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 or be less than 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, 2017 and December 31, 2016, the unamortized excess cost amounts totaled $390.3 million and $398.1 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,
	2017			2016			2017			2016
Genesis’ share of operating earnings	$	14,368		$	16,139		$	29,645		$	30,837
Amortization of excess purchase price	(3,942		)	(3,982		)	(7,884		)	(7,963		)
Net equity in earnings	$	10,426		$	12,157		$	21,761		$	22,874
Distributions received	$	19,566		$	23,298		$	40,191		$	44,629

The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon Oil Pipeline Company (which is our most significant equity investment):



	June 30, 2017			December 31, 2016
BALANCE SHEET DATA:
Assets
Current assets	$	16,907		$	17,111
Fixed assets, net	224,996			232,736
Other assets	1,287			861
Total assets	$	243,190		$	250,708
Liabilities and equity
Current liabilities	$	20,876		$	20,727
Other liabilities	227,762			219,644
Equity	(5,448		)	10,337
Total liabilities and equity	$	243,190		$	250,708



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
INCOME STATEMENT DATA:
Revenues	$	28,501	$	31,010	$	57,406	$	59,439
Operating income	$	20,038	$	23,527	$	40,825	$	45,059
Net income	$	18,580	$	22,385	$	38,015	$	42,749

Poseidon's revolving credit facility

Borrowings under Poseidon’s revolving credit facilities, which was amended and restated in February 2015, are primarily used to fund spending on capital projects. The February 2015 credit facility is non-recourse to Poseidon’s owners and secured by substantially all of Poseidon's assets. The February 2015 credit facility contains customary covenants such as restrictions on debt levels, liens, guarantees, mergers, sale of assets and distributions to owners. A breach of any of these covenants could result in acceleration of the maturity date of Poseidon’s debt. Poseidon was in compliance with the terms of its credit agreement for all periods presented in these Unaudited Combined Financial Statements.