Equity Investees

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

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, 2019 and 2018, the unamortized differences in carrying value totaled $350.9 million and $366.4 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,
	2019			2018			2017
Genesis’ share of operating earnings	$	71,975		$	59,255		$	66,814
Amortization of differences attributable to Genesis' carrying value of equity investments	(15,491		)	(15,629		)	(15,768		)
Net equity in earnings	$	56,484		$	43,626		$	51,046
Distributions received	$	77,331		$	71,714		$	82,898

The following tables present the combined balance sheet information for the last two years and income statement data for the last three years for our equity investees (on a 100% basis):



	December 31,
	2019		2018
BALANCE SHEET DATA:
Assets
Current assets	$	44,129	$	34,005
Fixed assets, net	321,752		346,864
Other assets	16,739		15,469
Total assets	$	382,620	$	396,338
Liabilities and equity
Current liabilities	$	20,081	$	18,897
Other liabilities	252,331		250,742
Equity	110,208		126,699
Total liabilities and equity	$	382,620	$	396,338



	Year Ended December 31,
	2019		2018		2017
INCOME STATEMENT DATA:
Revenues	$	209,674	$	180,056	$	191,078
Operating Income	$	155,920	$	129,160	$	139,604
Net Income	$	139,436	$	115,669	$	134,479

Poseidon's revolving credit facility

Borrowings under Poseidon’s revolving credit facilities, 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.