Equity Investees

12 Months Ended

Dec. 31, 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 (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, 2021 and 2020, the unamortized differences in carrying value totaled $319.9 million and $335.4 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,
	2021		2020		2019
Genesis’ share of operating earnings	$	73,389	$	79,510	$	71,975
Amortization of differences attributable to Genesis' carrying value of equity investments	(15,491)		(15,491)		(15,491)
Net equity in earnings	$	57,898	$	64,019	$	56,484
Distributions received	$	84,106	$	81,061	$	77,331

The following tables present the combined balance sheet information for the last two years and statements of operations data for the last three years for our equity investees (on a 100% basis):

	December 31,
	2021		2020
BALANCE SHEET DATA:
Assets
Current assets	$	33,994	$	42,565
Fixed assets, net	284,265		299,315
Other assets	21,327		25,654
Total assets	$	339,586	$	367,534
Liabilities and equity
Current liabilities	$	15,457	$	13,411
Other liabilities	237,948		248,857
Equity	86,181		105,266
Total liabilities and equity	$	339,586	$	367,534

	Year Ended December 31,
	2021		2020		2019
STATEMENTS OF OPERATIONS DATA:
Revenues	$	203,835	$	214,687	$	209,674
Operating Income	$	143,506	$	153,640	$	155,920
Net Income	$	138,783	$	147,560	$	139,436

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 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.