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Condensed Consolidating Financial Information (Tables)
9 Months Ended
Sep. 30, 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
September 30, 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

 
$

 
$
2,126

 
$
1,315

 
$

 
$
3,447

Other current assets
75

 

 
296,951

 
11,694

 
(391
)
 
308,329

Total current assets
81

 

 
299,077

 
13,009

 
(391
)
 
311,776

Fixed assets, at cost

 

 
4,630,100

 
77,585

 

 
4,707,685

Less: Accumulated depreciation

 

 
(485,827
)
 
(23,592
)
 

 
(509,419
)
Net fixed assets

 

 
4,144,273

 
53,993

 

 
4,198,266

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
11,734

 

 
393,117

 
135,283

 
(136,952
)
 
403,182

Advances to affiliates
2,565,346

 

 

 
66,110

 
(2,631,456
)
 

Equity investees

 

 
417,214

 

 

 
417,214

Investments in subsidiaries
2,620,102

 

 
90,214

 

 
(2,710,316
)
 

Total assets
$
5,197,263

 
$

 
$
5,668,941

 
$
268,395

 
$
(5,479,115
)
 
$
5,655,484

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
27,801

 
$

 
$
214,404

 
$
150

 
$
(136
)
 
$
242,219

Senior secured credit facility
1,167,000

 

 

 

 

 
1,167,000

Senior unsecured notes
1,811,633

 

 

 

 

 
1,811,633

Deferred tax liabilities

 

 
24,644

 

 

 
24,644

Advances from affiliates

 

 
2,631,455

 

 
(2,631,455
)
 

Other liabilities

 

 
185,481

 
179,191

 
(136,793
)
 
227,879

Total liabilities
3,006,434

 

 
3,055,984

 
179,341

 
(2,768,384
)
 
3,473,375

Partners’ capital, common units
2,190,829

 

 
2,612,957

 
97,774

 
(2,710,731
)
 
2,190,829

Noncontrolling interests

 

 

 
(8,720
)
 

 
(8,720
)
Total liabilities and partners’ capital
$
5,197,263

 
$

 
$
5,668,941

 
$
268,395

 
$
(5,479,115
)
 
$
5,655,484


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 September 30, 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
$

 
$

 
$
89,717

 
$

 
$

 
$
89,717

Onshore pipeline transportation services

 

 
9,002

 
4,997

 

 
13,999

Refinery services

 

 
45,262

 
2,981

 
(2,518
)
 
45,725

Marine transportation

 

 
55,285

 

 

 
55,285

Supply and logistics

 

 
255,324

 

 

 
255,324

Total revenues

 

 
454,590

 
7,978

 
(2,518
)
 
460,050

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation operating costs

 

 
22,533

 
589

 

 
23,122

Onshore pipeline transportation operating costs

 

 
4,748

 
255

 

 
5,003

Refinery services operating costs

 

 
24,577

 
3,018

 
(2,518
)
 
25,077

Marine transportation costs

 

 
38,490

 

 

 
38,490

Supply and logistics costs

 

 
247,702

 

 

 
247,702

General and administrative

 

 
11,212

 

 

 
11,212

Depreciation and amortization

 

 
53,640

 
625

 

 
54,265

Total costs and expenses

 

 
402,902

 
4,487

 
(2,518
)
 
404,871

OPERATING INCOME

 

 
51,688

 
3,491

 

 
55,179

Equity in earnings of subsidiaries
66,811

 

 
28

 

 
(66,839
)
 

Equity in earnings of equity investees

 

 
12,488

 

 

 
12,488

Interest (expense) income, net
(34,710
)
 

 
3,595

 
(3,620
)
 

 
(34,735
)
Other income/(expense), net

 

 

 

 

 

Income before income taxes
32,101

 

 
67,799

 
(129
)
 
(66,839
)
 
32,932

Income tax expense

 

 
(949
)
 

 

 
(949
)
NET INCOME
32,101

 

 
66,850

 
(129
)
 
(66,839
)
 
31,983

Net loss attributable to noncontrolling interest

 

 

 
118

 

 
118

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
32,101

 
$

 
$
66,850

 
$
(11
)
 
$
(66,839
)
 
$
32,101


Unaudited Condensed Consolidating Statement of Operations
Three Months Ended September 30, 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
$

 
$

 
$
59,695

 
$
1,693

 
$

 
$
61,388

Onshore pipeline transportation services

 

 
14,130

 
5,779

 

 
19,909

Refinery services

 

 
42,464

 
2,608

 
(1,740
)
 
43,332

Marine transportation

 

 
60,536

 

 

 
60,536

Supply and logistics

 

 
387,169

 

 

 
387,169

Total revenues

 

 
563,994

 
10,080

 
(1,740
)
 
572,334

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation operating costs

 

 
17,188

 
510

 

 
17,698

Onshore pipeline transportation operating costs

 

 
6,533

 
188

 

 
6,721

Refinery services operating costs

 

 
21,758

 
2,376

 
(1,771
)
 
22,363

Marine transportation costs

 

 
33,869

 

 

 
33,869

Supply and logistics costs

 

 
378,916

 

 

 
378,916

General and administrative

 

 
26,799

 

 

 
26,799

Depreciation and amortization

 

 
40,320

 
850

 

 
41,170

Total costs and expenses

 

 
525,383

 
3,924

 
(1,771
)
 
527,536

OPERATING INCOME

 

 
38,611

 
6,156

 
31

 
44,798

Equity in earnings of subsidiaries
392,769

 

 
2,284

 

 
(395,053
)
 

Equity in earnings of equity investees

 

 
14,260

 

 

 
14,260

Gain on basis step up on historical interest

 

 
335,260

 

 

 
335,260

Interest (expense) income, net
(29,576
)
 

 
3,728

 
(3,769
)
 

 
(29,617
)
Other income/(expense), net
21

 

 
(21
)
 

 

 

Income before income taxes
363,214

 

 
394,122

 
2,387

 
(395,022
)
 
364,701

Income tax (expense) benefit

 

 
(1,341
)
 
49

 

 
(1,292
)
NET INCOME
363,214

 

 
392,781

 
2,436

 
(395,022
)
 
363,409

Net loss attributable to noncontrolling interest

 

 

 
(195
)
 

 
(195
)
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
363,214

 
$

 
$
392,781

 
$
2,241

 
$
(395,022
)
 
$
363,214

Unaudited Condensed Consolidating Statement of Operations
Nine Months Ended September 30, 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
$

 
$

 
$
244,837

 
$

 
$

 
$
244,837

Onshore pipeline transportation services

 

 
32,872

 
15,528

 

 
48,400

Refinery services

 

 
129,671

 
5,499

 
(5,585
)
 
129,585

Marine transportation

 

 
159,930

 

 

 
159,930

Supply and logistics

 

 
701,688

 

 

 
701,688

Total revenues

 

 
1,268,998

 
21,027

 
(5,585
)
 
1,284,440

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation operating costs

 

 
61,882

 
1,850

 

 
63,732

Onshore pipeline transportation operating costs

 

 
16,668

 
831

 

 
17,499

Refinery services operating costs

 

 
67,190

 
6,036

 
(5,585
)
 
67,641

Marine transportation costs

 

 
105,942

 

 

 
105,942

Supply and logistics costs

 

 
675,095

 

 

 
675,095

General and administrative

 

 
34,716

 

 

 
34,716

Depreciation and amortization

 

 
154,925

 
1,875

 

 
156,800

Total costs and expenses

 

 
1,116,418

 
10,592

 
(5,585
)
 
1,121,425

OPERATING INCOME

 

 
152,580

 
10,435

 

 
163,015

Equity in earnings of subsidiaries
195,674

 

 
(50
)
 

 
(195,624
)
 

Equity in earnings of equity investees

 

 
35,362

 

 

 
35,362

Interest (expense) income, net
(104,543
)
 

 
10,861

 
(10,975
)
 

 
(104,657
)
Income before income taxes
91,131

 

 
198,753

 
(540
)
 
(195,624
)
 
93,720

Income tax expense

 

 
(2,956
)
 
(3
)
 

 
(2,959
)
NET INCOME
91,131

 

 
195,797

 
(543
)
 
(195,624
)
 
90,761

Net loss attributable to noncontrolling interest

 

 

 
370

 

 
370

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
91,131

 
$

 
$
195,797

 
$
(173
)
 
$
(195,624
)
 
$
91,131


Unaudited Condensed Consolidating Statement of Operations
Nine Months Ended September 30, 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
$

 
$

 
$
61,743

 
$
1,693

 
$

 
$
63,436

Onshore pipeline transportation services

 

 
39,874

 
18,036

 

 
57,910

Refinery services

 

 
133,055

 
10,579

 
(7,854
)
 
135,780

Marine transportation

 

 
180,501

 

 

 
180,501

Supply and logistics

 

 
1,317,891

 

 

 
1,317,891

Total revenues

 

 
1,733,064

 
30,308

 
(7,854
)
 
1,755,518

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Offshore pipeline transportation operating costs

 

 
17,831

 
510

 

 
18,341

Onshore pipeline transportation operating costs

 

 
19,345

 
529

 

 
19,874

Refinery services operating costs

 

 
73,058

 
10,021

 
(7,854
)
 
75,225

Marine transportation costs

 

 
100,749

 

 

 
100,749

Supply and logistics costs

 

 
1,290,980

 

 

 
1,290,980

General and administrative

 

 
54,852

 

 

 
54,852

Depreciation and amortization

 

 
94,365

 
2,135

 

 
96,500

Total costs and expenses

 

 
1,651,180

 
13,195

 
(7,854
)
 
1,656,521

OPERATING INCOME

 

 
81,884

 
17,113

 

 
98,997

Equity in earnings of subsidiaries
480,953

 

 
5,770

 

 
(486,723
)
 

Equity in earnings of equity investees

 

 
48,440

 

 

 
48,440

Gain on basis step up on historical interest

 

 
335,260

 

 

 
335,260

Interest (expense) income, net
(66,655
)
 

 
11,329

 
(11,411
)
 

 
(66,737
)
Other income/(expense), net
(19,204
)
 

 
1,675

 

 

 
(17,529
)
Income before income taxes
395,094

 

 
484,358

 
5,702

 
(486,723
)
 
398,431

Income tax (expense) benefit

 

 
(3,275
)
 
133

 

 
(3,142
)
NET INCOME
395,094

 

 
481,083

 
5,835

 
(486,723
)
 
395,289

Net loss attributable to noncontrolling interest

 

 

 
(195
)
 

 
(195
)
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
395,094

 
$

 
$
481,083

 
$
5,640

 
$
(486,723
)
 
$
395,094




Unaudited Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 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 provided by operating activities
$
122,884

 
$

 
$
310,723

 
$
6,781

 
$
(211,991
)
 
$
228,397

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

 

 
(363,218
)
 

 

 
(363,218
)
Cash distributions received from equity investees - return of investment

 

 
16,652

 

 

 
16,652

Investments in equity investees
(298,051
)
 

 

 

 
298,051

 

Acquisitions

 

 
(25,394
)
 

 

 
(25,394
)
Intercompany transfers
54,148

 

 

 

 
(54,148
)
 

Repayments on loan to non-guarantor subsidiary

 

 
4,526

 

 
(4,526
)
 

Contributions in aid of construction costs

 

 
12,208

 

 

 
12,208

Proceeds from asset sales

 

 
3,303

 

 

 
3,303

Other, net

 

 
185

 

 

 
185

Net cash used in investing activities
(243,903
)
 

 
(351,738
)
 

 
239,377

 
(356,264
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
883,600

 

 

 

 

 
883,600

Repayments on senior secured credit facility
(831,600
)
 

 

 

 

 
(831,600
)
Debt issuance costs
(1,578
)
 

 

 

 

 
(1,578
)
Intercompany transfers

 

 
(35,144
)
 
(19,004
)
 
54,148

 

Issuance of common units for cash, net
298,051

 

 
298,051

 

 
(298,051
)
 
298,051

Distributions to partners/owners
(227,454
)
 

 
(227,454
)
 

 
227,454

 
(227,454
)
Other, net

 

 
(600
)
 
10,937

 
(10,937
)
 
(600
)
Net cash provided by financing activities
121,019

 

 
34,853

 
(8,067
)
 
(27,386
)
 
120,419

Net decrease in cash and cash equivalents

 

 
(6,162
)
 
(1,286
)
 

 
(7,448
)
Cash and cash equivalents at beginning of period
6

 

 
8,288

 
2,601

 

 
10,895

Cash and cash equivalents at end of period
$
6

 
$

 
$
2,126

 
$
1,315

 
$

 
$
3,447

 Unaudited Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 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 provided by operating activities
$
(53,478
)
 
$

 
$
201,305

 
$
51,028

 
$
(6,727
)
 
$
192,128

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

 

 
(359,504
)
 

 

 
(359,504
)
Cash distributions received from equity investees - return of investment
179,267

 

 
19,360

 

 
(179,267
)
 
19,360

Investments in equity investees
(633,761
)
 

 
(2,900
)
 

 
633,761

 
(2,900
)
Acquisitions

 

 
(1,517,428
)
 

 

 
(1,517,428
)
Intercompany transfers
(1,164,821
)
 

 

 

 
1,164,821

 

Repayments on loan to non-guarantor subsidiary

 

 
(1,077
)
 

 
1,077

 

Proceeds from asset sales

 

 
2,571

 

 

 
2,571

Other, net

 

 
(2,137
)
 

 

 
(2,137
)
Net cash used in investing activities
(1,619,315
)
 

 
(1,861,115
)
 

 
1,620,392

 
(1,860,038
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
1,168,850

 

 

 

 

 
1,168,850

Repayments on senior secured credit facility
(705,150
)
 

 

 

 

 
(705,150
)
Proceeds from issuance of senior unsecured notes
1,139,718

 

 

 

 

 
1,139,718

Repayment of senior unsecured notes
(350,000
)
 

 

 

 

 
(350,000
)
Debt issuance costs
(28,361
)
 

 

 

 

 
(28,361
)
Intercompany transfers

 

 
1,215,585

 
(50,764
)
 
(1,164,821
)
 

Issuance of common units for cash, net
633,759

 

 
633,759

 

 
(633,759
)
 
633,759

Distributions to partners/owners
(186,026
)
 

 
(186,026
)
 

 
186,026

 
(186,026
)
Distributions to noncontrolling interest

 

 
(560
)
 

 

 
(560
)
Other, net

 

 
1,786

 
1,111

 
(1,111
)
 
1,786

Net cash provided by financing activities
1,672,790

 

 
1,664,544

 
(49,653
)
 
(1,613,665
)
 
1,674,016

Net (decrease) increase in cash and cash equivalents
(3
)
 

 
4,734

 
1,375

 

 
6,106

Cash and cash equivalents at beginning of period
9

 

 
8,310

 
1,143

 

 
9,462

Cash and cash equivalents at end of period
$
6

 
$

 
$
13,044

 
$
2,518

 
$

 
$
15,568