Condensed Parent Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements

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.