EX-12.1 14 ngls-ex121_8.htm EX-12.1 ngls-ex121_8.htm

 

Exhibit 12.1

 

Targa Resources Partners LP

 

Computation of Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

 

 

(In millions)

 

Pre-tax income from continuing operations

 

$

 

(258.0

)

 

$

 

(229.0

)

 

$

 

(58.7

)

 

$

 

509.9

 

 

$

 

261.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of debt issuance costs

 

 

 

217.8

 

 

 

 

233.5

 

 

 

 

207.8

 

 

 

 

143.8

 

 

 

 

131.0

 

 

Capitalized interest

 

 

 

14.3

 

 

 

 

8.3

 

 

 

 

13.2

 

 

 

 

16.1

 

 

 

 

28.0

 

 

Operating lease payments

 

 

 

17.3

 

 

 

 

16.5

 

 

 

 

15.3

 

 

 

 

8.2

 

 

 

 

7.8

 

 

Distributions to preferred unitholders

 

 

 

11.3

 

 

 

 

11.3

 

 

 

 

2.4

 

 

 

 

-

 

 

 

 

-

 

 

Total fixed charges

 

 

 

260.7

 

 

 

 

269.6

 

 

 

 

238.7

 

 

 

 

168.1

 

 

 

 

166.8

 

 

Amortization of capitalized interest

 

 

 

4.7

 

 

 

 

4.1

 

 

 

 

3.6

 

 

 

 

2.8

 

 

 

 

1.7

 

 

Equity loss (earnings) of unconsolidated affiliates

 

 

 

17.0

 

 

 

 

14.3

 

 

 

 

2.5

 

 

 

 

(18.0

)

 

 

 

(14.8

)

 

Distributed income of unconsolidated affiliates

 

 

 

12.5

 

 

 

 

4.1

 

 

 

 

13.8

 

 

 

 

23.7

 

 

 

 

12.0

 

 

Capitalized interest

 

 

 

(14.3

)

 

 

 

(8.3

)

 

 

 

(13.2

)

 

 

 

(16.1

)

 

 

 

(28.0

)

Income as adjusted

 

$

 

22.6

 

 

$

 

54.8

 

 

$

 

186.7

 

 

$

 

670.4

 

 

$

 

399.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

(1)

 

 

 

(1)

 

 

 

(1)

 

 

 

 

4.0

 

 

 

 

2.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The ratio coverage for the years ended December 31, 2017, 2016, and 2015 were less than 1:1. The registrant would have needed to generate additional earnings of $238.1 million, $214.8 million, and $52.0 million, respectively, to achieve a coverage of 1:1 for those periods.