2020 Q4 Form 10-K Financial Statement

#000156459021006640 Filed on February 18, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $2.573B $8.260B $2.474B
YoY Change 4.0% -4.74% -4.76%
Cost Of Revenue $1.758B $5.105B $1.703B
YoY Change 3.26% -16.56% -15.22%
Gross Profit $814.5M $3.155B $771.1M
YoY Change 5.63% 23.6% 30.87%
Gross Profit Margin 31.66% 38.19% 31.17%
Selling, General & Admin $74.00M $269.0M $59.90M
YoY Change 23.54% -7.56% -25.13%
% of Gross Profit 9.09% 8.53% 7.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $217.8M $865.1M $252.7M
YoY Change -13.81% -10.96% 21.02%
% of Gross Profit 26.74% 27.42% 32.77%
Operating Expenses $549.3M $1.902B $551.6M
YoY Change -0.42% -6.99% 19.94%
Operating Profit $265.2M $1.253B -$23.70M
YoY Change -1218.99% 549.56% -70.7%
Interest Expense -$80.40M -$391.3M -$72.90M
YoY Change 10.29% 15.84% 20.1%
% of Operating Profit -30.32% -31.23%
Other Income/Expense, Net $1.500M $2.600M $100.0K
YoY Change 1400.0% 1200.0% -99.52%
Pretax Income $184.5M -$1.573B -$93.00M
YoY Change -298.39% 3268.52% -22.76%
Income Tax $38.50M -$248.1M -$77.90M
% Of Pretax Income 20.87%
Net Earnings $33.60M -$1.554B -$15.10M
YoY Change -322.52% 642.78% -82.92%
Net Earnings / Revenue 1.31% -18.81% -0.61%
Basic Earnings Per Share -$7.26 -$0.62
Diluted Earnings Per Share $146.6K -$7.26 -$0.62
COMMON SHARES
Basic Shares Outstanding 232.2M
Diluted Shares Outstanding 232.2M

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $243.0M $243.0M $331.0M
YoY Change -26.59% -26.59% 42.67%
Cash & Equivalents $242.8M $243.0M $331.1M
Short-Term Investments
Other Short-Term Assets $87.70M $173.0M $69.70M
YoY Change 25.82% -44.37% 68.77%
Inventory $181.5M $182.0M $161.5M
Prepaid Expenses
Receivables $862.8M $863.0M $855.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.460B $1.460B $1.658B
YoY Change -11.94% -11.94% 16.87%
LONG-TERM ASSETS
Property, Plant & Equipment $12.17B $12.23B $14.55B
YoY Change -16.32% -16.21% 12.53%
Goodwill $45.20M $45.20M
YoY Change 0.0% -3.0%
Intangibles
YoY Change
Long-Term Investments $714.0M $714.0M $738.7M
YoY Change -3.34% -3.38% 50.6%
Other Assets $96.10M $48.00M $99.10M
YoY Change -3.03% 2.13% 171.51%
Total Long-Term Assets $14.42B $14.42B $17.16B
YoY Change -15.98% -15.98% 10.55%
TOTAL ASSETS
Total Short-Term Assets $1.460B $1.460B $1.658B
Total Long-Term Assets $14.42B $14.42B $17.16B
Total Assets $15.88B $15.88B $18.82B
YoY Change -15.62% -15.62% 11.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $833.8M $834.0M $954.8M
YoY Change -12.67% 21.93% 32.24%
Accrued Expenses $186.4M $319.0M $176.8M
YoY Change 5.43% 11.15% 29.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $369.0M $369.0M $382.0M
YoY Change -3.4% -3.4% -62.84%
Total Short-Term Liabilities $1.779B $1.779B $1.873B
YoY Change -5.0% -5.02% -33.09%
LONG-TERM LIABILITIES
Long-Term Debt $7.387B $7.387B $7.440B
YoY Change -0.71% -0.71% 32.09%
Other Long-Term Liabilities $309.1M $353.0M $305.6M
YoY Change 1.15% 2.02% 16.55%
Total Long-Term Liabilities $309.1M $7.740B $305.6M
YoY Change 1.15% -0.59% -94.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.779B $1.779B $1.873B
Total Long-Term Liabilities $309.1M $7.740B $305.6M
Total Liabilities $12.92B $12.92B $2.178B
YoY Change 493.15% -5.11% -74.94%
SHAREHOLDERS EQUITY
Retained Earnings -$339.6M
YoY Change 160.43%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $53.50M
YoY Change 35.1%
Treasury Stock Shares $1.009M
Shareholders Equity $2.955B $2.955B $4.921B
YoY Change
Total Liabilities & Shareholders Equity $15.88B $15.88B $18.82B
YoY Change -15.62% -15.62% 11.08%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income $33.60M -$1.554B -$15.10M
YoY Change -322.52% 642.78% -82.92%
Depreciation, Depletion And Amortization $217.8M $865.1M $252.7M
YoY Change -13.81% -10.96% 21.02%
Cash From Operating Activities $648.8M $1.745B $470.8M
YoY Change 37.81% 25.52% 105.23%
INVESTING ACTIVITIES
Capital Expenditures -$148.5M $951.6M -$443.7M
YoY Change -66.53% -66.93% -58.96%
Acquisitions
YoY Change
Other Investing Activities $64.40M -$4.300M -$8.200M
YoY Change -885.37% -127.04% -106.45%
Cash From Investing Activities -$84.10M -$738.1M -$451.9M
YoY Change -81.39% -75.97% -52.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -596.9M -1.095B -14.10M
YoY Change 4133.33% -161.46% -101.87%
NET CHANGE
Cash From Operating Activities 648.8M 1.745B 470.8M
Cash From Investing Activities -84.10M -738.1M -451.9M
Cash From Financing Activities -596.9M -1.095B -14.10M
Net Change In Cash -32.20M -88.30M 4.800M
YoY Change -770.83% -189.19% -83.39%
FREE CASH FLOW
Cash From Operating Activities $648.8M $1.745B $470.8M
Capital Expenditures -$148.5M $951.6M -$443.7M
Free Cash Flow $797.3M $792.9M $914.5M
YoY Change -12.82% -153.29% -30.22%

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CY2020 trgp Redemption Of Preferred Units
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CY2020 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 controls the general partner of and owns all of the outstanding common units representing limited partner interests in 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-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"/><span style="font-size:10pt;font-family:'Times New Roman'">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="color:#000000;">gathering, compressing, treating, processing, transporting and purchasing 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-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"/><span style="font-size:10pt;font-family:'Times New Roman'">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="color:#000000;">transporting, storing, fractionating, treating and purchasing 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-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"/><span style="font-size:10pt;font-family:'Times New Roman'">•</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="color:#000000;">gathering, storing, terminaling and purchasing 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 26 – Segment Information for certain financial information regarding our business segments.</p>
CY2020 us-gaap Use Of Estimates
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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;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br/></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </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;">Use of Estimates</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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