Equity Investees

6 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Equity Investees

6. Equity Investees

We account for our ownership in our joint ventures under the equity method of accounting. 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 June 30, 2014 and December 31, 2013, the unamortized excess cost amounts totaled $220.6 million and $225.7 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 Unaudited Condensed Consolidated Financial Statements related to our equity investees.

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Genesis’ share of operating earnings	$	7,505		$	8,221		$	17,906		$	14,871
Amortization of excess purchase price	(2,583		)	(2,598		)	(5,166		)	(5,312		)
Net equity in earnings	$	4,922		$	5,623		$	12,740		$	9,559
Distributions received	$	15,045		$	11,384		$	27,625		$	21,014

The following tables present the combined unaudited balance sheet and income statement information (on a 100% basis) of our equity investees:

	June 30, 2014		December 31, 2013
BALANCE SHEET DATA:
Assets
Current assets	$	77,714	$	70,921
Fixed assets, net	1,034,909		1,028,808
Other assets	6,594		6,823
Total assets	$	1,119,217	$	1,106,552
Liabilities and equity
Current liabilities	$	71,745	$	55,918
Other liabilities	198,596		190,578
Equity	848,876		860,056
Total liabilities and equity	$	1,119,217	$	1,106,552

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
INCOME STATEMENT DATA:
Revenues	$	46,440	$	45,528	$	96,264	$	86,268
Operating income	$	22,628	$	26,427	$	53,103	$	47,527
Net income	$	21,815	$	25,748	$	51,521	$	46,203