Equity Investees

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021, the unamortized differences in carrying value totaled $305.6 million and $319.9 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,
	2022		2021		2020
Genesis’ share of operating earnings	$	68,469	$	73,389	$	79,510
Amortization of differences attributable to Genesis’ carrying value of equity investments	(14,263)		(15,491)		(15,491)
Net equity in earnings	$	54,206	$	57,898	$	64,019
Distributions received(1)	$	75,406	$	84,106	$	81,061

    (1) Distributions received during the respective period or within 15 days following the period.

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,
	2022		2021
BALANCE SHEET DATA:
Assets
Current assets	$	44,471	$	33,994
Fixed assets, net	292,398		284,265
Other assets	27,287		21,327
Total assets	$	364,156	$	339,586
Liabilities and equity
Current liabilities	$	21,563	$	15,457
Other liabilities	243,094		237,948
Equity	99,499		86,181
Total liabilities and equity	$	364,156	$	339,586

	Year Ended December 31,
	2022		2021		2020
STATEMENTS OF OPERATIONS DATA:
Revenues	$	201,124	$	203,835	$	214,687
Operating Income	$	129,212	$	143,506	$	153,640
Net Income	$	120,613	$	138,783	$	147,560

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.