UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2018
Or
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _____ to _____
Commission File Number: 001-34991
TARGA RESOURCES CORP.
(Exact name of registrant as specified in its charter)
Delaware |
|
20-3701075 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
|
811 Louisiana St, Suite 2100, Houston, Texas |
|
77002 |
(Address of principal executive offices) |
|
(Zip Code) |
(713) 584-1000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
|
☑ |
|
Accelerated filer |
|
☐ |
Non-accelerated filer |
|
☐ (Do not check if a smaller reporting company) |
|
Smaller reporting company |
|
☐ |
|
|
|
|
Emerging growth company |
|
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of May 1, 2018, there were 219,475,635 shares of the registrant’s common stock, $0.001 par value, outstanding.
1
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
Targa Resources Corp.’s (together with its subsidiaries, including Targa Resources Partners LP (“the Partnership” or “TRP”), “we,” “us,” “our,” “Targa,” “TRC,” or the “Company”) reports, filings and other public announcements may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements.” You can typically identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, by the use of forward-looking statements, such as “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “potential,” “plan,” “forecast” and other similar words.
All statements that are not statements of historical facts, including statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.
These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks and uncertainties include, but are not limited to, the following risks and uncertainties:
|
• |
the timing and extent of changes in natural gas, natural gas liquids, crude oil and other commodity prices, interest rates and demand for our services; |
|
• |
the level and success of crude oil and natural gas drilling around our assets, our success in connecting natural gas supplies to our gathering and processing systems, oil supplies to our gathering systems and natural gas liquid supplies to our logistics and marketing facilities and our success in connecting our facilities to transportation services and markets; |
|
• |
our ability to access the capital markets, which will depend on general market conditions and the credit ratings for the Partnership’s and our debt obligations; |
|
• |
the amount of collateral required to be posted from time to time in our transactions; |
|
• |
our success in risk management activities, including the use of derivative instruments to hedge commodity price risks; |
|
• |
the level of creditworthiness of counterparties to various transactions with us; |
|
• |
changes in laws and regulations, particularly with regard to taxes, safety and protection of the environment; |
|
• |
weather and other natural phenomena; |
|
• |
industry changes, including the impact of consolidations and changes in competition; |
|
• |
our ability to obtain necessary licenses, permits and other approvals; |
|
• |
our ability to grow through acquisitions or internal growth projects and the successful integration and future performance of such assets; |
|
• |
general economic, market and business conditions; and |
|
• |
the risks described in our Annual Report on Form 10-K for the year ended December 31, 2017 (“Annual Report”) and our reports and registration statements filed from time to time with the United States Securities and Exchange Commission (“SEC”). |
Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate, and, therefore, we cannot assure you that the forward-looking statements included in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 (“Quarterly Report”) will prove to be accurate. Some of these and other risks and uncertainties that could cause actual results to differ materially from such forward-looking statements are more fully described in our Annual Report. Except as may be required by applicable law, we undertake no obligation to publicly update or advise of any change in any forward-looking statement, whether as a result of new information, future events or otherwise.
2
As generally used in the energy industry and in this Quarterly Report, the identified terms have the following meanings:
Bbl |
|
Barrels (equal to 42 U.S. gallons) |
BBtu |
|
Billion British thermal units |
Bcf |
|
Billion cubic feet |
Btu |
|
British thermal units, a measure of heating value |
/d |
|
Per day |
GAAP |
|
Accounting principles generally accepted in the United States of America |
gal |
|
U.S. gallons |
GPM |
|
Liquid volume equivalent expressed as gallons per 1000 cu. ft. of natural gas |
LACT |
|
Lease Automatic Custody Transfer |
LIBOR |
|
London Interbank Offered Rate |
LPG |
|
Liquefied petroleum gas |
MBbl |
|
Thousand barrels |
MMBbl |
|
Million barrels |
MMBtu |
|
Million British thermal units |
MMcf |
|
Million cubic feet |
MMgal |
|
Million U.S. gallons |
NGL(s) |
|
Natural gas liquid(s) |
NYMEX |
|
New York Mercantile Exchange |
NYSE |
|
New York Stock Exchange |
SCOOP |
|
South Central Oklahoma Oil Province |
STACK |
|
Sooner Trend, Anadarko, Canadian and Kingfisher |
Price Index Definitions
C2-OPIS-MB |
|
Ethane, Oil Price Information Service, Mont Belvieu, Texas |
C3-OPIS-MB |
|
Propane, Oil Price Information Service, Mont Belvieu, Texas |
C5-OPIS-MB |
|
Natural Gasoline, Oil Price Information Service, Mont Belvieu, Texas |
IC4-OPIS-MB |
|
Iso-Butane, Oil Price Information Service, Mont Belvieu, Texas |
IF-PB |
|
Inside FERC Gas Market Report, Permian Basin |
IF-PEPL |
|
Inside FERC Gas Market Report, Oklahoma Panhandle, Texas-Oklahoma Midpoint |
IF-Waha |
|
Inside FERC Gas Market Report, West Texas WAHA |
NC4-OPIS-MB |
|
Normal Butane, Oil Price Information Service, Mont Belvieu, Texas |
NG-NYMEX |
|
NYMEX, Natural Gas |
WTI-NYMEX |
|
NYMEX, West Texas Intermediate Crude Oil |
3
PART I – FINANCIAL INFORMATION
TARGA RESOURCES CORP.
|
|
March 31, 2018 |
|
|
December 31, 2017 |
|
||
|
|
(Unaudited) |
|
|||||
|
|
(In millions) |
|
|||||
ASSETS |
|
|||||||
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
219.8 |
|
|
$ |
137.2 |
|
Trade receivables, net of allowances of $0.1 and $0.1 million at March 31, 2018 and December 31, 2017 |
|
|
745.6 |
|
|
|
827.6 |
|
Inventories |
|
|
96.7 |
|
|
|
204.5 |
|
Assets from risk management activities |
|
|
63.2 |
|
|
|
37.9 |
|
Other current assets |
|
|
35.0 |
|
|
|
62.7 |
|
Total current assets |
|
|
1,160.3 |
|
|
|
1,269.9 |
|
Property, plant and equipment |
|
|
14,768.8 |
|
|
|
14,205.4 |
|
Accumulated depreciation |
|
|
(3,927.2 |
) |
|
|
(3,775.4 |
) |
Property, plant and equipment, net |
|
|
10,841.6 |
|
|
|
10,430.0 |
|
Intangible assets, net |
|
|
2,120.1 |
|
|
|
2,165.8 |
|
Goodwill, net |
|
|
256.6 |
|
|
|
256.6 |
|
Long-term assets from risk management activities |
|
|
41.4 |
|
|
|
23.2 |
|
Investments in unconsolidated affiliates |
|
|
313.4 |
|
|
|
221.6 |
|
Other long-term assets |
|
|
19.8 |
|
|
|
21.5 |
|
Total assets |
|
$ |
14,753.2 |
|
|
$ |
14,388.6 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY |
|
|||||||
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
1,030.7 |
|
|
$ |
1,186.9 |
|
|
|
|
|
|
|
|
|
|
Liabilities from risk management activities |
|
|
53.6 |
|
|
|
79.7 |
|
Current debt obligations |
|
|
300.0 |
|
|
|
350.0 |
|
Total current liabilities |
|
|
1,384.3 |
|
|
|
1,616.6 |
|
Long-term debt |
|
|
5,064.2 |
|
|
|
4,703.0 |
|
Long-term liabilities from risk management activities |
|
|
18.1 |
|
|
|
19.6 |
|
Deferred income taxes, net |
|
|
509.6 |
|
|
|
479.0 |
|
Other long-term liabilities |
|
|
589.1 |
|
|
|
597.9 |
|
Contingencies (see Note 18) |
|
|
|
|
|
|
|
|
Series A Preferred 9.5% Stock, $1,000 per share liquidation preference, (1,200,000 shares authorized, issued and outstanding 965,100 shares), net of discount (see Note 11) |
|
|
223.5 |
|
|
|
216.5 |
|
|
|
|
|
|
|
|
|
|
Owners' equity: |
|
|
|
|
|
|
|
|
Targa Resources Corp. stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock ($0.001 par value, 300,000,000 shares authorized) |
|
|
0.2 |
|
|
|
0.2 |
|
Issued Outstanding |
|
|
|
|
|
|
|
|
March 31, 2018 219,426,286 218,832,135 |
|
|
|
|
|
|
|
|
December 31, 2017 218,152,620 217,566,980 |
|
|
|
|
|
|
|
|
Preferred stock ($0.001 par value, after designation of Series A Preferred Stock: 98,800,000 shares authorized, no shares issued and outstanding) |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
6,141.2 |
|
|
|
6,302.8 |
|
Retained earnings (deficit) |
|
|
(49.1 |
) |
|
|
(77.2 |
) |
Accumulated other comprehensive income (loss) |
|
|
34.4 |
|
|
|
(29.9 |
) |
Treasury stock, at cost (594,151 shares as of March 31, 2018 and 585,640 shares as of December 31, 2017) |
|
|
(36.0 |
) |
|
|
(35.6 |
) |
Total Targa Resources Corp. stockholders' equity |
|
|
6,090.7 |
|
|
|
6,160.3 |
|
Noncontrolling interests in subsidiaries |
|
|
873.7 |
|
|
|
595.7 |
|
Total owners' equity |
|
|
6,964.4 |
|
|
|
6,756.0 |
|
Total liabilities, Series A Preferred Stock and owners' equity |
|
$ |
14,753.2 |
|
|
$ |
14,388.6 |
|
See notes to consolidated financial statements.
4
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
Three Months Ended March 31, |
|
|||||
|
|
2018 |
|
|
2017 |
|
||
|
|
(Unaudited) |
|
|||||
|
|
(In millions, except per share amounts) |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
Sales of commodities (see Note 3) |
|
$ |
2,173.7 |
|
|
$ |
1,858.1 |
|
Fees from midstream services (see Note 3) |
|
|
281.9 |
|
|
|
254.5 |
|
Total revenues |
|
|
2,455.6 |
|
|
|
2,112.6 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Product purchases (see Note 3) |
|
|
1,941.0 |
|
|
|
1,654.2 |
|
Operating expenses |
|
|
173.2 |
|
|
|
151.9 |
|
Depreciation and amortization expense |
|
|
198.1 |
|
|
|
191.1 |
|
General and administrative expense |
|
|
56.7 |
|
|
|
48.7 |
|
Other operating (income) expense |
|
|
0.3 |
|
|
|
16.2 |
|
Income (loss) from operations |
|
|
86.3 |
|
|
|
50.5 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income (expense), net |
|
|
16.1 |
|
|
|
(63.0 |
) |
Equity earnings (loss) |
|
|
1.5 |
|
|
|
(12.6 |
) |
Gain (loss) from financing activities |
|
|
— |
|
|
|
(5.8 |
) |
Change in contingent considerations |
|
|
(56.1 |
) |
|
|
(3.3 |
) |
Other, net |
|
|
— |
|
|
|
(5.2 |
) |
Income (loss) before income taxes |
|
|
47.8 |
|
|
|
(39.4 |
) |
Income tax (expense) benefit |
|
|
(8.9 |
) |
|
|
(71.1 |
) |
Net income (loss) |
|
|
38.9 |
|
|
|
(110.5 |
) |
Less: Net income (loss) attributable to noncontrolling interests |
|
|
16.0 |
|
|
|
8.8 |
|
Net income (loss) attributable to Targa Resources Corp. |
|
|
22.9 |
|
|
|
(119.3 |
) |
Dividends on Series A Preferred Stock |
|
|
22.9 |
|
|
|
22.9 |
|
Deemed dividends on Series A Preferred Stock |
|
|
7.0 |
|
|
|
6.1 |
|
Net income (loss) attributable to common shareholders |
|
$ |
(7.0 |
) |
|
$ |
(148.3 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) per common share - basic |
|
$ |
(0.03 |
) |
|
$ |
(0.77 |
) |
Net income (loss) per common share - diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.77 |
) |
Weighted average shares outstanding - basic |
|
|
218.7 |
|
|
|
191.8 |
|
Weighted average shares outstanding - diluted |
|
|
218.7 |
|
|
|
191.8 |
|
Dividends per common share declared for the period |
|
$ |
0.91 |
|
|
$ |
0.91 |
|
See notes to consolidated financial statements.
5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
|
Three Months Ended March 31, |
|
|||||||||||||||||||||
|
|
2018 |
|
|
2017 |
|
||||||||||||||||||
|
|
Pre-Tax |
|
|
Related Income Tax |
|
|
After Tax |
|
|
Pre-Tax |
|
|
Related Income Tax |
|
|
After Tax |
|
||||||
|
|
(Unaudited) |
|
|||||||||||||||||||||
|
|
(In millions) |
|
|||||||||||||||||||||
Net income (loss) |
|
|
|
|
|
|
|
|
$ |
|
38.9 |
|
|
|
|
|
|
|
|
|
$ |
|
(110.5 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity hedging contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value |
$ |
|
64.6 |
|
$ |
|
(15.4 |
) |
|
|
49.2 |
|
$ |
|
66.2 |
|
$ |
|
(25.2 |
) |
|
|
41.0 |
|
Settlements reclassified to revenues |
|
|
26.7 |
|
|
|
(6.4 |
) |
|
|
20.3 |
|
|
|
6.1 |
|
|
|
(2.3 |
) |
|
|
3.8 |
|
Other comprehensive income (loss) |
|
|
91.3 |
|
|
|
(21.8 |
) |
|
|
69.5 |
|
|
|
72.3 |
|
|
|
(27.5 |
) |
|
|
44.8 |
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
108.4 |
|
|
|
|
|
|
|
|
|
|
|
(65.7 |
) |
Less: Comprehensive income (loss) attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
16.0 |
|
|
|
|
|
|
|
|
|
|
|
8.8 |
|
Comprehensive income (loss) attributable to Targa Resources Corp. |
|
|
|
|
|
|
|
|
|
$ |
92.4 |
|
|
|
|
|
|
|
|
|
|
$ |
(74.5 |
) |
See notes to consolidated financial statements.
6
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained |
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
Earnings |
|
|
|
Other |
|
|
Treasury |
|
|
|
|
|
|
|
|
Total |
|
|
Series A |
|
|||||||||||
|
|
Common Stock |
|
|
|
Paid in |
|
|
|
(Accumulated |
|
|
|
Comprehensive |
|
|
Shares |
|
|
|
Noncontrolling |
|
|
|
Owner's |
|
|
Preferred |
|
||||||||||||||||||
|
|
Shares |
|
|
|
Amount |
|
|
|
Capital |
|
|
|
Deficit) |
|
|
|
Income (Loss) |
|
|
Shares |
|
|
|
Amount |
|
|
|
Interests |
|
|
|
Equity |
|
|
Stock |
|
||||||||||
|
|
(Unaudited) |
|
||||||||||||||||||||||||||||||||||||||||||||
|
|
(In millions, except shares in thousands) |
|
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2017 |
|
|
217,567 |
|
|
|
$ |
0.2 |
|
|
|
$ |
6,302.8 |
|
|
|
$ |
(77.2 |
) |
|
|
$ |
(29.9 |
) |
|
|
586 |
|
|
|
$ |
(35.6 |
) |
|
|
$ |
595.7 |
|
|
|
$ |
6,756.0 |
|
|
$ |
216.5 |
|
Impact of accounting standard adoption (see Note 3) |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
5.2 |
|
|
|
|
(5.2 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Compensation on equity grants |
|
|
— |
|
|
|
|
— |
|
|
|
|
13.2 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
13.2 |
|
|
|
— |
|
Distribution equivalent rights |
|
|
— |
|
|
|
|
— |
|
|
|
|
(3.3 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(3.3 |
) |
|
|
— |
|
Shares issued under compensation program |
|
|
51 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Shares and units tendered for tax withholding obligations |
|
|
(8 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
8 |
|
|
|
|
(0.4 |
) |
|
|
|
— |
|
|
|
|
(0.4 |
) |
|
|
— |
|
Issuance of common stock |
|
|
1,163 |
|
|
|
|
— |
|
|
|
|
57.7 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
57.7 |
|
|
|
— |
|
Exercise of warrants - share settled |
|
|
59 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Series A Preferred Stock dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(22.9 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(22.9 |
) |
|
|
— |
|
Dividends in excess of retained earnings |
|
|
— |
|
|
|
|
— |
|
|
|
|
(22.9 |
) |
|
|
|
22.9 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Deemed dividends - accretion of beneficial conversion feature |
|
|
— |
|
|
|
|
— |
|
|
|
|
(7.0 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(7.0 |
) |
|
|
7.0 |
|
Common stock dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(199.3 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(199.3 |
) |
|
|
— |
|
Dividends in excess of retained earnings |
|
|
— |
|
|
|
|
— |
|
|
|
|
(199.3 |
) |
|
|
|
199.3 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Distributions to noncontrolling interests |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(19.3 |
) |
|
|
|
(19.3 |
) |
|
|
— |
|
Contributions from noncontrolling interests |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
280.1 |
|
|
|
|
280.1 |
|
|
|
— |
|
Acquisition of related party (see Note 17) |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1.2 |
|
|
|
|
1.2 |
|
|
|
— |
|
Other comprehensive income (loss) |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
69.5 |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
69.5 |
|
|
|
— |
|
Net income (loss) |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
22.9 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
16.0 |
|
|
|
|
38.9 |
|
|
|
— |
|
Balance, March 31, 2018 |
|
|
218,832 |
|
|
|
$ |
0.2 |
|
|
|
$ |
6,141.2 |
|
|
|
$ |
(49.1 |
) |
|
|
$ |
34.4 |
|
|
|
594 |
|
|
|
$ |
(36.0 |
) |
|
|
$ |
873.7 |
|
|
|
$ |
6,964.4 |
|
|
$ |
223.5 |
|
See notes to consolidated financial statements.
7
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained |
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
Earnings |
|
|
|
Other |
|
|
Treasury |
|
|
|
|
|
|
|
|
Total |
|
|
Series A |
|
|||||||||||
|
|
Common Stock |
|
|
|
Paid in |
|
|
|
(Accumulated |
|
|
|
Comprehensive |
|
|
Shares |
|
|
|
Noncontrolling |
|
|
|
Owner's |
|
|
Preferred |
|
||||||||||||||||||
|
|
Shares |
|
|
|
Amount |
|
|
|
Capital |
|
|
|
Deficit) |
|
|
|
Income (Loss) |
|
|
Shares |
|
|
|
Amount |
|
|
|
Interests |
|
|
|
Equity |
|
|
Stock |
|
||||||||||
|
|
(Unaudited) |
|
||||||||||||||||||||||||||||||||||||||||||||
|
|
(In millions, except shares in thousands) |
|
||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2016 |
|
|
184,721 |
|
|
|
$ |
0.2 |
|