XML 58 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]    
Revenues $ 1,679.7us-gaap_GasGatheringTransportationMarketingAndProcessingRevenue $ 2,294.7us-gaap_GasGatheringTransportationMarketingAndProcessingRevenue
Costs and expenses:    
Product purchases 1,268.3us-gaap_CostOfPurchasedOilAndGas 1,915.1us-gaap_CostOfPurchasedOilAndGas
Operating expenses 111.4us-gaap_OperatingCostsAndExpenses 104.3us-gaap_OperatingCostsAndExpenses
Depreciation and amortization expenses 119.6us-gaap_DepreciationDepletionAndAmortization 79.6us-gaap_DepreciationDepletionAndAmortization
General and administrative expenses 42.6us-gaap_GeneralAndAdministrativeExpense 38.0us-gaap_GeneralAndAdministrativeExpense
Other operating (income) expense 0.5us-gaap_OtherOperatingIncomeExpenseNet (0.7)us-gaap_OtherOperatingIncomeExpenseNet
Income from operations 137.3us-gaap_OperatingIncomeLoss 158.4us-gaap_OperatingIncomeLoss
Other income (expense):    
Interest expense, net (55.0)us-gaap_InterestIncomeExpenseNet (33.9)us-gaap_InterestIncomeExpenseNet
Equity earnings 1.7us-gaap_IncomeLossFromEquityMethodInvestments [1] 4.9us-gaap_IncomeLossFromEquityMethodInvestments
Loss on debt redemptions and amendments (9.0)us-gaap_GainsLossesOnRecourseDebt 0us-gaap_GainsLossesOnRecourseDebt
Other (25.2)us-gaap_OtherNonoperatingIncomeExpense 0us-gaap_OtherNonoperatingIncomeExpense
Income before income taxes 49.8us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 129.4us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax (expense) benefit:    
Current (9.1)us-gaap_CurrentIncomeTaxExpenseBenefit (23.9)us-gaap_CurrentIncomeTaxExpenseBenefit
Deferred (6.1)us-gaap_DeferredIncomeTaxExpenseBenefit 1.4us-gaap_DeferredIncomeTaxExpenseBenefit
Income tax expense total (15.2)us-gaap_IncomeTaxExpenseBenefit (22.5)us-gaap_IncomeTaxExpenseBenefit
Net income 34.6us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest 106.9us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest
Less: Net income attributable to noncontrolling interests 31.4us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 87.3us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net income (loss) available to Targa Resources Corp. $ 3.2us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 19.6us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Net income (loss) available per common share - basic (in dollars per share) $ 0.07us-gaap_EarningsPerShareBasic $ 0.47us-gaap_EarningsPerShareBasic
Net income (loss) available per common share - diluted (in dollars per share) $ 0.07us-gaap_EarningsPerShareDiluted $ 0.47us-gaap_EarningsPerShareDiluted
Weighted average shares outstanding - basic (in shares) 45.8us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 42.0us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Weighted average shares outstanding - diluted (in shares) 45.9us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 42.1us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
[1] Includes equity earnings of acquired investments since the date of acquisition of February 27, 2015.