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Equity Investees | 9 Months Ended
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Sep. 30, 2016
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, 2016 and December 31, 2015, the unamortized excess cost amounts totaled $402.1 million and $414.0 million, respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation. As part of our Enterprise acquisition, we increased our ownership interest in each of Cameron Highway Oil Pipeline Company ("CHOPS") and Southeast Keathley Canyon Pipeline Company, LLC ("SEKCO") from 50% to 100%. Consequently, these entities were reflected as equity investees until July 24, 2015, at which point they became fully consolidated wholly owned subsidiaries. Also, as part of our Enterprise acquisition, our ownership interest in Poseidon Oil Pipeline Company, LLC ("Poseidon") increased from 28% to 64%. We also acquired a 50% ownership interest in Deepwater Gateway, LLC and a 25.7% interest in Neptune Pipeline Company, LLC. These additional interests are accounted for as equity investments from the acquisition date of July 24, 2015. In the first quarter of 2016, we purchased the remaining 50% interest in Deepwater Gateway, LLC for approximately $26.0 million (including adjustments for working capital), so we now own 100% of that entity. Consequently, we now consolidate Deepwater Gateway, LLC instead of accounting for our interest under the equity method. 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,
| 2016 |  | 2015 |  | 2016 |  | 2015
Genesis’ share of operating earnings | $ | 16,444 |  |  | $ | 17,944 |  |  | $ | 47,281 |  |  | $ | 57,607 |
Amortization of excess purchase price | (3,956 | ) |  | (3,684 | ) |  | (11,919 | ) |  | (9,167 | )
Net equity in earnings | $ | 12,488 |  |  | $ | 14,260 |  |  | $ | 35,362 |  |  | $ | 48,440 |
Distributions received | $ | 21,551 |  |  | $ | 23,522 |  |  | $ | 66,180 |  |  | $ | 73,823 |
The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon (which is our most significant equity investment):
| September 30, 2016 |  | December 31, 2015
BALANCE SHEET DATA: |  |  |
Assets |  |  |
Current assets | $ | 14,662 |  |  | $ | 18,507 |
Fixed assets, net | 236,509 |  |  | 248,059 |
Other assets | 929 |  |  | 1,133 |
Total assets | $ | 252,100 |  |  | $ | 267,699 |
Liabilities and equity |  |  |
Current liabilities | $ | 23,135 |  |  | $ | 22,456 |
Other liabilities | 211,066 |  |  | 203,514 |
Equity | 17,899 |  |  | 41,729 |
Total liabilities and equity | $ | 252,100 |  |  | $ | 267,699 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
INCOME STATEMENT DATA: |  |  |  |  |  |  |
Revenues | $ | 31,219 |  |  | $ | 30,830 |  |  | $ | 90,658 |  |  | $ | 92,684 |
Operating income | $ | 23,107 |  |  | $ | 23,839 |  |  | $ | 68,166 |  |  | $ | 71,122 |
Net income | $ | 21,921 |  |  | $ | 22,860 |  |  | $ | 64,670 |  |  | $ | 67,804 |
Poseidon's revolving credit facility Borrowings under Poseidon’s revolving credit facilities, which was amended and restated in February 2015, are primarily used to fund spending on capital projects. The February 2015 credit facility is non-recourse to Poseidon’s owners and secured by substantially all of Poseidon's assets. The February 2015 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 Combined Financial Statements.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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