Equity Investees

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

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, 2020 and 2019, the unamortized differences in carrying value totaled $335.4 million and $350.9 million, respectively. We amortize the differences in carrying value as a change in equity earnings.

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


	Year Ended December 31,
	2020		2019		2018
Genesis’ share of operating earnings	$	79,510	$	71,975	$	59,255
Amortization of differences attributable to Genesis' carrying value of equity investments	(15,491)		(15,491)		(15,629)
Net equity in earnings	$	64,019	$	56,484	$	43,626
Distributions received	$	81,061	$	77,331	$	71,714

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):


	December 31,
	2020		2019
BALANCE SHEET DATA:
Assets
Current assets	$	42,565	$	44,129
Fixed assets, net	299,315		321,752
Other assets	25,654		16,739
Total assets	$	367,534	$	382,620
Liabilities and equity
Current liabilities	$	13,411	$	20,081
Other liabilities	248,857		252,331
Equity	105,266		110,208
Total liabilities and equity	$	367,534	$	382,620


	Year Ended December 31,
	2020		2019		2018
INCOME STATEMENT DATA:
Revenues	$	214,687	$	209,674	$	180,056
Operating Income	$	153,640	$	155,920	$	129,160
Net Income	$	147,560	$	139,436	$	115,669

Poseidon's revolving credit facility

Borrowings under Poseidon’s revolving credit facilities, 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 its assets. 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 consolidated financial statements.