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Business Consolidation | 3 Months Ended
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Mar. 31, 2024
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. The allocation of the purchase price, as presented within our Condensed 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. We have reflected the financial results of ANSAC within our soda and sulfur services segment from the date of acquisition, January 1, 2023. The following financial information was prepared from our historical financial statements that have been adjusted to give the effect of the consolidation of ANSAC, and was was prepared using financial data of ANSAC. Net loss attributable to common unitholders includes the effects of distributions attributable to our Class A Convertible Preferred Units. The dilutive effect of our Class A Convertible Preferred Units is calculated using the if-converted method.
| Three Months Ended March 31, 2023 |  |  |  |
Consolidated financial operating results: |  |  |  |  |
Revenues | $ | 790,612 |  |  |  |  |
Net Loss Attributable to Genesis Energy, L.P. | (1,644) |  |  |  |  |
Net Loss Attributable to Common Unitholders | (25,646) |  |  |  |  |
Basic and diluted loss per common unit: |  |  |  |  |
As reported net loss per common unit | $ | (0.21) |  |  |  |  |
Pro forma net loss per common unit | $ | (0.21) |  |  |  |  |

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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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