XML 48 R35.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidating Financial Information (Tables)
3 Months Ended
Mar. 31, 2016
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, 2016

 
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
$
6

 
$
—

 
$
9,067

 
$
3,238

 
$
—

 
$
12,311

Other current assets
25

 
—

 
304,833

 
9,468

 
(266
)
 
314,060

Total current assets
31

 
—

 
313,900

 
12,706

 
(266
)
 
326,371

Fixed assets, at cost
—

 
—

 
4,399,064

 
77,585

 
—

 
4,476,649

Less: Accumulated depreciation
—

 
—

 
(394,083
)
 
(22,342
)
 
—

 
(416,425
)
Net fixed assets
—

 
—

 
4,004,981

 
55,243

 
—

 
4,060,224

Goodwill
—

 
—

 
325,046

 
—

 
—

 
325,046

Other assets, net
12,221

 
—

 
397,746

 
138,739

 
(129,673
)
 
419,033

Advances to affiliates
2,745,965

 
—

 
—

 
53,764

 
(2,799,729
)
 
—

Equity investees
—

 
—

 
438,700

 
—

 
—

 
438,700

Investments in subsidiaries
2,350,451

 
—

 
90,700

 
—

 
(2,441,151
)
 
—

Total assets
$
5,108,668

 
$
—

 
$
5,571,073

 
$
260,452

 
$
(5,370,819
)
 
$
5,569,374

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
28,719

 
$
—

 
$
229,053

 
$
—

 
$
(398
)
 
$
257,374

Senior secured credit facility
1,280,000

 
—

 
—

 
—

 
—

 
1,280,000

Senior unsecured notes
1,808,575

 
—

 
—

 
—

 
—

 
1,808,575

Deferred tax liabilities
—

 
—

 
23,286

 
—

 
—

 
23,286

Advances from affiliates
—

 
—

 
2,799,729

 
—

 
(2,799,729
)
 
—

Other liabilities
—

 
—

 
174,620

 
171,189

 
(129,511
)
 
216,298

Total liabilities
3,117,294

 
—

 
3,226,688

 
171,189

 
(2,929,638
)
 
3,585,533

Partners’ capital, common units
1,991,374

 
—

 
2,344,385

 
97,739

 
(2,441,181
)
 
1,992,317

Noncontrolling interests
—

 
—

 
—

 
(8,476
)
 
—

 
(8,476
)
Total liabilities and partners’ capital
$
5,108,668

 
$
—

 
$
5,571,073

 
$
260,452

 
$
(5,370,819
)
 
$
5,569,374


Unaudited Condensed Consolidating Balance Sheet
December 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
$
6

 
$
—

 
$
8,288

 
$
2,601

 
$
—

 
$
10,895

Other current assets
50

 
—

 
285,313

 
10,422

 
(364
)
 
295,421

Total current assets
56

 
—

 
293,601

 
13,023

 
(364
)
 
306,316

Fixed assets, at cost
—

 
—

 
4,232,641

 
77,585

 
—

 
4,310,226

Less: Accumulated depreciation
—

 
—

 
(356,530
)
 
(21,717
)
 
—

 
(378,247
)
Net fixed assets
—

 
—

 
3,876,111

 
55,868

 
—

 
3,931,979

Goodwill
—

 
—

 
325,046

 
—

 
—

 
325,046

Other assets, net
13,140

 
—

 
394,294

 
140,409

 
(125,977
)
 
421,866

Advances to affiliates
2,619,493

 
—

 
—

 
47,034

 
(2,666,527
)
 
—

Equity investees
—

 
—

 
474,392

 
—

 
—

 
474,392

Investments in subsidiaries
2,353,804

 
—

 
90,741

 
—

 
(2,444,545
)
 
—

Total assets
$
4,986,493

 
$
—

 
$
5,454,185

 
$
256,334

 
$
(5,237,413
)
 
$
5,459,599

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
35,338

 
$
—

 
$
267,294

 
$
—

 
$
(496
)
 
$
302,136

Senior secured credit facility
1,115,000

 
—

 
—

 
—

 
—

 
1,115,000

Senior unsecured notes
1,807,054

 
—

 
—

 
—

 
—

 
1,807,054

Deferred tax liabilities
—

 
—

 
22,586

 
—

 
—

 
22,586

Advances from affiliates
—

 
—

 
2,666,527

 
—

 
(2,666,527
)
 
—

Other liabilities
—

 
—

 
150,877

 
167,006

 
(125,811
)
 
192,072

Total liabilities
2,957,392

 
—

 
3,107,284

 
167,006

 
(2,792,834
)
 
3,438,848

Partners’ capital, common units
2,029,101

 
—

 
2,346,901

 
97,678

 
(2,444,579
)
 
2,029,101

Noncontrolling interests
—

 
—

 
—

 
(8,350
)
 
—

 
(8,350
)
Total liabilities and partners’ capital
$
4,986,493

 
$
—

 
$
5,454,185

 
$
256,334

 
$
(5,237,413
)
 
$
5,459,599

























Unaudited Condensed Consolidating Statement of Operations
Three Months Ended March 31, 2016
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation services
$
—

 
$
—

 
$
76,126

 
$
—

 
$
—

 
$
76,126

Onshore pipeline transportation services
—

 
—

 
12,606

 
5,545

 
—

 
18,151

Refinery services
—

 
—

 
42,294

 
803

 
(561
)
 
42,536

Marine transportation
—

 
—

 
52,036

 
—

 
—

 
52,036

Supply and logistics
—

 
—

 
189,565

 
—

 
—

 
189,565

Total revenues
—

 
—

 
372,627

 
6,348

 
(561
)
 
378,414

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
181,033

 
—

 
—

 
181,033

Marine transportation costs
—

 
—

 
33,022

 
—

 
—

 
33,022

Refinery services operating costs
—

 
—

 
20,446

 
1,100

 
(561
)
 
20,985

Offshore pipeline transportation operating costs
—

 
—

 
17,305

 
629

 
—

 
17,934

Onshore pipeline transportation operating costs
—

 
—

 
6,440

 
296

 
—

 
6,736

General and administrative
—

 
—

 
12,221

 
—

 
—

 
12,221

Depreciation and amortization
—

 
—

 
46,010

 
625

 
—

 
46,635

Total costs and expenses
—

 
—

 
316,477

 
2,650

 
(561
)
 
318,566

OPERATING INCOME
—

 
—

 
56,150

 
3,698

 
—

 
59,848

Equity in earnings of subsidiaries
68,658

 
—

 
78

 
—

 
(68,736
)
 
—

Equity in earnings of equity investees
—

 
—

 
10,717

 
—

 
—

 
10,717

Interest (expense) income, net
(34,325
)
 
—

 
3,634

 
(3,696
)
 
—

 
(34,387
)
Income before income taxes
34,333

 
—

 
70,579

 
2

 
(68,736
)
 
36,178

Income tax expense
—

 
—

 
(910
)
 
(91
)
 
—

 
(1,001
)
NET INCOME
34,333

 
—

 
69,669

 
(89
)
 
(68,736
)
 
35,177

Net loss attributable to noncontrolling interest
—

 
—

 
—

 
126

 
—

 
126

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
34,333

 
$
—

 
$
69,669

 
$
37

 
$
(68,736
)
 
$
35,303


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:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation services
$
—

 
$
—

 
$
790

 
$
—

 
$
—

 
$
790

Onshore pipeline transportation services
—

 
—

 
12,820

 
6,248

 
—

 
19,068

Refinery services
—

 
—

 
45,319

 
2,112

 
(1,307
)
 
46,124

Marine transportation
—

 
—

 
57,371

 
—

 
—

 
57,371

Supply and logistics
—

 
—

 
403,504

 
—

 
—

 
403,504

Total revenues
—

 
—

 
519,804

 
8,360

 
(1,307
)
 
526,857

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Supply and logistics costs
—

 
—

 
396,157

 
—

 
—

 
396,157

Marine transportation costs
—

 
—

 
31,594

 
—

 
—

 
31,594

Refinery services operating costs
—

 
—

 
26,219

 
2,119

 
(1,311
)
 
27,027

Offshore pipeline transportation operating costs
—

 
—

 
243

 
—

 
—

 
243

Onshore pipeline transportation operating costs
—

 
—

 
6,507

 
164

 
—

 
6,671

General and administrative
—

 
—

 
13,221

 
—

 
—

 
13,221

Depreciation and amortization
—

 
—

 
26,480

 
645

 
—

 
27,125

Total costs and expenses
—

 
—

 
500,421

 
2,928

 
(1,311
)
 
502,038

OPERATING INCOME
—

 
—

 
19,383

 
5,432

 
4

 
24,819

Equity in earnings of subsidiaries
39,407

 
—

 
1,640

 
—

 
(41,047
)
 
—

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

 
—

 
40,356

 
1,595

 
(41,043
)
 
21,123

Income tax benefit (expense)
—

 
—

 
(911
)
 
3

 
—

 
(908
)
NET INCOME
$
20,215

 
$
—

 
$
39,445

 
$
1,598

 
$
(41,043
)
 
$
20,215




Unaudited Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2016
 
 
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
$
33,558

 
$
—

 
$
70,795

 
$
3,661

 
$
(66,908
)
 
$
41,106

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

 
—

 
(118,252
)
 
—

 
—

 
(118,252
)
Cash distributions received from equity investees - return of investment
—

 
—

 
5,788

 
—

 
—

 
5,788

Investments in equity investees
—

 
—

 
(1,135
)
 
—

 
—

 
(1,135
)
Acquisitions
—

 
—

 
(25,394
)
 
—

 
—

 
(25,394
)
Intercompany transfers
(126,471
)
 
—

 
—

 
—

 
126,471

 
—

Repayments on loan to non-guarantor subsidiary
—

 
—

 
1,471

 
—

 
(1,471
)
 
—

Contributions in aid of construction costs
—

 
—

 
4,088

 
—

 
—

 
4,088

Proceeds from asset sales
—

 
—

 
224

 
—

 
—

 
224

Other, net
—

 
—

 
130

 
—

 
—

 
130

Net cash provided by (used) in investing activities
(126,471
)
 
—

 
(133,080
)
 
—

 
125,000

 
(134,551
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
319,400

 
—

 
—

 
—

 
—

 
319,400

Repayments on senior secured credit facility
(154,400
)
 
—

 
—

 
—

 
—

 
(154,400
)
Intercompany transfers
—

 
—

 
133,203

 
(6,733
)
 
(126,470
)
 
—

Distributions to partners/owners
(72,087
)
 
—

 
(72,087
)
 
—

 
72,087

 
(72,087
)
Other, net
—

 
—

 
1,948

 
3,709

 
(3,709
)
 
1,948

Net cash provided by (used in) financing activities
92,913

 
—

 
63,064

 
(3,024
)
 
(58,092
)
 
94,861

Net (decrease) increase in cash and cash equivalents
—

 
—

 
779

 
637

 
—

 
1,416

Cash and cash equivalents at beginning of period
6

 
—

 
8,288

 
2,601

 
—

 
10,895

Cash and cash equivalents at end of period
$
6

 
$
—

 
$
9,067

 
$
3,238

 
$
—

 
$
12,311

 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
$
34,229

 
$
—

 
$
63,024

 
$
10,730

 
$
(45,518
)
 
$
62,465

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

 
—

 
(111,504
)
 
—

 
—

 
(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
)
Intercompany transfers
(86,700
)
 
—

 
—

 
—

 
86,700

 
—

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 used in investing activities
(75,687
)
 
—

 
(102,301
)
 
—

 
74,358

 
(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
)
Intercompany transfers
—

 
—

 
94,858

 
(8,158
)
 
(86,700
)
 
—

Distributions to partners/owners
(56,542
)
 
—

 
(56,542
)
 
—

 
56,542

 
(56,542
)
Other, net
—

 
—

 
1,383

 
(1,318
)
 
1,318

 
1,383

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

 
—

 
39,699

 
(9,476
)
 
(28,840
)
 
42,841

Net (decrease) increase in cash and cash equivalents
—

 
—

 
422

 
1,254

 
—

 
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

 
$
—

 
$
8,774

 
$
2,355

 
$
—

 
$
11,138

Condensed Consolidating Financial Information (Restatements)
Cash Flow Restatements
 
As Previously Reported
 
Adjustment
 
As Revised
March 31, 2015
 
 
 
 
 
 
Parent Column
 
 
 
 
 
 
Net cash provided by operating activities
 
(52,471
)
 
86,700

 
34,229

Intercompany transfers (investing)
 
—

 
(86,700
)
 
(86,700
)
Net cash used in investing activities
 
11,013

 
(86,700
)
 
(75,687
)
Guarantor Column
 
 
 
 
 
 
Net cash provided by operating activities
 
157,725

 
(94,701
)
 
63,024

Intercompany transfers (financing)
 
—

 
94,858

 
94,858

Net cash provided by (used in) financing activities
 
(55,159
)
 
94,858

 
39,699

Non-Guarantor Column
 
 
 
 
 
 
Net cash provided by operating activities
 
2,729

 
8,001

 
10,730

Intercompany transfers (financing)
 
—

 
(8,158
)
 
(8,158
)
Net cash provided by (used in) financing activities
 
(1,318
)
 
(8,158
)
 
(9,476
)
Eliminations Column
 
 
 
 
 
 
Intercompany transfers (investing)
 
—

 
86,700

 
86,700

Net cash used in investing activities
 
(12,342
)
 
86,700

 
74,358

Intercompany transfers (financing)
 
—

 
(86,700
)
 
(86,700
)
Net cash provided by (used in) financing activities
 
57,860

 
(86,700
)
 
(28,840
)