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Content analysis
?Positive | ||
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Uncertain | ||
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H.S. sophomore Avg
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Exhibit 12.1
Targa Resources Partners LP |
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Computation of Ratio of Earnings to Fixed Charges |
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| Years Ended December 31, |
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| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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| (In millions) |
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Pre-tax income from continuing operations |
| $ |
| (258.0 | ) |
| $ |
| (229.0 | ) |
| $ |
| (58.7 | ) |
| $ |
| 509.9 |
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| $ |
| 261.5 |
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Fixed charges: |
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| Interest expense and amortization of debt issuance costs |
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| 217.8 |
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| 233.5 |
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| 207.8 |
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| 143.8 |
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| 131.0 |
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| Capitalized interest |
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| 14.3 |
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| 8.3 |
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| 13.2 |
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| 16.1 |
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| 28.0 |
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| Operating lease payments |
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| 17.3 |
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| 16.5 |
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| 15.3 |
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| 8.2 |
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| 7.8 |
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| Distributions to preferred unitholders |
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| 11.3 |
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| 11.3 |
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| 2.4 |
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| - |
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| Total fixed charges |
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| 260.7 |
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| 269.6 |
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| 238.7 |
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| 168.1 |
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| 166.8 |
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| Amortization of capitalized interest |
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| 4.7 |
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| 4.1 |
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| 3.6 |
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| 2.8 |
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| 1.7 |
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| Equity loss (earnings) of unconsolidated affiliates |
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| 17.0 |
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| 14.3 |
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| 2.5 |
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| (18.0 | ) |
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| (14.8 | ) |
| Distributed income of unconsolidated affiliates |
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| 12.5 |
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| 4.1 |
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| 13.8 |
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| 23.7 |
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| 12.0 |
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| Capitalized interest |
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| (14.3 | ) |
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| (8.3 | ) |
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| (13.2 | ) |
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| (16.1 | ) |
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| (28.0 | ) |
Income as adjusted |
| $ |
| 22.6 |
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| $ |
| 54.8 |
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| $ |
| 186.7 |
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| $ |
| 670.4 |
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| $ |
| 399.2 |
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Ratio of earnings to fixed charges |
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| (1) |
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| (1) |
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| (1) |
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| 4.0 |
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| 2.4 |
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(1) The ratio coverage for the years ended December 31, 2017, 2016, and 2015 were less than 1:1. The registrant would have needed to generate additional earnings of $238.1 million, $214.8 million, and $52.0 million, respectively, to achieve a coverage of 1:1 for those periods. |
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