Equity Investees

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Equity Investees

8. Equity Investees

We account for our ownership in our joint ventures under the equity method of accounting (see Note 2 for a description of these investments). The price we pay to acquire an ownership interest in a company may exceed the underlying book value of the capital accounts we acquire. Such excess cost amounts are included within the carrying values of our equity investees. At December 31, 2013 and 2012, the unamortized excess cost amounts totaled $225.7 million and $234 million, respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation.

The following table presents information included in our Consolidated Financial Statements related to our equity investees.

	Year Ended December 31,
	2013			2012			2011
Genesis’ share of operating earnings	$	33,152		$	24,532		$	7,910
Amortization of excess purchase price	(10,477		)	(10,187		)	(4,563		)
Net equity in earnings	$	22,675		$	14,345		$	3,347
Distributions received	$	46,564		$	38,809		$	20,028

The following tables present the combined balance sheet information for the last two years and income statement data for the last three years for our equity investees (on a 100% basis):

	December 31,
	2013		2012
BALANCE SHEET DATA:
Assets
Current assets	$	70,921	$	74,906
Fixed assets, net	1,028,808		832,525
Other assets	6,823		10,202
Total assets	$	1,106,552	$	917,633
Liabilities and equity
Current liabilities	$	55,918	$	112,321
Other liabilities	190,578		134,731
Equity	860,056		670,581
Total liabilities and equity	$	1,106,552	$	917,633

	Year Ended December 31,
	2013		2012		2011
INCOME STATEMENT DATA:
Revenues	$	183,533	$	162,267	$	56,353
Operating Income	$	102,107	$	80,841	$	16,363
Net Income	$	99,357	$	77,975	$	16,322