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Business Consolidation | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Business Consolidation | Business Consolidation American Natural Soda Ash Corporation (“ANSAC”) ANSAC is an organization whose purpose is to promote and market the use and sale of domestically produced natural soda ash in specified countries outside of the U.S. Prior to 2023, our Alkali Business and another domestic soda ash producer were the two members of ANSAC. On January 1, 2023, we became the sole member of ANSAC and assumed 100% of the voting rights of the entity, and it became a wholly owned subsidiary of Genesis. We will continue to supply levels of our soda ash produced in the Green River Basin to ANSAC to utilize their logistical and marketing capabilities as an export vehicle for our Alkali Business. We determined that ANSAC meets the definition of a business and will account for our acquisition of ANSAC as a business combination. We have reflected the financial results of ANSAC within our soda and sulfur services segment from the date of acquisition, January 1, 2023. The purchase price has been allocated to the assets acquired and the liabilities assumed based on our estimated preliminary fair values. We expect to finalize the purchase price allocation by the end of 2023. There was no consideration transferred as a result of becoming the sole member of ANSAC. The preliminary allocation of the purchase price, as presented within our Unaudited Consolidated Balance Sheet as of March 31, 2023 is summarized as follows:
Cash and cash equivalents | $ | 4,332 |
Accounts receivable - trade, net | 231,797 |
Inventories | 19,522 |
Other current assets | 14,203 |
Fixed assets, at cost | 4,000 |
Right of use assets, net | 93,208 |
Other Assets, net of amortization | 13,909 |
Accounts payable - trade(1) | (228,106) |
Accrued liabilities | (75,224) |
Other long-term liabilities | (77,641) |
Net Assets | $ | — |
(1)The “Accounts payable - trade” balance above includes $133.4 million of payables to Genesis at December 31, 2022 that eliminate upon consolidation into our Unaudited Condensed Consolidated Balance Sheet as of March 31, 2023. Inventories principally relate to finished goods (soda ash) that have been supplied by current or former members of ANSAC. Fixed assets, at cost relate to leasehold improvements supporting our logistical footprint and will be depreciated over ten years, which is consistent with the term of the related lease. Right of use assets, net and our corresponding lease liabilities, which are recorded within “Accrued liabilities” and “Other long-term liabilities,” are associated with our right to use certain assets to store and load finished goods, the vessels we utilize to ship finished goods to distributors and end users, as well as office space. Our Unaudited Condensed Consolidated Statement of Operations include the results of ANSAC since January 1, 2023. The following table presents selected financial information included in our Unaudited Consolidated Statement of Operations for the period presented:
| Three Months Ended March 31, 2023
Revenues | $ | 127,142 |
Net Income Attributable to Genesis Energy, L.P. | 1,022 |
The following unaudited pro forma financial information was prepared from our historical financial statements that have been adjusted to give the effect of the consolidation of ANSAC as though we had become the sole member on January 1, 2022. It is based up on assumptions deemed appropriate by us and may not be indicative of actual results. This pro forma information was prepared using financial data of ANSAC and reflects certain estimates and assumptions made by our management. Our unaudited pro forma financial information is not necessarily indicative of what our consolidated financial results would have been had we become the sole member on January 1, 2022. Pro forma net income (loss) includes the effects of distributions on our preferred units and interest expense on incremental borrowings. The dilutive effect of our preferred units is calculated using the if-converted method.
| Three Months Ended March 31,
| 2023 |  | 2022 |  |
Pro forma consolidated financial operating results: |  |  |  |  |
Revenues | $ | 790,612 |  |  | $ | 759,089 |  |  |
Net Loss Attributable to Genesis Energy, L.P. | (1,644) |  |  | (4,228) |  |  |
Net Loss Attributable to Common Unitholders | (25,646) |  |  | (22,912) |  |  |
Basic and diluted earnings (loss) per common unit: |  |  |  |  |
As reported net loss per common unit | $ | (0.21) |  |  | $ | (0.20) |  |  |
Pro forma net loss per common unit | $ | (0.21) |  |  | $ | (0.19) |  |  |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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