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Condensed Parent Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Condensed Financial Statements | The condensed financial statements should be read in conjunction with Targa’s consolidated financial statements, which begin on page F-1 in this Annual Report.
TARGA RESOURCES CORP. |
PARENT ONLY |
CONDENSED BALANCE SHEETS |
| December 31, |
| 2020 |  |  | 2019 |
ASSETS |
Investment in consolidated subsidiaries | $ | 3,507.2 |  |  | $ | 5,643.4 |
Deferred income taxes |  | 59.7 |  |  |  | 53.8 |
Debt issuance costs |  | 2.9 |  |  |  | 4.0 |
Other long-term assets |  | 9.4 |  |  |  | 9.8 |
Total assets | $ | 3,579.2 |  |  | $ | 5,711.0 |
LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY |
Accrued current liabilities | $ | 30.5 |  |  | $ | 31.6 |
Long-term debt |  | 555.0 |  |  |  | 435.0 |
Other long-term liabilities |  | 38.4 |  |  |  | 44.8 |
Contingencies |  |  |  |  |  |  |
Series A Preferred 9.5% Stock, net of discount |  | 301.4 |  |  |  | 278.8 |
Targa Resources Corp. stockholders' equity |  | 2,653.9 |  |  |  | 4,920.8 |
Total liabilities, Series A Preferred Stock and owners' equity | $ | 3,579.2 |  |  | $ | 5,711.0 |
TARGA RESOURCES CORP. |
PARENT ONLY |
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
| Year Ended December 31, |
| 2020 |  |  | 2019 |  |  | 2018 |
Equity in net income (loss) of consolidated subsidiaries | $ | (1,534.9 | ) |  | $ | (186.2 | ) |  | $ | 27.4 |
General and administrative expense |  | (12.4 | ) |  |  | (13.1 | ) |  |  | (16.1 | )
Income (loss) from operations |  | (1,547.3 | ) |  |  | (199.3 | ) |  |  | 11.3 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Loss on debt extinguishment |  | — |  |  |  | — |  |  |  | (0.7 | )
Interest expense |  | (12.5 | ) |  |  | (17.0 | ) |  |  | (15.8 | )
Income (loss) before income taxes |  | (1,559.8 | ) |  |  | (216.3 | ) |  |  | (5.2 | )
Deferred income tax (expense) benefit |  | 5.9 |  |  |  | 7.1 |  |  |  | 6.8 |
Net income (loss) attributable to Targa Resources Corp. |  | (1,553.9 | ) |  |  | (209.2 | ) |  |  | 1.6 |
Other comprehensive income (loss) |  | (234.3 | ) |  |  | (1.8 | ) |  |  | 129.4 |
Total comprehensive income (loss) | $ | (1,788.2 | ) |  | $ | (211.0 | ) |  | $ | 131.0 |
Dividends on Series A Preferred Stock |  | 91.7 |  |  |  | 91.7 |  |  |  | 91.7 |
Deemed dividends on Series A Preferred Stock |  | 39.2 |  |  |  | 33.1 |  |  |  | 29.2 |
Net income (loss) attributable to common shareholders |  | (1,684.8 | ) |  |  | (334.0 | ) |  |  | (119.3 | )
Net income (loss) attributable to Targa Resources Corp. | $ | (1,553.9 | ) |  | $ | (209.2 | ) |  | $ | 1.6 |
TARGA RESOURCES CORP. |
PARENT ONLY |
CONDENSED STATEMENTS OF CASH FLOWS |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
| Net cash provided by operating activities | $ | (193.9 | ) |  | $ | 48.3 |  |  | $ | 55.2 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
| Advances to consolidated subsidiaries |  | 214.1 |  |  |  | (222.5 | ) |  |  | (714.5 | )
| Distributions from consolidated subsidiaries (1) |  | 387.2 |  |  |  | 1,152.4 |  |  |  | 891.1 |
| Net cash provided by (used in) investing activities |  | 601.3 |  |  |  | 929.9 |  |  |  | 176.6 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
| Proceeds from long-term debt borrowings |  | 155.0 |  |  |  | (450.0 | ) |  |  | 365.0 |
| Repayments of long-term debt |  | (35.0 | ) |  |  | 450.0 |  |  |  | (365.0 | )
| Costs incurred in connection with financing arrangements |  | — |  |  |  | — |  |  |  | (8.5 | )
| Transaction costs incurred related to sale of ownership interests |  | — |  |  |  | (10.8 | ) |  |  | — |
| Proceeds from issuance of common stock, preferred stock and warrants |  | — |  |  |  | — |  |  |  | 689.0 |
| Repurchase of common stock |  | (97.4 | ) |  |  | (13.9 | ) |  |  | (4.0 | )
| Dividends paid to common and preferred shareholders |  | (384.2 | ) |  |  | (953.5 | ) |  |  | (908.3 | )
| Partial repurchase of Series A Preferred Stock |  | (45.8 | ) |  |  | — |  |  |  | — |
| Net cash provided by (used in) financing activities |  | (407.4 | ) |  |  | (978.2 | ) |  |  | (231.8 | )
Net increase (decrease) in cash and cash equivalents |  | — |  |  |  | — |  |  |  | — |
Cash and cash equivalents - beginning of year |  | — |  |  |  | — |  |  |  | — |
Cash and cash equivalents - end of year | $ | — |  |  | $ | — |  |  | $ | — |
_____________ (1) Amounts reflect distributions from consolidated subsidiaries in excess of earnings. Total distributions from consolidated subsidiaries were $387.2 million, $1,152.4 million and $918.5 million for the years ended December 31, 2020, 2019 and 2018.

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