Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019

	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	$	—	$	18,503		$	38,100		$	—		$	56,609
Other current assets	75		—		247,428			213,709			(75		)	461,137
Total current assets	81		—		265,931			251,809			(75		)	517,746
Fixed assets, at cost	—		—		4,632,177			889,257			—			5,521,434
Less: Accumulated depreciation	—		—		(1,070,554		)	(141,508		)	—			(1,212,062		)
Net fixed assets	—		—		3,561,623			747,749			—			4,309,372
Mineral Leaseholds, net of accumulated depletion	—		—		—			556,993			—			556,993
Goodwill	—		—		301,959			—			—			301,959
Other assets, net	8,381		—		409,082			112,515			(176,990		)	352,988
Advances to affiliates	3,112,557		—		—			109,717			(3,222,274		)	—
Equity investees	—		—		336,900			—			—			336,900
Investments in subsidiaries	2,687,759		—		1,419,775			—			(4,107,534		)	—
Right of Use Assets, net	—		—		88,149			96,574			—			184,723
Total assets	$	5,808,778	$	—	$	6,383,419		$	1,875,357		$	(7,506,873	)	$	6,560,681
LIABILITIES AND CAPITAL
Current liabilities	$	54,394	$	—	$	218,975		$	140,735		$	(179	)	$	413,925
Senior secured credit facility	947,000		—		—			—			—			947,000
Senior unsecured notes, net of debt issuance costs	2,468,033		—		—			—			—			2,468,033
Deferred tax liabilities	—		—		12,872			—			—			12,872
Advances from affiliates	—		—		3,222,227			—			(3,222,227		)	—
Other liabilities	42,182		—		244,739			267,104			(176,858		)	377,167
Total liabilities	3,511,609		—		3,698,813			407,839			(3,399,264		)	4,218,997
Mezzanine Capital:
Class A Convertible Preferred Units	790,115		—		—			—			—			790,115
Redeemable noncontrolling interests	—		—		—			49,672			—			49,672
Partners’ capital, common units	1,507,054		—		2,684,606			1,423,003			(4,107,609		)	1,507,054
Accumulated other comprehensive income(1)	—		—		—			939			—			939
Noncontrolling interests	—		—		—			(6,096		)	—			(6,096		)
Total liabilities, mezzanine capital and partners’ capital	$	5,808,778	$	—	$	6,383,419		$	1,875,357		$	(7,506,873	)	$	6,560,681

⁽¹⁾The entire balance and activity within Accumulated Other Comprehensive Income is related to our defined benefit plan held within our Non-Guarantor Subsidiaries.

Unaudited Condensed Consolidating Balance Sheet

Year Ended December 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	$	—	$	4,924		$	5,370		$	—		$	10,300
Other current assets	50		—		229,411			203,683			(165		)	432,979
Total current assets	56		—		234,335			209,053			(165		)	443,279
Fixed assets, at cost	—		—		4,602,164			838,694			—			5,440,858
Less: Accumulated depreciation	—		—		(926,830		)	(96,995		)	—			(1,023,825		)
Net fixed assets	—		—		3,675,334			741,699			—			4,417,033
Mineral Leaseholds, net of accumulated depletion	—		—		—			560,481			—			560,481
Goodwill	—		—		301,959			—			—			301,959
Other assets, net	10,776		—		435,540			122,538			(167,620		)	401,234
Advances to affiliates	3,305,568		—		—			105,917			(3,411,485		)	—
Equity investees and other investments	—		—		355,085			—			—			355,085
Investments in subsidiaries	2,648,510		—		1,413,334			—			(4,061,844		)	—
Total assets	$	5,964,910	$	—	$	6,415,587		$	1,739,688		$	(7,641,114	)	$	6,479,071
LIABILITIES AND CAPITAL
Current liabilities	$	39,342	$	—	$	177,104		$	116,498		$	(110	)	$	332,834
Senior secured credit facilities	970,100		—		—			—			—			970,100
Senior unsecured notes, net of debt issuance costs	2,462,363		—		—			—			—			2,462,363
Deferred tax liabilities	—		—		12,576			—			—			12,576
Advances from affiliates	—		—		3,411,515			—			(3,411,515		)	—
Other liabilities	40,840		—		174,249			211,590			(167,481		)	259,198
Total liabilities	3,512,645		—		3,775,444			328,088			(3,579,106		)	4,037,071
Mezzanine Capital:
Class A Convertible Preferred Units	761,466		—		—			—			—			761,466
Partners’ capital, common units	1,690,799		—		2,640,143			1,421,865			(4,062,008		)	1,690,799
Accumulated other comprehensive income(1)	—		—		—			939			—			939
Noncontrolling interests	—		—		—			(11,204		)	—			(11,204		)
Total liabilities, mezzanine capital and partners’ capital	$	5,964,910	$	—	$	6,415,587		$	1,739,688		$	(7,641,114	)	$	6,479,071

⁽¹⁾The entire balance and activity within Accumulated Other Comprehensive Income is related to our defined benefit plan held within our Non-Guarantor Subsidiaries.

Unaudited Condensed Consolidating Statement of Operations

Three Months Ended September 30, 2019

	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	$	—		$	—	$	79,738		$	—		$	—		79,738
Sodium minerals and sulfur services	—			—		56,140			223,130			(1,743		)	277,527
Marine transportation	—			—		59,404			—			—			59,404
Onshore facilities and transportation	—			—		200,701			4,327			—			205,028
Total revenues	—			—		395,983			227,457			(1,743		)	621,697
COSTS AND EXPENSES:
Onshore facilities and transportation costs	—			—		179,983			339			—			180,322
Marine transportation costs	—			—		44,831			—			—			44,831
Sodium minerals and sulfur services operating costs	—			—		44,617			179,430			(1,743		)	222,304
Offshore pipeline transportation operating costs	—			—		22,819			113			—			22,932
General and administrative	—			—		14,632			367			—			14,999
Depreciation, depletion and amortization	—			—		62,632			20,890			—			83,522
Total costs and expenses	—			—		369,514			201,139			(1,743		)	568,910
OPERATING INCOME	—			—		26,469			26,318			—			52,787
Equity in earnings of subsidiaries	65,112			—		23,914			—			(89,026		)	—
Equity in earnings of equity investees	—			—		11,830			—			—			11,830
Interest (expense) income, net	(55,529		)	—		3,041			(2,185		)	—			(54,673		)
Other income	7,974			—		—			—			—			7,974
Income before income taxes	17,557			—		65,254			24,133			(89,026		)	17,918
Income tax expense	—			—		(119		)	8			—			(111		)
NET INCOME	17,557			—		65,135			24,141			(89,026		)	17,807
Net loss attributable to noncontrolling interest	—			—		—			22			—			22
Net income attributable to redeemable noncontrolling interests	—			—		—			(272		)	—			(272		)
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	17,557		$	—	$	65,135		$	23,891		$	(89,026	)	$	17,557
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(18,684		)	—		—			—			—			(18,684		)
NET INCOME (LOSS) AVAILABLE TO COMMON UNIT HOLDERS	$	(1,127	)	$	—	$	65,135		$	23,891		$	(89,026	)	$	(1,127	)

Unaudited Condensed Consolidating Statement of Operations

Three Months Ended September 30, 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	$	—		$	—	$	70,115		$	—		$	—		70,115
Sodium minerals and sulfur services	—			—		83,951			211,665			(3,894		)	291,722
Marine transportation	—			—		56,296			—			—			56,296
Onshore facilities and transportation	—			—		322,275			4,870			—			327,145
Total revenues	—			—		532,637			216,535			(3,894		)	745,278
COSTS AND EXPENSES:
Onshore facilities and transportation costs	—			—		294,969			287			—			295,256
Marine transportation costs	—			—		44,195			—			—			44,195
Sodium minerals and sulfur services operating costs	—			—		65,579			167,519			(3,894		)	229,204
Offshore pipeline transportation operating costs	—			—		17,217			536			—			17,753
General and administrative	—			—		23,888			321			—			24,209
Depreciation, depletion and amortization	—			—		70,895			20,981			—			91,876
Gain on sale of assets	—			—		(3,363		)	—			—			(3,363		)
Total costs and expenses	—			—		513,380			189,644			(3,894		)	699,130
OPERATING INCOME	—			—		19,257			26,891			—			46,148
Equity in earnings of subsidiaries	57,078			—		25,489			—			(82,567		)	—
Equity in earnings of equity investees	—			—		9,492			—			—			9,492
Interest (expense) income, net	(59,229		)	—		3,235			(2,825		)	—			(58,819		)
Other income	1,828			—		—			—			—			1,828
Income (loss) before income taxes	(323		)	—		57,473			24,066			(82,567		)	(1,351		)
Income tax expense	—			—		(383		)	100			—			(283		)
NET INCOME (LOSS)	(323		)	—		57,090			24,166			(82,567		)	(1,634		)
Net loss attributable to noncontrolling interest	—			—		—			1,311			—			1,311
NET INCOME (LOSS) ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	(323	)	$	—	$	57,090		$	25,477		$	(82,567	)	$	(323	)
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(17,635		)	—		—			—			—			(17,635		)
NET INCOME (LOSS) AVAILABLE TO COMMON UNIT HOLDERS	$	(17,958	)	$	—	$	57,090		$	25,477		$	(82,567	)	$	(17,958	)

Unaudited Condensed Consolidating Statement of Operations

Nine Months Ended September 30, 2019

	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	$	—		$	—	$	236,482		$	—		$	—		$	236,482
Sodium minerals and sulfur services	—			—		196,522			637,319			(6,222		)	827,619
Marine transportation	—			—		174,760			—			—			174,760
Onshore facilities and transportation	—			—		624,192			13,438			—			637,630
Total revenues	—			—		1,231,956			650,757			(6,222		)	1,876,491
COSTS AND EXPENSES:
Onshore facilities and transportation costs	—			—		553,289			1,015			—			554,304
Marine transportation operating costs	—			—		133,400			—			—			133,400
Sodium minerals and sulfur services  operating costs	—			—		153,052			514,076			(6,222		)	660,906
Offshore pipeline transportation operating costs	—			—		53,020			(7,513		)	—			45,507
General and administrative	—			—		38,954			1,143			—			40,097
Depreciation, depletion and amortization	—			—		185,332			55,181			—			240,513
Total costs and expenses	—			—		1,117,047			563,902			(6,222		)	1,674,727
OPERATING INCOME	—			—		114,909			86,855			—			201,764
Equity in earnings of subsidiaries	241,506			—		78,226			—			(319,732		)	—
Equity in earnings of equity investees	—			—		39,873			—			—			39,873
Interest (expense) income, net	(168,181		)	—		9,249			(6,949		)	—			(165,881		)
Other income	306			—		—			—			—			306
Income before income taxes	73,631			—		242,257			79,906			(319,732		)	76,062
Income tax expense	—			—		(656		)	—			—			(656		)
NET INCOME	73,631			—		241,601			79,906			(319,732		)	75,406
Net income attributable to noncontrolling interest	—			—		—			(1,503		)	—			(1,503		)
Net income attributable to redeemable noncontrolling interests	—			—		—			(272		)	—			(272		)
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	73,631		$	—	$	241,601		$	78,131		$	(319,732	)	$	73,631
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(55,783		)	—		—			—			—			$	(55,783	)
NET INCOME AVAILABLE TO COMMON UNIT HOLDERS	$	17,848		$	—	$	241,601		$	78,131		$	(319,732	)	$	17,848

Unaudited Condensed Consolidating Statement of Operations

Nine Months Ended September 30, 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	$	—		$	—	$	213,344		$	—		$	—		$	213,344
Sodium minerals and sulfur services	—			—		250,225			637,729			(11,441		)	876,513
Marine transportation	—			—		161,410			—			—			161,410
Onshore facilities and transportation	—			—		957,618			14,589			—			972,207
Total revenues	—			—		1,582,597			652,318			(11,441		)	2,223,474
COSTS AND EXPENSES:
Onshore facilities and transportation costs	—			—		900,638			836			—			901,474
Marine transportation operating costs	—			—		126,259			—			—			126,259
Sodium minerals and sulfur services operating costs	—			—		195,840			500,820			(11,441		)	685,219
Offshore pipeline transportation operating costs	—			—		51,688			1,845			—			53,533
General and administrative	—			—		48,420			992			—			49,412
Depreciation, depletion and amortization	—			—		193,054			51,757			—			244,811
Gain on sale of assets	—			—		(3,363		)	—			—			(3,363		)
Total costs and expenses	—			—		1,512,536			556,250			(11,441		)	2,057,345
OPERATING INCOME	—			—		70,061			96,068			—			166,129
Equity in earnings of subsidiaries	196,103			—		89,162			—			(285,265		)	—
Equity in earnings of equity investees	—			—		28,388			—			—			28,388
Interest (expense) income, net	(173,791		)	—		9,843			(8,916		)	—			(172,864		)
Other expense	(3,604		)	—		—			—			—			(3,604		)
Income before income taxes	18,708			—		197,454			87,152			(285,265		)	18,049
Income tax expense	—			—		(1,238		)	324			—			(914		)
NET INCOME	18,708			—		196,216			87,476			(285,265		)	17,135
Net loss attributable to noncontrolling interest	—			—		—			1,573			—			1,573
NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	18,708		$	—	$	196,216		$	89,049		$	(285,265	)	$	18,708
Less: Accumulated distributions attributable to Class A Convertible Preferred Units	(51,780		)	—		—			—			—			(51,780		)
NET INCOME (LOSS) AVAILABLE TO COMMON UNIT HOLDERS	$	(33,072	)	$	—	$	196,216		$	89,049		$	(285,265	)	$	(33,072	)

Unaudited Condensed Consolidating Statement of Cash Flows

Nine Months Ended September 30, 2019

	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	$	81,990		$	—	$	425,780		$	120,191		$	(296,232	)	$	331,729
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(53,915		)	(55,683		)	—			(109,598		)
Cash distributions received from equity investees - return of investment	—			—		18,333			—			—			18,333
Intercompany transfers	168,189			—		—			—			(168,189		)	—
Repayments on loan to non-guarantor subsidiary	—			—		6,132			—			(6,132		)	—
Proceeds from asset sales	—			—		890			—			—			890
Net cash used in investing activities	168,189			—		(28,560		)	(55,683		)	(174,321		)	(90,375		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	597,500			—		—			—			—			597,500
Repayments on senior secured credit facility	(620,600		)	—		—			—			—			(620,600		)
Net proceeds from issuance of preferred units	—			—		—			49,400			—			49,400
Intercompany transfers	—			—		(158,690		)	(9,499		)	168,189			—
Distributions to partners/owners	(202,257		)	—		(202,257		)	(84,601		)	286,859			(202,256		)
Distributions to preferred unitholders	(24,822		)	—		(24,822		)	—			24,822			(24,822		)
Contributions from noncontrolling interest	—			—		—			3,605			—			3,605
Other, net	—			—		2,128			9,317			(9,317		)	2,128
Net cash used in financing activities	(250,179		)	—		(383,641		)	(31,778		)	470,553			(195,045		)
Net increase in cash and cash equivalents	—			—		13,579			32,730			—			46,309
Cash and cash equivalents at beginning of period	6			—		4,924			5,370			—			10,300
Cash and cash equivalents at end of period	$	6		$	—	$	18,503		$	38,100		$	—		$	56,609

 Unaudited Condensed Consolidating Statement of Cash Flows

Nine Months Ended September 30, 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	$	32,474		$	—	$	391,406		$	155,954		$	(272,270	)	$	307,564
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to acquire fixed and intangible assets	—			—		(98,997		)	(53,871		)	—			(152,868		)
Cash distributions received from equity investees - return of investment	—			—		26,042			—			—			26,042
Investments in equity investees	—			—		(2,960		)	—			—			(2,960		)
Acquisitions	—			—		—			—			—			—
Intercompany transfers	182,662			—		—			—			(182,662		)	—
Repayments on loan to non-guarantor subsidiary	—			—		5,541			—			(5,541		)	—
Proceeds from asset sales	—			—		36,859			—			—			36,859
Net cash used in investing activities	182,662			—		(33,515		)	(53,871		)	(188,203		)	(92,927		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on senior secured credit facility	759,800			—		—			—			—			759,800
Repayments on senior secured credit facility	(638,300		)	—		—			—			—			(638,300		)
Repayment of senior unsecured notes	(145,170		)	—		—			—			—			(145,170		)
Debt issuance costs	(242		)	—		—			—			—			(242		)
Intercompany transfers	—			—		(170,245		)	(12,417		)	182,662			—
Distributions to partners/owners	(191,224		)	—		(191,224		)	(96,500		)	287,724			(191,224		)
Contributions from noncontrolling interest	—			—		—			1,980			—			1,980
Other, net	—			—		1,356			9,913			(9,913		)	1,356
Net cash used in financing activities	(215,136		)	—		(360,113		)	(97,024		)	460,473			(211,800		)
Net increase in cash and cash equivalents	—			—		(2,222		)	5,059			—			2,837
Cash and cash equivalents at beginning of period	6			—		5,230			3,805			—			9,041
Cash and cash equivalents at end of period	$	6		$	—	$	3,008		$	8,864		$	—		$	11,878