Equity Investees

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Investees

Equity Investees

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, 2021 and December 31, 2020, the unamortized excess cost amounts totaled $323.8 million and $335.4 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,
	2021		2020		2021		2020
Genesis’ share of operating earnings	$	14,174	$	18,312	$	56,801	$	52,834
Amortization of excess purchase price	(3,873)		(3,873)		(11,618)		(11,618)
Net equity in earnings	$	10,301	$	14,439	$	45,183	$	41,216
Distributions received (1)	$	17,443	$	16,757	$	68,873	$	55,716

(1) Includes distributions attributable to the period and received during or promptly following such period.

The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. ("Poseidon") (which is our most significant equity investment):

	September 30, 2021		December 31, 2020
BALANCE SHEET DATA:
Assets
Current assets	$	22,890	$	30,465
Fixed assets, net	164,096		171,732
Other assets	5,762		4,673
Total assets	$	192,748	$	206,870
Liabilities and equity
Current liabilities	$	12,001	$	9,958
Other liabilities	237,507		237,595
Equity (Deficit)	(56,760)		(40,683)
Total liabilities and equity	$	192,748	$	206,870

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
INCOME STATEMENT DATA:
Revenues	$	27,262	$	35,351	$	103,432	$	98,662
Operating income	$	18,762	$	27,002	$	75,559	$	72,530
Net income	$	17,718	$	25,831	$	72,473	$	68,050

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 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.