Equity Investees

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

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 September 30, 2019 and December 31, 2018, the unamortized excess cost amounts totaled $354.7 million and $366.4 million, respectively. We amortize the excess cost as a reduction in equity earnings.

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Genesis’ share of operating earnings	$	15,703		$	13,364		$	51,491		$	40,144
Amortization of excess purchase price	$	(3,873	)	(3,872		)	(11,618		)	(11,756		)
Net equity in earnings	$	11,830		$	9,492		$	39,873		$	28,388
Distributions received	$	19,512		$	17,044		$	58,058		$	55,034

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



	September 30, 2019			December 31, 2018
BALANCE SHEET DATA:
Assets
Current assets	$	21,646		$	18,911
Fixed assets, net	190,570			202,116
Other assets	2,207			886
Total assets	$	214,423		$	221,913
Liabilities and equity
Current liabilities	$	14,267		$	15,909
Other liabilities	244,057			242,881
Equity	(43,901		)	(36,877		)
Total liabilities and equity	$	214,423		$	221,913



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
INCOME STATEMENT DATA:
Revenues	$	30,602	$	27,768	$	96,041	$	83,962
Operating income	$	21,745	$	17,772	$	69,705	$	57,444
Net income	$	19,431	$	15,721	$	62,576	$	51,731

Poseidon's Revolving Credit Facility

Borrowings under Poseidon’s revolving credit facility, which was amended and restated in March 2019, are primarily used to fund spending on capital projects. The March 2019 credit facility is non-recourse to Poseidon’s owners and secured by substantially all of Poseidon's assets and has a new maturity date of March 2024. The March 2019 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 Condensed Consolidated Financial Statements.