XML 48 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidating Financial Information (Tables)
6 Months Ended
Jun. 30, 2014
Condensed Consolidating Financial Information [Abstract]  
Condensed Consolidating Financial Statements
The following is condensed consolidating financial information for Genesis Energy, L.P., the guarantor subsidiaries and the non-guarantor subsidiaries.


Unaudited Condensed Consolidating Balance Sheet
June 30, 2014

 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
10

 
$

 
$
13,295

 
$
1,021

 
$

 
$
14,326

Other current assets
1,369,932

 

 
476,342

 
58,779

 
(1,399,608
)
 
505,445

Total current assets
1,369,942

 

 
489,637

 
59,800

 
(1,399,608
)
 
519,771

Fixed assets, at cost

 

 
1,434,885

 
117,225

 

 
1,552,110

Less: Accumulated depreciation

 

 
(207,927
)
 
(19,911
)
 

 
(227,838
)
Net fixed assets

 

 
1,226,958

 
97,314

 

 
1,324,272

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
19,047

 

 
241,932

 
149,624

 
(156,751
)
 
253,852

Equity investees

 

 
620,188

 

 

 
620,188

Investments in subsidiaries
1,217,721

 

 
127,397

 

 
(1,345,118
)
 

Total assets
$
2,606,710

 
$

 
$
3,031,158

 
$
306,738

 
$
(2,901,477
)
 
$
3,043,129

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
11,379

 
$

 
$
1,780,446

 
$
20,217

 
$
(1,399,762
)
 
$
412,280

Senior secured credit facility
492,200

 

 

 

 

 
492,200

Senior unsecured notes
1,050,707

 

 

 

 

 
1,050,707

Deferred tax liabilities

 

 
16,797

 

 

 
16,797

Other liabilities

 

 
15,028

 
160,271

 
(156,578
)
 
18,721

Total liabilities
1,554,286

 

 
1,812,271

 
180,488

 
(1,556,340
)
 
1,990,705

Partners’ capital
1,052,424

 

 
1,218,887

 
126,250

 
(1,345,137
)
 
1,052,424

Total liabilities and partners’ capital
$
2,606,710

 
$

 
$
3,031,158

 
$
306,738

 
$
(2,901,477
)
 
$
3,043,129



Unaudited Condensed Consolidating Balance Sheet
December 31, 2013
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
20

 
$

 
$
8,061

 
$
785

 
$

 
$
8,866

Other current assets
1,133,695

 

 
498,230

 
54,199

 
(1,159,767
)
 
526,357

Total current assets
1,133,715

 

 
506,291

 
54,984

 
(1,159,767
)
 
535,223

Fixed assets, at cost

 

 
1,211,356

 
116,618

 

 
1,327,974

Less: Accumulated depreciation

 

 
(181,905
)
 
(17,325
)
 

 
(199,230
)
Net fixed assets

 

 
1,029,451

 
99,293

 

 
1,128,744

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
21,432

 

 
238,282

 
152,413

 
(159,185
)
 
252,942

Equity investees

 

 
620,247

 

 

 
620,247

Investments in subsidiaries
1,236,164

 

 
124,718

 

 
(1,360,882
)
 

Total assets
$
2,391,311

 
$

 
$
2,844,035

 
$
306,690

 
$
(2,679,834
)
 
$
2,862,202

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
10,002

 
$

 
$
1,576,186

 
$
19,660

 
$
(1,159,295
)
 
$
446,553

Senior secured credit facility
582,800

 

 

 

 

 
582,800

Senior unsecured notes
700,772

 

 

 

 

 
700,772

Deferred tax liabilities

 

 
15,944

 

 

 
15,944

Other liabilities

 

 
14,664

 
162,739

 
(159,007
)
 
18,396

Total liabilities
1,293,574

 

 
1,606,794

 
182,399

 
(1,318,302
)
 
1,764,465

Partners’ capital
1,097,737

 

 
1,237,241

 
124,291

 
(1,361,532
)
 
1,097,737

Total liabilities and partners’ capital
$
2,391,311

 
$

 
$
2,844,035

 
$
306,690

 
$
(2,679,834
)
 
$
2,862,202


























Unaudited Condensed Consolidating Statement of Operations
Three Months Ended June 30, 2014
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics
$

 
$

 
$
936,331

 
$
30,551

 
$
(27,826
)
 
$
939,056

Refinery services

 

 
51,694

 
4,571

 
(3,464
)
 
52,801

Pipeline transportation services

 

 
16,684

 
6,508

 

 
23,192

Total revenues

 

 
1,004,709

 
41,630

 
(31,290
)
 
1,015,049

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs

 

 
906,860

 
30,042

 
(27,828
)
 
909,074

Refinery services operating costs

 

 
30,399

 
4,212

 
(3,463
)
 
31,148

Pipeline transportation operating costs

 

 
7,903

 
480

 

 
8,383

General and administrative

 

 
14,666

 
30

 

 
14,696

Depreciation and amortization

 

 
19,181

 
1,310

 

 
20,491

Total costs and expenses

 

 
979,009

 
36,074

 
(31,291
)
 
983,792

OPERATING INCOME

 

 
25,700

 
5,556

 
1

 
31,257

Equity in earnings of subsidiaries
35,214

 

 
1,595

 

 
(36,809
)
 

Equity in earnings of equity investees

 

 
4,922

 

 

 
4,922

Interest (expense) income, net
(14,066
)
 

 
3,932

 
(3,935
)
 

 
(14,069
)
Income from continuing operations before income taxes
21,148

 

 
36,149

 
1,621

 
(36,808
)
 
22,110

Income tax expense

 

 
(890
)
 
(72
)
 

 
(962
)
Income from continuing operations
21,148

 

 
35,259

 
1,549

 
(36,808
)
 
21,148

Income from discontinued operations

 

 

 

 

 

NET INCOME
$
21,148

 
$

 
$
35,259

 
$
1,549

 
$
(36,808
)
 
$
21,148

Unaudited Condensed Consolidating Statement of Operations
Three Months Ended June 30, 2013
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics
$

 
$

 
$
989,591

 
$
35,124

 
$
(30,034
)
 
$
994,681

Refinery services

 

 
51,682

 
3,796

 
(4,002
)
 
51,476

Pipeline transportation services

 

 
15,731

 
6,806

 

 
22,537

Total revenues

 

 
1,057,004

 
45,726

 
(34,036
)
 
1,068,694

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs

 

 
965,373

 
33,221

 
(30,034
)
 
968,560

Refinery services operating costs

 

 
32,915

 
3,516

 
(3,610
)
 
32,821

Pipeline transportation operating costs

 

 
6,668

 
477

 

 
7,145

General and administrative

 

 
11,115

 
27

 

 
11,142

Depreciation and amortization

 

 
14,755

 
910

 

 
15,665

Total costs and expenses

 

 
1,030,826

 
38,151

 
(33,644
)
 
1,035,333

OPERATING INCOME

 

 
26,178

 
7,575

 
(392
)
 
33,361

Equity in earnings of subsidiaries
39,133

 

 
3,533

 

 
(42,666
)
 

Equity in earnings of equity investees

 

 
5,623

 

 

 
5,623

Interest (expense) income, net
(12,231
)
 

 
4,029

 
(4,053
)
 

 
(12,255
)
Income from continuing operations before income taxes
26,902

 

 
39,363

 
3,522

 
(43,058
)
 
26,729

Income tax expense

 

 
(87
)
 
(30
)
 

 
(117
)
Income from continuing operations
26,902

 

 
39,276

 
3,492

 
(43,058
)
 
26,612

Income from discontinued operations

 

 
290

 

 

 
290

NET INCOME
$
26,902

 
$

 
$
39,566

 
$
3,492

 
$
(43,058
)
 
$
26,902



Unaudited Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2014
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics
$

 
$

 
$
1,878,368

 
$
62,762

 
$
(57,468
)
 
$
1,883,662

Refinery services

 

 
103,424

 
10,645

 
(7,075
)
 
106,994

Pipeline transportation services

 

 
31,291

 
12,821

 

 
44,112

Total revenues

 

 
2,013,083

 
86,228

 
(64,543
)
 
2,034,768

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs

 

 
1,817,980

 
60,916

 
(57,468
)
 
1,821,428

Refinery services operating costs

 

 
61,990

 
10,058

 
(7,705
)
 
64,343

Pipeline transportation operating costs

 

 
14,958

 
903

 

 
15,861

General and administrative

 

 
26,646

 
60

 

 
26,706

Depreciation and amortization

 

 
37,176

 
2,595

 

 
39,771

Total costs and expenses

 

 
1,958,750

 
74,532

 
(65,173
)
 
1,968,109

OPERATING INCOME

 

 
54,333

 
11,696

 
630

 
66,659

Equity in earnings of subsidiaries
77,793

 

 
3,759

 

 
(81,552
)
 

Equity in earnings of equity investees

 

 
12,740

 

 

 
12,740

Interest (expense) income, net
(26,870
)
 

 
7,898

 
(7,901
)
 

 
(26,873
)
Income from continuing operations before income taxes
50,923

 

 
78,730

 
3,795

 
(80,922
)
 
52,526

Income tax expense

 

 
(1,477
)
 
(126
)
 

 
(1,603
)
Income from continuing operations
50,923

 

 
77,253

 
3,669

 
(80,922
)
 
50,923

Income from discontinued operations

 

 

 

 

 

NET INCOME
$
50,923

 
$

 
$
77,253

 
$
3,669

 
$
(80,922
)
 
$
50,923



Unaudited Condensed Consolidating Statement of Operations
Six Months Ended June 30, 2013
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics
$

 
$

 
$
1,927,674

 
$
74,069

 
$
(62,517
)
 
$
1,939,226

Refinery services

 

 
99,449

 
9,359

 
(7,848
)
 
100,960

Pipeline transportation services

 

 
29,857

 
13,459

 

 
43,316

Total revenues

 

 
2,056,980

 
96,887

 
(70,365
)
 
2,083,502

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs

 

 
1,882,181

 
67,512

 
(62,517
)
 
1,887,176

Refinery services operating costs

 

 
64,082

 
8,798

 
(7,616
)
 
65,264

Pipeline transportation operating costs

 

 
13,422

 
807

 

 
14,229

General and administrative

 

 
22,693

 
60

 

 
22,753

Depreciation and amortization

 

 
28,902

 
1,812

 

 
30,714

Total costs and expenses

 

 
2,011,280

 
78,989

 
(70,133
)
 
2,020,136

OPERATING INCOME

 

 
45,700

 
17,898

 
(232
)
 
63,366

Equity in earnings of subsidiaries
73,385

 

 
9,771

 

 
(83,156
)
 

Equity in earnings of equity investees

 

 
9,559

 

 

 
9,559

Interest (expense) income, net
(23,637
)
 

 
8,076

 
(8,135
)
 

 
(23,696
)
Income from continuing operations before income taxes
49,748

 

 
73,106

 
9,763

 
(83,388
)
 
49,229

Income tax benefit (expense)

 

 
170

 
(84
)
 

 
86

Income from continuing operations
49,748

 

 
73,276

 
9,679

 
(83,388
)
 
49,315

Income from discontinued operations

 

 
433

 

 

 
433

NET INCOME
$
49,748

 
$

 
$
73,709

 
$
9,679

 
$
(83,388
)
 
$
49,748





Unaudited Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2014
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
Net cash (used in) provided by operating activities
$
(175,807
)
 
$

 
$
350,596

 
$
5,007

 
$
(74,599
)
 
$
105,197

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Payments to acquire fixed and intangible assets

 

 
(240,385
)
 
(609
)
 

 
(240,994
)
Cash distributions received from equity investees - return of investment
23,385

 

 
6,173

 

 
(23,385
)
 
6,173

Investments in equity investees

 

 
(14,826
)
 

 

 
(14,826
)
Repayments on loan to non-guarantor subsidiary

 

 
2,433

 

 
(2,433
)
 

Proceeds from asset sales

 

 
133

 

 

 
133

Other, net

 

 
(2,635
)
 

 

 
(2,635
)
Net cash provided by (used) in investing activities
23,385

 

 
(249,107
)
 
(609
)
 
(25,818
)
 
(252,149
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
1,181,200

 

 

 

 

 
1,181,200

Repayments on senior secured credit facility
(1,271,800
)
 

 

 

 

 
(1,271,800
)
Proceeds from issuance of senior unsecured notes
350,000

 

 

 

 

 
350,000

Debt issuance costs
(10,752
)
 

 

 

 

 
(10,752
)
Distributions to partners/owners
(96,236
)
 

 
(96,236
)
 
(1,768
)
 
98,004

 
(96,236
)
Other, net

 

 
(19
)
 
(2,394
)
 
2,413

 

Net cash provided by (used in) financing activities
152,412

 

 
(96,255
)
 
(4,162
)
 
100,417

 
152,412

Net (decrease) increase in cash and cash equivalents
(10
)
 

 
5,234

 
236

 

 
5,460

Cash and cash equivalents at beginning of period
20

 

 
8,061

 
785

 

 
8,866

Cash and cash equivalents at end of period
$
10

 
$

 
$
13,295

 
$
1,021

 
$

 
$
14,326


 Unaudited Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2013
 
 
Genesis
Energy, L.P.
(Parent and
Co-Issuer)
 
Genesis
Energy Finance
Corporation
(Co-Issuer)
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Genesis
Energy, L.P.
Consolidated
Net cash (used in) provided by operating activities
$
(86,739
)
 
$

 
$
245,918

 
$
17,342

 
$
(80,735
)
 
$
95,786

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Payments to acquire fixed and intangible assets

 

 
(98,050
)
 
(9,116
)
 

 
(107,166
)
Cash distributions received from equity investees - return of investment
5,585

 

 
5,539

 

 
(5,585
)
 
5,539

Investments in equity investees

 

 
(66,207
)
 

 

 
(66,207
)
Repayments on loan to non-guarantor subsidiary

 

 
2,199

 

 
(2,199
)
 

Proceeds from asset sales

 

 
626

 

 

 
626

Other, net

 

 
171

 

 

 
171

Net cash used in investing activities
5,585

 

 
(155,722
)
 
(9,116
)
 
(7,784
)
 
(167,037
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
668,500

 

 

 

 

 
668,500

Repayments on senior secured credit facility
(849,400
)
 

 

 

 

 
(849,400
)
Proceeds from issuance of senior unsecured notes
350,000

 

 

 

 

 
350,000

Debt issuance costs
(8,157
)
 

 

 

 

 
(8,157
)
Distributions to partners/owners
(79,795
)
 

 
(79,795
)
 
(6,545
)
 
86,340

 
(79,795
)
Other, net

 

 
(3,382
)
 
(1,308
)
 
2,179

 
(2,511
)
Net cash provided by (used in) financing activities
81,148

 

 
(83,177
)
 
(7,853
)
 
88,519

 
78,637

Net (decrease) increase in cash and cash equivalents
(6
)
 

 
7,019

 
373

 

 
7,386

Cash and cash equivalents at beginning of period
10

 

 
11,214

 
58

 

 
11,282

Cash and cash equivalents at end of period
$
4

 
$

 
$
18,233

 
$
431

 
$

 
$
18,668