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Business Consolidation | 12 Months Ended
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Dec. 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 United States. 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 met the definition of a business and have accounted 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 their respective fair values. There was no consideration transferred as a result of becoming the sole member of ANSAC. The allocation of the purchase price, as presented within our Consolidated Balance Sheet as of December 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 |
Intangible assets, net of amortization | 14,992 |
Other Assets, net of amortization | 400 |
Accounts payable - trade(1) | (228,106) |
Accrued liabilities | (75,224) |
Deferred tax liabilities | (1,482) |
Other long-term liabilities | (77,642) |
Net Assets | $ | — |
(1)The “Accounts payable - trade” balance above includes $133.4 million of payables to Genesis at December 31, 2022 that eliminated upon consolidation in our Consolidated Balance Sheet. 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, and “Intangible assets, net of amortization” relate to the assets supporting our logistical and marketing footprint, and both have an estimated useful life of ten years, which is consistent with the term of our primary lease facilitating our logistics operations. 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 Consolidated Statement of Operations include the results of ANSAC since January 1, 2023. The following table presents selected financial information included in our Consolidated Statement of Operations for the period presented:
| Year Ending December 31, 2023
Revenues | $ | 394,948 |
Net Income Attributable to Genesis Energy, L.P. | 8,139 |
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 upon 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 attributable to common unitholders includes the effects of distributions attributable to our Class A Preferred Units. The dilutive effect of our preferred units is calculated using the if-converted method.
| Year Ending December 31,
| 2023 |  | 2022 |  |
Pro forma consolidated financial operating results: |  |  |  |  |
Revenues | $ | 3,176,996 |  |  | $ | 3,246,477 |  |  |
Net Income Attributable to Genesis Energy, L.P. | 117,720 |  |  | 75,457 |  |  |
Net Income (Loss) Attributable to Common Unitholders | 26,995 |  |  | (4,595) |  |  |
Basic and diluted earnings (loss) per common unit: |  |  |  |  |
As reported net income (loss) per common unit | $ | 0.22 |  |  | $ | (0.04) |  |  |
Pro forma net income (loss) per common unit | $ | 0.22 |  |  | $ | (0.04) |  |  |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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