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Equity Investees | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, the unamortized excess cost amounts totaled $302.1 million and $305.6 million, respectively. We amortize the differences in carrying value as changes in equity earnings. The following table presents information included in our Unaudited Condensed Consolidated Financial Statements related to our equity investees:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Genesis’ share of operating earnings | $ | 21,119 |  |  | $ | 16,010 |  |  |  |  |
Amortization of differences attributable to Genesis’ carrying value of equity investments | (3,566) |  |  | (3,566) |  |  |  |  |
Net equity in earnings | $ | 17,553 |  |  | $ | 12,444 |  |  |  |  |
Distributions received(1) | $ | 23,834 |  |  | $ | 19,018 |  |  |  |  |
(1) Includes distributions attributable to the period and received during or within 15 days following the period. The following tables present the unaudited balance sheets and statements of operations information (on a 100% basis) for Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”) (which we own 64% of and is our most significant equity investment):
| March 31, 2023 |  | December 31, 2022
BALANCE SHEETS DATA: |  |  |
Assets |  |  |
Current assets | $ | 22,904 |  |  | $ | 27,878 |
Fixed assets, net | 147,223 |  |  | 147,505 |
Other assets | 13,760 |  |  | 13,419 |
Total assets | $ | 183,887 |  |  | $ | 188,802 |
Liabilities and equity |  |  |
Current liabilities | $ | 217,582 |  |  | $ | 10,087 |
Other liabilities | 27,727 |  |  | 236,813 |
Equity (Deficit) | (61,422) |  |  | (58,098) |
Total liabilities and equity | $ | 183,887 |  |  | $ | 188,802 |
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
STATEMENTS OF OPERATIONS DATA: |  |  |  |  |  |  |
Revenues | $ | 40,895 |  |  | $ | 31,189 |  |  |  |  |
Operating income | $ | 31,951 |  |  | $ | 21,953 |  |  |  |  |
Net income | $ | 28,676 |  |  | $ | 20,907 |  |  |  |  |
Poseidon’s Revolving Credit FacilityBorrowings 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, which matures on March 29, 2024, 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 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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