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Equity Investees | 6 Months Ended
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Jun. 30, 2020
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 June 30, 2020 and December 31, 2019, the unamortized excess cost amounts totaled $343.1 million and $350.9 million, respectively. We amortize the excess cost as a reduction in equity earnings. The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees.
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Genesis’ share of operating earnings | $ | 16,490 |  |  | $ | 18,918 |  |  | $ | 34,522 |  |  | $ | 35,788 |
Amortization of excess purchase price | (3,872) |  |  | (3,872) |  |  | (7,745) |  |  | (7,745) |
Net equity in earnings | $ | 12,618 |  |  | $ | 15,046 |  |  | $ | 26,777 |  |  | $ | 28,043 |
Distributions received | $ | 18,394 |  |  | $ | 20,721 |  |  | $ | 38,959 |  |  | $ | 38,546 |
The following tables present the unaudited balance sheet and income statement information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. ("Poseidon") (which is our most significant equity investment):
| June 30, 2020 |  | December 31, 2019
BALANCE SHEET DATA: |  |  |
Assets |  |  |
Current assets | $ | 19,440 |  |  | $ | 30,307 |
Fixed assets, net | 179,471 |  |  | 187,091 |
Other assets | 1,933 |  |  | 2,113 |
Total assets | $ | 200,844 |  |  | $ | 219,511 |
Liabilities and equity |  |  |
Current liabilities | $ | 11,385 |  |  | $ | 15,558 |
Other liabilities | 238,223 |  |  | 245,976 |
Equity | (48,764) |  |  | (42,023) |
Total liabilities and equity | $ | 200,844 |  |  | $ | 219,511 |
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
INCOME STATEMENT DATA: |  |  |  |  |  |  |
Revenues | $ | 30,419 |  |  | $ | 34,387 |  |  | $ | 63,311 |  |  | $ | 65,439 |
Operating income | $ | 21,922 |  |  | $ | 25,655 |  |  | $ | 45,528 |  |  | $ | 47,960 |
Net income | $ | 20,636 |  |  | $ | 23,295 |  |  | $ | 42,219 |  |  | $ | 43,145 |
Poseidon's Revolving Credit Facility Borrowings under Poseidon’s revolving credit facility, 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 substantially all of Poseidon's assets and has a maturity date of March 2024. 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 Unaudited Condensed Consolidated 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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