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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014

or

o 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.)
     
1000 Louisiana St, Suite 4300, 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 þ No o

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 þ No o.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ
Accelerated filer o
Non-accelerated filer o
Smaller reporting company o

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ.

As of October 24, 2014, there were 42,143,463 shares of the registrant’s common stock, $0.001 par value, outstanding.



PART I—FINANCIAL INFORMATION
   
4
   
4
   
5
   
6
   
8
   
9
   
10
   
29
   
57
   
60
   
PART II—OTHER INFORMATION
   
60
   
60
   
63
   
63
   
63
   
63
   
64
   
SIGNATURES
   
66

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Targa Resources Corp.’s (together with its subsidiaries, other than Targa Resources Partners LP (“the Partnership”), collectively “we,” “us,” “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 risks set forth in “Part II – Other Information, Item 1A. Risk Factors.” in this Quarterly Report on Form 10-Q (“Quarterly Report”) as well as the following risks and uncertainties:

· the Partnership’s and our ability to access the debt and equity markets, which will depend on general market conditions and the credit ratings for our debt obligations;

· the amount of collateral required to be posted from time to time in the Partnership’s transactions;

· the Partnership’s success in risk management activities, including the use of derivative instruments to hedge commodity risks;

· the level of creditworthiness of counterparties to various transactions with the Partnership;

· changes in laws and regulations, particularly with regard to taxes, safety and protection of the environment;

· the timing and extent of changes in natural gas, natural gas liquids (“NGL”), crude oil and other commodity prices, interest rates and demand for the Partnership’s services;

· weather and other natural phenomena;

· industry changes, including the impact of consolidations and changes in competition;

· the Partnership’s ability to obtain necessary licenses, permits and other approvals;

· the level and success of crude oil and natural gas drilling around the Partnership’s assets, its success in connecting natural gas supplies to its gathering and processing systems, oil supplies to its gathering systems and NGL supplies to its logistics and marketing facilities and the Partnership’s success in connecting its facilities to transportation and markets;

· the Partnership’s and our ability to grow through acquisitions or internal growth projects and the successful integration and future performance of such assets;

· the Partnership’s ability to complete the proposed merger (the “APL Merger”) with Atlas Pipeline Partners, L.P., a Delaware limited partnership (“APL”), and our ability to complete the proposed merger (the “ATLS Merger” and, together with the APL Merger, the “Atlas Mergers”) with Atlas Energy, L.P., a Delaware limited partnership (“ATLS,” and, together with APL, “Atlas”), upon which the closing of the APL Merger is conditioned, on the anticipated terms and time frame;
 
· the Partnership’s and our ability to obtain requisite regulatory approval, to obtain the approval of our stock issuance in connection with the ATLS Merger by our stockholders and the approval of the Atlas Mergers by the unitholders of ATLS and APL, as applicable, and to satisfy the other conditions to the consummation of the Atlas Mergers;
 
· the potential impact of the announcement or consummation of the Atlas Mergers on relationships, including with employees, suppliers, customers, competitors and credit rating agencies;

· the Partnership’s and our ability to integrate with APL and ATLS successfully after consummation of the Atlas Mergers and to achieve anticipated benefits from the proposed transaction;

· risks relating to any unforeseen liabilities of APL or ATLS;

· general economic, market and business conditions; and

· the risks described elsewhere in “Part II – Other Information, Item 1A. Risk Factors.” in this Quarterly Report, our Annual Report on Form 10-K for the year ended December 31, 2013 (“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 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 “Part II – Other Information, Item 1A. Risk Factors.” in this Quarterly Report and 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.

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)
Bcf
Billion cubic feet
Btu
British thermal units, a measure of heating value
BBtu
Billion British thermal units
/d
Per day
/hr
Per hour
gal
U.S. gallons
GPM
Liquid volume equivalent expressed as gallons per 1000 cu. ft. of natural gas
LPG
Liquefied petroleum gas
MBbl
Thousand barrels
Mgal
U.S. million gallons
MMBbl
Million barrels
MMBtu
Million British thermal units
MMcf
Million cubic feet
NGL(s)
Natural gas liquid(s)
NYMEX
New York Mercantile Exchange
GAAP
Accounting principles generally accepted in the United States of America
LIBOR
London Interbank Offer Rate
NYSE
New York Stock Exchange
 
Price Index Definitions
   
IF-NGPL MC
Inside FERC Gas Market Report, Natural Gas Pipeline, Mid-Continent
IF-PB
Inside FERC Gas Market Report, Permian Basin
IF-WAHA
Inside FERC Gas Market Report, West Texas WAHA
NY-WTI
NYMEX, West Texas Intermediate Crude Oil
OPIS-MB
Oil Price Information Service, Mont Belvieu, Texas

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

TARGA RESOURCES CORP.
CONSOLIDATED BALANCE SHEETS
 
   
September 30,
   
December 31,
 
   
2014
   
2013
 
   
(Unaudited)
 
   
(In millions)
 
ASSETS
 
Current assets:
       
Cash and cash equivalents
 
$
78.8
   
$
66.7
 
Trade receivables, net of allowances of $1.1 million and $1.1 million
   
698.1
     
658.8
 
Inventories
   
251.2
     
150.7
 
Deferred income taxes
   
-
     
0.1
 
Assets from risk management activities
   
5.0
     
2.0
 
Other current assets
   
20.0
     
18.9
 
Total current assets
   
1,053.1
     
897.2
 
Property, plant and equipment
   
6,307.7
     
5,758.4
 
Accumulated depreciation
   
(1,614.0
)
   
(1,408.5
)
Property, plant and equipment, net
   
4,693.7
     
4,349.9
 
Intangible assets, net
   
607.3
     
653.4
 
Long-term assets from risk management activities
   
1.7
     
3.1
 
Investment in unconsolidated affiliate
   
51.7
     
55.9
 
Other long-term assets
   
84.4
     
89.1
 
Total assets
 
$
6,491.9
   
$
6,048.6
 
                 
LIABILITIES AND OWNERS' EQUITY
 
Current liabilities:
               
Accounts payable and accrued liabilities
 
$
798.6
   
$
761.8
 
Deferred income taxes
   
0.5
     
0.6
 
Liabilities from risk management activities
   
3.6
     
8.0
 
Total current liabilities
   
802.7
     
770.4
 
Long-term debt
   
3,137.2
     
2,989.3
 
Long-term liabilities from risk management activities
   
1.2
     
1.4
 
Deferred income taxes
   
135.5
     
135.5
 
Other long-term liabilities
   
65.5
     
60.7
 
                 
Commitments and contingencies (see Note 15)
               
                 
Owners' equity:
               
Targa Resources Corp. stockholders' equity:
               
Common stock ($0.001 par value, 300,000,000 shares authorized, 42,532,353 shares issued and 42,143,463 shares outstanding as of September 30, 2014, and 42,529,068 shares issued and 42,162,178 shares outstanding as of December 31, 2013)
   
-
     
-
 
Preferred stock ($0.001 par value, 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2014 and December 31, 2013)
   
-
     
-
 
Additional paid-in capital
   
153.8
     
151.6
 
Retained earnings
   
30.8
     
20.5
 
Accumulated other comprehensive income (loss)
   
0.3
     
(0.5
)
Treasury stock, at cost (388,890 shares as of September 30, 2014 and 366,890 as of December 31, 2013)
   
(25.4
)
   
(22.8
)
Total Targa Resources Corp. stockholders' equity
   
159.5
     
148.8
 
Noncontrolling interests in subsidiaries
   
2,190.3
     
1,942.5
 
Total owners' equity
   
2,349.8
     
2,091.3
 
Total liabilities and owners' equity
 
$
6,491.9
   
$
6,048.6
 

See notes to consolidated financial statements.
 
TARGA RESOURCES CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
 
   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2014
   
2013
   
2014
   
2013
 
   
(Unaudited)
 
   
(In millions, except per share amounts)
 
                 
Revenues
 
$
2,288.3
   
$
1,466.0
   
$
6,583.7
   
$
4,210.3
 
Costs and expenses:
                               
Product purchases
   
1,880.5
     
1,169.0
     
5,412.2
     
3,387.9
 
Operating expenses
   
112.8
     
97.6
     
323.7
     
279.8
 
Depreciation and amortization expenses
   
87.6
     
69.0
     
253.1
     
198.7
 
General and administrative expenses
   
43.0
     
37.7
     
122.4
     
112.5
 
Other operating (income) expense
   
(4.3
)
   
4.2
     
(5.3
)
   
8.3
 
Income from operations
   
168.7
     
88.5
     
477.6
     
223.1
 
Other income (expense):
                               
Interest expense, net
   
(36.9
)
   
(33.4
)
   
(106.5
)
   
(97.9
)
Equity earnings
   
4.7
     
5.6
     
13.8
     
10.1
 
Gain (loss) on debt redemptions and amendments
   
-
     
(7.4
)
   
-
     
(14.7
)
Other
   
(0.6
)
   
9.1
     
(0.6
)
   
15.3
 
Income before income taxes
   
135.9
     
62.4
     
384.3
     
135.9
 
Income tax (expense) benefit:
                               
Current
   
(17.3
)
   
(6.6
)
   
(57.8
)
   
(23.3
)
Deferred
   
1.8
     
(6.4
)
   
4.2
     
(7.0
)
     
(15.5
)
   
(13.0
)
   
(53.6
)
   
(30.3
)
Net income
   
120.4
     
49.4
     
330.7
     
105.6
 
Less: Net income attributable to noncontrolling interests
   
89.7
     
33.1
     
253.9
     
61.0
 
Net income available to common shareholders
 
$
30.7
   
$
16.3
   
$
76.8
   
$
44.6
 
                                 
Net income available per common share - basic
 
$
0.73
   
$
0.39
   
$
1.83
   
$
1.07
 
Net income available per common share - diluted
 
$
0.73
   
$
0.39
   
$
1.82
   
$
1.06
 
Weighted average shares outstanding - basic
   
42.0
     
41.6
     
42.0
     
41.6
 
Weighted average shares outstanding - diluted
   
42.1
     
42.1
     
42.1
     
42.1
 

See notes to consolidated financial statements.
 
TARGA RESOURCES CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
   
Three Months Ended September 30,
 
   
2014
   
2013
 
   
Pre-
Tax
   
Related
Income
Tax
   
After
Tax
   
Pre-
Tax
   
Related
Income
Tax
   
After
Tax
 
   
(Unaudited)
 
 
(In millions)
 
Targa Resources Corp.
Net income attributable to Targa Resources Corp.
         
$
30.7
           
$
16.3
 
Other comprehensive income (loss) attributable to Targa Resources Corp.
                               
Commodity hedging contracts:
                               
Change in fair value
 
$
1.9
   
$
(0.7
)
   
1.2
   
$
(1.6
)
 
$
0.6
     
(1.0
)
Settlements reclassified to revenues
   
0.1
     
-
     
0.1
     
(0.6
)
   
0.2
     
(0.4
)
Interest rate swaps:
                                               
Settlements reclassified to interest expense, net
   
-
     
-
     
-
     
0.2
     
(0.1
)
   
0.1
 
Other comprehensive income (loss) attributable to Targa Resources Corp.
 
$
2.0
   
$
(0.7
)
   
1.3
   
$
(2.0
)
 
$
0.7
     
(1.3
)
Comprehensive income attributable to Targa Resources Corp.
                 
$
32.0
                   
$
15.0
 
                                                 
Noncontrolling interests
                                               
Net income attributable to noncontrolling interests
                 
$
89.7
                   
$
33.1
 
Other comprehensive income (loss) attributable to noncontrolling interests
                                               
Commodity hedging contracts:
                                               
Change in fair value
 
$
12.3
   
$
-
     
12.3
   
$
(9.7
)
 
$
-
     
(9.7
)
Settlements reclassified to revenues
   
0.7
     
-
     
0.7
     
(3.9
)
   
-
     
(3.9
)
Interest rate swaps:
                                               
Settlements reclassified to interest expense, net
   
-
     
-
     
-
     
1.3
     
-
     
1.3
 
Other comprehensive income (loss) attributable to noncontrolling interests
 
$
13.0
   
$
-
     
13.0
   
$
(12.3
)
 
$
-
     
(12.3
)
Comprehensive income attributable to noncontrolling interests
                 
$
102.7
                   
$
20.8
 
                                                 
Total
                                               
Net income
                 
$
120.4
                   
$
49.4
 
Other comprehensive income (loss)
                                               
Commodity hedging contracts:
                                               
Change in fair value
 
$
14.2
   
$
(0.7
)
   
13.5
   
$
(11.3
)
 
$
0.6
     
(10.7
)
Settlements reclassified to revenues
   
0.8
     
-
     
0.8
     
(4.5
)
   
0.2
     
(4.3
)
Interest rate swaps:
                                               
Settlements reclassified to interest expense, net
   
-
     
-
     
-
     
1.5
     
(0.1
)
   
1.4
 
Other comprehensive income (loss)
 
$
15.0
   
$
(0.7
)
   
14.3
   
$
(14.3
)
 
$
0.7
     
(13.6
)
                                                 
Total comprehensive income
                 
$
134.7
                   
$
35.8
 
 
See notes to consolidated financial statements.
 

TARGA RESOURCES CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (CONTINUED)

   
Nine Months Ended September 30,
 
   
2014
   
2013
 
   
Pre-Tax
   
Related
Income
Tax
   
After Tax
   
Pre-Tax
   
Related
Income
Tax
   
After Tax
 
                         
   
(Unaudited)
 
 
(In millions)
 
Targa Resources Corp.
Net income attributable to Targa Resources Corp.
         
$
76.8
           
$
44.6
 
Other comprehensive income (loss) attributable to Targa Resources Corp.
                               
Commodity hedging contracts:
                               
Change in fair value
 
$
(0.6
)
 
$
0.2
     
(0.4
)
 
$
0.3
   
$
(0.1
)
   
0.2
 
Settlements reclassified to revenues
   
1.5
     
(0.5
)
   
1.0
     
(2.3
)
   
0.9
     
(1.4
)
Interest rate swaps:
                                               
Settlements reclassified to interest expense, net
   
0.3
     
(0.1
)
   
0.2
     
0.6
     
(0.3
)
   
0.3
 
Other comprehensive income (loss) attributable to Targa Resources Corp.
 
$
1.2
   
$
(0.4
)
   
0.8
   
$
(1.4
)
 
$
0.5
     
(0.9
)
Comprehensive income attributable to Targa Resources Corp.
                 
$
77.6
                   
$
43.7
 
                                                 
Noncontrolling interests
                                               
Net income attributable to noncontrolling interests
                 
$
253.9
                   
$
61.0
 
Other comprehensive loss attributable to noncontrolling interests
                                               
Commodity hedging contracts:
                                               
Change in fair value
 
$
(3.9
)
 
$
-
     
(3.9
)
 
$
2.1
   
$
-
     
2.1
 
Settlements reclassified to revenues
   
10.1
     
-
     
10.1
     
(14.7
)
   
-
     
(14.7
)
Interest rate swaps:
                                               
Settlements reclassified to interest expense, net
   
2.1
     
-
     
2.1
     
4.1
     
-
     
4.1
 
Other comprehensive income (loss) attributable to noncontrolling interests
 
$
8.3
   
$
-
     
8.3
   
$
(8.5
)
 
$
-
     
(8.5
)
Comprehensive income attributable to noncontrolling interests
                 
$
262.2
                   
$
52.5
 
                                                 
                                                 
Total
                                               
Net income
                 
$
330.7
                   
$
105.6
 
Other comprehensive income (loss)
                                               
Commodity hedging contracts:
                                               
Change in fair value
 
$
(4.5
)
 
$
0.2
   
$
(4.3
)
 
$
2.4
   
$
(0.1
)
 
$
2.3
 
Settlements reclassified to revenues
   
11.6
     
(0.5
)
   
11.1
     
(17.0
)
   
0.9
     
(16.1
)
Interest rate swaps:
                                               
Settlements reclassified to interest expense, net
   
2.4
     
(0.1
)
   
2.3
     
4.7
     
(0.3
)
   
4.4
 
Other comprehensive income (loss)
 
$
9.5
   
$
(0.4
)
   
9.1
   
$
(9.9
)
 
$
0.5
     
(9.4
)
                                                 
Total comprehensive income
                 
$
339.8
                   
$
96.2
 

See notes to consolidated financial statements.
 
TARGA RESOURCES CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY
 
               
Retained
   
Accumulated
                 
           
Additional
   
Earnings
   
Other
                 
   
Common Stock
   
Paid in
   
(Accumulated
   
Comprehensive
   
Treasury Shares
   
Noncontrolling
     
   
Shares
   
Amount
   
Capital
   
Deficit)
   
Income (Loss)
   
Shares
   
Amount
   
Interests
   
Total
 
                                     
   
(Unaudited)
 
   
(In millions, except shares in thousands)
 
 
Balance, December 31, 2013
   
42,162
   
$
-
   
$
151.6
   
$
20.5
   
$
(0.5
)
   
367
   
$
(22.8
)
 
$
1,942.5
   
$
2,091.3
 
Compensation on equity grants
           
-
     
3.8
     
-
     
-
     
-
     
-
     
7.0
     
10.8
 
Accrual of distribution equivalent rights
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(2.0
)
   
(2.0
)
Shares issued under compensation program
   
3
                                                                 
Common stocks and Partnership units tendered for tax withholding obligations
   
(22
)
   
-
     
-
     
-
     
-
     
22
     
(2.6
)
   
(4.8
)
   
(7.4
)
Sale of Partnership limited partner interests
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
257.2
     
257.2
 
Impact of Partnership equity transactions
   
-
     
-
     
14.1
     
-
     
-
     
-
     
-
     
(14.1
)
   
-
 
Dividends
   
-
     
-
             
(66.5
)
   
-
     
-
     
-
     
-
     
(66.5
)
Dividends in excess of retained earnings
   
-
     
-
     
(15.7
)
   
-
     
-
     
-
     
-
     
-
     
(15.7
)
Distributions
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(257.7
)
   
(257.7
)
Other comprehensive income (loss)
   
-
     
-
     
-
     
-
     
0.8
     
-
     
-
     
8.3
     
9.1
 
Net income
   
-
     
-
     
-
     
76.8
     
-
     
-
     
-
     
253.9
     
330.7
 
Balance, September 30, 2014
   
42,143
   
$
-
   
$
153.8
   
$
30.8
   
$
0.3
     
389
   
$
(25.4
)
 
$
2,190.3
   
$
2,349.8
 
                                                                         
Balance, December 31, 2012
   
42,295
   
$
-
   
$
184.4
   
$
(32.0
)
 
$
1.2
     
198
   
$
(9.5
)
 
$
1,609.3
   
$
1,753.4
 
Compensation on equity grants
   
-
     
-
     
5.6
     
-
     
-
     
-
     
-
     
4.4
     
10.0
 
Accrual of distribution equivalent rights
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(1.1
)
   
(1.1
)
Shares issued under compensation program
   
36
                                                                 
Sale of Partnership limited partner interests
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
377.4
     
377.4
 
Receivables from unit offerings
   
-
     
-
     
(3.3
)
   
-
     
-
     
-
     
-
     
-
     
(3.3
)
Impact of Partnership equity transactions
   
-
     
-
     
23.8
     
-
     
-
     
-
     
-
     
(23.8
)
   
-
 
Dividends in excess of retained earnings
   
-
     
-
     
(62.9
)
   
-
     
-
     
-
     
-
     
-
     
(62.9
)
Distributions
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(195.1
)
   
(195.1
)
Other comprehensive income (loss)
   
-
     
-
     
-
     
-
     
(0.9
)
   
-
     
-
     
(8.5
)
   
(9.4
)
Net income
   
-
     
-
     
-
     
44.6
     
-
     
-
     
-
     
61.0
     
105.6
 
Balance, September 30, 2013
   
42,331
   
$
-
   
$
147.6
   
$
12.6
   
$
0.3
     
198
   
$
(9.5
)
 
$
1,823.6
   
$
1,974.6
 

See notes to consolidated financial statements.
 
TARGA RESOURCES CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
   
Nine Months Ended September 30,
 
   
2014
   
2013
 
         
   
(Unaudited)
 
 
(In millions)
 
Cash flows from operating activities
Net income
 
$
330.7
   
$
105.6
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Amortization in interest expense
   
9.2
     
12.1
 
Compensation on equity grants
   
10.8
     
10.0
 
Depreciation and amortization expense
   
253.1
     
198.7
 
Accretion of asset retirement obligations
   
3.3
     
3.0
 
Deferred income tax expense (benefit)
   
(4.2
)
   
7.0
 
Equity earnings of unconsolidated affiliate
   
(13.8
)
   
(10.1
)
Distributions of unconsolidated affiliate
   
13.8
     
10.1
 
Risk management activities
   
0.9
     
-
 
(Gain) loss on sale or disposition of assets
   
(5.6
)
   
3.1
 
(Gain) loss on debt redemptions and amendments
   
-
     
14.7
 
Changes in operating assets and liabilities:
               
Receivables and other assets
   
(41.3
)
   
19.7
 
Inventory
   
(117.8
)
   
(110.3
)
Accounts payable and other liabilities
   
80.0
     
13.4
 
Net cash provided by operating activities
   
519.1
     
277.0
 
Cash flows from investing activities
               
Outlays for property, plant and equipment
   
(571.7
)
   
(727.1
)
Return of capital from unconsolidated affiliate
   
4.2
     
1.9
 
Other, net
   
6.3
     
(31.3
)
Net cash used in investing activities
   
(561.2
)
   
(756.5
)
Cash flows from financing activities
               
Partnership loan facility:
               
Proceeds
   
1,295.0
     
1,743.0
 
Repayments
   
(1,115.0
)
   
(1,521.2
)
Partnership accounts receivable securitization facility:
               
Borrowings
   
88.9
     
261.6
 
Repayments
   
(131.0
)
   
(93.6
)
Non-Partnership loan facility:
               
Proceeds
   
67.0
     
36.0
 
Repayments
   
(59.0
)
   
(48.0
)
Costs incurred in connection with financing arrangements
   
(2.7
)
   
(13.6
)
Distributions to owners
   
(259.3
)
   
(195.1
)
Proceeds from sale of common units of the Partnership
   
259.9
     
379.6
 
Repurchase of common units under Partnership compensation plans
   
(4.8
)
   
-
 
Dividends to common and common equivalent shareholders
   
(82.2
)
   
(61.8
)
Repurchase of common stock under TRC compensation plans
   
(2.6
)
   
-
 
Net cash provided by financing activities
   
54.2
     
486.9
 
Net change in cash and cash equivalents
   
12.1
     
7.4
 
Cash and cash equivalents, beginning of period
   
66.7
     
76.3
 
Cash and cash equivalents, end of period
 
$
78.8
   
$
83.7
 
 
See notes to consolidated financial statements.
 
TARGA RESOURCES CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Except as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in millions of dollars.

Note 1 — Organization

Targa Resources Corp. (“TRC”) is a Delaware corporation formed in October 2005. Our common stock is listed on the New York Stock Exchange under the symbol “TRGP.” In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations.

Note 2 Basis of Presentation

We have prepared these unaudited consolidated financial statements in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. While we derived the year-end balance sheet data from audited financial statements, this interim report does not include all disclosures required by GAAP for annual periods. These unaudited consolidated financial statements and other information included in this Quarterly Report should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report.

The unaudited consolidated financial statements for the three and nine months ended September 30, 2014 and 2013 include all adjustments, which we believe are necessary, for a fair presentation of the results for interim periods. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods may have been reclassified to conform to the current year presentation.

Our financial results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the full year.

One of our indirect subsidiaries is the sole general partner of Targa Resources Partners LP (“the Partnership”). Because we control the general partner of the Partnership, under GAAP, we must reflect our ownership interests in the Partnership on a consolidated basis. Accordingly, the Partnership’s financial results are included in our consolidated financial statements even though the distribution or transfer of Partnership assets is limited by the terms of the Partnership’s partnership agreement, as well as restrictive covenants in the Partnership’s lending agreements. The limited partner interests in the Partnership not owned by us are reflected in our results of operations as net income attributable to noncontrolling interests and in our balance sheet equity section as noncontrolling interests in subsidiaries. Throughout these footnotes, we make a distinction where relevant between financial results of the Partnership versus those of a standalone parent and its non-partnership subsidiaries.

As of September 30, 2014, our interests in the Partnership consist of the following:

· a 2% general partner interest, which we hold through our 100% ownership interest in the general partner of the Partnership;

· all Incentive Distribution Rights (“IDRs”); and

· 12,945,659 common units of the Partnership, representing an 11.2% limited partnership interest.

The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling NGLs and NGL products; gathering, storing and terminaling crude oil; and storing, terminaling and selling refined petroleum products. See Note 17 for an analysis of our and the Partnership’s operations by business segment.
 
The Partnership does not have any employees. We provide operational, general and administrative and other services to the Partnership, associated with the Partnership’s existing assets and assets acquired from third parties. We perform centralized corporate functions for the Partnership, such as legal, accounting, treasury, insurance, risk management, health, safety and environmental, information technology, human resources, credit, payroll, internal audit, taxes, engineering and marketing.

The Partnership Agreement between the Partnership and us, as general partner of the Partnership, governs the reimbursement of costs incurred on the behalf of the Partnership. We charge the Partnership for all the direct costs of the employees assigned to its operations, as well as all general and administrative support costs other than (1) costs attributable to our status as a separate reporting company and (2) our costs of providing management and support services to certain unaffiliated spun-off entities. The Partnership generally reimburses us monthly for cost allocations to the extent that we have made a cash outlay.

Reclassifications Affecting Statement of Cash Flows
 
In conjunction with the integration of Badlands into its financial reporting environment during 2013, the Partnership obtained further information about the acquisition date balance sheet, including the nature of the items comprising assumed Accounts payable and accrued liabilities.  The Partnership determined that certain assumed liabilities related to purchases that, under its accounting policies, are considered capital in nature. Consequently, the Partnership made certain refinements to better reflect Badlands cash flow activity on a basis similar to that used for its other operations. As a result of these refinements, certain cash flow activity was presented in its 2013 Form 10-K on a basis different than that utilized for previous quarterly reporting during 2013. In preparing this quarterly report the Partnership has made certain reclassifications in the comparative Statement of Cash Flows for the nine months ended September 30, 2013 to conform to the presentation of its Form 10-K, reclassifying $18.9 million related to capital expenditures previously included in Accounts payable and other liabilities of operating activities to Outlays for property, plant and equipment in investing activities, as shown below.

   
Nine Months Ended September 30, 2013
 
Revised line items Consolidated
Statement of Cash Flows
 
As Reported
   
Reclassification
   
As Revised
 
             
Cash flows from operating activities
           
Changes in operating assets and liabilities:
           
Accounts payable and other liabilities
 
$
(5.5
)
 
$
18.9
   
$
13.4
 
Net cash provided by operating activities
   
258.1
     
18.9
     
277.0
 
                         
Cash flows from investing activities:
                       
Changes in investing assets and liabilities:
                       
Outlays for property, plant and equipment
   
(708.2
)
   
(18.9
)
   
(727.1
)
Net cash used in investing activities
   
(737.6
)
   
(18.9
)
   
(756.5
)

Revision of Previously Reported Revenues and Product Purchases

During the third quarter of 2014, the Partnership concluded that certain prior period buy-sell transactions related to the marketing of NGL products were incorrectly reported on a gross basis as Revenues and Product Purchases in previous Consolidated Statements of Operations. GAAP require that such transactions that involve purchases and sales of inventory with the same counterparty that are legally contingent or in contemplation of one another be reported as a single transaction on a combined net basis.
 
The Partnership concluded that these misclassifications were not material to any of the periods affected. However, the Partnership has revised previously reported revenues and product purchases to correctly report NGL buy-sell transactions on a net basis. Accordingly, Revenues and Product Purchases reported in its Form 10-K filed on February 14, 2014 and in previous quarterly reports on Form 10-Q for 2014 and 2013 will be reduced by equal amounts as presented in the following tables. There is no impact on previously reported net income, cash flows, financial position or other profitability measures.
 
   
Year Ended December 31,
 
   
2013
   
2012
   
2011
 
As Reported:
           
Revenues
 
$
6,556.0
   
$
5,885.7
   
$
6,994.5
 
Product Purchases
   
5,378.5
     
4,879.0
     
6,039.0
 
                         
Effect of Revisions:
                       
Revenues
   
(241.3
)
   
(206.7
)
   
(151.3
)
Product Purchases
   
(241.3
)
   
(206.7
)
   
(151.3
)
                         
As Revised:
                       
Revenues
   
6,314.7
     
5,679.0
     
6,843.2
 
Product Purchases
   
5,137.2
     
4,672.3
     
5,887.7
 

   
Three Months Ended
   
Nine Months Ended
   
Six Months Ended
 
   
September 30,
   
June 30,
   
March 31,
   
September 30,
   
June 30,
 
   
2013
   
2014
   
2013
   
2014
   
2013
   
2013
   
2014
   
2013
 
As Reported:
                               
Revenues
 
$
1,556.8
   
$
2,061.9
   
$
1,441.6
   
$
2,352.9
   
$
1,397.8
   
$
4,396.2
   
$
4,414.8
   
$
2,839.4
 
Product Purchases
   
1,259.8
     
1,677.9
     
1,176.4
     
1,973.3
     
1,137.5
     
3,573.8
     
3,651.2
     
2,313.9
 
                                                                 
Effect of Revisions:
                                                               
Revenues
   
(90.8
)
   
(61.3
)
   
(71.1
)
   
(58.2
)
   
(24.0
)
   
(185.9
)
   
(119.5
)
   
(95.1
)
Product Purchases
   
(90.8
)
   
(61.3
)
   
(71.1
)
   
(58.2
)
   
(24.0
)
   
(185.9
)
   
(119.5
)
   
(95.1
)
                                                                 
As Revised:
                                                               
Revenues
   
1,466.0
     
2,000.6
     
1,370.5
     
2,294.7
     
1,373.8
     
4,210.3
     
4,295.3
     
2,744.3
 
Product Purchases
   
1,169.0
     
1,616.6
     
1,105.3
     
1,915.1
     
1,113.5
     
3,387.9
     
3,531.7
     
2,218.8
 

Note 3 — Significant Accounting Policies

Accounting Policy Updates/Revisions

The accounting policies that we follow are set forth in Note 3 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2013. There were no significant updates or revisions to these policies during the nine months ended September 30, 2014.

Recent Accounting Pronouncements
 
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendment, required to be applied prospectively for reporting periods beginning after December 15, 2014, limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on operations and financial results.  The amendment requires expanded disclosures for discontinued operations and also requires additional disclosures regarding disposals of individually significant components that do not qualify as discontinued operations. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. This amendment has no impact on our current disclosures, but will in the future if we dispose of any individually significant components.
 
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The update also creates a new Subtopic 340-40, Other Assets and Deferred Costs – Contracts with Customers, which provides guidance for the incremental costs of obtaining a contract with a customer and those costs incurred in fulfilling a contract with a customer that are not in the scope of another topic. The new revenue standard requires that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entities expect to be entitled in exchange for those goods or services. To achieve that core principle, the standard requires a five-step process of identifying the contracts with customers, identifying the performance obligations in the contracts, determining the transaction price, allocating the transaction price to the performance obligations and recognizing revenue when, or as, the performance obligations are satisfied. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.

The revenue recognition standard will be effective for us starting in the first quarter of 2017. Early adoption is not permitted. We must retroactively apply the new revenue recognition standard to transactions in all prior periods presented, but will have a choice between either (1) restating each prior period presented or (2) presenting a cumulative effect adjustment in our first quarter report in 2017. We have commenced our analysis of the new standard and its impact on our revenue recognition practices.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendment is effective for the annual period beginning after December 15, 2016, and for annual and interim periods thereafter, with early adoption permitted. The amendment requires an entity’s management to evaluate for each annual and interim reporting period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. If substantial doubt is raised, further analysis and disclosures are required, including management’s plans to mitigate the adverse conditions or events. This amendment has no impact on our current disclosures, but would if our management identified future conditions or events that, in the aggregate, raise substantial doubt about our ability to continue as a going concern.
 
Note 4 — Inventories

The components of inventories consisted of the following:

   
September 30, 2014
   
December 31, 2013
 
Commodities
 
$
236.6
   
$
136.4
 
Materials and supplies
   
14.6
     
14.3
 
   
$
251.2
   
$
150.7
 
 
Note 5 — Property, Plant and Equipment and Intangible Assets

   
September 30, 2014
   
December 31, 2013
     
   
Targa
Resources
Partners LP
   
TRC Non-
Partnership
   
Targa
Resources
Corp.
Consolidated
   
Targa
Resources
Partners LP
   
TRC Non-
Partnership
   
Targa
Resources
Corp.
Consolidated
   
Estimated
Useful Lives
(In Years)
 
Gathering systems
 
$
2,438.6
   
$
-
   
$
2,438.6
   
$
2,230.1
   
$
-
   
$
2,230.1
   
5 to 20
 
Processing and fractionation facilities
   
1,866.9
     
6.6
     
1,873.5
     
1,598.0
     
6.6
     
1,604.6
   
5 to 25
 
Terminaling and storage facilities
   
1,004.1
     
-
     
1,004.1
     
715.2
     
-
     
715.2
   
5 to 25
 
Transportation assets
   
358.3
     
-
     
358.3
     
294.7
     
-
     
294.7
   
10 to 25
 
Other property, plant and equipment
   
138.1
     
0.2
     
138.3
     
121.3
     
0.2
     
121.5
   
3 to 25
 
Land
   
90.9
     
-
     
90.9
     
89.5
     
-
     
89.5
    -  
Construction in progress
   
404.0
     
-
     
404.0
     
702.8
     
-
     
702.8
    -  
Property, plant and equipment
   
6,300.9
     
6.8
     
6,307.7
     
5,751.6
     
6.8
     
5,758.4
         
Accumulated depreciation
   
(1,611.5
)
   
(2.5
)
   
(1,614.0
)
   
(1,406.2
)
   
(2.3
)
   
(1,408.5
)
       
Property, plant and equipment, net
 
$
4,689.4
   
$
4.3
   
$
4,693.7
   
$
4,345.4
   
$
4.5
   
$
4,349.9
         
                                                         
Intangible assets
 
$
681.8
   
$
-
   
$
681.8
   
$
681.8
   
$
-
   
$
681.8
    20  
Accumulated amortization
   
(74.5
)
   
-
     
(74.5
)
   
(28.4
)
   
-
     
(28.4
)
       
Intangible assets, net
 
$
607.3
   
$
-
   
$
607.3
   
$
653.4
   
$
-
   
$
653.4
         

Intangible assets consist of customer contracts and customer relationships acquired in the Partnership’s Badlands business acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. Key valuation assumptions include probability of contracts under negotiation, renewals of existing contracts, economic incentives to retain customers, past and future volumes, current and future capacity of the gathering system, pricing volatility and the discount rate.

Amortization expense attributable to these intangible assets is recorded using a method that closely reflects the cash flow pattern underlying the intangible asset valuation. The estimated annual amortization expense for these intangible assets is approximately $61.4 million, $80.1 million, $88.3 million, $81.5 million and $67.8 million for each of years 2014 through 2018.

Note 6 — Asset Retirement Obligations

Our asset retirement obligations (“ARO”) primarily relate to certain gas gathering pipelines and processing facilities, and are included in our Consolidated Balance Sheets as a component of other long-term liabilities. The changes in our aggregate asset retirement obligations are as follows:

   
Nine Months Ended
September 30, 2014
 
Beginning of period
 
$
50.9
 
Change in cash flow estimate
   
2.1
 
Accretion expense
   
3.3
 
End of period
 
$
56.3
 

 
Note 7Investment in Unconsolidated Affiliate

At September 30, 2014, the Partnership’s unconsolidated investment consisted of a 38.8% ownership interest in Gulf Coast Fractionators LP (“GCF”).

The following table shows the activity related to the Partnership’s investment in GCF:

   
Nine Months Ended
September 30, 2014
 
Beginning of period
 
$
55.9
 
Equity earnings
   
13.8
 
Cash distributions (1)
   
(18.0
)
End of period
 
$
51.7
 

(1) Includes $4.2 million distributions received in excess of the Partnership’s share of cumulative earnings that are considered a return of capital and disclosed in cash flows from investing activities in the Consolidated Statements of Cash Flows.

Note 8 Accounts Payable and Accrued Liabilities

The components of accounts payable and accrued liabilities consisted of the following:

   
September 30, 2014
   
December 31, 2013
 
Commodities
 
$
573.6
   
$
520.8
 
Other goods and services
   
104.9
     
146.8
 
Interest
   
42.8
     
35.9
 
Compensation and benefits
   
46.4
     
40.3
 
Income and other taxes
   
25.5
     
10.2
 
Other
   
5.4
     
7.8
 
   
$
798.6
   
$
761.8
 
 
Note 9 — Debt Obligations

   
September 30, 2014
   
December 31, 2013
 
Long-term debt:
       
Non-Partnership obligations:
       
TRC Senior secured revolving credit facility, variable rate, due October 2017 (1)
 
$
92.0
   
$
84.0
 
Obligations of the Partnership: (2)
               
Senior secured revolving credit facility, variable rate, due October 2017 (3)
   
575.0
     
395.0
 
Senior unsecured notes, 7% fixed rate, due October 2018
   
250.0
     
250.0
 
Senior unsecured notes, 6% fixed rate, due February 2021
   
483.6
     
483.6
 
Unamortized discount
   
(26.0
)
   
(28.0
)
Senior unsecured notes, 6% fixed rate, due August 2022
   
300.0
     
300.0
 
Senior unsecured notes, 5¼% fixed rate, due May 2023
   
600.0
     
600.0
 
Senior unsecured notes, 4¼% fixed rate, due November 2023
   
625.0
     
625.0
 
Accounts receivable securitization facility, due December 2014 (4)
   
237.6
     
279.7
 
Total long-term debt
 
$
3,137.2
   
$
2,989.3
 
Irrevocable standby letters of credit:
               
Letters of credit outstanding under TRC Senior secured credit facility (1)
 
$
-
   
$
-
 
Letters of credit outstanding under the Partnership senior secured revolving credit facility (3)
   
42.0
     
86.8
 
   
$
42.0
   
$
86.8
 

(1) As of September 30, 2014, availability under TRC’s $150 million senior secured revolving credit facility was $58.0 million.
(2) While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.
(3) As of September 30, 2014, availability under the Partnership’s $1.2 billion senior secured revolving credit facility (“TRP Revolver”) was $583.0 million.
(4) All amounts outstanding under the Partnership’s Accounts Receivable Securitization Facility (“Securitization Facility”) are reflected as long-term debt in our Consolidated Balance Sheet because the Partnership has the ability and intent to fund the Securitization Facility’s borrowings on a long-term basis. The Partnership intends to fund the Securitization Facility’s borrowings either by further extending the termination date of the Securitization Facility or by utilizing the availability under its senior secured revolving credit facility.
 
The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the nine months ended September 30, 2014:

   
Range of Interest
Rates Incurred
   
Weighted Average
Interest Rate Incurred
 
TRC senior secured revolving credit facility
   
2.9
%
   
2.9
%
Partnership's senior secured revolving credit facility
   
1.9% - 4.5
%
   
2.0
%
Partnership's accounts receivable securitization facility
   
0.9
%
   
0.9
%

Compliance with Debt Covenants

As of September 30, 2014, both the Partnership and we were in compliance with the covenants contained in our various debt agreements.

Note 10 — Partnership Units and Related Matters

Public Offerings of Common Units

During the nine months ended September 30, 2014, the Partnership issued 3,119,454 common units under an equity distribution agreement entered into in August 2013 (the “August 2013 EDA”), receiving proceeds of $169.5 million (net of commissions up to 1% of gross proceeds to the Partnership’s sales agent). We contributed $3.5 million to the Partnership to maintain our 2% general partner interest.

In May 2014, the Partnership entered into an additional equity distribution agreement under its July 2013 Shelf (the “May 2014 EDA”), with Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Jefferies LLC, Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC, as its sales agents, pursuant to which the Partnership may sell, at its option, up to an aggregate of $400 million of its common units. During the nine months ended September 30, 2014, the Partnership issued 1,243,682 common units under the May 2014 EDA, receiving proceeds of $87.7 million (net of commissions up to 1% of gross proceeds to the Partnership’s sales agent). We contributed $1.8 million to the Partnership to maintain our 2% general partner interest, of which $0.4 million was settled in October. As of October 24, 2014, approximately $311.3 million of the aggregate offering amount remained available for sale pursuant to the May 2014 EDA.
 
Distributions

In accordance with the Partnership Agreement, the Partnership must distribute all of its available cash, as determined by the general partner, to unitholders of record within 45 days after the end of each quarter. The following table details the distributions declared and/or paid by the Partnership for the nine months ended September 30, 2014.
 
     
Distributions
         
Three Months
Ended
Date Paid or to be
Paid
 
Limited
Partners
   
General Partner
       
Distributions
to Targa
Resources
Corp.
   
Distributions
per limited
partner unit
 
 
Common
   
Incentive
     
2%
 
Total
 
                               
(In millions, except per unit amounts)
 
September 30, 2014
November 14, 2014
 
$
92.3
   
$
36.0
   
$
2.6
   
$
130.9
   
$
48.9
   
$
0.7975
 
June 30, 2014
August 14, 2014
   
89.5
     
33.7
     
2.5
     
125.7
     
46.3
     
0.7800
 
March 31, 2014
May 15, 2014
   
87.2
     
31.7
     
2.4
     
121.3
     
44.0
     
0.7625
 
December 31, 2013
February 14, 2014
   
84.0
     
29.5
     
2.3
     
115.8
     
41.5
     
0.7475
 

 
Note 11 — Common Stock and Related Matters

The following table details the dividends declared and/or paid by us for the nine months ended September 30, 2014:

Three Months
Ended
Date Paid or To Be
Paid
Total
Dividend
Declared
 
Amount of
Dividend
Paid
 
Accrued
Dividends (1)
 
Dividend
Declared per
Share of
Common Stock
 
           
(In millions, except per share amounts)
 
           
September 30, 2014
November 17, 2014
 
$
31.0
   
$
30.8
   
$
0.2
   
$
0.73250
 
June 30, 2014
August 15, 2014
   
29.2
     
29.0
     
0.2
     
0.69000
 
March 31, 2014
May 16, 2014
   
27.4
     
27.2
     
0.2
     
0.64750
 
December 31, 2013
February 18, 2014
   
25.6