$TRGP
Targa Resources Corp.

2019 Q4 Form 10-K Financial Statement

#000156459020005592 Filed on February 20, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $2.474B $1.903B $1.995B
YoY Change -4.76% -36.29% -18.37%
Cost Of Revenue $1.703B $1.328B $1.362B
YoY Change -15.22% -44.28% -28.54%
Gross Profit $771.1M $574.4M $633.7M
YoY Change 30.87% -4.73% 17.55%
Gross Profit Margin 31.17% 30.19% 31.76%
Selling, General & Admin $59.90M $72.60M $75.10M
YoY Change -25.13% 14.87% 31.75%
% of Gross Profit 7.77% 12.64% 11.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $252.7M $244.3M $237.2M
YoY Change 21.02% 18.42% 17.08%
% of Gross Profit 32.77% 42.53% 37.43%
Operating Expenses $551.6M $532.8M $520.0M
YoY Change 19.94% 1.25% 35.52%
Operating Profit -$23.70M $41.60M $113.7M
YoY Change -70.7% -45.76% -26.83%
Interest Expense -$72.90M -$89.10M -$72.10M
YoY Change 20.1% 13.94% 16.29%
% of Operating Profit -214.18% -63.41%
Other Income/Expense, Net $100.0K $0.00 $800.0K
YoY Change -99.52% -100.0% -98.68%
Pretax Income -$93.00M $28.30M $45.60M
YoY Change -22.76% -287.42% -70.37%
Income Tax -$77.90M -$3.800M -$3.300M
% Of Pretax Income -13.43% -7.24%
Net Earnings -$15.10M -$47.30M -$10.20M
YoY Change -82.92% 99.58% -109.35%
Net Earnings / Revenue -0.61% -2.49% -0.51%
Basic Earnings Per Share -$0.62 -$0.34 -$0.18
Diluted Earnings Per Share -$0.62 -$0.34 -$0.18
COMMON SHARES
Basic Shares Outstanding 232.7M 232.4M
Diluted Shares Outstanding 232.7M 232.4M

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $331.0M $326.0M $227.0M
YoY Change 42.67% 60.59% -19.5%
Cash & Equivalents $331.1M $326.3M $226.5M
Short-Term Investments
Other Short-Term Assets $69.70M $195.0M $39.20M
YoY Change 68.77% 135.51% -61.19%
Inventory $161.5M $210.9M $205.1M
Prepaid Expenses
Receivables $855.0M $744.0M $637.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.658B $1.476B $1.212B
YoY Change 16.87% -14.5% -15.37%
LONG-TERM ASSETS
Property, Plant & Equipment $14.55B $14.70B $14.37B
YoY Change 12.53% 21.65% 25.81%
Goodwill $45.20M $46.60M $46.60M
YoY Change -3.0% -81.84%
Intangibles
YoY Change
Long-Term Investments $738.7M $719.0M $677.0M
YoY Change 50.6% 62.85% 85.99%
Other Assets $99.10M $84.00M $75.00M
YoY Change 171.51% 226.85% 53.06%
Total Long-Term Assets $17.16B $17.44B $17.11B
YoY Change 10.55% 17.52% 20.77%
TOTAL ASSETS
Total Short-Term Assets $1.658B $1.476B $1.212B
Total Long-Term Assets $17.16B $17.44B $17.11B
Total Assets $18.82B $18.92B $18.32B
YoY Change 11.08% 14.18% 17.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $954.8M $612.0M $499.0M
YoY Change 32.24% -37.3% -31.64%
Accrued Expenses $176.8M $157.0M $151.0M
YoY Change 29.05% 18.94% 17.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $382.0M $258.0M $309.0M
YoY Change -62.84% -11.03% 71.67%
Total Short-Term Liabilities $1.873B $1.669B $1.658B
YoY Change -33.09% -34.71% -15.1%
LONG-TERM LIABILITIES
Long-Term Debt $7.440B $7.280B $6.639B
YoY Change 32.09% 28.19% 23.08%
Other Long-Term Liabilities $305.6M $352.0M $305.0M
YoY Change 16.55% 30.08% 22.49%
Total Long-Term Liabilities $305.6M $7.280B $6.944B
YoY Change -94.82% 22.36% 23.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.873B $1.669B $1.658B
Total Long-Term Liabilities $305.6M $7.280B $6.944B
Total Liabilities $2.178B $13.33B $8.602B
YoY Change -74.94% 56.71% -5.97%
SHAREHOLDERS EQUITY
Retained Earnings -$339.6M -$179.5M
YoY Change 160.43%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $53.50M $49.20M
YoY Change 35.1%
Treasury Stock Shares $1.009M $895.8K
Shareholders Equity $4.921B $5.589B $5.542B
YoY Change
Total Liabilities & Shareholders Equity $18.82B $18.92B $18.32B
YoY Change 11.08% 14.18% 17.45%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$15.10M -$47.30M -$10.20M
YoY Change -82.92% 99.58% -109.35%
Depreciation, Depletion And Amortization $252.7M $244.3M $237.2M
YoY Change 21.02% 18.42% 17.08%
Cash From Operating Activities $470.8M $366.7M $244.7M
YoY Change 105.23% -1.13% 29.27%
INVESTING ACTIVITIES
Capital Expenditures -$443.7M -$683.1M -$807.7M
YoY Change -58.96% -21.58% 42.55%
Acquisitions
YoY Change
Other Investing Activities -$8.200M $25.50M -$85.50M
YoY Change -106.45% -130.07% -1321.43%
Cash From Investing Activities -$451.9M -$657.6M -$893.2M
YoY Change -52.64% -31.21% 59.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.10M 390.7M 750.1M
YoY Change -101.87% -22.88% 73.59%
NET CHANGE
Cash From Operating Activities 470.8M 366.7M 244.7M
Cash From Investing Activities -451.9M -657.6M -893.2M
Cash From Financing Activities -14.10M 390.7M 750.1M
Net Change In Cash 4.800M 99.80M 101.6M
YoY Change -83.39% -227.3% 64.4%
FREE CASH FLOW
Cash From Operating Activities $470.8M $366.7M $244.7M
Capital Expenditures -$443.7M -$683.1M -$807.7M
Free Cash Flow $914.5M $1.050B $1.052B
YoY Change -30.22% -15.48% 39.22%

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CY2019 us-gaap Nature Of Operations
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<p id="NOTE_1_ORGANIZATION_OPERATIONS" style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 1 — Organization and Operations</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our Organization</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Targa Resources Corp. (“TRC”) is a publicly traded Delaware corporation formed in October 2005. Our common stock is listed on the New York Stock Exchange under the symbol “TRGP.” In this Annual Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations. TRC is the parent company of Targa Resources Partners LP, referred to herein as the “Partnership” or “TRP.”</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our Operations</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is primarily engaged in the business of: </p> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">gathering, compressing, treating, processing, transporting and selling natural gas;</span></p></td></tr></table></div> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">transporting, storing, fractionating, treating and selling NGLs and NGL products, including services to LPG exporters; and</span></p></td></tr></table></div> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">gathering, storing, terminaling and selling crude oil.</span></p></td></tr></table></div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">See Note 28 – Segment Information for certain financial information regarding our business segments.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p>
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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br/></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of </span><span style="font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Estimates</span></p> <p style="text-align:justify;Background-color:#FFFFFF;margin-top:10pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Estimates and judgments are based on information available at the time such estimates and judgments are made<span style="Background-color:#FFFFFF;">. </span>Changes in facts and circumstances may result in revised estimates and actual results could differ materially from those estimates. Estimates and judgments are used in,<span style="Background-color:#FFFFFF;"> among other things, (1) estimating unbilled revenues, product purchases and operating and general and administrative cost accruals, (2) developing fair value assumptions, including estimates of future cash flows and discount rates, (3) analyzing long-lived assets for possible impairment, (4) estimating the useful lives of assets, (5) estimating contingencies, guarantees and indemnifications and (6) estimating redemption value of mandatorily redeemable preferred interests.</span></p>
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