Equity Investees And Other Investments

12 Months Ended

Dec. 31, 2011

Equity Investees And Other Investments [Abstract]

Equity Investees And Other Investments

8. Equity Investees and Other Investments

Equity Investees

We are accounting 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 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 December 31, 2011 and 2010, the unamortized excess cost amounts totaled $97.8 million and $101.9 million, respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation. The table below reflects information included in our Consolidated Financial Statements related to our equity investees.

	Year Ended December 31,
	2011			2010			2009
Genesis' share of operating earnings	$	7,910		$	3,224		$	1,262
Amortization of excess purchase price		(4,563	)		(869	)		285
Net equity in earnings	$	3,347		$	2,355		$	1,547
Distributions received	$	20,028		$	6,482		$	950

The combined balance sheet information for the last two years and results of operations data for the last three years for our equity investees was as follows:

	December 31,
	2011		2010
BALANCE SHEET DATA:
Current Assets	$	12,732	$	16,402
Fixed Assets, net		441,894		459,490
Other Assets		18,000		15,424
Total Assets	$	472,626	$	491,316
Current Liabilities	$	5,891	$	5,509
Other Liabilities		8,536		3,876
Equity		458,199		481,931
Total Liabilities and Combined Equity	$	472,626	$	491,316

	Year Ended December 31,
	2011		2010		2009
INCOME STATEMENT DATA:
Revenues	$	56,353	$	20,013	$	14,793
Operating Income	$	16,363	$	5,881	$	775
Net Income	$	16,322	$	5,843	$	749

The 2010 income statement data above includes CHOPS since the date of acquisition. We have included in this filing on Form 10-K (i) unaudited financial statements for CHOPS as of December 31, 2011 and for the year ended December 31, 2011 and (ii) audited financial statements as of December 31, 2010 and the period from November 23, 2010 to December 31, 2010.

Other Investments

In 2006, we invested in the Faustina Project, a petroleum coke to ammonia project that is in the development stage. As a result of a review of the financing alternatives for the project, requirements for continued funding for the project, and the change in control of our general partner in February 2010, we decided not to fund our share of further development in the project. We further determined that the likelihood of a recovery of our investment was remote, and the fair value of the investment was zero. In 2009, we recorded a $5 million impairment charge related to our investment in the Faustina Project, reducing the value of that investment to zero.