Targa Resources Partners LP
CIK:0001379661|SEC Filings
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Revenues: | |||
| Total revenues | $ 8,260,300,000 | $ 8,671,100,000 | $ 10,484,000,000.0 |
| Costs and expenses: | |||
| Product purchases | 5,105,100,000 | 6,118,500,000 | 8,238,200,000 |
| Operating expenses | 779,800,000 | 792,800,000 | 722,000,000.0 |
| Depreciation and amortization expense | 865,100,000 | 971,700,000 | 815,900,000 |
| General and administrative expense | 242,200,000 | 267,500,000 | 240,800,000 |
| Impairment of long-lived assets | 2,442,800,000 | 225,300,000 | 0 |
| Impairment of goodwill | 0 | 0 | 210,000,000.0 |
| Other operating (income) expense | 116,600,000 | 89,200,000 | 3,500,000 |
| Income (loss) from operations | (1,291,300,000) | 206,100,000 | 253,600,000 |
| Other income (expense): | |||
| Interest expense, net | (378,800,000) | (320,800,000) | (170,000,000.0) |
| Equity earnings (loss) | 72,600,000 | 39,000,000.0 | 7,300,000 |
| Gain (loss) from financing activities | 45,600,000 | (1,400,000) | (1,300,000) |
| Gain (loss) from sale of equity-method investment | 0 | 69,300,000 | 0 |
| Change in contingent considerations | 300,000 | (8,700,000) | 8,800,000 |
| Other, net | 3,000,000.0 | 0 | 100,000 |
| Income (loss) before income taxes | (1,548,600,000) | (16,500,000) | 98,500,000 |
| Income tax (expense) benefit | 3,500,000 | 900,000 | 100,000 |
| Net income (loss) | (1,545,100,000) | (15,600,000) | 98,600,000 |
| Less: Net income (loss) attributable to noncontrolling interests | 213,700,000 | 239,100,000 | 47,600,000 |
| Net income (loss) attributable to Targa Resources Partners LP | (1,758,800,000) | (254,700,000) | 51,000,000.0 |
| Net income attributable to preferred limited partners | 15,100,000 | 11,300,000 | 11,300,000 |
| Net income (loss) attributable to general partner | (35,600,000) | (5,300,000) | 800,000 |
| Net income (loss) attributable to common limited partners | (1,738,300,000) | (260,700,000) | 38,900,000 |
| Net income (loss) attributable to Targa Resources Partners LP | (1,758,800,000) | (254,700,000) | 51,000,000.0 |
| Sales of Commodities [Member] | |||
| Revenues: | |||
| Total revenues | 7,171,000,000.0 | 7,393,800,000 | 9,278,700,000 |
| Fees from Midstream Services [Member] | |||
| Revenues: | |||
| Total revenues | $ 1,089,300,000 | $ 1,277,300,000 | $ 1,205,300,000 |
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 231.3 | $ 291.1 |
| Trade receivables, net of allowances of $0.1 and $0.0 million at December 31, 2020 and December 31, 2019 | 862.7 | 855.2 |
| Inventories | 181.4 | 161.5 |
| Assets from risk management activities | 85.5 | 103.3 |
| Held for sale assets | 137.7 | |
| Other current assets | 64.3 | 54.2 |
| Total current assets | 1,425.2 | 1,603.0 |
| Property, plant and equipment, net | 12,173.7 | 14,549.0 |
| Intangible assets, net | 1,382.4 | 1,735.0 |
| Long-term assets from risk management activities | 49.3 | 35.5 |
| Investments in unconsolidated affiliates | 714.0 | 738.7 |
| Other long-term assets | 83.9 | 83.3 |
| Total assets | 15,828.5 | 18,744.5 |
| Current liabilities: | ||
| Accounts payable | 831.9 | 952.9 |
| Accrued liabilities | 139.1 | 112.7 |
| Distributions payable | 87.5 | 92.7 |
| Interest payable | 132.4 | 125.4 |
| Accounts payable to Targa Resources Corp. | 219.6 | 193.8 |
| Liabilities from risk management activities | 142.6 | 104.1 |
| Current debt obligations | 368.6 | 382.2 |
| Held for sale liabilities | 6.4 | |
| Total current liabilities | 1,921.7 | 1,970.2 |
| Long-term debt | 6,832.1 | 7,005.2 |
| Long-term liabilities from risk management activities | 43.4 | 40.8 |
| Deferred income taxes, net | 19.5 | 23.0 |
| Other long-term liabilities | 259.7 | 260.0 |
| Contingencies (see Note 16) | ||
| Owners' equity: | ||
| Series A preferred limited partners (None issued and outstanding as of December 31, 2020 and 5,000,000 and 5,000,000 issued and outstanding as of December 31, 2019) | 120.6 | |
| Common limited partners (275,168,410 and 275,168,410 units issued and 275,168,410 and 275,168,410 outstanding as of December 31, 2020 and December 31, 2019) | 2,953.8 | 5,022.7 |
| General partner (5,629,136 and 5,629,136 units issued and 5,629,136 and 5,629,136 outstanding as of December 31, 2020 and December 31, 2019) | 735.6 | 778.0 |
| Accumulated other comprehensive income (loss) | (186.6) | 122.5 |
| Partners' Capital | 3,502.8 | 6,043.8 |
| Noncontrolling interests | 3,249.3 | 3,401.5 |
| Total owners' equity | 6,752.1 | 9,445.3 |
| Total liabilities and owners' equity | $ 15,828.5 | $ 18,744.5 |