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Condensed Parent Only Financial Statements
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed Parent Only Financial Statements

Note 26 — Condensed Parent Only Financial Statements

 

The condensed parent only financial statements represent the financial information required by Rule 5-04 of the Securities and Exchange Commission Regulation S-X for Targa Resources Corp.

 

In the condensed financial statements, Targa’s Investments in consolidated subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of affiliates are not consolidated. The investments in net assets of the consolidated subsidiaries are recorded in the balance sheets. The Income (loss) from operations of the consolidated subsidiaries is reported as Equity in income (loss) of consolidated subsidiaries. Other comprehensive income has been adjusted for Targa’s share of the investees’ currently reported Other comprehensive income (loss).

 

 

A substantial amount of Targa’s operating, investing and financing activities are conducted by its affiliates. 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,

 

 

2021

 

 

2020

 

ASSETS

 

Investment in consolidated subsidiaries

$

2,746.2

 

 

$

3,507.2

 

Deferred income taxes

 

65.1

 

 

 

59.7

 

Debt issuance costs

 

1.7

 

 

 

2.9

 

Other long-term assets

 

8.8

 

 

 

9.4

 

Total assets

$

2,821.8

 

 

$

3,579.2

 

 

 

 

 

 

 

 

 

LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY

 

Accrued current liabilities

$

30.8

 

 

$

30.5

 

Long-term debt

 

—

 

 

 

555.0

 

Other long-term liabilities

 

29.5

 

 

 

38.4

 

Series A Preferred, net of discount

 

749.7

 

 

 

301.4

 

Targa Resources Corp. stockholders' equity

 

2,011.8

 

 

 

2,653.9

 

Total liabilities, Series A Preferred and owners' equity

$

2,821.8

 

 

$

3,579.2

 

 

 

TARGA RESOURCES CORP.

 

PARENT ONLY

 

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2021

 

 

2020

 

 

2019

 

Equity in net income (loss) of consolidated subsidiaries

$

89.1

 

 

$

(1,534.9

)

 

$

(186.2

)

General and administrative expense

 

(17.3

)

 

 

(12.4

)

 

 

(13.1

)

Income (loss) from operations

 

71.8

 

 

 

(1,547.3

)

 

 

(199.3

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

    Interest expense

 

(6.0

)

 

 

(12.5

)

 

 

(17.0

)

Income (loss) before income taxes

 

65.8

 

 

 

(1,559.8

)

 

 

(216.3

)

Deferred income tax (expense) benefit

 

5.4

 

 

 

5.9

 

 

 

7.1

 

Net income (loss) attributable to Targa Resources Corp.

 

71.2

 

 

 

(1,553.9

)

 

 

(209.2

)

Other comprehensive income (loss)

 

(89.1

)

 

 

(234.3

)

 

 

(1.8

)

Total comprehensive income (loss)

$

(17.9

)

 

$

(1,788.2

)

 

$

(211.0

)

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on Series A Preferred

 

87.3

 

 

 

91.7

 

 

 

91.7

 

Deemed dividends on Series A Preferred

 

—

 

 

 

39.2

 

 

 

33.1

 

Net income (loss) attributable to common shareholders

 

(16.1

)

 

 

(1,684.8

)

 

 

(334.0

)

Net income (loss) attributable to Targa Resources Corp.

$

71.2

 

 

$

(1,553.9

)

 

$

(209.2

)

 

 

TARGA RESOURCES CORP.

 

PARENT ONLY

 

CONDENSED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

 

Net cash provided by (used in) operating activities

$

(54.4

)

 

$

(193.9

)

 

$

48.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Advances to consolidated subsidiaries

 

133.5

 

 

 

214.1

 

 

 

(222.5

)

 

Distributions from consolidated subsidiaries (1)

 

716.6

 

 

 

387.2

 

 

 

1,152.4

 

 

    Net cash provided by (used in) investing activities

 

850.1

 

 

 

601.3

 

 

 

929.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from long-term debt borrowings

 

30.0

 

 

 

155.0

 

 

 

(450.0

)

 

Repayments of long-term debt

 

(585.0

)

 

 

(35.0

)

 

 

450.0

 

 

Transaction costs incurred related to sale of ownership interests

 

—

 

 

 

—

 

 

 

(10.8

)

 

Repurchase of common stock

 

(53.2

)

 

 

(97.4

)

 

 

(13.9

)

 

Dividends paid to common and Series A Preferred shareholders

 

(187.5

)

 

 

(384.2

)

 

 

(953.5

)

 

Partial repurchase of Series A Preferred

 

—

 

 

 

(45.8

)

 

 

—

 

 

    Net cash provided by (used in) financing activities

 

(795.7

)

 

 

(407.4

)

 

 

(978.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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.