Equity Investees

We account for our ownership in our joint ventures under the equity method of accounting (see Note 2 for a description of these investments). 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. At December 31, 2017 and 2016, the unamortized differences in carrying value totaled $382.4 million and $398.1 million, respectively. We amortize the differences in carrying value as a change in equity earnings.

As part of our Enterprise acquisition, we increased our ownership interest in each of Cameron Highway Oil Pipeline Company ("CHOPS") and Southeast Keathley Canyon Pipeline Company, LLC ("SEKCO") from 50% to 100%. Consequently, these entities were reflected as equity investees until July 24, 2015, at which point they became fully consolidated wholly owned subsidiaries. Upon consolidation, we recorded a $332.4 million non-cash gain due to the step up in basis on our historical interest.

Also, as part of our Enterprise acquisition, our ownership interest in Poseidon Oil Pipeline Company, LLC ("Poseidon") increased from 28% to 64%. We also acquired a 50% ownership interest in Deepwater Gateway, LLC and a 25.7% interest in Neptune Pipeline Company, LLC. These additional interests in Deepwater Gateway, LLC and Neptune Pipeline Company, LLC were accounted for as equity investments from the acquisition date of July 24, 2015.

In the first quarter of 2016, we purchased the remaining 50% interest in Deepwater Gateway, LLC for approximately $26.0 million (including adjustments for working capital), increasing our ownership interest to 100%. Consequently, we now consolidate Deepwater Gateway, LLC instead of accounting for our interest under the equity method.

The following table presents information included in our Consolidated Financial Statements related to our equity investees.



	Year Ended December 31,
	2017			2016			2015
Genesis’ share of operating earnings	$	66,814		$	63,805		$	17,157
Amortization of differences attributable to Genesis' carrying value of equity investments	(15,768		)	(15,861		)	37,293
Net equity in earnings	$	51,046		$	47,944		$	54,450
Distributions received	$	82,898		$	87,220		$	97,468

The following tables present the combined balance sheet information for the last two years and income statement data for the last three years for our equity investees (on a 100% basis) including the effects of the change in our ownership interest due to the Enterprise and Deepwater acquisitions as previously discussed:



	December 31,
	2017		2016
BALANCE SHEET DATA:
Assets
Current assets	$	34,381	$	35,375
Fixed assets, net	362,214		365,563
Other assets	14,927		3,177
Total assets	$	411,522	$	404,115
Liabilities and equity
Current liabilities	$	23,289	$	23,928
Other liabilities	249,610		230,327
Equity	138,623		149,860
Total liabilities and equity	$	411,522	$	404,115



	Year Ended December 31,
	2017		2016		2015
INCOME STATEMENT DATA:
Revenues	$	191,078	$	193,038	$	189,941
Operating Income	$	139,604	$	122,836	$	12,191
Net Income	$	134,479	$	118,175	$	7,810

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 its 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 consolidated financial statements.