy marketers, producers, refiners, and dealers. This concentration of counterparties may impact our overall exposure to credit risk, either positively or negatively, as the counterparties may be similarly affected by changes in economic, regulatory or other conditions. If a counterparty does not perform on a contract, we may not realize amounts that have been recorded in our consolidated balance sheets and recognized in our net income. Interest Rate Risk The Revolving Credit Facility is variable-rate debt with interest rates that are generally indexed to bank prime or LIBOR interest rates. At March 31, 2020 , we had $1.5 billion of outstanding borrowings under the Revolving Credit Facility at a weighted average interest rate of 3.36% . The Term Credit Agreement is variable-rate debt with interest rates that are generally indexed to bank prime or LIBOR interest rates. At March 31, 2020 , we had $250.0 million of outstanding borrowings under the Term Credit Agreement at an interest rate of 4.05% . Fair Value of Fixed-Rate Notes The following table provides fair values estimates of our fixed-rate notes at March 31, 2020 (in thousands): Senior Unsecured Notes: 2023 Notes $ 212,373 2025 Notes $ 122,490 2026 Notes $ 156,656 For the Senior Unsecured Notes, the fair value estimates were developed based on publicly traded quotes and would be classified as Level 2 in the fair value hierarchy. |
Segments
Segments | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segments | Segments As a result of the sale of a large part of the assets that constituted the former Refined Products and Renewables reportable segment, the Chief Operating Decision Maker (CODM) decided during the fourth quarter of fiscal year 2020 that the remaining business within the former Refined Products and Renewables reportable segment will be aggregated with the former Liquids reportable segment and form the current Liquids and Refined Products reportable segment. Operating results for the reportable segments have been recast for the years ended March 31, 2019 and 2018 to reflect these changes. Our Crude Oil Logistics and Water Solutions reportable segments remain unchanged from what has been previously reported. The following table summarizes revenues related to our segments. Revenues for reporting periods beginning after April 1, 2018 are presented under Topic 606 (see Note 15 for a further discussion), while prior periods are not adjusted and continue to be reported under the accounting standard in effect for those periods. Transactions between segments are recorded based on prices negotiated between the segments. The āCorporate and Otherā category in the table below includes certain corporate expenses that are not allocated to the reportable segments. Year Ended March 31, 2020 2019 2018 (1) (in thousands) Revenues: Crude Oil Logistics: Topic 606 revenues Crude oil sales $ 2,383,812 $ 3,011,355 $ 2,151,203 Crude oil transportation and other 170,138 148,738 122,786 Non-Topic 606 revenues 13,991 12,598 ā Elimination of intersegment sales (18,174 ) (36,056 ) (13,914 ) Total Crude Oil Logistics revenues 2,549,767 3,136,635 2,260,075 Water Solutions: Topic 606 revenues Disposal service fees 330,877 217,545 149,114 Sale of recovered crude oil 59,445 72,678 58,948 Sale of brackish non-potable water 11,676 2,404 ā Other service revenues 20,061 9,017 21,077 Non-Topic 606 revenues ā 42 ā Total Water Solutions revenues 422,059 301,686 229,139 Liquids and Refined Products: Topic 606 revenues Refined products 2,399,642 2,535,243 1,874,260 Propane sales 842,400 1,169,117 1,203,486 Butane sales 562,053 628,063 562,066 Other product sales 484,373 592,889 806,239 Service revenues 37,938 26,655 22,461 Non-Topic 606 revenues 289,713 320,798 ā Elimination of intersegment sales (4,983 ) (23,291 ) (4,953 ) Total Liquids and Refined Products revenues 4,611,136 5,249,474 4,463,559 Corporate and Other Non-Topic 606 revenues 1,038 1,362 1,174 Total Corporate and Other revenues 1,038 1,362 1,174 Total revenues $ 7,584,000 $ 8,689,157 $ 6,953,947 (1) We adopted ASC 606 as of April 1, 2018. Revenue reported in fiscal year 2018 has not been changed from its previous presentation. The following table summarizes depreciation and amortization expense and operating income (loss) by segment for the periods indicated. Year Ended March 31, 2020 2019 2018 (in thousands) Depreciation and Amortization: Crude Oil Logistics $ 70,759 $ 74,245 $ 80,725 Water Solutions 163,874 108,162 98,623 Liquids and Refined Products 28,279 27,034 26,237 Corporate and Other 13,936 12,233 14,398 Total depreciation and amortization $ 276,848 $ 221,674 $ 219,983 Operating Income (Loss): Crude Oil Logistics $ 117,768 $ (7,379 ) $ 122,904 Water Solutions (173,064 ) 210,525 (24,231 ) Liquids and Refined Products 142,411 9,288 168,136 Corporate and Other (90,447 ) (85,706 ) (79,474 ) Total operating (loss) income $ (3,332 ) $ 126,728 $ 187,335 The following table summarizes additions to property, plant and equipment and intangible assets by segment for the periods indicated. This information has been prepared on the accrual basis, and includes property, plant and equipment and intangible assets acquired in acquisitions. This information below does not include goodwill by segment. Year Ended March 31, 2020 2019 2018 (in thousands) Crude Oil Logistics $ 28,828 $ 28,039 $ 36,762 Water Solutions 2,076,866 567,637 102,261 Liquids and Refined Products 19,753 72,717 25,023 Corporate and Other 7,968 1,819 1,472 Total $ 2,133,415 $ 670,212 $ 165,518 All of the tables above do not include amounts related to Mid-Con, Gas Blending, 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 1 and Note 18 ). The following tables summarize long-lived assets (consisting of property, plant and equipment, intangible assets, operating lease right-of-use assets and goodwill) and total assets by segment at the dates indicated: March 31, 2020 2019 (in thousands) Long-lived assets, net: Crude Oil Logistics $ 1,567,503 $ 1,584,636 Water Solutions 3,382,727 1,600,836 Liquids and Refined Products (1) 654,530 528,244 Corporate and Other 33,570 26,569 Total $ 5,638,330 $ 3,740,285 (1) Includes $25.9 million and $0.5 million of non-US long-lived assets at March 31, 2020 and 2019 , respectively. March 31, 2020 2019 (in thousands) Total assets: Crude Oil Logistics $ 1,886,211 $ 2,237,612 Water Solutions 3,539,328 1,668,292 Liquids and Refined Products (1) 972,684 1,104,034 Corporate and Other 100,513 77,019 Assets held for sale ā 815,536 Total $ 6,498,736 $ 5,902,493 (1) Includes $37.8 million and $12.0 million of non-US total assets at March 31, 2020 and 2019 , respectively. The two tables above do not include amounts related to Mid-Con, Gas Blending and TPSL as they have been classified as held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). |
Transactions with Affiliates
Transactions with Affiliates | 12 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | Transactions with Affiliates A member of the board of directors of our general partner is an executive officer of WPX Energy, Inc. (āWPXā). We purchase crude oil from and sell crude oil to WPX (certain of the purchases and sales that were entered into in contemplation of each other are recorded on a net basis within revenues in our consolidated statement of operations). We also treat and dispose of produced water and solids received from WPX. SemGroup Corporation (āSemGroupā) holds ownership interests in our general partner. We sell product to and purchase product from SemGroup, and these transactions are included within revenues and cost of sales, respectively, in our consolidated statements of operations . In December 2019, Energy Transfer LP (āETā) acquired SemGroup. During the three months ended December 31, 2019, we reevaluated our related parties and determined that SemGroup/ET no longer meet the criteria to be disclosed as a related party. For the tables below, information disclosed in prior periods have been retained but we have not disclosed any information related to transactions for the six months ended March 31, 2020. We purchased ethanol from E Energy Adams, LLC, in which we previously held an ownership interest as an equity method investee. We sold our interest in E Energy Adams, LLC on May 3, 2018 (see Note 17 ). These transactions are reported within cost of sales in our consolidated statements of operations. The following table summarizes these related party transactions for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands) Sales to WPX $ 48,222 $ 28,026 $ ā Purchases from WPX (1) $ 313,578 $ 329,525 $ ā Sales to SemGroup $ 458 $ 1,114 $ 606 Purchases from SemGroup $ ā $ 4,395 $ 5,034 Sales to entities affiliated with management $ 8,367 $ 21,385 $ 268 Purchases from entities affiliated with management $ 3,799 $ 4,382 $ 3,870 Sales to equity method investees $ 203 $ ā $ 294 Purchases from equity method investees $ 2,120 $ ā $ 66,820 (1) Amount primarily relates to purchases of crude oil under the definitive agreement we signed with WPX, as discussed further below. Accounts receivable from affiliates consist of the following at the dates indicated: March 31, 2020 2019 (in thousands) Receivables from NGL Energy Holdings LLC $ 7,781 $ 7,277 Receivables from WPX 3,563 5,185 Receivables from SemGroup 71 Receivables from entities affiliated with management 151 334 Receivables from equity method investees 1,439 ā Total $ 12,934 $ 12,867 Accounts payable to affiliates consist of the following at the dates indicated: March 31, 2020 2019 (in thousands) Payables to WPX $ 17,039 $ 27,844 Payables to entities affiliated with management 149 625 Payables to equity method investees 529 ā Total $ 17,717 $ 28,469 Other Related Party Transactions Acquisition of Interest in KAIR2014 LLC During the three months ended June 30, 2019, we purchased a 50% interest in an aircraft company, KAIR2014 LLC, for $0.9 million in cash and accounted for our interest using the equity method of accounting (see Note 2 ). The remaining interest in KAIR2014 LLC is owned by our Chief Executive Officer, H. Michael Krimbill. Acquisition of Interest in NGL Energy Holdings LLC During the year ended March 31, 2020 , we purchased, in three transactions, a 2.97% interest in our general partner, NGL Energy Holdings LLC, for $3.8 million in cash and accounted for this as a deduction within limited partnersā equity in our consolidated balance sheet. We also purchased a 5.73% interest in our general partner, NGL Energy Holdings LLC, for $11.5 million in cash and accounted for this as a deduction within limited partnersā equity in our consolidated balance sheet. This interest was purchased from a fund controlled by The Energy & Minerals Group, which is represented on the board of directors of our general partner. Victory Propane On August 14, 2018, we sold our 50% interest in Victory Propane to Victory Propane, LLC. As consideration, we received a promissory note in the amount of $3.4 million , which encompassed the purchase price for our 50% interest plus the outstanding balance of the loan receivable of $2.6 million as of the date of the transaction. The promissory note bears no interest and matures on July 31, 2023. We discounted the promissory note to its net present value of $2.6 million , with the amount of the reduction in the value of the promissory note recorded as a loss within loss (gain) on disposal or impairment of assets, net in our consolidated statement of operations. This was the final transaction in exiting the retail propane business and was considered to be inconsequential by management. As a result of the sale, Victory Propane is no longer considered a related party. At March 31, 2018, we had a loan receivable from Victory Propane, an equity method investee at the time, of $1.2 million . During the three months ended December 31, 2017 we completed a transaction with Victory Propane, an equity method investee at the time, to purchase Victory Propaneās Michigan assets. We paid Victory Propane $6.4 million in cash and received current assets, property, plant and equipment and customers. The allocation of the consideration was as follows (in thousands): Current assets $ 276 Property, plant and equipment 1,366 Intangible assets (customer relationships) 4,782 Fair value of net assets acquired $ 6,424 Victory Propane recognized a gain on this transaction. As all intra-entity profits and losses are eliminated between an investor and investee until realized, we eliminated our proportionate share of the gain from this transaction on our books. As a result, our underlying equity in the net assets of Victory Propane exceeded our investment, and this difference was amortized as income over the remaining life of the noncurrent assets acquired until they were sold on August 14, 2018. As the sale of virtually all of our remaining Retail Propane segment to Superior (see Note 1 ) included Victory Propaneās Michigan assets, we were able to recognize our proportionate share of the gain recognized by Victory Propane. As a result, we were able to reverse our proportionate share of their losses that had been recorded against the balance of the loan receivable and write up the value of our investment in Victory Propane to $0.8 million . Agreement with WPX During the three months ended June 30, 2018, we entered into a definitive agreement with WPX. Under this agreement, we agreed to provide WPX the benefit of our minimum shipping fees or deficiency credits (fees paid in previous periods that were in excess of the volumes actually shipped) totaling $67.7 million at the time of the transaction (as discussed further in Note 2 ), which can be utilized for volumes shipped that exceed the minimum monthly volume commitment in subsequent periods. As a result, we wrote-off these minimum shipping fees previously included within other noncurrent assets in our consolidated balance sheet (see Note 2 ) and recorded a loss within loss (gain) on disposal or impairment of assets, net . We also agreed that we would only ship crude oil that we are required to purchase from WPX in utilizing our allotted capacity on these pipelines and they agreed to be fully responsible to us for all deficiency payments (money due when our actual shipments are less than our allotted capacity) for the remaining term of our contract, which totaled $50.3 million at June 30, 2018 (as discussed further in Note 9 ). As consideration for this transaction, we paid WPX a net $35.3 million , which was recorded as a loss within loss (gain) on disposal or impairment of assets, net . Repurchase of Warrants On April 26, 2018 and June 23, 2017, we repurchased outstanding warrants, as discussed further in Note 10 , from funds managed by Oaktree, who were represented on the board of directors of our general partner (see Note 10 ). |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Mar. 31, 2020 | |
Defined Contribution Plan [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan We have established a defined contribution 401(k) plan to assist our eligible employees in saving for retirement on a tax-deferred basis. The 401(k) plan permits all eligible employees to make voluntary pre-tax contributions to the plan, subject to applicable tax limitations. For every dollar that employees contribute up to 1% of their eligible compensation (as defined in the plan), we contribute one dollar, plus 50 cents for every dollar employees contribute between 1% and 6% of their eligible compensation (as defined in the plan). Our matching contributions vest over two years. Effective January 1, 2020, for every dollar that employees contribute up to 4% of their eligible compensation (as defined in the plan), we contribute one dollar, plus 50 cents for every dollar employees contribute between 4% and 6% of their eligible compensation (as defined in the plan). Expenses under the plan for the years ended March 31, 2020 , 2019 and 2018 were $2.3 million , $1.9 million and $1.7 million , respectively. Expenses for matching contributions related to Mid-Con, Gas Blending, TPSL and our former Retail Propane segment have been classified as discontinued operations within our consolidated statements of operations for all periods presented (see Note 1 and Note 18 ). |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue from Contracts with Customers Effective April 1, 2018, we recognize revenue for services and products under revenue contracts as our obligations to either perform services or deliver or sell products under the contracts are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contractās transaction price is allocated to each distinct performance obligation in the contract and is recognized as revenue when, or as, the performance obligation is satisfied. Our revenue contracts in scope under ASC 606 primarily have a single performance obligation. The evaluation of when performance obligations have been satisfied and the transaction price that is allocated to our performance obligations requires significant judgment and assumptions, including our evaluation of the timing of when control of the underlying good or service has transferred to our customers and the relative stand-alone selling price of goods and services provided to customers under contracts with multiple performance obligations. Actual results can vary from those judgments and assumptions. We do not have any material contracts with multiple performance obligations or under which we receive material amounts of non-cash consideration. Our costs to obtain or fulfill our revenue contracts were not material as of March 31, 2020 . The majority of our revenue agreements are within scope under ASC 606 and the remainder of our revenue comes from contracts that are accounted for as derivatives under ASC 815 or that contain nonmonetary exchanges or leases and are in scope under Topics 845 and 842, respectively. See Note 12 for a detail of disaggregated revenue. Revenue from contracts accounted for as derivatives under ASC 815 within our Liquids and Refined Products segment includes $5.0 million of net losses related to changes in the mark-to-market value of these arrangements recorded during the year ended March 31, 2020 . Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to allow customers to secure the right to reserve the product or storage capacity to be received or used at a later date, not to receive financing from our customers or to provide customers with financing. We report taxes collected from customers and remitted to taxing authorities, such as sales and use taxes, on a net basis. We include amounts billed to customers for shipping and handling costs in revenues in our consolidated statements of operations. Crude Oil Logistics Performance Obligations Within the Crude Oil Logistics segment, revenue is disaggregated into two primary revenue streams that include revenue from the sale of commodities and service revenue. For sales of commodities, we are obligated to deliver a predetermined amount of product on a month-to-month basis to our customers. For these types of agreements, revenue is recognized at a point in time based on when the product is delivered and control is transferred to the customer. For revenue received from services rendered, we are obligated to provide throughput services to move product via pipeline, truck, railcar, or marine vessel or to provide terminal maintenance services. In either case, the obligation is satisfied over time utilizing the output method based on each volume of product that is moved from the origination point to the final destination or based on the passage of time. Water Solutions Performance Obligations Within the Water Solutions segment, revenue is disaggregated into two primary revenue streams that include service revenue and commodity sales revenue. For contracts involving disposal services, we accept produced water and solids for disposal at our facilities. In cases where we have agreed within a contract or are required by law to remove crude oil from the produced water, the skim oil will be valued as non-cash consideration. Ordinarily, it is required that the fair value of the skim oil is to be estimated at contract inception; however, due to variability of the form of the non-cash consideration, the amount and dollar value is unknown at the contract inception date. Accordingly, ASC 606-10-32-11 allows us to value the skim oil on the date in which the value becomes known. The Water Solutions segment has certain disposal contracts that contain the following types of terms or pricing structures that involve significant judgment that impacts the determination and timing of revenue. ā¢ Minimum volume commitments. We receive a shortfall fee if the customer does not deliver a certain amount of volume of produced water over a specified period of time. At each reporting period, we make a determination as to the likelihood of earning this fee. We recognize revenue from these contracts when (i) actual volumes are received; and (ii) when the likelihood of a customer exercising its remaining rights to make up the deficient volumes under minimum volume commitments becomes remote (also known as the breakage model). ā¢ Tiered pricing. For contracts with tiered pricing provisions, the period in which the tiers are earned and settled (i.e. the āreset periodā) may vary from monthly to over a period of multiple months. If the tiered pricing is based on a month, we allocate the fee to the distinct daily service to which it relates. If the tiered pricing spans across multiple reporting periods, we estimate the total transaction price at the beginning of each reset period, based on the expected volumes. We revise our estimates of variable consideration at each reporting date throughout each reset period. ā¢ Volume discount pricing. Volume discount pricing is a form of variable consideration whereby the customer pays for the volumes delivered on a cumulative basis. Similar to tiered pricing, the period in which the cumulative volumes are earned and settled (i.e. the āreset periodā) may vary from daily to over a period of multiple months. If the volume discount is based on a month, we allocate the fee to the distinct daily service to which it relates. If the volume discount period spans across multiple reporting periods, we estimate the total transaction price at the beginning of each reset period, based on the expected volumes. We revise the estimate of variable consideration at each reporting date. For all of our disposal contracts within the Water Solutions segment, revenue will be recognized over time utilizing the output method based on the volume of produced water or solids we accept from the customer. For contracts that involve the sale of recovered crude oil and brackish non-potable water, we will recognize revenue at a point in time, based on when control of the product is transferred to the customer. Liquids and Refined Products Performance Obligations Within the Liquids and Refined Products segment, revenue is disaggregated into two primary revenue streams that include revenue from the sale of commodities and providing services. For commodity sales, we are obligated to deliver a specified amount of product over a specified period of time. For these types of agreements, revenue is recognized at a point in time based on when the product is delivered and control is transferred to the customer. For revenue received from services rendered, we offer a variety of services which include: (i) storage services where product is commingled; (ii) railcar transportation services; (iii) transloading services; and (iv) logistics services. We are obligated to provide these services over a predetermined period of time. All revenue from services is recognized over time utilizing the output method based on volumes stored or moved. Remaining Performance Obligations Most of our service contracts are such that we have the right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. Therefore, we are utilizing the practical expedient in ASC 606-10-55-18 under which we recognize revenue in the amount to which we have the right to invoice. Applying this practical expedient, we are not required to disclose the transaction price allocated to remaining performance obligations under these agreements. The following table summarizes the amount and timing of revenue recognition for such contracts at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 232,732 2022 212,816 2023 206,089 2024 175,319 2025 148,858 Thereafter 165,209 Total $ 1,141,023 Many agreements are short-term in nature with a contract term of one year or less. For those contracts, we utilized the practical expedient in ASC 606-10-50 that exempts us from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Additionally, for our product sales contracts, we have elected the practical expedient set out in ASC 606-10-50-14A, which states that we are not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these agreements, each unit of product represents a separate performance obligation and therefore future volumes are wholly unsatisfied and disclosure of transaction price allocated to remaining performance obligations is not required. Under product sales contracts, the variability arises as both volume and pricing (typically index-based) are not known until the product is delivered. Contract Assets and Liabilities Amounts owed from our customers under our revenue contracts are typically billed as the service is being provided on a monthly basis and are due within 1-30 days of billing, and are classified as accounts receivable-trade on our consolidated balance sheets. Under certain of our contracts, we recognize revenues in excess of billings, referred to as contract assets, within prepaid expenses and other current assets in our consolidated balance sheets. Accounts receivable from contracts with customers are presented within accounts receivable-trade and accounts receivable-affiliates in our consolidated balance sheets. Our contract asset balances primarily relate to our underground cavern storage contracts with multi-period contracts in which the fee escalates each year and the customer provides upfront payment at the beginning of the contract period. We did not record any contract assets during this period. Under certain of our contracts we may be entitled to receive payments in advance of satisfying our performance obligations under the contract. We recognize a liability for these payments in excess of revenue recognized, referred to as deferred revenue or contract liabilities, within advance payments received from customers in our consolidated balance sheets. Our deferred revenue primarily relates to: ā¢ Prepayments. Some revenue contracts contain prepayment provisions within our Liquids and Refined Products segment. Revenue received related to our underground cavern storage services is received upfront at the beginning of the contract period and is deferred until services have been rendered. In some cases, we also receive prepayments from customers purchasing commodities, which allows the customer to secure the right to receive their requested volumes in a future period. Revenue from these contracts is initially deferred, thus creating a contract liability. ā¢ Multi-period contract in which fee escalates each subsequent year of the contract. Revenue from these contracts is recognized over time based on a weighted average of what is expected to be received over the life of the contract. As the actual amount billed and received from the customer differs from the amount of revenue recognized, a contract liability is recorded. ā¢ Tiered pricing and volume discount pricing. As described above, we revise our estimates of variable consideration at each reporting date throughout each reset period. As the actual amount billed and received from the customer differs from the amount of revenue recognized, a contract liability is recorded. ā¢ Capital reimbursements. Certain contracts in our Water Solutions segment require that our customers reimburse us for capital expenditures related to the construction of long-lived assets, such as water gathering pipelines and custody transfer points, utilized to provide services to them under the revenue contracts. Because we consider these amounts as consideration from customers associated with ongoing services to be provided to customers, we defer these upfront payments in deferred revenue and recognize the amounts in revenue over the life of the associated revenue contract as the performance obligations are satisfied under the contract. The following tables summarize the balances of our contract assets and liabilities at the dates indicated: Balance at March 31, 2019 March 31, 2020 (in thousands) Accounts receivable from contracts with customers $ 613,827 $ 372,930 Contract liabilities balance at March 31, 2019 $ 8,461 Payment received and deferred 65,857 Payment recognized in revenue (54,782 ) Contract liabilities balance at March 31, 2020 $ 19,536 Amount as of March 31, 2019 in the table above does not include contract assets related to TPSL, as these amounts have been classified as current assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). |
Leases
Leases | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases We adopted ASC 842 effective April 1, 2019 using the modified retrospective method, with no adjustment to comparative period information, which remains reported under ASC 840, and no cumulative effect adjustment to equity. Upon adoption, we recorded operating lease right-of-use assets of $551.2 million and operating lease obligations of $549.0 million , including amounts classified as assets and liabilities held for sale. The adoption of this standard did not impact our unaudited condensed consolidated statement of operations or unaudited condensed consolidated statement of cash flows for the three months ended June 30, 2019. We also elected the following transitional practical expedients, which allowed us to (i) not evaluate land easements prior to April 1, 2019; (ii) use hindsight in determining the lease term; (iii) not reassess whether current or expired contracts contain leases; (iv) not reassess the lease classification for any expired or existing leases; and (v) not reassess initial costs. Lessee Accounting Our leasing activity primarily consists of product storage, office space, real estate, railcars, and equipment. We determine if an agreement contains a lease at the inception of the arrangement. If an arrangement is determined to contain a lease, we classify the lease as an operating lease or a finance lease depending on the terms of the arrangement. All of our leases are classified as operating leases. Operating lease right-of-use assets represent our right to use an underlying asset for the lease term when we control the use of the asset by obtaining substantially all of the economic benefits of the asset and direct the use of the asset. Operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and operating lease liabilities with an initial term of greater than one year are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Our incremental borrowing rate represents the interest rate which we would pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term in a similar economic environment. We do not have any leases that provide for guarantees of residual value. Our lease agreements may include options to extend or terminate the lease which are included in the measurement of our operating lease liability when it is reasonably certain that we will exercise the option. Lease renewal terms vary from one year to 30 years . Operating lease expense is recognized on a straight-line basis over the lease term. We have variable lease payments, including adjustments to lease payments based on an index or rate, such as a consumer price index, fair value adjustments to lease payments, and common area maintenance, real estate taxes, and insurance payments in certain real estate leases. We also have certain land leas es within our Water Solutions segment that require us to pay a royalty, which could be based on a flat rate per barrel disposed or a percentage of revenue generated. Variable lease payments are excluded from operating lease right-of-use assets and operating lease liabilities and are expensed as incurred. Operating lease right-of-use assets also include any lease prepayments and exclude lease incentives. For leases acquired as a result of an acquisition, the right-of-use asset also includes adjustments for any favorable or unfavorable market terms present in the lease. Short-term leases with an initial term of 12 months or less that do not include a purchase option, with the exception of railcar leases, are not recorded on the consolidated balance sheet. Operating lease expense for short-term leases is recognized on a straight-line basis over the lease term and amounts related to short-term leases are disclosed within our consolidated financial statements. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases of buildings and land, we account for the lease and non-lease components as a single lease component based on the election of the practical expedient to not separate lease components from non-lease components. At March 31, 2020 , we had operating lease right-of-use assets of $180.7 million and current and noncurrent operating lease obligations of $56.8 million and $121.0 million , respectively, on our consolidated balance sheet. At March 31, 2020 , the weighted-average remaining lease term and weighted-average discount rate for our operating leases was 6.74 years and 6.06% , respectively. The following table summarizes the components of our lease expense for the period indicated: Year Ended March 31, 2020 (in thousands) Operating lease expense $ 72,340 Variable lease expense 19,158 Short-term lease expense 799 Total lease expense $ 92,297 Amounts in the table above do not include lease expense related to TPSL and Gas Blending, as these amounts have been classified within discontinued operations within our consolidated statement of operations (see Note 1 and Note 18 ). Rental expense relating to operating leases was $91.6 million and $111.3 million for the year ended March 31, 2019 and March 31, 2018 , respectively. Amounts above do not include rental expense related to Mid-Con, Gas Blending, TPSL and our former Retail Propane segment, as these amounts have been classified within discontinued operations in our consolidated statements of operations for all periods presented (see Note 1 and Note 18 ). The following table summarizes maturities of our operating lease obligations at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 64,386 2022 45,804 2023 32,576 2024 19,170 2025 10,770 Thereafter 50,603 Total lease payments 223,309 Less imputed interest (45,520 ) Total operating lease obligations $ 177,789 The following table summarizes future minimum lease payments under various noncancelable operating lease agreements at March 31, 2019 (in thousands): Year Ending March 31, 2020 $ 78,348 2021 60,417 2022 43,259 2023 29,552 2024 18,341 Thereafter 41,845 Total $ 271,762 Amounts in the table above do not include future minimum lease payments related to Mid-Con, Gas Blending and TPSL, which have been classified as discontinued operations in our consolidated statements of operations (see Note 1 and Note 18 ). The following table summarizes supplemental cash flow and non-cash information related to our operating leases for the period indicated: Year Ended March 31, 2020 (in thousands) Cash paid for amounts included in the measurement of operating lease obligations $ 101,678 Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 598,734 Lessor Accounting and Subleases Our lessor arrangements include storage and railcar contracts, of which certain agreements contain renewal options for periods of between one year and five years . We determine if an agreement contains a lease at the inception of the arrangement. If an arrangement is determined to contain a lease, we classify the lease as operating, sales-type or direct financing. Lessor accounting under ASC 842 is substantially unchanged and all of our leases will continue to be classified as operating leases. We also, from time to time, sublease certain of our storage capacity and railcars to third parties. Fixed rental revenue is recognized on a straight-line basis over the lease term. During the year ended March 31, 2020 , fixed rental revenue was $20.4 million , which includes $4.6 million of sublease revenue. The following table summarizes future minimum lease payments receivable under various noncancelable operating lease agreements at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 16,190 2022 6,634 2023 4,487 2024 1,457 2025 690 Thereafter 1,324 Total $ 30,782 |
Other Matters
Other Matters | 12 Months Ended |
Mar. 31, 2020 | |
Other Matters | |
Other Matters | Other Matters Third-party Loan Receivable As discussed in Note 2 , we have outstanding a loan receivable of $26.7 million , including accrued interest, associated with our interest in the construction of the Facility that is utilized by a third party. Our loan receivable is secured by a lien interest on the Facility. The third party filed for Chapter 11 bankruptcy in July 2019, at which time we filed our Proof of Claim within the bankruptcy case. The Chapter 11 plan, as supplemented, was approved by the bankruptcy court in February 2020, pursuant to which we were expected to be paid a $26.7 million secured claim as an unimpaired creditor. After the approval of the supplemental plan, the third party has tried to negotiate with us to accept an amount less than the full amount of our claim or to take back the Facility in kind. In May 2020, we filed a motion with the bankruptcy court to compel the third-party to pay us the full amount of the claim in accordance with the approved plan. The bankruptcy court ruled in May 2020 that the third-party would need to either pay us the full amount of the claim, or deliver the Facility to us at a destination of our reasonable choosing. While at March 31, 2020 we expected to receive the full amount of our claim, the third-party has continued to try to negotiate a lower payment. As we are unable to estimate the resolution of this matter at this time, we have not impaired the value of our loan receivable. Sale of South Pecos Water Disposal Business On February 28, 2019, we completed the sale of our South Pecos water disposal business to a subsidiary of WaterBridge Resources LLC for $232.2 million in net cash proceeds and recorded a gain on disposal of $107.9 million during the year ended March 31, 2019. This gain is reported within loss (gain) on disposal or impairment of assets, net in our consolidated statement of operations. These operations include: (i) nine saltwater disposal facilities, (ii) all disposal agreements, commercial, surface and other contracts related to those facilities, (iii) pipelines connected to the facilities and (iv) several disposal permits. All of the assets sold in this transaction are located near the town of Pecos, Texas in southern Reeves and Ward counties. As part of this transaction, WaterBridge Resources LLC also has the option to acquire additional land and permits once the permitting process has been completed. During the year ended March 31, 2020, WaterBridge Resources LLC acquired two additional permits and we received proceeds of $15.0 million . As this sale transaction did not represent a strategic shift that will have a major effect on our operations or financial results, operations related to this portion of our Water Solutions segment have not been classified as discontinued operations. Sale of Bakken Saltwater Disposal Business On November 30, 2018, we completed the sale of NGL Water Solutions Bakken, LLC to an affiliate of Tallgrass Energy, LP for $85.0 million in net cash proceeds and recorded a gain on disposal of $33.4 million during the year ended March 31, 2019 within loss (gain) on disposal or impairment of assets, net in our consolidated statement of operations. These operations include five saltwater disposal wells located in McKenzie and Dunn Counties, North Dakota. As this sale transaction did not represent a strategic shift that will have a major effect on our operations or financial results, operations related to this portion of our Water Solutions segment have not been classified as discontinued operations. Sale of E Energy Adams, LLC On May 3, 2018, we sold our approximately 20% interest in E Energy Adams, LLC for net proceeds of $18.6 million and recorded a gain on disposal of $3.0 million during the year ended March 31, 2019 within loss (gain) on disposal or impairment of assets, net in our consolidated statement of operations. Sawtooth Joint Venture On March 30, 2018, we completed the transaction to form a joint venture with Magnum Liquids, LLC, a portfolio company of Haddington Ventures LLC, along with Magnum Development, LLC and other Haddington-sponsored investment entities (collectively āMagnumā) t o focus on the storage of natural gas liquids and refined products by combining our Sawtooth salt dome storage facility with Magnumās refined products rights and adjacent leasehold. Magnum acquired an approximately 28.5% interest in Sawtooth from us, in exchange for consideration consisting of a cash payment of approximately $37.6 million (excluding working capital) and the contribution of certain refined products rights and adjacent leasehold , which we valued at $21.6 million and recorded within intangible assets in our consolidated balance sheet. The disposition of this interest was accounted for as an equity transaction, no gain or loss was recorded and the carrying value of the noncontrolling interest was adjusted to reflect the change in ownership interest of the subsidiary. We own approximately 71.5% of the joint venture; and Magnum has an option to acquire our remaining interest for an additional $182.4 million that expires on March 31, 2021. Sale of Interest in Glass Mountain Pipeline, LLC (āGlass Mountainā) On December 22, 2017, we sold our 50% interest in Glass Mountain for net proceeds of $292.1 million and recorded a gain on disposal of $108.6 million during the three months ended December 31, 2017 within loss (gain) on disposal or impairment of assets, net in our consolidated statement of operations. As this sale transaction did not represent a strategic shift that will have a major effect on our operations or financial results, operations related to this portion of our Crude Oil Logistics segment have not been classified as discontinued operations. |
Assets and Liabilities Held for
Assets and Liabilities Held for Sale and Discontinued Operations | 12 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held for Sale and Discontinued Operations | Assets and Liabilities Held for Sale and Discontinued Operations As discussed in Note 1 , we have classified certain assets and liabilities of the Mid-Con and Gas Blending businesses as held for sale and the operations as discontinued. On January 3, 2020, we completed the sale of Mid-Con to a third-party whom assumed the Partnershipās obligations under certain system storage agreements. The Partnership retained all of the outstanding accounts receivable and accounts payable balances associated with this business that related to transactions prior to the closing date. To facilitate the assignment of the system storage agreements, the Partnership paid $6.3 million . On March 30, 2020, we completed the sale of Gas Blending to another third-party whom purchased the inventory and open derivative positions and assumed the Partnershipās obligations under a lease storage agreement and blending service agreement. The Partnership retained all of the outstanding accounts receivable and accounts payable balances associated with this business that related to transactions prior to the closing date. To facilitate the assignment of these agreements, the Partnership paid $1.4 million on March 30, 2020 and will pay the remaining $8.5 million in six equal quarterly payments. The current portion of the remaining amount to be paid is included in accrued expenses and other payables and the noncurrent portion of the remaining amount to be paid is included in other noncurrent liabilities in our consolidated balance sheet at March 31, 2020 . As discussed in Note 1 , the assets and liabilities of TPSL have been classified as held for sale and the operations as discontinued. On September 30, 2019, we completed the sale of TPSL and associated assets to Trajectory. As discussed in Note 1 , on March 30, 2018, we sold a portion of our Retail Propane segment to DCC, on July 10, 2018, we completed the sale of virtually all of our remaining Retail Propane segment to Superior and on August 14, 2018, we sold our interest in Victory Propane, and the operations of our Retail Propane segment have been classified as discontinued. The following table summarizes the major classes of assets and liabilities classified as held for sale at March 31, 2019 (in thousands): Current Assets Held for Sale Accounts receivable-trade, net $ 164,716 Inventories 327,015 Prepaid expenses and other current assets 89,254 Total current assets held for sale 580,985 Noncurrent Assets Held for Sale Property, plant and equipment, net 15,553 Goodwill 35,405 Intangible assets, net 137,446 Other noncurrent assets 46,147 Total noncurrent assets held for sale 234,551 Total assets held for sale $ 815,536 Current Liabilities Held for Sale Accounts payable-trade $ 85,602 Accrued expenses and other payables 140,691 Advance payments received from customers 460 Total current liabilities held for sale 226,753 Noncurrent Liabilities Held for Sale Other noncurrent liabilities 33 Total noncurrent liabilities held for sale 33 Total liabilities held for sale $ 226,786 The following table summarizes the results of operations from discontinued operations for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands) Revenues $ 12,186,862 $ 15,398,608 $ 10,474,860 Cost of sales 12,193,307 15,338,614 10,418,447 Operating expenses 6,997 37,348 137,780 General and administrative expense 56 2,716 11,471 Depreciation and amortization 749 9,593 44,314 Loss (gain) on disposal or impairment of assets, net (1) 203,990 (407,608 ) (88,194 ) Operating (loss) income from discontinued operations (218,237 ) 417,945 (48,958 ) Equity in earnings of unconsolidated entities ā 1,183 425 Interest expense (111 ) (126 ) (421 ) Other income, net 133 837 1,930 (Loss) income from discontinued operations before taxes (2) (218,215 ) 419,839 (47,024 ) Income tax expense (20 ) (989 ) (104 ) (Loss) income from discontinued operations, net of tax $ (218,235 ) $ 418,850 $ (47,128 ) (1) Amount for the year ended March 31, 2020 includes a loss of $182.1 million on the sale of TPSL, a loss of $6.3 million on the sale of Mid-Con, a loss of $14.5 million on the sale of Gas Blending and a loss of $1.0 million on the sale of virtually all of our remaining Retail Propane segment to Superior on July 10, 2018. Amount for the year ended March 31, 2019 includes a gain of $408.9 million on the sale of virtually all of our remaining Retail Propane segment to Superior on July 10, 2018, partially offset by a loss of $1.3 million on the sale of a portion of our Retail Propane segment to DCC on March 30, 2018 related to a working capital adjustment. Amount for the year ended March 31, 2018 includes a gain of $89.3 million on the sale of a portion of our Retail Propane segment to DCC, partially offset by the sale of other assets prior to the sale to DCC. (2) Amounts include income (loss) attributable to redeemable noncontrolling interests. Loss attributable to redeemable noncontrolling interests was $0.4 million for the year ended March 31, 2019 and income attributable to redeemable noncontrolling interest was $1.0 million for the year ended March 31, 2018 . Continuing Involvement During the year ended March 31, 2020 , we paid $10.8 million to Trajectory for finished gasoline purchased from them during the period. During the year ended March 31, 2020 , we received $8.7 million from Trajectory for finished gasoline sold to them during the period. As of March 31, 2020 , we have commitments to sell up to 9.9 million gallons of propane, valued at $4.6 million (based on the contract price) to Superior and DCC, the purchasers of our former Retail Propane segment, through March 2021. During the year ended March 31, 2020 , we received a combined $10.7 million from Superior and DCC for propane sold to them during the period. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The following tables summarize our unaudited quarterly financial data. The computation of net income (loss) per common unit is done separately by quarter and year. The total of net income (loss) per common unit of the individual quarters may not equal net income (loss) per common unit for the year, due primarily to the income allocation between the general partner and limited partners and variations in the weighted average units outstanding used in computing such amounts. Our Liquids and Refined Products segment is subject to seasonal fluctuations, as demand for propane and butane is typically higher during the winter months. Our operating revenues from our other segments are less weather sensitive. Additionally, the acquisitions described in Note 4 impact the comparability of the quarterly information within the year, and year to year. Quarter Ended Year Ended June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 March 31, 2020 (in thousands, except unit and per unit amounts) Total revenues $ 1,871,891 $ 1,804,336 $ 2,226,529 $ 1,681,244 $ 7,584,000 Total cost of sales $ 1,689,930 $ 1,589,203 $ 1,935,472 $ 1,389,778 $ 6,604,383 Income (loss) from continuing operations $ 8,982 $ (15,624 ) $ 49,106 $ (223,009 ) $ (180,545 ) Net income (loss) $ 8,039 $ (201,366 ) $ 42,991 $ (248,444 ) $ (398,780 ) Net income (loss) attributable to NGL Energy Partners LP $ 8,307 $ (201,237 ) $ 43,157 $ (247,234 ) $ (397,007 ) Basic (loss) income per common unit (Loss) income from continuing operations $ (0.95 ) $ (0.26 ) $ 0.23 $ (1.89 ) $ (2.88 ) Net (loss) income $ (0.96 ) $ (1.72 ) $ 0.18 $ (2.09 ) $ (4.59 ) Diluted (loss) income per common unit (Loss) income from continuing operations $ (0.95 ) $ (0.26 ) $ 0.22 $ (1.89 ) $ (2.88 ) Net (loss) income $ (0.96 ) $ (1.72 ) $ 0.18 $ (2.09 ) $ (4.59 ) Basic weighted average common units outstanding 125,886,738 126,979,034 128,201,369 128,576,572 127,411,908 Diluted weighted average common units outstanding 125,886,738 126,979,034 129,358,590 128,576,572 127,411,908 Quarter Ended Year Ended June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 March 31, 2019 (in thousands, except unit and per unit amounts) Total revenues $ 2,054,952 $ 2,215,682 $ 2,295,369 $ 2,123,154 $ 8,689,157 Total cost of sales $ 1,946,565 $ 2,051,447 $ 2,048,661 $ 1,936,388 $ 7,983,061 (Loss) income from continuing operations $ (202,799 ) $ (31,723 ) $ 97,199 $ 57,868 $ (79,455 ) Net (loss) income $ (169,289 ) $ 354,939 $ 110,528 $ 43,217 $ 339,395 Net (loss) income attributable to NGL Energy Partners LP $ (168,546 ) $ 355,505 $ 110,835 $ 62,253 $ 360,047 Basic (loss) income per common unit (Loss) income from continuing operations $ (1.83 ) $ (0.45 ) $ 0.55 $ 0.31 $ (1.39 ) Net (loss) income $ (1.55 ) $ 2.70 $ 0.65 $ 0.20 $ 2.01 Diluted (loss) income per common unit (Loss) income from continuing operations $ (1.83 ) $ (0.45 ) $ 0.54 $ 0.31 $ (1.39 ) Net (loss) income $ (1.55 ) $ 2.70 $ 0.64 $ 0.19 $ 2.01 Basic weighted average common units outstanding 121,544,421 122,380,197 123,892,680 124,262,014 123,017,064 Diluted weighted average common units outstanding 121,544,421 122,380,197 125,959,751 126,926,589 123,017,064 The following summarizes significant items recognized during the years ended March 31, 2020 and 2019 : Year Ended March 31, 2020 ā¢ During the fourth quarter of fiscal year 2020, we recorded a goodwill impairment charge related to the Water Solutions segment (see Note 6 ); ā¢ On March 30, 2020, we sold Gas Blending and recorded a loss (see Note 18 ); ā¢ On January 3, 2020, we sold Mid-Con and recorded a loss (see Note 18 ); ā¢ On October 31, 2019, we acquired Hillstone (see Note 4 ); ā¢ On September 30, 2019, we sold TPSL and recorded a loss (see Note 18 ); and ā¢ On July 2, 2019, we acquired Mesquite (see Note 4 ). Year Ended March 31, 2019 ā¢ During the fourth quarter of fiscal year 2019, we recorded a goodwill impairment charge related to Sawtooth (see Note 6 ); ā¢ On February 28, 2019, we sold our South Pecos water disposal business and recorded a gain (see Note 17 ); ā¢ On November 30, 2018, we sold our Bakken saltwater disposal business and recorded a gain (see Note 17 ); ā¢ On July 10, 2018, we sold virtually all of our remaining Retail Propane segment and recorded a gain (see Note 18 ); ā¢ On May 3, 2018, we sold our interest in E Energy Adams, LLC and recorded a gain (see Note 17 ); and ā¢ During fiscal year 2019, we repurchased a portion of our 2019 Notes and 2023 Notes and redeemed the outstanding 2019 Notes and 2021 Notes and recorded a loss on the early extinguishment of these notes (see Note 8 ). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 27, 2020, we amended our Credit Agreement. See Note 8 for a further discussion. During April and May of 2020 , we repurchased $15.0 million of the 2023 Notes for a payment of $8.8 million (including accrued interest of $0.4 million ), $7.3 million of the 2025 Notes for a payment of $3.7 million (including accrued interest of $0.1 million ) and $24.9 million of the 2026 Notes for a payment of $13.2 million (including accrued interest of $0.2 million ). |
Consolidating Guarantor and Non
Consolidating Guarantor and Non-Guarantor Financial Information | 12 Months Ended |
Mar. 31, 2020 | |
Consolidating Guarantor and Non-Guarantor Financial Information [Abstract] | |
Consolidating Guarantor and Non-Guarantor Financial Information | Consolidating Guarantor and Non-Guarantor Financial Information Certain of our wholly owned subsidiaries have, jointly and severally, fully and unconditionally guaranteed the Senior Unsecured Notes (see Note 8 ). Pursuant to Rule 3-10 of Regulation S-X, we have presented in columnar format the consolidating financial information for NGL Energy Partners LP (Parent), NGL Energy Finance Corp., the guarantor subsidiaries on a combined basis, and the non-guarantor subsidiaries on a combined basis in the tables below. NGL Energy Partners LP and NGL Energy Finance Corp. are co-issuers of the Senior Unsecured Notes. Since NGL Energy Partners LP received the proceeds from the issuance of the Senior Unsecured Notes, all activity has been reflected in the NGL Energy Partners LP (Parent) column in the tables below. During the periods presented in the tables below, the status of certain subsidiaries changed, in that they either became guarantors of or ceased to be guarantors of the Senior Unsecured Notes. For purposes of the tables below, when the status of a subsidiary changes, all subsidiary activity is included in either the guarantor subsidiaries column or non-guarantor subsidiaries column based on the status of the subsidiary at the balance sheet date regardless of activity during the year. There are no significant restrictions that prevent the parent or any of the guarantor subsidiaries from obtaining funds from their respective subsidiaries by dividend or loan. None of the assets of the guarantor subsidiaries (other than the investments in non-guarantor subsidiaries) are restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act of 1933, as amended. For purposes of the tables below, (i) the consolidating financial information is presented on a legal entity basis, (ii) investments in consolidated subsidiaries are accounted for as equity method investments, and (iii) contributions, distributions, and advances to (from) consolidated entities are reported on a net basis within net changes in advances with consolidated entities in the consolidating statement of cash flow tables below. As discussed further in Note 1 and Note 18 , certain assets and liabilities related to Mid-Con and Gas Blending and the assets and liabilities related to TPSL have been classified as held for sale within our March 31, 2019 consolidated balance sheet. The results of operations and cash flows related to Mid-Con, Gas Blending, TPSL and our former Retail Propane segment (including equity in earnings of Victory Propane) have been classified as discontinued operations for all periods presented and prior periods have been retrospectively adjusted in the consolidated statements of operations and consolidated statements of cash flows. Consolidating Balance Sheet (in Thousands) March 31, 2020 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 19,358 $ ā $ (354 ) $ 3,700 $ ā $ 22,704 Accounts receivable-trade, net of allowance for doubtful accounts ā ā 563,023 3,811 ā 566,834 Accounts receivable-affiliates ā ā 12,934 ā ā 12,934 Inventories ā ā 69,301 333 ā 69,634 Prepaid expenses and other current assets ā ā 101,764 217 ā 101,981 Total current assets 19,358 ā 746,668 8,061 ā 774,087 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation ā ā 2,659,647 191,908 ā 2,851,555 GOODWILL ā ā 988,412 5,175 ā 993,587 INTANGIBLE ASSETS, net of accumulated amortization ā ā 1,543,131 69,349 ā 1,612,480 INVESTMENTS IN UNCONSOLIDATED ENTITIES ā ā 23,182 ā ā 23,182 NET INTERCOMPANY RECEIVABLES (PAYABLES) 1,870,754 ā (1,800,708 ) (70,046 ) ā ā INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 1,782,348 ā 121,058 ā (1,903,406 ) ā OPERATING LEASE RIGHT-OF-USE ASSETS ā ā 177,100 3,608 ā 180,708 OTHER NONCURRENT ASSETS ā ā 63,137 ā ā 63,137 Total assets $ 3,672,460 $ ā $ 4,521,627 $ 208,055 $ (1,903,406 ) $ 6,498,736 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ ā $ ā $ 513,831 $ 1,218 $ ā $ 515,049 Accounts payable-affiliates 1 ā 17,716 ā ā 17,717 Accrued expenses and other payables 44,394 ā 186,576 1,092 ā 232,062 Advance payments received from customers ā ā 13,925 5,611 ā 19,536 Current maturities of long-term debt ā ā 4,683 ā ā 4,683 Operating lease obligations ā ā 56,451 325 ā 56,776 Total current liabilities 44,395 ā 793,182 8,246 ā 845,823 LONG-TERM DEBT, net of debt issuance costs and current maturities 1,428,046 ā 1,716,802 ā ā 3,144,848 OPERATING LEASE OBLIGATIONS ā ā 117,909 3,104 ā 121,013 OTHER NONCURRENT LIABILITIES ā ā 111,386 2,693 ā 114,079 CLASS D 9.00% PREFERRED UNITS 537,283 ā ā ā ā 537,283 EQUITY: Partnersā equity 1,662,736 ā 1,782,348 194,397 (1,976,360 ) 1,663,121 Accumulated other comprehensive loss ā ā ā (385 ) ā (385 ) Noncontrolling interests ā ā ā ā 72,954 72,954 Total equity 1,662,736 ā 1,782,348 194,012 (1,903,406 ) 1,735,690 Total liabilities and equity $ 3,672,460 $ ā $ 4,521,627 $ 208,055 $ (1,903,406 ) $ 6,498,736 Consolidating Balance Sheet (in Thousands) March 31, 2019 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 12,798 $ ā $ 3,728 $ 2,046 $ ā $ 18,572 Accounts receivable-trade, net of allowance for doubtful accounts ā ā 996,192 2,011 ā 998,203 Accounts receivable-affiliates ā ā 12,867 ā ā 12,867 Inventories ā ā 135,094 1,034 ā 136,128 Prepaid expenses and other current assets ā ā 65,443 475 ā 65,918 Assets held for sale ā ā 580,985 ā ā 580,985 Total current assets 12,798 ā 1,794,309 5,566 ā 1,812,673 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation ā ā 1,620,084 208,856 ā 1,828,940 GOODWILL ā ā 1,105,281 5,175 ā 1,110,456 INTANGIBLE ASSETS, net of accumulated amortization ā ā 725,542 75,347 ā 800,889 INVESTMENTS IN UNCONSOLIDATED ENTITIES ā ā 1,127 ā ā 1,127 NET INTERCOMPANY RECEIVABLES (PAYABLES) 862,186 ā (808,610 ) (53,576 ) ā ā INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 2,503,848 ā 170,690 ā (2,674,538 ) ā OTHER NONCURRENT ASSETS ā ā 113,857 ā ā 113,857 ASSETS HELD FOR SALE ā ā 234,551 ā ā 234,551 Total assets $ 3,378,832 $ ā $ 4,956,831 $ 241,368 $ (2,674,538 ) $ 5,902,493 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ ā $ ā $ 872,122 $ 6,941 $ ā $ 879,063 Accounts payable-affiliates 1 ā 28,468 ā ā 28,469 Accrued expenses and other payables 25,497 ā 80,765 1,497 ā 107,759 Advance payments received from customers ā ā 7,550 911 ā 8,461 Current maturities of long-term debt ā ā 648 ā ā 648 Liabilities held for sale ā ā 226,753 ā ā 226,753 Total current liabilities 25,498 ā 1,216,306 9,349 ā 1,251,153 LONG-TERM DEBT, net of debt issuance costs and current maturities 984,450 ā 1,175,683 ā ā 2,160,133 OTHER NONCURRENT LIABILITIES ā ā 60,961 2,581 ā 63,542 NONCURRENT LIABILITIES HELD FOR SALE ā ā 33 ā ā 33 CLASS A 10.75% CONVERTIBLE PREFERRED UNITS 149,814 ā ā ā ā 149,814 EQUITY: Partnersā equity 2,219,070 ā 2,503,848 229,693 (2,733,286 ) 2,219,325 Accumulated other comprehensive loss ā ā ā (255 ) ā (255 ) Noncontrolling interests ā ā ā ā 58,748 58,748 Total equity 2,219,070 ā 2,503,848 229,438 (2,674,538 ) 2,277,818 Total liabilities and equity $ 3,378,832 $ ā $ 4,956,831 $ 241,368 $ (2,674,538 ) $ 5,902,493 Consolidating Statement of Operations (in Thousands) Year Ended March 31, 2020 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ ā $ ā $ 7,548,659 $ 42,928 $ (7,587 ) $ 7,584,000 COST OF SALES ā ā 6,610,304 666 (6,587 ) 6,604,383 OPERATING COSTS AND EXPENSES: Operating ā ā 318,547 15,446 (1,000 ) 332,993 General and administrative ā ā 112,810 854 ā 113,664 Depreciation and amortization ā ā 252,224 13,088 ā 265,312 Loss (gain) on disposal or impairment of assets, net ā ā 261,790 (4 ) ā 261,786 Revaluation of liabilities ā ā 9,194 ā ā 9,194 Operating (Loss) Income ā ā (16,210 ) 12,878 ā (3,332 ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities ā ā 1,291 ā ā 1,291 Interest expense (105,782 ) ā (75,340 ) (107 ) 45 (181,184 ) Gain on early extinguishment of liabilities, net 1,341 ā ā ā ā 1,341 Other income, net ā ā 1,670 59 (45 ) 1,684 (Loss) Income From Continuing Operations Before Income Taxes (104,441 ) ā (88,589 ) 12,830 ā (180,200 ) INCOME TAX EXPENSE ā ā (345 ) ā ā (345 ) EQUITY IN NET (LOSS) INCOME FROM CONTINUING OPERATIONS OF CONSOLIDATED SUBSIDIARIES (292,566 ) ā 14,603 ā 277,963 ā (Loss) Income From Continuing Operations (397,007 ) ā (74,331 ) 12,830 277,963 (180,545 ) Loss From Discontinued Operations, Net of Tax ā ā (218,235 ) ā ā (218,235 ) Net (Loss) Income (397,007 ) ā (292,566 ) 12,830 277,963 (398,780 ) LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 1,773 1,773 NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNER LP $ (397,007 ) $ ā $ (292,566 ) $ 12,830 $ 279,736 $ (397,007 ) Consolidating Statement of Operations (in Thousands) Year Ended March 31, 2019 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ ā $ ā $ 8,665,597 $ 27,542 $ (3,982 ) $ 8,689,157 COST OF SALES ā ā 7,986,019 1,024 (3,982 ) 7,983,061 OPERATING COSTS AND EXPENSES: Operating ā ā 217,597 13,468 ā 231,065 General and administrative ā ā 106,595 812 ā 107,407 Depreciation and amortization ā ā 201,513 10,460 ā 211,973 (Gain) loss on disposal or impairment of assets, net ā ā (31,924 ) 66,220 ā 34,296 Revaluation of liabilities ā ā (5,373 ) ā ā (5,373 ) Operating Income (Loss) ā ā 191,170 (64,442 ) ā 126,728 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities ā ā 2,533 ā ā 2,533 Interest expense (104,716 ) ā (60,008 ) (46 ) 45 (164,725 ) Loss on early extinguishment of liabilities, net (12,340 ) ā ā ā ā (12,340 ) Other expense, net ā ā (30,187 ) ā (231 ) (30,418 ) (Loss) Income From Continuing Operations Before Income Taxes (117,056 ) ā 103,508 (64,488 ) (186 ) (78,222 ) INCOME TAX EXPENSE ā ā (1,233 ) ā ā (1,233 ) EQUITY IN NET INCOME (LOSS) FROM CONTINUING OPERATIONS OF CONSOLIDATED SUBSIDIARIES 477,103 ā (44,865 ) ā (432,238 ) ā Income (Loss) From Continuing Operations 360,047 ā 57,410 (64,488 ) (432,424 ) (79,455 ) Income (Loss) From Discontinued Operations, Net of Tax ā ā 419,693 (1,029 ) 186 418,850 Net Income (Loss) 360,047 ā 477,103 (65,517 ) (432,238 ) 339,395 LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 20,206 20,206 LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS 446 446 NET INCOME (LOSS) ATTRIBUTABLE TO NGL ENERGY PARTNER LP $ 360,047 $ ā $ 477,103 $ (65,517 ) $ (411,586 ) $ 360,047 Consolidating Statement of Operations (in Thousands) Year Ended March 31, 2018 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ ā $ ā $ 6,935,485 $ 19,954 $ (1,492 ) $ 6,953,947 COST OF SALES ā ā 6,263,562 1,491 (1,492 ) 6,263,561 OPERATING COSTS AND EXPENSES: Operating ā ā 186,056 7,020 ā 193,076 General and administrative ā ā 97,402 577 ā 97,979 Depreciation and amortization ā ā 197,497 10,901 ā 208,398 (Gain) loss on disposal or impairment of assets, net ā ā (133,993 ) 116,875 ā (17,118 ) Revaluation of liabilities ā ā 20,124 592 ā 20,716 Operating Income (Loss) ā ā 304,837 (117,502 ) ā 187,335 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities ā ā 7,539 ā ā 7,539 Interest expense (142,159 ) ā (56,989 ) (46 ) 45 (199,149 ) Loss on early extinguishment of liabilities, net (23,201 ) ā ā ā ā (23,201 ) Other income, net ā ā 7,152 19 (819 ) 6,352 (Loss) Income From Continuing Operations Before Income Taxes (165,360 ) ā 262,539 (117,529 ) (774 ) (21,124 ) INCOME TAX EXPENSE ā ā (1,353 ) ā ā (1,353 ) EQUITY IN NET INCOME (LOSS) FROM CONTINUING OPERATIONS OF CONSOLIDATED SUBSIDIARIES 94,485 ā (116,224 ) ā 21,739 ā (Loss) Income From Continuing Operations (70,875 ) ā 144,962 (117,529 ) 20,965 (22,477 ) (Loss) Income From Discontinued Operations, Net of Tax ā ā (50,477 ) 2,575 774 (47,128 ) Net (Loss) Income (70,875 ) ā 94,485 (114,954 ) 21,739 (69,605 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (240 ) (240 ) LESS: NET INCOME ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS (1,030 ) (1,030 ) NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNER LP $ (70,875 ) $ ā $ 94,485 $ (114,954 ) $ 20,469 $ (70,875 ) Consolidating Statements of Comprehensive (Loss) Income (in Thousands) Year Ended March 31, 2020 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net (loss) income $ (397,007 ) $ ā $ (292,566 ) $ 12,830 $ 277,963 $ (398,780 ) Other comprehensive income (loss) ā ā 17 (147 ) ā (130 ) Comprehensive (loss) income $ (397,007 ) $ ā $ (292,549 ) $ 12,683 $ 277,963 $ (398,910 ) Year Ended March 31, 2019 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net income (loss) $ 360,047 $ ā $ 477,103 $ (65,517 ) $ (432,238 ) $ 339,395 Other comprehensive (loss) income ā ā (18 ) 9 ā (9 ) Comprehensive income (loss) $ 360,047 $ ā $ 477,085 $ (65,508 ) $ (432,238 ) $ 339,386 Year Ended March 31, 2018 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net (loss) income $ (70,875 ) $ ā $ 94,485 $ (114,954 ) $ 21,739 $ (69,605 ) Other comprehensive income (loss) ā ā 58 (45 ) ā 13 Comprehensive (loss) income $ (70,875 ) $ ā $ 94,543 $ (114,999 ) $ 21,739 $ (69,592 ) Consolidating Statement of Cash Flows (in Thousands) Year Ended March 31, 2020 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities-continuing operations $ (86,814 ) $ ā $ 426,481 $ 42,759 $ 382,426 Net cash provided by operating activities-discontinued operations ā ā 81,629 ā 81,629 Net cash (used in) provided by operating activities (86,814 ) ā 508,110 42,759 464,055 INVESTING ACTIVITIES: Capital expenditures ā ā (508,152 ) (47,561 ) (555,713 ) Acquisitions, net of cash acquired ā ā (1,268,474 ) ā (1,268,474 ) Net settlements of commodity derivatives ā ā 86,702 ā 86,702 Proceeds from sales of assets ā ā 17,617 4 17,621 Investments in unconsolidated entities ā ā (21,218 ) ā (21,218 ) Distributions of capital from unconsolidated entities ā ā 440 ā 440 Repayments on loan for natural gas liquids facility ā ā 3,022 ā 3,022 Net cash used in investing activities-continuing operations ā ā (1,690,063 ) (47,557 ) (1,737,620 ) Net cash provided by investing activities-discontinued operations ā ā 298,864 ā 298,864 Net cash used in investing activities ā ā (1,391,199 ) (47,557 ) (1,438,756 ) FINANCING ACTIVITIES: Proceeds from borrowings under Revolving Credit Facility ā ā 4,074,000 ā 4,074,000 Payments on Revolving Credit Facility ā ā (3,775,000 ) ā (3,775,000 ) Issuance of senior unsecured notes and term credit agreement 450,000 ā 250,000 ā 700,000 Repayment and repurchase of senior secured and senior unsecured notes (454 ) ā ā ā (454 ) Payments on other long-term debt ā ā (653 ) ā (653 ) Debt issuance costs (8,101 ) ā (6,598 ) (251 ) (14,950 ) Distributions to general and common unit partners and preferred unitholders (244,400 ) ā ā ā (244,400 ) Distributions to noncontrolling interest owners ā ā ā (1,145 ) (1,145 ) Proceeds from sale of preferred units, net of offering costs 622,391 ā ā ā 622,391 Payments for redemption of preferred units (265,128 ) ā ā ā (265,128 ) Common unit repurchases and cancellations (1,644 ) ā ā ā (1,644 ) Payments for settlement and early extinguishment of liabilities ā ā (98,958 ) ā (98,958 ) Investment in NGL Energy Holdings LLC (15,226 ) ā ā ā (15,226 ) Net changes in advances with consolidated entities (444,064 ) ā 436,216 7,848 ā Net cash provided by financing activities 93,374 ā 879,007 6,452 978,833 Net increase (decrease) in cash and cash equivalents 6,560 ā (4,082 ) 1,654 4,132 Cash and cash equivalents, beginning of period 12,798 ā 3,728 2,046 18,572 Cash and cash equivalents, end of period $ 19,358 $ ā $ (354 ) $ 3,700 $ 22,704 Consolidating Statement of Cash Flows (in Thousands) Year Ended March 31, 2019 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Adjustments Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities-continuing operations $ (116,033 ) $ ā $ 295,293 $ (27,551 ) $ (186 ) $ 151,523 Net cash provided by operating activities-discontinued operations ā ā 182,506 3,221 ā 185,727 Net cash (used in) provided by operating activities (116,033 ) ā 477,799 (24,330 ) (186 ) 337,250 INVESTING ACTIVITIES: Capital expenditures ā ā (414,522 ) (41,064 ) ā (455,586 ) Acquisitions, net of cash acquired ā ā (296,687 ) (3,927 ) ā (300,614 ) Net settlements of commodity derivatives ā ā (10,173 ) ā ā (10,173 ) Proceeds from sales of assets ā ā 16,177 ā ā 16,177 Proceeds from divestitures of businesses and investments, net ā ā 335,809 ā ā 335,809 Investments in unconsolidated entities ā ā (389 ) ā ā (389 ) Distributions of capital from unconsolidated entities ā ā 1,440 ā ā 1,440 Repayments on loan for natural gas liquids facility ā ā 10,336 ā ā 10,336 Loan to affiliate ā ā (1,515 ) ā ā (1,515 ) Net cash used in investing activities-continuing operations ā ā (359,524 ) (44,991 ) ā (404,515 ) Net cash provided by investing activities-discontinued operations ā ā 851,006 6,982 ā 857,988 Net cash provided by (used in) investing activities ā ā 491,482 (38,009 ) ā 453,473 FINANCING ACTIVITIES: Proceeds from borrowings under Revolving Credit Facility ā ā 4,098,500 ā ā 4,098,500 Payments on Revolving Credit Facility ā ā (3,897,000 ) ā ā (3,897,000 ) Repayment and repurchase of senior secured and senior unsecured notes (737,058 ) ā ā ā ā (737,058 ) Payments on other long-term debt ā ā (653 ) ā ā (653 ) Debt issuance costs (30 ) ā (1,353 ) ā ā (1,383 ) Contributions from noncontrolling interest owners, net ā ā ā 169 ā 169 Distributions to general and common unit partners and preferred unitholders (236,633 ) ā ā ā ā (236,633 ) Repurchase of warrants (14,988 ) ā ā ā ā (14,988 ) Common unit repurchases and cancellations (297 ) ā ā ā ā (297 ) Payments for settlement and early extinguishment of liabilities ā ā (4,577 ) ā ā (4,577 ) Net changes in advances with consolidated entities 1,100,922 ā (1,163,504 ) 62,396 186 ā Net cash provided by (used in) financing activities-continuing operations 111,916 ā (968,587 ) 62,565 186 (793,920 ) Net cash used in financing activities-discontinued operations ā ā (295 ) (30 ) ā (325 ) Net cash provided by (used in) financing activities 111,916 ā (968,882 ) 62,535 186 (794,245 ) Net (decrease) increase in cash and cash equivalents (4,117 ) ā 399 196 ā (3,522 ) Cash and cash equivalents, beginning of period 16,915 ā 3,329 1,850 ā 22,094 Cash and cash equivalents, end of period $ 12,798 $ ā $ 3,728 $ 2,046 $ ā $ 18,572 Consolidating Statement of Cash Flows (in Thousands) Year Ended March 31, 2018 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Adjustments Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities-continuing operations $ (141,967 ) $ ā $ 433,678 $ 9,411 $ (774 ) $ 300,348 Net cash (used in) provided by operating activities-discontinued operations ā ā (165,862 ) 3,481 ā (162,381 ) Net cash (used in) provided by operating activities (141,967 ) ā 267,816 12,892 (774 ) 137,967 INVESTING ACTIVITIES: Capital expenditures ā ā (130,760 ) (3,001 ) ā (133,761 ) Acquisitions, net of cash acquired ā ā 3,100 (22,997 ) ā (19,897 ) Net settlements of commodity derivatives ā ā (39,113 ) ā ā (39,113 ) Proceeds from sales of assets ā ā 33,844 ā ā 33,844 Proceeds from divestitures of businesses and investments, net ā ā 292,112 37,668 ā 329,780 Transaction with Victory Propane (Note 13) ā ā (6,424 ) ā ā (6,424 ) Investments in unconsolidated entities ā ā (21,465 ) ā ā (21,465 ) Distributions of capital from unconsolidated entities ā ā 11,969 ā ā 11,969 Repayments on loan for natural gas liquids facility ā ā 10,052 ā ā 10,052 Loan to affiliate ā ā (2,510 ) ā ā (2,510 ) Repayments on loan to affiliate ā ā 4,160 ā ā 4,160 Net cash provided by investing activities-continuing operations ā ā 154,965 11,670 ā 166,635 Net cash provided by (used in) investing activities-discontinued operations ā ā 104,666 (719 ) ā 103,947 Net cash provided by investing activities ā ā 259,631 10,951 ā 270,582 FINANCING ACTIVITIES: Proceeds from borrowings under Revolving Credit Facility ā ā 2,434,500 ā ā 2,434,500 Payments on Revolving Credit Facility ā ā (2,279,500 ) ā ā (2,279,500 ) Repayment and repurchase of senior secured and senior unsecured notes (486,699 ) ā ā ā ā (486,699 ) Payments on other long-term debt ā ā (877 ) ā ā (877 ) Debt issuance costs (692 ) ā (2,008 ) ā ā (2,700 ) Contributions from noncontrolling interest owners, net ā ā ā 23 ā 23 Distributions to general and common unit partners and preferred unitholders (225,067 ) ā ā ā ā (225,067 ) Distributions to noncontrolling interest owners ā ā ā (3,082 ) ā (3,082 ) Proceeds from sale of preferred units, net of offering costs 202,731 ā ā ā ā 202,731 Repurchase of warrants (10,549 ) ā ā ā ā (10,549 ) Common unit repurchases and cancellations (15,817 ) ā ā ā ā (15,817 ) Payments for settlement and early extinguishment of liabilities ā ā (3,408 ) ā ā (3,408 ) Net changes in advances with consolidated entities 688,718 ā (669,452 ) (20,040 ) 774 ā Net cash provided by (used in) financing activities-continuing operations 152,625 ā (520,745 ) (23,099 ) 774 (390,445 ) Net cash used in financing activities-discontinued operations ā ā (3,446 ) (390 ) ā (3,836 ) Net cash provided by (used in) financing activities 152,625 ā (524,191 ) (23,489 ) 774 (394,281 ) Net increase in cash and cash equivalents 10,658 ā 3,256 354 ā 14,268 Cash and cash equivalents, beginning of period 6,257 ā 73 1,496 ā 7,826 Cash and cash equivalents, end of period $ 16,915 $ ā $ 3,329 $ 1,850 $ ā $ 22,094 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (āGAAPā). The accompanying consolidated financial statements include our accounts and those of our controlled subsidiaries. Intercompany transactions and account balances have been eliminated in consolidation. Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. We also own an undivided interest in a crude oil pipeline, and include our proportionate share of assets, liabilities, and expenses related to this pipeline in our consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amount of assets and liabilities reported at the date of the consolidated financial statements and the amount of revenues and expenses reported during the periods presented. Critical estimates we make in the preparation of our consolidated financial statements include, among others, determining the fair value of assets and liabilities acquired in acquisitions, the fair value of derivative instruments, the collectibility of accounts receivable, the recoverability of inventories, useful lives and recoverability of property, plant and equipment and amortizable intangible assets, the impairment of long-lived assets and goodwill, the fair value of asset retirement obligations, the value of equity-based compensation, accruals for environmental matters and estimating certain revenues. Although we believe these estimates are reasonable, actual results could differ from those estimates. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value is based upon assumptions that market participants would use when pricing an asset or liability. We use the following fair value hierarchy, which prioritizes valuation technique inputs used to measure fair value into three broad levels: ā¢ Level 1: Quoted prices in active markets for identical assets and liabilities that we have the ability to access at the measurement date. ā¢ Level 2: Inputs (other than quoted prices included within Level 1) that are either directly or indirectly observable for the asset or liability, including (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in inactive markets, (iii) inputs other than quoted prices that are observable for the asset or liability, and (iv) inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter commodity price swap and option contracts and forward commodity contracts. We determine the fair value of all of our derivative financial instruments utilizing pricing models for similar instruments. Inputs to the pricing models include publicly available prices and forward curves generated from a compilation of data gathered from third parties. ā¢ Level 3: Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to a fair value measurement requires judgment, considering factors specific to the asset or liability. |
Derivative Financial Instruments | Derivative Financial Instruments We record all derivative financial instrument contracts at fair value in our consolidated balance sheets except for certain physical contracts that qualify for the normal purchase and normal sale election . Under this accounting policy election, we do not record the physical contracts at fair value at each balance sheet date; instead, we record the purchase or sale at the contracted value once the delivery occurs. We have not designated any financial instruments as hedges for accounting purposes. All changes in the fair value of our physical contracts that do not qualify as normal purchases and normal sales and settlements (whether cash transactions or non-cash mark-to-market adjustments) are reported either within revenue (for sales contracts) or cost of sales (for purchase contracts) in our consolidated statements of operations, regardless of whether the contract is physically or financially settled. We utilize various commodity derivative financial instrument contracts to attempt to reduce our exposure to price fluctuations. We do not enter into such contracts for trading purposes. Changes in assets and liabilities from commodity derivative financial instruments result primarily from changes in market prices, newly originated transactions, and the timing of settlements and are reported within cost of sales on the consolidated statements of operations, along with related settlements. We attempt to balance our contractual portfolio in terms of notional amounts and timing of performance and delivery obligations. However, net unbalanced positions can exist or are established based on our assessment of anticipated market movements. Inherent in the resulting contractual portfolio are certain business risks, including commodity price risk and credit risk. Commodity price risk is the risk that the market value of crude oil, natural gas liquids, or refined and renewables products will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. Procedures and limits for managing commodity price risks and credit risks are specified in our market risk policy and credit policy, respectively. Open commodity positions and market price changes are monitored daily and are reported to senior management and to marketing operations personnel. Credit risk is monitored daily and exposure is minimized through customer deposits, restrictions on product liftings, letters of credit, and entering into master netting agreements that allow for offsetting counterparty receivable and payable balances for certain transactions. |
Cost of Sales | Cost of Sales We include all costs we incur to acquire products, including the costs of purchasing, terminaling, and transporting inventory, prior to delivery to our customers, in cost of sales. Cost of sales excludes depreciation of our property, plant and equipment. |
Depreciation and Amortization | Depreciation and Amortization Depreciation and amortization in our consolidated statements of operations includes all depreciation of our property, plant and equipment and amortization of intangible assets other than debt issuance costs, for which the amortization is recorded to interest expense and certain contract-based intangible assets, for which the amortization is recorded to either cost of sales or operating expense. |
Income Taxes | Income Taxes We qualify as a partnership for income tax purposes. As such, we generally do not pay United States federal income tax. Rather, each owner reports his or her share of our income or loss on his or her individual tax return. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined, as we do not have access to information regarding each partnerās basis in the Partnership. We have certain taxable corporate subsidiaries in the United States and Canada, and our operations in Texas are subject to a state franchise tax that is calculated based on revenues net of cost of sales. Our fiscal years 2016 to 2019 generally remain subject to examination by federal, state, and Canadian tax authorities. We utilize the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which these temporary differences are expected to be recovered or settled. Changes in tax rates are recognized in income in the period that includes the enactment date. A publicly traded partnership is required to generate at least 90% of its gross income (as defined for federal income tax purposes) from certain qualifying sources. Income generated by our taxable corporate subsidiaries is excluded from this qualifying income calculation. Although we routinely generate income outside of our corporate subsidiaries that is non-qualifying, we believe that at least 90% of our gross income has been qualifying income for each of the calendar years since our IPO. We have a deferred tax liability of $56.4 million at March 31, 2020 as a result of acquiring corporations in connection with certain of our acquisitions, which is included within other noncurrent liabilities in our consolidated balance sheet. The deferred tax liability is the tax effected cumulative temporary difference between the GAAP basis and tax basis of the acquired assets within the corporation. For GAAP purposes, certain of the acquired assets will be depreciated and amortized over time which will lower the GAAP basis. The deferred tax benefit recorded during the year ended March 31, 2020 was $2.9 million with an effective tax rate of 27.8% . We evaluate uncertain tax positions for recognition and measurement in the consolidated financial statements. To recognize a tax position, we determine whether it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. A tax position that meets the more likely than not threshold is measured to determine the amount of benefit to be recognized in the consolidated financial statements. We had no material uncertain tax positions that required recognition in our consolidated financial statements at March 31, 2020 or 2019 . |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand and time deposits, and funds invested in highly liquid instruments with maturities of three months or less at the date of purchase. At times, certain account balances may exceed federally insured limits. |
Accounts Receivable and Concentration of Credit Risk | Accounts Receivable and Concentration of Credit Risk We operate in the United States and Canada. We grant unsecured credit to customers under normal industry standards and terms, and have established policies and procedures that allow for an evaluation of each customerās creditworthiness as well as general economic conditions. The allowance for doubtful accounts is based on our assessment of the collectibility of customer accounts, which assessment considers the overall creditworthiness of customers and any specific disputes. Accounts receivable are considered past due or delinquent based on contractual terms. We write off accounts receivable against the allowance for doubtful accounts when collection efforts have been exhausted. We execute netting agreements with certain customers to mitigate our credit risk. Receivables and payables are reflected at a net balance to the extent a netting agreement is in place and we intend to settle on a net basis. |
Inventories | Inventories Our inventories are valued at the lower of cost or net realizable value, with cost determined using either the weighted-average cost or the first in, first out (FIFO) methods, including the cost of transportation and storage, and with net realizable value defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In performing this analysis, we consider fixed-price forward commitments. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities Investments we do not control, but can exercise significant influence over, are accounted for using the equity method of accounting. Investments in partnerships and limited liability companies, unless our investment is considered to be minor, and investments in unincorporated joint ventures are also accounted for using the equity method of accounting. Under the equity method, we do not report the individual assets and liabilities of these entities on our consolidated balance sheets; instead, our ownership interests are reported within investments in unconsolidated entities on our consolidated balance sheets. Under the equity method, the investment is recorded at acquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased by our proportionate share of any losses, distributions paid, and amortization of any excess investment. Excess investment is the amount by which our total investment exceeds our proportionate share of the net assets of the investee. We consider distributions received from unconsolidated entities which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and are classified as operating activities in our consolidated statements of cash flows. We consider distributions received from unconsolidated entities in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment and are classified as investing activities in our consolidated statements of cash flows. |
Property, Plant and Equipment | Property, Plant and Equipment We record property, plant and equipment at cost, less accumulated depreciation. Acquisitions and improvements are capitalized, and maintenance and repairs are expensed as incurred. As we dispose of assets, we remove the cost and related accumulated depreciation from the accounts, and any resulting gain or loss is included within loss (gain) on disposal or impairment of assets, net . We compute depreciation expense of our property, plant and equipment using the straight-line method over the estimated useful lives of the assets (see Note 5 ). |
Intangible Assets | Intangible Assets Our intangible assets include contracts and arrangements acquired in business combinations, including customer relationships, customer commitments, pipeline capacity rights, rights-of-way and easements, water rights, executory contracts and other agreements, covenants not to compete, and trade names. In addition, we capitalize certain debt issuance costs associated with the Revolving Credit Facility (as defined herein). We amortize the majority of our intangible assets on a straight-line basis over the estimated useful lives of the assets (see Note 7 ). We amortize debt issuance costs over the terms of the related debt using a method that approximates the effective interest method. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate the carrying value of our long-lived assets (property, plant and equipment and amortizable intangible assets) for potential impairment when events and circumstances warrant such a review. A long-lived asset group is considered impaired when the anticipated undiscounted future cash flows from the use and eventual disposition of the asset group is less than its carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value of the asset group. When we cease to use an acquired trade name, we test the trade name for impairment using the relief from royalty method and we begin amortizing the trade name over its estimated useful life as a defensive asset. See Note 5 and Note 7 for a further discussion of long-lived asset impairments recognized in the consolidated statements of operations. We evaluate our equity method investments for impairment when we believe the current fair value may be less than the carrying amount and record an impairment if we believe the decline in value is other than temporary. |
Goodwill | Goodwill Goodwill represents the excess of the consideration paid for the acquired businesses over the fair value of the individual assets acquired, net of liabilities assumed. Business combinations are accounted for using the āacquisition methodā (see Note 4 ). We expect that all of our goodwill at March 31, 2020 is deductible for federal income tax purposes. Goodwill and indefinite-lived intangible assets are not amortized, but instead are evaluated for impairment at least annually. We perform our annual assessment of impairment during the fourth quarter of our fiscal year, and more frequently if circumstances warrant. To perform this assessment, we first consider qualitative factors to determine whether it is more likely than not that the fair value of each reporting unit exceeds its carrying amount. If we conclude that it is more likely than not that the fair value of a reporting unit does not exceed its carrying amount, we calculate the fair value for the reporting unit and compare the amount to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered to be impaired and the goodwill balance is reduced by the difference between the fair value and carrying amount of the reporting unit. Estimates and assumptions used to perform the impairment evaluation are inherently uncertain and can significantly affect the outcome of the analysis. The estimates and assumptions we used in the annual goodwill impairment assessment included market participant considerations and future forecasted operating results. Changes in operating results and other assumptions could materially affect these estimates. See Note 6 for a further discussion and analysis of our goodwill impairment assessment. |
Product Exchanges | Product Exchanges Quantities of products receivable or returnable under exchange agreements are reported within prepaid expenses and other current assets and within accrued expenses and other payables in our consolidated balance sheets. We estimate the value of product exchange assets and liabilities based on the weighted-average cost basis of the inventory we have delivered or will deliver on the exchange, plus or minus location differentials. Product exchanges related to TPSL have been classified as current assets and current liabilities held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent the portion of certain consolidated subsidiaries that are owned by third parties. Amounts are adjusted by the noncontrolling interest holderās proportionate share of the subsidiariesā earnings or losses each period and any distributions that are paid. Noncontrolling interests are reported as a component of equity, unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded between liabilities and equity (mezzanine or temporary equity) in our consolidated balance sheet. The redeemable noncontrolling interest is adjusted at each balance sheet date to its maximum redemption value if the amount is greater than the carrying value. During the year ended March 31, 2019, the redeemable noncontrolling interest of $12.8 million was included in the sale of our former Retail Propane segment (see Note 18 ). |
Acquisitions | Acquisitions To determine if a transaction should be accounted for as a business combination or an acquisition of assets, we first calculate the relative fair values of the assets acquired. If substantially all of the relative fair value is concentrated in a single asset or group of similar assets, or if not but the transaction does not include a significant process (does not meet the definition of a business), we record the transaction as an acquisition of assets. For acquisitions of assets, the purchase price is allocated based on the relative fair values. For an acquisition of assets, goodwill is not recorded. All other transactions are recorded as business combinations. We record the assets acquired and liabilities assumed in a business combination at their acquisition date fair values. For a business combination, the excess of the purchase price over the net fair value of acquired assets and assumed liabilities is recorded as goodwill, which is not amortized but instead is evaluated for impairment at least annually (as described above). Pursuant to GAAP, an entity is allowed a reasonable period of time (not to exceed one year) to obtain the information necessary to identify and measure the fair value of the assets acquired and liabilities assumed in a business combination. As discussed in Note 4 , certain of our acquisitions are still within this measurement period, and as a result, the acquisition date fair values we have recorded for the assets acquired and liabilities assumed are subject to change. Also, as discussed in Note 4 , we made certain adjustments during the year ended March 31, 2020 to our estimates of the acquisition date fair values of the assets acquired and liabilities assumed in business combinations that occurred during the year ended March 31, 2019. |
Reclassifications | Reclassifications We have reclassified certain prior period financial statement information to be consistent with the classification methods used in the current fiscal year. These reclassifications did not impact previously reported amounts of assets, liabilities, equity, net income, or cash flows. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) No. 2016-13, āFinancial Instruments-Credit Losses.ā The ASU requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected, which would include accounts receivable. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. We adopted ASU No. 2016-13 on April 1, 2020 and $1.1 million will be recognized as a cumulative effect adjustment in the beginning balance of our retained earnings as a result of our implementation of this new guidance. In February 2016, the FASB issued ASC 842, āLeases.ā This ASU replaced previous lease accounting guidance in GAAP. The new guidance requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. It also retains a distinction between finance leases and operating leases. For lessors, the new accounting model remains largely the same, although some changes have been made to align it with the new lessee model and the ASC 606 revenue recognition guidance. We adopted ASC 842 effective April 1, 2019 using the modified retrospective method, with no adjustment to comparative period information, which remains reported under ASC 840, and no cumulative effect adjustment to equity. See Note 16 for a further discussion of the impact of adoption of ASC 842 to our consolidated financial statements. |
Equity (Policies)
Equity (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Forfeitures | On April 1, 2017, we made an accounting policy election to account for actual forfeitures when they occur, rather than estimate forfeitures each period (as previously required). As a result, the cumulative effect adjustment, which represents the differential between the amount of compensation expense previously recorded and the amount that would have been recorded without assuming forfeitures, had no impact on our consolidated financial statements. |
Service Awards | Service Awards are valued at the average of the high/low sales price as of the grant date less the present value of the expected distribution stream over the vesting period using a risk-free interest rate. We record the expense for each Service Award on a straight-line basis over the requisite period for the entire award (that is, over the requisite service period of the last separately vesting portion of the award), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date value of the award that is vested at that date. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Effective April 1, 2018, we recognize revenue for services and products under revenue contracts as our obligations to either perform services or deliver or sell products under the contracts are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contractās transaction price is allocated to each distinct performance obligation in the contract and is recognized as revenue when, or as, the performance obligation is satisfied. Our revenue contracts in scope under ASC 606 primarily have a single performance obligation. The evaluation of when performance obligations have been satisfied and the transaction price that is allocated to our performance obligations requires significant judgment and assumptions, including our evaluation of the timing of when control of the underlying good or service has transferred to our customers and the relative stand-alone selling price of goods and services provided to customers under contracts with multiple performance obligations. Actual results can vary from those judgments and assumptions. We do not have any material contracts with multiple performance obligations or under which we receive material amounts of non-cash consideration. Our costs to obtain or fulfill our revenue contracts were not material as of March 31, 2020 . The majority of our revenue agreements are within scope under ASC 606 and the remainder of our revenue comes from contracts that are accounted for as derivatives under ASC 815 or that contain nonmonetary exchanges or leases and are in scope under Topics 845 and 842, respectively. See Note 12 for a detail of disaggregated revenue. Revenue from contracts accounted for as derivatives under ASC 815 within our Liquids and Refined Products segment includes $5.0 million of net losses related to changes in the mark-to-market value of these arrangements recorded during the year ended March 31, 2020 . Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to allow customers to secure the right to reserve the product or storage capacity to be received or used at a later date, not to receive financing from our customers or to provide customers with financing. We report taxes collected from customers and remitted to taxing authorities, such as sales and use taxes, on a net basis. We include amounts billed to customers for shipping and handling costs in revenues in our consolidated statements of operations. Crude Oil Logistics Performance Obligations Within the Crude Oil Logistics segment, revenue is disaggregated into two primary revenue streams that include revenue from the sale of commodities and service revenue. For sales of commodities, we are obligated to deliver a predetermined amount of product on a month-to-month basis to our customers. For these types of agreements, revenue is recognized at a point in time based on when the product is delivered and control is transferred to the customer. For revenue received from services rendered, we are obligated to provide throughput services to move product via pipeline, truck, railcar, or marine vessel or to provide terminal maintenance services. In either case, the obligation is satisfied over time utilizing the output method based on each volume of product that is moved from the origination point to the final destination or based on the passage of time. Water Solutions Performance Obligations Within the Water Solutions segment, revenue is disaggregated into two primary revenue streams that include service revenue and commodity sales revenue. For contracts involving disposal services, we accept produced water and solids for disposal at our facilities. In cases where we have agreed within a contract or are required by law to remove crude oil from the produced water, the skim oil will be valued as non-cash consideration. Ordinarily, it is required that the fair value of the skim oil is to be estimated at contract inception; however, due to variability of the form of the non-cash consideration, the amount and dollar value is unknown at the contract inception date. Accordingly, ASC 606-10-32-11 allows us to value the skim oil on the date in which the value becomes known. The Water Solutions segment has certain disposal contracts that contain the following types of terms or pricing structures that involve significant judgment that impacts the determination and timing of revenue. ā¢ Minimum volume commitments. We receive a shortfall fee if the customer does not deliver a certain amount of volume of produced water over a specified period of time. At each reporting period, we make a determination as to the likelihood of earning this fee. We recognize revenue from these contracts when (i) actual volumes are received; and (ii) when the likelihood of a customer exercising its remaining rights to make up the deficient volumes under minimum volume commitments becomes remote (also known as the breakage model). ā¢ Tiered pricing. For contracts with tiered pricing provisions, the period in which the tiers are earned and settled (i.e. the āreset periodā) may vary from monthly to over a period of multiple months. If the tiered pricing is based on a month, we allocate the fee to the distinct daily service to which it relates. If the tiered pricing spans across multiple reporting periods, we estimate the total transaction price at the beginning of each reset period, based on the expected volumes. We revise our estimates of variable consideration at each reporting date throughout each reset period. ā¢ Volume discount pricing. Volume discount pricing is a form of variable consideration whereby the customer pays for the volumes delivered on a cumulative basis. Similar to tiered pricing, the period in which the cumulative volumes are earned and settled (i.e. the āreset periodā) may vary from daily to over a period of multiple months. If the volume discount is based on a month, we allocate the fee to the distinct daily service to which it relates. If the volume discount period spans across multiple reporting periods, we estimate the total transaction price at the beginning of each reset period, based on the expected volumes. We revise the estimate of variable consideration at each reporting date. For all of our disposal contracts within the Water Solutions segment, revenue will be recognized over time utilizing the output method based on the volume of produced water or solids we accept from the customer. For contracts that involve the sale of recovered crude oil and brackish non-potable water, we will recognize revenue at a point in time, based on when control of the product is transferred to the customer. Liquids and Refined Products Performance Obligations Within the Liquids and Refined Products segment, revenue is disaggregated into two primary revenue streams that include revenue from the sale of commodities and providing services. For commodity sales, we are obligated to deliver a specified amount of product over a specified period of time. For these types of agreements, revenue is recognized at a point in time based on when the product is delivered and control is transferred to the customer. For revenue received from services rendered, we offer a variety of services which include: (i) storage services where product is commingled; (ii) railcar transportation services; (iii) transloading services; and (iv) logistics services. We are obligated to provide these services over a predetermined period of time. All revenue from services is recognized over time utilizing the output method based on volumes stored or moved. Remaining Performance Obligations |
Leases (Policies)
Leases (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lessee accounting policy | Our leasing activity primarily consists of product storage, office space, real estate, railcars, and equipment. We determine if an agreement contains a lease at the inception of the arrangement. If an arrangement is determined to contain a lease, we classify the lease as an operating lease or a finance lease depending on the terms of the arrangement. All of our leases are classified as operating leases. Operating lease right-of-use assets represent our right to use an underlying asset for the lease term when we control the use of the asset by obtaining substantially all of the economic benefits of the asset and direct the use of the asset. Operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and operating lease liabilities with an initial term of greater than one year are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Our incremental borrowing rate represents the interest rate which we would pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term in a similar economic environment. We do not have any leases that provide for guarantees of residual value. Our lease agreements may include options to extend or terminate the lease which are included in the measurement of our operating lease liability when it is reasonably certain that we will exercise the option. Lease renewal terms vary from one year to 30 years . Operating lease expense is recognized on a straight-line basis over the lease term. We have variable lease payments, including adjustments to lease payments based on an index or rate, such as a consumer price index, fair value adjustments to lease payments, and common area maintenance, real estate taxes, and insurance payments in certain real estate leases. We also have certain land leas es within our Water Solutions segment that require us to pay a royalty, which could be based on a flat rate per barrel disposed or a percentage of revenue generated. Variable lease payments are excluded from operating lease right-of-use assets and operating lease liabilities and are expensed as incurred. Operating lease right-of-use assets also include any lease prepayments and exclude lease incentives. For leases acquired as a result of an acquisition, the right-of-use asset also includes adjustments for any favorable or unfavorable market terms present in the lease. Short-term leases with an initial term of 12 months or less that do not include a purchase option, with the exception of railcar leases, are not recorded on the consolidated balance sheet. Operating lease expense for short-term leases is recognized on a straight-line basis over the lease term and amounts related to short-term leases are disclosed within our consolidated financial statements. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases of buildings and land, we account for the lease and non-lease components as a single lease component based on the election of the practical expedient to not separate lease components from non-lease components. |
Lessor accounting policy | Our lessor arrangements include storage and railcar contracts, of which certain agreements contain renewal options for periods of between one year and five years |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of accounts receivable | Our accounts receivable consists of the following at the dates indicated: March 31, 2020 March 31, 2019 Segment Gross Allowance for Net Gross Allowance for Net (in thousands) Crude Oil Logistics $ 228,432 $ ā $ 228,432 $ 514,243 $ (15 ) $ 514,228 Water Solutions 121,928 (3,711 ) 118,217 57,526 (3,157 ) 54,369 Liquids and Refined Products 220,820 (829 ) 219,991 430,034 (844 ) 429,190 Corporate and Other 194 ā 194 416 ā 416 Total $ 571,374 $ (4,540 ) $ 566,834 $ 1,002,219 $ (4,016 ) $ 998,203 |
Schedule of changes in the allowance for doubtful accounts | Changes in the allowance for doubtful accounts are as follows for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands) Allowance for doubtful accounts, beginning of period $ (4,016 ) $ (3,851 ) $ (3,604 ) Provision for doubtful accounts (1) (1,202 ) (381 ) (584 ) Write off of uncollectible accounts 678 216 337 Allowance for doubtful accounts, end of period $ (4,540 ) $ (4,016 ) $ (3,851 ) (1) The amount for the year ended March 31, 2020 includes $0.2 million assumed in the Hillstone acquisition (see Note 4 ). Amounts in the tables above do not include accounts receivable or allowance for doubtful accounts related to TPSL, as these amounts have been classified as current assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). |
Schedule of inventories | Inventories consist of the following at the dates indicated: March 31, 2020 2019 (in thousands) Crude oil $ 18,201 $ 51,359 Propane 25,163 33,478 Butane 9,619 15,294 Diesel 2,414 9,186 Ethanol 1,834 14,650 Biodiesel 8,195 4,679 Other 4,208 7,482 Total $ 69,634 $ 136,128 Amounts in the table above do not include inventory related to Mid-Con, Gas Blending and TPSL, as these amounts have been classified as current assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). |
Schedule of investments in unconsolidated entities | Our investments in unconsolidated entities consist of the following at the dates indicated: Ownership March 31, Entity Segment Interest (1) Date Acquired 2020 2019 (in thousands) Water services and land company (2) Water Solutions 50% November 2019 $ 16,607 $ ā Water services and land company (3) Water Solutions 50% November 2019 2,092 ā Water services and land company (4) Water Solutions 10% November 2019 3,384 ā Aircraft company (5) Corporate and Other 50% June 2019 447 ā Water services company (6) Water Solutions 50% August 2018 449 920 Natural gas liquids terminal company (7) Liquids and Refined Products 50% March 2019 203 207 Total $ 23,182 $ 1,127 (1) Ownership interest percentages are at March 31, 2020 . (2) This is an investment that we acquired as part of an acquisition in November 2019 (see Note 4), and represents certain membership interests in a limited liability company and are related to specific land operations. (3) This is an investment that we acquired as part of an acquisition in November 2019 (see Note 4), and represents certain membership interests in a limited liability company and are related to specific land operations. (4) This is an investment that we acquired as part of an acquisition in November 2019 (see Note 4), and represents certain membership interests in a limited liability company and are related to specific water services operations. (5) This is an investment with a related party. See Note 13 for a further discussion. (6) This is an investment that we acquired as part of an acquisition in August 2018. (7) This is an investment that we acquired as part of an acquisition in March 2019. Combined summarized financial information for all of our unconsolidated entities is as follows for the dates and periods indicated. This information includes 100% of the activity of our unconsolidated entities and not just our ownership interest. Balance sheets: March 31, 2020 2019 (in thousands) Current assets $ 25,065 $ 1,328 Noncurrent assets $ 106,090 $ 519 Current liabilities $ 6,659 $ 178 Noncurrent liabilities $ 3,469 $ ā Statements of operations: March 31, 2020 2019 2018 (in thousands) Revenues $ 16,115 $ 21,036 $ 182,820 Cost of sales $ 5,945 $ 9,919 $ 114,890 Net income $ 3,958 $ 5,506 $ 26,438 At March 31, 2020 , cumulative equity earnings and cumulative distributions of our unconsolidated entities since they were acquired were $3.2 million and $3.4 million , respectively. |
Schedule of other noncurrent assets | Other noncurrent assets consist of the following at the dates indicated: March 31, 2020 2019 (in thousands) Loans receivable (1) $ 5,374 $ 19,474 Line fill (2) 25,763 33,437 Minimum shipping fees - pipeline commitments (3) 17,443 23,494 Other 14,557 37,452 Total $ 63,137 $ 113,857 (1) Represents the noncurrent portion of a loan receivable associated with our interest in the construction of a natural gas liquids loading/unloading facility (the āFacilityā) that is utilized by a third party. As of March 31, 2020 , we are owed a total of $26.7 million under this loan receivable, of which approximately $24.2 million is recorded within prepaid expenses and other current assets in our consolidated balance sheet. Our loan receivable is secured by a lien on the Facility. The third party filed for Chapter 11 bankruptcy in July 2019. For a further discussion, see Note 17. The remaining amount represents the noncurrent portion of a loan receivable with Victory Propane. (2) Represents minimum volumes of product we are required to leave on certain third-party owned pipelines under long-term shipment commitments. At March 31, 2020 , line fill consisted of 335,069 barrels of crude oil and 262,000 barrels of propane. During the three months ended March 31, 2020 , we recorded an impairment of $7.7 million primarily due to adjusting the cost basis of pipeline line fill to the market price of propane as of March 31, 2020 . At March 31, 2019 , line fill consisted of 335,069 barrels of crude oil and 262,000 barrels of propane. Line fill held in pipelines we own is included within property, plant and equipment (see Note 5). (3) Represents the noncurrent portion of minimum shipping fees paid in excess of volumes shipped, or deficiency credits, for one contract with a crude oil pipeline operator. This amount can be recovered when volumes shipped exceed the minimum monthly volume commitment (see Note 9). As of March 31, 2019, the deficiency credit was $23.5 million . In October 2019, we extended our commitment with this crude oil pipeline operator and this extension allows us an additional 5.0 years to recapture the minimum shipping deficiency fees (see Note 9). As of March 31, 2020 , the deficiency credit was $21.7 million , of which $4.3 million is recorded within prepaid expenses and other current assets in our consolidated balance sheet. Amounts in the table above do not include other noncurrent assets related to TPSL, as these amounts have been classified as noncurrent assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). |
Schedule of accrued expenses and other payables | Accrued expenses and other payables consist of the following at the dates indicated: March 31, 2020 2019 (in thousands) Accrued compensation and benefits $ 29,990 $ 19,312 Excise and other tax liabilities 9,941 10,481 Derivative liabilities 17,777 4,960 Accrued interest 39,803 24,882 Product exchange liabilities 1,687 5,945 Gavilon legal matter settlement (Note 9) ā 12,500 Contingent consideration liability (Note 4) 102,419 ā Other 30,445 29,679 Total $ 232,062 $ 107,759 Amounts in the table above do not include accrued expenses and other payables related to TPSL and Mid-Con and Gas Blending derivative liabilities, as these amounts have been classified as current liabilities held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). |
(Loss) Income Per Common Unit (
(Loss) Income Per Common Unit (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Unit [Abstract] | |
Schedule of weighted average number of units | The following table presents our calculation of basic and diluted weighted average common units outstanding for the periods indicated: Year Ended March 31, 2020 2019 2018 Weighted average common units outstanding during the period: Common units - Basic 127,411,908 123,017,064 120,991,340 Common units - Diluted 127,411,908 123,017,064 120,991,340 For the years ended March 31, 2020 , 2019 and 2018 all potential common units or convertible securities were considered antidilutive. |
Schedule of income (loss) per common unit | Our (loss) income per common unit is as follows for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands, except unit and per unit amounts) Loss from continuing operations $ (180,545 ) $ (79,455 ) $ (22,477 ) Less: Continuing operations loss (income) attributable to noncontrolling interests 1,773 20,206 (240 ) Net loss from continuing operations attributable to NGL Energy Partners LP (178,772 ) (59,249 ) (22,717 ) Less: Distributions to preferred unitholders (1) (188,734 ) (111,936 ) (59,697 ) Less: Continuing operations net loss (income) allocated to general partner (2) 260 32 (53 ) Less: Repurchase of warrants (3) ā ā (349 ) Net loss from continuing operations allocated to common unitholders $ (367,246 ) $ (171,153 ) $ (82,816 ) (Loss) income from discontinued operations, net of tax $ (218,235 ) $ 418,850 $ (47,128 ) Less: Discontinued operations loss (income) attributable to redeemable noncontrolling interests ā 446 (1,030 ) Less: Discontinued operations net loss (income) allocated to general partner (2) 218 (419 ) 48 Net (loss) income from discontinued operations allocated to common unitholders $ (218,017 ) $ 418,877 $ (48,110 ) Net (loss) income allocated to common unitholders $ (585,263 ) $ 247,724 $ (130,926 ) Basic (loss) income per common unit Loss from continuing operations $ (2.88 ) $ (1.39 ) $ (0.68 ) (Loss) income from discontinued operations, net of tax $ (1.71 ) $ 3.41 $ (0.40 ) Net (loss) income $ (4.59 ) $ 2.01 $ (1.08 ) Diluted (loss) income per common unit Loss from continuing operations $ (2.88 ) $ (1.39 ) $ (0.68 ) (Loss) income from discontinued operations, net of tax $ (1.71 ) $ 3.41 $ (0.40 ) Net (loss) income $ (4.59 ) $ 2.01 $ (1.08 ) Basic weighted average common units outstanding 127,411,908 123,017,064 120,991,340 Diluted weighted average common units outstanding 127,411,908 123,017,064 120,991,340 (1) This amount includes distributions to preferred unitholders, the final accretion for the beneficial conversion of the Class A Preferred Units (as defined herein) and the excess of the Class A Preferred Units repurchase price over the carrying value of the units, as discussed further in Note 10 . (2) Net loss (income) allocated to the general partner includes distributions to which it is entitled as the holder of incentive distribution rights. (3) This amount represents the excess of the repurchase price over the fair value of the warrants, as discussed further in Note 10 . |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Hillstone | |
Business Acquisition | |
Schedule of the fair value of the assets acquired and liabilities assumed | The following table summarizes the preliminary estimates of the fair values as of the acquisition date for the assets acquired and liabilities assumed (in thousands): Current assets $ 32,972 Property, plant and equipment 169,043 Goodwill 50,233 Intangible assets 446,000 Investments in unconsolidated entities 359 Operating lease right-of-use assets 3,090 Other noncurrent assets 811 Assets held for sale 5,100 Current liabilities (15,238 ) Operating lease obligations (3,090 ) Other noncurrent liabilities (1,448 ) Deferred tax liability (44,533 ) Liabilities held for sale (786 ) Fair value of net assets acquired $ 642,513 |
Mesquite | |
Business Acquisition | |
Schedule of the fair value of the assets acquired and liabilities assumed | The following table summarizes the final fair values as of the acquisition date for the assets acquired and liabilities assumed (in thousands): Property, plant and equipment $ 370,923 Goodwill 77,549 Intangible assets 458,678 Other noncurrent liabilities (4,769 ) Noncontrolling interests (17,124 ) Fair value of net assets acquired $ 885,257 |
Water Solutions Facilities 2020 Acquisitions Acquisition Accounting In Process | |
Business Acquisition | |
Schedule of the fair value of the assets acquired and liabilities assumed | The following table summarizes the final fair values as of the acquisition date for the assets acquired and liabilities assumed (in thousands): Property, plant and equipment $ 27,243 Goodwill 1,982 Intangible assets 24,201 Other noncurrent liabilities (426 ) Fair value of net assets acquired $ 53,000 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Our property, plant and equipment consists of the following at the dates indicated: Estimated March 31, Description Useful Lives 2020 2019 (in years) (in thousands) Natural gas liquids terminal and storage assets 2 - 30 $ 314,694 $ 280,106 Pipeline and related facilities 30 - 40 244,751 243,799 Vehicles and railcars 3 - 25 123,937 124,948 Water treatment facilities and equipment 3 - 30 1,525,859 704,666 Crude oil tanks and related equipment 2 - 30 234,143 225,476 Barges and towboats 5 - 30 125,162 103,735 Information technology equipment 3 - 7 34,261 31,831 Buildings and leasehold improvements 3 - 40 151,690 143,711 Land 91,446 62,379 Tank bottoms and line fill (1) 20,346 20,071 Other 3 - 20 14,627 14,870 Construction in progress 499,707 290,805 3,380,623 2,246,397 Accumulated depreciation (529,068 ) (417,457 ) Net property, plant and equipment $ 2,851,555 $ 1,828,940 (1) 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. Line fill, 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 TPSL, as these amounts have been classified as noncurrent assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). |
Schedule of depreciation expense and capitalized interest expense | The following table summarizes depreciation expense and capitalized interest expense for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands) Depreciation expense $ 132,791 $ 101,515 $ 99,954 Capitalized interest expense $ 650 $ 482 $ 182 Amounts in the table above do not include depreciation expense and capitalized interest 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 1 and Note 18 ). |
Schedule of (gain) loss on sale of assets | 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 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: Year Ended March 31, 2020 2019 2018 (in thousands) Crude Oil Logistics (1) $ 36 $ 3,489 $ (3,144 ) Water Solutions (2) 22,491 3,067 8,117 Liquids and Refined Products (30 ) 993 639 Corporate ā ā 8 Total $ 22,497 $ 7,549 $ 5,620 (1) Amount for the year ended March 31, 2018 primarily relates to a gain related to the sale of excess pipe, partially offset by losses from the disposal of certain assets and the write-down of other assets. (2) Amount for the year ended March 31, 2020 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in goodwill by segment | The following table summarizes changes in goodwill by segment for the periods indicated (in thousands): Crude Oil Water Liquids and Refined Products Total (in thousands) Balances at March 31, 2018 $ 579,846 $ 424,465 $ 166,219 $ 1,170,530 Acquisitions (Note 4) ā 74,189 20,472 94,661 Disposals (Note 17) ā (88,515 ) ā (88,515 ) Impairment ā ā (66,220 ) (66,220 ) Balances at March 31, 2019 579,846 410,139 120,471 1,110,456 Revisions to acquisition accounting (Note 4) ā 4,755 (2,103 ) 2,652 Acquisitions (Note 4) ā 129,764 715 130,479 Impairment ā (250,000 ) ā (250,000 ) Balances at March 31, 2020 $ 579,846 $ 294,658 $ 119,083 $ 993,587 Amounts in the table above do not include goodwill that was allocated to TPSL and Gas Blending as the amounts have been classified as noncurrent assets held for sale within our consolidated balance sheets (see Note 1 and Note 18 ). |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of finite-lived intangible assets | Our intangible assets consist of the following at the dates indicated: March 31, 2020 March 31, 2019 Description Amortizable Lives Gross Carrying Amount Accumulated Amortization Net Gross Carrying Accumulated Net (in years) (in thousands) Amortizable: Customer relationships 3 - 30 $ 1,435,573 $ (445,250 ) $ 990,323 $ 742,832 $ (369,983 ) $ 372,849 Customer commitments 10 - 25 502,000 (111,677 ) 390,323 310,000 (74,917 ) 235,083 Pipeline capacity rights 30 7,799 (1,647 ) 6,152 7,799 (1,387 ) 6,412 Rights-of-way and easements 1 - 45 89,476 (6,506 ) 82,970 73,409 (4,509 ) 68,900 Water rights 13 - 30 100,937 (8,441 ) 92,496 64,868 (3,018 ) 61,850 Executory contracts and other agreements 5 - 30 48,570 (18,210 ) 30,360 47,230 (17,212 ) 30,018 Non-compete agreements 2 - 24 12,723 (4,735 ) 7,988 12,723 (2,570 ) 10,153 Debt issuance costs (1) 3 - 5 44,051 (34,983 ) 9,068 42,345 (29,521 ) 12,824 Total amortizable 2,241,129 (631,449 ) 1,609,680 1,301,206 (503,117 ) 798,089 Non-amortizable: Trade names 2,800 ā 2,800 2,800 ā 2,800 Total $ 2,243,929 $ (631,449 ) $ 1,612,480 $ 1,304,006 $ (503,117 ) $ 800,889 (1) Includes debt issuance costs related to the Revolving Credit Facility (as defined herein). Debt issuance costs related to fixed-rate notes and Term Credit Agreement (as defined herein) are reported as a reduction of the carrying amount of long-term debt. Amounts in the table above do not include intangible assets and accumulated amortization related to TPSL, as these amounts have been classified as noncurrent assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 |
Schedule of indefinite-lived intangible assets | Our intangible assets consist of the following at the dates indicated: March 31, 2020 March 31, 2019 Description Amortizable Lives Gross Carrying Amount Accumulated Amortization Net Gross Carrying Accumulated Net (in years) (in thousands) Amortizable: Customer relationships 3 - 30 $ 1,435,573 $ (445,250 ) $ 990,323 $ 742,832 $ (369,983 ) $ 372,849 Customer commitments 10 - 25 502,000 (111,677 ) 390,323 310,000 (74,917 ) 235,083 Pipeline capacity rights 30 7,799 (1,647 ) 6,152 7,799 (1,387 ) 6,412 Rights-of-way and easements 1 - 45 89,476 (6,506 ) 82,970 73,409 (4,509 ) 68,900 Water rights 13 - 30 100,937 (8,441 ) 92,496 64,868 (3,018 ) 61,850 Executory contracts and other agreements 5 - 30 48,570 (18,210 ) 30,360 47,230 (17,212 ) 30,018 Non-compete agreements 2 - 24 12,723 (4,735 ) 7,988 12,723 (2,570 ) 10,153 Debt issuance costs (1) 3 - 5 44,051 (34,983 ) 9,068 42,345 (29,521 ) 12,824 Total amortizable 2,241,129 (631,449 ) 1,609,680 1,301,206 (503,117 ) 798,089 Non-amortizable: Trade names 2,800 ā 2,800 2,800 ā 2,800 Total $ 2,243,929 $ (631,449 ) $ 1,612,480 $ 1,304,006 $ (503,117 ) $ 800,889 (1) Includes debt issuance costs related to the Revolving Credit Facility (as defined herein). Debt issuance costs related to fixed-rate notes and Term Credit Agreement (as defined herein) are reported as a reduction of the carrying amount of long-term debt. Amounts in the table above do not include intangible assets and accumulated amortization related to TPSL, as these amounts have been classified as noncurrent assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 |
Schedule of amortization expense | Amortization expense is as follows for the periods indicated: Year Ended March 31, Recorded In 2020 2019 2018 (in thousands) Depreciation and amortization $ 132,521 $ 110,458 $ 108,444 Cost of sales 349 486 966 Interest expense 5,462 4,928 4,568 Operating expenses 286 ā ā Total $ 138,618 $ 115,872 $ 113,978 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 1 and Note 18 ). |
Schedule of expected amortization of intangible assets | Expected amortization of our intangible assets is as follows (in thousands): Year Ending March 31, 2021 $ 144,367 2022 131,171 2023 122,751 2024 116,549 2025 100,320 Thereafter 994,522 Total $ 1,609,680 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Long-Term Debt | |
Schedule of long-term debt | Our long-term debt consists of the following at the dates indicated: March 31, 2020 March 31, 2019 Face Unamortized Book Face Unamortized Book (in thousands) Revolving credit facility: Expansion capital borrowings $ 1,120,000 $ ā $ 1,120,000 $ 275,000 $ ā $ 275,000 Working capital borrowings 350,000 ā 350,000 896,000 ā 896,000 Senior unsecured notes: 7.500% Notes due 2023 ("2023 Notes") 607,323 (5,405 ) 601,918 607,323 (6,916 ) 600,407 6.125% Notes due 2025 ("2025 Notes") 387,320 (4,217 ) 383,103 389,135 (5,092 ) 384,043 7.500% Notes due 2026 ("2026 Notes") 450,000 (6,975 ) 443,025 ā ā ā Term credit agreement 250,000 (3,198 ) 246,802 ā ā ā Other long-term debt 4,683 ā 4,683 5,331 ā 5,331 3,169,326 (19,795 ) 3,149,531 2,172,789 (12,008 ) 2,160,781 Less: Current maturities 4,683 ā 4,683 648 ā 648 Long-term debt $ 3,164,643 $ (19,795 ) $ 3,144,848 $ 2,172,141 $ (12,008 ) $ 2,160,133 (1) Debt issuance costs related to the Revolving Credit Facility are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt. |
Schedule of future amortization expense of debt issuance costs | Expected amortization of debt issuance costs is as follows (in thousands): Year Ending March 31, 2021 $ 5,206 2022 3,983 2023 3,983 2024 3,359 2025 2,061 Thereafter 1,203 Total $ 19,795 |
Schedule of financial covenants in Credit Agreement | The following table summarizes the debt covenant levels specified in the Credit Agreement as of March 31, 2020 (as amended): Senior Secured Interest Total Leverage Period Beginning Leverage Ratio (1) Coverage Ratio (2) Indebtedness Ratio (1) March 31, 2020 3.50 2.50 5.75 June 30, 2020 and thereafter 3.50 2.50 5.50 (1) Represents the maximum ratio for the period presented. (2) Represents the minimum ratio for the period presented. |
Schedule of maturities of long-term debt | Debt Maturity Schedule The scheduled maturities of our long-term debt are as follows at March 31, 2020 : Year Ending March 31, Revolving Senior Unsecured Notes Term Credit Agreement Other Long-Term Debt Total 2021 $ ā $ ā $ ā $ 4,683 $ 4,683 2022 1,470,000 ā ā ā 1,470,000 2023 ā ā ā ā ā 2024 ā 607,323 ā ā 607,323 2025 ā 387,320 250,000 ā 637,320 Thereafter ā 450,000 ā ā 450,000 Total $ 1,470,000 $ 1,444,643 $ 250,000 $ 4,683 $ 3,169,326 |
Senior secured notes | |
Long-Term Debt | |
Schedule of repurchases | The following table summarizes repurchases of Senior Secured Notes for the period indicated: Year Ended March 31, 2018 (in thousands) Senior Secured Notes Notes repurchased $ 230,500 Cash paid (excluding payments of accrued interest) $ 250,179 Loss on early extinguishment of debt (1) $ (23,971 ) (1) Loss on the early extinguishment of debt for the Senior Secured Notes during the year ended March 31, 2018 is inclusive of the write off of debt issuance costs of $4.3 million . The loss is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. |
Redemptions | Senior unsecured notes | |
Long-Term Debt | |
Schedule of repurchases | The following table summarizes redemptions of Senior Unsecured Notes for the period indicated: Year Ended March 31, 2019 (in thousands) 2019 Notes (1) Notes redeemed $ 328,005 Cash paid (excluding payments of accrued interest) $ 329,719 Loss on early extinguishment of debt $ (2,113 ) 2021 Notes (2) Notes redeemed $ 367,048 Cash paid (excluding payments of accrued interest) $ 373,358 Loss on early extinguishment of debt $ (10,130 ) (1) On March 15, 2019, we redeemed all of the remaining outstanding 2019 Notes. Loss on the early extinguishment of debt for the 2019 Notes during the year ended March 31, 2019 is inclusive of the write off of debt issuance costs of $0.4 million . The loss is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. (2) On October 16, 2018, we redeemed all of the remaining outstanding 2021 Notes. Loss on the early extinguishment of debt for the 2021 Notes during the year ended March 31, 2019 is inclusive of the write off of debt issuance costs of $3.8 million . The loss is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. |
Repurchases | Senior unsecured notes | |
Long-Term Debt | |
Schedule of repurchases | The following table summarizes repurchases of Senior Unsecured Notes for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands) 2019 Notes Notes repurchased $ ā $ 25,419 $ 26,034 Cash paid (excluding payments of accrued interest) $ ā $ 25,406 $ 26,002 Loss on early extinguishment of debt (1) $ ā $ (34 ) $ (140 ) 2023 Notes Notes repurchased $ ā $ 8,624 $ 84,053 Cash paid (excluding payments of accrued interest) $ ā $ 8,575 $ 83,967 Loss on early extinguishment of debt (2) $ ā $ (63 ) $ (1,136 ) 2025 Notes Notes repurchased $ 1,815 $ ā $ 110,865 Cash paid (excluding payments of accrued interest) $ 454 $ ā $ 107,050 Gain on early extinguishment of debt (3) $ 1,341 $ ā $ 2,046 (1) Loss on early extinguishment of debt for the 2019 Notes during the years ended March 31, 2019 and 2018 is inclusive of the write off of debt issuance costs of less than $0.1 million and $0.2 million , respectively. The loss is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. (2) Loss on early extinguishment of debt for the 2023 Notes during the years ended March 31, 2019 and 2018 is inclusive of the write off of debt issuance costs of $0.1 million and $1.2 million , respectively. The loss is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. (3) Gain on early extinguishment of debt for the 2025 Notes during the years ended March 31, 2020 and 2018 is inclusive of the write off of debt issuance costs of less than $0.1 million and $1.8 million , respectively. The gain is reported within gain (loss) on early extinguishment of liabilities, net within our consolidated statement of operations. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of change in asset retirement obligation | The following table summarizes changes in our asset retirement obligation, which is reported within other noncurrent liabilities in our consolidated balance sheets (in thousands): Balance at March 31, 2018 $ 9,133 Liabilities incurred 586 Liabilities assumed in acquisitions 438 Liabilities associated with disposed assets (1) (585 ) Liabilities settled (546 ) Accretion expense 697 Balance at March 31, 2019 9,723 Liabilities incurred 1,643 Liabilities assumed in acquisitions 6,642 Liabilities settled (658 ) Accretion expense 1,066 Balance at March 31, 2020 $ 18,416 (1) This amount primarily relates to the sales of our Bakken and South Pecos water disposal businesses (see Note 17 ). |
Schedule of future minimum payments under contractual commitments | The following table summarizes future minimum payments under these agreements at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 13,136 2022 10,375 2023 4,521 2024 4,521 2025 172 Thereafter 525 Total $ 33,250 |
Schedule of future minimum payments under pipeline capacity agreements | The following table summarizes future minimum throughput payments under these agreements at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 35,314 2022 35,314 2023 35,314 2024 35,410 2025 30,897 Total $ 172,249 |
Schedule of outstanding purchase commitments | At March 31, 2020 , we had the following commodity purchase commitments (in thousands): Crude Oil (1) Natural Gas Liquids Value Volume Value Volume Fixed-Price Commodity Purchase Commitments: 2021 $ 52,420 2,134 $ 10,142 23,994 2022 ā ā 2,495 5,766 Total $ 52,420 2,134 $ 12,637 29,760 Index-Price Commodity Purchase Commitments: 2021 $ 522,123 23,374 $ 377,992 1,169,741 2022 259,847 8,264 11,636 36,545 2023 191,584 5,482 ā ā 2024 150,682 4,110 ā ā Total $ 1,124,236 41,230 $ 389,628 1,206,286 (1) Our crude oil index-price purchase commitments exceed our crude oil index-price sales commitments (presented below) due primarily to our long-term purchase commitments for crude oil that we purchase and ship on the Grand Mesa Pipeline. As these purchase commitments are deliver-or-pay contracts, whereby our counterparty is required to pay us for any volumes not delivered, we have not entered into corresponding long-term sales contracts for volumes we may not receive. |
Schedule of outstanding sales commitments | At March 31, 2020 , we had the following commodity sale commitments (in thousands): Crude Oil Natural Gas Liquids Value Volume Value Volume Fixed-Price Commodity Sale Commitments: 2021 $ 57,073 2,194 $ 54,176 88,542 2022 ā ā 4,472 8,164 2023 ā ā 28 36 Total $ 57,073 2,194 $ 58,676 96,742 Index-Price Commodity Sale Commitments: 2021 $ 325,215 14,120 $ 278,304 605,250 2022 ā ā 723 1,470 Total $ 325,215 14,120 $ 279,027 606,720 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Equity | |
Schedule of distributions declared | The following table summarizes distributions declared on our common units during the last three fiscal years: Date Declared Record Date Payment Date Amount Per Unit Amount Paid to Limited Partners Amount Paid to General Partner (in thousands) (in thousands) April 24, 2017 May 8, 2017 May 15, 2017 $ 0.3900 $ 46,870 $ 80 July 20, 2017 August 4, 2017 August 14, 2017 $ 0.3900 $ 47,460 $ 81 October 19, 2017 November 6, 2017 November 14, 2017 $ 0.3900 $ 47,000 $ 81 January 23, 2018 February 6, 2018 February 14, 2018 $ 0.3900 $ 47,223 $ 81 April 24, 2018 May 7, 2018 May 15, 2018 $ 0.3900 $ 47,374 $ 82 July 24, 2018 August 8, 2018 August 14, 2018 $ 0.3900 $ 47,600 $ 82 October 23, 2018 November 8, 2018 November 14, 2018 $ 0.3900 $ 48,260 $ 83 January 22, 2019 February 6, 2019 February 14, 2019 $ 0.3900 $ 48,373 $ 83 April 24, 2019 May 7, 2019 May 15, 2019 $ 0.3900 $ 49,127 $ 85 July 23, 2019 August 7, 2019 August 14, 2019 $ 0.3900 $ 49,217 $ 85 October 23, 2019 November 7, 2019 November 14, 2019 $ 0.3900 $ 49,936 $ 86 January 23, 2020 February 7, 2020 February 14, 2020 $ 0.3900 $ 50,056 $ 86 April 27, 2020 May 7, 2020 May 15, 2020 $ 0.2000 $ 25,754 $ 26 |
Service awards | |
Equity | |
Schedule of awards activity | The following table summarizes the Service Award activity during the years ended March 31, 2020 , 2019 and 2018 : Unvested Service Award units at March 31, 2017 2,708,500 Units granted 1,964,911 Units vested and issued (2,260,011 ) Units forfeited (134,525 ) Unvested Service Award units at March 31, 2018 2,278,875 Units granted 3,141,993 Units vested and issued (2,833,968 ) Units forfeited (278,500 ) Unvested Service Award units at March 31, 2019 2,308,400 Units granted 2,211,431 Units vested and issued (2,938,481 ) Units forfeited (209,925 ) Unvested Service Award units at March 31, 2020 1,371,425 |
Schedule of scheduled vesting of awards | The following table summarizes the scheduled vesting of our unvested Service Award units at March 31, 2020 : Year Ending March 31, 2021 912,700 2022 458,725 Total 1,371,425 |
Schedule of estimated equity-based expense to be recorded on the awards granted | The following table summarizes the estimated future expense we expect to record on the unvested Service Award units at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 5,013 2022 1,720 Total $ 6,733 |
Performance awards | |
Equity | |
Schedule of awards activity | The following table summarizes the Performance Award activity during the years ended March 31, 2019 and 2018 : Unvested Performance Award units at March 31, 2017 1,189,000 Units granted 224,000 Units forfeited (496,000 ) Unvested Performance Award units at March 31, 2018 917,000 Units forfeited (445,500 ) Units canceled (471,500 ) Unvested Performance Award units at March 31, 2019 ā |
Class A Convertible Preferred Units | |
Equity | |
Schedule of distributions declared | The following table summarizes distributions declared on our Class A Preferred Units during the last three fiscal years: Date Declared Payment Date Amount Paid to Class A (in thousands) April 24, 2017 May 15, 2017 $ 6,449 July 20, 2017 August 14, 2017 $ 6,449 October 19, 2017 November 14, 2017 $ 6,449 January 23, 2018 February 14, 2018 $ 6,449 April 24, 2018 May 15, 2018 $ 6,449 July 24, 2018 August 14, 2018 $ 6,449 October 23, 2018 November 14, 2018 $ 6,449 January 22, 2019 February 14, 2019 $ 6,449 April 24, 2019 May 10, 2019 $ 4,034 |
Class B Perpetual Preferred Units | |
Equity | |
Schedule of distributions declared | The following table summarizes distributions declared on our Class B Preferred Units during the last three fiscal years: Date Declared Record Date Payment Date Amount Per Unit Amount Paid to Class B (in thousands) September 18, 2017 September 29, 2017 October 16, 2017 $ 0.5625 $ 5,670 December 19, 2017 December 29, 2017 January 15, 2018 $ 0.5625 $ 4,725 March 19, 2018 April 2, 2018 April 16, 2018 $ 0.5625 $ 4,725 June 19, 2018 July 2, 2018 July 16, 2018 $ 0.5625 $ 4,725 September 12, 2018 October 1, 2018 October 15, 2018 $ 0.5625 $ 4,725 December 17, 2018 December 31, 2018 January 15, 2019 $ 0.5625 $ 4,725 March 15, 2019 April 1, 2019 April 15, 2019 $ 0.5625 $ 4,725 June 14, 2019 July 1, 2019 July 15, 2019 $ 0.5625 $ 4,725 September 16, 2019 October 1, 2019 October 15, 2019 $ 0.5625 $ 7,079 December 16, 2019 December 31, 2019 January 15, 2020 $ 0.5625 $ 7,079 March 16, 2020 March 31, 2020 April 15, 2020 $ 0.5625 $ 7,079 |
Class C Perpetual Preferred Units | |
Equity | |
Schedule of distributions declared | The following table summarizes distributions declared on our Class C Preferred Units during the last fiscal year: Amount Paid to Class C Date Declared Record Date Payment Date Amount Per Unit Preferred Unitholders (in thousands) June 14, 2019 July 1, 2019 July 15, 2019 $ 0.5949 $ 1,071 September 16, 2019 October 1, 2019 October 15, 2019 $ 0.6016 $ 1,083 December 16, 2019 December 31, 2019 January 15, 2020 $ 0.6016 $ 1,083 March 16, 2020 March 31, 2020 April 15, 2020 $ 0.6016 $ 1,083 |
Class D Preferred Units | |
Equity | |
Schedule of distributions declared | The following table summarizes distributions declared on our Class D Preferred Units during the last fiscal year: Amount Paid to Class D Date Declared Record Date Payment Date Amount Per Unit Preferred Unitholders (in thousands) October 23, 2019 November 7, 2019 November 14, 2019 $ 11.25 $ 4,450 January 23, 2020 February 7, 2020 February 14, 2020 $ 11.25 $ 6,075 April 27, 2020 May 7, 2020 May 15, 2020 $ 11.25 $ 6,868 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 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 consolidated balance sheet at the dates indicated: March 31, 2020 March 31, 2019 Derivative Derivative Derivative Derivative (in thousands) Level 1 measurements $ 64,037 $ (2,235 ) $ 3,754 $ (1,349 ) Level 2 measurements 25,217 (17,635 ) 8,882 (5,119 ) 89,254 (19,870 ) 12,636 (6,468 ) Netting of counterparty contracts (1) (2,282 ) 2,282 (1,577 ) 1,577 Net cash collateral (held) provided (50,104 ) (370 ) 1,740 (208 ) Commodity derivatives $ 36,868 $ (17,958 ) $ 12,799 $ (5,099 ) (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 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, 2020 2019 (in thousands) Prepaid expenses and other current assets $ 36,868 $ 12,799 Accrued expenses and other payables (17,777 ) (4,960 ) Other noncurrent liabilities (181 ) (139 ) Net commodity derivative asset $ 18,910 $ 7,700 |
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 Fair Value (in thousands) At March 31, 2020: Crude oil fixed-price (1) April 2020āDecember 2021 (2,252 ) $ 41,721 Propane fixed-price (1) April 2020āDecember 2021 415 (738 ) Refined products fixed-price (1) April 2020āJanuary 2021 (26 ) 27,401 Other April 2020āMarch 2022 1,000 69,384 Net cash collateral held (50,474 ) Net commodity derivative asset $ 18,910 At March 31, 2019: Crude oil fixed-price (1) April 2019āDecember 2020 (1,961 ) $ 979 Propane fixed-price (1) April 2019āMarch 2020 198 608 Refined products fixed-price (1) April 2019āJanuary 2021 (177 ) 376 Other April 2019āMarch 2022 4,205 6,168 Net cash collateral provided 1,532 Net commodity derivative asset $ 7,700 (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 gains (losses) from commodity derivatives | The following table summarizes the net gains (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, 2020 $ 85,941 2019 $ 10,817 2018 $ (41,263 ) Amounts in the tables above do not include commodity derivative contract positions related to Mid-Con, Gas Blending and TPSL, as these amounts have been classified as current and noncurrent assets and liabilities held for sale within our March 31, 2019 consolidated balance sheet, and net gains (losses) from our commodity derivatives related to Mid-Con, Gas Blending, 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 1 and 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, 2020 (in thousands): Senior Unsecured Notes: 2023 Notes $ 212,373 2025 Notes $ 122,490 2026 Notes $ 156,656 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of certain information related to results of operations by segment | The following table summarizes revenues related to our segments. Revenues for reporting periods beginning after April 1, 2018 are presented under Topic 606 (see Note 15 for a further discussion), while prior periods are not adjusted and continue to be reported under the accounting standard in effect for those periods. Transactions between segments are recorded based on prices negotiated between the segments. The āCorporate and Otherā category in the table below includes certain corporate expenses that are not allocated to the reportable segments. Year Ended March 31, 2020 2019 2018 (1) (in thousands) Revenues: Crude Oil Logistics: Topic 606 revenues Crude oil sales $ 2,383,812 $ 3,011,355 $ 2,151,203 Crude oil transportation and other 170,138 148,738 122,786 Non-Topic 606 revenues 13,991 12,598 ā Elimination of intersegment sales (18,174 ) (36,056 ) (13,914 ) Total Crude Oil Logistics revenues 2,549,767 3,136,635 2,260,075 Water Solutions: Topic 606 revenues Disposal service fees 330,877 217,545 149,114 Sale of recovered crude oil 59,445 72,678 58,948 Sale of brackish non-potable water 11,676 2,404 ā Other service revenues 20,061 9,017 21,077 Non-Topic 606 revenues ā 42 ā Total Water Solutions revenues 422,059 301,686 229,139 Liquids and Refined Products: Topic 606 revenues Refined products 2,399,642 2,535,243 1,874,260 Propane sales 842,400 1,169,117 1,203,486 Butane sales 562,053 628,063 562,066 Other product sales 484,373 592,889 806,239 Service revenues 37,938 26,655 22,461 Non-Topic 606 revenues 289,713 320,798 ā Elimination of intersegment sales (4,983 ) (23,291 ) (4,953 ) Total Liquids and Refined Products revenues 4,611,136 5,249,474 4,463,559 Corporate and Other Non-Topic 606 revenues 1,038 1,362 1,174 Total Corporate and Other revenues 1,038 1,362 1,174 Total revenues $ 7,584,000 $ 8,689,157 $ 6,953,947 (1) We adopted ASC 606 as of April 1, 2018. Revenue reported in fiscal year 2018 has not been changed from its previous presentation. The following table summarizes depreciation and amortization expense and operating income (loss) by segment for the periods indicated. Year Ended March 31, 2020 2019 2018 (in thousands) Depreciation and Amortization: Crude Oil Logistics $ 70,759 $ 74,245 $ 80,725 Water Solutions 163,874 108,162 98,623 Liquids and Refined Products 28,279 27,034 26,237 Corporate and Other 13,936 12,233 14,398 Total depreciation and amortization $ 276,848 $ 221,674 $ 219,983 Operating Income (Loss): Crude Oil Logistics $ 117,768 $ (7,379 ) $ 122,904 Water Solutions (173,064 ) 210,525 (24,231 ) Liquids and Refined Products 142,411 9,288 168,136 Corporate and Other (90,447 ) (85,706 ) (79,474 ) Total operating (loss) income $ (3,332 ) $ 126,728 $ 187,335 |
Schedule of additions to property, plant and equipment and intangible assets by segment | The following table summarizes additions to property, plant and equipment and intangible assets by segment for the periods indicated. This information has been prepared on the accrual basis, and includes property, plant and equipment and intangible assets acquired in acquisitions. This information below does not include goodwill by segment. Year Ended March 31, 2020 2019 2018 (in thousands) Crude Oil Logistics $ 28,828 $ 28,039 $ 36,762 Water Solutions 2,076,866 567,637 102,261 Liquids and Refined Products 19,753 72,717 25,023 Corporate and Other 7,968 1,819 1,472 Total $ 2,133,415 $ 670,212 $ 165,518 All of the tables above do not include amounts related to Mid-Con, Gas Blending, 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 1 and Note 18 ). |
Schedule of long-lived assets (consisting of property, plant and equipment, intangible assets, operating lease right-of-use assets and goodwill) and total assets by segment | The following tables summarize long-lived assets (consisting of property, plant and equipment, intangible assets, operating lease right-of-use assets and goodwill) and total assets by segment at the dates indicated: March 31, 2020 2019 (in thousands) Long-lived assets, net: Crude Oil Logistics $ 1,567,503 $ 1,584,636 Water Solutions 3,382,727 1,600,836 Liquids and Refined Products (1) 654,530 528,244 Corporate and Other 33,570 26,569 Total $ 5,638,330 $ 3,740,285 (1) Includes $25.9 million and $0.5 million of non-US long-lived assets at March 31, 2020 and 2019 , respectively. March 31, 2020 2019 (in thousands) Total assets: Crude Oil Logistics $ 1,886,211 $ 2,237,612 Water Solutions 3,539,328 1,668,292 Liquids and Refined Products (1) 972,684 1,104,034 Corporate and Other 100,513 77,019 Assets held for sale ā 815,536 Total $ 6,498,736 $ 5,902,493 (1) Includes $37.8 million and $12.0 million of non-US total assets at March 31, 2020 and 2019 , respectively. The two tables above do not include amounts related to Mid-Con, Gas Blending and TPSL as they have been classified as held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). |
Transactions with Affiliates (T
Transactions with Affiliates (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of purchase and sales transactions of products and services | The following table summarizes these related party transactions for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands) Sales to WPX $ 48,222 $ 28,026 $ ā Purchases from WPX (1) $ 313,578 $ 329,525 $ ā Sales to SemGroup $ 458 $ 1,114 $ 606 Purchases from SemGroup $ ā $ 4,395 $ 5,034 Sales to entities affiliated with management $ 8,367 $ 21,385 $ 268 Purchases from entities affiliated with management $ 3,799 $ 4,382 $ 3,870 Sales to equity method investees $ 203 $ ā $ 294 Purchases from equity method investees $ 2,120 $ ā $ 66,820 (1) Amount primarily relates to purchases of crude oil under the definitive agreement we signed with WPX, as discussed further below. |
Schedule of accounts receivable from affiliates | Accounts receivable from affiliates consist of the following at the dates indicated: March 31, 2020 2019 (in thousands) Receivables from NGL Energy Holdings LLC $ 7,781 $ 7,277 Receivables from WPX 3,563 5,185 Receivables from SemGroup 71 Receivables from entities affiliated with management 151 334 Receivables from equity method investees 1,439 ā Total $ 12,934 $ 12,867 |
Schedule of accounts payable to affiliates | Accounts payable to affiliates consist of the following at the dates indicated: March 31, 2020 2019 (in thousands) Payables to WPX $ 17,039 $ 27,844 Payables to entities affiliated with management 149 625 Payables to equity method investees 529 ā Total $ 17,717 $ 28,469 |
Schedule of capital expenditures | The allocation of the consideration was as follows (in thousands): Current assets $ 276 Property, plant and equipment 1,366 Intangible assets (customer relationships) 4,782 Fair value of net assets acquired $ 6,424 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of amount and timing of remaining performance obligations | The following table summarizes the amount and timing of revenue recognition for such contracts at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 232,732 2022 212,816 2023 206,089 2024 175,319 2025 148,858 Thereafter 165,209 Total $ 1,141,023 |
Schedule of contract assets and liabilities | The following tables summarize the balances of our contract assets and liabilities at the dates indicated: Balance at March 31, 2019 March 31, 2020 (in thousands) Accounts receivable from contracts with customers $ 613,827 $ 372,930 Contract liabilities balance at March 31, 2019 $ 8,461 Payment received and deferred 65,857 Payment recognized in revenue (54,782 ) Contract liabilities balance at March 31, 2020 $ 19,536 Amount as of March 31, 2019 in the table above does not include contract assets related to TPSL, as these amounts have been classified as current assets held for sale within our March 31, 2019 consolidated balance sheet (see Note 1 and Note 18 ). |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of components for lease expense | The following table summarizes the components of our lease expense for the period indicated: Year Ended March 31, 2020 (in thousands) Operating lease expense $ 72,340 Variable lease expense 19,158 Short-term lease expense 799 Total lease expense $ 92,297 Amounts in the table above do not include lease expense related to TPSL and Gas Blending, as these amounts have been classified within discontinued operations within our consolidated statement of operations (see Note 1 and Note 18 ). |
Schedule of maturities of operating lease obligations | The following table summarizes maturities of our operating lease obligations at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 64,386 2022 45,804 2023 32,576 2024 19,170 2025 10,770 Thereafter 50,603 Total lease payments 223,309 Less imputed interest (45,520 ) Total operating lease obligations $ 177,789 |
Schedule of future minimum lease payments under contractual commitments | The following table summarizes future minimum lease payments under various noncancelable operating lease agreements at March 31, 2019 (in thousands): Year Ending March 31, 2020 $ 78,348 2021 60,417 2022 43,259 2023 29,552 2024 18,341 Thereafter 41,845 Total $ 271,762 Amounts in the table above do not include future minimum lease payments related to Mid-Con, Gas Blending and TPSL, which have been classified as discontinued operations in our consolidated statements of operations (see Note 1 and Note 18 ). |
Schedule of supplemental cash flow and non-cash information for operating leases | The following table summarizes supplemental cash flow and non-cash information related to our operating leases for the period indicated: Year Ended March 31, 2020 (in thousands) Cash paid for amounts included in the measurement of operating lease obligations $ 101,678 Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 598,734 |
Schedule of future minimum lease payments receivable under contractual commitments | The following table summarizes future minimum lease payments receivable under various noncancelable operating lease agreements at March 31, 2020 (in thousands): Year Ending March 31, 2021 $ 16,190 2022 6,634 2023 4,487 2024 1,457 2025 690 Thereafter 1,324 Total $ 30,782 |
Assets and Liabilities Held f_2
Assets and Liabilities Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held for Sale and Discontinued Operations | The following table summarizes the major classes of assets and liabilities classified as held for sale at March 31, 2019 (in thousands): Current Assets Held for Sale Accounts receivable-trade, net $ 164,716 Inventories 327,015 Prepaid expenses and other current assets 89,254 Total current assets held for sale 580,985 Noncurrent Assets Held for Sale Property, plant and equipment, net 15,553 Goodwill 35,405 Intangible assets, net 137,446 Other noncurrent assets 46,147 Total noncurrent assets held for sale 234,551 Total assets held for sale $ 815,536 Current Liabilities Held for Sale Accounts payable-trade $ 85,602 Accrued expenses and other payables 140,691 Advance payments received from customers 460 Total current liabilities held for sale 226,753 Noncurrent Liabilities Held for Sale Other noncurrent liabilities 33 Total noncurrent liabilities held for sale 33 Total liabilities held for sale $ 226,786 The following table summarizes the results of operations from discontinued operations for the periods indicated: Year Ended March 31, 2020 2019 2018 (in thousands) Revenues $ 12,186,862 $ 15,398,608 $ 10,474,860 Cost of sales 12,193,307 15,338,614 10,418,447 Operating expenses 6,997 37,348 137,780 General and administrative expense 56 2,716 11,471 Depreciation and amortization 749 9,593 44,314 Loss (gain) on disposal or impairment of assets, net (1) 203,990 (407,608 ) (88,194 ) Operating (loss) income from discontinued operations (218,237 ) 417,945 (48,958 ) Equity in earnings of unconsolidated entities ā 1,183 425 Interest expense (111 ) (126 ) (421 ) Other income, net 133 837 1,930 (Loss) income from discontinued operations before taxes (2) (218,215 ) 419,839 (47,024 ) Income tax expense (20 ) (989 ) (104 ) (Loss) income from discontinued operations, net of tax $ (218,235 ) $ 418,850 $ (47,128 ) (1) Amount for the year ended March 31, 2020 includes a loss of $182.1 million on the sale of TPSL, a loss of $6.3 million on the sale of Mid-Con, a loss of $14.5 million on the sale of Gas Blending and a loss of $1.0 million on the sale of virtually all of our remaining Retail Propane segment to Superior on July 10, 2018. Amount for the year ended March 31, 2019 includes a gain of $408.9 million on the sale of virtually all of our remaining Retail Propane segment to Superior on July 10, 2018, partially offset by a loss of $1.3 million on the sale of a portion of our Retail Propane segment to DCC on March 30, 2018 related to a working capital adjustment. Amount for the year ended March 31, 2018 includes a gain of $89.3 million on the sale of a portion of our Retail Propane segment to DCC, partially offset by the sale of other assets prior to the sale to DCC. (2) Amounts include income (loss) attributable to redeemable noncontrolling interests. Loss attributable to redeemable noncontrolling interests was $0.4 million for the year ended March 31, 2019 and income attributable to redeemable noncontrolling interest was $1.0 million for the year ended March 31, 2018 . |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of summarized unaudited quarterly financial data | The following tables summarize our unaudited quarterly financial data. The computation of net income (loss) per common unit is done separately by quarter and year. The total of net income (loss) per common unit of the individual quarters may not equal net income (loss) per common unit for the year, due primarily to the income allocation between the general partner and limited partners and variations in the weighted average units outstanding used in computing such amounts. Our Liquids and Refined Products segment is subject to seasonal fluctuations, as demand for propane and butane is typically higher during the winter months. Our operating revenues from our other segments are less weather sensitive. Additionally, the acquisitions described in Note 4 impact the comparability of the quarterly information within the year, and year to year. Quarter Ended Year Ended June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 March 31, 2020 (in thousands, except unit and per unit amounts) Total revenues $ 1,871,891 $ 1,804,336 $ 2,226,529 $ 1,681,244 $ 7,584,000 Total cost of sales $ 1,689,930 $ 1,589,203 $ 1,935,472 $ 1,389,778 $ 6,604,383 Income (loss) from continuing operations $ 8,982 $ (15,624 ) $ 49,106 $ (223,009 ) $ (180,545 ) Net income (loss) $ 8,039 $ (201,366 ) $ 42,991 $ (248,444 ) $ (398,780 ) Net income (loss) attributable to NGL Energy Partners LP $ 8,307 $ (201,237 ) $ 43,157 $ (247,234 ) $ (397,007 ) Basic (loss) income per common unit (Loss) income from continuing operations $ (0.95 ) $ (0.26 ) $ 0.23 $ (1.89 ) $ (2.88 ) Net (loss) income $ (0.96 ) $ (1.72 ) $ 0.18 $ (2.09 ) $ (4.59 ) Diluted (loss) income per common unit (Loss) income from continuing operations $ (0.95 ) $ (0.26 ) $ 0.22 $ (1.89 ) $ (2.88 ) Net (loss) income $ (0.96 ) $ (1.72 ) $ 0.18 $ (2.09 ) $ (4.59 ) Basic weighted average common units outstanding 125,886,738 126,979,034 128,201,369 128,576,572 127,411,908 Diluted weighted average common units outstanding 125,886,738 126,979,034 129,358,590 128,576,572 127,411,908 Quarter Ended Year Ended June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 March 31, 2019 (in thousands, except unit and per unit amounts) Total revenues $ 2,054,952 $ 2,215,682 $ 2,295,369 $ 2,123,154 $ 8,689,157 Total cost of sales $ 1,946,565 $ 2,051,447 $ 2,048,661 $ 1,936,388 $ 7,983,061 (Loss) income from continuing operations $ (202,799 ) $ (31,723 ) $ 97,199 $ 57,868 $ (79,455 ) Net (loss) income $ (169,289 ) $ 354,939 $ 110,528 $ 43,217 $ 339,395 Net (loss) income attributable to NGL Energy Partners LP $ (168,546 ) $ 355,505 $ 110,835 $ 62,253 $ 360,047 Basic (loss) income per common unit (Loss) income from continuing operations $ (1.83 ) $ (0.45 ) $ 0.55 $ 0.31 $ (1.39 ) Net (loss) income $ (1.55 ) $ 2.70 $ 0.65 $ 0.20 $ 2.01 Diluted (loss) income per common unit (Loss) income from continuing operations $ (1.83 ) $ (0.45 ) $ 0.54 $ 0.31 $ (1.39 ) Net (loss) income $ (1.55 ) $ 2.70 $ 0.64 $ 0.19 $ 2.01 Basic weighted average common units outstanding 121,544,421 122,380,197 123,892,680 124,262,014 123,017,064 Diluted weighted average common units outstanding 121,544,421 122,380,197 125,959,751 126,926,589 123,017,064 |
Consolidating Guarantor and N_2
Consolidating Guarantor and Non-Guarantor Financial Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Consolidating Guarantor and Non-Guarantor Financial Information [Abstract] | |
Schedule of Consolidating Balance Sheets | Consolidating Balance Sheet (in Thousands) March 31, 2020 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 19,358 $ ā $ (354 ) $ 3,700 $ ā $ 22,704 Accounts receivable-trade, net of allowance for doubtful accounts ā ā 563,023 3,811 ā 566,834 Accounts receivable-affiliates ā ā 12,934 ā ā 12,934 Inventories ā ā 69,301 333 ā 69,634 Prepaid expenses and other current assets ā ā 101,764 217 ā 101,981 Total current assets 19,358 ā 746,668 8,061 ā 774,087 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation ā ā 2,659,647 191,908 ā 2,851,555 GOODWILL ā ā 988,412 5,175 ā 993,587 INTANGIBLE ASSETS, net of accumulated amortization ā ā 1,543,131 69,349 ā 1,612,480 INVESTMENTS IN UNCONSOLIDATED ENTITIES ā ā 23,182 ā ā 23,182 NET INTERCOMPANY RECEIVABLES (PAYABLES) 1,870,754 ā (1,800,708 ) (70,046 ) ā ā INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 1,782,348 ā 121,058 ā (1,903,406 ) ā OPERATING LEASE RIGHT-OF-USE ASSETS ā ā 177,100 3,608 ā 180,708 OTHER NONCURRENT ASSETS ā ā 63,137 ā ā 63,137 Total assets $ 3,672,460 $ ā $ 4,521,627 $ 208,055 $ (1,903,406 ) $ 6,498,736 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ ā $ ā $ 513,831 $ 1,218 $ ā $ 515,049 Accounts payable-affiliates 1 ā 17,716 ā ā 17,717 Accrued expenses and other payables 44,394 ā 186,576 1,092 ā 232,062 Advance payments received from customers ā ā 13,925 5,611 ā 19,536 Current maturities of long-term debt ā ā 4,683 ā ā 4,683 Operating lease obligations ā ā 56,451 325 ā 56,776 Total current liabilities 44,395 ā 793,182 8,246 ā 845,823 LONG-TERM DEBT, net of debt issuance costs and current maturities 1,428,046 ā 1,716,802 ā ā 3,144,848 OPERATING LEASE OBLIGATIONS ā ā 117,909 3,104 ā 121,013 OTHER NONCURRENT LIABILITIES ā ā 111,386 2,693 ā 114,079 CLASS D 9.00% PREFERRED UNITS 537,283 ā ā ā ā 537,283 EQUITY: Partnersā equity 1,662,736 ā 1,782,348 194,397 (1,976,360 ) 1,663,121 Accumulated other comprehensive loss ā ā ā (385 ) ā (385 ) Noncontrolling interests ā ā ā ā 72,954 72,954 Total equity 1,662,736 ā 1,782,348 194,012 (1,903,406 ) 1,735,690 Total liabilities and equity $ 3,672,460 $ ā $ 4,521,627 $ 208,055 $ (1,903,406 ) $ 6,498,736 Consolidating Balance Sheet (in Thousands) March 31, 2019 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 12,798 $ ā $ 3,728 $ 2,046 $ ā $ 18,572 Accounts receivable-trade, net of allowance for doubtful accounts ā ā 996,192 2,011 ā 998,203 Accounts receivable-affiliates ā ā 12,867 ā ā 12,867 Inventories ā ā 135,094 1,034 ā 136,128 Prepaid expenses and other current assets ā ā 65,443 475 ā 65,918 Assets held for sale ā ā 580,985 ā ā 580,985 Total current assets 12,798 ā 1,794,309 5,566 ā 1,812,673 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation ā ā 1,620,084 208,856 ā 1,828,940 GOODWILL ā ā 1,105,281 5,175 ā 1,110,456 INTANGIBLE ASSETS, net of accumulated amortization ā ā 725,542 75,347 ā 800,889 INVESTMENTS IN UNCONSOLIDATED ENTITIES ā ā 1,127 ā ā 1,127 NET INTERCOMPANY RECEIVABLES (PAYABLES) 862,186 ā (808,610 ) (53,576 ) ā ā INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 2,503,848 ā 170,690 ā (2,674,538 ) ā OTHER NONCURRENT ASSETS ā ā 113,857 ā ā 113,857 ASSETS HELD FOR SALE ā ā 234,551 ā ā 234,551 Total assets $ 3,378,832 $ ā $ 4,956,831 $ 241,368 $ (2,674,538 ) $ 5,902,493 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ ā $ ā $ 872,122 $ 6,941 $ ā $ 879,063 Accounts payable-affiliates 1 ā 28,468 ā ā 28,469 Accrued expenses and other payables 25,497 ā 80,765 1,497 ā 107,759 Advance payments received from customers ā ā 7,550 911 ā 8,461 Current maturities of long-term debt ā ā 648 ā ā 648 Liabilities held for sale ā ā 226,753 ā ā 226,753 Total current liabilities 25,498 ā 1,216,306 9,349 ā 1,251,153 LONG-TERM DEBT, net of debt issuance costs and current maturities 984,450 ā 1,175,683 ā ā 2,160,133 OTHER NONCURRENT LIABILITIES ā ā 60,961 2,581 ā 63,542 NONCURRENT LIABILITIES HELD FOR SALE ā ā 33 ā ā 33 CLASS A 10.75% CONVERTIBLE PREFERRED UNITS 149,814 ā ā ā ā 149,814 EQUITY: Partnersā equity 2,219,070 ā 2,503,848 229,693 (2,733,286 ) 2,219,325 Accumulated other comprehensive loss ā ā ā (255 ) ā (255 ) Noncontrolling interests ā ā ā ā 58,748 58,748 Total equity 2,219,070 ā 2,503,848 229,438 (2,674,538 ) 2,277,818 Total liabilities and equity $ 3,378,832 $ ā $ 4,956,831 $ 241,368 $ (2,674,538 ) $ 5,902,493 |
Schedule of Consolidating Statements of Operations | Consolidating Statement of Operations (in Thousands) Year Ended March 31, 2020 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ ā $ ā $ 7,548,659 $ 42,928 $ (7,587 ) $ 7,584,000 COST OF SALES ā ā 6,610,304 666 (6,587 ) 6,604,383 OPERATING COSTS AND EXPENSES: Operating ā ā 318,547 15,446 (1,000 ) 332,993 General and administrative ā ā 112,810 854 ā 113,664 Depreciation and amortization ā ā 252,224 13,088 ā 265,312 Loss (gain) on disposal or impairment of assets, net ā ā 261,790 (4 ) ā 261,786 Revaluation of liabilities ā ā 9,194 ā ā 9,194 Operating (Loss) Income ā ā (16,210 ) 12,878 ā (3,332 ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities ā ā 1,291 ā ā 1,291 Interest expense (105,782 ) ā (75,340 ) (107 ) 45 (181,184 ) Gain on early extinguishment of liabilities, net 1,341 ā ā ā ā 1,341 Other income, net ā ā 1,670 59 (45 ) 1,684 (Loss) Income From Continuing Operations Before Income Taxes (104,441 ) ā (88,589 ) 12,830 ā (180,200 ) INCOME TAX EXPENSE ā ā (345 ) ā ā (345 ) EQUITY IN NET (LOSS) INCOME FROM CONTINUING OPERATIONS OF CONSOLIDATED SUBSIDIARIES (292,566 ) ā 14,603 ā 277,963 ā (Loss) Income From Continuing Operations (397,007 ) ā (74,331 ) 12,830 277,963 (180,545 ) Loss From Discontinued Operations, Net of Tax ā ā (218,235 ) ā ā (218,235 ) Net (Loss) Income (397,007 ) ā (292,566 ) 12,830 277,963 (398,780 ) LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 1,773 1,773 NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNER LP $ (397,007 ) $ ā $ (292,566 ) $ 12,830 $ 279,736 $ (397,007 ) Consolidating Statement of Operations (in Thousands) Year Ended March 31, 2019 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ ā $ ā $ 8,665,597 $ 27,542 $ (3,982 ) $ 8,689,157 COST OF SALES ā ā 7,986,019 1,024 (3,982 ) 7,983,061 OPERATING COSTS AND EXPENSES: Operating ā ā 217,597 13,468 ā 231,065 General and administrative ā ā 106,595 812 ā 107,407 Depreciation and amortization ā ā 201,513 10,460 ā 211,973 (Gain) loss on disposal or impairment of assets, net ā ā (31,924 ) 66,220 ā 34,296 Revaluation of liabilities ā ā (5,373 ) ā ā (5,373 ) Operating Income (Loss) ā ā 191,170 (64,442 ) ā 126,728 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities ā ā 2,533 ā ā 2,533 Interest expense (104,716 ) ā (60,008 ) (46 ) 45 (164,725 ) Loss on early extinguishment of liabilities, net (12,340 ) ā ā ā ā (12,340 ) Other expense, net ā ā (30,187 ) ā (231 ) (30,418 ) (Loss) Income From Continuing Operations Before Income Taxes (117,056 ) ā 103,508 (64,488 ) (186 ) (78,222 ) INCOME TAX EXPENSE ā ā (1,233 ) ā ā (1,233 ) EQUITY IN NET INCOME (LOSS) FROM CONTINUING OPERATIONS OF CONSOLIDATED SUBSIDIARIES 477,103 ā (44,865 ) ā (432,238 ) ā Income (Loss) From Continuing Operations 360,047 ā 57,410 (64,488 ) (432,424 ) (79,455 ) Income (Loss) From Discontinued Operations, Net of Tax ā ā 419,693 (1,029 ) 186 418,850 Net Income (Loss) 360,047 ā 477,103 (65,517 ) (432,238 ) 339,395 LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 20,206 20,206 LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS 446 446 NET INCOME (LOSS) ATTRIBUTABLE TO NGL ENERGY PARTNER LP $ 360,047 $ ā $ 477,103 $ (65,517 ) $ (411,586 ) $ 360,047 Consolidating Statement of Operations (in Thousands) Year Ended March 31, 2018 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ ā $ ā $ 6,935,485 $ 19,954 $ (1,492 ) $ 6,953,947 COST OF SALES ā ā 6,263,562 1,491 (1,492 ) 6,263,561 OPERATING COSTS AND EXPENSES: Operating ā ā 186,056 7,020 ā 193,076 General and administrative ā ā 97,402 577 ā 97,979 Depreciation and amortization ā ā 197,497 10,901 ā 208,398 (Gain) loss on disposal or impairment of assets, net ā ā (133,993 ) 116,875 ā (17,118 ) Revaluation of liabilities ā ā 20,124 592 ā 20,716 Operating Income (Loss) ā ā 304,837 (117,502 ) ā 187,335 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities ā ā 7,539 ā ā 7,539 Interest expense (142,159 ) ā (56,989 ) (46 ) 45 (199,149 ) Loss on early extinguishment of liabilities, net (23,201 ) ā ā ā ā (23,201 ) Other income, net ā ā 7,152 19 (819 ) 6,352 (Loss) Income From Continuing Operations Before Income Taxes (165,360 ) ā 262,539 (117,529 ) (774 ) (21,124 ) INCOME TAX EXPENSE ā ā (1,353 ) ā ā (1,353 ) EQUITY IN NET INCOME (LOSS) FROM CONTINUING OPERATIONS OF CONSOLIDATED SUBSIDIARIES 94,485 ā (116,224 ) ā 21,739 ā (Loss) Income From Continuing Operations (70,875 ) ā 144,962 (117,529 ) 20,965 (22,477 ) (Loss) Income From Discontinued Operations, Net of Tax ā ā (50,477 ) 2,575 774 (47,128 ) Net (Loss) Income (70,875 ) ā 94,485 (114,954 ) 21,739 (69,605 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (240 ) (240 ) LESS: NET INCOME ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS (1,030 ) (1,030 ) NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNER LP $ (70,875 ) $ ā $ 94,485 $ (114,954 ) $ 20,469 $ (70,875 ) |
Schedule of Consolidating Statements of Comprehensive Income (Loss) | Consolidating Statements of Comprehensive (Loss) Income (in Thousands) Year Ended March 31, 2020 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net (loss) income $ (397,007 ) $ ā $ (292,566 ) $ 12,830 $ 277,963 $ (398,780 ) Other comprehensive income (loss) ā ā 17 (147 ) ā (130 ) Comprehensive (loss) income $ (397,007 ) $ ā $ (292,549 ) $ 12,683 $ 277,963 $ (398,910 ) Year Ended March 31, 2019 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net income (loss) $ 360,047 $ ā $ 477,103 $ (65,517 ) $ (432,238 ) $ 339,395 Other comprehensive (loss) income ā ā (18 ) 9 ā (9 ) Comprehensive income (loss) $ 360,047 $ ā $ 477,085 $ (65,508 ) $ (432,238 ) $ 339,386 Year Ended March 31, 2018 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net (loss) income $ (70,875 ) $ ā $ 94,485 $ (114,954 ) $ 21,739 $ (69,605 ) Other comprehensive income (loss) ā ā 58 (45 ) ā 13 Comprehensive (loss) income $ (70,875 ) $ ā $ 94,543 $ (114,999 ) $ 21,739 $ (69,592 ) |
Schedule of Consolidating Statements of Cash Flows | Consolidating Statement of Cash Flows (in Thousands) Year Ended March 31, 2020 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities-continuing operations $ (86,814 ) $ ā $ 426,481 $ 42,759 $ 382,426 Net cash provided by operating activities-discontinued operations ā ā 81,629 ā 81,629 Net cash (used in) provided by operating activities (86,814 ) ā 508,110 42,759 464,055 INVESTING ACTIVITIES: Capital expenditures ā ā (508,152 ) (47,561 ) (555,713 ) Acquisitions, net of cash acquired ā ā (1,268,474 ) ā (1,268,474 ) Net settlements of commodity derivatives ā ā 86,702 ā 86,702 Proceeds from sales of assets ā ā 17,617 4 17,621 Investments in unconsolidated entities ā ā (21,218 ) ā (21,218 ) Distributions of capital from unconsolidated entities ā ā 440 ā 440 Repayments on loan for natural gas liquids facility ā ā 3,022 ā 3,022 Net cash used in investing activities-continuing operations ā ā (1,690,063 ) (47,557 ) (1,737,620 ) Net cash provided by investing activities-discontinued operations ā ā 298,864 ā 298,864 Net cash used in investing activities ā ā (1,391,199 ) (47,557 ) (1,438,756 ) FINANCING ACTIVITIES: Proceeds from borrowings under Revolving Credit Facility ā ā 4,074,000 ā 4,074,000 Payments on Revolving Credit Facility ā ā (3,775,000 ) ā (3,775,000 ) Issuance of senior unsecured notes and term credit agreement 450,000 ā 250,000 ā 700,000 Repayment and repurchase of senior secured and senior unsecured notes (454 ) ā ā ā (454 ) Payments on other long-term debt ā ā (653 ) ā (653 ) Debt issuance costs (8,101 ) ā (6,598 ) (251 ) (14,950 ) Distributions to general and common unit partners and preferred unitholders (244,400 ) ā ā ā (244,400 ) Distributions to noncontrolling interest owners ā ā ā (1,145 ) (1,145 ) Proceeds from sale of preferred units, net of offering costs 622,391 ā ā ā 622,391 Payments for redemption of preferred units (265,128 ) ā ā ā (265,128 ) Common unit repurchases and cancellations (1,644 ) ā ā ā (1,644 ) Payments for settlement and early extinguishment of liabilities ā ā (98,958 ) ā (98,958 ) Investment in NGL Energy Holdings LLC (15,226 ) ā ā ā (15,226 ) Net changes in advances with consolidated entities (444,064 ) ā 436,216 7,848 ā Net cash provided by financing activities 93,374 ā 879,007 6,452 978,833 Net increase (decrease) in cash and cash equivalents 6,560 ā (4,082 ) 1,654 4,132 Cash and cash equivalents, beginning of period 12,798 ā 3,728 2,046 18,572 Cash and cash equivalents, end of period $ 19,358 $ ā $ (354 ) $ 3,700 $ 22,704 Consolidating Statement of Cash Flows (in Thousands) Year Ended March 31, 2019 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Adjustments Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities-continuing operations $ (116,033 ) $ ā $ 295,293 $ (27,551 ) $ (186 ) $ 151,523 Net cash provided by operating activities-discontinued operations ā ā 182,506 3,221 ā 185,727 Net cash (used in) provided by operating activities (116,033 ) ā 477,799 (24,330 ) (186 ) 337,250 INVESTING ACTIVITIES: Capital expenditures ā ā (414,522 ) (41,064 ) ā (455,586 ) Acquisitions, net of cash acquired ā ā (296,687 ) (3,927 ) ā (300,614 ) Net settlements of commodity derivatives ā ā (10,173 ) ā ā (10,173 ) Proceeds from sales of assets ā ā 16,177 ā ā 16,177 Proceeds from divestitures of businesses and investments, net ā ā 335,809 ā ā 335,809 Investments in unconsolidated entities ā ā (389 ) ā ā (389 ) Distributions of capital from unconsolidated entities ā ā 1,440 ā ā 1,440 Repayments on loan for natural gas liquids facility ā ā 10,336 ā ā 10,336 Loan to affiliate ā ā (1,515 ) ā ā (1,515 ) Net cash used in investing activities-continuing operations ā ā (359,524 ) (44,991 ) ā (404,515 ) Net cash provided by investing activities-discontinued operations ā ā 851,006 6,982 ā 857,988 Net cash provided by (used in) investing activities ā ā 491,482 (38,009 ) ā 453,473 FINANCING ACTIVITIES: Proceeds from borrowings under Revolving Credit Facility ā ā 4,098,500 ā ā 4,098,500 Payments on Revolving Credit Facility ā ā (3,897,000 ) ā ā (3,897,000 ) Repayment and repurchase of senior secured and senior unsecured notes (737,058 ) ā ā ā ā (737,058 ) Payments on other long-term debt ā ā (653 ) ā ā (653 ) Debt issuance costs (30 ) ā (1,353 ) ā ā (1,383 ) Contributions from noncontrolling interest owners, net ā ā ā 169 ā 169 Distributions to general and common unit partners and preferred unitholders (236,633 ) ā ā ā ā (236,633 ) Repurchase of warrants (14,988 ) ā ā ā ā (14,988 ) Common unit repurchases and cancellations (297 ) ā ā ā ā (297 ) Payments for settlement and early extinguishment of liabilities ā ā (4,577 ) ā ā (4,577 ) Net changes in advances with consolidated entities 1,100,922 ā (1,163,504 ) 62,396 186 ā Net cash provided by (used in) financing activities-continuing operations 111,916 ā (968,587 ) 62,565 186 (793,920 ) Net cash used in financing activities-discontinued operations ā ā (295 ) (30 ) ā (325 ) Net cash provided by (used in) financing activities 111,916 ā (968,882 ) 62,535 186 (794,245 ) Net (decrease) increase in cash and cash equivalents (4,117 ) ā 399 196 ā (3,522 ) Cash and cash equivalents, beginning of period 16,915 ā 3,329 1,850 ā 22,094 Cash and cash equivalents, end of period $ 12,798 $ ā $ 3,728 $ 2,046 $ ā $ 18,572 Consolidating Statement of Cash Flows (in Thousands) Year Ended March 31, 2018 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Adjustments Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities-continuing operations $ (141,967 ) $ ā $ 433,678 $ 9,411 $ (774 ) $ 300,348 Net cash (used in) provided by operating activities-discontinued operations ā ā (165,862 ) 3,481 ā (162,381 ) Net cash (used in) provided by operating activities (141,967 ) ā 267,816 12,892 (774 ) 137,967 INVESTING ACTIVITIES: Capital expenditures ā ā (130,760 ) (3,001 ) ā (133,761 ) Acquisitions, net of cash acquired ā ā 3,100 (22,997 ) ā (19,897 ) Net settlements of commodity derivatives ā ā (39,113 ) ā ā (39,113 ) Proceeds from sales of assets ā ā 33,844 ā ā 33,844 Proceeds from divestitures of businesses and investments, net ā ā 292,112 37,668 ā 329,780 Transaction with Victory Propane (Note 13) ā ā (6,424 ) ā ā (6,424 ) Investments in unconsolidated entities ā ā (21,465 ) ā ā (21,465 ) Distributions of capital from unconsolidated entities ā ā 11,969 ā ā 11,969 Repayments on loan for natural gas liquids facility ā ā 10,052 ā ā 10,052 Loan to affiliate ā ā (2,510 ) ā ā (2,510 ) Repayments on loan to affiliate ā ā 4,160 ā ā 4,160 Net cash provided by investing activities-continuing operations ā ā 154,965 11,670 ā 166,635 Net cash provided by (used in) investing activities-discontinued operations ā ā 104,666 (719 ) ā 103,947 Net cash provided by investing activities ā ā 259,631 10,951 ā 270,582 FINANCING ACTIVITIES: Proceeds from borrowings under Revolving Credit Facility ā ā 2,434,500 ā ā 2,434,500 Payments on Revolving Credit Facility ā ā (2,279,500 ) ā ā (2,279,500 ) Repayment and repurchase of senior secured and senior unsecured notes (486,699 ) ā ā ā ā (486,699 ) Payments on other long-term debt ā ā (877 ) ā ā (877 ) Debt issuance costs (692 ) ā (2,008 ) ā ā (2,700 ) Contributions from noncontrolling interest owners, net ā ā ā 23 ā 23 Distributions to general and common unit partners and preferred unitholders (225,067 ) ā ā ā ā (225,067 ) Distributions to noncontrolling interest owners ā ā ā (3,082 ) ā (3,082 ) Proceeds from sale of preferred units, net of offering costs 202,731 ā ā ā ā 202,731 Repurchase of warrants (10,549 ) ā ā ā ā (10,549 ) Common unit repurchases and cancellations (15,817 ) ā ā ā ā (15,817 ) Payments for settlement and early extinguishment of liabilities ā ā (3,408 ) ā ā (3,408 ) Net changes in advances with consolidated entities 688,718 ā (669,452 ) (20,040 ) 774 ā Net cash provided by (used in) financing activities-continuing operations 152,625 ā (520,745 ) (23,099 ) 774 (390,445 ) Net cash used in financing activities-discontinued operations ā ā (3,446 ) (390 ) ā (3,836 ) Net cash provided by (used in) financing activities 152,625 ā (524,191 ) (23,489 ) 774 (394,281 ) Net increase in cash and cash equivalents 10,658 ā 3,256 354 ā 14,268 Cash and cash equivalents, beginning of period 6,257 ā 73 1,496 ā 7,826 Cash and cash equivalents, end of period $ 16,915 $ ā $ 3,329 $ 1,850 $ ā $ 22,094 |
Nature of Operations and Orga_2
Nature of Operations and Organization (Details) $ in Thousands | Sep. 30, 2019USD ($)terminal | Jul. 10, 2018USD ($) | Mar. 30, 2018USD ($) | Mar. 31, 2020USD ($)terminal | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2018 |
Nature of Operations and Organization | |||||||
Proceeds from divestitures of businesses and investments, net | $ 0 | $ 335,809 | $ 329,780 | ||||
Ownership interest | 50.00% | ||||||
Liquids and refined products | |||||||
Nature of Operations and Organization | |||||||
Number of owned terminals | terminal | 28 | ||||||
TransMontaigne Product Services, LLC | Refined products and renewables | |||||||
Nature of Operations and Organization | |||||||
Number of owned terminals | terminal | 2 | ||||||
Proceeds from divestitures of businesses and investments, net | $ 233,800 | ||||||
Number of terminals to be utilized | terminal | 19 | ||||||
Retail Propane Segment - East | |||||||
Nature of Operations and Organization | |||||||
Proceeds from divestitures of businesses and investments, net | $ 889,800 | ||||||
Retail Propane Segment - West | |||||||
Nature of Operations and Organization | |||||||
Proceeds from divestitures of businesses and investments, net | $ 212,400 |
Significant Accounting Polici_4
Significant Accounting Policies - Income Taxes (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Minimum percentage of qualifying income of non-taxable subsidiaries | 90.00% |
Deferred tax liability | $ 56.4 |
Deferred tax benefit | $ 2.9 |
Effective tax rate | 27.80% |
Significant Accounting Polici_5
Significant Accounting Policies - Accounts Receivable and Concentration of Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts receivable | |||||
Gross Receivable | $ 571,374 | $ 1,002,219 | |||
Allowance for Doubtful Accounts | $ (4,016) | $ (4,016) | $ (3,604) | (4,540) | (4,016) |
Accounts receivable - trade, net of allowance for doubtful accounts | 566,834 | 998,203 | |||
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | (4,016) | (3,851) | (3,604) | ||
Provision for doubtful accounts (1) | (1,002) | (381) | (584) | ||
Provision for doubtful accounts with PPA adjustments | (1,202) | ||||
Write off of uncollectible accounts | 678 | 216 | 337 | ||
Allowance for doubtful accounts, end of period | (4,540) | (4,016) | $ (3,851) | ||
Crude oil logistics | |||||
Accounts receivable | |||||
Gross Receivable | 228,432 | 514,243 | |||
Allowance for Doubtful Accounts | (15) | (15) | 0 | (15) | |
Accounts receivable - trade, net of allowance for doubtful accounts | 228,432 | 514,228 | |||
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | (15) | ||||
Allowance for doubtful accounts, end of period | 0 | (15) | |||
Water solutions | |||||
Accounts receivable | |||||
Gross Receivable | 121,928 | 57,526 | |||
Allowance for Doubtful Accounts | (3,157) | (3,157) | (3,711) | (3,157) | |
Accounts receivable - trade, net of allowance for doubtful accounts | 118,217 | 54,369 | |||
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | (3,157) | ||||
Allowance for doubtful accounts, end of period | (3,711) | (3,157) | |||
Liquids and refined products | |||||
Accounts receivable | |||||
Gross Receivable | 220,820 | 430,034 | |||
Allowance for Doubtful Accounts | (844) | (844) | (829) | (844) | |
Accounts receivable - trade, net of allowance for doubtful accounts | 219,991 | 429,190 | |||
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | (844) | ||||
Allowance for doubtful accounts, end of period | (829) | (844) | |||
Corporate and Other | |||||
Accounts receivable | |||||
Gross Receivable | 194 | 416 | |||
Allowance for Doubtful Accounts | 0 | 0 | 0 | 0 | |
Accounts receivable - trade, net of allowance for doubtful accounts | 194 | $ 416 | |||
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | 0 | ||||
Allowance for doubtful accounts, end of period | $ 0 | $ 0 | |||
Hillstone | |||||
Accounts receivable | |||||
Allowance for doubtful accounts assumed in acquisition | $ 200 |
Significant Accounting Polici_6
Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Inventories | ||
Crude oil | $ 18,201 | $ 51,359 |
Propane | 25,163 | 33,478 |
Butane | 9,619 | 15,294 |
Diesel | 2,414 | 9,186 |
Ethanol | 1,834 | 14,650 |
Biodiesel | 8,195 | 4,679 |
Other | 4,208 | 7,482 |
Total | $ 69,634 | $ 136,128 |
Significant Accounting Polici_7
Significant Accounting Policies - Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Aug. 14, 2018 | Jun. 30, 2018 | |
Investments in Unconsolidated Entities | |||||
Ownership interest | 50.00% | ||||
Carrying value | $ 23,182 | $ 1,127 | $ 800 | ||
Percentage disclosed for all unconsolidated entities | 100.00% | ||||
Balance sheets: | |||||
Current assets | $ 25,065 | 1,328 | |||
Noncurrent assets | 106,090 | 519 | |||
Current liabilities | 6,659 | 178 | |||
Noncurrent liabilities | 3,469 | 0 | |||
Statements of operations: | |||||
Revenues | 16,115 | 21,036 | $ 182,820 | ||
Cost of sales | 5,945 | 9,919 | 114,890 | ||
Net income | 3,958 | 5,506 | $ 26,438 | ||
Cumulative earnings and distributions from unconsolidated entities | |||||
Cumulative earnings from unconsolidated entities | 3,200 | ||||
Cumulative distributions received from unconsolidated entities | $ 3,400 | ||||
Water Services and Land Company No. 1 | Water solutions | Operating segment | |||||
Investments in Unconsolidated Entities | |||||
Ownership interest | 50.00% | ||||
Carrying value | $ 16,607 | 0 | |||
Water Services and Land Company No. 2 | Water solutions | Operating segment | |||||
Investments in Unconsolidated Entities | |||||
Ownership interest | 50.00% | ||||
Carrying value | $ 2,092 | 0 | |||
Water Services and Land Company No. 3 | Water solutions | Operating segment | |||||
Investments in Unconsolidated Entities | |||||
Ownership interest | 10.00% | ||||
Carrying value | $ 3,384 | 0 | |||
Aircraft Company | Corporate and other | Operating segment | |||||
Investments in Unconsolidated Entities | |||||
Carrying value | $ 447 | 0 | |||
Water Services Company | Water solutions | Operating segment | |||||
Investments in Unconsolidated Entities | |||||
Ownership interest | 50.00% | ||||
Carrying value | $ 449 | 920 | |||
Natural Gas Liquids Terminal Company | Liquids and refined products | Operating segment | |||||
Investments in Unconsolidated Entities | |||||
Ownership interest | 50.00% | ||||
Carrying value | $ 203 | $ 207 | |||
KAIR2014 LLC | Aircraft Company | Corporate and other | Operating segment | |||||
Investments in Unconsolidated Entities | |||||
Ownership interest | 50.00% |
Significant Accounting Polici_8
Significant Accounting Policies - Other Noncurrent Assets (Details) $ in Thousands | Oct. 24, 2019 | Mar. 31, 2020USD ($)bbl | Mar. 31, 2019USD ($)bbl |
Other Assets, Noncurrent [Abstract] | |||
Loans receivable | $ 5,374 | $ 19,474 | |
Line fill | 25,763 | 33,437 | |
Minimum shipping fees - pipeline commitments, noncurrent | 17,443 | 23,494 | |
Other | 14,557 | 37,452 | |
Total | 63,137 | $ 113,857 | |
Other Noncurrent Assets | |||
Financing receivable, before allowance for credit loss, total | 26,700 | ||
Financing receivable, before allowance for credit loss, current | $ 24,200 | ||
Number of contracts | 1 | ||
Number of additional years to use deficiency credit | 5 years | ||
Minimum shipping fees - pipeline commitments, total | $ 21,700 | ||
Minimum shipping fees - pipeline commitments, current | $ 4,300 | ||
Crude oil | |||
Other Noncurrent Assets | |||
Number of barrels of product | bbl | 335,069 | 335,069 | |
Propane sales | |||
Other Noncurrent Assets | |||
Number of barrels of product | bbl | 262,000 | 262,000 | |
Line fill impairment | $ 7,700 |
Significant Accounting Polici_9
Significant Accounting Policies - Accrued Expenses and Other Payables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Accounting Policies [Abstract] | ||
Accrued compensation and benefits | $ 29,990 | $ 19,312 |
Excise and other tax liabilities | 9,941 | 10,481 |
Derivative liabilities | 17,777 | 4,960 |
Accrued interest | 39,803 | 24,882 |
Product exchange liabilities | 1,687 | 5,945 |
Gavilon legal matter settlement (Note 9) | 0 | 12,500 |
Contingent consideration liability (Note 4) | 102,419 | 0 |
Other | 30,445 | 29,679 |
Total | $ 232,062 | $ 107,759 |
Significant Accounting Polic_10
Significant Accounting Policies - Noncontrolling Interests (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Accounting Policies [Abstract] | |
Noncontrolling interest, decrease from deconsolidation | $ 12.8 |
Significant Accounting Polic_11
Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Apr. 01, 2020 | Mar. 31, 2019 |
Accounting Changes and Error Corrections [Abstract] | ||
Cumulative effect adjustment for adoption of ASU 2016-13 | $ 1,100 | $ 0 |
(Loss) Income Per Common Unit_2
(Loss) Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
(Loss) Income Per Common Unit | |||||||||||
Loss from continuing operations | $ (223,009) | $ 49,106 | $ (15,624) | $ 8,982 | $ 57,868 | $ 97,199 | $ (31,723) | $ (202,799) | $ (180,545) | $ (79,455) | $ (22,477) |
Less: Continuing operations loss (income) attributable to noncontrolling interests | 1,773 | 20,206 | (240) | ||||||||
Net loss from continuing operations attributable to NGL Energy Partners LP | (178,772) | (59,249) | (22,717) | ||||||||
Less: Distributions to preferred unitholders (1) | (188,734) | (111,936) | (59,697) | ||||||||
Less: Continuing operations net loss (income) allocated to general partner (2) | 260 | 32 | (53) | ||||||||
Less: Repurchase of warrants (3) | 0 | 0 | (349) | ||||||||
NET LOSS FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3) | (367,246) | (171,153) | (82,816) | ||||||||
(Loss) income from discontinued operations, net of tax | (218,235) | 418,850 | (47,128) | ||||||||
LESS: NET LOSS (INCOME) ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS | 0 | 446 | (1,030) | ||||||||
Less: Discontinued operations net loss (income) allocated to general partner (2) | 218 | (419) | 48 | ||||||||
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (NOTE 3) | (218,017) | 418,877 | (48,110) | ||||||||
NET (LOSS) INCOME ALLOCATED TO COMMON UNITHOLDERS | $ (585,263) | $ 247,724 | $ (130,926) | ||||||||
BASIC (LOSS) INCOME PER COMMON UNIT | |||||||||||
Loss from continuing operations | $ (1.89) | $ 0.23 | $ (0.26) | $ (0.95) | $ 0.31 | $ 0.55 | $ (0.45) | $ (1.83) | $ (2.88) | $ (1.39) | $ (0.68) |
(Loss) income from discontinued operations, net of tax | (1.71) | 3.41 | (0.40) | ||||||||
Net (Loss) Income | (2.09) | 0.18 | (1.72) | (0.96) | 0.20 | 0.65 | 2.70 | (1.55) | (4.59) | 2.01 | (1.08) |
DILUTED (LOSS) INCOME PER COMMON UNIT | |||||||||||
Loss from continuing operations | (1.89) | 0.22 | (0.26) | (0.95) | 0.31 | 0.54 | (0.45) | (1.83) | (2.88) | (1.39) | (0.68) |
(Loss) income from discontinued operations, net of tax | (1.71) | 3.41 | (0.40) | ||||||||
Net (Loss) Income | $ (2.09) | $ 0.18 | $ (1.72) | $ (0.96) | $ 0.19 | $ 0.64 | $ 2.70 | $ (1.55) | $ (4.59) | $ 2.01 | $ (1.08) |
Basic weighted average common units outstanding (in units) | 128,576,572 | 128,201,369 | 126,979,034 | 125,886,738 | 124,262,014 | 123,892,680 | 122,380,197 | 121,544,421 | 127,411,908 | 123,017,064 | 120,991,340 |
Diluted weighted average common units outstanding (in units) | 128,576,572 | 129,358,590 | 126,979,034 | 125,886,738 | 126,926,589 | 125,959,751 | 122,380,197 | 121,544,421 | 127,411,908 | 123,017,064 | 120,991,340 |
Common units | |||||||||||
BASIC (LOSS) INCOME PER COMMON UNIT | |||||||||||
Loss from continuing operations | $ (2.88) | $ (1.39) | $ (0.68) | ||||||||
(Loss) income from discontinued operations, net of tax | (1.71) | 3.41 | (0.40) | ||||||||
Net (Loss) Income | (4.59) | 2.01 | (1.08) | ||||||||
DILUTED (LOSS) INCOME PER COMMON UNIT | |||||||||||
Loss from continuing operations | (2.88) | (1.39) | (0.68) | ||||||||
(Loss) income from discontinued operations, net of tax | (1.71) | 3.41 | (0.40) | ||||||||
Net (Loss) Income | $ (4.59) | $ 2.01 | $ (1.08) | ||||||||
Basic weighted average common units outstanding (in units) | 127,411,908 | 123,017,064 | 120,991,340 | ||||||||
Diluted weighted average common units outstanding (in units) | 127,411,908 | 123,017,064 | 120,991,340 |
Acquisitions - Hillstone (Detai
Acquisitions - Hillstone (Details) $ in Thousands | Oct. 31, 2019USD ($)bbl | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) |
Business Acquisition | ||||||||||||
Revenues | $ 1,681,244 | $ 2,226,529 | $ 1,804,336 | $ 1,871,891 | $ 2,123,154 | $ 2,295,369 | $ 2,215,682 | $ 2,054,952 | $ 7,584,000 | $ 8,689,157 | $ 6,953,947 | |
Operating income | (3,332) | 126,728 | 187,335 | |||||||||
Fair Value of Assets Acquired and Liabilities Assumed | ||||||||||||
Goodwill | 993,587 | $ 1,110,456 | 993,587 | $ 1,110,456 | $ 1,170,530 | |||||||
Hillstone | ||||||||||||
Business Acquisition | ||||||||||||
Total consideration to acquire business | $ 642,500 | |||||||||||
Number of saltwater wells acquired | 19 | |||||||||||
Permitted disposal capacity | bbl | 580,000 | |||||||||||
Number of miles of pipeline acquired | 70 | |||||||||||
Pipeline transportation capacity | bbl | 680,000 | |||||||||||
Number of permits acquired | 22 | |||||||||||
Unpermitted disposal capacity | bbl | 660,000 | |||||||||||
Revenues | 37,900 | |||||||||||
Operating income | 5,400 | |||||||||||
General and administrative expense | 12,300 | |||||||||||
Fair Value of Assets Acquired and Liabilities Assumed | ||||||||||||
Current assets | 32,972 | 32,972 | ||||||||||
Property, plant and equipment | 169,043 | 169,043 | ||||||||||
Goodwill | 50,233 | 50,233 | ||||||||||
Intangible assets | 446,000 | 446,000 | ||||||||||
Investments in unconsolidated entities | 359 | 359 | ||||||||||
Operating lease right-of-use assets | 3,090 | 3,090 | ||||||||||
Other noncurrent assets | 811 | 811 | ||||||||||
Assets held for sale | 5,100 | 5,100 | ||||||||||
Current liabilities | (15,238) | (15,238) | ||||||||||
Operating lease obligations | (3,090) | (3,090) | ||||||||||
Other noncurrent liabilities | (1,448) | (1,448) | ||||||||||
Deferred tax liability | (44,533) | (44,533) | ||||||||||
Liabilities held for sale | (786) | (786) | ||||||||||
Fair value of net assets acquired | $ 642,513 | $ 642,513 |
Acquisitions - Mesquite (Detail
Acquisitions - Mesquite (Details) $ in Thousands | Dec. 07, 2020USD ($) | Nov. 05, 2020USD ($) | Oct. 05, 2020USD ($) | Sep. 07, 2020USD ($) | Aug. 05, 2020USD ($) | Jul. 06, 2020USD ($) | Jun. 05, 2020USD ($) | May 05, 2020USD ($) | Apr. 02, 2020USD ($) | Jul. 02, 2019USD ($)facility | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jan. 07, 2020 |
Business Acquisition | ||||||||||||||||||||||
Units issued, net of offering costs (Note 10) | $ 202,731 | |||||||||||||||||||||
Contingent consideration liability (Note 4) | $ 102,419 | $ 0 | $ 102,419 | $ 0 | ||||||||||||||||||
Revenues | 1,681,244 | $ 2,226,529 | $ 1,804,336 | $ 1,871,891 | 2,123,154 | $ 2,295,369 | $ 2,215,682 | $ 2,054,952 | 7,584,000 | 8,689,157 | 6,953,947 | |||||||||||
Operating income | (3,332) | 126,728 | 187,335 | |||||||||||||||||||
Fair Value of Assets Acquired and Liabilities Assumed | ||||||||||||||||||||||
Goodwill | $ 993,587 | $ 1,110,456 | 993,587 | $ 1,110,456 | 1,170,530 | |||||||||||||||||
Mesquite | ||||||||||||||||||||||
Business Acquisition | ||||||||||||||||||||||
Number of saltwater wells acquired | facility | 34 | |||||||||||||||||||||
Number of miles of pipeline acquired | facility | 175 | |||||||||||||||||||||
Total consideration paid in cash | $ 592,500 | |||||||||||||||||||||
Total contingent consideration liability | $ 200,000 | |||||||||||||||||||||
Number of installment payments | 2 | |||||||||||||||||||||
Total consideration to acquire business | $ 885,300 | |||||||||||||||||||||
Contingent consideration liability (Note 4) | 190,000 | |||||||||||||||||||||
Number of installment payments (amended) | 6 | |||||||||||||||||||||
Number of installment payments (prior to March 31, 2020) | 3 | |||||||||||||||||||||
First three installment payments | $ 100,000 | |||||||||||||||||||||
Revenues | 92,400 | |||||||||||||||||||||
Operating income | 14,400 | |||||||||||||||||||||
General and administrative expense | 6,100 | |||||||||||||||||||||
Fair Value of Assets Acquired and Liabilities Assumed | ||||||||||||||||||||||
Property, plant and equipment | 370,923 | 370,923 | ||||||||||||||||||||
Goodwill | 77,549 | 77,549 | ||||||||||||||||||||
Intangible assets | 458,678 | 458,678 | ||||||||||||||||||||
Other noncurrent liabilities | (4,769) | (4,769) | ||||||||||||||||||||
Noncontrolling interests | (17,124) | (17,124) | ||||||||||||||||||||
Fair value of net assets acquired | $ 885,257 | 885,257 | ||||||||||||||||||||
Class B Perpetual Preferred Units | ||||||||||||||||||||||
Business Acquisition | ||||||||||||||||||||||
Units issued, net of offering costs (Note 10) | $ 102,737 | $ 202,731 | ||||||||||||||||||||
Class B Perpetual Preferred Units | Mesquite | ||||||||||||||||||||||
Business Acquisition | ||||||||||||||||||||||
Units issued, net of offering costs (Note 10) | $ 102,800 | |||||||||||||||||||||
Subsequent Event | Mesquite | ||||||||||||||||||||||
Business Acquisition | ||||||||||||||||||||||
Fourth installment payment | $ 55,000 | |||||||||||||||||||||
Fifth installment payment | $ 5,600 | |||||||||||||||||||||
Sixth installment payment | $ 5,600 | |||||||||||||||||||||
Seventh installment payment | $ 5,600 | |||||||||||||||||||||
Eighth installment payment | $ 5,600 | |||||||||||||||||||||
Ninth installment payment | $ 5,600 | |||||||||||||||||||||
Tenth installment payment | $ 5,600 | |||||||||||||||||||||
Eleventh installment payment | $ 5,600 | |||||||||||||||||||||
Twelfth installment payment | $ 5,600 |
Acquisitions - Saltwater Dispos
Acquisitions - Saltwater Disposal Facility Acquisition (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2020USD ($)facility | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Business Acquisition | |||||||||||
Revenues | $ 1,681,244 | $ 2,226,529 | $ 1,804,336 | $ 1,871,891 | $ 2,123,154 | $ 2,295,369 | $ 2,215,682 | $ 2,054,952 | $ 7,584,000 | $ 8,689,157 | $ 6,953,947 |
Operating income | (3,332) | 126,728 | 187,335 | ||||||||
Fair Value of Assets Acquired and Liabilities Assumed | |||||||||||
Goodwill | 993,587 | $ 1,110,456 | $ 993,587 | $ 1,110,456 | $ 1,170,530 | ||||||
Water Solutions Facilities 2020 Acquisitions Acquisition Accounting In Process | |||||||||||
Business Acquisition | |||||||||||
Number of saltwater facilities acquired | facility | 1 | ||||||||||
Number of saltwater wells acquired | facility | 3 | ||||||||||
Total consideration to acquire business | $ 53,000 | ||||||||||
Revenues | 6,400 | ||||||||||
Operating income | 2,100 | ||||||||||
General and administrative expense | 100 | ||||||||||
Fair Value of Assets Acquired and Liabilities Assumed | |||||||||||
Property, plant and equipment | 27,243 | 27,243 | |||||||||
Goodwill | 1,982 | 1,982 | |||||||||
Intangible assets | 24,201 | 24,201 | |||||||||
Other noncurrent liabilities | (426) | (426) | |||||||||
Fair value of net assets acquired | $ 53,000 | $ 53,000 | |||||||||
Water Solutions Facilities 2019 Acquisitions Acquisition Accounting Finalized | |||||||||||
Business Acquisition | |||||||||||
Purchase accounting adjustment, intangibles | $ 2,300 | ||||||||||
Saltwater Facility | |||||||||||
Business Acquisition | |||||||||||
Number of saltwater wells acquired | facility | 2 |
Acquisitions - West Point (Deta
Acquisitions - West Point (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Business Acquisition | ||||||||||||
Goodwill | $ 993,587 | $ 1,110,456 | $ 993,587 | $ 1,110,456 | $ 1,170,530 | |||||||
Revenues | 1,681,244 | $ 2,226,529 | $ 1,804,336 | $ 1,871,891 | $ 2,123,154 | $ 2,295,369 | $ 2,215,682 | $ 2,054,952 | 7,584,000 | 8,689,157 | 6,953,947 | |
Operating income | (3,332) | $ 126,728 | $ 187,335 | |||||||||
West Point | ||||||||||||
Business Acquisition | ||||||||||||
Total consideration to acquire business | $ 5,600 | |||||||||||
Property, plant and equipment | 2,600 | 2,600 | ||||||||||
Intangible assets | 2,200 | 2,200 | ||||||||||
Goodwill | $ 700 | 700 | ||||||||||
Revenues | 100 | |||||||||||
Operating income | 100 | |||||||||||
General and administrative expense | $ 100 |
Acquisitions - Acquisition of A
Acquisitions - Acquisition of Assets (Details) $ in Millions | Nov. 07, 2019USD ($) | Mar. 31, 2020USD ($)facility |
Basin | ||
Business Acquisition | ||
Payments to acquire assets | $ 56.5 | |
Saltwater Facility | ||
Business Acquisition | ||
Payments to acquire assets | $ 13 | |
Number of saltwater wells acquired | facility | 2 | |
Water rights | Basin | ||
Business Acquisition | ||
Payments to acquire assets | 36.1 | |
Equity Method Investment | Basin | ||
Business Acquisition | ||
Payments to acquire assets | 20.2 | |
Net Other Current and Noncurrent Assets | Basin | ||
Business Acquisition | ||
Payments to acquire assets | $ 0.3 |
Acquisitions - Brackish Non-Pot
Acquisitions - Brackish Non-Potable Water Solutions Facilities (Details) - Water Solutions Facilities 2019 Acquisitions Acquisition Accounting Finalized $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019facility | Sep. 30, 2019USD ($) | |
Business Acquisition | ||
Number of brackish non-potable facilities acquired | 4 | |
Number of brackish non-potable wells acquired | 16 | |
Amount paid to sellers | $ | $ 2.5 |
Acquisitions - Natural Gas Liqu
Acquisitions - Natural Gas Liquids Terminal Business (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Business Acquisition | |||
Goodwill | $ 993,587 | $ 1,110,456 | $ 1,170,530 |
Natural Gas Liquids Terminal Business 2019 Acquisitions Acquisition Accounting Finalized | |||
Business Acquisition | |||
Purchase accounting adjustment, inventories | (2,700) | ||
Purchase accounting adjustment, other current assets | 300 | ||
Purchase accounting adjustment, property, plant and equipment | 100 | ||
Purchase accounting adjustment, current liabilities | (900) | ||
Purchase accounting adjustment, noncurrent liabilities | (500) | ||
Purchase accounting adjustment, intangibles | (26,900) | ||
Goodwill | (2,100) | ||
Property, plant and equipment | Natural Gas Liquids Terminal Business 2019 Acquisitions Acquisition Accounting Finalized | |||
Business Acquisition | |||
Purchase accounting adjustment, property, plant and equipment | $ 29,000 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 3,380,623 | $ 2,246,397 | |
Accumulated depreciation | (529,068) | (417,457) | |
Net property, plant and equipment | 2,851,555 | 1,828,940 | |
Depreciation expense | 132,791 | 101,515 | $ 99,954 |
Capitalized interest expense | 650 | 482 | 182 |
(Gain) loss on sales and write-downs of certain assets | 22,497 | 7,549 | 5,620 |
Crude oil logistics | |||
Property, Plant and Equipment | |||
(Gain) loss on sales and write-downs of certain assets | 36 | 3,489 | (3,144) |
Water solutions | |||
Property, Plant and Equipment | |||
(Gain) loss on sales and write-downs of certain assets | 22,491 | 3,067 | 8,117 |
Liquids and refined products | |||
Property, Plant and Equipment | |||
(Gain) loss on sales and write-downs of certain assets | (30) | 993 | 639 |
Corporate and Other | |||
Property, Plant and Equipment | |||
(Gain) loss on sales and write-downs of certain assets | 0 | 0 | $ 8 |
Natural gas liquids terminal and storage assets | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 314,694 | 280,106 | |
Natural gas liquids terminal and storage assets | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 2 years | ||
Natural gas liquids terminal and storage assets | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 30 years | ||
Pipeline and related facilities | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 244,751 | 243,799 | |
Pipeline and related facilities | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 30 years | ||
Pipeline and related facilities | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 40 years | ||
Vehicles and railcars | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 123,937 | 124,948 | |
Vehicles and railcars | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 3 years | ||
Vehicles and railcars | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 25 years | ||
Water treatment facilities and equipment | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 1,525,859 | 704,666 | |
Water treatment facilities and equipment | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 3 years | ||
Water treatment facilities and equipment | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 30 years | ||
Crude oil tanks and related equipment | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 234,143 | 225,476 | |
Crude oil tanks and related equipment | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 2 years | ||
Crude oil tanks and related equipment | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 30 years | ||
Barges and towboats | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 125,162 | 103,735 | |
Barges and towboats | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 5 years | ||
Barges and towboats | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 30 years | ||
Information technology equipment | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 34,261 | 31,831 | |
Information technology equipment | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 3 years | ||
Information technology equipment | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 7 years | ||
Buildings and leasehold improvements | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 151,690 | 143,711 | |
Buildings and leasehold improvements | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 3 years | ||
Buildings and leasehold improvements | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 40 years | ||
Land | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 91,446 | 62,379 | |
Tank bottoms and line fill | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | 20,346 | 20,071 | |
Other | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 14,627 | 14,870 | |
Other | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 3 years | ||
Other | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 20 years | ||
Construction in progress | |||
Property, Plant and Equipment | |||
Gross property, plant and equipment | $ 499,707 | $ 290,805 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill [Roll Forward] | |||||
Goodwill at the beginning of the period | $ 1,110,456 | $ 1,170,530 | |||
Acquisitions (Note 4) | 130,479 | 94,661 | |||
Disposals (Note 17) | (88,515) | ||||
Impairment | (250,000) | (66,220) | |||
Revisions to acquisition accounting (Note 4) | 2,652 | ||||
Goodwill at the end of the period | $ 993,587 | $ 1,110,456 | 993,587 | 1,110,456 | |
Crude oil logistics | |||||
Goodwill [Roll Forward] | |||||
Goodwill at the beginning of the period | 579,846 | 579,846 | |||
Goodwill at the end of the period | 579,846 | 579,846 | 579,846 | 579,846 | |
Water solutions | |||||
Goodwill [Roll Forward] | |||||
Goodwill at the beginning of the period | 410,139 | 424,465 | |||
Acquisitions (Note 4) | 129,764 | 74,189 | |||
Disposals (Note 17) | (88,515) | ||||
Impairment | (250,000) | (250,000) | |||
Revisions to acquisition accounting (Note 4) | 4,755 | ||||
Goodwill at the end of the period | 294,658 | 410,139 | 294,658 | 410,139 | |
Liquids and refined products | |||||
Goodwill [Roll Forward] | |||||
Goodwill at the beginning of the period | 120,471 | 166,219 | |||
Acquisitions (Note 4) | 715 | 20,472 | |||
Impairment | (66,200) | $ (116,900) | (66,220) | ||
Revisions to acquisition accounting (Note 4) | (2,103) | ||||
Goodwill at the end of the period | $ 119,083 | $ 120,471 | $ 119,083 | $ 120,471 |
Goodwill Impairment (Details)
Goodwill Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Jan. 01, 2019 | Mar. 31, 2018 | Mar. 30, 2018 | |
Goodwill | |||||||||
Impairment | $ 250,000 | $ 66,220 | |||||||
Goodwill | $ 993,587 | $ 1,110,456 | 993,587 | 1,110,456 | $ 1,170,530 | ||||
Water solutions | |||||||||
Goodwill | |||||||||
Reporting unit, percentage of fair value below carrying amount | 7.30% | ||||||||
Impairment | 250,000 | 250,000 | |||||||
Goodwill | 294,658 | 410,139 | 294,658 | 410,139 | 424,465 | ||||
Liquids and refined products | |||||||||
Goodwill | |||||||||
Impairment | 66,200 | $ 116,900 | 66,220 | ||||||
Goodwill | $ 119,083 | $ 120,471 | $ 119,083 | $ 120,471 | $ 166,219 | ||||
Sawtooth | |||||||||
Goodwill | |||||||||
Reporting unit, percentage of fair value below carrying amount | 32.00% | 35.20% | |||||||
Goodwill, impairment test, assumed per year increase in rental fees | 4.00% | 7.00% | |||||||
Goodwill, impairment test, discount rate | 12.00% | 13.10% | 12.40% | ||||||
Goodwill, impairment test, assumed per year increase in commodity prices | 2.00% | ||||||||
Goodwill | $ 66,200 | ||||||||
Reporting unit, percentage of fair value in excess of carrying amount | 2.00% |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2018 | Mar. 31, 2019 | |
Amortizable | |||
Finite-lived intangible assets, gross | $ 2,241,129 | $ 1,301,206 | |
Accumulated amortization | (631,449) | (503,117) | |
Finite-lived intangible assets, net | 1,609,680 | 798,089 | |
INTANGIBLE ASSETS, net of accumulated amortization | 1,612,480 | 800,889 | |
Non-Amortizable | |||
Gross carrying amount of intangible assets | $ 2,243,929 | 1,304,006 | |
Weighted average remaining amortization period for intangible assets | 18 years 9 months 18 days | ||
Intangible assets written off related to the purchase of the remaining interest in a business | $ 1,800 | ||
Trade names | |||
Non-Amortizable | |||
Indefinite-lived intangible assets | $ 2,800 | 2,800 | |
Customer relationships | |||
Amortizable | |||
Finite-lived intangible assets, gross | 1,435,573 | 742,832 | |
Accumulated amortization | (445,250) | (369,983) | |
Finite-lived intangible assets, net | $ 990,323 | 372,849 | |
Customer relationships | Minimum | |||
Amortizable | |||
Amortizable life | 3 years | ||
Customer relationships | Maximum | |||
Amortizable | |||
Amortizable life | 30 years | ||
Customer commitments | |||
Amortizable | |||
Finite-lived intangible assets, gross | $ 502,000 | 310,000 | |
Accumulated amortization | (111,677) | (74,917) | |
Finite-lived intangible assets, net | $ 390,323 | 235,083 | |
Customer commitments | Minimum | |||
Amortizable | |||
Amortizable life | 10 years | ||
Customer commitments | Maximum | |||
Amortizable | |||
Amortizable life | 25 years | ||
Pipeline capacity rights | |||
Amortizable | |||
Amortizable life | 30 years | ||
Finite-lived intangible assets, gross | $ 7,799 | 7,799 | |
Accumulated amortization | (1,647) | (1,387) | |
Finite-lived intangible assets, net | 6,152 | 6,412 | |
Right-of-way and easements | |||
Amortizable | |||
Finite-lived intangible assets, gross | 89,476 | 73,409 | |
Accumulated amortization | (6,506) | (4,509) | |
Finite-lived intangible assets, net | $ 82,970 | 68,900 | |
Right-of-way and easements | Minimum | |||
Amortizable | |||
Amortizable life | 1 year | ||
Right-of-way and easements | Maximum | |||
Amortizable | |||
Amortizable life | 45 years | ||
Water rights | |||
Amortizable | |||
Finite-lived intangible assets, gross | $ 100,937 | 64,868 | |
Accumulated amortization | (8,441) | (3,018) | |
Finite-lived intangible assets, net | $ 92,496 | 61,850 | |
Water rights | Minimum | |||
Amortizable | |||
Amortizable life | 13 years | ||
Water rights | Maximum | |||
Amortizable | |||
Amortizable life | 30 years | ||
Executory contracts and other agreements | |||
Amortizable | |||
Finite-lived intangible assets, gross | $ 48,570 | 47,230 | |
Accumulated amortization | (18,210) | (17,212) | |
Finite-lived intangible assets, net | $ 30,360 | 30,018 | |
Executory contracts and other agreements | Minimum | |||
Amortizable | |||
Amortizable life | 5 years | ||
Executory contracts and other agreements | Maximum | |||
Amortizable | |||
Amortizable life | 30 years | ||
Non-compete agreements | |||
Amortizable | |||
Finite-lived intangible assets, gross | $ 12,723 | 12,723 | |
Accumulated amortization | (4,735) | (2,570) | |
Finite-lived intangible assets, net | $ 7,988 | 10,153 | |
Non-compete agreements | Minimum | |||
Amortizable | |||
Amortizable life | 2 years | ||
Non-compete agreements | Maximum | |||
Amortizable | |||
Amortizable life | 24 years | ||
Debt issuance costs | |||
Amortizable | |||
Finite-lived intangible assets, gross | $ 44,051 | 42,345 | |
Accumulated amortization | (34,983) | (29,521) | |
Finite-lived intangible assets, net | $ 9,068 | $ 12,824 | |
Debt issuance costs | Minimum | |||
Amortizable | |||
Amortizable life | 3 years | ||
Debt issuance costs | Maximum | |||
Amortizable | |||
Amortizable life | 5 years |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Amortization related to intangible assets | |||
Amortization expense | $ 138,618 | $ 115,872 | $ 113,978 |
Future amortization expense of intangible assets | |||
2021 | 144,367 | ||
2022 | 131,171 | ||
2023 | 122,751 | ||
2024 | 116,549 | ||
2025 | 100,320 | ||
Thereafter | 994,522 | ||
Finite-lived intangible assets, net | 1,609,680 | 798,089 | |
Depreciation and amortization | |||
Amortization related to intangible assets | |||
Amortization expense | 132,521 | 110,458 | 108,444 |
Cost of sales | |||
Amortization related to intangible assets | |||
Amortization expense | 349 | 486 | 966 |
Interest expense | |||
Amortization related to intangible assets | |||
Amortization expense | 5,462 | 4,928 | 4,568 |
Operating expenses | |||
Amortization related to intangible assets | |||
Amortization expense | $ 286 | $ 0 | $ 0 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Apr. 09, 2019 | Feb. 22, 2017 | Oct. 24, 2016 | Jul. 09, 2014 | Oct. 16, 2013 | Jun. 19, 2012 | |
Long-Term Debt | |||||||||
Face amount | $ 3,169,326 | $ 2,172,789 | |||||||
Face amount, current portion | 4,683 | 648 | |||||||
Face amount, long-term | 3,164,643 | 2,172,141 | |||||||
Debt issuance costs, noncurrent, net | (19,795) | (12,008) | |||||||
LONG-TERM DEBT, debt issuance costs | (19,795) | (12,008) | |||||||
Book value | 3,149,531 | 2,160,781 | |||||||
Book value, current | 4,683 | 648 | |||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 3,144,848 | 2,160,133 | |||||||
Amortization of debt issuance costs | 5,400 | 4,300 | $ 6,100 | ||||||
Expected Future Amortization of Debt Issuance Costs | |||||||||
2021 | 5,206 | ||||||||
2022 | 3,983 | ||||||||
2023 | 3,983 | ||||||||
2024 | 3,359 | ||||||||
2025 | 2,061 | ||||||||
Thereafter | 1,203 | ||||||||
Total | $ 19,795 | ||||||||
Senior secured notes | |||||||||
Long-Term Debt | |||||||||
Fixed interest rate | 6.65% | ||||||||
5.125% Senior Notes due 2019 | |||||||||
Long-Term Debt | |||||||||
Fixed interest rate | 5.125% | ||||||||
6.875% Senior Notes due 2021 | |||||||||
Long-Term Debt | |||||||||
Fixed interest rate | 6.875% | ||||||||
7.50% Senior Notes due 2023 | |||||||||
Long-Term Debt | |||||||||
Fixed interest rate | 7.50% | 7.50% | |||||||
Face amount | $ 607,323 | 607,323 | |||||||
LONG-TERM DEBT, debt issuance costs | (5,405) | (6,916) | |||||||
Book value | $ 601,918 | 600,407 | |||||||
6.125% Senior Notes due 2025 | |||||||||
Long-Term Debt | |||||||||
Fixed interest rate | 6.125% | 6.125% | |||||||
Face amount | $ 387,320 | 389,135 | |||||||
LONG-TERM DEBT, debt issuance costs | (4,217) | (5,092) | |||||||
Book value | $ 383,103 | 384,043 | |||||||
7.50% Senior Notes due 2026 | |||||||||
Long-Term Debt | |||||||||
Fixed interest rate | 7.50% | 7.50% | |||||||
Face amount | $ 450,000 | ||||||||
LONG-TERM DEBT, debt issuance costs | (6,975) | ||||||||
Book value | 443,025 | ||||||||
Term Credit Agreement | |||||||||
Long-Term Debt | |||||||||
Face amount | 250,000 | ||||||||
LONG-TERM DEBT, debt issuance costs | (3,198) | ||||||||
Book value | 246,802 | ||||||||
Other long-term debt | |||||||||
Long-Term Debt | |||||||||
Face amount | 4,683 | 5,331 | |||||||
LONG-TERM DEBT, debt issuance costs | 0 | 0 | |||||||
Book value | 4,683 | 5,331 | |||||||
Expansion Capital Facility | Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Face amount | 1,120,000 | 275,000 | |||||||
LONG-TERM DEBT, debt issuance costs | 0 | 0 | |||||||
Book value | 1,120,000 | 275,000 | |||||||
Working Capital Facility | Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Face amount | 350,000 | 896,000 | |||||||
LONG-TERM DEBT, debt issuance costs | 0 | 0 | |||||||
Book value | $ 350,000 | $ 896,000 |
Long-Term Debt - Credit Agreeme
Long-Term Debt - Credit Agreement (Details) - USD ($) $ in Millions | Oct. 30, 2019 | Mar. 31, 2020 | Apr. 27, 2020 |
Revolving Credit Facility | |||
Long-Term Debt | |||
Maximum borrowing capacity | $ 1,915 | ||
Credit agreement amendment - October 30, 2019 | On October 30, 2019, we amended the Credit Agreement to, among other things, adjust the allocation of the commitments of the lenders to make revolving loans thereunder and, effective with the fiscal quarter ending December 31, 2019, amend the covenant package to include the senior secured leverage ratio, interest coverage ratio and total leverage indebtedness ratio financial covenants (each as defined in the Credit Agreement). | ||
Financial Covenants in Credit Agreement | |||
Debt instrument, actual senior secured leverage ratio | 2.56 | ||
Debt instrument, actual interest coverage ratio | 3.98 | ||
Debt instrument, actual total leverage indebtedness ratio | 4.86 | ||
Revolving Credit Facility | Minimum | |||
Long-Term Debt | |||
Commitment fees charged on unused capacity | 0.375% | ||
Financial Covenants in Credit Agreement | |||
Debt instrument, interest coverage ratio March 31, 2020 to October 5, 2021 | 2.50 | ||
Revolving Credit Facility | Maximum | |||
Long-Term Debt | |||
Commitment fees charged on unused capacity | 0.50% | ||
Financial Covenants in Credit Agreement | |||
Debt instrument, senior secured leverage ratio March 31, 2020 to October 5, 2021 | 3.50 | ||
Debt instrument, total leverage indebtedness ratio March 31, 2020 to June 30, 2020 | 5.75 | ||
Debt instrument, total leverage indebtedness ratio June 30, 2020 to October 5, 2021 | 5.50 | ||
Revolving Credit Facility | LIBOR option | |||
Long-Term Debt | |||
Reference rate | 0.85% | ||
Interest rate margin added to variable rate base | 2.50% | ||
Revolving Credit Facility | Prime rate | |||
Long-Term Debt | |||
Reference rate | 3.25% | ||
Interest rate margin added to variable rate base | 1.50% | ||
Revolving Credit Facility | |||
Long-Term Debt | |||
Interest rate | 3.36% | ||
Working Capital Facility | Revolving Credit Facility | |||
Long-Term Debt | |||
Maximum borrowing capacity | $ 641.5 | ||
Working Capital Facility | Letters of credit | |||
Long-Term Debt | |||
Outstanding letters of credit | 65.8 | ||
Expansion Capital Facility | Revolving Credit Facility | |||
Long-Term Debt | |||
Maximum borrowing capacity | $ 1,273 | ||
Letters of credit | Revolving Credit Facility | |||
Long-Term Debt | |||
Fixed interest rate | 2.50% | ||
Subsequent Event | Working Capital Facility | Revolving Credit Facility | |||
Long-Term Debt | |||
Maximum borrowing capacity | $ 350 | ||
Subsequent Event | Expansion Capital Facility | Revolving Credit Facility | |||
Long-Term Debt | |||
Maximum borrowing capacity | $ 1,565 |
Long-Term Debt - Senior Unsecur
Long-Term Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands | Apr. 09, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 21, 2020 | Feb. 22, 2017 | Oct. 24, 2016 | Jul. 09, 2014 | Oct. 16, 2013 |
Long-Term Debt | |||||||||
2026 Notes redemption terms | We have the option to redeem all or a portion of the 2026 Notes at any time on or after April 15, 2022 at fixed redemption prices beginning at 103.750% on such date and declining annually and ratably to par for redemptions occurring on or after April 15, 2024 plus accrued and unpaid interest. At any time prior to April 15, 2022, we may redeem all or a portion of the 2026 Notes, at a redemption price equal to the āmake whole priceā specified in the indenture, plus accrued and unpaid interest. | ||||||||
Notes repurchased | $ 454 | $ 737,058 | $ 486,699 | ||||||
Gain (loss) on early extinguishment of liabilities, net | $ 1,341 | (12,340) | (23,201) | ||||||
5.125% Senior Notes due 2019 | |||||||||
Long-Term Debt | |||||||||
Face amount | $ 400,000 | ||||||||
Fixed interest rate | 5.125% | ||||||||
6.875% Senior Notes due 2021 | |||||||||
Long-Term Debt | |||||||||
Face amount | $ 450,000 | ||||||||
Fixed interest rate | 6.875% | ||||||||
7.50% Senior Notes due 2023 | |||||||||
Long-Term Debt | |||||||||
Face amount | $ 700,000 | ||||||||
Fixed interest rate | 7.50% | 7.50% | |||||||
6.125% Senior Notes due 2025 | |||||||||
Long-Term Debt | |||||||||
Face amount | $ 500,000 | ||||||||
Fixed interest rate | 6.125% | 6.125% | |||||||
7.50% Senior Notes due 2026 | |||||||||
Long-Term Debt | |||||||||
Face amount | $ 450,000 | ||||||||
Fixed interest rate | 7.50% | 7.50% | |||||||
Proceeds from issuance of 2026 Notes | $ 442,100 | ||||||||
Initial purchaser's discount on 2026 Notes | 6,800 | ||||||||
Offering costs for 2026 Notes | $ 1,100 | ||||||||
Registration exchange of unsecured securities | 100.00% | ||||||||
Redemptions | 5.125% Senior Notes due 2019 | |||||||||
Long-Term Debt | |||||||||
Notes repurchased | 328,005 | ||||||||
Cash paid (excluding payments of accrued interest) | 329,719 | ||||||||
Gain (loss) on early extinguishment of liabilities, net | (2,113) | ||||||||
Write off of debt issuance costs | 400 | ||||||||
Redemptions | 6.875% Senior Notes due 2021 | |||||||||
Long-Term Debt | |||||||||
Notes repurchased | 367,048 | ||||||||
Cash paid (excluding payments of accrued interest) | 373,358 | ||||||||
Gain (loss) on early extinguishment of liabilities, net | (10,130) | ||||||||
Write off of debt issuance costs | 3,800 | ||||||||
Repurchases | 5.125% Senior Notes due 2019 | |||||||||
Long-Term Debt | |||||||||
Notes repurchased | 25,419 | 26,034 | |||||||
Cash paid (excluding payments of accrued interest) | 25,406 | 26,002 | |||||||
Gain (loss) on early extinguishment of liabilities, net | (34) | (140) | |||||||
Write off of debt issuance costs | 100 | 200 | |||||||
Repurchases | 7.50% Senior Notes due 2023 | |||||||||
Long-Term Debt | |||||||||
Notes repurchased | 8,624 | 84,053 | |||||||
Cash paid (excluding payments of accrued interest) | 8,575 | 83,967 | |||||||
Gain (loss) on early extinguishment of liabilities, net | (63) | (1,136) | |||||||
Write off of debt issuance costs | $ 100 | 1,200 | |||||||
Repurchases | 6.125% Senior Notes due 2025 | |||||||||
Long-Term Debt | |||||||||
Notes repurchased | $ 1,815 | 110,865 | |||||||
Cash paid (excluding payments of accrued interest) | 454 | 107,050 | |||||||
Gain (loss) on early extinguishment of liabilities, net | 1,341 | 2,046 | |||||||
Write off of debt issuance costs | $ 100 | $ 1,800 |
Long-Term Debt - Term Credit Ag
Long-Term Debt - Term Credit Agreement (Details) - Term Credit Agreement - USD ($) $ in Millions | Jul. 02, 2019 | Mar. 31, 2020 |
Long-Term Debt | ||
Secured debt | $ 250 | |
Term Credit Agreement, interest rate description | All borrowings under the Term Credit Agreement bear interest, at either (a) an alternate base rate plus (i) during the first three-month period after the Closing Date, margin equal to the applicable margin for alternate base rate loans calculated under our existing revolving credit facility, (ii) 2.00% per annum for the second three-month period after the Closing Date, (iii) 2.25% per annum for the third three-month period after the Closing Date, (iv) 2.50% per annum for the fourth three-month period after the Closing Date, and (v) thereafter, the rate per year such that the alternate base rate equals a rate of interest agreed to between us and the administrative agent, or (b) an adjusted LIBOR rate plus (i) during the first three-month period after the Closing Date, margin equal to the applicable margin for LIBOR rate loans calculated under our existing revolving credit facility, (ii) 3.00% per annum for the second three-month period after the Closing Date, (iii) 3.25% per annum for the third three-month period after the Closing Date, (iv) 3.50% per annum for the fourth three-month period after the Closing Date, and (v) thereafter, such rate per annum such that the adjusted LIBOR rate equals a rate of interest agreed to between us and the administrative agent. | |
Interest rate | 4.05% | |
Prime rate | ||
Long-Term Debt | ||
Reference rate | 0.80% | |
Interest rate margin added to variable rate base | 3.25% |
Long Term Debt - Senior Secured
Long Term Debt - Senior Secured Notes (Details) - USD ($) $ in Thousands | Dec. 19, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 19, 2012 |
Long-Term Debt | |||||
Loss on early extinguishment of debt | $ 1,341 | $ (12,340) | $ (23,201) | ||
Senior secured notes | |||||
Long-Term Debt | |||||
Face amount | $ 250,000 | ||||
Fixed interest rate | 6.65% | ||||
Repayments in semi-annual installments | $ 19,500 | $ 25,000 | |||
Notes repurchased | 230,500 | ||||
Cash paid (excluding payments of accrued interest) | 250,179 | ||||
Loss on early extinguishment of debt | (23,971) | ||||
Write off of debt issuance costs | $ 4,300 |
Long-Term Debt - Sawtooth Credi
Long-Term Debt - Sawtooth Credit Agreement (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Line of Credit Facility | ||
Face amount | $ 3,169,326,000 | $ 2,172,789,000 |
Sawtooth Credit Facility | ||
Line of Credit Facility | ||
Ownership percentage in Sawtooth | 71.50% | |
Maximum borrowing capacity | $ 20,000,000 | |
Face amount | $ 0 | |
Commitment fees charged on unused capacity | 0.50% |
Long-Term Debt - Other Long-Ter
Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Long-Term Debt | ||
Face amount | $ 3,169,326 | $ 2,172,789 |
Equipment loan | ||
Long-Term Debt | ||
Face amount | $ 4,700 | |
Equipment loan | Minimum | ||
Long-Term Debt | ||
Fixed interest rate | 4.13% | |
Equipment loan | Maximum | ||
Long-Term Debt | ||
Fixed interest rate | 7.10% |
Long-Term Debt - Debt Maturity
Long-Term Debt - Debt Maturity Schedule (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Maturities | |
2021 | $ 4,683 |
2022 | 1,470,000 |
2023 | 0 |
2024 | 607,323 |
2025 | 637,320 |
Thereafter | 450,000 |
Total | 3,169,326 |
Revolving Credit Facility | |
Maturities | |
2022 | 1,470,000 |
2023 | 0 |
2024 | 0 |
Total | 1,470,000 |
Senior unsecured notes | |
Maturities | |
2024 | 607,323 |
2025 | 387,320 |
Thereafter | 450,000 |
Total | 1,444,643 |
Term Credit Agreement | |
Maturities | |
2025 | 250,000 |
Thereafter | 0 |
Total | 250,000 |
Other long-term debt | |
Maturities | |
2021 | 4,683 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total | $ 4,683 |
Commitments and Contingencies -
Commitments and Contingencies - Legal Contingencies (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Loss Contingencies | |
Range of possible loss | $ 4 |
Loss contingency accrual | 2.5 |
Services Rendered | |
Loss Contingencies | |
Damages awarded | 4 |
Fraudulent Misrepresentation | |
Loss Contingencies | |
Damages awarded | $ 29 |
Commitments and Contingencies_2
Commitments and Contingencies - Environmental Matters (Details) number in Millions, $ in Millions | 12 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Environmental matter | ||
Environmental matters liability | $ 2 | |
Litigation settlement, cash portion | $ 25 | |
Litigation settlement, renewable identification numbers | 36 | |
Litigation settlement expense | $ 12.5 | $ 12.5 |
Commitments and Contingencies_3
Commitments and Contingencies - Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of period | $ 9,723 | $ 9,133 |
Liabilities incurred | 1,643 | 586 |
Liabilities assumed in acquisitions | 6,642 | 438 |
Liabilities associated with disposed assets (1) | (585) | |
Liabilities settled | (658) | (546) |
Accretion expense | 1,066 | 697 |
Balance at end of period | $ 18,416 | $ 9,723 |
Commitments and Contingencies_4
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2020 | |
Future minimum payments | |||
2021 | $ 13,136 | ||
2022 | 10,375 | ||
2023 | 4,521 | ||
2024 | 4,521 | ||
2025 | 172 | ||
Thereafter | 525 | ||
Total | 33,250 | ||
Rental expense | $ 91,600 | $ 111,300 | |
Hillstone Subsidy Payment | |||
Loss Contingencies | |||
Contractual Obligation | 800 | ||
Minimum | Hillstone Subsidy Payment | |||
Loss Contingencies | |||
Contractual Obligation | 0 | ||
Maximum | Hillstone Subsidy Payment | |||
Loss Contingencies | |||
Contractual Obligation | $ 8,900 |
Commitments and Contingencies_5
Commitments and Contingencies - Pipeline Capacity Agreements (Details) - USD ($) $ in Thousands | Oct. 24, 2019 | Mar. 31, 2020 |
Future minimum throughput payments | ||
Number of additional years to use deficiency credit | 5 years | |
Customer contracts | ||
Future minimum throughput payments | ||
Number of months to continue shipping after maturity date of contract | 6 months | |
Pipeline capacity agreements | ||
Future minimum throughput payments | ||
2021 | $ 35,314 | |
2022 | 35,314 | |
2023 | 35,314 | |
2024 | 35,410 | |
2025 | 30,897 | |
Contractual obligation, total due | $ 172,249 |
Commitments and Contingencies_6
Commitments and Contingencies - Construction Commitments (Details) $ in Millions | Mar. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Construction commitments | $ 5.1 |
Commitments and Contingencies_7
Commitments and Contingencies - Purchase Commitments (Details) gal in Thousands, bbl in Thousands, $ in Thousands | Mar. 31, 2020USD ($)bblgal |
Crude oil | |
Purchase commitments for crude oil and natural gas | |
Fixed-price purchase commitments, due in next twelve months | $ 52,420 |
Fixed-price purchase commitments (in barrels/gallons), due in next twelve months | bbl | 2,134 |
Total fixed-price purchase commitments | $ 52,420 |
Total fixed-price purchase commitments (in barrels/gallons) | bbl | 2,134 |
Index-price purchase commitments, due in next twelve months | $ 522,123 |
Index-price purchase commitments (in barrels/gallons), due in next twelve months | bbl | 23,374 |
Index-price purchase commitments, due in second year | $ 259,847 |
Index-price purchase commitments (in barrels/gallons), due in second year | bbl | 8,264 |
Index-price purchase commitments, due in third year | $ 191,584 |
Index-price purchase commitments (in barrels), due in third year | bbl | 5,482 |
Index-price purchase commitments, due in fourth year | $ 150,682 |
Index-price purchase commitments (in barrels), due in fourth year | bbl | 4,110 |
Total index-price purchase commitments | $ 1,124,236 |
Total index-price purchase commitments (in barrels/gallons) | bbl | 41,230 |
Natural gas liquids | |
Purchase commitments for crude oil and natural gas | |
Fixed-price purchase commitments, due in next twelve months | $ 10,142 |
Fixed-price purchase commitments (in barrels/gallons), due in next twelve months | gal | 23,994 |
Fixed-price purchase commitments, due in second year | $ 2,495 |
Fixed-price purchase commitments (in gallons), due in second year | gal | 5,766 |
Total fixed-price purchase commitments | $ 12,637 |
Total fixed-price purchase commitments (in barrels/gallons) | gal | 29,760 |
Index-price purchase commitments, due in next twelve months | $ 377,992 |
Index-price purchase commitments (in barrels/gallons), due in next twelve months | gal | 1,169,741 |
Index-price purchase commitments, due in second year | $ 11,636 |
Index-price purchase commitments (in barrels/gallons), due in second year | gal | 36,545 |
Total index-price purchase commitments | $ 389,628 |
Total index-price purchase commitments (in barrels/gallons) | gal | 1,206,286 |
Commitments and Contingencies_8
Commitments and Contingencies - Sales Commitments (Details) gal in Thousands, bbl in Thousands, $ in Thousands | Mar. 31, 2020USD ($)bblgal | Mar. 31, 2019USD ($) |
Sales commitments for crude oil and natural gas | ||
Net commodity asset (liability) | $ 18,910 | $ 7,700 |
Crude oil | ||
Sales commitments for crude oil and natural gas | ||
Fixed-price sale commitments, due in next twelve months | $ 57,073 | |
Fixed-price sales commitments (in barrels/gallons), due in next twelve months | bbl | 2,194 | |
Total fixed-price sale commitments | $ 57,073 | |
Total fixed-price sale commitments (in barrels/gallons) | bbl | 2,194 | |
Index-price sale commitments, due in next twelve months | $ 325,215 | |
Index-price sale commitments (in barrels/gallons), due in next twelve months | bbl | 14,120 | |
Total index-price sale commitments | $ 325,215 | |
Total index-price sale commitments (in barrels/gallons) | bbl | 14,120 | |
Natural gas liquids | ||
Sales commitments for crude oil and natural gas | ||
Fixed-price sale commitments, due in next twelve months | $ 54,176 | |
Fixed-price sales commitments (in barrels/gallons), due in next twelve months | gal | 88,542 | |
Fixed-price sale commitments, due in second year | $ 4,472 | |
Fixed-price sale commitments (in gallons), due in second year | gal | 8,164 | |
Fixed-price sale commitments, due in third year | $ 28 | |
Fixed-price sale commitments (in gallons), due in third year | gal | 36 | |
Total fixed-price sale commitments | $ 58,676 | |
Total fixed-price sale commitments (in barrels/gallons) | gal | 96,742 | |
Index-price sale commitments, due in next twelve months | $ 278,304 | |
Index-price sale commitments (in barrels/gallons), due in next twelve months | gal | 605,250 | |
Index-price sale commitments, due in second year | $ 723 | |
Index-price commitments (in gallons), due in second year | gal | 1,470 | |
Total index-price sale commitments | $ 279,027 | |
Total index-price sale commitments (in barrels/gallons) | gal | 606,720 | |
Prepaid expenses and other current assets | ||
Sales commitments for crude oil and natural gas | ||
Net commodity asset (liability) | $ 25,200 | |
Accrued expenses and other payables | ||
Sales commitments for crude oil and natural gas | ||
Net commodity asset (liability) | $ 17,100 |
Equity - Partnership Equity and
Equity - Partnership Equity and General Partner Contributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Equity | |||
General partners' capital account, notional units issued (in units) | 4,268 | 3,039 | 1,294 |
Notional units issued | $ 202,731 | ||
Common units | |||
Equity | |||
Ownership interest in NGL Energy Holdings LLC | 8.69% | ||
General Partner | |||
Equity | |||
Notional units issued | $ 100 | ||
General Partner | |||
Equity | |||
General partner interest | 0.10% | 0.10% | |
General Partner | Common units | |||
Equity | |||
General partner interest | 0.10% | ||
Limited Partner | |||
Equity | |||
Limited partner interest | 99.90% | 99.90% | |
Limited Partner | Common units | |||
Equity | |||
Limited partner interest | 99.90% |
Equity - Equity Issuances (Deta
Equity - Equity Issuances (Details) - Common units - USD ($) $ in Millions | Aug. 24, 2016 | Mar. 31, 2017 |
Equity | ||
Aggregate offering price under at the market program | $ 200 | |
Units issued (in units) | 3,321,135 | |
Proceeds from sale of common units, net of offering costs | $ 64.4 | |
Limited partners' offering costs | $ 0.9 |
Equity - Common Unit Repurchase
Equity - Common Unit Repurchase Programs (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Aug. 30, 2019 | Aug. 29, 2017 | |
Common unit repurchases and cancellations | $ (1,644) | $ (297) | $ (15,817) | |||
Share repurchase program | ||||||
Common unit repurchase program, authorized amount | $ 150,000 | $ 15,000 | ||||
Common unit repurchases (in units) | 1,516,848 | |||||
Common unit repurchases and cancellations | $ (15,000) |
Equity - Distributions (Details
Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | May 15, 2020 | Apr. 27, 2020 | Feb. 14, 2020 | Jan. 23, 2020 | Nov. 14, 2019 | Oct. 23, 2019 | Aug. 14, 2019 | Jul. 23, 2019 | May 15, 2019 | Apr. 24, 2019 | Feb. 14, 2019 | Jan. 22, 2019 | Nov. 14, 2018 | Oct. 23, 2018 | Aug. 14, 2018 | Jul. 24, 2018 | May 15, 2018 | Apr. 24, 2018 | Feb. 14, 2018 | Jan. 23, 2018 | Nov. 14, 2017 | Oct. 19, 2017 | Aug. 14, 2017 | Jul. 20, 2017 | May 15, 2017 | Apr. 24, 2017 |
Distributions | ||||||||||||||||||||||||||
Amount Per Unit (in dollars per unit) | $ 0.3900 | $ 0.3900 | $ 0.3900 | $ 0.3900 | $ 0.3900 | $ 0.3900 | $ 0.3900 | $ 0.3900 | $ 0.3900 | $ 0.3900 | $ 0.3900 | $ 0.3900 | ||||||||||||||
Amount Paid to Limited Partners | $ 50,056 | $ 49,936 | $ 49,217 | $ 49,127 | $ 48,373 | $ 48,260 | $ 47,600 | $ 47,374 | $ 47,223 | $ 47,000 | $ 47,460 | $ 46,870 | ||||||||||||||
Amount Paid to General Partner | $ 86 | $ 86 | $ 85 | $ 85 | $ 83 | $ 83 | $ 82 | $ 82 | $ 81 | $ 81 | $ 81 | $ 80 | ||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||
Amount Per Unit (in dollars per unit) | $ 0.2000 | |||||||||||||||||||||||||
Amount Paid to Limited Partners | $ 25,754 | |||||||||||||||||||||||||
Amount Paid to General Partner | $ 26 |
Equity - Class A Convertible Pr
Equity - Class A Convertible Preferred Units (Details) - USD ($) | May 11, 2019 | May 10, 2019 | Apr. 05, 2019 | Feb. 14, 2019 | Nov. 14, 2018 | Aug. 14, 2018 | May 15, 2018 | Apr. 26, 2018 | Feb. 14, 2018 | Nov. 14, 2017 | Aug. 14, 2017 | Jun. 23, 2017 | May 15, 2017 | Apr. 21, 2016 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2016 | Jun. 24, 2016 | Jun. 23, 2016 |
Preferred Units | ||||||||||||||||||||
Accretion of beneficial conversion feature | $ 36,517,000 | $ 67,239,000 | $ 18,781,000 | |||||||||||||||||
Repurchase of warrants | 0 | $ 14,988,000 | $ 10,549,000 | |||||||||||||||||
Class A Convertible Preferred Units | ||||||||||||||||||||
Preferred Units | ||||||||||||||||||||
Preferred units dividend rate | 10.75% | |||||||||||||||||||
Temporary equity, issued (in units) | 19,942,169 | |||||||||||||||||||
Oaktree Capital Management L.P. | ||||||||||||||||||||
Preferred Units | ||||||||||||||||||||
Preferred units, authorized amount | $ 200,000,000 | $ 240,000,000 | ||||||||||||||||||
Warrants outstanding (in units) | 4,375,112 | |||||||||||||||||||
Oaktree Capital Management L.P. | Warrant | ||||||||||||||||||||
Preferred Units | ||||||||||||||||||||
Class of warrant or right, exercise price | $ 0.01 | |||||||||||||||||||
Warrants exercised and converted to common units (in units) | 1,458,371 | 228,797 | 607,653 | |||||||||||||||||
Proceeds from warrant exercises | $ 100,000 | 100,000 | $ 100,000 | |||||||||||||||||
Repurchase of warrants (in units) | 1,229,575 | 850,716 | ||||||||||||||||||
Repurchase of warrants | $ 15,000,000 | $ 10,500,000 | ||||||||||||||||||
Oaktree Capital Management L.P. | Class A Convertible Preferred Units | ||||||||||||||||||||
Preferred Units | ||||||||||||||||||||
Preferred units dividend rate | 10.75% | |||||||||||||||||||
Proceeds from sale of convertible preferred units and warrants, net of offering costs | $ 235,000,000 | |||||||||||||||||||
Offering costs | $ 5,000,000 | |||||||||||||||||||
Days after quarter end distribution paid | 45 days | |||||||||||||||||||
Accretion of beneficial conversion feature | $ 36,500,000 | $ 67,200,000 | $ 18,800,000 | |||||||||||||||||
Preferred units redeemed | 12,473,191 | 7,468,978 | ||||||||||||||||||
Preferrred unit redemption price per unit excluding unpaid dividends | $ 13.2385 | $ 13.389 | ||||||||||||||||||
Preferred stock redemption premium percentage | 110.00% | 111.25% | ||||||||||||||||||
Initial conversion price (in dollars per unit) | $ 12.035 | |||||||||||||||||||
Preferred units accrued but unpaid distributions | $ 0.1437 | $ 0.338 | ||||||||||||||||||
Preferred unit redemption price per unit | $ 13.3822 | $ 13.727 | ||||||||||||||||||
Preferred unit redemption amount | $ 166,900,000 | $ 102,500,000 | ||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 4,034,000 | $ 6,449,000 | $ 6,449,000 | $ 6,449,000 | $ 6,449,000 | $ 6,449,000 | $ 6,449,000 | $ 6,449,000 | $ 6,449,000 | |||||||||||
Distributions made to preferred unitholders distributions declared per unit | $ 0.3234 |
Equity - Class B Preferred Unit
Equity - Class B Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 15, 2020 | Jan. 15, 2020 | Oct. 15, 2019 | Jul. 15, 2019 | Jul. 02, 2019 | Apr. 15, 2019 | Jan. 15, 2019 | Oct. 15, 2018 | Jul. 16, 2018 | Apr. 16, 2018 | Jan. 15, 2018 | Oct. 16, 2017 | Jun. 13, 2017 | Mar. 31, 2018 |
Preferred Units | ||||||||||||||
Units issued, net of offering costs (Note 10) | $ 202,731 | |||||||||||||
Class B Perpetual Preferred Units | ||||||||||||||
Preferred Units | ||||||||||||||
Distributions made to preferred unitholders distributions declared per unit | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 | ||||
Dividends, Preferred Stock, Cash | $ 7,079 | $ 7,079 | $ 4,725 | $ 4,725 | $ 4,725 | $ 4,725 | $ 4,725 | $ 4,725 | $ 4,725 | $ 5,670 | ||||
Preferred units dividend rate | 9.00% | |||||||||||||
Preferred unit par or stated value per share | $ 25 | |||||||||||||
Units issued, net of offering costs (Note 10) | $ 202,700 | |||||||||||||
Preferred units, underwriting discounts and commissions | 6,600 | |||||||||||||
Preferred units, offering costs | $ 700 | |||||||||||||
Preferred units, redemption terms | At any time on or after July 1, 2022, we may redeem our Class B Preferred Units, in whole or in part, at a redemption price of $25.00 per Class B Preferred Unit plus an amount equal to all accumulated and unpaid distributions to, but not including, the date of redemption, whether or not declared. We may also redeem the Class B Preferred Units upon a change of control as defined in our partnership agreement. If we choose not to redeem the Class B Preferred Units, the Class B preferred unitholders may have the ability to convert the Class B Preferred Units to common units at the then applicable conversion rate. Class B preferred unitholders have no voting rights except with respect to certain matters set forth in our partnership agreement. | |||||||||||||
Preferred units, dividend payment terms | Distributions on the Class B Preferred Units are payable on the 15th day of each January, April, July and October of each year to holders of record on the first day of each payment month. The initial distribution rate for the Class B Preferred Units from and including the date of original issue to, but not including, July 1, 2022 is 9.00% per year of the $25.00 liquidation preference per unit (equal to $2.25 per unit per year). On and after July 1, 2022, distributions on the Class B Preferred Units will accumulate at a percentage of the $25.00 liquidation preference equal to the applicable three-month LIBOR plus a spread of 7.213%. | |||||||||||||
Class B Perpetual Preferred Units | ||||||||||||||
Preferred Units | ||||||||||||||
Preferred units, dividend payment terms | The current distribution rate for the Class B Preferred Units is 9.00% per year of the $25.00 liquidation preference per unit (equal to $2.25 per unit per year). | |||||||||||||
Class B Perpetual Preferred Units | Class B Perpetual Preferred Units | ||||||||||||||
Preferred Units | ||||||||||||||
Units issued (in units) | 4,185,642 | 8,400,000 | ||||||||||||
Subsequent Event | Class B Perpetual Preferred Units | ||||||||||||||
Preferred Units | ||||||||||||||
Distributions made to preferred unitholders distributions declared per unit | $ 0.5625 | |||||||||||||
Dividends, Preferred Stock, Cash | $ 7,079 |
Equity - Class C Preferred Unit
Equity - Class C Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 15, 2020 | Jan. 15, 2020 | Oct. 15, 2019 | Jul. 15, 2019 | Apr. 02, 2019 | Mar. 31, 2018 |
Preferred Units | ||||||
Units issued, net of offering costs (Note 10) | $ 202,731 | |||||
Class C Perpetual Preferred Units | ||||||
Preferred Units | ||||||
Preferred units, dividend payment terms | Distributions on the Class C Preferred Units are payable on the 15th day of each January, April, July and October of each year to holders of record on the first day of each payment month. On and after April 15, 2024, distributions on the Class C Preferred Units will accumulate at a percentage of the $25.00 liquidation preference equal to the applicable three-month LIBOR plus a spread of 7.384%. | |||||
Class C Perpetual Preferred Units | ||||||
Preferred Units | ||||||
Preferred units dividend rate | 9.625% | |||||
Preferred unit par or stated value per share | $ 25 | |||||
Units issued, net of offering costs (Note 10) | $ 42,900 | |||||
Preferred units, underwriting discounts and commissions | 1,400 | |||||
Preferred units, offering costs | $ 700 | |||||
Preferred units, redemption terms | At any time on or after April 15, 2024, we may redeem our Class C Preferred Units, in whole or in part, at a redemption price of $25.00 per Class C Preferred Unit plus an amount equal to all accumulated and unpaid distributions to, but not including, the date of redemption, whether or not declared. We may also redeem the Class C Preferred Units upon a change of control as defined in our partnership agreement. If we choose not to redeem the Class C Preferred Units, the Class C preferred unitholders may have the ability to convert the Class C Preferred Units to common units at the then applicable conversion rate. Class C preferred unitholders have no voting rights except with respect to certain matters set forth in our partnership agreement. | |||||
Distributions made to preferred unitholders distributions declared per unit | $ 0.6016 | $ 0.6016 | $ 0.5949 | |||
Dividends, Preferred Stock, Cash | $ 1,083 | $ 1,083 | $ 1,071 | |||
Class C Perpetual Preferred Units | ||||||
Preferred Units | ||||||
Preferred units, dividend payment terms | The current distribution rate for the Class C Preferred Units is 9.625% per year of the $25.00 liquidation preference per unit (equal to $2.41 per unit per year). | |||||
Class C Perpetual Preferred Units | Class C Perpetual Preferred Units | ||||||
Preferred Units | ||||||
Units issued (in units) | 1,800,000 | |||||
Subsequent Event | Class C Perpetual Preferred Units | ||||||
Preferred Units | ||||||
Distributions made to preferred unitholders distributions declared per unit | $ 0.6016 | |||||
Dividends, Preferred Stock, Cash | $ 1,083 |
Equity - Class D Preferred Unit
Equity - Class D Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands | May 15, 2020 | Feb. 14, 2020 | Nov. 14, 2019 | Oct. 31, 2019 | Jul. 02, 2019 | Oct. 31, 2019 | May 14, 2020 | Mar. 31, 2020 |
Class of Stock | ||||||||
Issuance of warrants, net of offering costs (Note 10) | $ 52,742 | |||||||
Class D Preferred Units | ||||||||
Class of Stock | ||||||||
Preferred units, dividend payment terms | The holders of the Class D Preferred Units are entitled to receive a cumulative, quarterly distribution in arrears on each Class D Preferred Unit then held at an annual rate of (i)Ā 9.00% per annum for all periods during which the Class D Preferred Units are outstanding beginning on the Closing Date and ending on the date and including the last day of the eleventh full quarter following the Closing Date, (ii)Ā 10.00% per annum for all periods during which the Class D Preferred Units are outstanding beginning on and including the first day of the twelfth full quarter following the Closing Date and ending on the last day of the nineteenth full quarter following the Closing Date, and (iii)Ā thereafter, 10.00% per annum or, at the purchasersā election from time to time, a floating rate equal to the applicable three-month LIBOR, plus 7.00% per annum. The current distribution rate for the Class D Preferred Units is 9.00% per year per unit (equal to $90.00 per unit per year). | |||||||
Preferred units, redemption terms | At any time after the Closing Date, the Partnership shall have the right to redeem all of the outstanding Class D Preferred Units at a price per Class D Preferred Unit equal to the sum of the then-unpaid accumulations with respect to such Class D Preferred Unit and the greater of either the applicable multiple on invested capital or the applicable redemption price based on an applicable internal rate of return, as more fully described in the Amended and Restated Partnership Agreement. At any time on or after the eighth anniversary of the Closing Date, each Class D Preferred Unitholder will have the right to require the Partnership to redeem on a date not prior to the 180th day after such anniversary all or a portion of the Class D Preferred Units then held by such preferred unitholder for the then-applicable redemption price, which may be paid in cash or, at the Partnershipās election, a combination of cash and a number of Common Units not to exceed one-half of the aggregate then-applicable redemption price, as more fully described in the Amended and Restated Partnership Agreement. Upon a ClassĀ D Change of Control (as defined in the Amended and Restated Partnership Agreement), each Class D Preferred Unitholder will have the right to require the Partnership to redeem the Class D Preferred Units then held by such Preferred Unitholder at a price per Class D Preferred Unit equal to the applicable redemption price. The Class D Preferred Units generally will not have any voting rights, except with respect to certain matters which require the vote of the Class D Preferred Units. The Class D Preferred Units generally do not have any voting rights, except that the Class D Preferred Units shall be entitled to vote as a separate class on any matter on which unitholders are entitled to vote that adversely affects the rights, powers, privileges or preferences of the Class D Preferred Units in relation to other classes of Partnership Interests (as defined in the Amended and Restated Partnership Agreement) or as required by law. The consent of a majority of the then-outstanding Class D Preferred Units, with one vote per Class D Preferred Unit, shall be required to approve any matter for which the preferred unitholders are entitled to vote as a separate class or the consent of the representative of the Class D Preferred Unitholders, as applicable. | |||||||
Preferred units, change of control terms | Upon a change of control, all unvested warrants shall immediately vest and be exercisable in full. A change of control occurs when (a) the current general partner owners cease to own, directly or indirectly, at least 50% of the outstanding voting securities of the general partner, (b) the general partner withdraws or is removed by the limited partners, (c) the common units are no longer listed on a national exchange, or (d) the general partners and/or its affiliates become beneficial owner, directly or indirectly, of 80% or more of the outstanding common units or any transaction or event that occurs due to default on our credit agreement. | |||||||
Registration rights agreement terms | In connection with the issuance of the Class D Preferred Units, we entered into a registration rights agreement (āRegistration Rights Agreementā) with the purchasers of the Class D Preferred Units (āPurchasersā), pursuant to which we are required to prepare and file a registration statement (the āRegistration Statementā) within 180 days of the Closing Date, to permit the public resale of (i)Ā the Class D Preferred Units, (ii)Ā the common units issued or issuable upon the exercise of the warrants, (iii)Ā the common units that are issuable pursuant to the terms of the Class D Preferred Units in connection with a redemption of the Class D Preferred Units and (iv)Ā any common units issued in lieu of cash as liquidated damages under the Registration Rights Agreement. The Partnership is also required to use its commercially reasonable efforts to cause the Registration Statement to become effective no later than 360 days after the Closing Date. The Registration Rights Agreement provides that if the Registration Statement is not declared effective on or prior to the Registration Statement Deadline, the Partnership will be liable to the Purchasers for liquidated damages in accordance with a formula, subject to the limitations set forth in the Registration Rights Agreement. Such liquidated damages would be payable in cash, or if payment in cash would breach any covenant or a cause a default under a credit facility or any other debt instrument filed by the Partnership as an exhibit to a periodic report filed with the SEC, then such liquidated damages would be payable in the form of newly issued common units. In addition, the Registration Rights Agreement grants the Purchasers piggyback registration rights. These registration rights are transferable to affiliates of the Purchasers and, in certain circumstances, to third parties. The Partnershipās registration statement was declared effective by the SEC on February 7, 2020. | |||||||
Board rights agreement | In connection with the issuance of the Class D Preferred Units, we entered into a board rights agreement pursuant to which affiliates of the Purchasers will have the right to designate one director on the board of directors of our general partner, so long as the Purchasers and their respective affiliates, in the aggregate, own either at least (i)Ā (A)Ā 50% of the number of Class D Preferred Units issued on the Closing Date or (B)Ā 50% of the aggregate liquidation preference of any class or series of ClassĀ D Parity Securities (as defined in the Amended and Restated Partnership Agreement), or (ii)Ā warrants and/or common units that, in the aggregate, comprise 10% or more of the then-outstanding common units. | |||||||
Class D Preferred Units First Issuance | ||||||||
Class of Stock | ||||||||
Temporary equity, issued (in units) | 400,000 | 600,000 | ||||||
Preferred units, authorized amount | $ 400,000 | |||||||
Proceeds from sale of preferred units and warrants, net of offering costs | 385,400 | |||||||
Closing fee payable to affiliates of the purchaser | 14,600 | |||||||
Allocation of net proceeds to Class D Preferred Units | $ 343,700 | |||||||
Class D Preferred Units Second Issuance | ||||||||
Class of Stock | ||||||||
Temporary equity, issued (in units) | 200,000 | 200,000 | ||||||
Preferred units, authorized amount | $ 200,000 | $ 200,000 | ||||||
Proceeds from sale of preferred units and warrants, net of offering costs | 194,700 | |||||||
Closing fee payable to affiliates of the purchaser | 5,300 | $ 5,300 | ||||||
Allocation of net proceeds to Class D Preferred Units | $ 183,600 | |||||||
Class D Preferred Units | ||||||||
Class of Stock | ||||||||
Distributions made to preferred unitholders distributions declared per unit | $ 11.25 | $ 11.25 | ||||||
Dividends, Preferred Stock, Cash | $ 6,075 | $ 4,450 | ||||||
Percent of dividend not paid in cash | 50.00% | |||||||
Class D Preferred Units First Issuance | ||||||||
Class of Stock | ||||||||
Warrants outstanding (in units) | 17,000,000 | |||||||
Class D Preferred Units Second Issuance | ||||||||
Class of Stock | ||||||||
Warrants outstanding (in units) | 8,500,000 | 8,500,000 | ||||||
Warrant | Class D Preferred Units First Issuance | ||||||||
Class of Stock | ||||||||
Issuance of warrants, net of offering costs (Note 10) | $ 41,700 | |||||||
Warrant | Class D Preferred Units Second Issuance | ||||||||
Class of Stock | ||||||||
Issuance of warrants, net of offering costs (Note 10) | $ 11,100 | |||||||
Premium Warrants | Class D Preferred Units First Issuance | ||||||||
Class of Stock | ||||||||
Warrants outstanding (in units) | 10,000,000 | |||||||
Class of warrant or right, exercise price | $ 17.45 | |||||||
Premium Warrants | Class D Preferred Units Second Issuance | ||||||||
Class of Stock | ||||||||
Warrants outstanding (in units) | 5,000,000 | 5,000,000 | ||||||
Class of warrant or right, exercise price | $ 16.28 | $ 16.28 | ||||||
Par Warrants | Class D Preferred Units First Issuance | ||||||||
Class of Stock | ||||||||
Warrants outstanding (in units) | 7,000,000 | |||||||
Class of warrant or right, exercise price | $ 14.54 | |||||||
Par Warrants | Class D Preferred Units Second Issuance | ||||||||
Class of Stock | ||||||||
Warrants outstanding (in units) | 3,500,000 | 3,500,000 | ||||||
Class of warrant or right, exercise price | $ 13.56 | $ 13.56 | ||||||
Subsequent Event | Class D Preferred Units | ||||||||
Class of Stock | ||||||||
Distributions made to preferred unitholders distributions declared per unit | $ 11.25 | |||||||
Dividends, Preferred Stock, Cash | $ 6,868 | |||||||
Dividends paid-in-kind | $ 17,400 |
Equity - Equity-Based Incentive
Equity - Equity-Based Incentive Compensation - Service Awards (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Equity-Based Incentive Compensation | ||||
Cumulative effect adjustment for adoption of ASC 606 | $ 139,306,000 | $ 0 | ||
Cancellation of Common Units for Tax Withholding | ||||
Common units canceled during period (in units) | 133,634 | |||
Value of common units canceled during period | $ 1,600,000 | |||
Deferred Compensation Arrangements | ||||
Accrued bonuses | 8,700,000 | $ 6,300,000 | ||
Restricted units | ||||
Equity-Based Incentive Compensation | ||||
Distributions on restricted units during the vesting period | $ 0 | |||
Service awards | ||||
Equity-Based Incentive Compensation | ||||
Weighted-average grant date fair value | $ 12.84 | $ 9.74 | $ 12.44 | |
Expense recorded | $ 8,500,000 | $ 12,000,000 | $ 16,200,000 | |
Service Award Activity | ||||
Unvested restricted units at the beginning of the period (in units) | 2,308,400 | 2,278,875 | 2,708,500 | |
Units granted (in units) | 2,211,431 | 3,141,993 | 1,964,911 | |
Units vested and issued (in units) | (2,938,481) | (2,833,968) | (2,260,011) | |
Units forfeited (in units) | (209,925) | (278,500) | (134,525) | |
Unvested restricted units at the end of the period (in units) | 1,371,425 | 2,308,400 | 2,278,875 | |
Deferred Compensation Arrangements | ||||
Deferred compensation arrangement with individual, fair value of units issued | $ 24,500,000 | $ 22,800,000 | $ 700,000 | |
Expected Future Expense | ||||
2021 | 5,013,000 | |||
2022 | 1,720,000 | |||
Total | $ 6,733,000 | |||
Service awards | 2021 | ||||
Service Award Activity | ||||
Units vested and issued (in units) | (912,700) | |||
Service awards | 2022 | ||||
Service Award Activity | ||||
Units vested and issued (in units) | (458,725) | |||
Performance awards | ||||
Equity-Based Incentive Compensation | ||||
Expense recorded | $ 4,900,000 | $ 5,300,000 | ||
Service Award Activity | ||||
Unvested restricted units at the beginning of the period (in units) | 0 | 917,000 | 1,189,000 | |
Units granted (in units) | 224,000 | |||
Units forfeited (in units) | (445,500) | (496,000) | ||
Unvested restricted units at the end of the period (in units) | 0 | 917,000 | ||
Deferred Compensation, Share-based Payments | Deferred Bonus | ||||
Deferred Compensation Arrangements | ||||
Deferred compensation units granted (in units) | 1,886,131 | 1,922,618 | 59,393 |
Equity - Equity-Based Incenti_2
Equity - Equity-Based Incentive Compensation - Performance Awards (Details) - Performance awards - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Performance Award Activity | ||
Unvested restricted units at the beginning of the period (in units) | 917,000 | 1,189,000 |
Units granted (in units) | 224,000 | |
Units forfeited (in units) | (445,500) | (496,000) |
Units canceled | (471,500) | |
Unvested restricted units at the end of the period (in units) | 0 | 917,000 |
Expense recorded | $ 4.9 | $ 5.3 |
Vesting on July 1, 2018 | ||
Performance Award Activity | ||
Units vested and issued (in units) | 0 | |
General and Administrative Expense | ||
Performance Award Activity | ||
Expense recorded | $ 3.1 |
Equity - Equity-Based Compensat
Equity - Equity-Based Compensation - LTIP (Details) shares in Millions | 12 Months Ended |
Mar. 31, 2020shares | |
LTIP | |
Percentage of outstanding stock maximum | 10.00% |
Incremental percentage of outstanding stock, maximum | 10.00% |
Restricted units | |
LTIP | |
Number of units available for grant | 2.9 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value of Commodity Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Derivative assets (liabilities) | ||
Net commodity derivative asset | $ 18,910 | $ 7,700 |
Prepaid expenses and other current assets | ||
Derivative assets (liabilities) | ||
Net commodity derivative asset | 25,200 | |
Accrued expenses and other payables | ||
Derivative assets (liabilities) | ||
Net commodity derivative asset | 17,100 | |
Commodity contracts | ||
Assets: | ||
Derivative assets | 89,254 | 12,636 |
Netting of counterparty contracts, assets | (2,282) | (1,577) |
Net cash collateral (held) provided | (50,104) | 1,740 |
Commodity derivatives | 36,868 | 12,799 |
Liabilities: | ||
Derivative liabilities | (19,870) | (6,468) |
Netting of counterparty contracts, liabilities | 2,282 | 1,577 |
Net cash collateral (held) provided | (370) | (208) |
Commodity derivatives | (17,958) | (5,099) |
Derivative assets (liabilities) | ||
Net commodity derivative asset | 18,910 | 7,700 |
Commodity contracts | Prepaid expenses and other current assets | ||
Derivative assets (liabilities) | ||
Net commodity derivative asset | 36,868 | 12,799 |
Commodity contracts | Accrued expenses and other payables | ||
Derivative assets (liabilities) | ||
Net commodity derivative asset | (17,777) | (4,960) |
Commodity contracts | Other noncurrent liabilities | ||
Derivative assets (liabilities) | ||
Net commodity derivative asset | (181) | (139) |
Level 1 | Commodity contracts | ||
Assets: | ||
Derivative assets | 64,037 | 3,754 |
Liabilities: | ||
Derivative liabilities | (2,235) | (1,349) |
Level 2 | Commodity contracts | ||
Assets: | ||
Derivative assets | 25,217 | 8,882 |
Liabilities: | ||
Derivative liabilities | $ (17,635) | $ (5,119) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Derivative Contract Positions (Details) bbl in Thousands, $ in Thousands | Mar. 31, 2020USD ($)bbl | Mar. 31, 2019USD ($)bbl |
Derivative contract information | ||
Fair Value of Net Assets (Liabilities) | $ 69,384 | $ 6,168 |
Net cash collateral provided (held) | (50,474) | 1,532 |
Net commodity derivative (liability) asset | 18,910 | 7,700 |
Crude oil fixed-price | ||
Derivative contract information | ||
Fair Value of Net Assets (Liabilities) | $ 41,721 | $ 979 |
Crude oil fixed-price | Short | ||
Derivative contract information | ||
Net Long (Short) Notional Units (in barrels) | bbl | 2,252 | 1,961 |
Propane fixed-price | ||
Derivative contract information | ||
Fair Value of Net Assets (Liabilities) | $ (738) | $ 608 |
Propane fixed-price | Long | ||
Derivative contract information | ||
Net Long (Short) Notional Units (in barrels) | bbl | 415 | 198 |
Refined products fixed-price | ||
Derivative contract information | ||
Fair Value of Net Assets (Liabilities) | $ 27,401 | $ 376 |
Refined products fixed-price | Short | ||
Derivative contract information | ||
Net Long (Short) Notional Units (in barrels) | bbl | 26 | 177 |
Other | ||
Derivative contract information | ||
Fair Value of Net Assets (Liabilities) | $ 1,000 | $ 4,205 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Gains (Losses) From Commodity Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Net adjustments to fair value of commodity derivatives | $ 85,941 | $ 10,817 | $ (41,263) |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Interest Rate Risk (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Interest Rate Risk | ||
Term Credit Agreement | $ 3,169,326 | $ 2,172,789 |
Revolving Credit Facility | ||
Interest Rate Risk | ||
Outstanding debt | $ 1,500,000 | |
Interest rate | 3.36% | |
Term Credit Agreement | ||
Interest Rate Risk | ||
Interest rate | 4.05% | |
Term Credit Agreement | $ 250,000 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Fair Value of Fixed-Rate Notes (Details) $ in Thousands | Mar. 31, 2020USD ($) |
7.50% Senior Notes due 2023 | |
Fair Value of Fixed - Rate Notes | |
Fair value of fixed - rate notes | $ 212,373 |
6.125% Senior Notes due 2025 | |
Fair Value of Fixed - Rate Notes | |
Fair value of fixed - rate notes | 122,490 |
7.50% Senior Notes due 2026 | |
Fair Value of Fixed - Rate Notes | |
Fair value of fixed - rate notes | $ 156,656 |
Segments (Details)
Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Segment information | |||||||||||
REVENUES | $ 1,681,244 | $ 2,226,529 | $ 1,804,336 | $ 1,871,891 | $ 2,123,154 | $ 2,295,369 | $ 2,215,682 | $ 2,054,952 | $ 7,584,000 | $ 8,689,157 | $ 6,953,947 |
Depreciation and amortization, including amortization of debt issuance costs | 276,848 | 221,674 | 219,983 | ||||||||
Operating (Loss) Income | (3,332) | 126,728 | 187,335 | ||||||||
Additions to property, plant and equipment and intangible assets | 2,133,415 | 670,212 | 165,518 | ||||||||
Long-lived assets, net | 5,638,330 | 3,740,285 | 5,638,330 | 3,740,285 | |||||||
Total assets | 6,498,736 | 5,902,493 | 6,498,736 | 5,902,493 | |||||||
Operating segment | Crude oil logistics | |||||||||||
Segment information | |||||||||||
REVENUES | 2,549,767 | 3,136,635 | 2,260,075 | ||||||||
Depreciation and amortization, including amortization of debt issuance costs | 70,759 | 74,245 | 80,725 | ||||||||
Operating (Loss) Income | 117,768 | (7,379) | 122,904 | ||||||||
Additions to property, plant and equipment and intangible assets | 28,828 | 28,039 | 36,762 | ||||||||
Long-lived assets, net | 1,567,503 | 1,584,636 | 1,567,503 | 1,584,636 | |||||||
Total assets | 1,886,211 | 2,237,612 | 1,886,211 | 2,237,612 | |||||||
Operating segment | Crude oil logistics | Crude oil sales | |||||||||||
Segment information | |||||||||||
REVENUES | 2,383,812 | 3,011,355 | 2,151,203 | ||||||||
Operating segment | Crude oil logistics | Crude oil transportation and other | |||||||||||
Segment information | |||||||||||
REVENUES | 170,138 | 148,738 | 122,786 | ||||||||
Operating segment | Crude oil logistics | Non-Topic 606 Revenues | |||||||||||
Segment information | |||||||||||
REVENUES | 13,991 | 12,598 | 0 | ||||||||
Operating segment | Water solutions | |||||||||||
Segment information | |||||||||||
REVENUES | 422,059 | 301,686 | 229,139 | ||||||||
Depreciation and amortization, including amortization of debt issuance costs | 163,874 | 108,162 | 98,623 | ||||||||
Operating (Loss) Income | (173,064) | 210,525 | (24,231) | ||||||||
Additions to property, plant and equipment and intangible assets | 2,076,866 | 567,637 | 102,261 | ||||||||
Long-lived assets, net | 3,382,727 | 1,600,836 | 3,382,727 | 1,600,836 | |||||||
Total assets | 3,539,328 | 1,668,292 | 3,539,328 | 1,668,292 | |||||||
Operating segment | Water solutions | Non-Topic 606 Revenues | |||||||||||
Segment information | |||||||||||
REVENUES | 0 | 42 | 0 | ||||||||
Operating segment | Water solutions | Service fees | |||||||||||
Segment information | |||||||||||
REVENUES | 330,877 | 217,545 | 149,114 | ||||||||
Operating segment | Water solutions | Recovered crude oil | |||||||||||
Segment information | |||||||||||
REVENUES | 59,445 | 72,678 | 58,948 | ||||||||
Operating segment | Water solutions | Brackish non-potable water revenues | |||||||||||
Segment information | |||||||||||
REVENUES | 11,676 | 2,404 | 0 | ||||||||
Operating segment | Water solutions | Other revenues | |||||||||||
Segment information | |||||||||||
REVENUES | 20,061 | 9,017 | 21,077 | ||||||||
Operating segment | Liquids and refined products | |||||||||||
Segment information | |||||||||||
REVENUES | 4,611,136 | 5,249,474 | 4,463,559 | ||||||||
Depreciation and amortization, including amortization of debt issuance costs | 28,279 | 27,034 | 26,237 | ||||||||
Operating (Loss) Income | 142,411 | 9,288 | 168,136 | ||||||||
Additions to property, plant and equipment and intangible assets | 19,753 | 72,717 | 25,023 | ||||||||
Long-lived assets, net | 654,530 | 528,244 | 654,530 | 528,244 | |||||||
Total assets | 972,684 | 1,104,034 | 972,684 | 1,104,034 | |||||||
Operating segment | Liquids and refined products | Non-Topic 606 Revenues | |||||||||||
Segment information | |||||||||||
REVENUES | 289,713 | 320,798 | 0 | ||||||||
Operating segment | Liquids and refined products | Other revenues | |||||||||||
Segment information | |||||||||||
REVENUES | 37,938 | 26,655 | 22,461 | ||||||||
Operating segment | Liquids and refined products | Refined products sales | |||||||||||
Segment information | |||||||||||
REVENUES | 2,399,642 | 2,535,243 | 1,874,260 | ||||||||
Operating segment | Liquids and refined products | Propane sales | |||||||||||
Segment information | |||||||||||
REVENUES | 842,400 | 1,169,117 | 1,203,486 | ||||||||
Operating segment | Liquids and refined products | Butane sales | |||||||||||
Segment information | |||||||||||
REVENUES | 562,053 | 628,063 | 562,066 | ||||||||
Operating segment | Liquids and refined products | Other product sales | |||||||||||
Segment information | |||||||||||
REVENUES | 484,373 | 592,889 | 806,239 | ||||||||
Operating segment | Corporate and other | |||||||||||
Segment information | |||||||||||
REVENUES | 1,038 | 1,362 | 1,174 | ||||||||
Operating segment | Corporate and other | Non-Topic 606 Revenues | |||||||||||
Segment information | |||||||||||
REVENUES | 1,038 | 1,362 | 1,174 | ||||||||
Operating segment | Assets held for sale | |||||||||||
Segment information | |||||||||||
Total assets | 0 | 815,536 | 0 | 815,536 | |||||||
Corporate and other | |||||||||||
Segment information | |||||||||||
Depreciation and amortization, including amortization of debt issuance costs | 13,936 | 12,233 | 14,398 | ||||||||
Operating (Loss) Income | (90,447) | (85,706) | (79,474) | ||||||||
Additions to property, plant and equipment and intangible assets | 7,968 | 1,819 | 1,472 | ||||||||
Long-lived assets, net | 33,570 | 26,569 | 33,570 | 26,569 | |||||||
Total assets | 100,513 | 77,019 | 100,513 | 77,019 | |||||||
Elimination of intersegment sales | Crude oil logistics | |||||||||||
Segment information | |||||||||||
REVENUES | (18,174) | (36,056) | (13,914) | ||||||||
Elimination of intersegment sales | Liquids and refined products | |||||||||||
Segment information | |||||||||||
REVENUES | (4,983) | (23,291) | $ (4,953) | ||||||||
Non-US | Liquids and refined products | |||||||||||
Segment information | |||||||||||
Long-lived assets, net | 25,900 | 500 | 25,900 | 500 | |||||||
Total assets | $ 37,800 | $ 12,000 | $ 37,800 | $ 12,000 |
Transactions with Affiliates -
Transactions with Affiliates - Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Transactions with Affiliates | |||
Accounts receivable-affiliates | $ 12,934 | $ 12,867 | |
Accounts payable-affiliates | 17,717 | 28,469 | |
WPX Energy | |||
Transactions with Affiliates | |||
Sales to related party | 48,222 | 28,026 | $ 0 |
Purchases from related party | 313,578 | 329,525 | 0 |
Accounts receivable-affiliates | 3,563 | 5,185 | |
Accounts payable-affiliates | 17,039 | 27,844 | |
SemGroup | |||
Transactions with Affiliates | |||
Sales to related party | 458 | 1,114 | 606 |
Purchases from related party | 0 | 4,395 | 5,034 |
Accounts receivable-affiliates | 71 | ||
Entities affiliated with management | |||
Transactions with Affiliates | |||
Sales to related party | 8,367 | 21,385 | 268 |
Purchases from related party | 3,799 | 4,382 | 3,870 |
Accounts receivable-affiliates | 151 | 334 | |
Accounts payable-affiliates | 149 | 625 | |
Equity method investees | |||
Transactions with Affiliates | |||
Sales to related party | 203 | 0 | 294 |
Purchases from related party | 2,120 | 0 | $ 66,820 |
Accounts receivable-affiliates | 1,439 | 0 | |
Accounts payable-affiliates | 529 | 0 | |
NGL Energy Holdings LLC | |||
Transactions with Affiliates | |||
Accounts receivable-affiliates | $ 7,781 | $ 7,277 |
Transactions with Affiliates _2
Transactions with Affiliates - Other Related Party Transactions (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Aug. 14, 2018USD ($) | |
Transactions with Affiliates | ||||||||
Ownership interest | 50.00% | |||||||
Number of transactions | 3 | |||||||
Investment in NGL Energy Holdings LLC | $ (15,226) | $ 0 | $ 0 | |||||
Promissory note from Victory Propane | $ 3,400 | |||||||
Present value of note receivable from Victory Propane | 2,600 | |||||||
Payments to acquire productive assets | 555,713 | 455,586 | 133,761 | |||||
Carrying value | $ 23,182 | 1,127 | 800 | |||||
Crude oil logistics | ||||||||
Transactions with Affiliates | ||||||||
Write-off of pipeline deficiency credits | $ 67,700 | |||||||
Remaining deficiency payments | 50,300 | |||||||
Loss on contract | $ 35,300 | |||||||
Victory Propane, LLC | ||||||||
Transactions with Affiliates | ||||||||
Cash paid | $ 6,400 | |||||||
Payments to acquire productive assets | 6,424 | |||||||
Customer relationships | Victory Propane, LLC | ||||||||
Transactions with Affiliates | ||||||||
Payments to acquire productive assets | 4,782 | |||||||
Property, plant and equipment | Victory Propane, LLC | ||||||||
Transactions with Affiliates | ||||||||
Payments to acquire productive assets | 1,366 | |||||||
Prepaid expenses and other current assets | Victory Propane, LLC | ||||||||
Transactions with Affiliates | ||||||||
Payments to acquire productive assets | $ 276 | |||||||
NGL Energy Holdings LLC | ||||||||
Transactions with Affiliates | ||||||||
Ownership interest in NGL Energy Holdings LLC | 5.73% | 2.97% | ||||||
Equity method investees | Loan agreement | ||||||||
Transactions with Affiliates | ||||||||
Loan receivable from Victory Propane | $ 1,200 | $ 2,600 | ||||||
Operating segment | Aircraft Company | Corporate and other | ||||||||
Transactions with Affiliates | ||||||||
Carrying value | $ 447 | $ 0 | ||||||
Operating segment | KAIR2014 LLC | Aircraft Company | Corporate and other | ||||||||
Transactions with Affiliates | ||||||||
Ownership interest | 50.00% | |||||||
Equity method investment, original cost | $ 900 | |||||||
NGL Energy Holdings LLC | ||||||||
Transactions with Affiliates | ||||||||
Investment in NGL Energy Holdings LLC | $ (11,500) | $ (3,800) |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Plan [Abstract] | |||
Description of employee benefit plan | For every dollar that employees contribute up to 1% of their eligible compensation (as defined in the plan), we contribute one dollar, plus 50 cents for every dollar employees contribute between 1% and 6% of their eligible compensation (as defined in the plan). Our matching contributions vest over two years. Effective January 1, 2020, for every dollar that employees contribute up to 4% of their eligible compensation (as defined in the plan), we contribute one dollar, plus 50 cents for every dollar employees contribute between 4% and 6% of their eligible compensation (as defined in the plan). | ||
Defined contribution plan expense | $ 2.3 | $ 1.9 | $ 1.7 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Revenue Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net adjustments to fair value of commodity derivatives | $ 85,941 | $ 10,817 | $ (41,263) |
Liquids and refined products | |||
Net adjustments to fair value of commodity derivatives | $ (5,000) |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Performance Obligations (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Revenue from Contracts with Customers - Performance Obligations [Abstract] | |
Revenue expected to be recognized as of March 31, 2020 | $ 1,141,023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue from Contracts with Customers - Performance Obligations [Abstract] | |
Revenue expected to be recognized as of March 31, 2020 | $ 232,732 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue from Contracts with Customers - Performance Obligations [Abstract] | |
Revenue expected to be recognized as of March 31, 2020 | $ 212,816 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue from Contracts with Customers - Performance Obligations [Abstract] | |
Revenue expected to be recognized as of March 31, 2020 | $ 206,089 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue from Contracts with Customers - Performance Obligations [Abstract] | |
Revenue expected to be recognized as of March 31, 2020 | $ 175,319 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue from Contracts with Customers - Performance Obligations [Abstract] | |
Revenue expected to be recognized as of March 31, 2020 | $ 148,858 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue from Contracts with Customers - Performance Obligations [Abstract] | |
Revenue expected to be recognized as of March 31, 2020 | $ 165,209 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Contract with Customer, Asset and Liability [Abstract] | ||
Accounts receivable from contracts with customers | $ 372,930 | $ 613,827 |
Contract liabilities balance | 19,536 | $ 8,461 |
Payment received and deferred | 65,857 | |
Payment recognized in revenue | $ (54,782) |
Leases - Lessee Impact of Adopt
Leases - Lessee Impact of Adoption (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 | Mar. 31, 2019 |
Leases [Abstract] | |||
Operating lease right-of-use asset | $ 180,708 | $ 551,200 | $ 0 |
Operating lease obligations | $ 177,789 | $ 549,000 |
Leases - Lessee Balance Sheet a
Leases - Lessee Balance Sheet and Income Statement Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 | Mar. 31, 2019 |
Lessee Description | |||
Operating lease right-of-use asset | $ 180,708 | $ 551,200 | $ 0 |
Operating lease obligation-current | 56,776 | 0 | |
Operating lease obligation-noncurrent | $ 121,013 | $ 0 | |
Weighted-average remaining lease term | 6 years 8 months 26 days | ||
Weighted-average discount rate | 6.06% | ||
Minimum | |||
Lessee Description | |||
Lessee, operating lease renewal term | 1 year | ||
Maximum | |||
Lessee Description | |||
Lessee, operating lease renewal term | 30 years |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Lease, Cost [Abstract] | |||
Operating lease expense | $ 72,340 | ||
Variable lease expense | 19,158 | ||
Short-term lease expense | 799 | ||
Total lease expense | $ 92,297 | ||
Rental expense | $ 91,600 | $ 111,300 |
Leases - Lessee Maturities of O
Leases - Lessee Maturities of Operating Lease Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 |
Leases [Abstract] | ||
2021 | $ 64,386 | |
2022 | 45,804 | |
2023 | 32,576 | |
2024 | 19,170 | |
2025 | 10,770 | |
Thereafter | 50,603 | |
Total lease payments | 223,309 | |
Less imputed interest | (45,520) | |
Total operating lease obligations | $ 177,789 | $ 549,000 |
Leases - Lessee Future Minimum
Leases - Lessee Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 78,348 |
2021 | 60,417 |
2022 | 43,259 |
2023 | 29,552 |
2024 | 18,341 |
Thereafter | 41,845 |
Total | $ 271,762 |
Leases - Lessee Supplemental Ca
Leases - Lessee Supplemental Cash Flow and Non-Cash Information (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of operating lease obligations | $ 101,678 |
Operating lease right-of-use assets obtained in exchange for operating lease obligations | $ 598,734 |
Leases - Lessor Income Statemen
Leases - Lessor Income Statement Information (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Lessor, Lease, Description [Line Items] | |
Operating lease revenues | $ 20.4 |
Sublease revenue | $ 4.6 |
Minimum | |
Lessor, Lease, Description [Line Items] | |
Lessor, operating lease renewal term | 1 year |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Lessor, operating lease renewal term | 5 years |
Leases - Lessor Future Minimum
Leases - Lessor Future Minimum Lease Payments Receivable (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 16,190 |
2022 | 6,634 |
2023 | 4,487 |
2024 | 1,457 |
2025 | 690 |
Thereafter | 1,324 |
Total | $ 30,782 |
Other Matters - Third party Loa
Other Matters - Third party Loan Receivable (Details) $ in Millions | Mar. 31, 2020USD ($) |
Receivables [Abstract] | |
Financing receivable, before allowance for credit loss, total | $ 26.7 |
Other Matters - Sale of South P
Other Matters - Sale of South Pecos Water Disposal Business (Details) | Feb. 28, 2019USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||
Proceeds from divestitures of businesses and investments, net | $ 0 | $ 335,809,000 | $ 329,780,000 | |
Gain on disposal or impairment of assets, net | $ (261,786,000) | $ (34,296,000) | $ 17,118,000 | |
Water Solutions South Pecos Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||
Proceeds from divestitures of businesses and investments, net | $ 232,200,000 | |||
Gain on disposal or impairment of assets, net | $ 107,900,000 | |||
Number of saltwater wells sold | 9 | |||
Number of permits acquired | 2 | |||
Proceeds received from sale of permits | $ 15,000,000 |
Other Matters - Sale of Bakken
Other Matters - Sale of Bakken Saltwater Disposal Business (Details) - USD ($) | Nov. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||
Proceeds from divestitures of businesses and investments, net | $ 0 | $ 335,809,000 | $ 329,780,000 | |
Gain on disposal or impairment of assets, net | $ (261,786,000) | $ (34,296,000) | $ 17,118,000 | |
Water Solutions Bakken Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||
Proceeds from divestitures of businesses and investments, net | $ 85,000,000 | |||
Gain on disposal or impairment of assets, net | $ 33,400,000 | |||
Number of saltwater wells sold | 5 |
Other Matters - Sale of E Energ
Other Matters - Sale of E Energy Adams, LLC (Details) - USD ($) $ in Millions | May 03, 2018 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||
Ownership interest | 50.00% | |||
Refined products and renewables | Ethanol Production Facility | Operating segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||
Ownership interest | 20.00% | |||
Proceeds from sale of interest in equity method investee | $ 18.6 | |||
Gain on sale of interest in equity method investee | $ 3 |
Other Matters - Sawtooth Joint
Other Matters - Sawtooth Joint Venture (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 30, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Proceeds from divestitures of businesses and investments, net | $ 0 | $ 335,809 | $ 329,780 | ||
Sawtooth | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Proceeds from divestitures of businesses and investments, net | $ 37,600 | ||||
Intangible asset additions | $ 21,600 | ||||
Sawtooth | Sawtooth | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Noncontrolling interest, ownership interest percentage | 28.50% | ||||
Parent, ownership interest percentage | 71.50% | ||||
Subsequent Event | Sawtooth | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Additional proceeds to acquire remaining interest | $ 182,400 |
Other Matters - Sale of Interes
Other Matters - Sale of Interest in Glass Mountain Pipeline, LLC (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||
Ownership interest | 50.00% | ||
Glass Mountain Pipeline, LLC | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||
Proceeds from sale of interest in equity method investee | $ 292.1 | ||
Gain on sale of interest in equity method investee | $ 108.6 | ||
Glass Mountain Pipeline, LLC | Operating segment | Crude oil logistics | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||
Ownership interest | 50.00% |
Assets and Liabilities Held f_3
Assets and Liabilities Held for Sale and Discontinued Operations (Details) gal in Millions | Mar. 30, 2020USD ($) | Jan. 03, 2020USD ($) | Mar. 31, 2020USD ($)gal | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2021USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||||
Gain (loss) on disposal of discontinued operations, net of tax | $ 203,990,000 | $ (407,608,000) | $ (88,194,000) | |||
Discontinued operations income attributable to redeemable noncontrolling interests | 0 | (446,000) | 1,030,000 | |||
Amount paid to Trajectory for finished gasoline purchases | 10,800,000 | |||||
Amount received from Trajectory for finished gasoline sales | 8,700,000 | |||||
Amount received from DCC and Superior for propane sales | 10,700,000 | |||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||||||
Accounts receivable-trade, net | 164,716,000 | |||||
Inventories | 327,015,000 | |||||
Prepaid expenses and other current assets | 89,254,000 | |||||
Total current assets held for sale | 0 | 580,985,000 | ||||
Property, plant and equipment, net | 15,553,000 | |||||
Goodwill | 35,405,000 | |||||
Intangible assets, net | 137,446,000 | |||||
Other noncurrent assets | 46,147,000 | |||||
Total noncurrent assets held for sale | 0 | 234,551,000 | ||||
Total assets held for sale | 815,536,000 | |||||
Accounts payable-trade | 85,602,000 | |||||
Accrued expenses and other payables | 140,691,000 | |||||
Advance payments received from customers | 460,000 | |||||
Total current liabilities held for sale | 0 | 226,753,000 | ||||
Other noncurrent liabilities | 33,000 | |||||
Total noncurrent liabilities held for sale | 0 | 33,000 | ||||
Total liabilities held for sale | 226,786,000 | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Revenues | 12,186,862,000 | 15,398,608,000 | 10,474,860,000 | |||
Cost of sales | 12,193,307,000 | 15,338,614,000 | 10,418,447,000 | |||
Operating expenses | 6,997,000 | 37,348,000 | 137,780,000 | |||
General and administrative expense | 56,000 | 2,716,000 | 11,471,000 | |||
Depreciation and amortization | 749,000 | 9,593,000 | 44,314,000 | |||
Gain (loss) on disposal of discontinued operations, net of tax | 203,990,000 | (407,608,000) | (88,194,000) | |||
Operating (loss) income from discontinued operations | (218,237,000) | 417,945,000 | (48,958,000) | |||
Equity in earnings of unconsolidated entities | 0 | 1,183,000 | 425,000 | |||
Interest expense | (111,000) | (126,000) | (421,000) | |||
Other income, net | 133,000 | 837,000 | 1,930,000 | |||
(Loss) income from discontinued operations before taxes (2) | (218,215,000) | 419,839,000 | (47,024,000) | |||
Income tax expense | (20,000) | (989,000) | (104,000) | |||
(Loss) income from discontinued operations, net of tax | $ (218,235,000) | 418,850,000 | (47,128,000) | |||
Propane sales | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||||
Sale commitments (in gallons) | gal | 9.9 | |||||
Sale commitments | $ 4,600,000 | |||||
Mid-Con | Refined products and renewables | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||||
Payments made to sell business | $ 6,300,000 | |||||
Gas Blending | Refined products and renewables | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||||
Payments made to sell business | $ 14,500,000 | |||||
Initial payment made to sell business | $ 1,400,000 | |||||
TransMontaigne Product Services, LLC | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||||
Gain (loss) on disposal of discontinued operations, net of tax | 182,100,000 | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Gain (loss) on disposal of discontinued operations, net of tax | 182,100,000 | |||||
Retail Propane Segment - West | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||||
Gain (loss) on disposal of discontinued operations, net of tax | 1,300,000 | (89,300,000) | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Gain (loss) on disposal of discontinued operations, net of tax | 1,300,000 | $ (89,300,000) | ||||
Retail Propane Segment - East | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||||
Gain (loss) on disposal of discontinued operations, net of tax | 1,000,000 | (408,900,000) | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Gain (loss) on disposal of discontinued operations, net of tax | $ 1,000,000 | $ (408,900,000) | ||||
Subsequent Event | Gas Blending | Refined products and renewables | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||||
Subsequent payments made to sell business | $ 8,500,000 | |||||
Number of subsequent payments made to sell business | 6 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 1,681,244 | $ 2,226,529 | $ 1,804,336 | $ 1,871,891 | $ 2,123,154 | $ 2,295,369 | $ 2,215,682 | $ 2,054,952 | $ 7,584,000 | $ 8,689,157 | $ 6,953,947 |
Total cost of sales | 1,389,778 | 1,935,472 | 1,589,203 | 1,689,930 | 1,936,388 | 2,048,661 | 2,051,447 | 1,946,565 | 6,604,383 | 7,983,061 | 6,263,561 |
Income (loss) from continuing operations | (223,009) | 49,106 | (15,624) | 8,982 | 57,868 | 97,199 | (31,723) | (202,799) | (180,545) | (79,455) | (22,477) |
Net income (loss) | (248,444) | 42,991 | (201,366) | 8,039 | 43,217 | 110,528 | 354,939 | (169,289) | (398,780) | 339,395 | (69,605) |
Net income (loss) attributable to NGL Energy Partners LP | $ (247,234) | $ 43,157 | $ (201,237) | $ 8,307 | $ 62,253 | $ 110,835 | $ 355,505 | $ (168,546) | $ (397,007) | $ 360,047 | $ (70,875) |
BASIC (LOSS) INCOME PER COMMON UNIT | |||||||||||
Loss from continuing operations | $ (1.89) | $ 0.23 | $ (0.26) | $ (0.95) | $ 0.31 | $ 0.55 | $ (0.45) | $ (1.83) | $ (2.88) | $ (1.39) | $ (0.68) |
Net (loss) income | (2.09) | 0.18 | (1.72) | (0.96) | 0.20 | 0.65 | 2.70 | (1.55) | (4.59) | 2.01 | (1.08) |
DILUTED (LOSS) INCOME PER COMMON UNIT | |||||||||||
Loss from continuing operations | (1.89) | 0.22 | (0.26) | (0.95) | 0.31 | 0.54 | (0.45) | (1.83) | (2.88) | (1.39) | (0.68) |
Net (loss) income | $ (2.09) | $ 0.18 | $ (1.72) | $ (0.96) | $ 0.19 | $ 0.64 | $ 2.70 | $ (1.55) | $ (4.59) | $ 2.01 | $ (1.08) |
Basic weighted average common units outstanding (in units) | 128,576,572 | 128,201,369 | 126,979,034 | 125,886,738 | 124,262,014 | 123,892,680 | 122,380,197 | 121,544,421 | 127,411,908 | 123,017,064 | 120,991,340 |
Diluted weighted average common units outstanding (in units) | 128,576,572 | 129,358,590 | 126,979,034 | 125,886,738 | 126,926,589 | 125,959,751 | 122,380,197 | 121,544,421 | 127,411,908 | 123,017,064 | 120,991,340 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Subsequent Event | ||||
Notes repurchased | $ 454 | $ 737,058 | $ 486,699 | |
7.50% Senior Notes due 2023 | Repurchases | ||||
Subsequent Event | ||||
Notes repurchased | $ 8,624 | 84,053 | ||
7.50% Senior Notes due 2023 | Repurchases | Subsequent Event | ||||
Subsequent Event | ||||
Notes repurchased | $ 15,000 | |||
Early repayment of subordinated debt, including accrued interest | 8,800 | |||
Accrued interest from early repayment of subordinated debt | 400 | |||
6.125% Senior Notes due 2025 | Repurchases | ||||
Subsequent Event | ||||
Notes repurchased | $ 1,815 | $ 110,865 | ||
6.125% Senior Notes due 2025 | Repurchases | Subsequent Event | ||||
Subsequent Event | ||||
Notes repurchased | 7,300 | |||
Early repayment of subordinated debt, including accrued interest | 3,700 | |||
Accrued interest from early repayment of subordinated debt | 100 | |||
7.50% Senior Notes due 2026 | Repurchases | Subsequent Event | ||||
Subsequent Event | ||||
Notes repurchased | 24,900 | |||
Early repayment of subordinated debt, including accrued interest | 13,200 | |||
Accrued interest from early repayment of subordinated debt | $ 200 |
Consolidating Guarantor and N_3
Consolidating Guarantor and Non-Guarantor Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 | Mar. 31, 2019 | Aug. 14, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
CURRENT ASSETS: | ||||||
Cash and cash equivalents | $ 22,704 | $ 18,572 | $ 22,094 | $ 7,826 | ||
Accounts receivable - trade, net of allowance for doubtful accounts | 566,834 | 998,203 | ||||
Accounts receivable-affiliates | 12,934 | 12,867 | ||||
Inventories | 69,634 | 136,128 | ||||
Prepaid expenses and other current assets | 101,981 | 65,918 | ||||
Assets held for sale | 0 | 580,985 | ||||
Total current assets | 774,087 | 1,812,673 | ||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 2,851,555 | 1,828,940 | ||||
GOODWILL | 993,587 | 1,110,456 | 1,170,530 | |||
INTANGIBLE ASSETS, net of accumulated amortization | 1,612,480 | 800,889 | ||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 23,182 | 1,127 | $ 800 | |||
OPERATING LEASE RIGHT-OF-USE ASSETS | 180,708 | $ 551,200 | 0 | |||
OTHER NONCURRENT ASSETS | 63,137 | 113,857 | ||||
ASSETS HELD FOR SALE | 0 | 234,551 | ||||
Total assets | 6,498,736 | 5,902,493 | ||||
CURRENT LIABILITIES: | ||||||
Accounts payable-trade | 515,049 | 879,063 | ||||
Accounts payable-affiliates | 17,717 | 28,469 | ||||
Accrued expenses and other payables | 232,062 | 107,759 | ||||
Advance payments received from customers | 19,536 | 8,461 | ||||
Current maturities of long-term debt | 4,683 | 648 | ||||
Operating lease obligations | 56,776 | 0 | ||||
Liabilities held for sale | 0 | 226,753 | ||||
Total current liabilities | 845,823 | 1,251,153 | ||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 3,144,848 | 2,160,133 | ||||
OPERATING LEASE OBLIGATIONS | 121,013 | 0 | ||||
OTHER NONCURRENT LIABILITIES | 114,079 | 63,542 | ||||
NONCURRENT LIABILITIES HELD FOR SALE | 0 | 33 | ||||
EQUITY: | ||||||
Partners' equity | 1,663,121 | 2,219,325 | ||||
Accumulated other comprehensive income (loss) | (385) | (255) | ||||
Noncontrolling interests | 72,954 | 58,748 | ||||
Total equity | 1,735,690 | 2,277,818 | 2,086,095 | 2,166,802 | ||
Total liabilities and equity | 6,498,736 | 5,902,493 | ||||
Reportable Entity | ||||||
CURRENT ASSETS: | ||||||
Cash and cash equivalents | 16,915 | |||||
Reportable Entity | NGL Energy Partners LP (Parent) | ||||||
CURRENT ASSETS: | ||||||
Cash and cash equivalents | 19,358 | 12,798 | 16,915 | 6,257 | ||
Total current assets | 19,358 | 12,798 | ||||
INTANGIBLE ASSETS, net of accumulated amortization | 0 | 0 | ||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | 1,870,754 | 862,186 | ||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 1,782,348 | 2,503,848 | ||||
Total assets | 3,672,460 | 3,378,832 | ||||
CURRENT LIABILITIES: | ||||||
Accounts payable-affiliates | 1 | 1 | ||||
Accrued expenses and other payables | 44,394 | 25,497 | ||||
Current maturities of long-term debt | 0 | 0 | ||||
Total current liabilities | 44,395 | 25,498 | ||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 1,428,046 | 984,450 | ||||
EQUITY: | ||||||
Partners' equity | 1,662,736 | 2,219,070 | ||||
Total equity | 1,662,736 | 2,219,070 | ||||
Total liabilities and equity | 3,672,460 | 3,378,832 | ||||
Reportable Entity | Guarantor Subsidiaries | ||||||
CURRENT ASSETS: | ||||||
Cash and cash equivalents | (354) | 3,728 | 3,329 | 73 | ||
Accounts receivable - trade, net of allowance for doubtful accounts | 563,023 | 996,192 | ||||
Accounts receivable-affiliates | 12,934 | 12,867 | ||||
Inventories | 69,301 | 135,094 | ||||
Prepaid expenses and other current assets | 101,764 | 65,443 | ||||
Assets held for sale | 580,985 | |||||
Total current assets | 746,668 | 1,794,309 | ||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 2,659,647 | 1,620,084 | ||||
GOODWILL | 988,412 | 1,105,281 | ||||
INTANGIBLE ASSETS, net of accumulated amortization | 1,543,131 | 725,542 | ||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 23,182 | 1,127 | ||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | (1,800,708) | (808,610) | ||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 121,058 | 170,690 | ||||
OPERATING LEASE RIGHT-OF-USE ASSETS | 177,100 | |||||
OTHER NONCURRENT ASSETS | 63,137 | 113,857 | ||||
ASSETS HELD FOR SALE | 234,551 | |||||
Total assets | 4,521,627 | 4,956,831 | ||||
CURRENT LIABILITIES: | ||||||
Accounts payable-trade | 513,831 | 872,122 | ||||
Accounts payable-affiliates | 17,716 | 28,468 | ||||
Accrued expenses and other payables | 186,576 | 80,765 | ||||
Advance payments received from customers | 13,925 | 7,550 | ||||
Current maturities of long-term debt | 4,683 | 648 | ||||
Operating lease obligations | 56,451 | |||||
Liabilities held for sale | 226,753 | |||||
Total current liabilities | 793,182 | 1,216,306 | ||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 1,716,802 | 1,175,683 | ||||
OPERATING LEASE OBLIGATIONS | 117,909 | |||||
OTHER NONCURRENT LIABILITIES | 111,386 | 60,961 | ||||
NONCURRENT LIABILITIES HELD FOR SALE | 33 | |||||
EQUITY: | ||||||
Partners' equity | 1,782,348 | 2,503,848 | ||||
Accumulated other comprehensive income (loss) | 0 | 0 | ||||
Noncontrolling interests | 0 | |||||
Total equity | 1,782,348 | 2,503,848 | ||||
Total liabilities and equity | 4,521,627 | 4,956,831 | ||||
Reportable Entity | Non-Guarantor Subsidiaries | ||||||
CURRENT ASSETS: | ||||||
Cash and cash equivalents | 3,700 | 2,046 | $ 1,850 | $ 1,496 | ||
Accounts receivable - trade, net of allowance for doubtful accounts | 3,811 | 2,011 | ||||
Accounts receivable-affiliates | 0 | 0 | ||||
Inventories | 333 | 1,034 | ||||
Prepaid expenses and other current assets | 217 | 475 | ||||
Assets held for sale | 0 | |||||
Total current assets | 8,061 | 5,566 | ||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 191,908 | 208,856 | ||||
GOODWILL | 5,175 | 5,175 | ||||
INTANGIBLE ASSETS, net of accumulated amortization | 69,349 | 75,347 | ||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 0 | 0 | ||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | (70,046) | (53,576) | ||||
OPERATING LEASE RIGHT-OF-USE ASSETS | 3,608 | |||||
OTHER NONCURRENT ASSETS | 0 | 0 | ||||
Total assets | 208,055 | 241,368 | ||||
CURRENT LIABILITIES: | ||||||
Accounts payable-trade | 1,218 | 6,941 | ||||
Accounts payable-affiliates | 0 | 0 | ||||
Accrued expenses and other payables | 1,092 | 1,497 | ||||
Advance payments received from customers | 5,611 | 911 | ||||
Current maturities of long-term debt | 0 | 0 | ||||
Operating lease obligations | 325 | |||||
Liabilities held for sale | 0 | |||||
Total current liabilities | 8,246 | 9,349 | ||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 0 | 0 | ||||
OPERATING LEASE OBLIGATIONS | 3,104 | |||||
OTHER NONCURRENT LIABILITIES | 2,693 | 2,581 | ||||
EQUITY: | ||||||
Partners' equity | 194,397 | 229,693 | ||||
Accumulated other comprehensive income (loss) | (385) | (255) | ||||
Total equity | 194,012 | 229,438 | ||||
Total liabilities and equity | 208,055 | 241,368 | ||||
Consolidating Adjustments | ||||||
CURRENT ASSETS: | ||||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | (1,903,406) | (2,674,538) | ||||
Total assets | (1,903,406) | (2,674,538) | ||||
EQUITY: | ||||||
Partners' equity | (1,976,360) | (2,733,286) | ||||
Noncontrolling interests | 72,954 | 58,748 | ||||
Total equity | (1,903,406) | (2,674,538) | ||||
Total liabilities and equity | (1,903,406) | (2,674,538) | ||||
Class D Preferred Units | ||||||
CURRENT LIABILITIES: | ||||||
PREFERRED UNITS | 537,283 | 0 | ||||
Class D Preferred Units | Reportable Entity | NGL Energy Partners LP (Parent) | ||||||
CURRENT LIABILITIES: | ||||||
PREFERRED UNITS | 537,283 | |||||
Class A Convertible Preferred Units | ||||||
CURRENT LIABILITIES: | ||||||
PREFERRED UNITS | $ 0 | 149,814 | ||||
Class A Convertible Preferred Units | Reportable Entity | NGL Energy Partners LP (Parent) | ||||||
CURRENT LIABILITIES: | ||||||
PREFERRED UNITS | $ 149,814 |
Consolidating Guarantor and N_4
Consolidating Guarantor and Non-Guarantor Financial Information - Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidating Statement of Operations | |||||||||||
REVENUES | $ 1,681,244 | $ 2,226,529 | $ 1,804,336 | $ 1,871,891 | $ 2,123,154 | $ 2,295,369 | $ 2,215,682 | $ 2,054,952 | $ 7,584,000 | $ 8,689,157 | $ 6,953,947 |
COST OF SALES | 1,389,778 | 1,935,472 | 1,589,203 | 1,689,930 | 1,936,388 | 2,048,661 | 2,051,447 | 1,946,565 | 6,604,383 | 7,983,061 | 6,263,561 |
OPERATING COSTS AND EXPENSES: | |||||||||||
Operating | 332,993 | 231,065 | 193,076 | ||||||||
General and administrative | 113,664 | 107,407 | 97,979 | ||||||||
Depreciation and amortization | 265,312 | 211,973 | 208,398 | ||||||||
Loss (gain) on disposal or impairment of assets, net | 261,786 | 34,296 | (17,118) | ||||||||
Revaluation of liabilities | 9,194 | (5,373) | 20,716 | ||||||||
Operating (Loss) Income | (3,332) | 126,728 | 187,335 | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of unconsolidated entities | 1,291 | 2,533 | 7,539 | ||||||||
Interest expense | (181,184) | (164,725) | (199,149) | ||||||||
Gain (loss) on early extinguishment of liabilities, net | 1,341 | (12,340) | (23,201) | ||||||||
Other income (expense), net | 1,684 | (30,418) | 6,352 | ||||||||
Loss From Continuing Operations Before Income Taxes | (180,200) | (78,222) | (21,124) | ||||||||
INCOME TAX EXPENSE | (345) | (1,233) | (1,353) | ||||||||
Loss From Continuing Operations | (223,009) | 49,106 | (15,624) | 8,982 | 57,868 | 97,199 | (31,723) | (202,799) | (180,545) | (79,455) | (22,477) |
(Loss) Income From Discontinued Operations, net of Tax | (218,235) | 418,850 | (47,128) | ||||||||
Net (Loss) Income | (248,444) | 42,991 | (201,366) | 8,039 | 43,217 | 110,528 | 354,939 | (169,289) | (398,780) | 339,395 | (69,605) |
LESS: NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,773 | 20,206 | (240) | ||||||||
Net loss attributable to redeemable noncontrolling interest | 0 | 446 | (1,030) | ||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP | $ (247,234) | $ 43,157 | $ (201,237) | $ 8,307 | $ 62,253 | $ 110,835 | $ 355,505 | $ (168,546) | (397,007) | 360,047 | (70,875) |
Reportable Entity | NGL Energy Partners LP (Parent) | |||||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Interest expense | (105,782) | (104,716) | (142,159) | ||||||||
Gain (loss) on early extinguishment of liabilities, net | 1,341 | (12,340) | (23,201) | ||||||||
Loss From Continuing Operations Before Income Taxes | (104,441) | (117,056) | (165,360) | ||||||||
EQUITY IN NET (LOSS) INCOME FROM CONTINUING OPERATIONS OF CONSOLIDATED SUBSIDIARIES | (292,566) | 477,103 | 94,485 | ||||||||
Loss From Continuing Operations | (397,007) | 360,047 | (70,875) | ||||||||
Net (Loss) Income | (397,007) | 360,047 | (70,875) | ||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP | (397,007) | 360,047 | (70,875) | ||||||||
Reportable Entity | Guarantor Subsidiaries | |||||||||||
Consolidating Statement of Operations | |||||||||||
REVENUES | 7,548,659 | 8,665,597 | 6,935,485 | ||||||||
COST OF SALES | 6,610,304 | 7,986,019 | 6,263,562 | ||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||
Operating | 318,547 | 217,597 | 186,056 | ||||||||
General and administrative | 112,810 | 106,595 | 97,402 | ||||||||
Depreciation and amortization | 252,224 | 201,513 | 197,497 | ||||||||
Loss (gain) on disposal or impairment of assets, net | 261,790 | (31,924) | (133,993) | ||||||||
Revaluation of liabilities | 9,194 | (5,373) | 20,124 | ||||||||
Operating (Loss) Income | (16,210) | 191,170 | 304,837 | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of unconsolidated entities | 1,291 | 2,533 | 7,539 | ||||||||
Interest expense | (75,340) | (60,008) | (56,989) | ||||||||
Gain (loss) on early extinguishment of liabilities, net | 0 | 0 | |||||||||
Other income (expense), net | 1,670 | (30,187) | 7,152 | ||||||||
Loss From Continuing Operations Before Income Taxes | (88,589) | 103,508 | 262,539 | ||||||||
INCOME TAX EXPENSE | (345) | (1,233) | (1,353) | ||||||||
EQUITY IN NET (LOSS) INCOME FROM CONTINUING OPERATIONS OF CONSOLIDATED SUBSIDIARIES | 14,603 | (44,865) | (116,224) | ||||||||
Loss From Continuing Operations | (74,331) | 57,410 | 144,962 | ||||||||
(Loss) Income From Discontinued Operations, net of Tax | (218,235) | 419,693 | (50,477) | ||||||||
Net (Loss) Income | (292,566) | 477,103 | 94,485 | ||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP | (292,566) | 477,103 | 94,485 | ||||||||
Reportable Entity | Non-Guarantor Subsidiaries | |||||||||||
Consolidating Statement of Operations | |||||||||||
REVENUES | 42,928 | 27,542 | 19,954 | ||||||||
COST OF SALES | 666 | 1,024 | 1,491 | ||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||
Operating | 15,446 | 13,468 | 7,020 | ||||||||
General and administrative | 854 | 812 | 577 | ||||||||
Depreciation and amortization | 13,088 | 10,460 | 10,901 | ||||||||
Loss (gain) on disposal or impairment of assets, net | (4) | 66,220 | 116,875 | ||||||||
Revaluation of liabilities | 0 | 0 | 592 | ||||||||
Operating (Loss) Income | 12,878 | (64,442) | (117,502) | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of unconsolidated entities | 0 | 0 | |||||||||
Interest expense | (107) | (46) | (46) | ||||||||
Other income (expense), net | 59 | 0 | 19 | ||||||||
Loss From Continuing Operations Before Income Taxes | 12,830 | (64,488) | (117,529) | ||||||||
INCOME TAX EXPENSE | 0 | 0 | |||||||||
Loss From Continuing Operations | 12,830 | (64,488) | (117,529) | ||||||||
(Loss) Income From Discontinued Operations, net of Tax | 0 | (1,029) | 2,575 | ||||||||
Net (Loss) Income | 12,830 | (65,517) | (114,954) | ||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP | 12,830 | (65,517) | (114,954) | ||||||||
Consolidating Adjustments | |||||||||||
Consolidating Statement of Operations | |||||||||||
REVENUES | (7,587) | (3,982) | (1,492) | ||||||||
COST OF SALES | (6,587) | (3,982) | (1,492) | ||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||
Operating | (1,000) | 0 | |||||||||
Operating (Loss) Income | 0 | 0 | 0 | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Interest expense | 45 | 45 | 45 | ||||||||
Other income (expense), net | (45) | (231) | (819) | ||||||||
Loss From Continuing Operations Before Income Taxes | 0 | (186) | (774) | ||||||||
EQUITY IN NET (LOSS) INCOME FROM CONTINUING OPERATIONS OF CONSOLIDATED SUBSIDIARIES | 277,963 | (432,238) | 21,739 | ||||||||
Loss From Continuing Operations | 277,963 | (432,424) | 20,965 | ||||||||
(Loss) Income From Discontinued Operations, net of Tax | 0 | 186 | 774 | ||||||||
Net (Loss) Income | 277,963 | (432,238) | 21,739 | ||||||||
LESS: NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,773 | 20,206 | (240) | ||||||||
Net loss attributable to redeemable noncontrolling interest | 446 | (1,030) | |||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP | $ 279,736 | $ (411,586) | $ 20,469 |
Consolidating Guarantor and N_5
Consolidating Guarantor and Non-Guarantor Financial Information - Statements of Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidating Statement of Comprehensive Income | |||||||||||
Net income (loss) | $ (248,444) | $ 42,991 | $ (201,366) | $ 8,039 | $ 43,217 | $ 110,528 | $ 354,939 | $ (169,289) | $ (398,780) | $ 339,395 | $ (69,605) |
Other comprehensive (loss) income | (130) | (9) | 13 | ||||||||
Comprehensive (loss) income | (398,910) | 339,386 | (69,592) | ||||||||
Reportable Entity | NGL Energy Partners LP (Parent) | |||||||||||
Consolidating Statement of Comprehensive Income | |||||||||||
Net income (loss) | (397,007) | 360,047 | (70,875) | ||||||||
Comprehensive (loss) income | (397,007) | 360,047 | (70,875) | ||||||||
Reportable Entity | Guarantor Subsidiaries | |||||||||||
Consolidating Statement of Comprehensive Income | |||||||||||
Net income (loss) | (292,566) | 477,103 | 94,485 | ||||||||
Other comprehensive (loss) income | 17 | (18) | 58 | ||||||||
Comprehensive (loss) income | (292,549) | 477,085 | 94,543 | ||||||||
Reportable Entity | Non-Guarantor Subsidiaries | |||||||||||
Consolidating Statement of Comprehensive Income | |||||||||||
Net income (loss) | 12,830 | (65,517) | (114,954) | ||||||||
Other comprehensive (loss) income | (147) | 9 | (45) | ||||||||
Comprehensive (loss) income | 12,683 | (65,508) | (114,999) | ||||||||
Consolidating Adjustments | |||||||||||
Consolidating Statement of Comprehensive Income | |||||||||||
Net income (loss) | 277,963 | (432,238) | 21,739 | ||||||||
Comprehensive (loss) income | $ 277,963 | $ (432,238) | $ 21,739 |
Consolidating Guarantor and N_6
Consolidating Guarantor and Non-Guarantor Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES: | |||
Net cash (used in) provided by operating activities-continuing operations | $ 382,426 | $ 151,523 | $ 300,348 |
Net cash provided by (used in) operating activities-discontinued operations | 81,629 | 185,727 | (162,381) |
Net cash provided by operating activities | 464,055 | 337,250 | 137,967 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (555,713) | (455,586) | (133,761) |
Acquisitions, net of cash acquired | (1,268,474) | (300,614) | (19,897) |
Net settlements of commodity derivatives | 86,702 | (10,173) | (39,113) |
Proceeds from sales of assets | 17,621 | 16,177 | 33,844 |
Proceeds from divestitures of businesses and investments, net | 0 | 335,809 | 329,780 |
Transaction with Victory Propane (Note 13) | 0 | 0 | (6,424) |
Investments in unconsolidated entities | (21,218) | (389) | (21,465) |
Distributions of capital from unconsolidated entities | 440 | 1,440 | 11,969 |
Repayments on loan for natural gas liquids facility | 3,022 | 10,336 | 10,052 |
Loan to affiliate | 0 | (1,515) | (2,510) |
Repayments on loan to affiliate | 0 | 0 | 4,160 |
Net cash (used in) provided by investing activities-continuing operations | (1,737,620) | (404,515) | 166,635 |
Net cash provided by investing activities-discontinued operations | 298,864 | 857,988 | 103,947 |
Net cash (used in) provided by investing activities | (1,438,756) | 453,473 | 270,582 |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings under Revolving Credit Facility | 4,074,000 | 4,098,500 | 2,434,500 |
Payments on Revolving Credit Facility | (3,775,000) | (3,897,000) | (2,279,500) |
Issuance of senior unsecured notes and term credit agreement | 700,000 | 0 | 0 |
Repayment and repurchase of senior secured and senior unsecured notes | (454) | (737,058) | (486,699) |
Payments on other long-term debt | (653) | (653) | (877) |
Debt issuance costs | (14,950) | (1,383) | (2,700) |
Contributions from noncontrolling interest owners, net | 0 | 169 | 23 |
Distributions to general and common unit partners and preferred unitholders | (244,400) | (236,633) | (225,067) |
Distributions to noncontrolling interest owners | (1,145) | 0 | (3,082) |
Proceeds from sale of preferred units, net of offering costs | 622,391 | 0 | 202,731 |
Payments for redemption of preferred units | (265,128) | 0 | 0 |
Common unit repurchases and cancellations | (1,644) | (297) | (15,817) |
Payments for settlement and early extinguishment of liabilities | (98,958) | (4,577) | (3,408) |
Investment in NGL Energy Holdings LLC | (15,226) | 0 | 0 |
Repurchase of warrants | 0 | (14,988) | (10,549) |
Net cash provided by (used in) financing activities-continuing operations | 978,833 | (793,920) | (390,445) |
Net cash used in financing activities-discontinued operations | 0 | (325) | (3,836) |
Net cash provided by (used in) financing activities | 978,833 | (794,245) | (394,281) |
Net increase (decrease) in cash and cash equivalents | 4,132 | (3,522) | 14,268 |
Cash and cash equivalents, beginning of period | 18,572 | 22,094 | 7,826 |
Cash and cash equivalents, end of period | 22,704 | 18,572 | 22,094 |
Reportable Entity | |||
FINANCING ACTIVITIES: | |||
Cash and cash equivalents, beginning of period | 16,915 | ||
Cash and cash equivalents, end of period | 16,915 | ||
Reportable Entity | NGL Energy Partners LP (Parent) | |||
OPERATING ACTIVITIES: | |||
Net cash (used in) provided by operating activities-continuing operations | (86,814) | (116,033) | (141,967) |
Net cash provided by operating activities | (86,814) | (116,033) | (141,967) |
FINANCING ACTIVITIES: | |||
Issuance of senior unsecured notes and term credit agreement | 450,000 | ||
Repayment and repurchase of senior secured and senior unsecured notes | (454) | (737,058) | (486,699) |
Debt issuance costs | (8,101) | (30) | (692) |
Distributions to general and common unit partners and preferred unitholders | (244,400) | (236,633) | (225,067) |
Proceeds from sale of preferred units, net of offering costs | 622,391 | 202,731 | |
Payments for redemption of preferred units | (265,128) | ||
Common unit repurchases and cancellations | (1,644) | (297) | (15,817) |
Investment in NGL Energy Holdings LLC | (15,226) | ||
Repurchase of warrants | (14,988) | (10,549) | |
Net changes in advances with consolidated entities | (444,064) | 1,100,922 | 688,718 |
Net cash provided by (used in) financing activities-continuing operations | 111,916 | 152,625 | |
Net cash provided by (used in) financing activities | 93,374 | 111,916 | 152,625 |
Net increase (decrease) in cash and cash equivalents | 6,560 | (4,117) | 10,658 |
Cash and cash equivalents, beginning of period | 12,798 | 16,915 | 6,257 |
Cash and cash equivalents, end of period | 19,358 | 12,798 | 16,915 |
Reportable Entity | Guarantor Subsidiaries | |||
OPERATING ACTIVITIES: | |||
Net cash (used in) provided by operating activities-continuing operations | 426,481 | 295,293 | 433,678 |
Net cash provided by (used in) operating activities-discontinued operations | 81,629 | 182,506 | (165,862) |
Net cash provided by operating activities | 508,110 | 477,799 | 267,816 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (508,152) | (414,522) | (130,760) |
Acquisitions, net of cash acquired | (1,268,474) | (296,687) | 3,100 |
Net settlements of commodity derivatives | 86,702 | (10,173) | (39,113) |
Proceeds from sales of assets | 17,617 | 16,177 | 33,844 |
Proceeds from divestitures of businesses and investments, net | 335,809 | 292,112 | |
Transaction with Victory Propane (Note 13) | (6,424) | ||
Investments in unconsolidated entities | (21,218) | (389) | (21,465) |
Distributions of capital from unconsolidated entities | 440 | 1,440 | 11,969 |
Repayments on loan for natural gas liquids facility | 3,022 | 10,336 | 10,052 |
Loan to affiliate | (1,515) | (2,510) | |
Repayments on loan to affiliate | 4,160 | ||
Net cash (used in) provided by investing activities-continuing operations | (1,690,063) | (359,524) | 154,965 |
Net cash provided by investing activities-discontinued operations | 298,864 | 851,006 | 104,666 |
Net cash (used in) provided by investing activities | (1,391,199) | 491,482 | 259,631 |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings under Revolving Credit Facility | 4,074,000 | 4,098,500 | 2,434,500 |
Payments on Revolving Credit Facility | (3,775,000) | (3,897,000) | (2,279,500) |
Issuance of senior unsecured notes and term credit agreement | 250,000 | ||
Payments on other long-term debt | (653) | (653) | (877) |
Debt issuance costs | (6,598) | (1,353) | (2,008) |
Payments for settlement and early extinguishment of liabilities | (98,958) | (4,577) | (3,408) |
Net changes in advances with consolidated entities | 436,216 | (1,163,504) | (669,452) |
Net cash provided by (used in) financing activities-continuing operations | (968,587) | (520,745) | |
Net cash used in financing activities-discontinued operations | (295) | (3,446) | |
Net cash provided by (used in) financing activities | 879,007 | (968,882) | (524,191) |
Net increase (decrease) in cash and cash equivalents | (4,082) | 399 | 3,256 |
Cash and cash equivalents, beginning of period | 3,728 | 3,329 | 73 |
Cash and cash equivalents, end of period | (354) | 3,728 | 3,329 |
Reportable Entity | Non-Guarantor Subsidiaries | |||
OPERATING ACTIVITIES: | |||
Net cash (used in) provided by operating activities-continuing operations | 42,759 | (27,551) | 9,411 |
Net cash provided by (used in) operating activities-discontinued operations | 0 | 3,221 | 3,481 |
Net cash provided by operating activities | 42,759 | (24,330) | 12,892 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (47,561) | (41,064) | (3,001) |
Acquisitions, net of cash acquired | 0 | (3,927) | (22,997) |
Proceeds from sales of assets | 4 | ||
Proceeds from divestitures of businesses and investments, net | 0 | 37,668 | |
Net cash (used in) provided by investing activities-continuing operations | (47,557) | (44,991) | 11,670 |
Net cash provided by investing activities-discontinued operations | 0 | 6,982 | (719) |
Net cash (used in) provided by investing activities | (47,557) | (38,009) | 10,951 |
FINANCING ACTIVITIES: | |||
Debt issuance costs | (251) | ||
Contributions from noncontrolling interest owners, net | 169 | 23 | |
Distributions to noncontrolling interest owners | (1,145) | (3,082) | |
Net changes in advances with consolidated entities | 7,848 | 62,396 | (20,040) |
Net cash provided by (used in) financing activities-continuing operations | 62,565 | (23,099) | |
Net cash used in financing activities-discontinued operations | (30) | (390) | |
Net cash provided by (used in) financing activities | 6,452 | 62,535 | (23,489) |
Net increase (decrease) in cash and cash equivalents | 1,654 | 196 | 354 |
Cash and cash equivalents, beginning of period | 2,046 | 1,850 | 1,496 |
Cash and cash equivalents, end of period | $ 3,700 | 2,046 | 1,850 |
Consolidating Adjustments | |||
OPERATING ACTIVITIES: | |||
Net cash (used in) provided by operating activities-continuing operations | (186) | (774) | |
Net cash provided by operating activities | (186) | (774) | |
FINANCING ACTIVITIES: | |||
Net changes in advances with consolidated entities | 186 | 774 | |
Net cash provided by (used in) financing activities-continuing operations | 186 | 774 | |
Net cash provided by (used in) financing activities | $ 186 | $ 774 |