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Condensed Parent Only Financial Statements | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Condensed Parent Only Financial Statements | Note 27 — Condensed Parent Only Financial Statements The condensed parent only financial statements represent the financial information required by Rule 5-04 of the Securities and Exchange Commission Regulation S-X for Targa Resources Corp. In the condensed financial statements, Targa’s investments in consolidated subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of affiliates are not consolidated. The investments in net assets of the consolidated subsidiaries are recorded in the balance sheets. The income (loss) from operations of the consolidated subsidiaries is reported as equity in income (loss) of consolidated subsidiaries. Other comprehensive income has been adjusted for Targa’s share of the investees’ currently reported other comprehensive income. A substantial amount of Targa’s operating, investing and financing activities are conducted by its affiliates. 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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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