XML 16 R4.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Total revenues $ 1,523.5 $ 1,995.3 $ 3,572.4 $ 4,294.7
Costs and expenses:        
Product purchases 860.6 1,361.6 2,043.6 3,087.6
Operating expenses 183.4 210.2 383.3 400.5
Depreciation and amortization expense 204.5 237.2 443.6 474.6
General and administrative expense 61.5 72.8 121.9 153.6
Impairment of long-lived assets     2,442.8  
Other operating (income) expense 0.4 (0.2) 1.6 3.3
Income (loss) from operations 213.1 113.7 (1,864.4) 175.1
Other income (expense):        
Interest expense, net (96.7) (72.1) (194.7) (152.7)
Equity earnings (loss) 14.9 3.2 35.5 5.9
Gain (loss) from financing activities 21.8   61.1 (1.4)
Change in contingent considerations   0.8   (8.9)
Other, net 0.8   0.8  
Income (loss) before income taxes 153.9 45.6 (1,961.7) 18.0
Income tax (expense) benefit 23.2 3.3 318.5 6.2
Net income (loss) 177.1 48.9 (1,643.2) 24.2
Less: Net income (loss) attributable to noncontrolling interests 96.1 59.1 13.6 73.3
Net income (loss) attributable to Targa Resources Corp. 81.0 (10.2) (1,656.8) (49.1)
Dividends on Series A Preferred Stock 22.9 22.9 45.8 45.8
Deemed dividends on Series A Preferred Stock 9.2 8.1 18.2 16.0
Net income (loss) attributable to common shareholders $ 48.9 $ (41.2) $ (1,720.8) $ (110.9)
Net income (loss) per common share - basic $ 0.21 $ (0.18) $ (7.38) $ (0.48)
Net income (loss) per common share - diluted $ 0.21 $ (0.18) $ (7.38) $ (0.48)
Weighted average shares outstanding - basic 233.1 232.4 233.1 232.3
Weighted average shares outstanding - diluted 233.8 232.4 233.1 232.3
Sales of Commodities [Member]        
Revenues:        
Total revenues $ 1,280.6 $ 1,684.2 $ 3,060.2 $ 3,660.7
Fees from Midstream Services [Member]        
Revenues:        
Total revenues $ 242.9 $ 311.1 $ 512.2 $ 634.0