XML 52 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidating Financial Information (Tables)
3 Months Ended
Mar. 31, 2018
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, 2018

 
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

 
$

 
$
14,677

 
$
1,409

 
$

 
$
16,092

Other current assets
25

 

 
551,885

 
12,137

 
(45
)
 
564,002

Total current assets
31

 

 
566,562

 
13,546

 
(45
)
 
580,094

Fixed assets, at cost

 

 
5,575,295

 
77,585

 

 
5,652,880

Less: Accumulated depreciation

 

 
(774,919
)
 
(27,342
)
 

 
(802,261
)
Net fixed assets

 

 
4,800,376

 
50,243

 

 
4,850,619

Mineral Leaseholds

 

 
563,369

 

 

 
563,369

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
13,083

 

 
438,693

 
124,242

 
(157,803
)
 
418,215

Advances to affiliates
3,799,305

 

 

 
89,334

 
(3,888,639
)
 

Equity investees

 

 
372,493

 

 

 
372,493

Investments in subsidiaries
2,693,391

 

 
83,624

 

 
(2,777,015
)
 

Total assets
$
6,505,810

 
$

 
$
7,150,163

 
$
277,365

 
$
(6,823,502
)
 
$
7,109,836

LIABILITIES AND CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
57,677

 
$

 
$
348,421

 
$
10,137

 
$
(545
)
 
$
415,690

Senior secured credit facility
1,279,000

 

 

 

 

 
1,279,000

Senior unsecured notes
2,456,749

 

 

 

 

 
2,456,749

Deferred tax liabilities

 

 
12,138

 

 

 
12,138

Advances from affiliates

 

 
3,888,239

 

 
(3,888,239
)
 

Other liabilities
48,107

 

 
214,494

 
185,456

 
(157,656
)
 
290,401

Total liabilities
3,841,533

 

 
4,463,292

 
195,593

 
(4,046,440
)
 
4,453,978

Mezzanine Capital:
 
 
 
 
 
 
 
 
 
 
 
Class A Convertible Preferred Units
712,687

 

 

 

 

 
712,687

Partners’ capital, common units
1,951,590

 

 
2,687,475

 
89,587

 
(2,777,062
)
 
1,951,590

Accumulated other comprehensive loss(1)

 

 
(604
)
 

 

 
(604
)
Noncontrolling interests

 

 

 
(7,815
)
 

 
(7,815
)
Total liabilities, mezzanine capital and partners’ capital
$
6,505,810

 
$

 
$
7,150,163

 
$
277,365

 
$
(6,823,502
)
 
$
7,109,836

(1)The entire balance and activity within Accumulated Other Comprehensive Income is related to our pension held within our Guarantor Subsidiaries.

Unaudited Condensed Consolidating Balance Sheet
December 31, 2017
 
 
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

 
$

 
$
8,340

 
$
695

 
$

 
$
9,041

Other current assets
50

 

 
614,682

 
12,316

 
(56
)
 
626,992

Total current assets
56

 

 
623,022

 
13,011

 
(56
)
 
636,033

Fixed assets, at cost

 

 
5,523,431

 
77,584

 

 
5,601,015

Less: Accumulated depreciation

 

 
(708,269
)
 
(26,717
)
 

 
(734,986
)
Net fixed assets

 

 
4,815,162

 
50,867

 

 
4,866,029

Mineral Leaseholds

 

 
564,506

 

 

 
564,506

Goodwill

 

 
325,046

 

 

 
325,046

Other assets, net
14,083

 

 
378,371

 
126,300

 
(154,437
)
 
364,317

Advances to affiliates
3,808,712

 

 

 
85,423

 
(3,894,135
)
 

Equity investees and other investments

 

 
381,550

 

 

 
381,550

Investments in subsidiaries
2,689,861

 

 
82,616

 

 
(2,772,477
)
 

Total assets
$
6,512,712

 
$

 
$
7,170,273

 
$
275,601

 
$
(6,821,105
)
 
$
7,137,481

LIABILITIES AND CAPITAL
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$
46,086

 
$

 
$
399,017

 
$
11,417

 
$
(256
)
 
$
456,264

Senior secured credit facilities
1,099,200

 

 

 

 

 
1,099,200

Senior unsecured notes
2,598,918

 

 

 

 

 
2,598,918

Deferred tax liabilities

 

 
11,913

 

 

 
11,913

Advances from affiliates

 

 
3,894,027

 

 
(3,894,027
)
 

Other liabilities
45,210

 

 
182,414

 
183,237

 
(154,290
)
 
256,571

Total liabilities
3,789,414

 

 
4,487,371

 
194,654

 
(4,048,573
)
 
4,422,866

Mezzanine Capital:
 
 
 
 
 
 
 
 
 
 
 
Class A Convertible Preferred Units
697,151

 

 

 

 

 
697,151

Partners’ capital, common units
2,026,147

 

 
2,683,506

 
89,026

 
(2,772,532
)
 
2,026,147

Accumulated other comprehensive loss(1)

 

 
(604
)
 

 

 
(604
)
Noncontrolling interests

 

 

 
(8,079
)
 

 
(8,079
)
Total liabilities, mezzanine capital and partners’ capital
$
6,512,712

 
$

 
$
7,170,273

 
$
275,601

 
$
(6,821,105
)
 
$
7,137,481

(1)The entire balance and activity within Accumulated Other Comprehensive Income is related to our pension held within our Guarantor Subsidiaries.
















Unaudited Condensed Consolidating Statement of Operations
Three Months Ended March 31, 2018
 
 
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
$

 
$

 
$
73,260

 
$

 
$

 
$
73,260

Sodium minerals and sulfur services

 

 
285,097

 
3,066

 
(2,253
)
 
285,910

Marine transportation

 

 
48,929

 

 

 
48,929

Onshore facilities and transportation

 

 
312,874

 
4,835

 

 
317,709

Total revenues

 

 
720,160

 
7,901

 
(2,253
)
 
725,808

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Onshore facilities and transportation costs

 

 
299,841

 
272

 

 
300,113

Marine transportation costs

 

 
37,847

 

 

 
37,847

Sodium minerals and sulfur services
 operating costs

 

 
223,247

 
2,504

 
(2,253
)
 
223,498

Offshore pipeline transportation operating costs

 

 
17,662

 
678

 

 
18,340

General and administrative

 

 
11,674

 

 

 
11,674

Depreciation, depletion and amortization

 

 
74,630

 
625

 

 
75,255

Total costs and expenses

 

 
664,901

 
4,079

 
(2,253
)
 
666,727

OPERATING INCOME

 

 
55,259

 
3,822

 

 
59,081

Equity in earnings of subsidiaries
69,592

 

 
632

 

 
(70,224
)
 

Equity in earnings of equity investees

 

 
10,572

 

 

 
10,572

Interest (expense) income, net
(56,314
)
 

 
3,544

 
(3,366
)
 

 
(56,136
)
Other expense
(5,244
)
 

 

 

 

 
(5,244
)
Income before income taxes
8,034

 

 
70,007

 
456

 
(70,224
)
 
8,273

Income tax expense

 

 
(377
)
 
2

 

 
(375
)
NET INCOME
8,034

 

 
69,630

 
458

 
(70,224
)
 
7,898

Net loss attributable to noncontrolling interest

 

 

 
136

 

 
136

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
8,034

 
$

 
$
69,630

 
$
594

 
$
(70,224
)
 
$
8,034

Less: Accumulated distributions attributable to Class A Convertible Preferred Units
(16,888
)
 

 

 

 

 
$
(16,888
)
NET INCOME(LOSS) AVAILABLE TO COMMON UNIT HOLDERS
$
(8,854
)
 
$

 
$
69,630

 
$
594

 
$
(70,224
)
 
$
(8,854
)

Unaudited Condensed Consolidating Statement of Operations
Three Months Ended March 31, 2017
 
 
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
$

 
$

 
$
85,128

 


 
$

 
$
85,128

Sodium minerals and sulfur services

 

 
45,034

 
1,810

 
(1,798
)
 
45,046

Marine transportation

 

 
50,302

 

 

 
50,302

Onshore facilities and transportation

 

 
230,070

 
4,945

 

 
235,015

Total revenues

 

 
410,534

 
6,755

 
(1,798
)
 
415,491

COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Onshore facilities and transportation costs

 

 
214,071

 
261

 

 
214,332

Marine transportation costs

 

 
37,242

 

 

 
37,242

Sodium minerals and sulfur services operating costs

 

 
27,153

 
2,009

 
(1,798
)
 
27,364

Offshore pipeline transportation operating costs

 

 
17,106

 
762

 

 
17,868

General and administrative

 

 
9,976

 

 

 
9,976

Depreciation, depletion and amortization

 

 
55,487

 
625

 

 
56,112

Total costs and expenses

 

 
361,035

 
3,657

 
(1,798
)
 
362,894

OPERATING INCOME

 

 
49,499

 
3,098

 

 
52,597

Equity in earnings of subsidiaries
63,809

 

 
(250
)
 

 
(63,559
)
 

Equity in earnings of equity investees

 

 
11,335

 

 

 
11,335

Interest (expense) income, net
(36,719
)
 

 
3,520

 
(3,540
)
 

 
(36,739
)
Income before income taxes
27,090

 

 
64,104

 
(442
)
 
(63,559
)
 
27,193

Income tax (expense) benefit

 

 
(255
)
 

 

 
(255
)
NET INCOME
27,090

 

 
63,849

 
(442
)
 
(63,559
)
 
26,938

Net loss attributable to noncontrolling interest

 

 

 
152

 

 
152

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.
$
27,090

 
$

 
$
63,849

 
$
(290
)
 
$
(63,559
)
 
$
27,090

Less: Accumulated distributions attributable to Class A Convertible Preferred Units

 

 

 

 

 

NET INCOME AVAILABLE TO COMMON UNIT HOLDERS
$
27,090

 
$

 
$
63,849

 
$
(290
)
 
$
(63,559
)
 
$
27,090




Unaudited Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2018
 
 
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
$
18,637

 
$

 
$
124,180

 
$
874

 
$
(57,363
)
 
$
86,328

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

 

 
(66,051
)
 

 

 
(66,051
)
Cash distributions received from equity investees - return of investment

 

 
9,277

 

 

 
9,277

Acquisitions

 

 

 

 

 

Intercompany transfers
9,407

 

 

 

 
(9,407
)
 

Repayments on loan to non-guarantor subsidiary

 

 
1,801

 

 
(1,801
)
 

Contributions in aid of construction costs

 

 

 

 

 

Proceeds from asset sales

 

 
6

 

 

 
6

Other, net

 

 

 

 

 

Net cash used in investing activities
9,407

 

 
(54,967
)
 

 
(11,208
)
 
(56,768
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
333,800

 

 

 

 

 
333,800

Repayments on senior secured credit facility
(154,000
)
 

 

 

 

 
(154,000
)
Proceeds from issuance of senior unsecured notes

 

 

 

 

 

Repayment of senior unsecured notes
(145,170
)
 

 

 

 

 
(145,170
)
Proceeds from issuance of Class A convertible preferred units, net

 

 

 

 

 

Debt issuance costs
(159
)
 

 

 

 

 
(159
)
Intercompany transfers

 

 
(5,496
)
 
(3,911
)
 
9,407

 

Issuance of common units for cash, net

 

 

 

 

 

Distributions to common unitholders
(62,515
)
 

 
(62,515
)
 

 
62,515

 
(62,515
)
Contributions from noncontrolling interest

 

 

 
400

 

 
400

Other, net

 

 
5,135

 
3,351

 
(3,351
)
 
5,135

Net cash used in financing activities
(28,044
)
 

 
(62,876
)
 
(160
)
 
68,571

 
(22,509
)
Net increase in cash and cash equivalents

 

 
6,337

 
714

 

 
7,051

Cash and cash equivalents at beginning of period
6

 

 
8,340

 
695

 

 
9,041

Cash and cash equivalents at end of period
$
6

 
$

 
$
14,677

 
$
1,409

 
$

 
$
16,092

 Unaudited Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2017
 
 
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
$
42,623

 
$

 
$
95,023

 
$
2,007

 
$
(78,613
)
 
$
61,040

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

 

 
(61,292
)
 

 

 
(61,292
)
Cash distributions received from equity investees - return of investment

 

 
9,083

 

 

 
9,083

Investments in equity investees
(140,968
)
 

 

 

 
140,968

 

Acquisitions

 

 

 

 

 

Intercompany transfers
109,342

 

 

 

 
(109,342
)
 

Repayments on loan to non-guarantor subsidiary

 

 
1,627

 

 
(1,627
)
 

Contributions in aid of construction costs

 

 
124

 

 

 
124

Proceeds from asset sales

 

 
1,234

 

 

 
1,234

Other, net

 

 

 

 

 

Net cash used in investing activities
(31,626
)
 

 
(49,224
)
 

 
29,999

 
(50,851
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Borrowings on senior secured credit facility
216,700

 

 

 

 

 
216,700

Repayments on senior secured credit facility
(284,900
)
 

 

 

 

 
(284,900
)
Debt issuance costs

 

 

 

 

 

Intercompany transfers

 

 
(104,276
)
 
(5,066
)
 
109,342

 

Issuance of common units for cash, net
140,968

 

 
140,968

 

 
(140,968
)
 
140,968

Distributions to common unitholders
(83,765
)
 

 
(83,765
)
 

 
83,765

 
(83,765
)
Distributions to noncontrolling interest

 

 

 

 

 

Other, net

 

 
4,552

 
3,525

 
(3,525
)
 
4,552

Net cash provided by financing activities
(10,997
)
 

 
(42,521
)
 
(1,541
)
 
48,614

 
(6,445
)
Net decrease in cash and cash equivalents

 

 
3,278

 
466

 

 
3,744

Cash and cash equivalents at beginning of period
6

 

 
6,360

 
663

 

 
7,029

Cash and cash equivalents at end of period
$
6

 
$

 
$
9,638

 
$
1,129

 
$

 
$
10,773