Equity Investees

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022, the unamortized differences in carrying value totaled $291.4 million and $305.6 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,
	2023		2022		2021
Genesis’ share of operating earnings	$	80,461	$	68,469	$	73,389
Amortization of differences attributable to Genesis’ carrying value of equity investments	(14,263)		(14,263)		(15,491)
Net equity in earnings	$	66,198	$	54,206	$	57,898
Distributions earned(1)	$	90,833	$	75,406	$	84,106

(1)Distributions attributable to the respective period and received within 15 days subsequent to the respective period end.

Poseidon’s revolving credit facility

Borrowings under Poseidon’s revolving credit facility, which was amended and restated on June 1, 2023 (the “June 2023 credit facility”), are primarily used to fund spending on capital projects. The June 2023 credit facility, which matures on June 1, 2027, is non-recourse to Poseidon’s owners and secured by its assets. The June 2023 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.