View Filing Data

$ 81.0

$ 66.7

Trade receivables, net of allowances of $0.0 million and $1.1 million

567.3

658.8

Inventories

168.9

150.7

Deferred income taxes

0.1

Assets from risk management activities

44.4

2.0

Other current assets

20.9

18.9

Total current assets

882.6

897.2

Property, plant and equipment

6,521.1

5,758.4

Accumulated depreciation

(1,696.5)

(1,408.5)

Property, plant and equipment, net

4,824.6

4,349.9

Intangible assets, net

591.9

653.4

Long-term assets from risk management activities

15.8

3.1

Investment in unconsolidated affiliate

50.2

55.9

Other long-term assets

88.4

89.1

Total assets

6,453.5

^[1]

6,048.6

Current liabilities:

Accounts payable and accrued liabilities

638.5

761.8

Accounts receivable securitization facility

182.8

0.0

Deferred income taxes

0.6

Liabilities from risk management activities

5.2

8.0

Total current liabilities

827.1

770.4

Preferred stock ($0.001 par value, 100,000,000 shares authorized, no shares issued and outstanding)

2,885.4

2,989.3

Long-term liabilities from risk management activities

0.0

1.4

Deferred income taxes

138.2

135.5

Other long-term liabilities

63.3

60.7

Commitments and contingencies (see Notes 17 and 18)

Targa Resources Corp. stockholders' equity:

Common stock ($0.001 par value, 300,000,000 shares authorized)

0.0

0.0

Additional paid-in capital

164.9

151.6

Retained earnings

25.5

20.5

Accumulated other comprehensive income (loss)

4.8

(0.5)

Treasury stock, at cost (388,890 shares as of December 31, 2014 and 366,890 as of December 31, 2013)

(25.4)

(22.8)

Total Targa Resources Corp. stockholders' equity

169.8

148.8

Noncontrolling interests in subsidiaries

2,369.7

1,942.5

Total owners' equity

2,539.5

2,091.3

Total liabilities and owners' equity

$ 6,453.5

$ 6,048.6

[1]	Corporate assets primarily include investment in unconsolidated subsidiaries and debt issuance costs associated with our long-term debt

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Trade receivables, allowances	$ 0.0	$ 1.1
Targa Resources Corp. stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	42,532,353	42,529,068
Common stock, shares outstanding (in shares)	42,143,463	42,162,178
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury Stock, shares (in shares)	388,890	366,890

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONDENSED STATEMENT OF OPERATIONS
Revenues	$ 8,616.5	$ 6,314.7	$ 5,679.0
Costs and expenses:
Product purchases	7,046.9	5,137.2	4,672.3
Operating expenses	433.1	376.3	313.1
Depreciation and amortization expenses	351.0	271.9	197.6
General and administrative expenses	148.0	151.5	139.8
Other operating (income) expense	(3.0)	9.6	19.9
Income from operations	640.5	368.2	336.3
Other income (expense):
Interest expense, net	(147.1)	(134.1)	(120.8)
Equity earnings	18.0	14.8	1.9
Gain (loss) on debt redemptions and amendments	(12.4)	(14.7)	(12.8)
Other	(8.0)	15.3	(8.4)
Income before income taxes	491.0	249.5	196.2
Income tax (expense) benefit:
Current	(72.4)	(42.8)	(27.9)
Deferred	4.4	(5.4)	(9.0)
Income tax expense total	(68.0)	(48.2)	(36.9)
Net income	423.0	201.3	159.3
Less: Net income attributable to noncontrolling interests	320.7	136.2	121.2
Net income available to common shareholders	$ 102.3	$ 65.1	$ 38.1
Net income available per common share - basic (in dollars per share)	$ 2.44	$ 1.56	$ 0.93
Net income available per common share - diluted (in dollars per share)	$ 2.43	$ 1.55	$ 0.91
Weighted average shares outstanding - basic (in shares)	42.0	41.6	41.0
Weighted average shares outstanding - diluted (in shares)	42.1	42.1	41.8

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Targa Resources Corp.
Net income attributable to common shareholders	$ 102.3	$ 65.1	$ 38.1
Commodity hedging contracts:
Change in fair value, pre-tax	7.5	(0.8)	11.9
Change in fair value, related income tax	(2.9)	0.3	(4.4)
Change in fair value, after tax	4.6	(0.5)	7.5
Settlement reclassified to revenues, pre-tax	0.6	(2.8)	(9.0)
Settlement reclassified to revenues, related income tax	(0.1)	1.1	3.3
Settlement reclassified to revenues, after tax	0.5	(1.7)	(5.7)
Interest rate swaps:
Change in fair value, pre-tax	0.0	0.0	0.0
Change in fair value, related income tax	0.0	0.0	0.0
Change in fair value, after tax	0.0	0.0	0.0
Settlements reclassified to interest expense, net, pre-tax	0.3	0.8	1.3
Settlements reclassified to interest expense, net, related income tax	(0.1)	(0.3)	(0.6)
Settlements reclassified to interest expense, net, after tax	0.2	0.5	0.7
Other comprehensive income (loss) attributable to Targa Resources Corp., pre-tax	8.4	(2.8)	4.2
Other comprehensive income (loss) attributable to Targa Resources Corp., related income tax	(3.1)	1.2	(1.7)
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax	5.3	(1.7)	2.5
Comprehensive income attributable to Targa Resources Corp.	107.6	63.4	40.6
Noncontrolling interests
Net income attributable to noncontrolling interests	320.7	136.2	121.2
Commodity hedging contracts:
Change in fair value, pre-tax	52.2	(5.0)	64.9
Change in fair value, related income tax	0.0	0.0	0.0
Change in fair value, after tax	52.2	(5.0)	64.9
Settlement reclassified to revenues, pre-tax	3.6	(18.2)	(37.0)
Settlement reclassified to revenues, related income tax	0.0	0.0	0.0
Settlement reclassified to revenues, after tax	3.6	(18.2)	(37.0)
Interest rate swaps:
Change in fair value, pre-tax	0.0	0.0	0.0
Change in fair value, related income tax	0.0	0.0	0.0
Change in fair value, after tax	0.0	0.0	0.0
Settlements reclassified to interest expense, net, pre-tax	2.1	5.3	6.6
Settlements reclassified to interest expense, net, related income tax	0.0	0.0	0.0
Settlements reclassified to interest expense, net, after tax	2.1	5.3	6.6
Other comprehensive income (loss) attributable to noncontrolling interests, before tax	57.9	(17.9)	34.5
Other comprehensive income (loss) attributable to noncontrolling interests, related income tax	0.0	0.0	0.0
Other comprehensive income (loss) attributable to noncontrolling interests, after tax	57.9	(17.9)	34.5
Comprehensive income attributable to noncontrolling interests	378.6	118.3	155.7
Total
Net income	423.0	201.3	159.3
Commodity hedging contracts:
Change in fair value, pre-tax	59.7	(5.8)	76.8
Change in fair value, related income tax	(2.9)	0.4	(4.4)
Change in fair value, after tax	56.8	(5.4)	72.4
Settlement reclassified to revenues, pre-tax	4.2	(21.0)	(46.0)
Settlement reclassified to revenues, related income tax	(0.1)	1.1	3.3
Settlement reclassified to revenues, after tax	4.1	(19.9)	(42.7)
Interest rate swap:
Change in fair value, pre-tax	0.0	0.0	0.0
Change in fair value, related income tax	0.0	0.0	0.0
Change in fair value, after tax	0.0	0.0	0.0
Settlements reclassified to interest expense, net, pre-tax	2.4	6.1	7.9
Settlements reclassified to interest expense, net, related income tax	(0.1)	(0.3)	(0.6)
Settlements reclassified to interest expense, net, after tax	2.3	5.8	7.3
Other comprehensive income (loss), pre-tax	66.3	(20.7)	38.7
Other comprehensive income (loss), related income tax	(3.1)	1.2	(1.7)
Other comprehensive income (loss), after tax	63.2	(19.6)	37.0
Total comprehensive income	$ 486.2	$ 181.7	$ 196.3

CONSOLIDATED STATEMENT OF CHANGES IN OWNERS' EQUITY - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2011	$ 0.0	$ 229.5	$ (70.1)	$ (1.3)	$ 0.0	$ 1,172.6	$ 1,330.7
Balance (in shares) at Dec. 31, 2011	42,398,000				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	$ 0.0	15.3	0.0	0.0	$ 0.0	3.5	18.8
Compensation on equity grants (in shares)	95,000				0
Accrual of distribution equivalent rights	$ 0.0	0.0	0.0	0.0	$ 0.0	(0.5)	(0.5)
Common stock and Partnership units tendered for tax withholding obligations	$ 0.0	0.0	0.0	0.0	$ (9.5)	0.0	(9.5)
Common stock and Partnership units tendered for tax withholding obligations (in shares)	(198,000)				198,000
Sale of Partnership limited partner interests	$ 0.0	0.0	0.0	0.0	$ 0.0	493.5	493.5
Impact of Partnership equity transactions	0.0	5.2	0.0	0.0	0.0	(5.2)	0.0
Dividends in excess of retained earnings	0.0	(64.4)	0.0	0.0	0.0	0.0	(64.4)
Distributions to non-controlling interests	0.0	(1.2)	0.0	0.0	0.0	(210.3)	(211.5)
Other comprehensive income (loss)	0.0	0.0	0.0	2.5	0.0	34.5	37.0
Net income	0.0	0.0	38.1	0.0	0.0	121.2	159.3
Balance at Dec. 31, 2012	$ 0.0	184.4	(32.0)	1.2	$ (9.5)	1,609.3	1,753.4
Balance (in shares) at Dec. 31, 2012	42,295,000				198,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	$ 0.0	8.8	0.0	0.0	$ 0.0	6.0	14.8
Compensation on equity grants (in shares)	0				0
Accrual of distribution equivalent rights	$ 0.0	0.0	0.0	0.0	$ 0.0	(1.7)	(1.7)
Shares issued under compensation program (in shares)	36,000
Common stock and Partnership units tendered for tax withholding obligations	$ 0.0	0.0	0.0	0.0	$ (13.3)	0.0	(13.3)
Common stock and Partnership units tendered for tax withholding obligations (in shares)	(169,000)				169,000
Sale of Partnership limited partner interests	$ 0.0	0.0	0.0	0.0	$ 0.0	517.7	517.7
Impact of Partnership equity transactions	0.0	32.7	0.0	0.0	0.0	(32.7)	0.0
Dividends	0.0	0.0	(12.6)	0.0	0.0	0.0	(12.6)
Dividends in excess of retained earnings	0.0	(74.3)	0.0	0.0	0.0	0.0	(74.3)
Distributions to non-controlling interests	0.0	0.0	0.0	0.0	0.0	(274.4)	(274.4)
Other comprehensive income (loss)	0.0	0.0	0.0	(1.7)	0.0	(17.9)	(19.6)
Net income	0.0	0.0	65.1	0.0	0.0	136.2	201.3
Balance at Dec. 31, 2013	$ 0.0	151.6	20.5	(0.5)	$ (22.8)	1,942.5	2,091.3
Balance (in shares) at Dec. 31, 2013	42,162,000				367,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	$ 0.0	6.1	0.0	0.0	$ 0.0	9.2	15.3
Compensation on equity grants (in shares)	0				0
Accrual of distribution equivalent rights	$ 0.0	0.0	0.0	0.0	$ 0.0	(1.4)	(1.4)
Shares issued under compensation program (in shares)	3,000
Common stock and Partnership units tendered for tax withholding obligations	$ 0.0	0.0	0.0	0.0	$ (2.6)	(4.8)	(7.4)
Common stock and Partnership units tendered for tax withholding obligations (in shares)	(22,000)				22,000
Sale of Partnership limited partner interests	$ 0.0	0.0	0.0	0.0	$ 0.0	408.4	408.4
Impact of Partnership equity transactions	0.0	23.0	0.0	0.0	0.0	(23.0)	0.0
Dividends	0.0	0.0	(97.3)	0.0	0.0	0.0	(97.3)
Dividends in excess of retained earnings	0.0	(15.8)	0.0	0.0	0.0	0.0	(15.8)
Distributions to non-controlling interests	0.0	0.0	0.0	0.0	0.0	(339.8)	(339.8)
Other comprehensive income (loss)	0.0	0.0	0.0	5.3	0.0	57.9	63.2
Net income	0.0	0.0	102.3	0.0	0.0	320.7	423.0
Balance at Dec. 31, 2014	$ 0.0	$ 164.9	$ 25.5	$ 4.8	$ (25.4)	$ 2,369.7	$ 2,539.5
Balance (in shares) at Dec. 31, 2014	42,143,000				389,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net income	$ 423.0	$ 201.3	$ 159.3
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization in interest expense	11.8	15.9	18.2
Compensation on equity grants	14.3	13.2	17.5
Depreciation and amortization expenses	351.0	271.9	197.6
Accretion of asset retirement obligations	4.5	4.0	4.0
Deferred income tax expense (benefit)	(4.4)	5.4	9.0
Equity earnings of unconsolidated affiliate	(18.0)	(14.8)	(1.9)
Distributions of unconsolidated affiliate	18.0	12.0	1.9
Risk management activities	4.7	(0.3)	3.6
(Gain) loss on sale or disposition of assets	(4.8)	3.9	15.6
(Gain) loss on debt redemptions and amendments	12.4	14.7	12.8
Changes in operating assets and liabilities:
Receivables and other assets	90.2	(143.6)	98.0
Inventory	(36.2)	(84.5)	6.0
Accounts payable and other liabilities	(104.7)	83.6	(113.4)
Net cash provided by operating activities	761.8	382.7	428.2
Cash flows from investing activities
Outlays for property, plant and equipment	(762.2)	(1,013.6)	(582.7)
Business acquisitions, net of cash acquired	0.0	0.0	(996.2)
Investment in unconsolidated affiliate	0.0	0.0	(16.8)
Return of capital from unconsolidated affiliate	5.7	0.0	0.5
Other, net	5.1	(12.7)	4.5
Net cash used in investing activities	(751.4)	(1,026.3)	(1,590.7)
Partnership loan facilities:
Proceeds	2,400.0	2,238.0	2,595.0
Repayments	(2,254.8)	(2,021.2)	(1,690.7)
Partnership accounts receivable securitization facility:
Proceeds	381.9	373.3	0.0
Repayments	(478.8)	(93.6)	0.0
Non-Partnership loan facility:
Proceeds	92.0	65.0	90.0
Repayments	(74.0)	(63.0)	(96.8)
Costs incurred in connection with financing arrangements	(14.3)	(15.3)	(36.6)
Distributions to non-controlling interests	(341.4)	(274.4)	(211.5)
Proceeds from sale of common units of the Partnership	412.7	524.7	514.0
Repurchase of common units under Partnership compensation plans	(4.8)	0.0	0.0
Dividends to common shareholders	(113.0)	(87.8)	(62.2)
Repurchase of common stock under TRC compensation plans	(2.6)	(13.3)	(9.5)
Excess tax benefit from stock-based awards	1.0	1.6	1.3
Net cash used in financing activities	3.9	634.0	1,093.0
Net change in cash and cash equivalents	14.3	(9.6)	(69.5)
Cash and cash equivalents, beginning of period	66.7	76.3	145.8
Cash and cash equivalents, end of period	$ 81.0	$ 66.7	$ 76.3

Organization	12 Months Ended
Organization	Dec. 31, 2014
Organization [Abstract]
Organization	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 Annual Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations.

Basis of Presentation

12 Months Ended

Dec. 31, 2014

Basis of Presentation [Abstract]

Basis of Presentation

Note 2 — Basis of Presentation

These accompanying financial statements and related notes present our consolidated financial position as of December 31, 2014 and 2013, and the results of operations, comprehensive income, cash flows, and changes in owners’ equity for the years ended December 31, 2014, 2013 and 2012.

We have prepared our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated. Certain amounts in prior periods have been reclassified to conform to the current year presentation.

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 December 31, 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 a 10.9% 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 24 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.

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 requires 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 have been 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
As Reported:
Revenues	$	6,556.0		$	5,885.7
Product Purchases		5,378.5			4,879.0

Effect of Revisions:
Revenues		(241.3	)		(206.7	)
Product Purchases		(241.3	)		(206.7	)

As Revised:
Revenues		6,314.7			5,679.0
Product Purchases		5,137.2			4,672.3

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35735333&loc=d3e288-107754

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

+ Details

Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Significant Accounting Policies [Abstract]

Significant Accounting Policies

Note 3 — Significant Accounting Policies

Consolidation Policy

Our consolidated financial statements include our accounts and those of our subsidiaries in which we have a controlling interest. We hold varying undivided interests in various gas processing facilities in which we are responsible for our proportionate share of the costs and expenses of the facilities. Our consolidated financial statements reflect our proportionate share of the revenues, expenses, assets and liabilities of these undivided interests.

We follow the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the operating and financial policies of the investee.

Cash and Cash Equivalents

Cash and cash equivalents include all cash on hand, demand deposits, and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Comprehensive Income

Comprehensive income includes net income and other comprehensive income (“OCI”), which includes changes in the fair value of derivative instruments that are designated as hedges.

Allowance for Doubtful Accounts

Estimated losses on accounts receivable are provided through an allowance for doubtful accounts. In evaluating the adequacy of the allowance, we make judgments regarding each party’s ability to make required payments, economic events and other factors. As the financial condition of any party changes, circumstances develop or additional information becomes available, adjustments to an allowance for doubtful accounts may be required.

Inventories

The Partnership’s inventories consist primarily of NGL product inventories. Most NGL product inventories turn over monthly, but some inventory, primarily propane, is acquired and held during the year to meet anticipated heating season requirements of the Partnership’s customers. NGL product inventories are valued at the lower of cost or market using the average cost method. Commodity inventories that are not physically or contractually available for sale under normal operations (“deadstock”) are classified as Property, Plant and Equipment. Inventories also include materials and supplies required for our Badlands expansion activities in North Dakota, which are valued using the specific identification method.

Product Exchanges

Exchanges of NGL products are executed to satisfy timing and logistical needs of the exchange parties. Volumes received and delivered under exchange agreements are recorded as inventory. If the locations of receipt and delivery are in different markets, an exchange differential may be billed or owed. The exchange differential is recorded as either accounts receivable or accrued liabilities.

Gas Processing Imbalances

Quantities of natural gas and/or NGLs over-delivered or under-delivered related to certain gas plant operational balancing agreements are recorded monthly as inventory or as a payable using the weighted average price at the time the imbalance was created. Inventory imbalances receivable are valued at the lower of cost or market using the average cost method; inventory imbalances payable are valued at replacement cost. These imbalances are settled either by current cash-out settlements or by adjusting future receipts or deliveries of natural gas or NGLs.

Derivative Instruments

The Partnership employs derivative instruments to manage the volatility of cash flows due to fluctuating energy prices and interest rates. All derivative instruments not qualifying for the normal purchase and normal sale exception are recorded on the balance sheets at fair value. The treatment of the periodic changes in fair value will depend on whether the derivative is designated and effective as a hedge for accounting purposes. The Partnership has designated certain liquids marketing contracts that meet the definition of a derivative as normal purchases and normal sales, which under GAAP, are not accounted for as derivatives.

If a derivative qualifies for hedge accounting and is designated as a cash flow hedge, the effective portion of the change in fair value of the derivative is deferred in Accumulated Other Comprehensive Income (“AOCI”), a component of owners’ equity, and reclassified to earnings when the forecasted transaction occurs. Cash flows from a derivative instrument designated as a hedge are classified in the same category as the cash flows from the item being hedged. As such, we include the cash flows from commodity derivative instruments in revenues and from interest rate derivative instruments in interest expense.

If a derivative does not qualify as a hedge or is not designated as a hedge, the gain or loss resulting from the change in fair value on the derivative is recognized currently in earnings as a component of revenues.

The Partnership formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge. This documentation includes the specific identification of the hedging instrument and the hedged item, the nature of the risk being hedged and the manner in which the hedging instrument’s effectiveness will be assessed. At the inception of the hedge, and on an ongoing basis, the Partnership assesses whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items.

The relationship between the hedging instrument and the hedged item must be highly effective in achieving the offset of changes in cash flows attributable to the hedged risk both at the inception of the contract and on an ongoing basis. The Partnership measures hedge ineffectiveness on a quarterly basis and reclassify any ineffective portion of the gain or loss related to the change in fair value to earnings in the current period.

The Partnership will discontinue hedge accounting on a prospective basis when a hedge instrument is terminated or ceases to be highly effective. Gains and losses deferred in AOCI related to cash flow hedges for which hedge accounting has been discontinued remain deferred until the forecasted transaction occurs. If it is no longer probable that a hedged forecasted transaction will occur, deferred gains or losses on the hedging instrument are reclassified to earnings immediately.

For balance sheet classification purposes, the Partnership analyzes the fair values of the derivative contracts on a deal by deal basis and reports the related fair values on a gross basis.

Property, Plant and Equipment

Property, plant and equipment are stated at acquisition value less accumulated depreciation. All of the property, plant and equipment sold to the Partnership from 2007 to 2010 in drop-down transactions were stated at historical cost in the transactions recorded under common control accounting. Depreciation is computed using the straight-line method over the estimated useful lives of the assets.

Expenditures for maintenance and repairs are expensed as incurred. Expenditures to refurbish assets that extend the useful lives or prevent environmental contamination are capitalized and depreciated over the remaining useful life of the asset or major asset component. We also capitalize certain costs directly related to the construction of assets, including internal labor costs, interest and engineering costs.

The determination of the useful lives of property, plant and equipment requires us to make various assumptions, including the supply of and demand for hydrocarbons in the markets served by our assets, normal wear and tear of the facilities, and the extent and frequency of maintenance programs.

We evaluate the recoverability of our property, plant and equipment when events or circumstances such as economic obsolescence, the business climate, legal and other factors indicate we may not recover the carrying amount of the assets. Asset recoverability is measured by comparing the carrying value of the asset with the asset’s expected future undiscounted cash flows. These cash flow estimates require us to make projections and assumptions for many years into the future for pricing, demand, competition, operating cost and other factors. If the carrying amount exceeds the expected future undiscounted cash flows we recognize an impairment loss to write down the carrying amount of the asset to its fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. The determination of the fair value using present value techniques requires us to make projections and assumptions regarding the probability of a range of outcomes and the rates of interest used in the present value calculations. Any changes we make to these projections and assumptions could result in significant revisions to our evaluation of recoverability of our property, plant and equipment and the recognition of an impairment loss in our consolidated statements of operations. Upon disposition or retirement of property, plant and equipment, any gain or loss is recorded to operations.

Intangible Assets

Intangible assets arose from producer dedications under long-term contracts and customer relationships associated with businesses 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. Amortization expense attributable to these assets is recorded in a manner that closely resembles the expected pattern in which we benefit from services provided to customers.

Asset Retirement Obligations (“ AROs ”)

AROs are legal obligations associated with the retirement of tangible long-lived assets that result from an asset’s acquisition, construction, development and/or normal operation. An ARO is initially measured at its estimated fair value. Upon initial recognition of an ARO, we record an increase to the carrying amount of the related long-lived asset and an offsetting ARO liability. The consolidated cost of the asset and the capitalized asset retirement obligation is depreciated using the straight-line method over the period during which the long-lived asset is expected to provide benefits. After the initial period of ARO recognition, the ARO will change as a result of either the passage of time or revisions to the original estimates of either the amounts of estimated cash flows or their timing.

Changes due to the passage of time increase the carrying amount of the liability because there are fewer periods remaining from the initial measurement date until the settlement date; therefore, the present values of the discounted future settlement amount increases. These changes are recorded as a period cost called accretion expense. Changes resulting from revisions to the timing or the amount of the original estimate of undiscounted cash flows shall be recognized as an increase or a decrease in the carrying amount of the liability for an asset retirement obligation and the related asset retirement cost capitalized as part of the carrying amount of the related long-lived asset. Upon settlement, AROs will be extinguished by us at either the recorded amount or we will recognize a gain or loss on the difference between the recorded amount and the actual settlement cost.

Debt Issue Costs

Costs incurred in connection with the issuance of long-term debt are deferred and charged to interest expense over the term of the related debt. Gains or losses on debt repurchases, redemptions and debt extinguishments include any associated unamortized debt issue costs.

Accounts Receivable Securitization Facility

Proceeds from the sale or contribution of certain receivables under the Partnership’s Accounts Receivable Securitization Facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. Such borrowings are reflected as long-term debt on our balance sheets to the extent that the Partnership has the ability and intent to fund the Securitization Facility’s borrowings on a long-term basis. Proceeds and repayments under the Securitization Facility are reflected as cash flows from financing activities on our Consolidated Statements of Cash Flows.

Environmental Liabilities and Other Loss Contingencies

Liabilities for loss contingencies, including environmental remediation costs arising from claims, assessments, litigation, fines, penalties and other sources are charged to expense when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

Income Taxes

We account for income taxes using the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences.

As part of the process of preparing our consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax payable and related tax expense together with assessing temporary differences resulting from differing treatment of certain items, such as depreciation, for tax and accounting purposes. These differences can result in deferred tax assets and liabilities, which are included within our Consolidated Balance Sheets.

We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized, we establish a valuation allowance. Any change in the valuation allowance would impact our income tax provision and net income in the period in which such a determination is made. We consider all available evidence, both positive and negative, to determine whether, based on the weight of the evidence, a valuation allowance is needed. Evidence used includes information about our current financial position and our results of operations for the current and preceding years, as well as all currently available information about future years, including our anticipated future performance, the reversal of deferred tax liabilities and tax planning strategies.

We believe future sources of taxable income, reversing temporary differences and other tax planning strategies will be sufficient to realize assets for which no valuation allowance has been established.

Noncontrolling Interests

Third-party ownership in the net assets of our consolidated subsidiaries is shown as noncontrolling interests within the equity section of the balance sheet. In the statements of operations and statements of comprehensive income, noncontrolling interests reflects the attribution of results to third-party investors, which for the Partnership gives effect to the incentive distribution rights declared for each period. We account for the difference between the carrying amount of our investment in the Partnership and the underlying book value arising from issuance of common units by the Partnership, where we maintain control, as an equity transaction. If the Partnership issues common units at a price different than our carrying value per unit, we account for the excess or deficiency as an adjustment to paid-in capital.

Revenue Recognition

Our operating revenues are primarily derived from the following activities:

•

sales of natural gas, NGLs, condensate, crude oil and petroleum products;

•

services related to compressing, gathering, treating, and processing of natural gas; and

•

services related to NGL fractionation, terminaling and storage, transportation and treating.

We recognize revenues when all of the following criteria are met: (1) persuasive evidence of an exchange arrangement exists, if applicable, (2) delivery has occurred or services have been rendered, (3) the price is fixed or determinable and (4) collectability is reasonably assured.

For natural gas processing activities, we receive either fees or a percentage of commodities as payment for these services, depending on the type of contract. Under fee-based contracts, we receive a fee based on throughput volumes. Under percent-of-proceeds contracts, we receive either an agreed upon percentage of the actual proceeds that we receive from our sales of the residue natural gas and NGLs or an agreed upon percentage based on index related prices for the natural gas and NGLs. Percent-of-value and percent-of-liquids contracts are variations on this arrangement. Under keep-whole contracts, we retain the NGLs extracted and return the processed natural gas or value of the natural gas to the producer. A significant portion of our Straddle plant processing contracts are hybrid contracts under which settlements are made on a percent-of-liquids basis or a fee basis, depending on market conditions. Natural gas or NGLs that we receive for services or purchase for resale are in turn sold and recognized in accordance with the criteria outlined above.

We generally report sales revenues gross in our consolidated statements of operations, as we typically act as the principal in the transactions where we receive commodities, take title to the natural gas and NGLs, and incur the risks and rewards of ownership. However, buy-sell transactions that involve purchases and sales of inventory with the same counterparty that are legally contingent or in contemplation of one another are reported as a single transaction on a combined net basis.

Share-Based Compensation

We award share-based compensation to employees, directors and non-management directors in the form of restricted stock, restricted stock units, stock options and performance units. Compensation expense on restricted common units and performance unit awards that qualify as equity arrangements are measured by the fair value of the award as determined at the date of grant. Compensation expense on performance unit awards that qualify as liability arrangements is initially measured by the fair value of the award at the date of grant, and re-measured subsequently at each reporting date through the settlement period. Compensation expense is recognized in general and administrative expense over the requisite service period of each award.

Earnings per Share

We account for earnings per share (“EPS”) in accordance with Accounting Standards Codification (“ASC”) Topic 260 – Earnings per Share. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock so long as it does not have an anti-dilutive effect on EPS. The dilutive effect is determined through the application of the treasury method. Securities that meet the definition of a participating security are required to be considered for inclusion in the computation of basic EPS.

Use of Estimates

When preparing financial statements in conformity with GAAP, management must make estimates and assumptions based on information available at the time. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosures of contingent assets and liabilities as of the date of the financial statements. Estimates and judgments are based on information available at the time such estimates and judgments are made. Adjustments made with respect to the use of these estimates and judgments often relate to information not previously available. Uncertainties with respect to such estimates and judgments are inherent in the preparation of financial statements. Estimates and judgments are used in, among other things, (1) estimating unbilled revenues, product purchases and operating and general and administrative costs, (2) developing fair value assumptions, including estimates of future cash flows and discount rates, (3) analyzing long-lived assets for possible impairment, (4) estimating the useful lives of assets and (5) determining amounts to accrue for contingencies, guarantees and indemnifications. Actual results, therefore, could differ materially from estimated amounts.

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.

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.

In November 2014, FASB issued ASU No. 2014-17, Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force), with an effective date of November 18, 2014. The amendment provides an acquired entity the option to apply push-down accounting in its separate financial statements when a change-in-control event occurs.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References + Details

Business Acquisitions

12 Months Ended

Dec. 31, 2014

Business Acquisitions [Abstract]

Business Acquisitions

Note 4 –Business Acquisitions

2012 Acquisition

Badlands

On December 31, 2012, the Partnership completed the acquisition of Saddle Butte Pipeline, LLC’s ownership of its Williston Basin crude oil pipeline and terminal system and its natural gas gathering and processing operations (collectively “Badlands”), for cash consideration of $975.8 million, subject to a contingent payment.

The acquired business, located in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota, expands the Partnership’s portfolio of midstream assets and diversifies its business with the addition of fee-based crude oil gathering and natural gas gathering and processing. The Badlands financial results are included in the Partnership’s Field Gathering and Processing business segment.

Pursuant to the Membership Interest Purchase and Sale Agreement (“MIPSA”), the acquisition was subject to a contingent payment of $50 million (the “contingent consideration”) if aggregate crude oil gathering volumes exceeded certain stipulated monthly thresholds during the period from January 2013 through June 2014. If the threshold was not attained during the contingency period, no payment is owed. Accounting standards require that the contingent consideration be recorded at fair value at the date of acquisition and revalued at subsequent reporting dates under the acquisition method of accounting. At December 31, 2012, the Partnership recorded a $15.3 million accrued liability representing the fair value of this contingent consideration, determined by a probability based model measuring the likelihood of meeting certain volumetric measures identified in the MIPSA.

Changes in the fair value of this accrued liability were included in earnings and reported as Other income (expense) in the Consolidated Statements of Operations. During 2013, the contingent consideration was re-estimated to be $0, resulting in an increase in Other income of $15.3 million in 2013. The contingent period expired June 2014, with no payment required.

The following table summarizes the consideration paid for the Badlands acquisition and the determination of the assets and liabilities acquired at the December 31, 2012 acquisition date.

	December 31, 2012
Cash	$	975.8
Contingent consideration		15.3
Total consideration	$	991.1

Assets acquired and liabilities assumed
Financial assets	$	35.4
Inventory		16.2
Property, plant and equipment		295.3
Intangible assets		679.6
Financial liabilities		(35.4	)
Total net assets	$	991.1

Intangible assets consist of customer contracts and relationships acquired in the Badlands acquisition. Using relevant information and assumptions, the fair value of acquired identifiable intangible assets at the date of acquisition was determined. Fair value is generally calculated as the present value of estimated future cash flows. Key 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. See Note 6 for details of the amortization method for intangible assets.

Pro Forma Results

As the Badlands acquisition was completed on December 31, 2012, there were no results of operations attributable to this acquisition for 2012. In 2012, t he Partnership incurred $6.1 million of acquisition-related costs associated with the Badlands acquisition (included in Other expense in its Consolidated Statements of Operations).

The following table shows the unaudited pro forma consolidated results of operations for the year ended 2012.

	2012
	(In millions except per share amounts)
Revenues	$	5,909.9
Net income		129.5
Less: Net income attributable to noncontrolling interests		83.5
Net income attributable to Targa Resources Corp.	$	46.0

Net income per common share - Basic	$	1.12
Net income per common share - Diluted	$	1.10

The pro forma consolidated results of operations include adjustments to include the reported results of the acquired company for 2012, as adjusted to:

exclude the financial results of assets retained by the seller;

report revenues from the purchase and sale of crude oil inventory with the same counterparty on a net basis to conform to our accounting policy;

report revenues from the purchases and sales of certain Badlands natural gas processing agreements in which we are in substance an agent rather than a principal on a net basis;

include the incremental depreciation expenses associated with the fair value adjustments to property, plant and equipment as a result of applying the acquisition method of accounting (assumed straight-line method over useful lives of 15-20 years);

include the amortization expense associated with the fair value adjustments to definite-lived intangibles in a manner that follows the expected pattern of services provided to customers, over a useful life of 20 years.

include the financing costs associated with the Partnership’s debt offering and borrowings under the Partnership’s Senior Secured Revolving Credit Facility (the “TRP Revolver") used to fund a portion of the acquisition;

adjust the attribution of net income to noncontrolling interests to give effect to the pro forma adjustments on the Partnership’s net income;

include the income tax effect for us; and

exclude $6.1 million of acquisition costs incurred in 2012 that were directly related to the transaction.

The pro forma information is not necessarily indicative of the results of operations that would have occurred had the transactions been made at the beginning of the periods presented or the future results of the combined operations.

Pending Atlas Mergers

On October 13, 2014, we and the Partnership announced two proposed merger transactions which would result in the Partnership’s acquisition of Atlas Pipeline Partners, L.P (APL) and the Targa acquisition of Atlas Energy, L.P. (ATLS), a Delaware limited partnership which owns the APL general partner. Upon consummation of these mergers, we would relinquish the APL general partner and IDR ownership interests and merge the APL general partner into the Partnership . Each of the Transactions is contingent on one another, and is expected to close concurrently on February 28, 2015, subject to the approval of our stock issuance in connection with the ATLS Merger by our stockholders and the approval of the Atlas Mergers by unitholders of ATLS and APL, as applicable, and other customary closing conditions.

APL Merger

APL is a provider of natural gas gathering, processing and treating services primarily in the Anadarko, Arkoma and Permian Basins located in the southwestern and mid-continent regions of the United States and in the Eagle Ford Shale play in south Texas. The proposed merger:

adds APL’s Woodford/SCOOP, Mississippi Lime, Eagle Ford and additional Permian assets to the Partnership’s existing Permian, Bakken, Barnett, and Louisiana Gulf Coast operations; and

creates a combined position across the Permian Basin that enhances service capabilities in one of the most active producing basins in North America, with a combined 1,439 MMcf/d of processing capacity and 10,300 miles of pipelines.

As merger consideration for the APL Merger, holders of APL common units (other than certain common units held by the Partnership or APL or their wholly owned subsidiaries, which will be cancelled) will be entitled to receive 0.5846 of the Partnership’s common units and a one-time cash payment of $1.26 for each APL common unit. The Partnership will also redeem APL’s Class E Preferred Units for an aggregate amount of $126.5 million in cash. As of February 5, 2015 the total APL merger consideration would be valued at $5.0 billion. The portion of the merger consideration represented by the Partnership’s common units will fluctuate in value until the closing date as a result of fluctuations in the market price of the Partnership’s common units.

In connection with the APL Merger, we have agreed to reduce our incentive distribution rights for the four years following closing by fixed amounts of $37.5 million, $25.0 million, $10.0 million and $5.0 million, respectively. These annual amounts will be applied in equal quarterly installments for each successive four quarter period following closing.

ATLS Merger

ATLS holds the general partner’s interest in APL as well as Incentive Distribution Rights and 5.5% limited partner interest. Under the terms of the ATLS Merger, each existing holder of common units of ATLS, after giving effect to the spin-off of non-APL businesses, will be entitled to receive a cash payment of $9.12 and 0.1809 of our common shares for each ATLS common unit. This equates to 10.35 million shares of our common stock and $522 million in cash payments. Additionally, we will provide ATLS with $88 million of cash for the repayment of a portion of the ATLS outstanding indebtedness and fund approximately $190 million related to change of control payments payable by ATLS. As of February 5, 2015 the total ATLS merger consideration would be valued at $1.6 billion. The portion of the merger consideration represented by our common shares will fluctuate in value until the closing date as a result of fluctuations in the market price of our common shares.

Targa Pre-Closing Merger Financing Activities

We have arranged committed financing of $1.1 billion to replace our existing revolving credit facility and to fund the cash components of the ATLS Merger, including cash merger consideration and approximately $190 million related to change of control payments payable by ATLS and transaction fees and expenses. In January 2015, as part of a new senior secured credit facility to syndicate the $1.1 billion in committed financing, we announced the launch of a $430 million senior secured term loan maturing 7 years after closing and a $670 million revolving credit facility maturing 5 years after closing. These facilities are subject to the closing of the pending Atlas Mergers and market conditions.

Partnership Pre-Closing Merger Financing Activities

In January 2015, the Partnership commenced cash tender offers for any and all of the outstanding APL Senior Notes. These tender offers are in connection with, and conditioned upon, the consummation of the proposed merger with APL. The proposed merger with APL, however, is not conditioned on the consummation of the tender offers. Each tender offer is scheduled to expire on February 18, 2015, unless extended by the Partnership at its sole discretion.

Under the terms of the tender offer, APL noteholders will receive $1,015 per $1,000 principal if tendered before January 29, 2015 and $985 per $1,000 principal if tendered after that date. Holders of tendered APL Notes will also receive accrued and unpaid interest from the most recent interest payment date on their series of APL Notes.

The outstanding APL Senior Notes consist of:

APL Senior Notes		Amount tendered as of February 6, 2015
$500 million 6⅝ due 2020		Less than majority
$400 million 4¾ due 2021		98.3%
$650 million 5⅞% due 2023		91.6%

The consummation of the merger with APL will result in a Change of Control under the APL Indenture and obligate the APL Issuers to make a Change of Control Offer at $1,010 for each $1,000 principal plus accrued and unpaid interest from the most recent interest payment date . As permitted by the APL Indenture, the Partnership is making a Change of Control Offer for any and all of the 2020 APL Notes in lieu of the APL Issuers and in advance of, and conditioned upon, the consummation of the merger with APL. The merger, however, is not conditioned on the consummation of the Change of Control Offer. The Change of Control Offer is also being made independently of the Partnership’s previously announced tender offer for the APL Notes. The Change of Control Offer is scheduled to expire on March 3, 2015, unless extended by the Partnership. Any 2020 APL Notes that remain outstanding after consummation of the Change of Control Offer will continue to be the obligation of the APL Issuers under the governing indenture.

In January 2015, the Partnership privately placed $1.1 billion in aggregate principal amount of 5% Notes due 2018 (the “5% Notes”). The 5% Notes resulted in approximately $1,090.8 million of net proceeds, which will be used together with borrowings from the TRP Revolver, to fund the cash portion of the APL merger, the APL Notes Tender Offers and the change of control offers for the 2020 APL Notes.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Inventories

12 Months Ended

Dec. 31, 2014

Inventories [Abstract]

Inventories

Note 5 — Inventories

	December 31, 2014		December 31, 2013
Partnership:
Commodities	$	157.4	$	136.4
Materials and supplies		11.5		14.3
	$	168.9	$	150.7

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References + Details

Property, Plant and Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment and Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 6 — Property, Plant and Equipment and Intangible Assets

	December 31, 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	$	2,588.6		$	-		$	2,588.6		$	2,230.1		$	-		$	2,230.1		5 to 20
Processing and fractionation facilities		1,884.1			6.6			1,890.7			1,598.0			6.6			1,604.6		5 to 25
Terminaling and storage facilities		1,038.9			-			1,038.9			715.2			-			715.2		5 to 25
Transportation assets		359.0			-			359.0			294.7			-			294.7		10 to 25
Other property, plant and equipment		149.1			0.2			149.3			121.3			0.2			121.5		3 to 25
Land		95.6			-			95.6			89.5			-			89.5		-
Construction in progress		399.0			-			399.0			702.8			-			702.8		-
Property, plant and equipment		6,514.3			6.8			6,521.1			5,751.6			6.8			5,758.4
Accumulated depreciation		(1,689.7	)		(6.8	)		(1,696.5	)		(1,406.2	)		(2.3	)		(1,408.5	)
Property, plant and equipment, net	$	4,824.6		$	-		$	4,824.6		$	4,345.4		$	4.5		$	4,349.9

Intangible assets	$	681.8		$	-		$	681.8		$	681.8		$	-		$	681.8		20
Accumulated amortization		(89.9	)		-			(89.9	)		(28.4	)		-			(28.4	)
Intangible assets, net	$	591.9		$	-		$	591.9		$	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 $80.1 million, $88.3 million, $81.5 million, $67.8 million and $56.8 million for each of years 2015 through 2019.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2014

Asset Retirement Obligations [Abstract]

Asset Retirement Obligations

Note 7 — Asset Retirement Obligations

The Partnership’s 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:

	2014			2013		2012
Beginning of period	$	50.9		$	45.3	$	42.3
Change in cash flow estimate		2.1			1.6		(1.0	)
Accretion expense		4.5			4.0		4.0
Retirement of ARO		(0.2	)		-		-
End of period	$	57.3		$	50.9	$	45.3

- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

+ References + Details

Investment in Unconsolidated Affiliate

12 Months Ended

Dec. 31, 2014

Investment in Unconsolidated Affiliate [Abstract]

Investment in Unconsolidated Affiliate

Note 8 – Investment in Unconsolidated Affiliate

The following table shows the activity related to the Partnership’s unconsolidated 38.8% interest in Gulf Coast Fractionators LP (“GCF”).

	2014			2013			2012
Beginning of period	$	55.9		$	53.1		$	36.7
Equity earnings		18.0			14.8			1.9
Cash distributions (1)		(23.7	)		(12.0	)		(2.3	)
Cash calls for expansion projects		-			-			16.8
End of period	$	50.2		$	55.9		$	53.1

___________

(1)

Includes $5.7 million and $0.5 million distributions received in excess of the Partnership’s share of cumulative earnings for the years ended December 31, 2014 and 2012. Such excess distributions are considered a return of capital and are disclosed in cash flows from investing activities in the Consolidated Statements of Cash Flows.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References + Details

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2014

Accounts Payable and Accrued Liabilities [Abstract]

Accounts Payable and Accrued Liabilities

Note 9 — Accounts Payable and Accrued Liabilities

	December 31, 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
Commodities	$	416.7	$	-		$	416.7	$	529.7	$	(0.1	)	$	529.6
Other goods and services		108.9		2.42			111.1		124.7		1.4			126.1
Interest		37.3		-			37.3		35.9		0.1			36.0
Compensation and benefits		1.3		44.8			46.1		1.3		38.9			40.2
Income and other taxes		13.6		(1.9	)		11.7		10.9		(0.8	)		10.1
Other		14.9		0.7			15.6		18.7		1.1			19.8
	$	592.7	$	45.8		$	638.5	$	721.2	$	40.6		$	761.8

- Definition

The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.

+ References + Details

Debt Obligations

12 Months Ended

Dec. 31, 2014

Debt Obligations [Abstract]

Debt Obligations

Note 10 — Debt Obligations

	December 31, 2014			December 31, 2013
Current:
Partnership
Accounts receivable securitization facility, due December 2015 (1) (2)	$	182.8		$	-
Long-term:
Non-Partnership obligations:
TRC Senior secured revolving credit facility, variable rate, due October 2017 (3)		102.0			84.0
Obligations of the Partnership: (2)
Senior secured revolving credit facility, variable rate, due October 2017 (4)		-			395.0
Senior unsecured notes, 7⅞% fixed rate, due October 2018 (5)		-			250.0
Senior unsecured notes, 6⅞% fixed rate, due February 2021		483.6			483.6
Unamortized discount		(25.2	)		(28.0	)
Senior unsecured notes, 6⅜% 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
Senior unsecured notes, 4⅛% fixed rate, due November 2019		800.0			-
Accounts receivable securitization facility, due December 2014 (1)		-			279.7
Total long-term debt		2,885.4			2,989.3
Total debt	$	3,068.2		$	2,989.3
Irrevocable standby letters of credit:
Letters of credit outstanding under TRC Senior secured credit facility (3)	$	-		$	-
Letters of credit outstanding under the Partnership senior secured revolving credit facility (3)		44.1			86.8
	$	44.1		$	86.8

___________

(1)

The classification of the Partnership’s Securitization Facility as of December 31, 2014 has changed. The outstanding amounts under the Securitization Facility as of December 31, 2013 were reflected as long-term debt in our Consolidated Balance Sheets because the Partnership had the ability and intent to fund the Securitization Facility’s borrowings on a long-term basis. As of December 31, 2013, the Partnership intended 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. As of December 31, 2014, the Partnership intended to fund the Securitization Facility’s borrowings solely through further extensions of the termination date of the Securitization Facility, based on its history of extending the Securitization Facility, most recently through the Third Amendment to the Securitization Facility entered into in December 2014. As a result, all amounts outstanding under the Securitization Facility as of December 31, 2014 are reflected as a current liability in our Consolidated Balance Sheets.

(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 December 31, 2014 , availability under TRC’s $150 million senior secured revolving credit facility was $48.0 million.

(4)	As of December 31, 2014 , availability under the Partnership’s $1.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,155.9 million.

(5)	The outstanding balance of the 7⅞% Notes was redeemed in November 2014. See “The Partnership’s Senior Unsecured Notes” below.

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2014 for the next five years, and in total thereafter:

			Scheduled Maturities of Debt
	Total		2015		2016		2017		2018		2019		After 2019
TRC Senior secured revolving credit facility	$	102.0	$	-	$	-	$	102.0	$	-	$	-	$	-
TRP Revolver		-		-		-		-		-		-		-
Partnership's Senior unsecured notes		2,808.6		-		-		-		-		800.0		2,008.6
Partnership's Securitization Facility		182.8		182.8		-		-		-		-		-
Total	$	3,093.4	$	182.8	$	-	$	102.0	$	-	$	800.0	$	2,008.6

The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the year ended December 31, 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 December 31, 2014, both we and the Partnership were in compliance with the covenants contained in our various debt agreements.

TRC Revolving Credit Agreement

In October 2012, we entered into a Credit Agreement that replaced our variable rate Senior Secured Revolving Credit Facility due July 2014 with a new variable rate Senior Secured Credit Facility due October 3, 2017 (the “TRC Revolver”). The TRC Revolver increases available commitments to $150.0 million from $75.0 million, allows us to request up to an additional $100.0 million in commitment increases and includes a $30.0 million swing line sub-facility. Outstanding letters of credit and related outstanding reimbursement obligations may not exceed $50.0 million in the aggregate.

In 2012, we incurred a charge of $0.2 million related to a partial write-off of debt issue costs associated with the previous credit facility as a result of a change in syndicate members under the new TRC Revolver. The remaining deferred debt issue costs along with the issue costs associated with the October 2012 amendment are amortized on a straight-line basis over the life of the TRC Revolver.

The TRC Revolver bears interest, at our option, at either (a) a base rate equal to the highest of the prime rate of Deutsche Bank Trust Company Americas, the administrative agent, the federal funds rate plus 0.5% and the one-month LIBOR rate plus 1.0%, plus an applicable margin ranging from 1.75% to 2.5% (dependent upon the Company’s consolidated leverage ratio), or (b) LIBOR plus an applicable margin ranging from 2.75% to 3.5% (dependent upon the Company’s consolidated leverage ratio).

We are required to pay a commitment fee ranging from 0.375% to 0.5% (dependent upon the Company’s consolidated leverage ratio) on the daily average unused portion of the TRC Revolver. Additionally, issued and undrawn letters of credit bear interest at an applicable ranging from 2.75% to 3.5% (dependent upon the Company’s consolidated leverage ratio).

The TRC Revolver is secured by substantially all of the Company’s assets. The TRC Revolver requires us to maintain a consolidated leverage ratio (the ratio of consolidated funded indebtedness to consolidated adjusted EBITDA) of no more than 4.00 to 1.00. The TRC Revolver restricts our ability to make dividends to shareholders if, on a pro forma basis after giving effect to such dividend, (a) any default or event of default has occurred and is continuing or (b) our consolidated leverage ratio exceeds 4.00 to 1.00. In addition, the TRC Revolver includes various covenants that may limit, among other things, our ability to incur indebtedness, grant liens, make investments, repay or amend the terms of certain other indebtedness, merge or consolidate, sell assets, and engage in transactions with affiliates.

TRC Holdco Loan Facility

In August 2007, we borrowed $450 million under the TRC Holdco loan facility (“Holdco debt”).

The following subsidiary repurchases of Holdco debt have been recognized as extinguishments of debt:

In 2012, using proceeds from our TRC Revolver, we paid $88.8 million to extinguish the remaining $89.3 million outstanding borrowings of Holdco debt, resulting in a pretax gain of $0.5 million. In addition, we wrote-off $0.3 million of associated unamortized deferred debt issue costs.

The Partnership’s Revolving Credit Agreement

In October 2012, the Partnership entered into a Second Amended and Restated Credit Agreement that amended and replaced its variable rate Senior Secured Credit Facility due July 2015 to provide the TRP Revolver due October 3, 2017. The TRP Revolver increased available commitments to $1.2 billion from $1.1 billion and allows the Partnership to request up to an additional $300.0 million in commitment increases.

In 2012, the Partnership incurred a $1.7 million loss related to a partial write-off of debt issue costs associated with the previous revolver as a result of a change in syndicate members under the new TRP Revolver. The remaining deferred debt issue costs along with the issue costs associated with the October 2012 amendment are amortized on a straight-line basis over the life of the TRP Revolver.

The TRP Revolver bears interest, at the Partnership’s option, either at the base rate or the Eurodollar rate. The base rate is equal to the highest of: (i) Bank of America’s prime rate; (ii) the federal funds rate plus 0.5%; or (iii) the one-month LIBOR rate plus 1.0%, plus an applicable margin ranging from 0.75% to 1.75% (dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated adjusted EBITDA). The Eurodollar rate is equal to LIBOR rate plus an applicable margin ranging from 1.75% to 2.75% (dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated adjusted EBITDA).

The Partnership is required to pay a commitment fee equal to an applicable rate ranging from 0.3% to 0.5% (dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated adjusted EBITDA) times the actual daily average unused portion of the TRP Revolver. Additionally, issued and undrawn letters of credit bear interest at an applicable rate ranging from 1.75% to 2.75% (dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated adjusted EBITDA).

The TRP Revolver is collateralized by a majority of the Partnership’s assets. Borrowings are guaranteed by the Partnership’s restricted subsidiaries.

The TRP Revolver restricts the Partnership’s ability to make distributions of available cash to unitholders if a default or an event of default (as defined in the TRP Revolver) exists or would result from such distribution. The TRP Revolver requires the Partnership to maintain a ratio of consolidated funded indebtedness to consolidated adjusted EBITDA of no more than 5.50 to 1.00. The TRP Revolver also requires the Partnership to maintain a ratio of consolidated EBITDA to consolidated interest expense of no less than 2.25 to 1.00. In addition, the TRP Revolver contains various covenants that may limit, among other things, the Partnership’s ability to incur indebtedness, grant liens, make investments, repay or amend the terms of certain other indebtedness, merge or consolidate, sell assets, and engage in transactions with affiliates (in each case, subject to the Partnership’s right to incur indebtedness or grant liens in connection with, and convey accounts receivable as part of, a permitted receivables financing).

The Partnership’s Senior Unsecured Notes

In January 2012, the Partnership privately placed $400.0 million in aggregate principal amount of its 6⅜% Notes, resulting in approximately $395.5 million of net proceeds, which were used to reduce borrowings under the TRP Revolver and for general partnership purposes.

In October 2012, $400.0 million in aggregate principal amount of 5¼% Notes were issued by the Partnership at 99.5% of the face amount, resulting in gross proceeds of $398.0 million. An additional $200.0 million in aggregate principal amount of 5¼% Notes were issued in December 2012 at 101.0% of the face amount, resulting in gross proceeds of $202.0 million. Both issuances are treated as a single class of debt securities and have identical terms.

In November 2012, the Partnership redeemed all of the outstanding 8¼% Notes at a redemption price of 104.125% plus accrued interest through the redemption date. The redemption resulted in a premium paid on the redemption of $8.6 million, which is included as a cash outflow from financing activities in the Consolidated Statements of Cash Flows, and a write off of $2.5 million of unamortized debt issue costs.

In May 2013, the Partnership privately placed $625.0 million in aggregate principal amount of 4¼% Notes. The 4¼% Notes resulted in approximately $618.1 million of net proceeds, which were used to reduce borrowings under the TRP Revolver and for general partnership purposes.

In June 2013, the Partnership paid $106.4 million plus accrued interest, which included a premium of $6.4 million, to redeem $100.0 million of the outstanding 6⅜% Notes. The redemption resulted in a $7.4 million loss on debt redemption, including the write-off of $1.0 million of unamortized debt issue costs.

In July 2013, the Partnership paid $76.8 million plus accrued interest, which included a premium of $4.1 million, per the terms of the note agreement to redeem the outstanding balance of the 11¼% Notes. The redemption resulted in a $7.4 million loss on debt redemption in the third quarter 2013, including the write-off of $1.0 million of unamortized debt issue costs.

In October 2014, the Partnership privately placed $800.0 million in aggregate principal amount of 4⅛% Senior Notes due 2019 (the “4⅛% Notes”). The 4⅛% Notes resulted in approximately $790.8 million of net proceeds, which were used to reduce borrowings under the TRP Revolver and Securitization Facility and for general partnership purposes.

In November 2014, the Partnership redeemed the outstanding 7⅞% Notes at a price of 103.938% plus accrued interest through the redemption date. The redemption resulted in a $12.4 million loss on redemption for the year ended 2014, consisting of premiums paid of $9.9 million and a non-cash loss to write-off $2.5 million of unamortized debt issue costs.

The terms of the senior unsecured notes outstanding as of December 31, 2014 were as follows :

Note Issue	Issue Date	Per Annum Interest Rate	Due Date	Dates Interest Paid
"6⅞% Notes"	February 2011	6⅞%	February 1, 2021	February & August 1 ^st
"6⅜% Notes"	January 2012	6⅜%	August 1, 2022	February & August 1 ^st
"5¼% Notes"	Oct / Dec 2012	5¼%	May 1, 2023	May & November 1 ^st
"4¼% Notes"	May 2013	4¼%	November 15, 2023	May & November 15 ^th
"4⅛% Notes"	October 2014	4⅛%	November 15, 2019	May & November 15 ^th

All issues of unsecured senior notes are obligations that rank pari passu in right of payment with existing and future senior indebtedness, including indebtedness under the TRP Revolver. They are senior in right of payment to any of our future subordinated indebtedness and are unconditionally guaranteed by the Partnership and the Partnership’s restricted subsidiaries. These notes are effectively subordinated to all secured indebtedness under the TRP Revolver, which is secured by substantially all of the Partnership’s assets and the Partnership’s Securitization Facility, which is secured by accounts receivable pledged under the facility, to the extent of the value of the collateral securing that indebtedness. Interest on all issues of senior unsecured notes is payable semi-annually in arrears.

The Partnership’s senior unsecured notes and associated indenture agreements restrict the Partnership’s ability to make distributions to unitholders in the event of default (as defined in the indentures). The indentures also restrict the Partnership’s ability and the ability of certain of its subsidiaries to: (i) incur additional debt or enter into sale and leaseback transactions; (ii) pay certain distributions on or repurchase equity interests (only if such distributions do not meet specified conditions); (iii) make certain investments; (iv) incur liens; (v) enter into transactions with affiliates; (vi) merge or consolidate with another company; and (vii) transfer and sell assets. These covenants are subject to a number of important exceptions and qualifications. If at any time when the notes are rated investment grade by both Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Corporation (“S&P”) (or rated investment grade by either Moody’s or S&P for the 6⅜% Notes, 5¼% Notes, 4¼% Notes and 4⅛% Notes) and no Default or Event of Default (each as defined in the indentures) has occurred and is continuing, many of such covenants will terminate and the Partnership and its subsidiaries will cease to be subject to such covenants.

The Partnership may redeem up to 35% of the aggregate principal amount of Notes at the redemption dates and prices set forth below (expressed as percentages of principal amounts) plus accrued and unpaid interest and liquidation damages, if any, with the net cash proceeds of one or more equity offerings, provided that: (i) at least 65% of the aggregate principal amount of each of the notes (excluding notes held by us) remains outstanding immediately after the occurrence of such redemption; and (ii) the redemption occurs within 90 days (180 days for the 6⅜% Notes, 5¼% Notes, 4¼% Notes and 4⅛% Notes) of the date of the closing of such equity offering.

Note Issue	Any Date Prior To	Price
6⅞% Notes	February 1, 2014	106.875%
6⅜% Notes	February 1, 2015	106.375%
5¼% Notes	November 1, 2015	105.250%
4¼% Notes	May 15, 2016	104.250%
4⅛% Notes	November 15, 2019	104.125%

The Partnership may also redeem all or part of each of the series of notes on or after the redemption dates set forth below at the price for each respective year (expressed as percentages of principal amount) plus accrued and unpaid interest and liquidation damages, if any, on the notes redeemed.

6⅞% Notes				6⅜% Notes				5¼% Notes				4¼% Notes					4⅛% Notes
Redemption Date:				Redemption Date:				Redemption Date:				Redemption Date:					Redemption Date:
February 1				February 1				November 1				May 15					November 15
Year	Price			Year	Price			Year	Price			Year		Price			Year	Price
2016		103.438	%	2017		103.188	%	2017		102.625	%		2018		102.125	%	2016		102.063	%
2017		102.292	%	2018		102.125	%	2018		101.750	%		2019		101.417	%	2017		101.031	%
2018		101.146	%	2019		101.063	%	2019		100.875	%		2020		100.708	%	2018 and thereafter		100	%
2019 and thereafter		100	%	2020 and thereafter		100	%	2020 and thereafter		100	%	2021 and thereafter			100	%

The Partnership’s Accounts Receivable Securitization Facility

The Securitization Facility provides up to $300.0 million of borrowing capacity at LIBOR market index rates plus a margin through December 11, 2015. Under the Securitization Facility, two of the Partnership’s consolidated subsidiaries (Targa Liquids Marketing and Trade LLC (“TLMT”) and Targa Gas Marketing LLC (“TGM”)) sell or contribute receivables, without recourse, to another of its consolidated subsidiaries (Targa Receivables LLC or “TRLLC”), a special purpose consolidated subsidiary created for the sole purpose of the Securitization Facility. TRLLC, in turn, sells an undivided percentage ownership in the eligible receivables to a third-party financial institution. Receivables up to the amount of the outstanding debt under the Securitization Facility are not available to satisfy the claims of the creditors of TLMT, TGM or the Partnership. Any excess receivables are eligible to satisfy the claims of creditors of TLMT, TGM or the Partnership. As of December 31, 2014, total funding under the Securitization Facility was $182.8 million.

The Partnership’s April 2013 Shelf

In April 2013, the Partnership filed with the SEC a universal shelf registration statement (the “April 2013 Shelf”), which provides the Partnership with the ability to offer and sell an unlimited amount of debt and equity securities, subject to market conditions and the Partnership’s capital needs. The April 2013 Shelf expires in April 2016. There was no activity under the April 2013 Shelf during the years ended December 31, 2014 and 2013.

The Partnership’s July 2013 Shelf

In July 2013, the Partnership filed with the SEC a universal shelf registration statement that allows it to issue up to an aggregate of $800.0 million of debt or equity securities (the “July 2013 Shelf”). The July 2013 Shelf expires in August 2016. See Note 11 for equity issuances under the July 2013 Shelf.

Debt Re-acquisitions Summary

The debt re-acquisitions described above were reported as follows in our Consolidated Statements of Operations:

	2014		2013		2012
Premium over face value paid upon redemption:
Partnership 6⅜ Notes	$	-	$	6.4	$	-
Partnership 7⅞ Notes		9.9		-		-
Partnership 8¼ Notes		-		-		8.6
Partnership 11¼ Notes		-		4.1		-
Recognition of unamortized discount:
Partnership 11¼ Notes		-		2.2		-
Write-off of deferred debt issue costs:
Partnership 6⅜ Notes		-		1.0		-
Partnership 7⅞ Notes		2.5		-		-
Partnership 8¼ Notes		-		-		2.5
Partnership 11¼ Notes		-		1.0		-
TRC Holdco Notes		-		-		0.3
Partial write-off of deferred debt issue costs related to amendments:
TRP Revolver		-		-		1.7
TRC Revolver		-		-		0.2
Gain on acquisition of TRC Holdco Notes		-		-		(0.5	)
Loss on debt redemptions and amendments	$	12.4	$	14.7	$	12.8

Subsequent Events

We have arranged committed financing of $1.1 billion to replace its existing revolving credit facility and to fund the cash components of the ATLS Merger, including cash merger consideration and approximately $190 million related to change of control payments payable by ATLS and transaction fees and expenses. In January 2015, as part of a new senior secured credit facility to syndicate the $1.1 billion in committed financing, we announced the launch of a $430 million senior secured term loan maturing 7 years after closing and a $670 million revolving credit facility maturing 5 years after closing. These facilities are subject to the closing of the pending Atlas Mergers and market conditions.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Partnership Units and Related Matters

12 Months Ended

Dec. 31, 2014

Partnership Units and Related Matters [Abstract]

Partnership Units and Related Matters

Note 11 — Partnership Units and Related Matters

Public Offerings of Common Units

In 2010, the Partnership filed with the SEC a universal shelf registration statement (the “2010 Shelf”), which provides the Partnership with the ability to offer and sell an unlimited amount of debt and equity securities, subject to market conditions and the Partnership’s capital needs. The 2010 Shelf expired in April 2013. The following transactions were completed in 2012:

January 2012 – 4,405,000 common units (including underwriters’ overallotment option) at a price of $38.30 per common unit, providing net proceeds of $164.8 million. As part of this offering, we purchased 1,300,000 common units with an aggregate value of $49.8 million. We contributed $3.5 million to maintain our 2% general partner interest. The Partnership used the net proceeds from this offering for general partnership purposes, including the repayment of indebtedness.

November 2012 – 10,925,000 common units (including underwriters’ overallotment option) at a price of $36.00 per common unit, providing net proceeds of $378.2 million. We contributed $8.0 million to maintain our 2% general partner interest. The Partnership used the net proceeds from this offering to fund a portion of the $975.8 million purchase price of the Badlands acquisition.

In July 2012, the Partnership filed with the SEC a universal shelf registration statement that, subject to effectiveness at the time of use, allows the Partnership to issue up to an aggregate of $300.0 million of debt or equity securities (the “2012 Shelf”). The 2012 Shelf expires in August 2015.

In August 2012, the Partnership entered into an Equity Distribution Agreement (the “2012 EDA”) with Citigroup Global Markets Inc. (“Citigroup”) pursuant to which the Partnership may sell, at its option, up to an aggregate of $100.0 million of its common units through Citigroup, as sales agent, under the 2012 Shelf. During the year ended December 31, 2013, the Partnership issued 2,420,046 common units under the 2012 EDA, receiving net proceeds of $94.8 million. We contributed $2.0 million to maintain our 2% general partner interest.

In March 2013, the Partnership entered into a second Equity Distribution Agreement under the 2012 Shelf (the “March 2013 EDA”) with Citigroup, Deutsche Bank Securities Inc.(“Deutsche Bank”), Raymond James & Associates, Inc. (“Raymond James”) and UBS Securities LLC (“UBS”), as sales agents, pursuant to which the Partnership may sell, at its option, up to an aggregate of $200.0 million of the Partnership common units. During the year ended December 31 , 2013, the Partnership issued 4,204,751 common units, receiving net proceeds of $197.5 million. We contributed $4.1 million to maintain our 2% general partner interest.

In August 2013, the Partnership entered into an Equity Distribution Agreement under the July 2013 Shelf (the “August 2013 EDA”) with Citigroup, Deutsche Bank, Morgan Stanley & Co. LLC, Raymond James, RBC Capital Markets, LLC, UBS and Wells Fargo Securities, LLC, as its sales agents, pursuant to which the Partnership may sell, at its option, up to an aggregate of $400.0 million of the Partnership’s common units. During the year ended 2013, the Partnership issued 4,259,641 common units under the August 2013 EDA, receiving net proceeds of $225.6 million. We contributed $4.7 million to the Partnership to maintain our 2% general partner interest.

In May 2014, the Partnership entered into an additional equity distribution agreement under the July 2013 Shelf (the “May 2014 EDA”), with Barclays Capital Inc., Citigroup, Deutsche Bank, Jefferies LLC, Morgan Stanley & Co. LLC, Raymond James, RBC Capital Markets, LLC, UBS 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 the Partnership’s common units.

During the year ended 2014, pursuant to the August 2013 EDA and the May 2014 EDA, the Partnership issued a total of 7,175,096 common units representing total net proceeds of $408.4 million, (net of commissions up to 1% of gross proceeds to its sales agent), which were used to reduce borrowings under the TRP Revolver and for general partnership purposes. We contributed $8.4 million to maintain our 2% general partner interest, of which $1.0 million was settled in January 2015.

Subsequent Event

In January 2015, the Partnership issued 284,137 common units and received proceeds of $13.0 million, net of commissions and fees, pursuant to the May 2014 EDA. We contributed $0.3 million to maintain our 2% general partner interest.

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 years presented.

		Distributions
Three Months Ended	Date Paid or to be Paid	Limited Partners		General Partner						Distributions to Targa Resources Corp.		Distributions per limited partner unit
Three Months Ended	Date Paid or to be Paid	Common		Incentive			2%	Total		Distributions to Targa Resources Corp.		Distributions per limited partner unit

(In millions, except per unit amounts)
2014
December 31, 2014	February 13, 2015	$	96.3	$	38.4	$	2.7	$	137.4	$	51.6	$	0.8100
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

2013
December 31, 2013	February 14, 2014	$	84.0	$	29.5	$	2.3	$	115.8	$	41.5	$	0.7475
September 30, 2013	November 14, 2013		79.4		26.9		2.2		108.5		38.6		0.7325
June 30, 2013	August 14, 2013		75.8		24.6		2.0		102.4		35.9		0.7150
March 31, 2013	May 15, 2013		71.7		22.1		1.9		95.7		33.0		0.6975

2012
December 31, 2012	February 14, 2013	$	69.0	$	20.1	$	1.8	$	90.9	$	30.7	$	0.6800
September 30, 2012	November 14, 2012		59.1		16.1		1.5		76.7		26.2		0.6625
June 30, 2012	August 14, 2012		57.3		14.4		1.5		73.2		24.2		0.6425
March 31, 2012	May 15, 2012		55.5		12.7		1.4		69.6		22.2		0.6225

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

+ References + Details

Common Stock and Related Matters

12 Months Ended

Dec. 31, 2014

Common Stock and Related Matters [Abstract]

Common Stock and Related Matters

Note 12 — Common Stock and Related Matters

The following table details the dividends declared and/or paid by us for the years ended December 31, 2014, 2013 and 2012:

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)
2014
December 31, 2014	February 17, 2015	$	32.8	$	32.6	$	0.2	$	0.77500
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

2013
December 31, 2013	February 18, 2014		25.6		25.5		0.1		0.60750
September 30, 2013	November 15, 2013		24.1		23.7		0.4		0.57000
June 30, 2013	August 15, 2013		22.5		22.1		0.4		0.53250
March 31, 2013	May 16, 2013		21.0		20.6		0.4		0.49500

2012
December 31, 2012	February 15, 2013	$	19.4	$	19.0	$	0.4	$	0.45750
September 30, 2012	November 15, 2012		18.0		17.3		0.7		0.42250
June 30, 2012	August 15, 2012		16.7		16.1		0.6		0.39375
March 31, 2012	May 16, 2012		15.5		15.0		0.5		0.36500

________

(1)	Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Dividends declared are recorded as a reduction of retained earnings to the extent that retained earnings was available at the close of the prior quarter, with any excess recorded as a reduction of additional paid-in capital.

Earnings per Common Share

12 Months Ended

Dec. 31, 2014

Earnings per Common Share [Abstract]

Earnings per Common Share

Note 13 — Earnings per Common Share

Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed using weighted average shares outstanding during the period, incorporated with the dilutive effect of restricted stock awards and stock options. The dilutive effect was determined through the application of the treasury method.

The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share:

	2014		2013		2012
Net income	$	423.0	$	201.3	$	159.3
Less: Net income attributable to noncontrolling interests		320.7		136.2		121.2
Net income attributable to common shareholders	$	102.3	$	65.1	$	38.1

Weighted average shares outstanding - basic		42.0		41.6		41.0

Net income available per common share - basic	$	2.44	$	1.56	$	0.93

Weighted average shares outstanding		42.0		41.6		41.0
Dilutive effect of unvested stock awards		0.1		0.5		0.8
Weighted average shares outstanding - diluted		42.1		42.1		41.8

Net income available per common share - diluted	$	2.43	$	1.55	$	0.91

- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities [Abstract]

Derivative Instruments and Hedging Activities

Note 14 — Derivative Instruments and Hedging Activities

The Partnership’s Commodity Hedges

The primary purpose of the Partnership’s commodity risk management activities is to manage its exposure to commodity price risk and reduce volatility in its operating cash flow due to fluctuations in commodity prices. The Partnership has hedged the commodity prices associated with a portion of its expected (i) natural gas equity volumes in its Field Gathering and Processing segment and (ii) NGL and condensate equity volumes predominately in its Field Gathering and Processing segment and the LOU business unit in its Coastal Gathering and Processing segment that result from percent-of-proceeds processing arrangements. These hedge positions will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity prices. The Partnership has designated these derivative contracts as cash flow hedges for accounting purposes.

The hedges generally match the NGL product composition and the NGL and natural gas delivery points to those of the Partnership’s physical equity volumes. The NGL hedges may be transacted as specific NGL hedges or as baskets of ethane, propane, normal butane, isobutane and natural gasoline based upon the Partnership’s expected equity NGL composition. We believe this approach avoids uncorrelated risks resulting from employing hedges on crude oil or other petroleum products as “proxy” hedges of NGL prices. The Partnership’s natural gas and NGL hedges are settled using published index prices for delivery at various locations, which closely approximate the Partnership’s actual natural gas and NGL delivery points.

The Partnership hedges a portion of its condensate equity volumes using crude oil hedges that are based on the New York Mercantile Exchange (“NYMEX”) futures contracts for West Texas Intermediate light, sweet crude, which approximates the prices received for condensate. This necessarily exposes the Partnership to a market differential risk if the NYMEX futures do not move in exact parity with the sales price of its underlying condensate equity volumes. Hedge ineffectiveness was immaterial for all periods presented.

At December 31, 2014, the notional volumes of the Partnership’s commodity hedges for equity volumes were:

Commodity	Instrument	Unit	2015		2016		2017
Natural Gas	Swaps	MMBtu/d		55,551		30,500		5,000
NGL	Swaps	Bbl/d		1,210		-		-
Condensate	Swaps	Bbl/d		1,500		1,000		500

The Partnership also enters into derivative instruments to help manage other short-term commodity-related business risks. The Partnership has not designated these derivatives as hedges and records changes in fair value and cash settlements to revenues.

The Partnership’s derivative contracts are subject to netting arrangements that allow net cash settlement of offsetting asset and liability positions with the same counterparty. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements. The following schedules reflect the fair values of our derivative instruments and their location in our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis:

		Fair Value as of December 31, 2014				Fair Value as of December 31, 2013
	Balance Sheet	Derivative		Derivative		Derivative		Derivative
	Location	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	44.4	$	-	$	2.0	$	7.7
Long-term			15.8		-		3.1		1.4
Total derivatives designated as hedging instruments		$	60.2	$	-	$	5.1	$	9.1

Derivatives not designated as hedging instruments
Commodity contracts	Current	$	-	$	5.2	$	-	$	0.3
Total derivatives not designated as hedging instruments		$	-	$	5.2	$	-	$	0.3

Total current position		$	44.4	$	5.2	$	2.0	$	8.0
Total long-term position			15.8		-		3.1		1.4
Total derivatives		$	60.2	$	5.2	$	5.1	$	9.4

The pro forma impact of reporting derivatives in the Consolidated Balance Sheets on a net basis is as follows:

	Gross Presentation				Pro forma Net Presentation
	Asset		Liability		Asset		Liability
December 31, 2014	Position		Position		Position		Position
Current position
Counterparties with offsetting position	$	35.5	$	4.4	$	31.1	$	-
Counterparties without offsetting position - assets		8.9		-		8.9		-
Counterparties without offsetting position - liabilities		-		0.8		-		0.8
		44.4		5.2		40.0		0.8
Long-term position
Counterparties with offsetting position		-		-		-		-
Counterparties without offsetting position - assets		15.8		-		15.8		-
Counterparties without offsetting position - liabilities		-		-		-		-
		15.8		-		15.8		-
Total derivatives
Counterparties with offsetting position		35.5		4.4		31.1		-
Counterparties without offsetting position - assets		24.7		-		24.7		-
Counterparties without offsetting position - liabilities		-		0.8		-		0.8
	$	60.2	$	5.2	$	55.8	$	0.8

December 31, 2013
Current position
Counterparties with offsetting position	$	1.9	$	4.4	$	-	$	2.5
Counterparties without offsetting position - assets		0.1		-		0.1		-
Counterparties without offsetting position - liabilities		-		3.6		-		3.6
		2.0		8.0		0.1		6.1
Long-term position
Counterparties with offsetting position		0.7		1.2		-		0.5
Counterparties without offsetting position - assets		2.4		-		2.4		-
Counterparties without offsetting position - liabilities		-		0.2		-		0.2
		3.1		1.4		2.4		0.7
Total derivatives
Counterparties with offsetting position		2.6		5.6		-		3.0
Counterparties without offsetting position - assets		2.5		-		2.5		-
Counterparties without offsetting position - liabilities		-		3.8		-		3.8
	$	5.1	$	9.4	$	2.5	$	6.8

The Partnership’s payment obligations in connection with substantially all of these hedging transactions are secured by a first priority lien in the collateral securing its senior secured indebtedness that ranks equal in right of payment with liens granted in favor of its senior secured lenders.

The fair value of the Partnership’s derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of the Partnership’s derivative instruments was a net asset of $55.0 million as of December 31, 2014. The estimated fair value is net of an adjustment for credit risk based on the default probabilities by year as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented.

The following tables reflect amounts recorded in OCI and amounts reclassified from OCI to revenue and expense for the periods indicated:

Derivatives in Cash Flow	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Hedging Relationships	2014		2013				2012
Commodity contracts	$	59.7		$	(5.8	)		$	76.8
	$	59.7		$	(5.8	)		$	76.8

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
Location of Gain (Loss)	2014			2013				2012
Interest expense, net	$	(2.4	)		$	(6.1	)		$	(7.9	)
Revenues		(4.2	)			21.0				46.0
	$	(6.6	)		$	14.9			$	38.1

Our consolidated earnings are also affected by the Partnership’s use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on the balance sheet and through earnings rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices.

		Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments	Location of Gain Recognized in Income on Derivatives	2014				2013				2012
Commodity contracts	Revenue		$	(5.5	)		$	(0.1	)		$	0.7

The following table shows the deferred gains (losses) included in accumulated OCI, which will be reclassified into earnings before income taxes through the end of 2017 based on year-end valuations.

	December 31, 2014		December 31, 2013
Commodity hedges, before tax (1)	$	60.3	$	(3.7	)
Interest rate hedges, before tax		-		(2.4	)

___________

(1)	Includes deferred net gains of $44.3 million related to contracts that will be settled and reclassified to revenue over the next 12 months.

See Note 15 for additional disclosures related to derivative instruments and hedging activities.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 15 — Fair Value Measurements

Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments are reported at fair value in our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost in our Consolidated Balance Sheets. The following are additional qualitative and quantitative disclosures regarding fair value measurements of financial instruments.

Fair Value of Derivative Financial Instruments

The Partnership’s derivative instruments consist of financially settled commodity swaps and option contracts and fixed-price commodity contracts with certain counterparties. The Partnership determines the fair value of its derivative contracts using a discounted cash flow model for swaps and a standard option pricing-model for options, based on inputs that are readily available in public markets. The Partnership has consistently applied these valuation techniques in all periods presented and we believe the Partnership has obtained the most accurate information available for the types of derivative contracts the Partnership holds.

The fair values of the Partnership’s derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. This financial position of these derivatives at December 31, 2014, a net asset position of $55.0 million, reflects the present value, adjusted for counterparty credit risk, of the amount the Partnership expects to receive or pay in the future on its derivative contracts. If forward pricing on natural gas, NGLs and crude oil were to increase by 10%, the result would be a fair value reflecting a net asset of $38.3 million, ignoring an adjustment for counterparty credit risk. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net asset of $71.9 million, ignoring an adjustment for counterparty credit risk.

Fair Value of Other Financial Instruments

Due to their cash or near-cash nature, the carrying value of other financial instruments included in working capital (i.e., cash and cash equivalents, accounts receivable, accounts payable) approximates their fair value. Long-term debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. We determined the supplemental fair value disclosures for our long-term debt as follows:

•

Senior secured revolving credit facilities and the Partnership’s Securitization Facility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market rates; and

•

Senior unsecured notes are based on quoted market prices derived from trades of the debt.

Fair Value Hierarchy

We categorize the inputs to the fair value measurements of financial assets and liabilities using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value:

•

Level 1 – observable inputs such as quoted prices in active markets;

•

Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and

•

Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions.

The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included in our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments:

	December 31, 2014
	Carrying Value		Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value
Assets from commodity derivative contracts (1)	$	60.2	$	60.2	$	-	$	58.4	$	1.8
Liabilities from commodity derivative contracts (1)		5.2		5.2		-		5.1		0.1
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		81.0		81.0		-		-		-
TRC Senior secured revolving credit facility		102.0		102.0		-		102.0		-
Partnership's Senior secured revolving credit facility		-		-		-		-		-
Partnership's Senior unsecured notes		2,783.4		2,731.5		-		2,731.5		-
Partnership's accounts receivable securitization facility		182.8		182.8		-		182.8		-

	December 31, 2013
	Carrying Value		Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value:
Assets from commodity derivative contracts	$	5.1	$	5.1	$	-	$	3.4	$	1.7
Liabilities from commodity derivative contracts		9.4		9.4		-		8.4		1.0
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value:
Cash and cash equivalents		66.7		66.7		-		-		-
TRC Senior secured revolving credit facility		84.0		84.0		-		84.0		-
Partnership's Senior secured revolving credit facility		395.0		395.0		-		395.0		-
Partnership's Senior unsecured notes		2,230.6		2,253.5		-		2,253.5		-
Partnership's accounts receivable securitization facility		279.7		279.7		-		279.7		-

___________

(1)

The fair value of the derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 14. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes.

Additional Information Regarding Level 3 Fair Value Measurements Included in Our Consolidated Balance Sheets

We reported certain of the Partnership’s natural gas swaps at fair value using Level 3 inputs due to such derivatives not having observable market prices for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations whose contract length extends into unobservable periods.

The fair value of these natural gas swaps is determined using a discounted cash flow valuation technique based on a forward commodity basis curve. For these derivatives, the primary input to the valuation model is the forward commodity basis curve, which is based on observable or public data sources and extrapolated when observable prices are not available.

As of December 31, 2014, the Partnership had five natural gas swaps categorized as Level 3. The significant unobservable inputs used in the fair value measurements of the Partnership’s Level 3 derivatives are the forward natural gas curves, for which a significant portion of the derivative’s term is beyond available forward pricing. The change in the fair value of Level 3 derivatives associated with a 10% change in the forward basis curve where prices are not observable is immaterial.

The Badlands acquisition agreement also provided for a contingent payment of $50 million conditioned on achieving stipulated crude gathering volumes by mid-2014. In 2012, the Partnership recorded a contingent consideration liability of $15.3 million as part of the purchase consideration for the Badlands acquisition (see Note 4). The fair value of this contingent liability was determined using a probability-based model measuring the likelihood of meeting certain volumetric measures identified in the MIPSA . These probability-based inputs are not observable; the entire valuation of the contingent consideration is categorized in Level 3. The contingent period expired June 2014, with no payment required.

T he following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy:

	Commodity Derivative Contracts Liability/ (Asset)			Long-term Debt			Contingent Liability
Balance, December 31, 2011	$	-		$	87.5		$	-
Issuances		-			-			15.3
Settlements included in Revenue		(0.1	)		-			-
Unrealized losses included in OCI		0.7			-			-
Debt extinguishment		-			(87.5	)		-
Balance, December 31, 2012		0.6		$	-		$	15.3
Settlements included in Revenue		(1.3	)		-			-
Change in valuation of contingent liability included in Other Income		-			-			(15.3	)
Balance, December 31, 2013		(0.7	)		-			-
Settlements included in Revenue		(0.2	)		-			-
Unrealized gains included in OCI		(1.1	)		-			-
Transfers out of Level 3		0.3			-			-
Balance, December 31, 2014	$	(1.7	)	$	-		$	-

During 2014, the Partnership transferred $0.3 million in derivative assets out of Level 3 and into Level 2. This transfer related to long-term OTC swaps for natural gas and NGL products with deliveries for which observable market prices were available.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Note 16 — Related Party Transactions Transactions with Unconsolidated Affiliate For the years 2014, 2013 and 2012, transactions with GCF included in revenues were $0.8 million, $0.4 million and $0.1 million. For the same periods, transactions with GCF included in costs and expenses were $7.6 million, $6.3 million and $1.9 million. The Partnership is subject to paying a deficiency fee in instances where the Partnership does not deliver its minimum volume requirements as outlined in the Partnership and fractionation agreements with GCF. Relationship with Targa Resources Partners LP We provide general and administrative and other services to the Partnership, associated with the Partnership’s existing assets and assets acquired from third parties. 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. The employees supporting the Partnership’s operations are employees of us. The Partnership reimburses us for the payment of certain operating expenses, including compensation and benefits of operating personnel assigned to the Partnership’s assets, and for the provision of various general and administrative services for the benefit of the Partnership. 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. Since October 1, 2010, after the final conveyance of assets by us to the Partnership, substantially all of our general and administrative costs have been and will continue to be allocated to the Partnership, 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. Relationship with Sajet Resources LLC Former holders of our pre-IPO common equity, including certain of our executive managers and directors, own a controlling interest in Sajet Resources LLC (“Sajet”), which was spun-off in December 2010 prior to the IPO. Sajet owns certain technology rights, real property and ownership interests in Allied CNG Ventures LLC. We provide general and administrative services to Sajet and are reimbursed for these amounts at our actual cost. During 2014, we were reimbursed $1.4 million for such services provided. Relationship with Tesla Resources LLC In September 2012, Tesla Resources LLC (“Tesla”) was spun-off from Sajet. Tesla has ownership interests in Floridian Natural Gas Storage Company LLC (“Floridian”). We provide general and administrative services to Tesla and Floridian and are reimbursed for these amounts at our actual cost. During 2014, we were reimbursed $0.2 million for such services provided.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Commitments (Leases)

12 Months Ended

Dec. 31, 2014

Commitments (Leases) [Abstract]

Commitments (Leases)

Note 17 — Commitments (Leases)

Future lease obligations are presented below in aggregate and for each of the next five fiscal years.

	In Aggregate		2015		2016		2017		2018		2019
Non-Partnership obligations:
Operating leases (1)	$	7.6	$	2.4	$	2.7	$	2.5	$	-	$	-
Partnership obligations:
Operating leases (2)		28.9		7.7		7.4		5.9		4.6		3.3
Land site lease and right-of-way (3)		9.5		2.0		2.0		2.0		1.8		1.7
	$	46.0	$	12.1	$	12.1	$	10.4	$	6.4	$	5.0

______________

(1)	Includes minimum payments on lease obligation for corporate office space.

(2)	Includes minimum payments on lease obligations for office space, railcars and tractors.

(3)	Land site lease and right-of-way provides for surface and underground access for gathering, processing and distribution assets that are located on property not owned by the Partnership. These agreements expire at various dates, with varying terms, some of which are perpetual.

Total expenses incurred under the above lease obligations were:

	2014		2013		2012
Non-Partnership:
Operating leases	$	3.3	$	2.8	$	2.1
Partnership:
Operating leases (1)		24.4		23.3		16.1
Land site lease and right-of-way		4.1		3.6		3.3

__________

(1)	Includes short-term leases for items such as compressors and equipment.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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+ Details

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2014
Contingencies [Abstract]
Contingencies	Note 18 – Contingencies Environmental The Partnership’s environmental liabilities were not significant as of December 31, 2014. Legal Proceedings Litigation Related to the Atlas Mergers Targa Shareholder Litigation On January 28, 2015, a public shareholder of TRC (the “TRC Plaintiff”) filed a putative class action and derivative lawsuit against TRC (as a nominal defendant), its directors at the time of the ATLS Merger (the “TRC Director Defendants”), and ATLS (together with TRC and the TRC Director Defendants, the “TRC Lawsuit Defendants”). This lawsuit is styled Inspired Investors v. Joe Bob Perkins, et al., in the District Court of Harris County, Texas (the “TRC Lawsuit”). The TRC Plaintiff alleges a variety of causes of action challenging the disclosures related to the ATLS Merger. Generally, the TRC Plaintiff alleges that the TRC Director Defendants breached their fiduciary duties. The TRC Plaintiff further alleges that the registration statement filed on January 22, 2015 fails to disclose allegedly material details concerning (i) Wells Fargo Securities, LLC’s and the TRC Director Defendants’ supposed conflicts of interest with respect to the ATLS Merger, (ii) TRC’s financial projections, (iii) the background of the ATLS Merger, and (iv) Wells Fargo Securities, LLC’s analysis of the ATLS Merger. Based on these allegations, the TRC Plaintiff seeks to enjoin the TRC Lawsuit Defendants from proceeding with or consummating the ATLS Merger unless and until TRC discloses the allegedly material omitted details. To the extent that the ATLS Merger is consummated before injunctive relief is granted, the TRC Plaintiff seeks to have the ATLS Merger rescinded. The TRC Plaintiff also seeks recissory damages and attorneys’ fees. Only two of the TRC Lawsuit Defendants have been served at this time, these defendants’ date to answer, move to dismiss, or otherwise respond to the TRC Lawsuit is March 2, 2015. The remaining TRC Lawsuit Defendants’ date to answer, move to dismiss or otherwise respond to the TRC Lawsuit has not yet been set. Targa cannot predict the outcome of this or any other lawsuit that might be filed subsequent to the date of the filing of this Annual Report, nor can Targa or Atlas predict the amount of time and expense that will be required to resolve the TRC Lawsuit. To resolve this matter, Targa published supplemental disclosures on February 11, 2015 and the parties are currently working on settlement documentation. Atlas Unitholder Litigation Between October and December 2014, five public unitholders of APL (the “APL Plaintiffs”) filed putative class action lawsuits against APL, ATLS, Atlas Pipeline Partners GP, LLC, the general partner of APL (“APL GP”) its managers, TRC, the Partnership, the general partner and Trident MLP Merger Sub LLC (the “APL Lawsuit Defendants”). These lawsuits are styled (a) Michael Evnin v. Atlas Pipeline Partners, L.P., et al., in the Court of Common Pleas for Allegheny County, Pennsylvania; (b) William B. Federman Family Wealth Preservation Trust v. Atlas Pipeline Partners, L.P., et al., in the District Court of Tulsa County, Oklahoma (the “Tulsa Lawsuit”); (c) Greenthal Living Trust U/A 01/26/88 v. Atlas Pipeline Partners, L.P., et al., in the Court of Common Pleas for Allegheny County, Pennsylvania; (d) Mike Welborn v. Atlas Pipeline Partners, L.P., et al., in the Court of Common Pleas for Allegheny County, Pennsylvania; and (e) Irving Feldbaum v. Atlas Pipeline Partners, L.P., et al., in the Court of Common Pleas for Allegheny County, Pennsylvania, though the Tulsa Lawsuit has since been voluntarily dismissed. The Evnin, Greenthal, Welborn and Feldbaum lawsuits have been consolidated as In re Atlas Pipeline Partners, L.P. Unitholder Litigation, Case No. GD-14-019245, in the Court of Common Pleas for Allegheny County, Pennsylvania (the “Consolidated APL Lawsuit”). In October and November 2014, two public unitholders of ATLS (the “ATLS Plaintiffs” and, together with the APL Plaintiffs, the “Atlas Lawsuit Plaintiffs”) filed putative class action lawsuits against ATLS, ATLS Energy GP, LLC, the general partner of ATLS (“ATLS GP”), its managers, TRC and Trident GP Merger Sub LLC (the “ATLS Lawsuit Defendants” and, together with the APL Lawsuit Defendants, the “Atlas Lawsuit Defendants”). These lawsuits are styled (a) Rick Kane v. Atlas Energy, L.P., et al., in the Court of Common Pleas for Allegheny County, Pennsylvania and (b) Jeffrey Ayers v. Atlas Energy, L.P., et al., in the Court of Common Pleas for Allegheny County, Pennsylvania (the “ATLS Lawsuits”). The ATLS Lawsuits have been consolidated as In re Atlas Energy, L.P. Unitholder Litigation, Case No. GD-14-019658, in the Court of Common Pleas for Allegheny County, Pennsylvania (the “Consolidated ATLS Lawsuit” and, together with the Consolidated APL Lawsuit, the “Consolidated Atlas Lawsuits”), though the Kane lawsuit has since been voluntarily dismissed. The Atlas Lawsuit Plaintiffs allege a variety of causes of action challenging the Atlas Mergers. Generally, the APL Plaintiffs allege that (a) APL GP’s managers have breached the covenant of good faith and/or their fiduciary duties and (b) TRC, the Partnership, the general partner, Trident MLP Merger Sub LLC, APL, ATLS and APL GP have aided and abetted in these alleged breaches of the covenant of good faith and/or fiduciary duties. The APL Plaintiffs further allege that (a) the premium offered to APL’s unitholders is inadequate, (b) APL agreed to contractual terms that will allegedly dissuade other potential acquirers from seeking to acquire APL, and (c) APL GP’s managers favored their self-interests over the interests of APL’s unitholders. The APL Plaintiffs in the Consolidated APL Lawsuit also allege that the registration statement filed on November 19, 2014 fails, among other things, to disclose allegedly material details concerning (i) Stifel, Nicolaus & Company, Incorporated’s analysis of the Transactions; (ii) Targa and Atlas’ financial projections; and (iii) the background of the Transactions. Generally, the ATLS Plaintiffs allege that (a) ATLS GP’s directors have breached the covenant of good faith and/or their fiduciary duties and (b) Targa, Trident GP Merger Sub LLC, and ATLS have aided and abetted in these alleged breaches of the covenant of good faith and/or fiduciary duties. The ATLS Plaintiffs further allege that (a) the premium offered to the ATLS unitholders is inadequate, (b) ATLS agreed to contractual terms that will allegedly dissuade other potential acquirers from seeking to acquire ATLS, (c) ATLS GP’s directors favored their self-interests over the interests of the ATLS unitholders and (d) the registration statement fails to disclose allegedly material details concerning, among other things, (i) Wells Fargo Securities, LLC, Stifel, Nicolaus & Company, Incorporated and Deutsche Bank Securities Inc.’s analyses of the Transactions; (ii) Targa and Atlas’ financial projections; and (iii) the background of the Transactions. Based on these allegations, the Atlas Lawsuit Plaintiffs sought to enjoin the Atlas Lawsuit Defendants from proceeding with or consummating the Atlas Mergers unless and until APL and ATLS adopted and implemented processes to obtain the best possible terms for their respective unitholders. To the extent that the Atlas Mergers were consummated before injunctive relief was granted, the Atlas Lawsuit Plaintiffs sought to have the Atlas Mergers rescinded. The Atlas Lawsuit Plaintiffs also sought damages and seek attorneys’ fees. The parties to the Consolidated Atlas Lawsuits agreed to settle the Consolidated Atlas Lawsuits on February 9, 2015. In general, the settlements provide that in consideration for the dismissal of the Consolidated Atlas Lawsuits, ATLS and APL will provide supplemental disclosures regarding the Atlas Mergers in a filing with the SEC on Form 8-K, which ATLS and APL did on February 11, 2015. The Atlas Lawsuit Defendants agreed to make such supplemental disclosures solely to avoid the uncertainty, risk, burden, and expense inherent in litigation and deny that any supplemental disclosure was or is required under any applicable rule, statute, regulation or law. The parties to the Consolidated Atlas Lawsuits are drafting settlement agreements and expect to seek court approval of the settlements. We are a party to various administrative and regulatory proceedings that have arisen in the ordinary course of our business. See "Item 1. Business–Regulation of Operations" and "Item 1. Business–Environmental, Health and Safety Matters."

Significant Risks and Uncertainties

12 Months Ended

Dec. 31, 2014

Significant Risks and Uncertainties [Abstract]

Significant Risks and Uncertainties

Note 19 – Significant Risks and Uncertainties

Our primary business objective is to increase our available cash for dividends to our stockholders by assisting the Partnership in executing its business strategy. We may facilitate the Partnership’s growth through various forms of financial support, including, but not limited to, modifying the Partnership’s IDRs, exercising the Partnership’s IDR reset provision contained in its partnership agreement, making loans, making capital contributions in exchange for yielding or non-yielding equity interests or providing other financial support to the Partnership, if needed, to support its ability to make distributions. In addition, we may acquire assets that could be candidates for acquisition by the Partnership, potentially after operational or commercial improvement or further development.

Nature of the Partnership’s Operations in Midstream Energy Industry

The Partnership operates in the midstream energy industry. Its business activities include gathering, processing, fractionating and storage of natural gas, NGLs and crude oil. The Partnership’s results of operations, cash flows and financial condition may be affected by changes in the commodity prices of these hydrocarbon products and changes in the relative price levels among these hydrocarbon products. In general, the prices of natural gas, NGLs, condensate and other hydrocarbon products are subject to fluctuations in response to changes in supply, market uncertainty and a variety of additional factors that are beyond our control.

The Partnership’s profitability could be impacted by a decline in the volume of natural gas, NGLs and condensate transported, gathered or processed at our facilities. A material decrease in natural gas or condensate production or condensate refining, as a result of depressed commodity prices, a decrease in exploration and development activities, or otherwise, could result in a decline in the volume of natural gas, NGLs and condensate handled by our facilities.

A reduction in demand for NGL products by the petrochemical, refining or heating industries, whether because of (i) general economic conditions, (ii) reduced demand by consumers for the end products made with NGL products, (iii) increased competition from petroleum-based products due to the pricing differences, (iv) adverse weather conditions, (v) government regulations affecting commodity prices and production levels of hydrocarbons or the content of motor gasoline or (vi) other reasons, could also adversely affect the Partnership’s results of operations, cash flows and financial position.

The principal market risks are exposure to changes in commodity prices, as well as changes in interest rates.

Commodity Price Risk

A majority of the revenues from the gathering and processing business are derived from percent-of-proceeds contracts under which the Partnership receives a portion of the natural gas and/or NGLs or equity volumes as payment for services. The prices of natural gas and NGLs are subject to market fluctuations in response to changes in supply, demand, market uncertainty and a variety of additional factors beyond the Partnership’s control.

In an effort to reduce the variability of our cash flows, the Partnership has entered into derivative financial instruments to hedge the commodity price associated with a significant portion of its expected natural gas equity volumes through 2017, NGL equity volumes through 2015 and condensate equity volumes through 2017. These derivative financial instruments included swaps and purchased puts (or floors). The Partnership hedges a higher percentage of its expected equity volumes in the earlier future periods. With swaps, the Partnership typically receives an agreed upon fixed price for a specified notional quantity of natural gas or NGLs and pays the hedge counterparty a floating price for that same quantity based upon published index prices. Since the Partnership receives from its customers substantially the same floating index price from the sale of the underlying physical commodity, these transactions are designed to effectively lock-in the agreed fixed price in advance for the volumes hedged. In order to avoid having a greater volume hedged than actual equity volumes, the Partnership typically limits its use of swaps to hedge the prices of less than its expected natural gas and NGL equity volumes. The Partnership utilizes purchased puts (or floors) to hedge additional expected equity commodity volumes without creating volumetric risk. The Partnership’s commodity hedges may expose it to the risk of financial loss in certain circumstances.

The Partnership’s net income and cash flows are subject to volatility stemming from changes in commodity prices and interest rates. To reduce the volatility of our cash flows, the Partnership has entered into derivative financial instruments related to a portion of its equity volumes to manage the purchase and sales prices of commodities. We also monitor NGL inventory levels with a view to mitigating losses related to downward price exposure.

Interest Rate Risk

We and the Partnership are exposed to changes in interest rates, primarily as a result of variable rate borrowings under our and the Partnership’s credit facilities.

Counterparty Risk – Credit and Concentration

Derivative Counterparty Risk

Where the Partnership is exposed to credit risk in our financial instrument transactions, management analyzes the counterparty’s financial condition prior to entering into an agreement, establishes credit and/or margin limits and monitors the appropriateness of these limits on an ongoing basis. Generally, management does not require collateral and does not anticipate nonperformance by our counterparties.

The Partnership has master netting provisions in the International Swap Dealers Association agreements with all of its derivative counterparties. These netting provisions allow the Partnership to net settle asset and liability positions with the same counterparties, and would reduce its maximum loss due to counterparty credit risk by $4.4 million as of December 31, 2014. The range of losses attributable to the Partnership’s individual counterparties would be between $3.3 million and $27.5 million, depending on the counterparty in default.

The credit exposure related to commodity derivative instruments is represented by the fair value of contracts with a net positive fair value, representing expected future receipts, at the reporting date. At such times, these outstanding instruments expose the Partnership to losses in the event of nonperformance by the counterparties to the agreements. Should the creditworthiness of one or more of the counterparties decline, the ability to mitigate nonperformance risk is limited to a counterparty agreeing to either a voluntary termination and subsequent cash settlement or a novation of the derivative contract to a third party. In the event of a counterparty default, the Partnership may sustain a loss and its cash receipts could be negatively impacted.

Customer Credit Risk

We extend credit to customers and other parties in the normal course of business. We have established various procedures to manage our credit exposure, including initial credit approvals, credit limits and terms, letters of credit, and rights of offset. We also use prepayments and guarantees to limit credit risk to ensure that our established credit criteria are met. The following table summarizes the activity affecting our allowance for bad debts:

	2014			2013		2012
Balance at beginning of year	$	1.1		$	0.9	$	2.4
Additions		-			0.2		-
Deductions		(1.1	)		-		(1.5	)
Balance at end of year	$	-		$	1.1	$	0.9

Significant Commercial Relationship

	2014			2013			2012
% of consolidated revenues
Chevron Phillips Chemical Company LLC		4	%		8	%		10	%

The transactions in the above table were primarily associated with the Marketing and Distribution segment.

Casualty or Other Risks

We maintain coverage in various insurance programs, which provides us and the Partnership with property damage, business interruption and other coverages which are customary for the nature and scope of our operations. The majority of the insurance costs described above is allocated to the Partnership by us through the Partnership Agreement described in Note 16.

Management believes that we have adequate insurance coverage, although insurance may not cover every type of interruption that might occur. As a result of insurance market conditions, premiums and deductibles for certain insurance policies have increased substantially, and in some instances, certain insurance may become unavailable, or available for only reduced amounts of coverage. As a result, we may not be able to renew existing insurance policies or procure other desirable insurance on commercially reasonable terms, if at all.

If we or the Partnership were to incur a significant liability for which we were not fully insured, it could have a material impact on our consolidated financial position and results of operations. In addition, the proceeds of any such insurance may not be paid in a timely manner and may be insufficient if such an event were to occur. Any event that interrupts the revenues generated by us or the Partnership, or which causes us or the Partnership to make significant expenditures not covered by insurance, could reduce our or the Partnership’s ability to meet our financial obligations. Furthermore, even when a business interruption event is covered, it could affect interperiod results as we would not recognize the contingent gain until realized in a period following the incident.

Other Operating (Income) Expense

12 Months Ended

Dec. 31, 2014

Other Operating (Income) Expense [Abstract]

Other Operating (Income) Expense

Note 20 – Other Operating (Income) Expense

	2014			2013		2012
Loss (gain) on sale or disposal of assets (1)	$	(4.8	)	$	3.9	$	15.6
Casualty loss		0.1			4.3		3.6
Miscellaneous business tax		0.4			0.7		0.7
Other		1.3			0.7		-
	$	(3.0	)	$	9.6	$	19.9

______________

(1)	Includes a $15.4 million loss in 2012 due to a write-off of the Partnership’s investment in the Yscloskey joint interest processing plant in Southeastern Louisiana. Following Hurricane Isaac, the joint venture owners elected not to restart the plant.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Income Taxes

Note 21—Income Taxes

Our provisions for income taxes for the periods indicated are as follows:

	2014			2013		2012
Current expense	$	72.4		$	42.8	$	27.9
Deferred expense (benefit)		(4.4	)		5.4		9.0
	$	68.0		$	48.2	$	36.9

Our deferred income tax assets and liabilities at December 31, 2014 and 2013 consist of differences related to the timing of recognition of certain types of costs as follows:

	2014			2013
Deferred tax assets:
Deferred tax assets before valuation allowance	$	3.5		$	3.5
Valuation allowance		(3.5	)		(3.5	)
	$	-		$	-
Deferred tax liabilities:
Investments (1)	$	(115.8	)	$	(115.2	)
Debt related deferreds		(13.4	)		(17.2	)
Other		(9.5	)		(7.1	)
		(138.7	)		(139.5	)
	$	(138.7	)	$	(139.5	)
Net deferred tax liability:
Federal	$	(115.5	)	$	(121.0	)
Foreign		0.6			0.6
State		(23.8	)		(19.1	)
	$	(138.7	)	$	(139.5	)
Balance sheet classification of deferred tax assets (liabilities):
Long-term asset	$	-		$	(3.5	)
Current liability		(0.5	)		(0.5	)
Long-term liability		(138.2	)		(135.5	)
	$	(138.7	)	$	(139.5	)

_________

(1)	Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of the assets and liabilities of our investments.

As a result of dropdown transactions in 2010 and 2009, differences related to the date of income recognition for book and tax occurred, resulting in deferred tax assets. The reversal of these differences will not be recognized until we sell the units of the Partnership. Therefore, a valuation allowance of $3.5 million has been placed against these deferred assets.

Set forth below is the reconciliation between our income tax provision (benefit) computed at the United States statutory rate on income before income taxes and the income tax provision in the accompanying consolidated statements of operations for the periods indicated:

Income tax reconciliation:	2014			2013			2012
Income before income taxes	$	491.0		$	249.5		$	196.2
Less: Net income attributable to noncontrolling interest		(320.7	)		(136.2	)		(121.2	)
Less: Income taxes included in noncontrolling interest		(4.2	)		(2.5	)		(3.5	)
Income attributable to TRC before income taxes		166.1			110.8			71.5
Federal statutory income tax rate		35	%		35	%		35	%
Provision for federal income taxes		58.1			38.8			25.0
State income taxes, net of federal tax benefit		6.7			4.4			6.8
Amortization of deferred charge on 2010 transactions		4.7			4.7			4.7
Other, net		(1.5	)		0.3			0.4
Income tax provision	$	68.0		$	48.2		$	36.9

We have not identified any uncertain tax positions. We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material adverse effect on our financial condition, results of operations or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

+ Details

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 22 - Supplemental Cash Flow Information


	2014		2013			2012
Cash:
Interest paid, net of capitalized interest (1)	$	133.8	$	121.7		$	95.6
Income taxes paid, net of refunds		73.4		34.1			30.5
Non-cash:
Deadstock inventory transferred to property, plant and equipment		14.8		30.4			3.0
Accrued dividends on unvested equity awards		0.6		1.6			2.7
Badlands contingent consideration recorded at acquisition date		-		-			15.3
Change in capital accruals		19.0		(0.4	)		(34.3	)
Transfers from materials and supplies to property, plant and equipment		4.6		20.5			-
Change in ARO estimate		2.1		1.6			(1.0	)

___________

(1)	Interest capitalized on expansion projects was $16.1 million, $28.0 million and $13.6 million for the years ended December 31, 2014, 2013 and 2012.

- Definition

The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.

+ References + Details

Stock and Other Compensation Plans

12 Months Ended

Dec. 31, 2014

Stock and Other Compensation Plans [Abstract]

Stock and Other Compensation Plans

Note 23 – Stock and Other Compensation Plans

For the years ended December 31, 2014, 2013 and 2012 our results include compensation expenses from the following sources:

Partnership Long-Term Incentive Plan

Performance Units - Equity-settled

Director Grants

2010 TRC Stock Incentive Plan

Restricted Stock Awards

Restricted Stock Units Awards

TRC Director Grants

Targa 401(k) Plan

TRC Long-Term Incentive Plan

Cash-settled Performance Units

The Partnership Equity-Settled Performance Units

The Partnership started issuing equity-settled performance units in 2011. The following table summarizes activities of our equity-settled performance units for the years ended December 31, 2014, 2013, and 2012:

	Number of units			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2011		135,870		$	33.94
Granted		171,750			41.94
Outstanding at December 31, 2012		307,620			38.40
Granted		244,578			46.54
Outstanding at December 31, 2013		552,198			42.01
Granted		168,495			57.19
Vested		(137,170	)		34.02
Forfeited		(6,120	)		49.39
Outstanding at December 31, 2014		577,403			48.26

Subsequent Event - On January 21, 2015, the Committee made awards to the executive management for the 2015 compensation cycle of 103,760 equity-settled performance units under our LTIP that will vest in June 2018.

Partnership Director Grants

Starting in 2011, the common units granted to the Partnership’s non-management directors were vested immediately at the grant date.

The following table summarizes activity of the common unit-based awards granted to the Partnership’s Directors for the years ended December 31, 2014, 2013 and 2012 (in units and dollars):

	Number of units			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2011		19,831		$	16.31
Granted		9,980			38.72
Vested		(25,311	)		23.86
Outstanding at December 31, 2012		4,500			23.51
Granted		12,780			39.33
Vested		(17,280	)		35.21
Outstanding at December 31, 2013		-			-
Granted		8,740			50.29
Vested		(8,740	)		50.29
Outstanding at December 31, 2014		-			-

Subsequent Event - On January 21, 2015, the Committee made awards of 10,565 of our common units (2,113 units to each of our non-management directors). The awards vested immediately at the grant date.

TRC LTIP -- Cash-settled Performance Units

The following table summarizes the cash-settled performance units for the year ended 2014 awarded under the Targa LTIP (in units and millions of dollars):

	Program Year
	2011 Plan			2012 Plan			2013 Plan			2014 Plan			Total
Units outstanding January 1, 2014		124,870			142,460			144,960			-			412,290
Granted		-			-			-			122,950			122,950
Vested and paid		(123,570	)		-			-			-			(123,570	)
Forfeited		(1,300	)		(4,000	)		(2,850	)		(590	)		(8,740	)
Units outstanding December 31, 2014		-			138,460			142,110			122,360			402,930

Calculated fair market value as of December 31, 2014				$	8.8		$	6.5		$	3.7		$	19.0

Current liability				$	7.3		$	-		$	-		$	7.3
Long-term liability					-			3.1			0.5			3.6
Liability as of December 31, 2014				$	7.3		$	3.1		$	0.5		$	10.9

To be recognized in future periods				$	1.5		$	3.4		$	3.2		$	8.1

Vesting date				June 2015			June 2016			June 2017

The remaining weighted average recognition period for the unrecognized compensation cost is approximately 1.7 years.

2010 TRC Stock Incentive Plan

In December 2010, we adopted the Targa Resources Corp. 2010 Stock Incentive Plan (“TRC Plan”) for employees, consultants and non-employee directors of the Company. The TRC Plan allows for the grant of (i) incentive stock options qualified as such under U.S. federal income tax laws (“Incentive Options”), (ii) stock options that do not qualify as incentive options (“Non-statutory Options,” and together with Incentive Options, “Options”), (iii) stock appreciation rights (“SARs”) granted in conjunction with Options or Phantom Stock Awards, (iv) restricted stock awards (“Restricted Stock Awards”), (v) phantom stock awards (“Phantom Stock Awards”), (vi) bonus stock awards, (vii) performance unit awards, or (viii) any combination of such awards (collectively referred to a “Awards”).

Restricted Stock Awards - Total shares authorized under this plan are 5,000,000. Restricted stock entitles the recipient to cash dividends. Dividends on unvested restricted stock will be accrued when declared and recorded as short-term or long-term liabilities, dependent on the time remaining until payment of the dividends. The following table summarizes the restricted stock awards in shares and in dollars for the years indicated:

				Weighted-average
	Number of shares			Grant-Date Fair Value
Outstanding at December 31, 2011		1,434,220		$	22.67
Granted (1)		91,090			42.50
Forfeited		(8,930	)		23.99
Vested (2)		(805,350	)		22.00
Outstanding at December 31, 2012		711,030			25.95
Granted (1)		30,623			57.59
Forfeited		(2,740	)		27.28
Vested (2)		(534,940	)		22.00
Outstanding at December 31, 2013		203,973			41.05
Granted		-			-
Forfeited		(1,980	)		42.82
Vested (3)		(82,800	)		33.37
Outstanding at December 31, 2014		119,193			46.35

__________

(1)	These awards will cliff vest at the end of three years.

(2)

Awards vested in 2013 and 2012 were 40% and 60% of the awards issued in conjunction with the Targa IPO, net of forfeitures. Targa repurchased 169,159 and 197,731 shares from employees at $79.01 and $47.88 per share in 2013 and 2012 to satisfy the employees’ minimum statutory tax withholdings on the vested awards. The repurchased shares are recorded in treasury stock at cost.

(3)

Targa repurchased 8,113, 12,849 and 1,006 shares from employees at $96.52, $129.46 and $137.64 per share on February 14 ^th , August 1 ^st , and August 22 ^nd of 2014 to satisfy the employees’ minimum statutory tax withholdings on the vested awards. The repurchased shares are recorded in treasury stock at cost.

Restricted Stock Units (“RSUs”) Awards – RSUs are similar to restricted stock, except that shares of common stock are not issued until the RSUs vest. The following table summarizes the restricted stock awards in shares and in dollars for the years indicated.

				Weighted-average
	Number of shares			Grant-Date Fair Value
Outstanding at December 31, 2012		-		$	-
Granted		55,790			69.90
Forfeited		(240	)		67.07
Outstanding at December 31, 2013		55,550			69.92
Granted		54,357			112.89
Forfeited		(1,440	)		75.81
Vested		(100	)		67.07
Outstanding at December 31, 2014		108,367			91.41

Subsequent Events

On January 2015, the compensation committee (the “Committee”) made restricted stock units awards of 32,372 shares to executive management under the TRC Plan for the 2015 compensation cycle that will cliff vest in three years from the grant date.

On January 12, 2015, we repurchased 5,930 shares of grants issued in January 2012 and vested in 2015 at $89.27 per share to satisfy the employee’s minimum statutory tax withholdings on the vested awards. The repurchased shares are recorded in treasury stock at cost.

On January 15, 2015, the Committee awarded 5,862 shares of our common stock to our outside directors. The awards vested at grant date.

Long-Term Incentive Plans

Performance Units

In 2007 both we and the Partnership adopted Long-Term Incentive Plans (“LTIP”) for employees, consultants, directors and non-employee directors of us and our affiliates who perform services for us or our affiliates. The performance units granted under these plans are linked to the performance of the Partnership’s common units. These plans provide for, among other things, the grant of both cash-settled and equity-settled performance units. Performance unit awards may also include distribution equivalent rights (“DERs”). The LTIPs are administered by the Committee of the Targa Board of Directors. Total units authorized under the LTIP are 1,680,000.

Each performance unit will entitle the grantee to the value of our common unit on the vesting date multiplied by a stipulated vesting percentage determined from our ranking in a defined peer group. Currently, the performance period for most awards is three years, except for certain awards granted in December 2013, which provide for two, three or four-year vesting periods. The grantee will receive the vested unit value in cash or common units depending on the terms of the grant. The grantee may also be entitled to the value of any DERs based on the notional distributions accumulated during the vesting period times the vesting percentage. DERs are cash settled for both paid in cash and equity-settled performance units

Compensation cost for equity-settled performance units is recognized as an expense over the performance period based on fair value at the grant date. Fair value is calculated using a simulated unit price that incorporates peer ranking. DERs associated with equity-settled performance units are accrued over the performance period as a reduction of owners’ equity.

Compensation expense for cash-settled performance units and any related DERs will ultimately be equal to the cash paid to the grantee upon vesting. However, throughout the performance period we must record an accrued expense based on an estimate of that future pay-out. We have used a Monte Carlo simulation model to estimate accruals throughout the vesting period. In 2012, we changed the volatility assumption in the Monte Carlo simulation model from implied volatility to historical volatility. We consider historical volatility to be more appropriate than implied volatility because it provides a more reliable indication of future volatility.

The following table summarizes the compensation expenses under the various compensation plans recognized for the years indicated:

	2014		2013		2012
2010 TRC Stock Incentive Plan - Director Grants	$	0.5	$	0.5	$	0.4
Partnership Equity-Settled Performance Units		8.8		5.5		3.1
Partnership Director Grants		0.4		0.5		0.5
Allocated to the Partnership
2010 TRC Stock Incentive Plan - Restricted Stock		2.2		6.3		13.7
2010 TRC Stock Incentive Plan - Restricted Stock Unit		2.5		0.4		-
TRC LTIP - Cash-Settled Performance Units		11.0		21.9		14.2

The table below summarizes the unrecognized compensation expenses and the approximate remaining weighted average vesting periods related to our various compensation plans as of December 31, 2014:

				Weighted Average
	December 31,			Remaining
	2014			Vesting Period
	(In millions)			(In years)
Partnership Equity-Settled Performance Units		$	14.1		2.0
2010 TRC Stock Incentive Plan - Restricted Stock			1.1		0.9
2010 TRC Stock Incentive Plan - Restricted Stock Units			7.0		2.3

The total fair value of share-based awards on the dates they vested are as follows:

	2014		2013		2012
TRC Cash-Settled Performance Units	$	14.7	$	25.2	$	22.2
Partnership Equity - Settled Performance Units		10.0		-		-
Accrued DERs settled for Equity - Settled Performance Units		1.6		-		-
Partnership Director Grants		0.4		0.7		1.0
2010 TRC Stock Incentive Plan - Restricted Stock (1)		7.1		42.2		40.3
2010 TRC Stock Incentive Plan - Director Grants		0.5		0.5		0.4
Accrued dividends settled		0.5		2.4		2.0

________

(1)	We recognized $1.0 million, $1.6 million and $1.3 million in tax benefits associated with the vesting of the restricted stock in 2014, 2013 and 2012.

401(k) Plan

We have a 401(k) plan whereby we match 100% of up to 5% of an employee’s contribution (subject to certain limitations in the plan). We also contribute an amount equal to 3% of each employee’s eligible compensation to the plan as a retirement contribution and may make additional contributions at our sole discretion. All Targa contributions are made 100% in cash. We made contributions to the 401(k) plan totaling $10.5 million, $9.6 million and $8.7 million during 2014, 2013, and 2012.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

+ Details

Segment Information

12 Months Ended

Dec. 31, 2014

Segment Information [Abstract]

Segment Information

Note 24 — Segment Information

The Partnership reports its operations in two divisions: (i) Gathering and Processing, consisting of two reportable segments – (a) Field Gathering and Processing and (b) Coastal Gathering and Processing; and (ii) Logistics and Marketing consisting of two reportable segments – (a) Logistics Assets and (b) Marketing and Distribution. The financial results of its hedging activities on reported profits are reported in Other.

The Partnership’s Gathering and Processing division includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting NGLs and removing impurities; and assets used for crude oil gathering and terminaling. The Field Gathering and Processing segment's assets are located in North Texas, the Permian Basin of West Texas and Southeast New Mexico and in North Dakota. The Coastal Gathering and Processing segment's assets are located in the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico.

The Partnership’s Logistics and Marketing division is also referred to as its Downstream Business. The Partnership’s Downstream Business includes all the activities necessary to convert mixed NGLs into NGL products and provides certain value added services such as storing, terminaling, distributing and marketing of NGLs, refined petroleum products and crude oil. It also includes certain natural gas supply and marketing activities in support of the Partnership’s other operations, including services to LPG exporters, as well as transporting natural gas and NGLs.

The Partnership’s Logistics Assets segment is involved in transporting, storing, and fractionating mixed NGLs; storing, terminaling, and transporting finished NGLs, including services for the LPG export market; and storing and terminaling refined petroleum products. These assets are generally connected to and supplied in part by the Partnership’s Gathering and Processing segments and are predominantly located in Mont Belvieu, and Galena Park, Texas and Lake Charles, Louisiana.

The Partnership’s Marketing and Distribution segment covers activities required to distribute and market raw and finished NGLs and all natural gas marketing activities. It includes (1) marketing the Partnership’s own NGL production and purchasing NGL products for resale in selected United States markets; (2) providing LPG balancing services to refinery customers; (3) transporting, storing and selling propane and providing related propane logistics services to multi-state retailers, independent retailers and other end-users; (4) providing propane, butane and services to LPG exporters; and (5) marketing natural gas available to the Partnership from its Gathering and Processing division and the purchase and resale and other value added activities related to third-party natural gas in selected United States markets.

Other contains the results of the Partnership’s commodity hedging activities included in operating margin. Eliminations of inter-segment transactions are reflected in the corporate and eliminations column.

Segment information is shown in the following tables. We have segregated the following segment information between Partnership and non-Partnership activities.

	Year Ended December 31, 2014
	Field		Coastal
	Gathering		Gathering				Marketing					Corporate
	and		and		Logistics		and					and			TRC Non-
	Processing		Processing		Assets		Distribution		Other			Eliminations			Partnership			Total
Revenues
Sales of commodities	$	197.4	$	355.0	$	99.1	$	6,951.7	$	(8.0	)	$	-		$	-		$	7,595.2
Fees from midstream services		190.3		34.4		293.6		503.0		-			-			-			1,021.3
		387.7		389.4		392.7		7,454.7		(8.0	)		-			-			8,616.5
Intersegment revenues
Sales of commodities		1,491.2		577.6		4.4		486.7		-			(2,559.9	)		-			-
Fees from midstream services		5.2		-		308.3		30.1		-			(343.6	)		-			-
		1,496.4		577.6		312.7		516.8		-			(2,903.5	)		-			-
Revenues	$	1,884.1	$	967.0	$	705.4	$	7,971.5	$	(8.0	)	$	(2,903.5	)	$	-		$	8,616.5
Operating margin	$	372.3	$	77.6	$	445.1	$	249.6	$	(8.0	)	$	-		$	(0.1	)	$	1,136.5
Other financial information:
Total assets (1)	$	3,409.0	$	367.2	$	1,717.3	$	708.5	$	60.2		$	115.0		$	76.3		$	6,453.5
Capital expenditures	$	423.1	$	14.0	$	274.4	$	30.2	$	-		$	6.1		$	-		$	747.8

________________________

(1)	Corporate assets primarily include investment in unconsolidated subsidiaries and debt issuance costs associated with our long-term debt

	Year Ended December 31, 2013
	Field		Coastal
	Gathering		Gathering				Marketing				Corporate
	and		and		Logistics		and				and			TRC Non-
	Processing		Processing		Assets		Distribution		Other		Eliminations			Partnership			Total
Revenues
Sales of commodities	$	188.8	$	305.0	$	140.5	$	5,072.4	$	21.4	$	0.1		$	(0.2	)	$	5,728.0
Fees from midstream services		113.9		33.6		216.0		223.3		-		(0.1	)		-			586.7
		302.7		338.6		356.5		5,295.7		21.4		-			(0.2	)		6,314.7
Intersegment revenues
Sales of commodities		1,218.9		642.2		3.9		478.6		-		(2,343.6	)		-			-
Fees from midstream services		3.4		1.0		176.5		29.8		-		(210.7	)		-			-
		1,222.3		643.2		180.4		508.4		-		(2,554.3	)		-			-
Revenues	$	1,525.0	$	981.8	$	536.9	$	5,804.1	$	21.4	$	(2,554.3	)	$	(0.2	)	$	6,314.7
Operating margin	$	270.5	$	85.4	$	282.3	$	141.9	$	21.4	$	-		$	(0.3	)	$	801.2
Other financial information:
Total assets	$	3,200.7	$	383.8	$	1,503.6	$	756.1	$	5.1	$	122.1		$	77.2		$	6,048.6
Capital expenditures	$	557.8	$	20.6	$	444.7	$	6.3	$	-	$	5.1		$	-		$	1,034.5

	Year Ended December 31, 2012
	Field		Coastal
	Gathering		Gathering				Marketing				Corporate
	and		and		Logistics		and				and			TRC Non-
	Processing		Processing		Assets		Distribution		Other		Eliminations			Partnership		Total
Revenues
Sales of commodities	$	172.7	$	240.6	$	184.4	$	4,680.2	$	41.1	$	-		$	2.1	$	5,321.1
Fees from midstream services		39.5		23.6		170.7		124.2		-		(0.1	)		-		357.9
		212.2		264.2		355.1		4,804.4		41.1		(0.1	)		2.1		5,679.0
Intersegment revenues
Sales of commodities		1,150.7		701.1		1.8		565.0		-		(2,418.6	)		-		-
Fees from midstream services		1.3		0.1		106.5		32.0		-		(139.9	)		-		-
		1,152.0		701.2		108.3		597.0		-		(2,558.5	)		-		-
Revenues	$	1,364.2	$	965.4	$	463.4	$	5,401.4	$	41.1	$	(2,558.6	)	$	2.1	$	5,679.0
Operating margin	$	231.2	$	115.1	$	188.3	$	116.0	$	41.1	$	-		$	1.9	$	693.6
Other financial information:
Total assets	$	2,797.9	$	414.1	$	1,100.9	$	548.6	$	34.4	$	129.8		$	79.3	$	5,105.0
Capital expenditures	$	222.1	$	9.4	$	359.0	$	12.3	$	-	$	13.9		$	0.3	$	617.0
Business acquisitions	$	970.4	$	25.8	$	-	$	-	$	-	$	-		$	-	$	996.2

The following table shows our consolidated revenues by product and service for the periods presented:

	2014			2013		2012
Sales of commodities
Natural gas	$	1,409.3		$	1,224.7	$	926.9
NGL		5,960.1			4,224.0		4,055.7
Condensate		134.3			121.8		114.1
Petroleum products		96.3			136.0		180.1
Derivative settlements		(4.8	)		21.5		44.3
		7,595.2			5,728.0		5,321.1
Fees from midstream services
Fractionating and treating		208.9			133.9		110.1
Storage, terminaling, transportation and export		548.0			280.3		162.5
Gathering and processing		196.9			114.1		45.0
Other		67.5			58.4		40.3
		1,021.3			586.7		357.9
Total revenues	$	8,616.5		$	6,314.7		5,679.0

The following table shows a reconciliation of operating margin to net income for the periods presented:

	2014			2013			2012
Reconciliation of operating margin to net income:
Operating margin	$	1,136.5		$	801.2		$	693.6
Depreciation and amortization expense		(351.0	)		(271.9	)		(197.6	)
General and administrative expense		(148.0	)		(151.5	)		(139.8	)
Interest expense, net		(147.1	)		(134.1	)		(120.8	)
Other, net		0.6			5.8			(39.2	)
Income tax expense		(68.0	)		(48.2	)		(36.9	)
Net income	$	423.0		$	201.3		$	159.3

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Selected Quarterly Financial Data (Unaudited) [Abstract]

Selected Quarterly Financial Data (Unaudited)

Note 25 — Selected Quarterly Financial Data (Unaudited)

Our results of operations by quarter for the years ended December 31, 2014 and 2013 were as follows:

	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter		Total

	(In millions, except per share amounts)
2014
Revenues	$	2,294.7	$	2,000.6	$	2,288.3	$	2,032.9	$	8,616.5
Gross margin		379.6		384.0		407.8		398.2		1,569.6
Operating income		158.4		150.3		168.7		163.1		640.5
Net income		106.9		103.2		120.4		92.5		423.0
Net income attributable to Targa / common shareholders		19.6		26.4		30.7		25.6		102.3
Net income per common share - basic	$	0.47	$	0.63	$	0.73	$	0.61	$	2.44
Net income per common share - diluted	$	0.47	$	0.63	$	0.73	$	0.61	$	2.43

2013
Revenues	$	1,373.8	$	1,370.5	$	1,466.0	$	2,104.4	$	6,314.7
Gross margin		260.3		265.2		297.0		355.0		1,177.5
Operating income		73.9		60.9		88.5		144.9		368.2
Net income		33.8		22.5		49.4		95.6		201.3
Net income attributable to Targa / common shareholders		13.4		15.0		16.3		20.4		65.1
Net income per common share - basic	$	0.32	$	0.36	$	0.39	$	0.49	$	1.56
Net income per common share - diluted	$	0.32	$	0.36	$	0.39	$	0.48	$	1.55

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Condensed Parent Only Financial Statements

12 Months Ended

Dec. 31, 2014

Condensed Parent Only Financial Statements [Abstract]

Condensed Parent Only Financial Statements

Note 26— Condensed Parent Only Financial Statements

The condensed parent only financial statements represent the financial information required by Rule 5-04 of the Securities and Exchange Commission Regulation S-X for Targa Resources Corp.

In the condensed financial statements, Targa’s investments in consolidated subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of affiliates are not consolidated. The investments in net assets of the consolidated subsidiaries are recorded in the balance sheets. The income (loss) from operations of the consolidated subsidiaries is reported as equity in income (loss) of consolidated subsidiaries.

A substantial amount of Targa’s operating, investing and financing activities are conducted by its affiliates. The condensed financial statements should be read in conjunction with Targa’s consolidated financial statements, which begin on page F-1 in this Annual Report.

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED BALANCE SHEETS

	December 31,
	2014		2013

	(In millions)
ASSETS
Investment in consolidated subsidiaries	$	243.8	$	208.4
Deferred income taxes		27.9		23.9
Long-term debt issue costs		1.0		1.4
Total assets	$	272.7	$	233.7

LIABILITIES AND STOCKHOLDERS' EQUITY
Accrued current liabilities	$	0.6	$	0.6
Long-term debt		102.0		84.0
Other long-term liabilities		0.3		0.3

Commitments and contingencies

Targa Resources Corp. stockholders' equity		169.8		148.8
Total liabilities and stockholders' equity	$	272.7	$	233.7

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2014			2013			2012

	(In millions, except per share amounts)
Equity in net income (loss) of consolidated subsidiaries	$	109.8		$	72.6		$	45.4
General and administrative expenses		(8.3	)		(8.4	)		(8.2	)
Income (loss) from operations		101.5			64.2			37.2
Other income (expense):
Gain on debt extinguishment		-			-			0.2
Interest expense		(3.2	)		(3.2	)		(3.2	)
Income (loss) before income taxes		98.3			61.0			34.2
Deferred income tax (expense) benefit		4.0			4.1			3.9
Net income (loss) available to common shareholders	$	102.3		$	65.1		$	38.1
Net income (loss) available per common share - basic	$	2.44		$	1.56		$	0.93
Net income (loss) available per common share - diluted	$	2.43		$	1.55		$	0.91
Weighted average shares outstanding - basic		42.0			41.6			41.0
Weighted average shares outstanding - diluted		42.1			42.1			41.8

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2014			2013			2012

	(In millions)
Net cash provided by operating activities	$	(1.3	)	$	(4.1	)	$	0.8

Investing activities:
Distribution and return of advances from consolidated subsidiaries		97.3			101.6			78.6
Net cash provided by investing activities		97.3			101.6			78.6

Financing activities:
Long-term debt borrowings		92.0			65.0			90.0
Long-term debt repayments		(74.0	)		(63.0	)		(96.8	)
Costs incurred in connection with financing arrangements		-			-			(1.0	)
Repurchase of common stock		-			(13.3	)		(9.5	)
Dividends to common and common equivalent shareholders		(113.0	)		(87.8	)		(62.2	)
Excess tax benefit from stock-based awards		(1.0	)		1.6			1.3
Distribution to owners		-			-			(1.2	)
Net cash used in financing activities		(96.0	)		(97.5	)		(79.4	)

Net increase (decrease) in cash and cash equivalents		-			-			-
Cash and cash equivalents - beginning of year		-			-			-
Cash and cash equivalents - end of year	$	-		$	-		$	-

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Significant Accounting Policies [Abstract]

Consolidation Policy

We follow the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the operating and financial policies of the investee.

Cash and Cash Equivalents

Comprehensive Income

Comprehensive income includes net income and other comprehensive income (“OCI”), which includes changes in the fair value of derivative instruments that are designated as hedges.

Allowance for Doubtful Accounts

Inventories

Product Exchanges

Gas Processing Imbalances

Derivative Instruments

For balance sheet classification purposes, the Partnership analyzes the fair values of the derivative contracts on a deal by deal basis and reports the related fair values on a gross basis.

Property, Plant and Equipment

Intangible Assets

Asset Retirement Obligations ("AROs")

Asset Retirement Obligations (“ AROs ”)

Debt Issue Costs

Accounts Receivable Securitization Facility

Environmental Liabilities and Other Loss Contingencies

Income Taxes

We account for income taxes using the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences.

Noncontrolling Interests

Revenue Recognition

Our operating revenues are primarily derived from the following activities:

•

sales of natural gas, NGLs, condensate, crude oil and petroleum products;

•

services related to compressing, gathering, treating, and processing of natural gas; and

•

services related to NGL fractionation, terminaling and storage, transportation and treating.

Share-Based Compensation

Earnings per Share

Use of Estimates

Recent Accounting Pronouncements

Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2014

Basis of Presentation [Abstract]

Revision of Previously Reported Revenues and Product Purchases

	Year Ended December 31,
	2013			2012
As Reported:
Revenues	$	6,556.0		$	5,885.7
Product Purchases		5,378.5			4,879.0

Effect of Revisions:
Revenues		(241.3	)		(206.7	)
Product Purchases		(241.3	)		(206.7	)

As Revised:
Revenues		6,314.7			5,679.0
Product Purchases		5,137.2			4,672.3

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Business Acquisitions [Abstract]

Summary of Consideration Paid and Determination of Assets and Liabilities Acquired

The following table summarizes the consideration paid for the Badlands acquisition and the determination of the assets and liabilities acquired at the December 31, 2012 acquisition date.

	December 31, 2012
Cash	$	975.8
Contingent consideration		15.3
Total consideration	$	991.1

Assets acquired and liabilities assumed
Financial assets	$	35.4
Inventory		16.2
Property, plant and equipment		295.3
Intangible assets		679.6
Financial liabilities		(35.4	)
Total net assets	$	991.1

Pro Forma Consolidated Results of Operations

The following table shows the unaudited pro forma consolidated results of operations for the year ended 2012.

	2012
	(In millions except per share amounts)
Revenues	$	5,909.9
Net income		129.5
Less: Net income attributable to noncontrolling interests		83.5
Net income attributable to Targa Resources Corp.	$	46.0

Net income per common share - Basic	$	1.12
Net income per common share - Diluted	$	1.10

Schedule of Outstanding APL Senior Notes

The outstanding APL Senior Notes consist of:

APL Senior Notes		Amount tendered as of February 6, 2015
$500 million 6⅝ due 2020		Less than majority
$400 million 4¾ due 2021		98.3%
$650 million 5⅞% due 2023		91.6%

Inventories (Tables)

12 Months Ended

Dec. 31, 2014

Inventories [Abstract]

Components of Inventories

	December 31, 2014		December 31, 2013
Partnership:
Commodities	$	157.4	$	136.4
Materials and supplies		11.5		14.3
	$	168.9	$	150.7

Property, Plant and Equipment and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment and Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

	December 31, 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	$	2,588.6		$	-		$	2,588.6		$	2,230.1		$	-		$	2,230.1		5 to 20
Processing and fractionation facilities		1,884.1			6.6			1,890.7			1,598.0			6.6			1,604.6		5 to 25
Terminaling and storage facilities		1,038.9			-			1,038.9			715.2			-			715.2		5 to 25
Transportation assets		359.0			-			359.0			294.7			-			294.7		10 to 25
Other property, plant and equipment		149.1			0.2			149.3			121.3			0.2			121.5		3 to 25
Land		95.6			-			95.6			89.5			-			89.5		-
Construction in progress		399.0			-			399.0			702.8			-			702.8		-
Property, plant and equipment		6,514.3			6.8			6,521.1			5,751.6			6.8			5,758.4
Accumulated depreciation		(1,689.7	)		(6.8	)		(1,696.5	)		(1,406.2	)		(2.3	)		(1,408.5	)
Property, plant and equipment, net	$	4,824.6		$	-		$	4,824.6		$	4,345.4		$	4.5		$	4,349.9

Intangible assets	$	681.8		$	-		$	681.8		$	681.8		$	-		$	681.8		20
Accumulated amortization		(89.9	)		-			(89.9	)		(28.4	)		-			(28.4	)
Intangible assets, net	$	591.9		$	-		$	591.9		$	653.4		$	-		$	653.4

- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References + Details

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2014

Asset Retirement Obligations [Abstract]

Changes in Aggregate Asset Retirement Obligations

	2014			2013		2012
Beginning of period	$	50.9		$	45.3	$	42.3
Change in cash flow estimate		2.1			1.6		(1.0	)
Accretion expense		4.5			4.0		4.0
Retirement of ARO		(0.2	)		-		-
End of period	$	57.3		$	50.9	$	45.3

Investment in Unconsolidated Affiliate (Tables)

12 Months Ended

Dec. 31, 2014

Investment in Unconsolidated Affiliate [Abstract]

The following table shows the activity related to the Partnership’s unconsolidated 38.8% interest in Gulf Coast Fractionators LP (“GCF”).

	2014			2013			2012
Beginning of period	$	55.9		$	53.1		$	36.7
Equity earnings		18.0			14.8			1.9
Cash distributions (1)		(23.7	)		(12.0	)		(2.3	)
Cash calls for expansion projects		-			-			16.8
End of period	$	50.2		$	55.9		$	53.1

___________

(1)

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Accounts Payable and Accrued Liabilities [Abstract]

Components of Accounts Payable and Accrued Liabilities

	December 31, 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
Commodities	$	416.7	$	-		$	416.7	$	529.7	$	(0.1	)	$	529.6
Other goods and services		108.9		2.42			111.1		124.7		1.4			126.1
Interest		37.3		-			37.3		35.9		0.1			36.0
Compensation and benefits		1.3		44.8			46.1		1.3		38.9			40.2
Income and other taxes		13.6		(1.9	)		11.7		10.9		(0.8	)		10.1
Other		14.9		0.7			15.6		18.7		1.1			19.8
	$	592.7	$	45.8		$	638.5	$	721.2	$	40.6		$	761.8

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2014

Debt Obligations [Abstract]

Schedule of Outstanding Debt

	December 31, 2014			December 31, 2013
Current:
Partnership
Accounts receivable securitization facility, due December 2015 (1) (2)	$	182.8		$	-
Long-term:
Non-Partnership obligations:
TRC Senior secured revolving credit facility, variable rate, due October 2017 (3)		102.0			84.0
Obligations of the Partnership: (2)
Senior secured revolving credit facility, variable rate, due October 2017 (4)		-			395.0
Senior unsecured notes, 7⅞% fixed rate, due October 2018 (5)		-			250.0
Senior unsecured notes, 6⅞% fixed rate, due February 2021		483.6			483.6
Unamortized discount		(25.2	)		(28.0	)
Senior unsecured notes, 6⅜% 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
Senior unsecured notes, 4⅛% fixed rate, due November 2019		800.0			-
Accounts receivable securitization facility, due December 2014 (1)		-			279.7
Total long-term debt		2,885.4			2,989.3
Total debt	$	3,068.2		$	2,989.3
Irrevocable standby letters of credit:
Letters of credit outstanding under TRC Senior secured credit facility (3)	$	-		$	-
Letters of credit outstanding under the Partnership senior secured revolving credit facility (3)		44.1			86.8
	$	44.1		$	86.8

___________

(1)

(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 December 31, 2014 , availability under TRC’s $150 million senior secured revolving credit facility was $48.0 million.

(4)	As of December 31, 2014 , availability under the Partnership’s $1.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,155.9 million.

(5)	The outstanding balance of the 7⅞% Notes was redeemed in November 2014. See “The Partnership’s Senior Unsecured Notes” below.

Schedule of Contractually Scheduled Maturities of Debt Obligations Outstanding

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2014 for the next five years, and in total thereafter:

			Scheduled Maturities of Debt
	Total		2015		2016		2017		2018		2019		After 2019
TRC Senior secured revolving credit facility	$	102.0	$	-	$	-	$	102.0	$	-	$	-	$	-
TRP Revolver		-		-		-		-		-		-		-
Partnership's Senior unsecured notes		2,808.6		-		-		-		-		800.0		2,008.6
Partnership's Securitization Facility		182.8		182.8		-		-		-		-		-
Total	$	3,093.4	$	182.8	$	-	$	102.0	$	-	$	800.0	$	2,008.6

Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations

The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the year ended December 31, 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%

Schedule of Terms of Senior Unsecured Notes Outstanding

The terms of the senior unsecured notes outstanding as of December 31, 2014 were as follows :

Note Issue	Issue Date	Per Annum Interest Rate	Due Date	Dates Interest Paid
"6⅞% Notes"	February 2011	6⅞%	February 1, 2021	February & August 1 ^st
"6⅜% Notes"	January 2012	6⅜%	August 1, 2022	February & August 1 ^st
"5¼% Notes"	Oct / Dec 2012	5¼%	May 1, 2023	May & November 1 ^st
"4¼% Notes"	May 2013	4¼%	November 15, 2023	May & November 15 ^th
"4⅛% Notes"	October 2014	4⅛%	November 15, 2019	May & November 15 ^th

Schedule of Redemption Prices for Issued Debt

Note Issue	Any Date Prior To	Price
6⅞% Notes	February 1, 2014	106.875%
6⅜% Notes	February 1, 2015	106.375%
5¼% Notes	November 1, 2015	105.250%
4¼% Notes	May 15, 2016	104.250%
4⅛% Notes	November 15, 2019	104.125%

6⅞% Notes				6⅜% Notes				5¼% Notes				4¼% Notes					4⅛% Notes
Redemption Date:				Redemption Date:				Redemption Date:				Redemption Date:					Redemption Date:
February 1				February 1				November 1				May 15					November 15
Year	Price			Year	Price			Year	Price			Year		Price			Year	Price
2016		103.438	%	2017		103.188	%	2017		102.625	%		2018		102.125	%	2016		102.063	%
2017		102.292	%	2018		102.125	%	2018		101.750	%		2019		101.417	%	2017		101.031	%
2018		101.146	%	2019		101.063	%	2019		100.875	%		2020		100.708	%	2018 and thereafter		100	%
2019 and thereafter		100	%	2020 and thereafter		100	%	2020 and thereafter		100	%	2021 and thereafter			100	%

Schedule of Debt Re-acquisitions

The debt re-acquisitions described above were reported as follows in our Consolidated Statements of Operations:

	2014		2013		2012
Premium over face value paid upon redemption:
Partnership 6⅜ Notes	$	-	$	6.4	$	-
Partnership 7⅞ Notes		9.9		-		-
Partnership 8¼ Notes		-		-		8.6
Partnership 11¼ Notes		-		4.1		-
Recognition of unamortized discount:
Partnership 11¼ Notes		-		2.2		-
Write-off of deferred debt issue costs:
Partnership 6⅜ Notes		-		1.0		-
Partnership 7⅞ Notes		2.5		-		-
Partnership 8¼ Notes		-		-		2.5
Partnership 11¼ Notes		-		1.0		-
TRC Holdco Notes		-		-		0.3
Partial write-off of deferred debt issue costs related to amendments:
TRP Revolver		-		-		1.7
TRC Revolver		-		-		0.2
Gain on acquisition of TRC Holdco Notes		-		-		(0.5	)
Loss on debt redemptions and amendments	$	12.4	$	14.7	$	12.8

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Partnership Units and Related Matters (Tables)

12 Months Ended

Dec. 31, 2014

Partnership Units and Related Matters [Abstract]

Schedule of Distributions

The following table details the distributions declared and/or paid by the Partnership for the years presented.

		Distributions
Three Months Ended	Date Paid or to be Paid	Limited Partners		General Partner						Distributions to Targa Resources Corp.		Distributions per limited partner unit
Three Months Ended	Date Paid or to be Paid	Common		Incentive			2%	Total		Distributions to Targa Resources Corp.		Distributions per limited partner unit

(In millions, except per unit amounts)
2014
December 31, 2014	February 13, 2015	$	96.3	$	38.4	$	2.7	$	137.4	$	51.6	$	0.8100
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

2013
December 31, 2013	February 14, 2014	$	84.0	$	29.5	$	2.3	$	115.8	$	41.5	$	0.7475
September 30, 2013	November 14, 2013		79.4		26.9		2.2		108.5		38.6		0.7325
June 30, 2013	August 14, 2013		75.8		24.6		2.0		102.4		35.9		0.7150
March 31, 2013	May 15, 2013		71.7		22.1		1.9		95.7		33.0		0.6975

2012
December 31, 2012	February 14, 2013	$	69.0	$	20.1	$	1.8	$	90.9	$	30.7	$	0.6800
September 30, 2012	November 14, 2012		59.1		16.1		1.5		76.7		26.2		0.6625
June 30, 2012	August 14, 2012		57.3		14.4		1.5		73.2		24.2		0.6425
March 31, 2012	May 15, 2012		55.5		12.7		1.4		69.6		22.2		0.6225

- Definition

Tabular disclosure of payment of cash or stock made to limited partner of limited partnership (LP).

+ References + Details

Common Stock and Related Matters (Tables)

12 Months Ended

Dec. 31, 2014

Common Stock and Related Matters [Abstract]

Dividends Declared and/or Paid

The following table details the dividends declared and/or paid by us for the years ended December 31, 2014, 2013 and 2012:

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)
2014
December 31, 2014	February 17, 2015	$	32.8	$	32.6	$	0.2	$	0.77500
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

2013
December 31, 2013	February 18, 2014		25.6		25.5		0.1		0.60750
September 30, 2013	November 15, 2013		24.1		23.7		0.4		0.57000
June 30, 2013	August 15, 2013		22.5		22.1		0.4		0.53250
March 31, 2013	May 16, 2013		21.0		20.6		0.4		0.49500

2012
December 31, 2012	February 15, 2013	$	19.4	$	19.0	$	0.4	$	0.45750
September 30, 2012	November 15, 2012		18.0		17.3		0.7		0.42250
June 30, 2012	August 15, 2012		16.7		16.1		0.6		0.39375
March 31, 2012	May 16, 2012		15.5		15.0		0.5		0.36500

________

(1)	Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings per Common Share [Abstract]

Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share

The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share:

	2014		2013		2012
Net income	$	423.0	$	201.3	$	159.3
Less: Net income attributable to noncontrolling interests		320.7		136.2		121.2
Net income attributable to common shareholders	$	102.3	$	65.1	$	38.1

Weighted average shares outstanding - basic		42.0		41.6		41.0

Net income available per common share - basic	$	2.44	$	1.56	$	0.93

Weighted average shares outstanding		42.0		41.6		41.0
Dilutive effect of unvested stock awards		0.1		0.5		0.8
Weighted average shares outstanding - diluted		42.1		42.1		41.8

Net income available per common share - diluted	$	2.43	$	1.55	$	0.91

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities [Abstract]

Notional Volume of Partnership's Commodity Hedges

At December 31, 2014, the notional volumes of the Partnership’s commodity hedges for equity volumes were:

Commodity	Instrument	Unit	2015		2016		2017
Natural Gas	Swaps	MMBtu/d		55,551		30,500		5,000
NGL	Swaps	Bbl/d		1,210		-		-
Condensate	Swaps	Bbl/d		1,500		1,000		500

Fair Values of Derivative Instruments

The following schedules reflect the fair values of our derivative instruments and their location in our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis:

		Fair Value as of December 31, 2014				Fair Value as of December 31, 2013
	Balance Sheet	Derivative		Derivative		Derivative		Derivative
	Location	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	44.4	$	-	$	2.0	$	7.7
Long-term			15.8		-		3.1		1.4
Total derivatives designated as hedging instruments		$	60.2	$	-	$	5.1	$	9.1

Derivatives not designated as hedging instruments
Commodity contracts	Current	$	-	$	5.2	$	-	$	0.3
Total derivatives not designated as hedging instruments		$	-	$	5.2	$	-	$	0.3

Total current position		$	44.4	$	5.2	$	2.0	$	8.0
Total long-term position			15.8		-		3.1		1.4
Total derivatives		$	60.2	$	5.2	$	5.1	$	9.4

Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet

The pro forma impact of reporting derivatives in the Consolidated Balance Sheets on a net basis is as follows:

	Gross Presentation				Pro forma Net Presentation
	Asset		Liability		Asset		Liability
December 31, 2014	Position		Position		Position		Position
Current position
Counterparties with offsetting position	$	35.5	$	4.4	$	31.1	$	-
Counterparties without offsetting position - assets		8.9		-		8.9		-
Counterparties without offsetting position - liabilities		-		0.8		-		0.8
		44.4		5.2		40.0		0.8
Long-term position
Counterparties with offsetting position		-		-		-		-
Counterparties without offsetting position - assets		15.8		-		15.8		-
Counterparties without offsetting position - liabilities		-		-		-		-
		15.8		-		15.8		-
Total derivatives
Counterparties with offsetting position		35.5		4.4		31.1		-
Counterparties without offsetting position - assets		24.7		-		24.7		-
Counterparties without offsetting position - liabilities		-		0.8		-		0.8
	$	60.2	$	5.2	$	55.8	$	0.8

December 31, 2013
Current position
Counterparties with offsetting position	$	1.9	$	4.4	$	-	$	2.5
Counterparties without offsetting position - assets		0.1		-		0.1		-
Counterparties without offsetting position - liabilities		-		3.6		-		3.6
		2.0		8.0		0.1		6.1
Long-term position
Counterparties with offsetting position		0.7		1.2		-		0.5
Counterparties without offsetting position - assets		2.4		-		2.4		-
Counterparties without offsetting position - liabilities		-		0.2		-		0.2
		3.1		1.4		2.4		0.7
Total derivatives
Counterparties with offsetting position		2.6		5.6		-		3.0
Counterparties without offsetting position - assets		2.5		-		2.5		-
Counterparties without offsetting position - liabilities		-		3.8		-		3.8
	$	5.1	$	9.4	$	2.5	$	6.8

Amounts Recorded in OCI and Amounts Reclassified from OCI to Revenue and Expense

The following tables reflect amounts recorded in OCI and amounts reclassified from OCI to revenue and expense for the periods indicated:

Derivatives in Cash Flow	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Hedging Relationships	2014		2013				2012
Commodity contracts	$	59.7		$	(5.8	)		$	76.8
	$	59.7		$	(5.8	)		$	76.8

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
Location of Gain (Loss)	2014			2013				2012
Interest expense, net	$	(2.4	)		$	(6.1	)		$	(7.9	)
Revenues		(4.2	)			21.0				46.0
	$	(6.6	)		$	14.9			$	38.1

Gain (Loss) Recognized in Income on Derivatives

		Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments	Location of Gain Recognized in Income on Derivatives	2014				2013				2012
Commodity contracts	Revenue		$	(5.5	)		$	(0.1	)		$	0.7

Deferred Gains (Losses) Included in Accumulated OCI

The following table shows the deferred gains (losses) included in accumulated OCI, which will be reclassified into earnings before income taxes through the end of 2017 based on year-end valuations.

	December 31, 2014		December 31, 2013
Commodity hedges, before tax (1)	$	60.3	$	(3.7	)
Interest rate hedges, before tax		-		(2.4	)

___________

(1)	Includes deferred net gains of $44.3 million related to contracts that will be settled and reclassified to revenue over the next 12 months.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 4
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurements [Abstract]

Breakdown by Fair Value Hierarchy Category for Financial Instruments Included in Consolidated Balance Sheets

	December 31, 2014
	Carrying Value		Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value
Assets from commodity derivative contracts (1)	$	60.2	$	60.2	$	-	$	58.4	$	1.8
Liabilities from commodity derivative contracts (1)		5.2		5.2		-		5.1		0.1
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		81.0		81.0		-		-		-
TRC Senior secured revolving credit facility		102.0		102.0		-		102.0		-
Partnership's Senior secured revolving credit facility		-		-		-		-		-
Partnership's Senior unsecured notes		2,783.4		2,731.5		-		2,731.5		-
Partnership's accounts receivable securitization facility		182.8		182.8		-		182.8		-

	December 31, 2013
	Carrying Value		Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value:
Assets from commodity derivative contracts	$	5.1	$	5.1	$	-	$	3.4	$	1.7
Liabilities from commodity derivative contracts		9.4		9.4		-		8.4		1.0
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value:
Cash and cash equivalents		66.7		66.7		-		-		-
TRC Senior secured revolving credit facility		84.0		84.0		-		84.0		-
Partnership's Senior secured revolving credit facility		395.0		395.0		-		395.0		-
Partnership's Senior unsecured notes		2,230.6		2,253.5		-		2,253.5		-
Partnership's accounts receivable securitization facility		279.7		279.7		-		279.7		-

___________

(1)

Reconciliation of Changes in Fair Value of Financial Instruments Classified as Level 3

T he following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy:

	Commodity Derivative Contracts Liability/ (Asset)			Long-term Debt			Contingent Liability
Balance, December 31, 2011	$	-		$	87.5		$	-
Issuances		-			-			15.3
Settlements included in Revenue		(0.1	)		-			-
Unrealized losses included in OCI		0.7			-			-
Debt extinguishment		-			(87.5	)		-
Balance, December 31, 2012		0.6		$	-		$	15.3
Settlements included in Revenue		(1.3	)		-			-
Change in valuation of contingent liability included in Other Income		-			-			(15.3	)
Balance, December 31, 2013		(0.7	)		-			-
Settlements included in Revenue		(0.2	)		-			-
Unrealized gains included in OCI		(1.1	)		-			-
Transfers out of Level 3		0.3			-			-
Balance, December 31, 2014	$	(1.7	)	$	-		$	-

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611

+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References + Details

Commitments (Leases) (Tables)

12 Months Ended

Dec. 31, 2014

Commitments (Leases) [Abstract]

Future Lease Obligations for Next Five Fiscal Years

Future lease obligations are presented below in aggregate and for each of the next five fiscal years.

	In Aggregate		2015		2016		2017		2018		2019
Non-Partnership obligations:
Operating leases (1)	$	7.6	$	2.4	$	2.7	$	2.5	$	-	$	-
Partnership obligations:
Operating leases (2)		28.9		7.7		7.4		5.9		4.6		3.3
Land site lease and right-of-way (3)		9.5		2.0		2.0		2.0		1.8		1.7
	$	46.0	$	12.1	$	12.1	$	10.4	$	6.4	$	5.0

______________

(1)	Includes minimum payments on lease obligation for corporate office space.

(2)	Includes minimum payments on lease obligations for office space, railcars and tractors.

(3)	Land site lease and right-of-way provides for surface and underground access for gathering, processing and distribution assets that are located on property not owned by the Partnership. These agreements expire at various dates, with varying terms, some of which are perpetual.

Total Expenses Incurred under Lease Obligations

Total expenses incurred under the above lease obligations were:

	2014		2013		2012
Non-Partnership:
Operating leases	$	3.3	$	2.8	$	2.1
Partnership:
Operating leases (1)		24.4		23.3		16.1
Land site lease and right-of-way		4.1		3.6		3.3

__________

(1)	Includes short-term leases for items such as compressors and equipment.

Significant Risks and Uncertainties (Tables)

12 Months Ended

Dec. 31, 2014

Significant Risks and Uncertainties [Abstract]

Activity Affecting Allowance for Bad Debts

The following table summarizes the activity affecting our allowance for bad debts:

	2014			2013		2012
Balance at beginning of year	$	1.1		$	0.9	$	2.4
Additions		-			0.2		-
Deductions		(1.1	)		-		(1.5	)
Balance at end of year	$	-		$	1.1	$	0.9

Customer Concentration

Significant Commercial Relationship

	2014			2013			2012
% of consolidated revenues
Chevron Phillips Chemical Company LLC		4	%		8	%		10	%

- Definition

Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6351-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13531-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
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-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6442-108592

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6327-108592

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6404-108592

+ Details

Other Operating (Income) Expense (Tables)

12 Months Ended

Dec. 31, 2014

Other Operating (Income) Expense [Abstract]

Other Operating (Income) Expense

	2014			2013		2012
Loss (gain) on sale or disposal of assets (1)	$	(4.8	)	$	3.9	$	15.6
Casualty loss		0.1			4.3		3.6
Miscellaneous business tax		0.4			0.7		0.7
Other		1.3			0.7		-
	$	(3.0	)	$	9.6	$	19.9

______________

(1)	Includes a $15.4 million loss in 2012 due to a write-off of the Partnership’s investment in the Yscloskey joint interest processing plant in Southeastern Louisiana. Following Hurricane Isaac, the joint venture owners elected not to restart the plant.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Provisions for Income Taxes

Our provisions for income taxes for the periods indicated are as follows:

	2014			2013		2012
Current expense	$	72.4		$	42.8	$	27.9
Deferred expense (benefit)		(4.4	)		5.4		9.0
	$	68.0		$	48.2	$	36.9

Deferred Tax Assets and Liabilities

Our deferred income tax assets and liabilities at December 31, 2014 and 2013 consist of differences related to the timing of recognition of certain types of costs as follows:

	2014			2013
Deferred tax assets:
Deferred tax assets before valuation allowance	$	3.5		$	3.5
Valuation allowance		(3.5	)		(3.5	)
	$	-		$	-
Deferred tax liabilities:
Investments (1)	$	(115.8	)	$	(115.2	)
Debt related deferreds		(13.4	)		(17.2	)
Other		(9.5	)		(7.1	)
		(138.7	)		(139.5	)
	$	(138.7	)	$	(139.5	)
Net deferred tax liability:
Federal	$	(115.5	)	$	(121.0	)
Foreign		0.6			0.6
State		(23.8	)		(19.1	)
	$	(138.7	)	$	(139.5	)
Balance sheet classification of deferred tax assets (liabilities):
Long-term asset	$	-		$	(3.5	)
Current liability		(0.5	)		(0.5	)
Long-term liability		(138.2	)		(135.5	)
	$	(138.7	)	$	(139.5	)

_________

(1)	Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of the assets and liabilities of our investments.

Reconciliation of Income Tax Provision (Benefit)

Income tax reconciliation:	2014			2013			2012
Income before income taxes	$	491.0		$	249.5		$	196.2
Less: Net income attributable to noncontrolling interest		(320.7	)		(136.2	)		(121.2	)
Less: Income taxes included in noncontrolling interest		(4.2	)		(2.5	)		(3.5	)
Income attributable to TRC before income taxes		166.1			110.8			71.5
Federal statutory income tax rate		35	%		35	%		35	%
Provision for federal income taxes		58.1			38.8			25.0
State income taxes, net of federal tax benefit		6.7			4.4			6.8
Amortization of deferred charge on 2010 transactions		4.7			4.7			4.7
Other, net		(1.5	)		0.3			0.4
Income tax provision	$	68.0		$	48.2		$	36.9

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References + Details

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	2014		2013			2012
Cash:
Interest paid, net of capitalized interest (1)	$	133.8	$	121.7		$	95.6
Income taxes paid, net of refunds		73.4		34.1			30.5
Non-cash:
Deadstock inventory transferred to property, plant and equipment		14.8		30.4			3.0
Accrued dividends on unvested equity awards		0.6		1.6			2.7
Badlands contingent consideration recorded at acquisition date		-		-			15.3
Change in capital accruals		19.0		(0.4	)		(34.3	)
Transfers from materials and supplies to property, plant and equipment		4.6		20.5			-
Change in ARO estimate		2.1		1.6			(1.0	)

___________

(1)	Interest capitalized on expansion projects was $16.1 million, $28.0 million and $13.6 million for the years ended December 31, 2014, 2013 and 2012.

Stock and Other Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Activity of the Common Unit-Based Awards Granted to the Partnership's Directors

The following table summarizes activity of the common unit-based awards granted to the Partnership’s Directors for the years ended December 31, 2014, 2013 and 2012 (in units and dollars):

	Number of units			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2011		19,831		$	16.31
Granted		9,980			38.72
Vested		(25,311	)		23.86
Outstanding at December 31, 2012		4,500			23.51
Granted		12,780			39.33
Vested		(17,280	)		35.21
Outstanding at December 31, 2013		-			-
Granted		8,740			50.29
Vested		(8,740	)		50.29
Outstanding at December 31, 2014		-			-

Summary of Compensation Expenses under Various Compensation Plans

The following table summarizes the compensation expenses under the various compensation plans recognized for the years indicated:

	2014		2013		2012
2010 TRC Stock Incentive Plan - Director Grants	$	0.5	$	0.5	$	0.4
Partnership Equity-Settled Performance Units		8.8		5.5		3.1
Partnership Director Grants		0.4		0.5		0.5
Allocated to the Partnership
2010 TRC Stock Incentive Plan - Restricted Stock		2.2		6.3		13.7
2010 TRC Stock Incentive Plan - Restricted Stock Unit		2.5		0.4		-
TRC LTIP - Cash-Settled Performance Units		11.0		21.9		14.2

Summary of Unrecognized Compensation Expenses and Approximate Remaining Weighted Average Vesting Periods

The table below summarizes the unrecognized compensation expenses and the approximate remaining weighted average vesting periods related to our various compensation plans as of December 31, 2014:

				Weighted Average
	December 31,			Remaining
	2014			Vesting Period
	(In millions)			(In years)
Partnership Equity-Settled Performance Units		$	14.1		2.0
2010 TRC Stock Incentive Plan - Restricted Stock			1.1		0.9
2010 TRC Stock Incentive Plan - Restricted Stock Units			7.0		2.3

Fair Values of Share-Based Awards on the Dates They Vested

The total fair value of share-based awards on the dates they vested are as follows:

	2014		2013		2012
TRC Cash-Settled Performance Units	$	14.7	$	25.2	$	22.2
Partnership Equity - Settled Performance Units		10.0		-		-
Accrued DERs settled for Equity - Settled Performance Units		1.6		-		-
Partnership Director Grants		0.4		0.7		1.0
2010 TRC Stock Incentive Plan - Restricted Stock (1)		7.1		42.2		40.3
2010 TRC Stock Incentive Plan - Director Grants		0.5		0.5		0.4
Accrued dividends settled		0.5		2.4		2.0

________

(1)	We recognized $1.0 million, $1.6 million and $1.3 million in tax benefits associated with the vesting of the restricted stock in 2014, 2013 and 2012.

Equity-Settled Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Performance Units

The following table summarizes activities of our equity-settled performance units for the years ended December 31, 2014, 2013, and 2012:

	Number of units			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2011		135,870		$	33.94
Granted		171,750			41.94
Outstanding at December 31, 2012		307,620			38.40
Granted		244,578			46.54
Outstanding at December 31, 2013		552,198			42.01
Granted		168,495			57.19
Vested		(137,170	)		34.02
Forfeited		(6,120	)		49.39
Outstanding at December 31, 2014		577,403			48.26

Cash-Settled Performance Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Performance Units

The following table summarizes the cash-settled performance units for the year ended 2014 awarded under the Targa LTIP (in units and millions of dollars):

	Program Year
	2011 Plan			2012 Plan			2013 Plan			2014 Plan			Total
Units outstanding January 1, 2014		124,870			142,460			144,960			-			412,290
Granted		-			-			-			122,950			122,950
Vested and paid		(123,570	)		-			-			-			(123,570	)
Forfeited		(1,300	)		(4,000	)		(2,850	)		(590	)		(8,740	)
Units outstanding December 31, 2014		-			138,460			142,110			122,360			402,930

Calculated fair market value as of December 31, 2014				$	8.8		$	6.5		$	3.7		$	19.0

Current liability				$	7.3		$	-		$	-		$	7.3
Long-term liability					-			3.1			0.5			3.6
Liability as of December 31, 2014				$	7.3		$	3.1		$	0.5		$	10.9

To be recognized in future periods				$	1.5		$	3.4		$	3.2		$	8.1

Vesting date				June 2015			June 2016			June 2017

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Restricted Stock Awards

The following table summarizes the restricted stock awards in shares and in dollars for the years indicated:

				Weighted-average
	Number of shares			Grant-Date Fair Value
Outstanding at December 31, 2011		1,434,220		$	22.67
Granted (1)		91,090			42.50
Forfeited		(8,930	)		23.99
Vested (2)		(805,350	)		22.00
Outstanding at December 31, 2012		711,030			25.95
Granted (1)		30,623			57.59
Forfeited		(2,740	)		27.28
Vested (2)		(534,940	)		22.00
Outstanding at December 31, 2013		203,973			41.05
Granted		-			-
Forfeited		(1,980	)		42.82
Vested (3)		(82,800	)		33.37
Outstanding at December 31, 2014		119,193			46.35

__________

(1)	These awards will cliff vest at the end of three years.

(2)

(3)

Restricted Stock Units (RSUs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Restricted Stock Awards

The following table summarizes the restricted stock awards in shares and in dollars for the years indicated.

				Weighted-average
	Number of shares			Grant-Date Fair Value
Outstanding at December 31, 2012		-		$	-
Granted		55,790			69.90
Forfeited		(240	)		67.07
Outstanding at December 31, 2013		55,550			69.92
Granted		54,357			112.89
Forfeited		(1,440	)		75.81
Vested		(100	)		67.07
Outstanding at December 31, 2014		108,367			91.41

Segment Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Information [Abstract]

Information by Segment

Segment information is shown in the following tables. We have segregated the following segment information between Partnership and non-Partnership activities.

	Year Ended December 31, 2014
	Field		Coastal
	Gathering		Gathering				Marketing					Corporate
	and		and		Logistics		and					and			TRC Non-
	Processing		Processing		Assets		Distribution		Other			Eliminations			Partnership			Total
Revenues
Sales of commodities	$	197.4	$	355.0	$	99.1	$	6,951.7	$	(8.0	)	$	-		$	-		$	7,595.2
Fees from midstream services		190.3		34.4		293.6		503.0		-			-			-			1,021.3
		387.7		389.4		392.7		7,454.7		(8.0	)		-			-			8,616.5
Intersegment revenues
Sales of commodities		1,491.2		577.6		4.4		486.7		-			(2,559.9	)		-			-
Fees from midstream services		5.2		-		308.3		30.1		-			(343.6	)		-			-
		1,496.4		577.6		312.7		516.8		-			(2,903.5	)		-			-
Revenues	$	1,884.1	$	967.0	$	705.4	$	7,971.5	$	(8.0	)	$	(2,903.5	)	$	-		$	8,616.5
Operating margin	$	372.3	$	77.6	$	445.1	$	249.6	$	(8.0	)	$	-		$	(0.1	)	$	1,136.5
Other financial information:
Total assets (1)	$	3,409.0	$	367.2	$	1,717.3	$	708.5	$	60.2		$	115.0		$	76.3		$	6,453.5
Capital expenditures	$	423.1	$	14.0	$	274.4	$	30.2	$	-		$	6.1		$	-		$	747.8

________________________

(1)	Corporate assets primarily include investment in unconsolidated subsidiaries and debt issuance costs associated with our long-term debt

	Year Ended December 31, 2013
	Field		Coastal
	Gathering		Gathering				Marketing				Corporate
	and		and		Logistics		and				and			TRC Non-
	Processing		Processing		Assets		Distribution		Other		Eliminations			Partnership			Total
Revenues
Sales of commodities	$	188.8	$	305.0	$	140.5	$	5,072.4	$	21.4	$	0.1		$	(0.2	)	$	5,728.0
Fees from midstream services		113.9		33.6		216.0		223.3		-		(0.1	)		-			586.7
		302.7		338.6		356.5		5,295.7		21.4		-			(0.2	)		6,314.7
Intersegment revenues
Sales of commodities		1,218.9		642.2		3.9		478.6		-		(2,343.6	)		-			-
Fees from midstream services		3.4		1.0		176.5		29.8		-		(210.7	)		-			-
		1,222.3		643.2		180.4		508.4		-		(2,554.3	)		-			-
Revenues	$	1,525.0	$	981.8	$	536.9	$	5,804.1	$	21.4	$	(2,554.3	)	$	(0.2	)	$	6,314.7
Operating margin	$	270.5	$	85.4	$	282.3	$	141.9	$	21.4	$	-		$	(0.3	)	$	801.2
Other financial information:
Total assets	$	3,200.7	$	383.8	$	1,503.6	$	756.1	$	5.1	$	122.1		$	77.2		$	6,048.6
Capital expenditures	$	557.8	$	20.6	$	444.7	$	6.3	$	-	$	5.1		$	-		$	1,034.5

	Year Ended December 31, 2012
	Field		Coastal
	Gathering		Gathering				Marketing				Corporate
	and		and		Logistics		and				and			TRC Non-
	Processing		Processing		Assets		Distribution		Other		Eliminations			Partnership		Total
Revenues
Sales of commodities	$	172.7	$	240.6	$	184.4	$	4,680.2	$	41.1	$	-		$	2.1	$	5,321.1
Fees from midstream services		39.5		23.6		170.7		124.2		-		(0.1	)		-		357.9
		212.2		264.2		355.1		4,804.4		41.1		(0.1	)		2.1		5,679.0
Intersegment revenues
Sales of commodities		1,150.7		701.1		1.8		565.0		-		(2,418.6	)		-		-
Fees from midstream services		1.3		0.1		106.5		32.0		-		(139.9	)		-		-
		1,152.0		701.2		108.3		597.0		-		(2,558.5	)		-		-
Revenues	$	1,364.2	$	965.4	$	463.4	$	5,401.4	$	41.1	$	(2,558.6	)	$	2.1	$	5,679.0
Operating margin	$	231.2	$	115.1	$	188.3	$	116.0	$	41.1	$	-		$	1.9	$	693.6
Other financial information:
Total assets	$	2,797.9	$	414.1	$	1,100.9	$	548.6	$	34.4	$	129.8		$	79.3	$	5,105.0
Capital expenditures	$	222.1	$	9.4	$	359.0	$	12.3	$	-	$	13.9		$	0.3	$	617.0
Business acquisitions	$	970.4	$	25.8	$	-	$	-	$	-	$	-		$	-	$	996.2

Revenues by Product and Service

The following table shows our consolidated revenues by product and service for the periods presented:

	2014			2013		2012
Sales of commodities
Natural gas	$	1,409.3		$	1,224.7	$	926.9
NGL		5,960.1			4,224.0		4,055.7
Condensate		134.3			121.8		114.1
Petroleum products		96.3			136.0		180.1
Derivative settlements		(4.8	)		21.5		44.3
		7,595.2			5,728.0		5,321.1
Fees from midstream services
Fractionating and treating		208.9			133.9		110.1
Storage, terminaling, transportation and export		548.0			280.3		162.5
Gathering and processing		196.9			114.1		45.0
Other		67.5			58.4		40.3
		1,021.3			586.7		357.9
Total revenues	$	8,616.5		$	6,314.7		5,679.0

Reconciliation of Operating Margin to Net Income

The following table shows a reconciliation of operating margin to net income for the periods presented:

	2014			2013			2012
Reconciliation of operating margin to net income:
Operating margin	$	1,136.5		$	801.2		$	693.6
Depreciation and amortization expense		(351.0	)		(271.9	)		(197.6	)
General and administrative expense		(148.0	)		(151.5	)		(139.8	)
Interest expense, net		(147.1	)		(134.1	)		(120.8	)
Other, net		0.6			5.8			(39.2	)
Income tax expense		(68.0	)		(48.2	)		(36.9	)
Net income	$	423.0		$	201.3		$	159.3

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

+ References + Details

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599

+ Details

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Selected Quarterly Financial Data (Unaudited) [Abstract]

Results of Operations by Quarter

Our results of operations by quarter for the years ended December 31, 2014 and 2013 were as follows:

	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter		Total

	(In millions, except per share amounts)
2014
Revenues	$	2,294.7	$	2,000.6	$	2,288.3	$	2,032.9	$	8,616.5
Gross margin		379.6		384.0		407.8		398.2		1,569.6
Operating income		158.4		150.3		168.7		163.1		640.5
Net income		106.9		103.2		120.4		92.5		423.0
Net income attributable to Targa / common shareholders		19.6		26.4		30.7		25.6		102.3
Net income per common share - basic	$	0.47	$	0.63	$	0.73	$	0.61	$	2.44
Net income per common share - diluted	$	0.47	$	0.63	$	0.73	$	0.61	$	2.43

2013
Revenues	$	1,373.8	$	1,370.5	$	1,466.0	$	2,104.4	$	6,314.7
Gross margin		260.3		265.2		297.0		355.0		1,177.5
Operating income		73.9		60.9		88.5		144.9		368.2
Net income		33.8		22.5		49.4		95.6		201.3
Net income attributable to Targa / common shareholders		13.4		15.0		16.3		20.4		65.1
Net income per common share - basic	$	0.32	$	0.36	$	0.39	$	0.49	$	1.56
Net income per common share - diluted	$	0.32	$	0.36	$	0.39	$	0.48	$	1.55

Condensed Parent Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Parent Only Financial Statements [Abstract]

Condensed Financial Statements

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED BALANCE SHEETS

	December 31,
	2014		2013

	(In millions)
ASSETS
Investment in consolidated subsidiaries	$	243.8	$	208.4
Deferred income taxes		27.9		23.9
Long-term debt issue costs		1.0		1.4
Total assets	$	272.7	$	233.7

LIABILITIES AND STOCKHOLDERS' EQUITY
Accrued current liabilities	$	0.6	$	0.6
Long-term debt		102.0		84.0
Other long-term liabilities		0.3		0.3

Commitments and contingencies

Targa Resources Corp. stockholders' equity		169.8		148.8
Total liabilities and stockholders' equity	$	272.7	$	233.7

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2014			2013			2012

	(In millions, except per share amounts)
Equity in net income (loss) of consolidated subsidiaries	$	109.8		$	72.6		$	45.4
General and administrative expenses		(8.3	)		(8.4	)		(8.2	)
Income (loss) from operations		101.5			64.2			37.2
Other income (expense):
Gain on debt extinguishment		-			-			0.2
Interest expense		(3.2	)		(3.2	)		(3.2	)
Income (loss) before income taxes		98.3			61.0			34.2
Deferred income tax (expense) benefit		4.0			4.1			3.9
Net income (loss) available to common shareholders	$	102.3		$	65.1		$	38.1
Net income (loss) available per common share - basic	$	2.44		$	1.56		$	0.93
Net income (loss) available per common share - diluted	$	2.43		$	1.55		$	0.91
Weighted average shares outstanding - basic		42.0			41.6			41.0
Weighted average shares outstanding - diluted		42.1			42.1			41.8

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2014			2013			2012

	(In millions)
Net cash provided by operating activities	$	(1.3	)	$	(4.1	)	$	0.8

Investing activities:
Distribution and return of advances from consolidated subsidiaries		97.3			101.6			78.6
Net cash provided by investing activities		97.3			101.6			78.6

Financing activities:
Long-term debt borrowings		92.0			65.0			90.0
Long-term debt repayments		(74.0	)		(63.0	)		(96.8	)
Costs incurred in connection with financing arrangements		-			-			(1.0	)
Repurchase of common stock		-			(13.3	)		(9.5	)
Dividends to common and common equivalent shareholders		(113.0	)		(87.8	)		(62.2	)
Excess tax benefit from stock-based awards		(1.0	)		1.6			1.3
Distribution to owners		-			-			(1.2	)
Net cash used in financing activities		(96.0	)		(97.5	)		(79.4	)

Net increase (decrease) in cash and cash equivalents		-			-			-
Cash and cash equivalents - beginning of year		-			-			-
Cash and cash equivalents - end of year	$	-		$	-		$	-

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Basis of Presentation (Details) - USD ($) $ in Millions	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Partnership Ownership Disclosure [Abstract]
Ownership interest in Partnership by general partner (in hundredths)									2.00%
Parent's ownership interest in the general partner of the Partnership (in hundredths)	100.00%								100.00%
Number of Partnership common units owned (in units)	12,945,659								12,945,659
Ownership interest in Partnership by limited partner (in hundredths)									10.90%
Revision of Previously Reported Revenues and Product Purchases [Abstract]
Revenues	$ 2,032.9	$ 2,288.3	$ 2,000.6	$ 2,294.7	$ 2,104.4	$ 1,466.0	$ 1,370.5	$ 1,373.8	$ 8,616.5	$ 6,314.7	$ 5,679.0
Product purchases									$ 7,046.9	5,137.2	4,672.3
As Reported [Member]
Revision of Previously Reported Revenues and Product Purchases [Abstract]
Revenues										6,556.0	5,885.7
Product purchases										5,378.5	4,879.0
Effect of Revisions [Member]
Revision of Previously Reported Revenues and Product Purchases [Abstract]
Revenues										(241.3)	(206.7)
Product purchases										(241.3)	(206.7)
As Revised [Member]
Revision of Previously Reported Revenues and Product Purchases [Abstract]
Revenues										6,314.7	5,679.0
Product purchases										$ 5,137.2	$ 4,672.3

Business Acquisitions (Details)				1 Months Ended	12 Months Ended
Business Acquisitions (Details)	Feb. 06, 2015 USD ($)	Feb. 05, 2015 USD ($)	Oct. 13, 2014 Transaction	Jan. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) MMcf / d Quarter mi $ / shares shares	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($) $ / shares
Business Acquisition [Line Items]
Contingent consideration						$ 50,000,000
Pro forma consolidated results of operations [Abstract]
Useful life of acquired definite-lived intangibles					20 years
Number of proposed merger transactions \| Transaction			2
Ownership interest in Partnership by limited partner (in hundredths)					10.90%
Minimum [Member]
Pro forma consolidated results of operations [Abstract]
Useful life of acquired property, plant equipment					15 years
Maximum [Member]
Pro forma consolidated results of operations [Abstract]
Useful life of acquired property, plant equipment					20 years
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Pro forma consolidated results of operations [Abstract]
Term of loan					5 years
Aggregate principal amount				$ 670,000,000
Senior Secured Term Loan [Member] \| Subsequent Event [Member]
Pro forma consolidated results of operations [Abstract]
Term of loan					7 years
Aggregate principal amount				430,000,000
5% Notes [Member] \| Subsequent Event [Member]
Pro forma consolidated results of operations [Abstract]
Aggregate principal amount				1,100,000,000
Targa Resources Partners LP [Member] \| 5% Notes [Member] \| Subsequent Event [Member]
Pro forma consolidated results of operations [Abstract]
Aggregate principal amount				$ 1,100,000,000
Interest rate on senior notes (in hundredths)				5.00%
Maturity date				Dec. 31, 2018
Net proceeds from issuance of senior notes				$ 1,090,800,000
Badlands [Member]
Business Acquisition [Line Items]
Contingent consideration							$ 50,000,000
Other income						15,300,000
Consideration paid [Abstract]
Cash							975,800,000
Contingent consideration						$ 0	15,300,000
Total consideration							991,100,000
Assets acquired and liabilities assumed [Abstract]
Financial assets							35,400,000
Inventory							16,200,000
Property, plant and equipment							295,300,000
Intangible assets							679,600,000
Financial liabilities							(35,400,000)
Total net assets							991,100,000
Acquisition-related costs							6,100,000
Pro forma consolidated results of operations [Abstract]
Revenues							5,909,900,000
Net income							129,500,000
Less: Net income attributable to noncontrolling interests							83,500,000
Net income attributable to Targa Resources Corp.							$ 46,000,000
Net income per common share - Basic (in dollars per share) \| $ / shares							$ 1.12
Net income per common share - Diluted (in dollars per share) \| $ / shares							$ 1.10
Total estimated consideration							$ 991,100,000
Atlas Pipeline Partners [Member]
Pro forma consolidated results of operations [Abstract]
Processing capacity (in MMcf/D) \| MMcf / d					1,439
Length of pipelines (in miles) \| mi					10,300
Number of years, incentive distribution rights agreed to reduce					4 years
Number of successive quarters, annual distribution is paid \| Quarter					4
Atlas Pipeline Partners [Member] \| Subsequent Event [Member]
Consideration paid [Abstract]
Total consideration		$ 5,000,000,000
Pro forma consolidated results of operations [Abstract]
Total estimated consideration		5,000,000,000
Atlas Pipeline Partners [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member]
Pro forma consolidated results of operations [Abstract]
Amount to be received per $1,000 principal by APL noteholders if tendered before January 29, 2015				1,015
Amount to be received per $1,000 principal by APL noteholders if tendered after January 29, 2015				985
Atlas Pipeline Partners [Member] \| Distribution Rights Year 1 [Member]
Pro forma consolidated results of operations [Abstract]
Reduction in incentive distribution					$ (37,500,000)
Atlas Pipeline Partners [Member] \| Distribution Rights Year 2 [Member]
Pro forma consolidated results of operations [Abstract]
Reduction in incentive distribution					(25,000,000)
Atlas Pipeline Partners [Member] \| Distribution Rights Year 3 [Member]
Pro forma consolidated results of operations [Abstract]
Reduction in incentive distribution					(10,000,000)
Atlas Pipeline Partners [Member] \| Distribution Rights Year 4 [Member]
Pro forma consolidated results of operations [Abstract]
Reduction in incentive distribution					$ (5,000,000)
Atlas Pipeline Partners [Member] \| Current Atlas Pipeline Partners Unitholders [Member]
Pro forma consolidated results of operations [Abstract]
Distribution of common units/shares for each common unit (in shares) \| shares					0.5846
One-time cash payment (in dollars per common unit) \| $ / shares					$ 1.26
Preferred units, cumulative cash distribution					$ 126,500,000
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| 6 5/8% Notes [Member] \| Subsequent Event [Member]
Pro forma consolidated results of operations [Abstract]
Aggregate principal amount	$ 500,000,000
Interest rate on senior notes (in hundredths)	6.625%
Maturity date					Dec. 31, 2020
Amount to be received per $1,000 principal by APL noteholders pursuant to Change of Control Offer				1,010
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| 4 3/4% Notes [Member] \| Subsequent Event [Member]
Pro forma consolidated results of operations [Abstract]
Percentage of tenders received from noteholders (in hundredths)	98.30%
Aggregate principal amount	$ 400,000,000
Interest rate on senior notes (in hundredths)	4.75%
Maturity date					Dec. 31, 2021
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| 5 7/8% Notes [Member] \| Subsequent Event [Member]
Pro forma consolidated results of operations [Abstract]
Percentage of tenders received from noteholders (in hundredths)	91.60%
Aggregate principal amount	$ 650,000,000
Interest rate on senior notes (in hundredths)	5.875%
Maturity date					Dec. 31, 2023
Atlas Energy [Member]
Pro forma consolidated results of operations [Abstract]
Ownership interest in Partnership by limited partner (in hundredths)					5.50%
Total distribution of common shares (in shares) \| shares					10,350,000
Total one-time cash payment					$ 522,000,000
Cash payment for repayment of ATLS outstanding indebtedness					88,000,000
Cash payment related to change of control payments					$ 190,000,000
Atlas Energy [Member] \| Subsequent Event [Member]
Consideration paid [Abstract]
Total consideration		1,600,000,000
Pro forma consolidated results of operations [Abstract]
Total estimated consideration		$ 1,600,000,000
Committed financing value				1,100,000,000
Atlas Energy [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member]
Pro forma consolidated results of operations [Abstract]
Term of loan					5 years
Aggregate principal amount				670,000,000
Atlas Energy [Member] \| Senior Secured Term Loan [Member] \| Subsequent Event [Member]
Pro forma consolidated results of operations [Abstract]
Term of loan					7 years
Aggregate principal amount				$ 430,000,000
Atlas Energy [Member] \| Current Atlas Energy Unitholders [Member]
Pro forma consolidated results of operations [Abstract]
Distribution of common units/shares for each common unit (in shares) \| shares					0.1809
One-time cash payment (in dollars per common unit) \| $ / shares					$ 9.12

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Partnership:
Commodities	$ 157.4	$ 136.4
Materials and supplies	11.5	14.3
Total inventories	$ 168.9	$ 150.7

- Definition

Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.

+ References + Details

- Definition

Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed. This amount is net of valuation reserves and adjustments.

+ References + Details

Property, Plant and Equipment and Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 6,521.1	$ 5,758.4
Accumulated depreciation	(1,696.5)	(1,408.5)
Property, plant and equipment, net	4,824.6	4,349.9
Finite-Lived Intangible Assets [Line Items]
Intangible assets	681.8	681.8
Accumulated amortization	(89.9)	(28.4)
Intangible assets, net	$ 591.9	653.4
Estimated useful lives	20 years
Estimated amortization expense for intangible assets [Abstract]
2015	$ 80.1
2016	88.3
2017	81.5
2018	67.8
2019	$ 56.8
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2,588.6	2,230.1
Gathering Systems [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Gathering Systems [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Processing and Fractionation Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,890.7	1,604.6
Processing and Fractionation Facilities [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Processing and Fractionation Facilities [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Terminaling and Storage Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,038.9	715.2
Terminaling and Storage Facilities [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Terminaling and Storage Facilities [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Transportation Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 359.0	294.7
Transportation Assets [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Transportation Assets [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Other Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 149.3	121.5
Other Property, Plant and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Other Property, Plant and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 95.6	89.5
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	399.0	702.8
Targa Resources Partners LP [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	6,514.3	5,751.6
Accumulated depreciation	(1,689.7)	(1,406.2)
Property, plant and equipment, net	4,824.6	4,345.4
Finite-Lived Intangible Assets [Line Items]
Intangible assets	681.8	681.8
Accumulated amortization	(89.9)	(28.4)
Intangible assets, net	591.9	653.4
Targa Resources Partners LP [Member] \| Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,588.6	2,230.1
Targa Resources Partners LP [Member] \| Processing and Fractionation Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,884.1	1,598.0
Targa Resources Partners LP [Member] \| Terminaling and Storage Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,038.9	715.2
Targa Resources Partners LP [Member] \| Transportation Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	359.0	294.7
Targa Resources Partners LP [Member] \| Other Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	149.1	121.3
Targa Resources Partners LP [Member] \| Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	95.6	89.5
Targa Resources Partners LP [Member] \| Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	399.0	702.8
TRC Non-Partnership [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	6.8	6.8
Accumulated depreciation	(6.8)	(2.3)
Property, plant and equipment, net	0.0	4.5
Finite-Lived Intangible Assets [Line Items]
Intangible assets	0.0	0.0
Accumulated amortization	0.0	0.0
Intangible assets, net	0.0	0.0
TRC Non-Partnership [Member] \| Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	0.0	0.0
TRC Non-Partnership [Member] \| Processing and Fractionation Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	6.6	6.6
TRC Non-Partnership [Member] \| Terminaling and Storage Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	0.0	0.0
TRC Non-Partnership [Member] \| Transportation Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	0.0	0.0
TRC Non-Partnership [Member] \| Other Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	0.2	0.2
TRC Non-Partnership [Member] \| Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	0.0	0.0
TRC Non-Partnership [Member] \| Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 0.0	$ 0.0

Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Changes in aggregate asset retirement obligations [Roll Forward]
Beginning of period	$ 50.9	$ 45.3	$ 42.3
Change in cash flow estimate	2.1	1.6	(1.0)
Accretion expense	4.5	4.0	4.0
Retirement of ARO	(0.2)	0.0	0.0
End of period	$ 57.3	$ 50.9	$ 45.3

- Definition

The carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

+ References + Details

- Definition

Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability.

+ References + Details

Investment in Unconsolidated Affiliate (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Beginning of period

$ 55.9

Equity earnings

18.0

$ 14.8

$ 1.9

End of period

50.2

55.9

Distributions received in excess of Partnership's share of cumulative earnings

$ 5.7

0.0

0.5

Gulf Coast Fractionators LP [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest (in hundredths)

38.80%

Beginning of period

$ 55.9

53.1

36.7

Equity earnings

18.0

14.8

1.9

Cash distributions

^[1]

(23.7)

(12.0)

(2.3)

Cash calls for expansion projects

0.0

16.8

End of period

50.2

$ 55.9

53.1

Distributions received in excess of Partnership's share of cumulative earnings

$ 5.7

$ 0.5

[1]

Includes $5.7 million and $0.5 million distributions received in excess of the Partnership's share of cumulative earnings for the years ended December 31, 2014 and 2012. They are considered a return of capital and are disclosed in cash flows from investing activities in the Consolidated Statements of Cash Flows.

- Definition

This element represents disclosure of the aggregate cash dividends paid to the entity by unconsolidated subsidiaries.

+ References + Details

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References + Details

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Components of accounts payable and accrued liabilities [Abstract]
Commodities	$ 416.7	$ 529.6
Other goods and services	111.1	126.1
Interest	37.3	36.0
Compensation and benefits	46.1	40.2
Income and other taxes	11.7	10.1
Other	15.6	19.8
Accounts payable and accrued liabilities	638.5	761.8
Targa Resources Partners LP [Member]
Components of accounts payable and accrued liabilities [Abstract]
Commodities	416.7	529.7
Other goods and services	108.9	124.7
Interest	37.3	35.9
Compensation and benefits	1.3	1.3
Income and other taxes	13.6	10.9
Other	14.9	18.7
Accounts payable and accrued liabilities	592.7	721.2
TRC Non Partnership [Member]
Components of accounts payable and accrued liabilities [Abstract]
Commodities	0.0	(0.1)
Other goods and services	2.2	1.4
Interest	0.0	0.1
Compensation and benefits	44.8	38.9
Income and other taxes	(1.9)	(0.8)
Other	0.7	1.1
Accounts payable and accrued liabilities	$ 45.8	$ 40.6

Debt Obligations (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Oct. 31, 2012

$ 2,885,400

$ 2,989,300

Total debt

3,068,200

2,989,300

Letters of credit outstanding

44,100

86,800

Total

3,093,400

2015

182,800

2016

2017

102,000

2018

2019

800,000

After 2019

2,008,600

Targa Resources Partners LP [Member]

2,885,400

2,989,300

Targa Resources Partners LP [Member] | Unsecured Debt [Member]

Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member]

Total

2,808,600

2015

2016

2017

2018

2019

800,000

After 2019

2,008,600

Accounts Receivable Securitization Facility Due December 2015 [Member] | Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member]

Total

182,800

2015

182,800

2016

2017

2018

2019

After 2019

$ 0

Range of interest rates and weighted average interest rate [Abstract]

Range of interest rates incurred, minimum (in hundredths)

0.90%

Range of interest rates incurred, maximum (in hundredths)

0.90%

Weighted average interest rate incurred (in hundredths)

0.90%

Current Partnership [Abstract]

Current debt

^[1],[2]

$ 182,800

TRC Senior Secured Revolving Credit Facility due 2017 [Member]

^[3]

$ 102,000

84,000

TRC Senior Secured Revolving Credit Facility due 2017 [Member] | Secured Debt [Member]

^[3]

Oct. 31, 2017

Line of credit facility, maximum borrowing capacity

$ 150,000

Availability of credit under senior secured credit facility

48,000

TRC Senior Secured Revolving Credit Facility due 2017 [Member] | Secured Debt [Member] | Irrevocable Standby Letter of Credit [Member]

Total

102,000

2015

2016

2017

102,000

2018

2019

After 2019

TRP Senior Secured Revolving Credit Facility due 2017 [Member] | Targa Resources Partners LP [Member]

Letters of credit outstanding

^[3]

TRP Senior Secured Revolving Credit Facility due 2017 [Member] | Targa Resources Partners LP [Member] | Secured Debt [Member]

Availability of credit under senior secured credit facility

1,155,900

^[2],[4]

$ 0

395,000

^[2],[4]

Oct. 31, 2017

TRP Senior Secured Revolving Credit Facility due 2017 [Member] | Targa Resources Partners LP [Member] | Secured Debt [Member] | Irrevocable Standby Letter of Credit [Member]

Total

$ 0

2015

2016

2017

2018

2019

After 2019

Senior Unsecured 7 7/8% Notes due October 2018 [Member] | Targa Resources Partners LP [Member] | Unsecured Debt [Member]

Letters of credit outstanding

^[3]

44,100

86,800

^[2],[5]

$ 0

250,000

^[2],[5]

Oct. 31, 2018

Senior Unsecured 6 7/8% Notes due February 2021 [Member] | Targa Resources Partners LP [Member] | Unsecured Debt [Member]

^[2],[5]

7.875%

^[2]

$ 483,600

483,600

Unamortized discount

^[2]

$ (25,200)

(28,000)

Feb. 28, 2021

Senior Unsecured 6 3/8% Notes due August 2022 [Member] | Targa Resources Partners LP [Member] | Unsecured Debt [Member]

^[2]

6.875%

Range of interest rates and weighted average interest rate [Abstract]

Weighted average interest rate incurred (in hundredths)

6.875%

^[2]

$ 300,000

300,000

Aug. 31, 2022

Senior Unsecured 5 1/4% Notes due May 2023 [Member] | Targa Resources Partners LP [Member] | Unsecured Debt [Member]

^[2]

6.375%

Range of interest rates and weighted average interest rate [Abstract]

Weighted average interest rate incurred (in hundredths)

6.375%

^[2]

$ 600,000

600,000

May 31, 2023

Senior Unsecured 4 1/4% Notes due November 2023 [Member] | Targa Resources Partners LP [Member] | Unsecured Debt [Member]

^[2]

5.25%

Range of interest rates and weighted average interest rate [Abstract]

Weighted average interest rate incurred (in hundredths)

5.25%

^[2]

$ 625,000

625,000

Nov. 15, 2023

Senior Unsecured, 4 1/8% Notes due November 2019 [Member] | Targa Resources Partners LP [Member] | Unsecured Debt [Member]

^[2]

4.25%

Range of interest rates and weighted average interest rate [Abstract]

Weighted average interest rate incurred (in hundredths)

4.25%

^[2]

$ 800,000

Nov. 15, 2019

^[2]

4.125%

Range of interest rates and weighted average interest rate [Abstract]

Weighted average interest rate incurred (in hundredths)

4.125%

TRP Revolver [Member] | Targa Resources Partners LP [Member]

Accounts Receivable Securitization Facility due December 2014 [Member] | Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member]

Line of credit facility, maximum borrowing capacity

$ 1,200,000

Senior Secured Credit Facility [Member]

Range of interest rates and weighted average interest rate [Abstract]

Range of interest rates incurred, minimum (in hundredths)

2.90%

Range of interest rates incurred, maximum (in hundredths)

2.90%

Weighted average interest rate incurred (in hundredths)

2.90%

Senior Secured Credit Facility [Member] | Targa Resources Partners LP [Member]

Range of interest rates and weighted average interest rate [Abstract]

Range of interest rates incurred, minimum (in hundredths)

1.90%

Range of interest rates incurred, maximum (in hundredths)

4.50%

Weighted average interest rate incurred (in hundredths)

2.00%

^[1],[2]

$ 0

$ 279,700

^[1],[2]

Dec. 31, 2014

[1]	The classification of the Partnership's Accounts Receivable Securitization Facility (the "Securitization Facility") as of December 31, 2014 has changed. The outstanding amounts under the "Securitization Facility as of December 31, 2013 were reflected as long-term debt in our consolidated balance sheets Consolidated Balance Sheets because the Partnership had the ability and intent to fund the Securitization Facility's borrowings on a long-term basis. As of December 31, 2013, the Partnership intended 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. As of December 31, 2014, the Partnership intended to fund the Securitization Facility's borrowings solely through further extensions of the termination date of the Securitization Facility, based on its history of extending the Securitization Facility, most recently through the Third Amendment to the Securitization Facility entered into in December 2014. As a result, all amounts outstanding under the Securitization Facility as of December 31, 2014 are reflected as a current liability in our consolidated balance sheets Consolidated Balance Sheets.
[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 December 31, 2014, availability under TRC's $150 million senior secured revolving credit facility was $48.0 million.
[4]	As of December 31, 2014, availability under the Partnership's $1.2 billion senior secured revolving credit facility ("TRP Revolver") was $1,155.9 million.
[5]	The outstanding balance of the 7.875% Notes was redeemed in November 2014. See "The Partnership's Senior Unsecured Notes" below.

Debt Obligations, TRC Revolving Credit Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Oct. 31, 2012
Senior Secured Revolving Credit Facility due on October 2017 [Member]
TRC Revolving Credit Agreement [Abstract]
Maximum borrowing capacity	$ 150.0
Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility due on October 2017 [Member]
TRC Revolving Credit Agreement [Abstract]
Maximum borrowing capacity		$ 150.0
Maturity date	Oct. 03, 2017
Additional commitment increase available upon request	$ 100.0	100.0
Swing line sub-facility		30.0
Maximum letters of credit and related outstanding reimbursement obligations		50.0
Interest rate percentage, minimum (in hundredths)	2.75%
Interest rate percentage, maximum (in hundredths)	3.50%
Maximum consolidated leverage ratio	4.0
Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility due on October 2017 [Member] \| Minimum [Member]
TRC Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)	2.75%
Commitment fee percentage (in hundredths)	0.375%
Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility due on October 2017 [Member] \| Maximum [Member]
TRC Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)	3.50%
Commitment fee percentage (in hundredths)	0.50%
Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility due on October 2017 [Member] \| Federal Funds Rate [Member]
TRC Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)	0.50%
Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility due on October 2017 [Member] \| Base Rate [Member] \| Minimum [Member]
TRC Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)	1.75%
Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility due on October 2017 [Member] \| Base Rate [Member] \| Maximum [Member]
TRC Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)	2.50%
Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility due on October 2017 [Member] \| London Interbank Offered Rate (LIBOR) [Member]
TRC Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)	1.00%
Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility due July 2014 [Member]
TRC Revolving Credit Agreement [Abstract]
Maximum borrowing capacity		$ 75.0
Maturity date	Jul. 31, 2014
Debt issue costs written off	$ 0.2

Debt Obligations, TRC Holdco Loan Facility (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2007	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Proceeds from facility		$ 2,400.0	$ 2,238.0	$ 2,595.0
Repayment of loan facility		$ 2,254.8	$ 2,021.2	1,690.7
Holdco Loan Facility due 2015 [Member]
Debt Instrument [Line Items]
Proceeds from facility	$ 450.0
Repayment of loan facility				88.8
Debt extinguished				89.3
Pretax loss on extinguishment of debt				0.5
Debt issue costs written off				$ 0.3

- Definition

Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.

+ References + Details

- Definition

Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.

+ References + Details

- Definition

Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.

+ References + Details

Debt Obligations, Partnership's Revolving Credit Agreement (Details) - Targa Resources Partners LP [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 31, 2012
TRP Revolver [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Maximum borrowing capacity	$ 1,200.0			$ 1,200.0
Maturity date	Oct. 03, 2017
Additional commitment increase available upon request	$ 300.0			300.0
Maximum consolidated leverage ratio		5.50
Minimum ratio of consolidated EBITDA to consolidated interest expense		2.25
TRP Revolver [Member] \| Minimum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Commitment fee percentage (in hundredths)		0.30%
TRP Revolver [Member] \| Maximum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Commitment fee percentage (in hundredths)		0.50%
TRP Revolver [Member] \| Federal Funds Rate [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)		0.50%
TRP Revolver [Member] \| Base Rate [Member] \| Minimum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)		0.75%
TRP Revolver [Member] \| Base Rate [Member] \| Maximum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)		1.75%
TRP Revolver [Member] \| Eurodollar [Member] \| Minimum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)		1.75%
TRP Revolver [Member] \| Eurodollar [Member] \| Maximum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)		2.75%
TRP Revolver [Member] \| London Interbank Offered Rate (LIBOR) [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate (in hundredths)		1.00%
Senior Secured Revolving Credit Facility due July 2015 [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Maximum borrowing capacity				$ 1,100.0
Maturity date	Jul. 31, 2015
Partial write-off of deferred debt issue costs related to amendments			$ 1.7
Letters of Credit [Member] \| TRP Revolver [Member] \| Minimum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Interest rate percentage (in hundredths)		1.75%
Letters of Credit [Member] \| TRP Revolver [Member] \| Maximum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Interest rate percentage (in hundredths)		2.75%
Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility due July 2015 [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Partial write-off of deferred debt issue costs related to amendments	$ 0.0	$ 0.0	$ 1.7

Debt Obligations, Partnership's Senior Unsecured Notes (Details) - Targa Resources Partners LP [Member] - Unsecured Debt [Member] - USD ($)
$ in Millions

1 Months Ended

12 Months Ended

Oct. 31, 2014

Jul. 31, 2013

Jun. 30, 2013

May 31, 2013

Nov. 30, 2012

Oct. 31, 2012

Jan. 31, 2012

Dec. 31, 2014

Dec. 31, 2012

Nov. 30, 2014

Senior Unsecured 11 1/4% Notes due July 2017 [Member]

The Partnership's Senior Unsecured Notes [Abstract]

$ 4.1

1.0

Debt redeemed

76.8

Pretax loss on extinguishment of debt

$ (7.4)

Senior Unsecured 7 7/8% Notes due October 2018 [Member]

The Partnership's Senior Unsecured Notes [Abstract]

Redemption price, percentage of face value (in hundredths)

103.938%

$ 9.9

2.5

Pretax loss on extinguishment of debt

$ (12.4)

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Due date

^[1],[2]

Oct. 31, 2018

Senior Unsecured 6 7/8% Notes due February 2021 [Member]

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Feb. 01, 2011

6.875%

Due date

Feb. 28, 2021

Maximum percentage of aggregate principal amount of debt redeemable by the Partnership with equity offerings (in hundredths)

February & August 1st

35.00%

Redemption condition, minimum percentage of aggregate principal amount outstanding immediately after occurrence of redemption (in hundredths)

65.00%

Redemption condition, maximum number of days from date of closing of equity offerings

90 days

Feb. 01, 2014

106.875%

Senior Unsecured 6 7/8% Notes due February 2021 [Member] | 2016 [Member]

103.438%

Senior Unsecured 6 7/8% Notes due February 2021 [Member] | 2017 [Member]

102.292%

Senior Unsecured 6 7/8% Notes due February 2021 [Member] | 2018 [Member]

Senior Unsecured 6 7/8% Notes due February 2021 [Member] | 2019 and Thereafter [Member]

101.146%

100.00%

Senior Unsecured 6 3/8% Notes due August 2022 [Member]

The Partnership's Senior Unsecured Notes [Abstract]

$ 400.0

Net proceeds from private placement of notes

$ 395.5

$ 6.4

1.0

Debt redeemed

106.4

Face amount of notes redeemed

100.0

Pretax loss on extinguishment of debt

$ (7.4)

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Jan. 01, 2012

6.375%

Due date

Aug. 31, 2022

Maximum percentage of aggregate principal amount of debt redeemable by the Partnership with equity offerings (in hundredths)

February & August 1st

35.00%

Redemption condition, minimum percentage of aggregate principal amount outstanding immediately after occurrence of redemption (in hundredths)

65.00%

Redemption condition, maximum number of days from date of closing of equity offerings

180 days

Feb. 01, 2015

106.375%

Senior Unsecured 6 3/8% Notes due August 2022 [Member] | 2017 [Member]

103.188%

Senior Unsecured 6 3/8% Notes due August 2022 [Member] | 2018 [Member]

102.125%

Senior Unsecured 6 3/8% Notes due August 2022 [Member] | 2019 [Member]

101.063%

Senior Unsecured 6 3/8% Notes due August 2022 [Member] | 2020 and Thereafter [Member]

100.00%

Senior Unsecured 5 1/4% Notes due May 2023 [Member]

The Partnership's Senior Unsecured Notes [Abstract]

$ 400.0

$ 200.0

Percentage of face amount issued (in hundredths)

99.50%

101.00%

Gross proceeds from issuance of notes

$ 398.0

$ 202.0

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Oct / Dec 2012

5.25%

Due date

May 31, 2023

Maximum percentage of aggregate principal amount of debt redeemable by the Partnership with equity offerings (in hundredths)

May & November 1st

35.00%

Redemption condition, minimum percentage of aggregate principal amount outstanding immediately after occurrence of redemption (in hundredths)

65.00%

Redemption condition, maximum number of days from date of closing of equity offerings

180 days

Nov. 01, 2015

105.25%

Senior Unsecured 5 1/4% Notes due May 2023 [Member] | 2017 [Member]

102.625%

Senior Unsecured 5 1/4% Notes due May 2023 [Member] | 2018 [Member]

101.75%

Senior Unsecured 5 1/4% Notes due May 2023 [Member] | 2019 [Member]

100.875%

Senior Unsecured 5 1/4% Notes due May 2023 [Member] | 2020 and Thereafter [Member]

100.00%

Senior Unsecured 8 1/4% Notes due July 2016 [Member]

The Partnership's Senior Unsecured Notes [Abstract]

Redemption price, percentage of face value (in hundredths)

104.125%

$ 8.6

$ 2.5

Senior Unsecured 4 1/4% Notes due November 2023 [Member]

The Partnership's Senior Unsecured Notes [Abstract]

$ 625.0

Net proceeds from private placement of notes

$ 618.1

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

May 01, 2013

4.25%

Due date

Nov. 15, 2023

Maximum percentage of aggregate principal amount of debt redeemable by the Partnership with equity offerings (in hundredths)

May & November 15th

35.00%

Redemption condition, minimum percentage of aggregate principal amount outstanding immediately after occurrence of redemption (in hundredths)

65.00%

Redemption condition, maximum number of days from date of closing of equity offerings

180 days

May 15, 2016

104.25%

Senior Unsecured 4 1/4% Notes due November 2023 [Member] | 2018 [Member]

102.125%

Senior Unsecured 4 1/4% Notes due November 2023 [Member] | 2019 [Member]

101.417%

Senior Unsecured 4 1/4% Notes due November 2023 [Member] | 2020 [Member]

Senior Unsecured 4 1/4% Notes due November 2023 [Member] | 2021 and Thereafter [Member]

100.708%

100.00%

Senior Unsecured, 4 1/8% Notes due November 2019 [Member]

The Partnership's Senior Unsecured Notes [Abstract]

$ 800.0

Net proceeds from private placement of notes

$ 790.8

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Oct. 01, 2014

4.125%

Due date

Nov. 15, 2019

Maximum percentage of aggregate principal amount of debt redeemable by the Partnership with equity offerings (in hundredths)

May & November 15th

35.00%

Redemption condition, minimum percentage of aggregate principal amount outstanding immediately after occurrence of redemption (in hundredths)

65.00%

Redemption condition, maximum number of days from date of closing of equity offerings

180 days

Nov. 15, 2019

104.125%

Senior Unsecured, 4 1/8% Notes due November 2019 [Member] | 2016 [Member]

102.063%

Senior Unsecured, 4 1/8% Notes due November 2019 [Member] | 2017 [Member]

Senior Unsecured, 4 1/8% Notes due November 2019 [Member] | 2018 and Thereafter [Member]

101.031%

100.00%

[1]	The outstanding balance of the 7.875% Notes was redeemed in November 2014. See "The Partnership's Senior Unsecured Notes" below.
[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.

Debt Obligations, Accounts Receivable Securitization Facility and Shelf Registration Statements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($) Subsidiary	Jul. 31, 2013 USD ($)	Jul. 31, 2012 USD ($)
Debt Instrument [Line Items]
Aggregate amount of debt or equity securities allowed under shelf agreement			$ 300.0
Targa Resources Partners LP [Member] \| Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300.0
Funding under securitization facility	$ 182.8
Number of consolidated subsidiaries selling or contributing receivables under Securitization Facility \| Subsidiary	2
Targa Resources Partners LP [Member] \| July 2013 Shelf [Member]
Debt Instrument [Line Items]
Aggregate amount of debt or equity securities allowed under shelf agreement		$ 800.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt Obligations, Debt Re-acquisitions Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Debt Re-acquisitions Summary [Abstract]
Loss on debt redemption	$ 12.4	$ 14.7	$ 12.8
Revolving Credit Facility [Member] \| TRC Holdco Notes [Member]
Debt Re-acquisitions Summary [Abstract]
Write-off of deferred debt issue cost	0.0	0.0	0.3
Gain on acquisition of debt	0.0	0.0	(0.5)
Revolving Credit Facility [Member] \| TRC Revolver [Member]
Debt Re-acquisitions Summary [Abstract]
Partial write-off of deferred debt issue costs related to amendments	0.0	0.0	0.2
Targa Resources Partners LP [Member] \| Senior Secured Revolving Credit Facility due July 2015 [Member]
Debt Re-acquisitions Summary [Abstract]
Partial write-off of deferred debt issue costs related to amendments			1.7
Targa Resources Partners LP [Member] \| Unsecured Debt [Member] \| Notes 6.375% Redemption Date [Member]
Debt Re-acquisitions Summary [Abstract]
Premium over face value paid upon redemption	0.0	6.4	0.0
Write-off of deferred debt issue cost	0.0	1.0	0.0
Targa Resources Partners LP [Member] \| Unsecured Debt [Member] \| Notes 7.875% Redemption Date [Member]
Debt Re-acquisitions Summary [Abstract]
Premium over face value paid upon redemption	9.9	0.0	0.0
Write-off of deferred debt issue cost	2.5	0.0	0.0
Targa Resources Partners LP [Member] \| Unsecured Debt [Member] \| Notes 8.25% Redemption Date [Member]
Debt Re-acquisitions Summary [Abstract]
Premium over face value paid upon redemption	0.0	0.0	8.6
Write-off of deferred debt issue cost	0.0	0.0	2.5
Targa Resources Partners LP [Member] \| Unsecured Debt [Member] \| Notes 11.25% Redemption Date [Member]
Debt Re-acquisitions Summary [Abstract]
Premium over face value paid upon redemption	0.0	4.1	0.0
Recognition of unamortized discount	0.0	2.2	0.0
Write-off of deferred debt issue cost	0.0	1.0	0.0
Targa Resources Partners LP [Member] \| Revolving Credit Facility [Member] \| Senior Secured Revolving Credit Facility due July 2015 [Member]
Debt Re-acquisitions Summary [Abstract]
Partial write-off of deferred debt issue costs related to amendments	$ 0.0	$ 0.0	$ 1.7

Debt Obligations, Subsequent Event (Details) - Subsequent Event [Member] - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2014
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 670.0
Aggregate principal amount	670.0
Term of loan		5 years
Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	430.0
Aggregate principal amount	430.0
Term of loan		7 years
5% Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	1,100.0
Net proceeds from private placement of notes	1,090.8
Aggregate principal amount	1,100.0
Atlas Energy [Member]
Debt Instrument [Line Items]
Committed financing value	1,100.0
Revolving credit facility paid off	150.0
Atlas Energy [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	670.0
Aggregate principal amount	670.0
Term of loan		5 years
Atlas Energy [Member] \| Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	430.0
Aggregate principal amount	$ 430.0
Term of loan		7 years

Partnership Units and Related Matters (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended							3 Months Ended												12 Months Ended
	Jan. 31, 2015	May 31, 2014	Aug. 31, 2013	Mar. 31, 2013	Nov. 30, 2012	Aug. 31, 2012	Jan. 31, 2012	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Jul. 31, 2012
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)																				7,175,096
Net proceeds from sale of common units																				$ 408.4
General partner contributed to maintain general partner ownership percentage																				$ 8.4
Ownership interest in Partnership by general partner (in hundredths)																				2.00%
Aggregate amount of debt or equity securities allowed to be issued under the shelf agreement																					$ 300.0
Commissions to sales agents, maximum (in hundredths)																				1.00%
Number of days from end of each quarter by when cash is distributed to unit holders																				45 days
Distributions declared and/or paid by Partnership [Abstract]
Date paid or to be paid								Feb. 13, 2015	Nov. 14, 2014	Aug. 14, 2014	May 15, 2014	Feb. 14, 2014	Nov. 14, 2013	Aug. 14, 2013	May 15, 2013	Feb. 14, 2013	Nov. 14, 2012	Aug. 14, 2012	May 15, 2012
Distributions to limited partners common								$ 96.3	$ 92.3	$ 89.5	$ 87.2	$ 84.0	$ 79.4	$ 75.8	$ 71.7	$ 69.0	$ 59.1	$ 57.3	$ 55.5
Distributions to general partners (incentive)								38.4	36.0	33.7	31.7	29.5	26.9	24.6	22.1	20.1	16.1	14.4	12.7
Distributions to general partners (2%)								2.7	2.6	2.5	2.4	2.3	2.2	2.0	1.9	1.8	1.5	1.5	1.4
Total distributions to general and limited partners								137.4	130.9	125.7	121.3	115.8	108.5	102.4	95.7	90.9	76.7	73.2	69.6
Distributions to Targa Resources Corp.								$ 51.6	$ 48.9	$ 46.3	$ 44.0	$ 41.5	$ 38.6	$ 35.9	$ 33.0	$ 30.7	$ 26.2	$ 24.2	$ 22.2
Distributions per limited partner unit (in dollars per unit)								$ 0.8100	$ 0.7975	$ 0.7800	$ 0.7625	$ 0.7475	$ 0.7325	$ 0.7150	$ 0.6975	$ 0.6800	$ 0.6625	$ 0.6425	$ 0.6225
Subsequent Event [Member]
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)	284,137
Net proceeds from sale of common units	$ 13.0
General partner contributed to maintain general partner ownership percentage	$ 0.3
Ownership interest in Partnership by general partner (in hundredths)	2.00%
General partner contribution settled amount	$ 1.0
August 2012 EDA [Member]
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)						2,420,046
Net proceeds from sale of common units						$ 94.8
General partner contributed to maintain general partner ownership percentage						$ 2.0
Ownership interest in Partnership by general partner (in hundredths)						2.00%
Dollar amount of common units able to sell from Equity Distribution Agreement						$ 100.0
March 2013 EDA [Member]
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)				4,204,751
Net proceeds from sale of common units				$ 197.5
General partner contributed to maintain general partner ownership percentage				$ 4.1
Ownership interest in Partnership by general partner (in hundredths)				2.00%
Dollar amount of common units able to sell from Equity Distribution Agreement				$ 200.0
August 2013 EDA [Member]
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)			4,529,641
Net proceeds from sale of common units			$ 225.6
General partner contributed to maintain general partner ownership percentage			$ 4.7
Ownership interest in Partnership by general partner (in hundredths)			2.00%
Dollar amount of common units able to sell from Equity Distribution Agreement			$ 400.0
May 2014 EDA [Member]
Partnership Equity [Abstract]
Dollar amount of common units able to sell from Equity Distribution Agreement		$ 400.0
Targa Resources LP [Member] \| Shelf Offering 2010 Shelf [Member]
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)					10,925,000		4,405,000
Per share price on public offering (in dollars per share)					$ 36.00		$ 38.30
Net proceeds from sale of common units					$ 378.2		$ 164.8
Number of common units purchased by Company (in units)							1,300,000
Aggregate value of common units purchased by Company							$ 49.8
General partner contributed to maintain general partner ownership percentage					$ 8.0		$ 3.5
Ownership interest in Partnership by general partner (in hundredths)					2.00%		2.00%
Purchase price of acquisition					$ 975.8

Common Stock and Related Matters (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

$ 113.0

$ 87.8

$ 62.2

Dividend Declared, Q4 2014 [Member]

Feb. 17, 2015

$ 32.8

32.6

^[1]

$ 0.2

Dividend declared per share of common stock (in dollars per share)

$ 0.77500

Dividend Declared, Q3 2014 [Member]

Nov. 17, 2014

$ 31.0

30.8

^[1]

$ 0.2

Dividend declared per share of common stock (in dollars per share)

$ 0.73250

Dividend Declared, Q2 2014 [Member]

Aug. 15, 2014

$ 29.2

29.0

^[1]

$ 0.2

Dividend declared per share of common stock (in dollars per share)

$ 0.69000

Dividend Declared, Q1 2014 [Member]

May 16, 2014

$ 27.4

27.2

^[1]

$ 0.2

Dividend declared per share of common stock (in dollars per share)

$ 0.64750

Dividend Declared, Q4 2013 [Member]

Feb. 18, 2014

$ 25.6

25.5

^[1]

$ 0.1

Dividend declared per share of common stock (in dollars per share)

$ 0.60750

Dividend Declared, Q3 2013 [Member]

Nov. 15, 2013

$ 24.1

23.7

^[1]

$ 0.4

Dividend declared per share of common stock (in dollars per share)

$ 0.57000

Dividend Declared, Q2 2013 [Member]

Aug. 15, 2013

$ 22.5

22.1

^[1]

$ 0.4

Dividend declared per share of common stock (in dollars per share)

$ 0.53250

Dividend Declared, Q1 2013 [Member]

May 16, 2013

$ 21.0

20.6

^[1]

$ 0.4

Dividend declared per share of common stock (in dollars per share)

$ 0.49500

Dividend Declared, Q4 2012 [Member]

Feb. 15, 2013

$ 19.4

19.0

^[1]

$ 0.4

Dividend declared per share of common stock (in dollars per share)

$ 0.45750

Dividend Declared, Q3 2012 [Member]

Nov. 15, 2012

$ 18.0

17.3

^[1]

$ 0.7

Dividend declared per share of common stock (in dollars per share)

$ 0.42250

Dividend Declared, Q2 2012 [Member]

Aug. 15, 2012

$ 16.7

16.1

^[1]

$ 0.6

Dividend declared per share of common stock (in dollars per share)

$ 0.39375

Dividend Declared, Q1 2012 [Member]

May 16, 2012

$ 15.5

15.0

Net losses on commodity hedges recorded in OCI that are expected to be reclassified to revenue within twelve months

^[1]

$ 0.5

Dividend declared per share of common stock (in dollars per share)

$ 0.36500

[1]	Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings per Common Share [Abstract]
Net income	$ 92.5	$ 120.4	$ 103.2	$ 106.9	$ 95.6	$ 49.4	$ 22.5	$ 33.8	$ 423.0	$ 201.3	$ 159.3
Less: Net income attributable to noncontrolling interests									320.7	136.2	121.2
Net income attributable to common shareholders	$ 25.6	$ 30.7	$ 26.4	$ 19.6	$ 20.4	$ 16.3	$ 15.0	$ 13.4	$ 102.3	$ 65.1	$ 38.1
Weighted average shares outstanding - basic (in shares)									42.0	41.6	41.0
Net income available per common share - basic (in dollars per share)	$ 0.61	$ 0.73	$ 0.63	$ 0.47	$ 0.49	$ 0.39	$ 0.36	$ 0.32	$ 2.44	$ 1.56	$ 0.93
Weighted average shares outstanding (in shares)									42.0	41.6	41.0
Dilutive effect of unvested stock awards (in shares)									0.1	0.5	0.8
Weighted average shares outstanding - diluted (in shares)									42.1	42.1	41.8
Net income available per common share - diluted (in dollars per share)	$ 0.61	$ 0.73	$ 0.63	$ 0.47	$ 0.48	$ 0.39	$ 0.36	$ 0.32	$ 2.43	$ 1.55	$ 0.91

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References + Details

Derivative Instruments and Hedging Activities (Details) - Swaps [Member]	12 Months Ended
	Dec. 31, 2014 MMBTU bbl
Natural Gas [Member] \| Year 2015 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	55,551
Natural Gas [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	30,500
Natural Gas [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	5,000
NGL [Member] \| Year 2015 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	1,210
NGL [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	0
NGL [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Condensate [Member] \| Year 2015 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	1,500
Condensate [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	1,000
Condensate [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	500

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Derivative assets	$ 60.2	$ 5.1
Derivative liabilities	5.2	9.4
Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	44.4	2.0
Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	15.8	3.1
Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	5.2	8.0
Long-Term Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	0.0	1.4
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	60.2	5.1
Derivative liabilities	0.0	9.1
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	44.4	2.0
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	15.8	3.1
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	0.0	7.7
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	0.0	1.4
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	5.2	0.3
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0.0	0.0
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 5.2	$ 0.3

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Assets (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Derivative Asset [Abstract]
Pro forma net presentation, asset	$ 55.0
Gross asset	60.2	$ 5.1
Pro forma net presentation, asset, total	55.8	2.5
Counterparties with Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	35.5
Gross liability	4.4
Pro forma net presentation, asset	31.1	3.0
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	24.7	2.5
Current Position [Member]
Derivative Asset [Abstract]
Gross asset	44.4	2.0
Pro forma net presentation, asset, current	40.0	0.1
Current Position [Member] \| Counterparties with Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	35.5
Gross liability	4.4
Pro forma net presentation, asset	31.1
Current Position [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	8.9	0.1
Long-term Position [Member]
Derivative Asset [Abstract]
Gross asset	15.8
Gross asset	15.8	3.1
Pro forma net presentation, asset, noncurrent	$ 15.8	2.4
Long-term Position [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset		$ 2.4

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Derivative Liability [Abstract]
Pro forma net presentation, liability	$ 55.0
Gross liability	5.2	$ 9.4
Pro forma net presentation, liability, total	0.8	6.8
Counterparties with Offsetting Position [Member]
Derivative Liability [Abstract]
Gross asset		2.6
Gross liability		5.6
Pro forma net presentation, liability	31.1	3.0
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	0.8	3.8
Current Position [Member]
Derivative Liability [Abstract]
Gross liability	5.2	8.0
Pro forma net presentation, liability, current	0.8	6.1
Current Position [Member] \| Counterparties with Offsetting Position [Member]
Derivative Liability [Abstract]
Gross asset		1.9
Gross liability		4.4
Pro forma net presentation, liability		2.5
Current Position [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	0.8	3.6
Long-term Position [Member]
Derivative Liability [Abstract]
Gross liability	0.0	1.4
Pro forma net presentation, liability, noncurrent	0.0	0.7
Long-term Position [Member] \| Counterparties with Offsetting Position [Member]
Derivative Liability [Abstract]
Gross asset	0.0	0.7
Gross liability	0.0	1.2
Pro forma net presentation, liability	0.0	0.5
Long-term Position [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	$ 0.0	$ 0.2

Derivative Instruments and Hedging Activities, Amounts Included in OCI, Income and AOCI (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Derivative Instruments, Gain (Loss) [Line Items]

Gain (loss) reclassified from OCI into income (effective portion)

$ (6.6)

$ 14.9

$ 38.1

44.3

Interest Expense, Net [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (loss) reclassified from OCI into income (effective portion)

(2.4)

(6.1)

(7.9)

Revenues [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (loss) reclassified from OCI into income (effective portion)

(4.2)

21.0

46.0

Commodity Contracts [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Deferred gains (losses) included in accumulated OCI, before tax

^[1]

60.3

(3.7)

Interest Rate Swaps [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Deferred gains (losses) included in accumulated OCI, before tax

0.0

(2.4)

Cash Flow Hedging [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (loss) recognized in OCI on derivatives (effective portion)

59.7

(5.8)

76.8

Cash Flow Hedging [Member] | Commodity Contracts [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (loss) recognized in OCI on derivatives (effective portion)

59.7

(5.8)

76.8

Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Revenues [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (loss) recognized in income on derivatives

$ (5.5)

$ (0.1)

$ 0.7

[1]	Includes deferred net gains of $44.3 million related to contracts that will be settled and reclassified to revenue over the next 12 months.

Fair Value Measurements (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Fair Value Measurements [Abstract]

Derivative financial instruments, fair value, net

$ 55.0

Derivative fair value of net asset if commodity price increases by 10 percent

38.3

Derivative fair value of net asset if commodity price decreases by 10 percent

71.9

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]

55.8

$ 2.5

0.8

6.8

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Contingent consideration

50.0

Carrying Value [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]

60.2

^[1]

5.1

5.2

^[1]

9.4

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

81.0

66.7

Carrying Value [Member] | TRC Senior Secured Revolving Credit Facility [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Carrying Value [Member] | Partnership's Senior Secured Revolving Credit Facility [Member]

102.0

84.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

0.0

395.0

Carrying Value [Member] | Partnership's Senior Unsecured Notes [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Carrying Value [Member] | Partnership's Accounts Receivable Securitization Facility [Member]

2,783.4

2,230.6

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

0.0

279.7

Fair Value [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]

60.2

^[1]

5.1

5.2

^[1]

9.4

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

81.0

66.7

Fair Value [Member] | TRC Senior Secured Revolving Credit Facility [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

102.0

84.0

Fair Value [Member] | Partnership's Senior Secured Revolving Credit Facility [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

0.0

395.0

Fair Value [Member] | Partnership's Senior Unsecured Notes [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Partnership's Accounts Receivable Securitization Facility [Member]

2,731.5

2,253.5

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

0.0

279.7

Fair Value [Member] | Level 1 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]

0.0

^[1]

0.0

0.0

^[1]

0.0

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 1 [Member] | TRC Senior Secured Revolving Credit Facility [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 1 [Member] | Partnership's Senior Secured Revolving Credit Facility [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 1 [Member] | Partnership's Senior Unsecured Notes [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 1 [Member] | Partnership's Accounts Receivable Securitization Facility [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

0.0

Fair Value [Member] | Level 2 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]

58.4

^[1]

3.4

5.1

^[1]

8.4

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 2 [Member] | TRC Senior Secured Revolving Credit Facility [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 2 [Member] | Partnership's Senior Secured Revolving Credit Facility [Member]

102.0

84.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 2 [Member] | Partnership's Senior Unsecured Notes [Member]

0.0

395.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 2 [Member] | Partnership's Accounts Receivable Securitization Facility [Member]

2,731.5

2,253.5

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

0.0

279.7

Fair Value [Member] | Level 3 [Member]

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]

1.8

^[1]

1.7

0.1

^[1]

1.0

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 3 [Member] | TRC Senior Secured Revolving Credit Facility [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 3 [Member] | Partnership's Senior Secured Revolving Credit Facility [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 3 [Member] | Partnership's Senior Unsecured Notes [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Fair Value [Member] | Level 3 [Member] | Partnership's Accounts Receivable Securitization Facility [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]

Changes in fair value of financial instruments classified as Level 3 in the fair value hierarchy [Roll Forward]

0.0

Commodity Derivative Contracts Liability/ (Asset) [Member]

Balance, beginning of period

(0.7)

0.6

$ 0.0

Issuances

0.0

Settlements included in Revenue

(0.2)

(1.3)

(0.1)

Unrealized (gains) losses included in OCI

(1.1)

0.7

Transfers out of Level 3

0.3

Debt extinguishment

0.0

Change in valuation of contingent liability included in Other Income

0.0

Balance, end of period

(1.7)

(0.7)

0.6

Long-Term Debt [Member]

Changes in fair value of financial instruments classified as Level 3 in the fair value hierarchy [Roll Forward]

Balance, beginning of period

0.0

87.5

Issuances

0.0

Settlements included in Revenue

0.0

Unrealized (gains) losses included in OCI

0.0

Transfers out of Level 3

0.0

Debt extinguishment

(87.5)

Change in valuation of contingent liability included in Other Income

0.0

Balance, end of period

0.0

Contingent Liability [Member]

Changes in fair value of financial instruments classified as Level 3 in the fair value hierarchy [Roll Forward]

Balance, beginning of period

0.0

15.3

0.0

Issuances

15.3

Settlements included in Revenue

0.0

Unrealized (gains) losses included in OCI

0.0

Transfers out of Level 3

0.0

Debt extinguishment

0.0

Change in valuation of contingent liability included in Other Income

(15.3)

Balance, end of period

$ 0.0

$ 15.3

[1]

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Gulf Coast Fractionators LP [Member]
Related Party Transaction [Line Items]
Revenues	$ 0.8	$ 0.4	$ 0.1
Costs and expenses	7.6	$ 6.3	$ 1.9
SAJET Resources LLC [Member]
Related Party Transaction [Line Items]
Amount reimbursed to related parties during period	1.4
Tesla Resources LLC [Member]
Related Party Transaction [Line Items]
Amount reimbursed to related parties during period	$ 0.2

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References + Details

Commitments (Leases) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Future lease obligations in aggregate and for each of the next five fiscal years [Abstract]

In aggregate

$ 46.0

2015

12.1

2016

12.1

2017

10.4

2018

6.4

2019

5.0

Operating Leases [Member]

Future lease obligations in aggregate and for each of the next five fiscal years [Abstract]

In aggregate

^[1]

7.6

2015

^[1]

2.4

2016

^[1]

2.7

2017

^[1]

2.5

2018

^[1]

0.0

2019

^[1]

0.0

Total expenses on lease obligations

3.3

$ 2.8

$ 2.1

Targa Resources Partners LP [Member] | Operating Leases [Member]

Future lease obligations in aggregate and for each of the next five fiscal years [Abstract]

In aggregate

^[2]

28.9

2015

^[2]

7.7

2016

^[2]

7.4

2017

^[2]

5.9

2018

^[2]

4.6

2019

^[2]

3.3

Total expenses on lease obligations

^[3]

24.4

23.3

16.1

Targa Resources Partners LP [Member] | Land Site Lease and Right-of-Way [Member]

Future lease obligations in aggregate and for each of the next five fiscal years [Abstract]

In aggregate

^[4]

9.5

2015

^[4]

2.0

2016

^[4]

2.0

2017

^[4]

2.0

2018

^[4]

1.8

2019

^[4]

1.7

Total expenses on lease obligations

$ 4.1

$ 3.6

$ 3.3

[1]	Includes minimum payments on lease obligation for corporate office space.
[2]	Includes minimum payments on lease obligations for office space, railcars and tractors.
[3]	Includes short-term leases for items such as compressors and equipment.
[4]	Land site lease and right-of-way provides for surface and underground access for gathering, processing and distribution assets that are located on property not owned by the Partnership. These agreements expire at various dates, with varying terms, some of which are perpetual.

Contingencies (Details) - Atlas Unitholder Litigation [Member] - Unitholder	2 Months Ended	3 Months Ended
	Nov. 30, 2014	Dec. 31, 2014
Atlas Pipeline Partners [Member]
Loss Contingencies [Line Items]
Number of public unitholders		5
Atlas Energy [Member]
Loss Contingencies [Line Items]
Number of public unitholders	2

Significant Risks and Uncertainties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Significant Risks and Uncertainties [Abstract]
Reduction of maximum loss due to counterparty credit risk by master netting provision	$ 4.4
Potential minimum loss attributable to individual counterparties	3.3
Potential maximum loss attributable to individual counterparties	27.5
Allowance for Bad Debts [Member]
Summary of activity affecting allowance for bad debts [Roll Forward]
Balance at beginning of year	1.1	$ 0.9	$ 2.4
Additions	0.0	0.2	0.0
Deductions	(1.1)	0.0	(1.5)
Balance at end of year	$ 0.0	$ 1.1	$ 0.9
Customer Concentration Risk [Member] \| Consolidated Revenues [Member] \| Chevron Phillips Chemical Company LLC [Member]
Concentration Risk [Line Items]
Concentration risk percentage (in hundredths)	4.00%	8.00%	10.00%

Other Operating (Income) Expense (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Other Operating (Income) Expense [Abstract]

Loss (gain) on sale or disposal of assets

$ (4.8)

$ 3.9

$ 15.6

^[1]

Casualty loss

0.1

4.3

3.6

Miscellaneous business tax

0.4

0.7

Other

1.3

0.7

0.0

Total other operating (income) expense

$ (3.0)

$ 9.6

19.9

Loss due to write-off of investment

$ 15.4

[1]	Includes a $15.4 million loss in 2012 due to a write-off of the Partnership's investment in the Yscloskey joint interest processing plant in Southeastern Louisiana. Following Hurricane Isaac, the joint venture owners elected not to restart the plant.

- Definition

The loss (gain) resulting from the write-down of the carrying value of assets classified as a disposal group, but one which is not further classified as a discontinued operation, to fair value less cost to sell. A (gain) results from a subsequent increase in fair value less cost to sell, but not in excess of the cumulative loss previously recognized. For example, the write-down of a disposal group subject to a plan of sale, which was not sold in the current period, to its held-for-sale value. The loss (gain) is included in income from continuing operations before income taxes in the income statement.

+ References + Details

- Definition

This element represents a sum total of expenses not separately reflected on the income statement for the period.

+ References + Details

Income Taxes (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Provisions for income taxes [Abstract]

Current expense

$ 72.4

$ 42.8

$ 27.9

Deferred expense (benefit)

(4.4)

5.4

9.0

Income tax provision

68.0

48.2

36.9

Deferred tax assets [Abstract]

Deferred tax assets before valuation allowance

3.5

Valuation allowance

(3.5)

Total deferred tax asset

0.0

Deferred tax liabilities [Abstract]

Investments

^[1]

(115.8)

(115.2)

Debt related deferreds

(13.4)

(17.2)

Other

(9.5)

(7.1)

Total deferred tax liability

(138.7)

(139.5)

Net deferred tax liability

(138.7)

(139.5)

Net deferred tax liability [Abstract]

Federal

(115.5)

(121.0)

Foreign

0.6

State

(23.8)

(19.1)

Net deferred tax liability

(138.7)

(139.5)

Balance sheet classification of deferred tax assets (liabilities) [Abstract]

Long-term asset

0.0

(3.5)

(0.5)

(138.2)

(135.5)

Net deferred tax liability

(138.7)

(139.5)

Income tax reconciliation [Abstract]

Income before income taxes

491.0

249.5

196.2

Less: Net income attributable to noncontrolling interests

(320.7)

(136.2)

(121.2)

Less: Income taxes included in noncontrolling interest

(4.2)

(2.5)

(3.5)

Income attributable to TRC before income taxes

$ 166.1

$ 110.8

$ 71.5

Federal statutory income tax rate (in hundredths)

35.00%

Provision for federal income taxes

$ 58.1

$ 38.8

$ 25.0

State income taxes, net of federal tax benefit

6.7

4.4

6.8

Amortization of deferred charge on 2010 transactions

4.7

Other, net

(1.5)

0.3

0.4

Income tax provision

$ 68.0

$ 48.2

$ 36.9

[1]	Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of the assets and liabilities of our investments.

Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Cash:

Interest paid, net of capitalized interest

^[1]

$ 133.8

$ 121.7

$ 95.6

Income taxes paid, net of refunds

73.4

34.1

30.5

Non-cash:

Deadstock inventory transferred to property, plant and equipment

14.8

30.4

3.0

Accrued dividends on unvested equity awards

0.6

1.6

2.7

Badlands contingent consideration recorded at acquisition date

0.0

15.3

Change in capital accruals

19.0

(0.4)

(34.3)

Transfers from materials and supplies to property, plant and equipment

4.6

20.5

0.0

Change in ARO estimate

2.1

1.6

(1.0)

Interest capitalized on expansion projects

$ 16.1

$ 28.0

$ 13.6

[1]	Interest capitalized on expansion projects was $16.1 million, $28.0 million and $13.6 million for the years ended December 31, 2014, 2013 and 2012.

Stock and Other Compensation Plans (Details) - USD ($)
$ / shares in Units, $ in Millions

1 Months Ended

12 Months Ended

Jan. 21, 2015

Jan. 15, 2015

Jan. 12, 2015

Aug. 22, 2014

Aug. 01, 2014

Feb. 14, 2014

Jan. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

401(k) Plan [Abstract]

Description of 401(k) plan

Employer matching contribution percent (in hundredths)

100.00%

Maximum annual contribution per employee percent (in hundredths)

5.00%

Contribution per employee percent (in hundredths)

3.00%

Contributions to defined contribution plan

$ 10.5

$ 9.6

$ 8.7

Equity-Settled Performance Units [Member] | Subsequent Event [Member]

Nonvested, number of shares/ units [Roll Forward]

103,760

Cash-Settled Performance Units [Member]

Nonvested, number of shares/ units [Roll Forward]

402,930

412,290

122,950

(123,570)

(8,740)

402,930

412,290

Weighted-average grant-date fair value [Roll Forward]

$ 19.0

7.3

3.6

10.9

$ 8.1

Weighted average recognition period for unrecognized compensation cost

1 year 8 months 12 days

Restricted Stock Units (RSUs) [Member]

Nonvested, number of shares/ units [Roll Forward]

108,367

55,550

54,357

55,790

(100)

(1,440)

(240)

108,367

55,550

Weighted-average grant-date fair value [Roll Forward]

Outstanding, beginning period (in dollars per share)

$ 91.41

$ 69.92

$ 0

112.89

69.90

67.07

Forfeited (in dollars per share)

75.81

67.07

$ 91.41

$ 69.92

$ 0

Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member]

Weighted-average grant-date fair value [Roll Forward]

Stock repurchased from employees (in shares)

5,930

Stock repurchase price (in dollars per share)

$ 89.27

Accrued Dividends Settled [Member]

Weighted-average grant-date fair value [Roll Forward]

Partnership Long-term Incentive Plan [Member] | Equity-Settled Performance Units [Member]

$ 0.5

$ 2.4

$ 2.0

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total units authorized (in shares)

1,680,000

Nonvested, number of shares/ units [Roll Forward]

577,403

552,198

307,620

135,870

168,495

244,578

171,750

(137,170)

(6,120)

577,403

552,198

307,620

Weighted-average grant-date fair value [Roll Forward]

Outstanding, beginning period (in dollars per share)

$ 48.26

$ 42.01

$ 38.40

$ 33.94

57.19

46.54

41.94

34.02

Forfeited (in dollars per share)

49.39

$ 48.26

$ 42.01

$ 38.40

Vesting period of awards (in years)

3 years

$ 14.1

Weighted average recognition period for unrecognized compensation cost

2 years

$ 8.8

$ 5.5

$ 3.1

Partnership Long-term Incentive Plan [Member] | Director Grants [Member] | Non-Management Directors [Member] | Subsequent Event [Member]

$ 10.0

$ 0.0

Nonvested, number of shares/ units [Roll Forward]

10,565

Weighted-average grant-date fair value [Roll Forward]

Units granted per individual (in units)

2,113

2011 Long-term Incentive Plan [Member] | Cash-Settled Performance Units [Member]

Nonvested, number of shares/ units [Roll Forward]

124,870

(123,570)

(1,300)

124,870

2012 Long-term Incentive Plan [Member] | Cash-Settled Performance Units [Member]

Nonvested, number of shares/ units [Roll Forward]

138,460

142,460

(4,000)

138,460

142,460

Weighted-average grant-date fair value [Roll Forward]

$ 8.8

7.3

0.0

7.3

$ 1.5

Vesting date

June, 2015

2013 Long-term Incentive Plan [Member] | Cash-Settled Performance Units [Member]

Nonvested, number of shares/ units [Roll Forward]

142,110

144,960

(2,850)

142,110

144,960

Weighted-average grant-date fair value [Roll Forward]

$ 6.5

0.0

3.1

3.1

$ 3.4

Vesting date

June, 2016

2014 Long-term Incentive Plan [Member] | Cash-Settled Performance Units [Member]

Nonvested, number of shares/ units [Roll Forward]

122,360

122,950

(590)

122,360

Weighted-average grant-date fair value [Roll Forward]

$ 3.7

0.0

0.5

0.5

$ 3.2

Vesting date

June, 2017

2010 TRC Stock Incentive Plan [Member] | Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total units authorized (in shares)

5,000,000

Nonvested, number of shares/ units [Roll Forward]

119,193

203,973

711,030

1,434,220

30,623

^[1]

91,090

^[1]

(82,800)

^[2]

(534,940)

^[3]

(805,350)

^[3]

(1,980)

(2,740)

(8,930)

119,193

203,973

711,030

Weighted-average grant-date fair value [Roll Forward]

Outstanding, beginning period (in dollars per share)

$ 46.35

$ 41.05

$ 25.95

$ 22.67

57.59

^[1]

42.50

^[1]

33.37

^[2]

22.00

^[3]

22.00

^[3]

Forfeited (in dollars per share)

42.82

27.28

23.99

$ 46.35

$ 41.05

$ 25.95

Vesting percentage of IPO stock awards over 24 months (in hundredths)

40.00%

Vesting percentage of IPO stock awards in year three (in hundredths)

60.00%

Stock repurchased from employees (in shares)

1,006

12,849

8,113

169,159

197,731

Stock repurchase price (in dollars per share)

$ 137.64

$ 129.46

$ 96.52

$ 79.01

$ 47.88

Vesting period of awards (in years)

3 years

$ 1.1

Weighted average recognition period for unrecognized compensation cost

10 months 24 days

2010 TRC Stock Incentive Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member]

^[4]

$ 7.1

$ 42.2

$ 40.3

Recognized tax benefits

1.0

1.6

1.3

Nonvested, number of shares/ units [Roll Forward]

2010 TRC Stock Incentive Plan [Member] | Restricted Stock [Member] | Targa Resources Partners LP [Member]

32,372

Weighted-average grant-date fair value [Roll Forward]

Vesting period of awards (in years)

3 years

Weighted-average grant-date fair value [Roll Forward]

2.2

6.3

13.7

2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]

Weighted-average grant-date fair value [Roll Forward]

2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Targa Resources Partners LP [Member]

$ 7.0

Weighted average recognition period for unrecognized compensation cost

2 years 3 months 18 days

Weighted-average grant-date fair value [Roll Forward]

$ 2.5

0.4

0.0

2010 TRC Stock Incentive Plan [Member] | Director Grants [Member]

Weighted-average grant-date fair value [Roll Forward]

0.5

0.4

2010 TRC Stock Incentive Plan [Member] | Director Grants [Member] | Subsequent Event [Member]

0.5

0.4

Nonvested, number of shares/ units [Roll Forward]

5,862

TRC Long-term Incentive Plan [Member] | Cash-Settled Performance Units [Member]

Weighted-average grant-date fair value [Roll Forward]

11.0

21.9

14.2

$ 14.7

$ 25.2

$ 22.2

Director Grants and Incentive Plan [Member]

Nonvested, number of shares/ units [Roll Forward]

4,500

19,831

8,740

12,780

9,980

(8,740)

(17,280)

(25,311)

4,500

Weighted-average grant-date fair value [Roll Forward]

Outstanding, beginning period (in dollars per share)

$ 0

$ 23.51

$ 16.31

50.29

39.33

38.72

50.29

35.21

23.86

$ 0

$ 23.51

$ 0.4

$ 0.5

0.4

0.7

1.0

Accrued DERs Settled [Member] | Equity-Settled Performance Units [Member]

Weighted-average grant-date fair value [Roll Forward]

$ 1.6

$ 0.0

[1]	These awards will cliff vest at the end of three years.
[2]	Targa repurchased 8,113, 12,849 and 1,006 shares from employees at $96.52, $129.46 and $137.64 per share on February 14th, August 1st, and August 22nd of 2014 to satisfy the employees' minimum statutory tax withholdings on the vested awards. The repurchased shares are recorded in treasury stock at cost.
[3]	Awards vested in 2013 and 2012 were 40% and 60% of the awards issued in conjunction with the Targa IPO, net of forfeitures. Targa repurchased 169,159 and 197,731 shares from employees at $79.01 and $47.88 per share in 2013 and 2012 to satisfy the employees' minimum statutory tax withholdings on the vested awards. The repurchased shares are recorded in treasury stock at cost.
[4]	We recognized $1.0 million, $1.6 million and $1.3 million tax benefits associated with the vesting of the restricted in 2014, 2013 and 2012.

Segment Information (Details)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2014

USD ($)

Sep. 30, 2014

USD ($)

Jun. 30, 2014

USD ($)

Mar. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Sep. 30, 2013

USD ($)

Jun. 30, 2013

USD ($)

Mar. 31, 2013

USD ($)

Dec. 31, 2014

USD ($)

Division

Segment

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Number of divisions | Division

$ 7,595.2

$ 5,728.0

$ 5,321.1

1,021.3

586.7

357.9

Revenues

$ 2,032.9

$ 2,288.3

$ 2,000.6

$ 2,294.7

$ 2,104.4

$ 1,466.0

$ 1,370.5

$ 1,373.8

8,616.5

6,314.7

5,679.0

1,136.5

801.2

693.6

Total assets

6,453.5

^[1]

6,048.6

6,453.5

^[1]

6,048.6

5,105.0

747.8

1,034.5

617.0

$ 0.0

0.0

996.2

Gathering and Processing [Member]

Field Gathering and Processing [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

Number of reportable segments per division | Segment

Revenues

$ 1,884.1

1,525.0

1,364.2

Coastal Gathering and Processing [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

372.3

270.5

231.2

Revenues

967.0

981.8

965.4

$ 77.6

85.4

115.1

Logistics and Marketing [Member]

Logistics Assets [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

Number of reportable segments per division | Segment

Revenues

$ 705.4

536.9

463.4

Marketing and Distribution [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

445.1

282.3

188.3

Revenues

7,971.5

5,804.1

5,401.4

249.6

141.9

116.0

Corporate and Eliminations [Member] | Targa Resources Partners LP [Member]

Revenues

(2,903.5)

(2,554.3)

(2,558.6)

0.0

TRC Non-Partnership [Member]

Revenues

0.0

(0.2)

2.1

(0.1)

(0.3)

1.9

Total assets

76.3

^[1]

77.2

76.3

^[1]

77.2

79.3

0.0

0.3

0.0

Other Segment [Member] | Targa Resources Partners LP [Member]

Revenues

(8.0)

21.4

41.1

(8.0)

21.4

41.1

Operating Segments [Member]

7,595.2

5,728.0

5,321.1

Operating Segments [Member] | Field Gathering and Processing [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

1,021.3

586.7

357.9

Revenues

8,616.5

6,314.7

5,679.0

197.4

188.8

172.7

190.3

113.9

39.5

Revenues

387.7

302.7

212.2

Total assets

3,409.0

^[1]

3,200.7

3,409.0

^[1]

3,200.7

2,797.9

423.1

557.8

222.1

Operating Segments [Member] | Coastal Gathering and Processing [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

970.4

355.0

305.0

240.6

34.4

33.6

23.6

Revenues

389.4

338.6

264.2

Total assets

367.2

^[1]

383.8

367.2

^[1]

383.8

414.1

14.0

20.6

9.4

Operating Segments [Member] | Logistics Assets [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

25.8

99.1

140.5

184.4

293.6

216.0

170.7

Revenues

392.7

356.5

355.1

Total assets

1,717.3

^[1]

1,503.6

1,717.3

^[1]

1,503.6

1,100.9

274.4

444.7

359.0

Operating Segments [Member] | Marketing and Distribution [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

0.0

6,951.7

5,072.4

4,680.2

503.0

223.3

124.2

Revenues

7,454.7

5,295.7

4,804.4

Total assets

708.5

^[1]

756.1

708.5

^[1]

756.1

548.6

30.2

6.3

12.3

Operating Segments [Member] | Corporate and Eliminations [Member] | Targa Resources Partners LP [Member]

0.0

0.0

0.1

0.0

0.0

(0.1)

Revenues

0.0

(0.1)

Total assets

115.0

^[1]

122.1

115.0

^[1]

122.1

129.8

6.1

5.1

13.9

0.0

Operating Segments [Member] | TRC Non-Partnership [Member]

0.0

(0.2)

2.1

Operating Segments [Member] | Other Segment [Member] | Targa Resources Partners LP [Member]

0.0

Revenues

0.0

(0.2)

2.1

(8.0)

21.4

41.1

0.0

Revenues

(8.0)

21.4

41.1

Total assets

$ 60.2

^[1]

$ 5.1

60.2

^[1]

5.1

34.4

0.0

0.0

Intersegment Eliminations [Member]

0.0

Intersegment Eliminations [Member] | Field Gathering and Processing [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

0.0

Revenues

0.0

1,491.2

1,218.9

1,150.7

Intersegment Eliminations [Member] | Coastal Gathering and Processing [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

5.2

3.4

1.3

Revenues

1,496.4

1,222.3

1,152.0

577.6

642.2

701.1

Intersegment Eliminations [Member] | Logistics Assets [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

0.0

1.0

0.1

Revenues

577.6

643.2

701.2

4.4

3.9

1.8

Intersegment Eliminations [Member] | Marketing and Distribution [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

308.3

176.5

106.5

Revenues

312.7

180.4

108.3

486.7

478.6

565.0

Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Targa Resources Partners LP [Member]

30.1

29.8

32.0

Revenues

516.8

508.4

597.0

(2,559.9)

(2,343.6)

(2,418.6)

(343.6)

(210.7)

(139.9)

Revenues

(2,903.5)

(2,554.3)

(2,558.5)

Intersegment Eliminations [Member] | TRC Non-Partnership [Member]

0.0

Intersegment Eliminations [Member] | Other Segment [Member] | Targa Resources Partners LP [Member]

0.0

Revenues

0.0

0.0