XML 50 R35.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidating Financial Information (Tables)
3 Months Ended
Mar. 31, 2015
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
March 31, 2015

 
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
$
9

 
$

 
$
8,789

 
$
2,340

 
$

 
$
11,138

Other current assets
1,465,246

 

 
284,622

 
48,182

 
(1,501,248
)
 
296,802

Total current assets
1,465,255

 

 
293,411

 
50,522

 
(1,501,248
)
 
307,940

Fixed assets, at cost

 

 
1,899,218

 
118,021

 

 
2,017,239

Less: Accumulated depreciation

 

 
(263,259
)
 
(23,818
)
 

 
(287,077
)
Net fixed assets

 

 
1,635,959

 
94,203

 

 
1,730,162

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
27,140

 

 
269,385

 
145,184

 
(152,864
)
 
288,845

Equity investees

 

 
620,147

 

 

 
620,147

Investments in subsidiaries
1,417,120

 

 
126,985

 

 
(1,544,105
)
 

Total assets
$
2,909,515

 
$

 
$
3,270,933

 
$
289,909

 
$
(3,198,217
)
 
$
3,272,140

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
17,635

 
$

 
$
1,818,022

 
$
8,327

 
$
(1,501,413
)
 
$
342,571

Senior secured credit facility
648,400

 

 

 

 

 
648,400

Senior unsecured notes
1,050,604

 

 

 

 

 
1,050,604

Deferred tax liabilities

 

 
19,363

 

 

 
19,363

Other liabilities

 

 
15,130

 
155,891

 
(152,695
)
 
18,326

Total liabilities
1,716,639

 

 
1,852,515

 
164,218

 
(1,654,108
)
 
2,079,264

Partners’ capital
1,192,876

 

 
1,418,418

 
125,691

 
(1,544,109
)
 
1,192,876

Total liabilities and partners’ capital
$
2,909,515

 
$

 
$
3,270,933

 
$
289,909

 
$
(3,198,217
)
 
$
3,272,140



Unaudited Condensed Consolidating Balance Sheet
December 31, 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
$
9

 
$

 
$
8,352

 
$
1,101

 
$

 
$
9,462

Other current assets
1,378,573

 

 
327,819

 
51,781

 
(1,412,269
)
 
345,904

Total current assets
1,378,582

 

 
336,171

 
52,882

 
(1,412,269
)
 
355,366

Fixed assets, at cost

 

 
1,781,158

 
117,900

 

 
1,899,058

Less: Accumulated depreciation

 

 
(245,548
)
 
(22,509
)
 

 
(268,057
)
Net fixed assets

 

 
1,535,610

 
95,391

 

 
1,631,001

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
28,421

 

 
269,252

 
146,700

 
(154,192
)
 
290,181

Equity investees

 

 
628,780

 

 

 
628,780

Investments in subsidiaries
1,434,255

 

 
126,035

 

 
(1,560,290
)
 

Total assets
$
2,841,258

 
$

 
$
3,220,894

 
$
294,973

 
$
(3,126,751
)
 
$
3,230,374

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
11,016

 
$

 
$
1,751,548

 
$
13,013

 
$
(1,412,432
)
 
$
363,145

Senior secured credit facility
550,400

 

 

 

 

 
550,400

Senior unsecured notes
1,050,639

 

 

 

 

 
1,050,639

Deferred tax liabilities

 

 
18,754

 

 

 
18,754

Other liabilities

 

 
15,082

 
157,172

 
(154,021
)
 
18,233

Total liabilities
1,612,055

 

 
1,785,384

 
170,185

 
(1,566,453
)
 
2,001,171

Partners’ capital
1,229,203

 

 
1,435,510

 
124,788

 
(1,560,298
)
 
1,229,203

Total liabilities and partners’ capital
$
2,841,258

 
$

 
$
3,220,894

 
$
294,973

 
$
(3,126,751
)
 
$
3,230,374




























Unaudited Condensed Consolidating Statement of Operations
Three Months Ended March 31, 2015
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
Pipeline transportation services
$

 
$

 
$
13,414

 
$
6,444

 
$

 
$
19,858

Refinery services

 

 
45,319

 
2,112

 
(1,307
)
 
46,124

Marine transportation

 

 
57,371

 

 

 
57,371

Supply and logistics

 

 
401,649

 
3,966

 
(2,111
)
 
403,504

Total revenues

 

 
517,753

 
12,522

 
(3,418
)
 
526,857

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs

 

 
394,834

 
3,433

 
(2,110
)
 
396,157

Marine transportation costs

 

 
31,594

 

 

 
31,594

Refinery services operating costs

 

 
26,219

 
2,119

 
(1,311
)
 
27,027

Pipeline transportation operating costs

 

 
6,481

 
433

 

 
6,914

General and administrative

 

 
13,192

 
29

 

 
13,221

Depreciation and amortization

 

 
25,796

 
1,329

 

 
27,125

Total costs and expenses

 

 
498,116

 
7,343

 
(3,421
)
 
502,038

OPERATING INCOME

 

 
19,637

 
5,179

 
3

 
24,819

Equity in earnings of subsidiaries
39,407

 

 
1,387

 

 
(40,794
)
 

Equity in earnings of equity investees

 

 
15,519

 

 

 
15,519

Interest (expense) income, net
(19,192
)
 

 
3,814

 
(3,837
)
 

 
(19,215
)
Income before income taxes
20,215

 

 
40,357

 
1,342

 
(40,791
)
 
21,123

Income tax expense

 

 
(911
)
 
3

 

 
(908
)
NET INCOME
$
20,215

 
$

 
$
39,446

 
$
1,345

 
$
(40,791
)
 
$
20,215



Unaudited Condensed Consolidating Statement of Operations
Three Months Ended March 31, 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:
 
 
 
 
 
 
 
 
 
 
 
Pipeline transportation services
$

 
$

 
$
14,607

 
$
6,313

 
$

 
$
20,920

Refinery services

 

 
51,730

 
6,074

 
(3,611
)
 
54,193

Marine transportation

 

 
56,293

 

 

 
56,293

Supply and logistics

 

 
885,744

 
32,211

 
(29,642
)
 
888,313

Total revenues

 

 
1,008,374

 
44,598

 
(33,253
)
 
1,019,719

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs

 

 
875,346

 
30,874

 
(29,640
)
 
876,580

Marine transportation costs

 

 
35,774

 

 

 
35,774

Refinery services operating costs

 

 
31,591

 
5,846

 
(4,242
)
 
33,195

Pipeline transportation operating costs

 

 
7,055

 
423

 

 
7,478

General and administrative

 

 
11,980

 
30

 

 
12,010

Depreciation and amortization

 

 
17,995

 
1,285

 

 
19,280

Total costs and expenses

 

 
979,741

 
38,458

 
(33,882
)
 
984,317

OPERATING INCOME

 

 
28,633

 
6,140

 
629

 
35,402

Equity in earnings of subsidiaries
42,579

 

 
2,164

 

 
(44,743
)
 

Equity in earnings of equity investees

 

 
7,818

 

 

 
7,818

Interest (expense) income, net
(12,804
)
 

 
3,966

 
(3,966
)
 

 
(12,804
)
Income before income taxes
29,775

 

 
42,581

 
2,174

 
(44,114
)
 
30,416

Income tax benefit (expense)

 

 
(587
)
 
(54
)
 

 
(641
)
NET INCOME
$
29,775

 
$

 
$
41,994

 
$
2,120

 
$
(44,114
)
 
$
29,775





Unaudited Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2015
 
 
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
$
(52,471
)
 
$

 
$
157,725

 
$
2,729

 
$
(45,518
)
 
$
62,465

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

 

 
(111,356
)
 
(148
)
 

 
(111,504
)
Cash distributions received from equity investees - return of investment
11,013

 

 
7,827

 

 
(11,013
)
 
7,827

Investments in equity investees

 

 
(1,750
)
 

 

 
(1,750
)
Repayments on loan to non-guarantor subsidiary

 

 
1,329

 

 
(1,329
)
 

Proceeds from asset sales

 

 
1,768

 

 

 
1,768

Other, net

 

 
29

 

 

 
29

Net cash provided by (used) in investing activities
11,013

 

 
(102,153
)
 
(148
)
 
(12,342
)
 
(103,630
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
226,200

 

 

 

 

 
226,200

Repayments on senior secured credit facility
(128,200
)
 

 

 

 

 
(128,200
)
Distributions to partners/owners
(56,542
)
 

 
(56,542
)
 

 
56,542

 
(56,542
)
Other, net

 

 
1,407

 
(1,342
)
 
1,318

 
1,383

Net cash provided by (used in) financing activities
41,458

 

 
(55,135
)
 
(1,342
)
 
57,860

 
42,841

Net (decrease) increase in cash and cash equivalents

 

 
437

 
1,239

 

 
1,676

Cash and cash equivalents at beginning of period
9

 

 
8,352

 
1,101

 

 
9,462

Cash and cash equivalents at end of period
$
9

 
$

 
$
8,789

 
$
2,340

 
$

 
$
11,138


 Unaudited Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 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
$
(27,470
)
 
$

 
$
162,508

 
$
2,522

 
$
(31,472
)
 
$
106,088

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

 

 
(104,130
)
 
(124
)
 

 
(104,254
)
Cash distributions received from equity investees - return of investment
17,222

 

 
2,636

 

 
(17,222
)
 
2,636

Investments in equity investees

 

 
(10,709
)
 

 

 
(10,709
)
Repayments on loan to non-guarantor subsidiary

 

 
1,201

 

 
(1,201
)
 

Proceeds from asset sales

 

 
72

 

 

 
72

Other, net

 

 
(1,270
)
 

 

 
(1,270
)
Net cash used in investing activities
17,222

 

 
(112,200
)
 
(124
)
 
(18,423
)
 
(113,525
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
249,900

 

 

 

 

 
249,900

Repayments on senior secured credit facility
(192,200
)
 

 

 

 

 
(192,200
)
Distributions to partners/owners
(47,453
)
 

 
(47,453
)
 
(1,251
)
 
48,704

 
(47,453
)
Other, net

 

 
(42
)
 
(1,149
)
 
1,191

 

Net cash provided by (used in) financing activities
10,247

 

 
(47,495
)
 
(2,400
)
 
49,895

 
10,247

Net (decrease) increase in cash and cash equivalents
(1
)
 

 
2,813

 
(2
)
 

 
2,810

Cash and cash equivalents at beginning of period
20

 

 
8,061

 
785

 

 
8,866

Cash and cash equivalents at end of period
$
19

 
$

 
$
10,874

 
$
783

 
$

 
$
11,676