Condensed Parent Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

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.