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Partnership Units and Related Matters

12 Months Ended

Dec. 31, 2020

Partners Capital [Abstract]

Partnership Units and Related Matters

Note 13 — Partnership Units and Related Matters

Distributions

We are entitled to receive all Partnership distributions from available cash on the Partnership’s common units after payment of any preferred unit distributions each quarter.  

The following details the distributions declared or paid by the Partnership during 2020, 2019 and 2018:

Three Months Ended		Date Paid or To Be Paid		Total Distributions				Distributions to Targa Resources Corp.
(In millions, except per share amounts)
2020
December 31, 2020		February 11, 2021	$		54.3			$	47.6
September 30, 2020		November 13, 2020			51.7				48.9
June 30, 2020		August 13, 2020			51.7				48.9
March 31, 2020		May 13, 2020			53.1				50.3
2019
December 31, 2019		February 13, 2020	$		241.9			$	239.1
September 30, 2019		November 13, 2019			242.1				239.3
June 30, 2019		August 13, 2019			242.4				239.6
March 31, 2019		April 5, 2019			437.8				435.0
2018
December 31, 2018		February 13, 2019	$		241.3			$	238.5
September 30, 2018		November 13, 2018			237.6				234.8
June 30, 2018		August 13, 2018			234.0				231.2
March 31, 2018		May 11, 2018			229.7				226.9

Contributions

All capital contributions to the Partnership are allocated 98% to the limited partner and 2% to the general partner; however, no units will be issued for those contributions. For the years ended December 31, 2020, 2019 and 2018, we made total capital contributions to the Partnership of $50.0 million, $200.0 million and $600.0 million.

Preferred Units

In December 2020, the Partnership redeemed all of its 5,000,000 issued and outstanding Preferred Units at a redemption price of $25.00 per unit, plus an amount equal to all unpaid distributions up to the date of redemption. The difference between the consideration paid (including unpaid distributions of $0.5 million) and the net carrying value of the units redeemed was $4.9 million, which was recorded as an increase to Net income (loss) attributable to noncontrolling interests for the year ended December 31, 2020. The Preferred Units were reported as noncontrolling interests in our financial statements and were previously listed on the NYSE under the symbol “NGLS/PA” and are no longer traded following the redemption.

The Partnership paid total distributions of $15.1 million in 2020 and $11.3 million each year in 2019 and 2018 to the Preferred Unitholders.

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- References

No definition available.

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- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

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