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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, 2024

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

img101912519_0.jpg 

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 Street, Suite 2100, Houston, Texas

77002

(Address of principal executive offices)

(Zip Code)

(713) 584-1000

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common Stock

TRGP

New York Stock Exchange

 

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 every Interactive Data File required to be submitted 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 such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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

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 April 26, 2024, there were 221,716,505 shares of the registrant’s common stock, $0.001 par value, outstanding.

 

 


 

TABLE OF CONTENTS

 

PART I—FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements

 

4

 

 

 

Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

 

4

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023

 

5

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023

 

6

 

 

 

Consolidated Statements of Changes in Owners’ Equity for the three months ended March 31, 2024 and 2023

 

7

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023

 

9

 

 

 

Notes to Consolidated Financial Statements

 

10

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

24

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

37

 

 

 

Item 4. Controls and Procedures

 

39

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

40

 

 

 

Item 1A. Risk Factors

 

40

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

40

 

 

 

Item 3. Defaults Upon Senior Securities

 

40

 

 

 

Item 4. Mine Safety Disclosures

 

41

 

 

 

Item 5. Other Information

 

41

 

 

 

Item 6. Exhibits

 

41

 

 

 

SIGNATURES

 

 

 

 

 

Signatures

 

42

 

 

 

1


 

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

 

Targa Resources Corp.’s (together with its subsidiaries, including Targa Resources Partners LP (the “Partnership”), “we,” “us,” “our,” “Targa,” “TRGP,” 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 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 transportation facilities and our success in connecting our facilities to transportation services and markets;
actions taken by other countries with significant hydrocarbon production;
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;
our ability to grow through internal growth capital projects or acquisitions and the successful integration and future performance of such assets;
the timing and success of business development efforts;
our ability to timely obtain and maintain necessary licenses, permits and other approvals;
industry changes, including the impact of consolidation, changes in competition and the drive to reduce fossil fuel use and substitute alternative forms of energy for oil and gas;
downside commodity price volatility from a variety of potential factors that can result in lower activity in our areas of operation;
our success in risk management activities, including the use of derivative instruments to hedge commodity price risks;
general economic, market and business conditions;
the impact of outbreaks of illnesses, pandemics or any other public health crises;
weather and other natural phenomena, and related impacts;
our ability to access the capital markets, which will depend on general market conditions, including the impact of increased interest rates, the potential for additional rate increases, associated Federal Reserve policies and potential economic recession, our credit ratings and leverage levels, and demand for our common equity, senior notes and commercial paper;
the amount of collateral required to be posted from time to time in our transactions;
the level of creditworthiness of counterparties to various transactions with us;
the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms;
changes in laws and regulations, particularly with regard to taxes, safety and the protection of the environment; and
the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 (“Annual Report”) and our reports and registration statements filed from time to time with the United States Securities and Exchange Commission (“SEC”).

 

2


 

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, 2024 (“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.

 

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

FERC

 

Federal Energy Regulatory Commission

GAAP

 

Accounting principles generally accepted in the United States of America

gal

 

U.S. gallons

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

SOFR

 

Secured Overnight Financing Rate

STACK

 

Sooner Trend, Anadarko, Canadian and Kingfisher

 

3


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

TARGA RESOURCES CORP.

CONSOLIDATED BALANCE SHEETS

 

 

March 31, 2024

 

 

December 31, 2023

 

 

(Unaudited)

 

 

(In millions)

 

ASSETS

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

109.9

 

 

$

141.7

 

Trade receivables, net of allowances of $2.5 million and $2.5 million at March 31, 2024 and December 31, 2023

 

1,483.7

 

 

 

1,471.0

 

Inventories

 

224.5

 

 

 

371.5

 

Assets from risk management activities

 

72.6

 

 

 

111.9

 

Other current assets

 

82.3

 

 

 

98.5

 

Total current assets

 

1,973.0

 

 

 

2,194.6

 

Property, plant and equipment, net

 

16,282.8

 

 

 

15,806.4

 

Intangible assets, net

 

2,257.3

 

 

 

2,350.6

 

Long-term assets from risk management activities

 

17.1

 

 

 

33.3

 

Investments in unconsolidated affiliates

 

152.2

 

 

 

146.3

 

Other long-term assets

 

163.7

 

 

 

140.6

 

Total assets

$

20,846.1

 

 

$

20,671.8

 

 

 

 

 

 

LIABILITIES AND OWNERS’ EQUITY

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

1,709.5

 

 

$

1,574.9

 

Accrued liabilities

 

295.9

 

 

 

281.7

 

Interest payable

 

186.2

 

 

 

229.6

 

Liabilities from risk management activities

 

76.8

 

 

 

54.0

 

Current debt obligations

 

546.1

 

 

 

620.7

 

Total current liabilities

 

2,814.5

 

 

 

2,760.9

 

Long-term debt

 

12,509.9

 

 

 

12,333.2

 

Long-term liabilities from risk management activities

 

39.8

 

 

 

16.8

 

Deferred income taxes, net

 

600.2

 

 

 

535.8

 

Other long-term liabilities

 

304.1

 

 

 

415.1

 

Contingencies (see Note 12)

 

 

 

 

 

Owners’ equity:

 

 

 

 

 

Targa Resources Corp. stockholders’ equity:

 

 

 

 

 

Common stock ($0.001 par value, 450,000,000 shares authorized as of March 31, 2024 and December 31, 2023)

 

0.2

 

 

 

0.2

 

Issued Outstanding

 

 

 

 

 

March 31, 2024 241,259,940 222,150,320

 

 

 

 

 

December 31, 2023 240,095,699 222,611,259

 

 

 

 

 

Additional paid-in capital

 

3,073.4

 

 

 

3,058.8

 

Retained earnings (deficit)

 

654.1

 

 

 

492.0

 

Accumulated other comprehensive income (loss)

 

33.9

 

 

 

85.6

 

Treasury stock, at cost (19,109,620 shares as of March 31, 2024 and 17,484,440 shares as of December 31, 2023)

 

(1,057.7

)

 

 

(896.9

)

Total Targa Resources Corp. stockholders’ equity

 

2,703.9

 

 

 

2,739.7

 

Noncontrolling interests

 

1,873.7

 

 

 

1,870.3

 

Total owners’ equity

 

4,577.6

 

 

 

4,610.0

 

Total liabilities and owners’ equity

$

20,846.1

 

 

$

20,671.8

 

 

See notes to consolidated financial statements.

4


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

 

(Unaudited)

 

 

(In millions, except per share amounts)

 

Revenues:

 

 

 

 

 

Sales of commodities

$

3,953.0

 

 

$

4,025.0

 

Fees from midstream services

 

609.4

 

 

 

495.5

 

Total revenues

 

4,562.4

 

 

 

4,520.5

 

Costs and expenses:

 

 

 

 

 

Product purchases and fuel

 

3,218.0

 

 

 

3,019.0

 

Operating expenses

 

278.0

 

 

 

258.2

 

Depreciation and amortization expense

 

340.5

 

 

 

324.8

 

General and administrative expense

 

86.5

 

 

 

82.4

 

Other operating (income) expense

 

 

 

 

(0.6

)

Income (loss) from operations

 

639.4

 

 

 

836.7

 

Other income (expense):

 

 

 

 

 

Interest expense, net

 

(228.6

)

 

 

(168.0

)

Equity earnings (loss)

 

2.8

 

 

 

(0.2

)

Other, net

 

1.7

 

 

 

(3.0

)

Income (loss) before income taxes

 

415.3

 

 

 

665.5

 

Income tax (expense) benefit

 

(82.7

)

 

 

(110.3

)

Net income (loss)

 

332.6

 

 

 

555.2

 

Less: Net income (loss) attributable to noncontrolling interests

 

57.4

 

 

 

58.2

 

Net income (loss) attributable to Targa Resources Corp.

 

275.2

 

 

 

497.0

 

Premium on repurchase of noncontrolling interests, net of tax

 

 

 

 

490.7

 

Net income (loss) attributable to common shareholders

$

275.2

 

 

$

6.3

 

 

 

 

 

 

Net income (loss) per common share - basic

$

1.23

 

 

$

0.03

 

Net income (loss) per common share - diluted

$

1.22

 

 

$

0.03

 

Weighted average shares outstanding - basic

 

222.8

 

 

 

226.4

 

Weighted average shares outstanding - diluted

 

223.7

 

 

 

229.3

 

 

See notes to consolidated financial statements.

 

5


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

Pre-Tax

 

 

Related Income Tax

 

 

After Tax

 

 

 

(Unaudited)

 

 

 

(In millions)

 

Net income (loss)

 

 

 

 

 

 

 

$

332.6

 

 

 

 

 

 

 

 

$

555.2

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity hedging contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value

 

$

(70.3

)

 

$

16.1

 

 

 

(54.2

)

 

$

83.9

 

 

$

(18.6

)

 

 

65.3

 

Settlements reclassified to revenues

 

 

3.2

 

 

 

(0.7

)

 

 

2.5

 

 

 

(45.2

)

 

 

10.0

 

 

 

(35.2

)

Other comprehensive income (loss)

 

 

(67.1

)

 

 

15.4

 

 

 

(51.7

)

 

 

38.7

 

 

 

(8.6

)

 

 

30.1

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

280.9

 

 

 

 

 

 

 

 

 

585.3

 

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

57.4

 

 

 

 

 

 

 

 

 

58.2

 

Comprehensive income (loss) attributable to Targa Resources Corp.

 

 

 

 

 

 

 

$

223.5

 

 

 

 

 

 

 

 

$

527.1

 

 

See notes to consolidated financial statements.

6


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS’ EQUITY

 

 

 

 

 

 

 

 

 

Retained

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

Earnings

 

Other

 

Treasury

 

 

 

Total

 

 

 

Common Stock

 

Paid in

 

(Accumulated

 

Comprehensive

 

Shares

 

Noncontrolling

 

Owners’

 

 

 

Shares

 

Amount

 

Capital

 

Deficit)

 

Income (Loss)

 

Shares

 

Amount

 

Interests

 

Equity

 

 

 

(Unaudited)

 

 

 

(In millions, except shares in thousands)

 

Balance, December 31, 2023

 

 

222,611

 

$

0.2

 

$

3,058.8

 

$

492.0

 

$

85.6

 

 

17,484

 

$

(896.9

)

$

1,870.3

 

$

4,610.0

 

Compensation on equity grants

 

 

 

 

 

 

14.6

 

 

 

 

 

 

 

 

 

 

 

 

14.6

 

Dividend equivalent rights

 

 

 

 

 

 

 

 

(0.7

)

 

 

 

 

 

 

 

 

 

(0.7

)

Shares issued under compensation program

 

 

1,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares tendered for tax withholding obligations

 

 

(440

)

 

 

 

 

 

 

 

 

 

440

 

 

(36.5

)

 

 

 

(36.5

)

Repurchases of common stock

 

 

(1,186

)

 

 

 

 

 

 

 

 

 

1,186

 

 

(123.7

)

 

 

 

(123.7

)

Excise tax on repurchases of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.6

)

 

 

 

(0.6

)

Common stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends - $0.50 per share

 

 

 

 

 

 

 

 

(112.4

)

 

 

 

 

 

 

 

 

 

(112.4

)

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(55.8

)

 

(55.8

)

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.8

 

 

1.8

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

(51.7

)

 

 

 

 

 

 

 

(51.7

)

Net income (loss)

 

 

 

 

 

 

 

 

275.2

 

 

 

 

 

 

 

 

57.4

 

 

332.6

 

Balance, March 31, 2024

 

 

222,150

 

$

0.2

 

$

3,073.4

 

$

654.1

 

$

33.9

 

 

19,110

 

$

(1,057.7

)

$

1,873.7

 

$

4,577.6

 

 

See notes to consolidated financial statements.

 

 

7


 

 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS’ EQUITY

 

 

 

 

 

 

 

 

 

Retained

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

Earnings

 

Other

 

Treasury

 

 

 

Total

 

 

 

Common Stock

 

Paid in

 

(Accumulated

 

Comprehensive

 

Shares

 

Noncontrolling

 

Owners’

 

 

 

Shares

 

Amount

 

Capital

 

Deficit)

 

Income (Loss)

 

Shares

 

Amount

 

Interests

 

Equity

 

 

 

(Unaudited)

 

 

 

(In millions, except shares in thousands)

 

Balance, December 31, 2022

 

 

226,042

 

$

0.2

 

$

3,702.3

 

$

(626.8

)

$

54.7

 

 

11,897

 

$

(464.7

)

$

2,316.5

 

$

4,982.2

 

Compensation on equity grants

 

 

 

 

 

 

15.0

 

 

 

 

 

 

 

 

 

 

 

 

15.0

 

Dividend equivalent rights

 

 

 

 

 

 

(1.3

)

 

 

 

 

 

 

 

 

 

 

 

(1.3

)

Shares issued under compensation program

 

 

1,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares tendered for tax withholding obligations

 

 

(449

)

 

 

 

 

 

 

 

 

 

449

 

 

(33.8

)

 

 

 

(33.8

)

Repurchases of common stock

 

 

(724

)

 

 

 

 

 

 

 

 

 

724

 

 

(52.0

)

 

 

 

(52.0

)

Common stock dividends

 

 

 

 

 

 

 

 

 

 

 

Dividends - $0.35 per share

 

 

 

 

 

 

 

 

(79.3

)

 

 

 

 

 

 

 

 

 

(79.3

)

Dividends in excess of retained earnings

 

 

 

 

 

 

(79.3

)

 

79.3

 

 

 

 

 

 

 

 

 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(56.1

)

 

(56.1

)

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

 

0.2

 

Repurchase of noncontrolling interests, net of tax

 

 

 

 

 

 

(490.7

)

 

 

 

 

 

 

 

 

 

(457.3

)

 

(948.0

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

30.1

 

 

 

 

 

 

 

 

30.1

 

Net income (loss)

 

 

 

 

 

 

 

 

497.0

 

 

 

 

 

 

 

 

58.2

 

 

555.2

 

Balance, March 31, 2023

 

 

226,136

 

$

0.2

 

$

3,146.0

 

$

(129.8

)

$

84.8

 

 

13,070

 

$

(550.5

)

$

1,861.5

 

$

4,412.2

 

 

See notes to consolidated financial statements.

 

8


 

TARGA RESOURCES CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In millions)

 

Cash flows from operating activities

 

 

 

 

 

 

Net income (loss)

 

$

332.6

 

 

$

555.2

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

Amortization in interest expense

 

 

3.7

 

 

 

3.2

 

Compensation on equity grants

 

 

14.6

 

 

 

15.0

 

Depreciation and amortization expense

 

 

340.5

 

 

 

324.8

 

(Gain) loss on sale or disposition of assets

 

 

(1.1

)

 

 

(1.5

)

Write-downs of assets

 

 

1.0

 

 

 

0.9

 

Accretion of asset retirement obligations

 

 

1.6

 

 

 

1.6

 

Deferred income tax expense (benefit)

 

 

79.8

 

 

 

106.0

 

Equity (earnings) loss of unconsolidated affiliates

 

 

(2.8

)

 

 

0.2

 

Distributions of earnings received from unconsolidated affiliates

 

 

5.6

 

 

 

1.4

 

Risk management activities

 

 

22.0

 

 

 

(175.7

)

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

Receivables and other assets

 

 

39.8

 

 

 

440.8

 

Inventories

 

 

147.0

 

 

 

237.5

 

Accounts payable, accrued liabilities and other liabilities

 

 

(64.5

)

 

 

(292.7

)

Interest payable

 

 

(43.4

)

 

 

(46.9

)

Net cash provided by operating activities

 

 

876.4

 

 

 

1,169.8

 

Cash flows from investing activities

 

 

 

 

 

Outlays for property, plant and equipment

 

 

(669.8

)

 

 

(475.7

)

Proceeds from sale of assets

 

 

0.9

 

 

 

0.2

 

Investments in unconsolidated affiliates

 

 

(9.4

)

 

 

(6.2

)

Return of capital from unconsolidated affiliates

 

 

0.7

 

 

 

1.2

 

Other, net

 

 

(0.3

)

 

 

(0.3

)

Net cash provided by (used in) investing activities

 

 

(677.9

)

 

 

(480.8

)

Cash flows from financing activities

 

 

 

 

 

Debt obligations:

 

 

 

 

 

Repayments of credit facilities

 

 

 

 

 

(290.0

)

Proceeds from borrowings of commercial paper notes

 

 

14,025.0

 

 

 

14,526.8

 

Repayments of commercial paper notes

 

 

(13,840.0

)

 

 

(15,230.5

)

Proceeds from borrowings under accounts receivable securitization facility

 

 

25.0

 

 

 

 

Repayments of accounts receivable securitization facility

 

 

(100.0

)

 

 

(96.0

)

Proceeds from issuance of senior notes

 

 

 

 

 

1,717.1

 

Principal payments of finance leases

 

 

(10.8

)

 

 

(9.4

)

Costs incurred in connection with financing arrangements

 

 

 

 

 

(4.1

)

Repurchase of shares

 

 

(160.2

)

 

 

(85.8

)

Contributions from noncontrolling interests

 

 

1.8

 

 

 

0.2

 

Distributions to noncontrolling interests

 

 

(53.2

)

 

 

(47.3

)

Repurchase of noncontrolling interests

 

 

(1.3

)

 

 

(1,091.9

)

Dividends paid to common shareholders

 

 

(116.6

)

 

 

(85.3

)

Net cash provided by (used in) financing activities

 

 

(230.3

)

 

 

(696.2

)

 Net change in cash and cash equivalents

 

 

(31.8

)

 

 

(7.2

)

 Cash and cash equivalents, beginning of period

 

 

141.7

 

 

 

219.0

 

 Cash and cash equivalents, end of period

 

$

109.9

 

 

$