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Equity Investees | 9 Months Ended
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Sep. 30, 2018
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, 2018 and December 31, 2017, the unamortized excess cost amounts totaled $370.2 million and $382.4 million, respectively. We amortize the excess cost as a reduction in equity earnings in a manner similar to depreciation. 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,
| 2018 |  | 2017 |  | 2018 |  | 2017
Genesis’ share of operating earnings | $ | 13,364 |  |  | $ | 16,986 |  |  | $ | 40,144 |  |  | $ | 46,631 |
Amortization of excess purchase price | $ | (3,872 | ) |  | (3,942 | ) |  | (11,756 | ) |  | (11,826 | )
Net equity in earnings | $ | 9,492 |  |  | $ | 13,044 |  |  | $ | 28,388 |  |  | $ | 34,805 |
Distributions received | $ | 17,044 |  |  | $ | 20,180 |  |  | $ | 55,034 |  |  | $ | 60,371 |
The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon Oil Pipeline Company (which is our most significant equity investment):
| September 30, 2018 |  | December 31, 2017
BALANCE SHEET DATA: |  |  |
Assets |  |  |
Current assets | $ | 15,895 |  |  | $ | 18,711 |
Fixed assets, net | 205,785 |  |  | 217,343 |
Other assets | 966 |  |  | 1,203 |
Total assets | $ | 222,646 |  |  | $ | 237,257 |
Liabilities and equity |  |  |
Current liabilities | $ | 17,644 |  |  | $ | 17,560 |
Other liabilities | 243,608 |  |  | 237,434 |
Equity | (38,606 | ) |  | (17,737 | )
Total liabilities and equity | $ | 222,646 |  |  | $ | 237,257 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
INCOME STATEMENT DATA: |  |  |  |  |  |  |
Revenues | $ | 27,768 |  |  | $ | 30,597 |  |  | $ | 83,962 |  |  | $ | 88,003 |
Operating income | $ | 17,772 |  |  | $ | 22,334 |  |  | $ | 57,444 |  |  | $ | 63,159 |
Net income | $ | 15,721 |  |  | $ | 20,739 |  |  | $ | 51,731 |  |  | $ | 58,754 |
Poseidon's Revolving Credit Facility Borrowings under Poseidon’s revolving credit facility, 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 Condensed Consolidated Financial Statements.

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- References No definition available. + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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