View Filing Data

Trade receivables, net of allowances of $0.1 and $0.0 million at December 31, 2015 and December 31, 2014

$ 140.2

$ 81.0

515.8

567.3

Inventories

141.0

168.9

Assets from risk management activities

92.2

44.4

Other current assets

30.8

20.9

Total current assets

920.0

882.5

Property, plant and equipment

11,935.1

6,521.1

Accumulated depreciation

(2,232.4)

(1,696.5)

9,702.7

4,824.6

1,810.1

591.9

Goodwill

417.0

^[1]

0.0

Long-term assets from risk management activities

34.9

15.8

Investments in unconsolidated affiliates

258.9

50.2

67.4

58.5

Total assets

13,211.0

6,423.5

^[1]

Current liabilities:

Accounts payable and accrued liabilities

657.1

638.5

Deferred income taxes

0.0

Liabilities from risk management activities

5.2

Accounts receivable securitization facility

219.3

182.8

Total current liabilities

881.6

826.5

5,718.8

2,855.5

Long-term liabilities from risk management activities

2.4

0.0

177.8

138.7

180.2

63.3

Contingencies (see Note 18)

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

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

0.1

0.0

0.0

1,457.4

164.9

26.9

25.5

Treasury stock, at cost (426,307 shares as of December 31, 2015 and 388,890 as of December 31, 2014)

5.7

4.8

(28.7)

(25.4)

1,461.4

169.8

4,788.8

2,369.7

6,250.2

2,539.5

$ 13,211.0

$ 6,423.5

[1]	Total assets include goodwill. Goodwill has been attributed to the Partnership's Gathering and Processing segment.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Trade receivables, allowances	$ 0.1	$ 0.0
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)	56,446,573	42,532,353
Common stock, shares outstanding (in shares)	56,020,266	42,143,463
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)	426,307	388,890

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Revenues:

Sales of commodities

$ 5,465.4

$ 7,595.2

$ 5,728.0

Fees from midstream services

1,193.2

1,021.3

586.7

Total revenues

6,658.6

8,616.5

6,314.7

Costs and expenses:

4,837.6

6,992.7

5,098.7

Operating expenses

540.0

487.3

414.8

677.1

351.0

271.9

161.7

148.0

151.5

Provisional goodwill impairment

290.0

0.0

Other operating (income) expense

(7.1)

(3.0)

9.6

Income from operations

159.3

640.5

368.2

Other income (expense):

Interest expense, net

(231.9)

(147.1)

(134.1)

(2.5)

18.0

14.8

Loss from financing activities

(10.1)

(12.4)

(14.7)

Other

(26.6)

(8.0)

15.3

Income (loss) before income taxes

(111.8)

491.0

249.5

Income tax (expense) benefit:

Current

(15.0)

(72.4)

(42.8)

Deferred

(24.6)

4.4

(5.4)

Income tax expense total

(39.6)

(68.0)

(48.2)

Net income (loss)

(151.4)

423.0

201.3

Less: Net income (loss) attributable to noncontrolling interests

(209.7)

320.7

136.2

Impact of Revisions to Activity Reported in Statement of Changes in Other Comprehensive Income

$ 58.3

$ 102.3

$ 65.1

Net income available per common share - basic (in dollars per share)

$ 1.09

$ 2.44

$ 1.56

Net income available per common share - diluted (in dollars per share)

$ 1.09

$ 2.43

$ 1.55

Weighted average shares outstanding - basic (in shares)

53.5

42.0

41.6

Weighted average shares outstanding - diluted (in shares)

^[1]

53.6

42.1

[1]	For the year ended December 31, 2015 approximately 55,907 shares were excluded from the computation of diluted earnings attributable to common shares because the inclusion of such shares would have been anti-dilutive.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Targa Resources Corp.
Net income available to common shareholders	$ 58.3	$ 102.3	$ 65.1
Commodity hedging contracts:
Change in fair value, pre-tax	11.0	7.5	(0.8)
Change in fair value, related income tax	(4.2)	(2.9)	0.3
Change in fair value, after tax	6.8	4.6	(0.5)
Settlements reclassified to revenues, pre-tax	(9.5)	0.6	(2.8)
Settlements reclassified to revenues, related income tax	3.6	(0.1)	1.1
Settlements reclassified to revenues, after tax	(5.9)	0.5	(1.7)
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	0.0	0.3	0.8
Settlements reclassified to interest expense, net, related income tax	0.0	(0.1)	(0.3)
Settlements reclassified to interest expense, net, after tax	0.0	0.2	0.5
Other comprehensive income (loss) attributable to Targa Resources Corp., pre-tax	1.5	8.4	(2.8)
Other comprehensive income (loss) attributable to Targa Resources Corp., related income tax	(0.6)	(3.1)	1.1
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax	0.9	5.3	(1.7)
Comprehensive income attributable to Targa Resources Corp.	59.2	107.6	63.4
Noncontrolling interests
Net income attributable to noncontrolling interests	(209.7)	320.7	136.2
Commodity hedging contracts:
Change in fair value, pre-tax	101.7	52.2	(5.0)
Change in fair value, related income tax	0.0	0.0	0.0
Change in fair value, after tax	101.7	52.2	(5.0)
Settlements reclassified to revenues, pre-tax	(76.8)	3.6	(18.2)
Settlements reclassified to revenues, related income tax	0.0	0.0	0.0
Settlements reclassified to revenues, after tax	(76.8)	3.6	(18.2)
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	0.0	2.1	5.3
Settlements reclassified to interest expense, net, related income tax	0.0	0.0	0.0
Settlements reclassified to interest expense, net, after tax	0.0	2.1	5.3
Other comprehensive income (loss) attributable to noncontrolling interests, pre-tax	24.9	57.9	(17.9)
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	24.9	57.9	(17.9)
Comprehensive income (loss) attributable to noncontrolling interests	(184.8)	378.6	118.3
Total
Net income	(151.4)	423.0	201.3
Commodity hedging contracts:
Change in fair value, pre-tax	112.7	59.7	(5.8)
Change in fair value, related income tax	(4.2)	(2.9)	0.3
Change in fair value, after tax	108.5	56.8	(5.5)
Settlements reclassified to revenues, pre-tax	(86.3)	4.2	(21.0)
Settlements reclassified to revenues, related income tax	3.6	(0.1)	1.1
Settlements reclassified to revenues, after tax	(82.7)	4.1	(19.9)
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	0.0	2.4	6.1
Settlements reclassified to interest expense, net, related income tax	0.0	(0.1)	(0.3)
Settlements reclassified to interest expense, net, after tax	0.0	2.3	5.8
Other comprehensive income (loss), pre-tax	26.4	66.3	(20.7)
Other comprehensive income (loss), related income tax	(0.6)	(3.1)	1.1
Other comprehensive income (loss), after tax	25.8	63.2	(19.6)
Total comprehensive income	$ (125.6)	$ 486.2	$ 181.7

CONSOLIDATED STATEMENTS 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 Shares [Member]	Noncontrolling Interests [Member]	Total
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)
Contributions from noncontrolling interests	0.0	0.0	0.0	0.0	0.0	4.3	4.3
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	(278.7)	(278.7)
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)
Repurchase of common stock							$ 0.0
Repurchase of common stock (in shares)							0
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	$ 0.0	9.5	0.0	0.0	$ 0.0	16.6	26.1
Compensation on equity grants (in shares)	0				0
Accrual of distribution equivalent rights	$ 0.0	(0.8)	0.0	0.0	$ 0.0	(1.6)	(2.4)
Shares issued under compensation program (in shares)	50,000
Common stock and Partnership units tendered for tax withholding obligations	$ 0.0	0.0	0.0	0.0	$ (3.3)	(5.5)	(8.8)
Common stock and Partnership units tendered for tax withholding obligations (in shares)	(37,000)				37,000
Sale of Partnership limited partner interests	$ 0.0	0.0	0.0	0.0	$ 0.0	436.0	436.0
Proceeds from equity issuances	$ 0.0	335.5	0.0	0.0	0.0	0.0	335.5
Proceeds from equity issuances (in shares)	3,738,000
Impact of Partnership equity transactions	$ 0.0	56.8	0.0	0.0	0.0	(56.8)	0.0
Dividends	0.0	0.0	(56.9)	0.0	0.0	0.0	(56.9)
Contributions from noncontrolling interests	0.0	0.0	0.0	0.0	0.0	78.4	78.4
Dividends in excess of retained earnings	0.0	(122.1)	0.0	0.0	0.0	0.0	(122.1)
Distributions to non-controlling interests	0.0	0.0	0.0	0.0	0.0	(514.8)	(514.8)
Distributions payable to preferred unit holders	0.0	0.0	0.0	0.0	0.0	(0.9)	(0.9)
Noncontrolling interest in acquired subsidiaries	0.0	0.0	0.0	0.0	0.0	216.8	216.8
Common stock issued in ATLS merger	$ 0.1	1,013.6	0.0	0.0	0.0	0.0	1,013.7
Common stock issued in ATLS merger (in shares)	10,126,000
Issuance of Partnership units in APL merger	$ 0.0	0.0	0.0	0.0	0.0	2,435.7	2,435.7
Other comprehensive income (loss)	0.0	0.0	0.0	0.9	0.0	24.9	25.8
Net income	0.0	0.0	58.3	0.0	0.0	(209.7)	(151.4)
Balance at Dec. 31, 2015	$ 0.1	$ 1,457.4	$ 26.9	$ 5.7	$ (28.7)	$ 4,788.8	$ 6,250.2
Balance (in shares) at Dec. 31, 2015	56,020,000				426,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net income (loss)	$ (151.4)	$ 423.0	$ 201.3
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	15.3	11.8	15.9
Compensation on equity grants	25.0	14.3	13.2
Depreciation and amortization expense	677.1	351.0	271.9
Provisional goodwill impairment	290.0	0.0	0.0
Accretion of asset retirement obligations	5.3	4.5	4.0
Change in redemption value of other long-term liabilities	(30.6)	0.0	0.0
Deferred income tax expense (benefit)	24.6	(4.4)	5.4
Equity (earnings) loss of unconsolidated affiliates	2.5	(18.0)	(14.8)
Distributions received from unconsolidated affiliates	13.8	18.0	12.0
Risk management activities	71.1	4.7	(0.3)
(Gain) loss on sale or disposition of assets	(8.0)	(4.8)	3.9
Loss from financing activities	10.1	12.4	14.7
Changes in operating assets and liabilities, net of business acquisitions:
Receivables and other assets	235.9	90.2	(143.6)
Inventory	41.4	(36.2)	(84.5)
Accounts payable and other liabilities	(187.4)	(104.7)	83.6
Net cash provided by operating activities	1,034.7	761.8	382.7
Cash flows from investing activities
Outlays for property, plant and equipment	(817.2)	(762.2)	(1,013.6)
Outlays for business acquisitions, net of cash acquired	(1,574.4)	0.0	0.0
Investment in unconsolidated affiliates	(11.7)	0.0	0.0
Return of capital from unconsolidated affiliates	1.2	5.7	0.0
Other, net	2.5	5.1	(12.7)
Net cash provided/(used) by investing activities	(2,399.6)	(751.4)	(1,026.3)
Partnership debt obligations:
Proceeds from borrowings under credit facilities	1,996.0	2,400.0	2,238.0
Repayments of credit facilities	(1,716.0)	(2,254.8)	(2,021.2)
Proceeds from accounts receivable securitization facility	391.6	381.9	373.3
Repayments of accounts receivable securitization facility	(355.1)	(478.8)	(93.6)
Proceeds from issuance of senior notes	1,700.0	0.0	0.0
Redemption of senior notes	(14.3)	0.0	0.0
Redemption of APL senior notes	(1,168.8)	0.0	0.0
Non-Partnership debt obligations:
Proceeds from borrowings under credit facility	492.0	92.0	65.0
Repayments of credit facility	(154.0)	(74.0)	(63.0)
Proceeds from issuance of senior term loan	422.5	0.0	0.0
Repayments on senior term loan	(270.0)	0.0	0.0
Costs incurred in connection with financing arrangements	(54.3)	(14.3)	(15.3)
Proceeds from sale of common and preferred units of the Partnership	443.6	412.7	524.7
Repurchase of common units under Partnership compensation plans	(5.5)	(4.8)	0.0
Contributions from noncontrolling interests	78.4	0.0	4.3
Distributions to noncontrolling interests	(514.8)	(339.8)	(278.7)
Payments of distribution equivalent rights	(2.8)	(1.6)	0.0
Proceeds from TRC equity offerings	336.8	0.0	0.0
Repurchase of common stock under TRC compensation plans	(3.3)	(2.6)	(13.3)
Dividends to common shareholders	(179.0)	(113.0)	(87.8)
Excess tax benefit from stock-based awards	1.1	1.0	1.6
Net cash provided/(used) in financing activities	1,424.1	3.9	634.0
Net change in cash and cash equivalents	59.2	14.3	(9.6)
Cash and cash equivalents, beginning of period	81.0	66.7	76.3
Cash and cash equivalents, end of period	$ 140.2	$ 81.0	$ 66.7

Organization	12 Months Ended
Organization	Dec. 31, 2015
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.

- Definition

The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.

+ References + Details

Basis of Presentation

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014, and the results of operations, comprehensive income, cash flows, and changes in owners’ equity for the years ended December 31, 2015, 2014 and 2013.

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” or “TRP”). 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 consolidated results of operations as net income (loss) attributable to noncontrolling interests and in our Consolidated 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, 2015, 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”);

•

16,309,594 common units of the Partnership, representing an 8.8% limited partnership interest; and

•

a Special GP Interest representing retained tax benefits related to the contribution to the Partnership from us of the APL general partner interest acquired in the ATLS merger (see Note 4 – Business Acquisitions).

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 – Segment Information 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 governs our relationship with the Partnership regarding the reimbursement of costs incurred on 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.

TRC Acquisition of TRP

On February 17, 2016, we completed the previously announced transactions contemplated by the Agreement and Plan of Merger (the “TRC/TRP Merger Agreement”), dated November 2, 2015, by and among us, the general partner of TRP, TRC and Spartan Merger Sub LLC, a subsidiary of us (“Merger Sub”) pursuant to which we acquired indirectly all of the outstanding TRP common units that we and our subsidiaries did not already own. Upon the terms and conditions set forth in the TRC/TRP Merger Agreement, Merger Sub merged with and into TRP (the “TRC/TRP Merger”), with TRP continuing as the surviving entity and as a subsidiary of TRC.

At the effective time of the TRC/TRP Merger, each outstanding TRP common unit not owned by us or our subsidiaries was converted into the right to receive 0.62 shares of our common stock. We issued 104,525,775 of our common shares to third-party unitholders of the common units of the Partnership in exchange for all of the 168,590,008 outstanding common units of the Partnership that we previously did not own. No fractional shares were issued in the TRC/TRP Merger, and TRP common unitholders instead received cash in lieu of fractional shares.

As we control the Partnership and will continue to control it after the TRC/TRP Merger, the changes in our ownership interest in the Partnership will be accounted for as an equity transaction and no gain or loss will be recognized in our consolidated statements of income resulting from the TRC/TRP Merger. In addition, the tax effects of the TRC/TRP Merger will be reported as adjustments to our additional paid-in capital (See Note 4 - Business Acquisitions).

Impact of Errors

On February 27, 2015, Targa completed the Atlas mergers. (See Note 4 – Business Acquisitions) During the fourth quarter of 2015, we concluded that our review procedures over the development and application of inputs, assumptions, and calculations used in cash flow-based fair value measurements associated with business combinations did not operate as designed. This resulted in errors in the preliminary fair values of our purchase accounting previously reported in our interim quarterly filings during 2015. The correction of these items in the fourth quarter of 2015 resulted in an increase to intangible assets, goodwill and noncontrolling interests, and a decrease to property, plant and equipment balances in each period.

We concluded that these errors were not material to any of the periods affected. The following table presents for each period the impact of these errors on previously reported balances, as well as the effect of ordinary measurement period adjustments.


	Three-Month Period
	As Reported		Impact of Errors			Other Measurement Period Adjustments (1)			As If Adjusted
March 31, 2015
Property, plant and equipment, net	$	9,832.9	$	(77.0	)	$	(248.8	)	$	9,507.1
Intangible assets, net		1,602.4		114.5			204.1			1,921.0
Goodwill		628.5		48.5			30.0			707.0
Noncontrolling interests		5,080.3		86.2			(173.2	)		4,993.3
Depreciation and amortization expenses		119.6		0.2			(0.2	)		119.6

June 30, 2015
Property, plant, and equipment, net	$	9,684.3	$	(76.0	)	$	1.0		$	9,609.3
Intangible assets, net		1,735.6		113.1			35.4			1,884.1
Goodwill		557.9		48.5			100.6			707.0
Noncontrolling interests		4,976.1		86.2			17.2			5,079.5
Depreciation and amortization expenses		163.9		0.5			0.5			164.9

September 30, 2015
Property, plant, and equipment, net	$	9,750.2	$	(75.0	)	$	(8.6	)	$	9,666.6
Intangible assets, net		1,695.7		111.6			39.8			1,847.1
Goodwill		551.4		48.5			107.1			707.0
Noncontrolling interests		4,898.1		86.2			17.3			5,001.6
Depreciation and amortization expenses		165.8		0.5			0.4			166.7

(1)	Other Measurement Period Adjustments for goodwill include the impact of all balance sheet adjustments not presented in this table.

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
As Reported:
Revenues	$	6,556.0
Product Purchases		5,378.5

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

As Revised:
Revenues		6,314.7
Product Purchases		5,137.2

Revisions of Previously Reported Activity in our Statement of Comprehensive Income

During the first quarter of 2016 we concluded that activity related to our commodity hedge contracts was not reported properly in our Statement of Comprehensive Income during 2015. The errors resulted in misstatements of the statement caption “Change in fair value” and equal offsetting misstatements of the caption “Settlements reclassified to revenues.” Related income tax effects were also misstated.

We concluded that these misstatements were not material to any of the periods affected, as reported “Total Other Comprehensive Income” is unchanged. However, we have revised previous Statements of Comprehensive Income reported during 2015 to properly reflect changes in fair value and settlements reclassified to revenues. There is no impact on previously reported net income, total comprehensive income, cash flows, financial position or other profitability measures.

The following table displays the impact of these revisions to activity reported in our Statement of Comprehensive Income during 2015:


	2015									2015
	As Reported									As Corrected
	Pre-Tax			Related Income Tax			After Tax			Pre-Tax			Related Income Tax			After Tax
Targa Resources Corp.
Commodity hedging contracts:
Change in fair value	$	7.4		$	(2.8	)	$	4.6		$	11.0		$	(4.2	)	$	6.8
Settlements reclassified to revenues		(5.9	)		2.2			(3.7	)		(9.5	)		3.6			(5.9	)

Other comprehensive income (loss) attributable to Targa Resources Corp.		1.5			(0.6	)		0.9			1.5			(0.6	)		0.9

Noncontrolling interests
Commodity hedging contracts:
Change in fair value		73.8			—			73.8			101.7			—			101.7
Settlements reclassified to revenues		(48.9	)		—			(48.9	)		(76.8	)		—			(76.8	)

Other comprehensive income (loss) attributable to noncontrolling interests		24.9			—			24.9			24.9			—			24.9

Total
Commodity hedging contracts:
Change in fair value		81.2			(2.8	)		78.4			112.7			(4.2	)		108.5
Settlements reclassified to revenues		(54.8	)		2.2			(52.6	)		(86.3	)		3.6			(82.7	)

Other comprehensive income (loss)	$	26.4		$	(0.6	)		25.8			26.4			(0.6	)		25.8

Change in Reportable Segments

Concurrent with the TRC/TRP Merger in February 2016, management reevaluated our reportable segments. See “Segment Information” included in Note 24 for a presentation of financial results by reportable segment, which have been recast to reflect our change in reporting segments.

- Definition

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

+ References + Details

Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

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 when we can not exercise control over the investee, but we can exercise significant influence over the operating and financial policies of the investee. Under this method, our equity investments are carried originally at our acquisition cost, increased by our proportionate share of the investee’s net income and by contributions made, and decreased by our proportionate share of the investee’s net losses and by distributions received.

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. Checks outstanding at the end of a period are reclassified to accounts payable, as we extinguish liabilities when the creditor receives our payment and we are relieved of our obligation (which for a check generally occurs when our bank honors that check).

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 net realizable value 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. As a result, the revenues and expenses associated with such contracts are recognized during the period when volumes are physically delivered or received.

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. 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 increased depreciation expense equal to the excess of net book value over 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 additional depreciation expense due to impairment. Upon disposition or retirement of property, plant and equipment, any gain or loss is recorded to operations.

Goodwill

Goodwill is a residual intangible asset that results when the cost of an acquisition exceeds the fair value of the net identifiable assets of the acquired business. Goodwill is not amortized, but is assessed annually to determine whether its carrying value has been impaired.

Goodwill must be assigned to reporting units for the purpose of impairment testing. A reporting unit is an operating segment or one level below an operating segment (also known as a component). Goodwill resulting from the Atlas merger has been attributed to our WestTX, SouthOK and SouthTX reporting units.

Our annual goodwill impairment testing is performed as of November 30, as well as whenever events or changes in circumstances indicate it is more likely than not the fair value of these reporting units is less than their carrying amounts. This typically entails performing a two-step goodwill impairment test. However, we are permitted to first assess qualitative factors to determine if the two-step goodwill impairment test is necessary. If we choose to bypass this qualitative assessment or otherwise determine that a two-step process goodwill impairment test is required, the first step involves comparing the fair value of the reporting unit to which goodwill has been attributed with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, the second step is required and involves comparing the implied fair value to the carrying value of the goodwill for that reporting unit. The implied fair value of goodwill is determined by assigning the reporting unit’s fair value to its individual assets and liabilities. If the carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, the excess of the carrying value over the implied fair value is recognized as a reduction of goodwill on our Consolidated Balance Sheets and a goodwill impairment loss on our Consolidated Statements of 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 Issuance 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 issuance 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 Consolidated Balance Sheets. In the consolidated statements of operations and consolidated statements of comprehensive income, noncontrolling interests reflects the attribution of results to third-party investors, which for the Partnership gives effect to the IDRs declared for each period. 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.

Mandatorily Redeemable Preferred Interests

Mandatorily redeemable preferred interests are included in other long term liabilities (or assets) on our Consolidated Balance Sheets. Mandatorily redeemable preferred interests with multiple or indeterminate redemption dates are reported at their estimated redemption value as of the reporting date. This point-in-time value does not represent the amount that ultimately would occur in the future when the interests are redeemed. Changes in the redemption value are recorded in interest expense, net on our consolidated statements of operations.

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, (5) determining amounts to accrue for contingencies, guarantees and indemnifications and (6) estimating redemption value of mandatorily redeemable preferred interests. Actual results, therefore, could differ materially from estimated amounts.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 is effective for the annual period beginning December 15, 2017, and for annual and interim periods thereafter. Earlier adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. 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 the period the amendment is adopted. We expect to adopt this guidance on January 1, 2018 and are continuing to evaluate the impact on our revenue recognition practices.

In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). The amendments in this update clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. These amendments have been adopted, with no material impact on our consolidated financial statements or results of operations.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The amendments in this update are intended to simplify the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities and modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities. Our analysis of the amendments indicates that we will continue to consolidate the Partnership upon the adoption of this guidance in the first quarter of 2016. We are currently evaluating the effect of the amendments by revisiting our consolidation model for each of our less-than-wholly owned subsidiaries and do not expect the amendments to have a material impact on our consolidated financial statements or related disclosures.

In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The amendments in this update require that debt issuance costs related to a recognized debt liability (other than revolving credit facilities) be presented in the Consolidated Balance Sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This update deals solely with financial statement display matters; recognition and measurement of debt issuance costs are unaffected. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . The amendment clarifies ASU 2015-03 and provides that an entity may defer and present debt issuance costs for a line-of-credit or other revolving credit facility arrangement as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the arrangement. Unamortized debt issuance costs of $14.4 million and $8.4 million for revolving credit facilities were included in Other long-term assets on the Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014. We will continue to include debt issuance costs for our line-of-credit and revolving credit facility arrangements in Other long-term assets upon adoption of ASU 2015-03. We adopted the amendments on January 1, 2016 and have reclassified unamortized debt issuance costs of $42.7 million and $29.9 million for term loans on the Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 from Other long-term assets to long-term debt.

In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 303): Simplifying the Measurement of Inventory. Topic 303 currently requires inventory to be measured at the lower of cost or market, where market could be replacement cost, net realizable value or net realizable value less a normal profit margin. The amendments in this update require that all inventory, excluding inventory that is measured using the last-in, first-out method or the retail inventory method, be measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. These amendments have been adopted, with no impact on our consolidated financial statements or results of operations.

In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . Topic 805 currently requires that adjustments to provisional amounts recorded in a business combination be recognized retrospectively as if the accounting had been completed at the acquisition date. The amendments in this update require that an acquirer recognize these measurement-period adjustments in the reporting period in which the adjustment amounts are determined, with the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments require disclosure of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments are effective for us in 2016, with early adoption permitted. We adopted the amendments on September 30, 2015 and have recognized the measurement-period adjustments for the Atlas mergers determined in the six months ended December 31, 2015 in current period earnings. See Note 4 –Business Acquisitions for additional information regarding the nature and amount of the measurement-period adjustments.

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The amendments in this update require that deferred tax asset and liabilities be classified as noncurrent on the Consolidated Balance Sheet. We adopted these amendments retrospectively on December 31, 2015. As a result, we have revised our December 31, 2014 Consolidated Balance Sheet to reclassify $0.1 million of current deferred income tax assets to noncurrent and $0.6 million of current deferred tax liabilities to noncurrent.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The amendments in this update require, among other things, that lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We expect to adopt the amendments in the first quarter of 2019 and are currently evaluating the impacts of the amendments to our financial statements and accounting practices for leases.

- Definition

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

+ References + Details

Business Acquisitions

12 Months Ended

Dec. 31, 2015

Business Acquisitions [Abstract]

Business Acquisitions

Note 4 – Business Acquisitions

2015 Acquisition

Atlas Mergers

On February 27, 2015, Targa completed the transactions contemplated by the Agreement and Plan of Merger, dated as of October 13, 2014 (the “ATLS Merger Agreement”), by and among (i) Targa, Targa GP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of Targa (“GP Merger Sub”), ATLS and Atlas Energy GP, LLC, a Delaware limited liability company and the general partner of ATLS (“ATLS GP”), and (ii) Targa and the Partnership completed the transactions contemplated by the Agreement and Plan of Merger (the “APL Merger Agreement” and, together with the ATLS Merger Agreement, the “Atlas Merger Agreements”) by and among Targa, the Partnership, the Partnership’s general partner, Trident MLP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of the Partnership (“MLP Merger Sub”), ATLS, APL and Atlas Pipeline Partners GP, LLC, a Delaware limited liability company and the general partner of APL (“APL GP”). Pursuant to the terms and conditions set forth in the ATLS Merger Agreement, GP Merger Sub merged (the “ATLS merger”) with and into ATLS, with ATLS continuing as the surviving entity and as a subsidiary of Targa. Pursuant to the terms and conditions set forth in the APL Merger Agreement, MLP Merger Sub merged (the “APL merger” and, together with the ATLS merger, the “Atlas mergers”) with and into APL, with APL continuing as the surviving entity and as a subsidiary of the Partnership. While the Atlas mergers were two separate legal transactions, for GAAP reporting purposes, they are viewed as a single integrated transaction.

In connection with the Atlas mergers, APL changed its name to “Targa Pipeline Partners LP,” which we refer to as TPL, and ATLS changed its name to “Targa Energy LP.”

In addition, prior to the completion of the Atlas mergers, ATLS, pursuant to a separation and distribution agreement entered into by and among ATLS, ATLS GP and Atlas Energy Group, LLC, a Delaware limited liability company (“AEG”), on February 27, 2015, (i) transferred its assets and liabilities other than those related to its “Atlas Pipeline Partners” segment, to AEG and (ii) effected a pro rata distribution to the ATLS unitholders of AEG common units representing a 100% interest in AEG (collectively, the “Spin-Off” and, together with the Atlas mergers, the “Atlas Transactions”).

On February 27, 2015, the Partnership Agreement was amended to provide for the issuance of a special general partner interest in the Partnership (the “Special GP Interest”) representing the contribution to the Partnership of the APL GP interest acquired in the ATLS merger totaling $1.6 billion. The Special GP Interest is not entitled to current distributions or allocations of net income or loss, and has no voting rights or other rights except for the limited right to receive deductions attributable to the contribution of APL GP and the right to distributions in liquidation.

The Partnership acquired all of the outstanding units of APL for a total purchase price of approximately $5.3 billion (including $1.8 billion of acquired debt and all other assumed liabilities). Of the $1.8 billion of debt acquired and other liabilities assumed, approximately $1.2 billion of the acquired debt was tendered and settled upon the closing of the Atlas mergers via the Partnership’s January 2015 cash tender offers. These tender offers were in connection with, and conditioned upon, the consummation of the merger with APL. The merger with APL, however, was not conditioned on the consummation of the tender offers. On that same date, we acquired ATLS for a total purchase price of approximately $1.6 billion (including all assumed liabilities).

Pursuant to the APL Merger Agreement, Targa agreed to cause the general partner of the Partnership to amend the Partnership’s Partnership Agreement, which we refer to as the IDR Giveback Amendment, in order to reduce aggregate distributions to us, as the holder of the Partnership’s IDRs, by (a) $9,375,000 per quarter during the first four quarters following the APL merger, (b) $6,250,000 per quarter for the next four quarters, (c) $2,500,000 per quarter for the next four quarters and (d) $1,250,000 per quarter for the next four quarters, with the amount of such reductions to be distributed pro rata to the holders of the Partnership’s outstanding common units.

TPL 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 Atlas mergers add TPL’s Woodford/SCOOP, Mississippi Lime, Eagle Ford and additional Permian assets to the Partnership’s existing operations. In total, TPL adds 2,053 MMcf/d of processing capacity and 12,220 miles of additional pipeline. The operating results of TPL are reported in our Gathering and Processing segment.

The APL merger was a unit-for-unit transaction with an exchange ratio of 0.5846 of the Partnership’s common units (the “APL Unit Consideration”) and $1.26 in cash for each APL common unit (the “APL Cash Consideration” and, with the APL Unit Consideration, the “APL Merger Consideration”), a $128.0 million total cash payment, of which $0.6 million was expensed at the acquisition date as the cash payment representing accelerated vesting of a portion of retained employees’ APL phantom awards. The Partnership issued 58,614,157 of its common units and awarded 629,231 replacement phantom unit awards with a combined value of approximately $2.6 billion as consideration for the APL merger (based on the $43.82 closing market price of a common unit on the NYSE on February 27, 2015). The cash component of the APL merger also included $701.4 million for the mandatory repayment and extinguishment at closing of the APL Senior Secured Revolving Credit Facility that was to mature in May 2017 (the “APL Revolver”), $28.8 million of payments related to change of control and $6.4 million of cash paid in lieu of unit issuances in connection with settlement of APL equity awards for AEG employees. In March 2015, we contributed $52.4 million to the Partnership to maintain our 2% general partner interest.

In addition, pursuant to the APL Merger Agreement, APL exercised its right under the certificate of designations of the APL 8.25% Class E cumulative redeemable perpetual preferred units (“Class E Preferred Units”) to redeem the APL Class E Preferred Units immediately prior to the effective time of the APL merger.

The ATLS merger was a stock-for-unit transaction with an exchange ratio of 0.1809 of Targa common stock, par value $0.001 per share (the “ATLS Stock Consideration”), and $9.12 in cash for each ATLS common unit (the ATLS Cash Consideration” and, with the ATLS Stock Consideration, the “ATLS Merger Consideration”), (a $514.7 million total cash payment). We issued 10,126,532 of our common shares and awarded 81,740 replacement restricted stock units with a combined value of approximately $1.0 billion for the ATLS merger (based on the $99.58 closing market price of a TRC common share on the NYSE on February 27, 2015). The cash component of the ATLS merger also included approximately $149.2 million of payments related to change of control and cash settlements of equity awards, $88.0 million for repayment of a portion of ATLS outstanding indebtedness and $11.0 million for reimbursement of certain transaction expenses. Approximately $4.5 million of the one-time cash payments and cash settlements of equity awards, which represent accelerated vesting of a portion of retained employees’ ATLS phantom units, were expensed at the acquisition date.

ATLS owned, directly and indirectly, 5,754,253 APL common units immediately prior to closing. Our acquisition of ATLS resulted in our acquiring these common units (converted to 3,363,935 Partnership common units) valued at approximately $147.4 million (based on the $43.82 closing market price of a Partnership common unit on the NYSE on February 27, 2015) and the right to receive the units’ one-time cash payment of approximately $7.3 million, which reduced the consolidated purchase price by approximately $154.7 million.

All outstanding ATLS equity awards, whether vested or unvested, were adjusted in connection with the Spin-Off on the terms and conditions set forth in an Employee Matters Agreement entered into by ATLS, ATLS GP and AEG on February 27, 2015. Following the Spin-Off-related adjustment and at the effective time of the ATLS merger, each outstanding ATLS option and ATLS phantom unit award, whether vested or unvested, held by a person who became an employee of AEG became fully vested (to the extent not vested) and was cancelled and converted into the right to receive the ATLS Merger Consideration in respect of each ATLS common unit underlying the ATLS option or phantom unit award (in the case of options, net of the applicable exercise price). Each outstanding vested ATLS option held by an employee of APL who became an employee of the Company in connection with the Atlas Transactions (a “Midstream Employee”) was cancelled and converted into the right to receive the ATLS Merger Consideration in respect of each ATLS common unit underlying the vested ATLS option, net of the applicable exercise price. Each outstanding unvested ATLS option and each outstanding ATLS phantom unit award held by a Midstream Employee was cancelled and converted into the right to receive (1) the ATLS Cash Consideration in respect of each ATLS common unit underlying such ATLS option or phantom unit award and (2) a TRC restricted stock unit award with respect to a number of shares of TRC Common Stock equal to the product of the ATLS Stock Consideration multiplied by the number of ATLS common units underlying such ATLS option or phantom unit award (in the case of options, net of the applicable exercise price).

In connection with the APL merger, each outstanding APL phantom unit award held by an employee of AEG became fully vested and was cancelled and converted into the right to receive the APL Merger Consideration in respect of each APL common unit underlying the APL phantom unit award. Each outstanding APL phantom unit award held by a Midstream Employee was cancelled and converted into the right to receive (1) the APL Cash Consideration in respect of each APL common unit underlying such APL phantom unit award and (2) a Partnership phantom unit award with respect to a number of the Partnership’s common units equal to the product of the APL Unit Consideration multiplied by the number of APL common units underlying such APL phantom unit award.

The acquired business contributed revenues of $1,459.3 million and a net loss of $30.1 million to the Company for the period from February 27, 2015 to December 31, 2015, and is reported in our Gathering and Processing segment. In 2015, we incurred $27.3 million of acquisition-related costs. These expenses are included in other expense in our Consolidated Statements of Operations for the year ended December 31, 2015.

Pro Forma Impact of Atlas Mergers on Consolidated Statements of Operations

The following summarized unaudited pro forma Consolidated Statement of Operations information for the year ended December 31, 2015 and December 31, 2014 assumes that the Partnership’s acquisition of APL and our acquisition of ATLS had occurred as of January 1, 2014. We prepared the following summarized unaudited pro forma financial results for comparative purposes only. The summarized unaudited pro forma financial results may not be indicative of the results that would have occurred if we had completed these acquisitions as of January 1, 2014, or that the results that will be attained in the future.


	Pro Forma Results for the Year Ended
	December 31, 2015			December 31, 2014
Revenues	$	6,947.3		$	11,449.3
Net income (loss)		(169.6	)		532.8

The pro forma consolidated results of operations amounts have been calculated after applying our accounting policies, and making adjustments to:

•

Reflect the change in amortization expense resulting from the difference between the historical balances of APL’s intangible assets, net, and the fair value of intangible assets acquired.

•

Reflect the change in depreciation expense resulting from the difference between the historical balances of APL’s property, plant and equipment, net, and the fair value of property, plant and equipment acquired.

•

Reflect the change in interest expense resulting from our financing activities directly related to the Atlas mergers as compared with APL’s historical interest expense.

•

Reflect the changes in stock-based compensation expense related to the fair value of the unvested portion of replacement Partnership Long Term Incentive Plan (“LTIP”) awards which were issued in connection with the acquisition to APL phantom unitholders who continue to provide service as Targa employees following the completion of the APL merger.

•

Remove the results of operations attributable to APL businesses sold during the periods: (1) the May 2014 sale of APL’s 20% interest in West Texas LPG Pipeline Limited Partnership and (2) the February 2015 transfer to Atlas Resource Partners, L.P of 100% of APL’s interest in gas gathering assets located in the Appalachian Basin of Tennessee.

•

Exclude $27.3 million of acquisition-related costs incurred in 2015 from pro forma net income for the year ended December 31, 2015. Pro forma net income for the year ended December 31, 2014 was adjusted to include these charges.

•

Conform to our accounting policy, we also adjusted APL’s revenues to report plant sales of Y-grade at contractual net values rather than grossed up for transportation and fractionation deduction factors.

The following table summarizes the consideration transferred to acquire ATLS and APL:


Fair Value of Consideration Transferred:
Cash paid, net of cash acquired (1):
TRC	$	745.7
TRP		828.7
Common shares of TRC		1,008.5
Replacement restricted stock units awarded (2)		5.2
Common units of TRP		2,421.1
Replacement phantom units awarded (2)		15.0

Total	$	5,024.2

(1)	Net of cash acquired of $40.8 million.

(2)

The fair value of consideration transferred in the form of replacement restricted stock unit awards and replacement phantom unit awards represent the allocation of the fair value of the awards to the pre-combination service period. The fair value of the awards associated with the post-combination service period will be recognized over the remaining service period of the award.

As of February 27, 2015, our fair value determination related to the Atlas mergers was as follows.


Fair value determination:	February 27, 2015
Trade and other current receivables, net	$	181.1
Other current assets		24.4
Assets from risk management activities		102.1
Property, plant and equipment		4,616.9
Investments in unconsolidated affiliates		214.5
Intangible assets		1,354.9
Other long-term assets		5.5
Current liabilities		(259.3	)
Long-term debt		(1,573.3	)
Deferred income tax liabilities, net		(13.6	)
Other long-term liabilities		(119.1	)

Total identifiable net assets		4,534.1

Noncontrolling interest in subsidiaries		(216.9	)
Goodwill		707.0

Total fair value consideration transferred	$	5,024.2

During the three months ended June 30, 2015, we recorded measurement-period adjustments to our acquisition date fair values due to the refinement of our valuation models, assumptions and inputs. As a result, the Consolidated Statement of Operations for the three months ended March 31, 2015 was retrospectively adjusted for the impact of measurement-period adjustments to property, plant and equipment, intangible assets, and investment in unconsolidated affiliates. These adjustments resulted in a decrease in depreciation and amortization expense of $1.0 million, and an increase in equity earnings of $0.3 million from the amounts previously reported in our Form 10-Q for the quarter ended March 31, 2015.

During the three months ended September 30, 2015, we recorded additional measurement-period adjustments to our acquisition date fair values due to the refinement of our valuation models, assumptions and inputs. In accordance with ASU 2015-16, we have recognized these measurement-period adjustments in the current reporting period, with the effect on the Consolidated Statements of Operations resulting from the change to the provisional amounts calculated as if the acquisition had been completed at February 27, 2015. During the three months ended September 30, 2015, the acquisition date fair value of property, plant and equipment increased by $9.9 million, investments in unconsolidated affiliates increased by $5.5 million, intangible assets decreased by $5.0 million, current liabilities increased by $2.4 million, other assets decreased by $1.0 million, and other current assets decreased by $0.6 million, which resulted in a decrease in goodwill of $6.4 million. These adjustments resulted in increased revenues of $0.6 million, a reduction of operating expenses of $1.9 million, depreciation and amortization expense of $0.1 million and equity losses of $0.1 million recorded in the three months ended September 30, 2015, which under the prior accounting standard would have been reflected in previous reporting periods.

During the three months ended December 31, 2015, we recorded additional measurement-period adjustments to our acquisition date fair values due to the refinement of our valuation models, assumptions and inputs, as well as adjustments to previously reported preliminary fair values as a result of our review procedures over the development and application of inputs, assumptions and calculations used in cash-flow based fair value measurements associated with business combinations not operating as designed (see Note 2 – Basis of Presentation). We have recognized these adjustments in the current reporting period, with the effect on the Consolidated Statements of Operations resulting from the change to the provisional amounts calculated as if the acquisition had been completed at February 27, 2015. During the three months ended December 31, 2015, the acquisition date fair value of intangible assets increased $155.9 million, noncontrolling interest in subsidiaries increased $103.5 million, other long-term liabilities increased $110.1 million, property, plant and equipment decreased by $86.2 million, investments in unconsolidated affiliates decreased by $5.2 million, deferred tax liabilities increased by $5.0 million, current liabilities increased by $1.3 million, other assets decreased by $0.1 million and other current assets decreased by $0.1 million, which resulted in an increase in goodwill of $155.6 million. These adjustments resulted in depreciation and amortization expenses of $2.0 million, a net decrease to interest expense of $26.2 million, equity earnings of $0.2 million, and a reduction of general and administrative expenses of $0.4 million, recorded in the three months ended December 31, 2015, which under the prior accounting standard would have been reflected in previous reporting periods.

The valuation of the acquired assets and liabilities was prepared using fair value methods and assumptions including projections of future production volumes and cash flows, benchmark analysis of comparable public companies, expectations regarding customer contracts and relationships, and other management estimates. The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs, as defined in Note 15 – Fair Value Measurements. These inputs require significant judgments and estimates at the time of valuation.

The excess of the purchase price over the value of net assets acquired was approximately $707.0 million, which was recorded as goodwill. The determination of goodwill is attributable to the workforce of the acquired business and the expected synergies with us. The goodwill is expected to be amortizable for tax purposes.

The fair value of assets acquired includes trade receivables of $178.1 million. The gross amount due under contracts is $178.1 million, all of which is expected to be collectible. The fair value of assets acquired includes receivables of $3.0 million reported in current receivables and $4.5 million reported in other long-term assets related to a contractual settlement with a counterparty.

See Note 9 - Debt Obligations for additional disclosures regarding related financing activities associated with the Atlas mergers.

Mandatorily Redeemable Preferred Interests

Acquired other long-term liabilities include $109.3 million related to mandatorily redeemable preferred interests held by our partner in two joint ventures (see Note 10 – Other Long-Term Liabilities).

Contingent Consideration

A liability arising from the contingent consideration for APL’s previous acquisition of a gas gathering system and related assets has been recognized at fair value. APL agreed to pay up to an additional $6.0 million if certain volumes are achieved on the acquired gathering system within a specified time period. The fair value of the remaining contingent payment is recorded within other long term liabilities on our Consolidated Balance Sheets. The range of the undiscounted amount that we could pay related to the remaining contingent payment is between $0.0 and $6.0 million. We finalized our acquisition analysis and modeling of this contingent liability during the three months ended June 30, 2015, which resulted in an acquisition date fair value of $4.2 million. Any future change in the fair value of this liability will be included in earnings.

Replacement Restricted Stock Units (“RSUs”)

In connection with the ATLS merger, we awarded RSUs in accordance with and as required by the Atlas Merger Agreements to those APL employees that who became Targa employees after the acquisition. The vesting dates and terms remained unchanged from the existing ATLS awards, and will vest over the remaining terms of the awards, which are either 25% per year over the original four year term or 25% after the third year of the original term and 75% after the fourth year of the original term.

Each RSU will entitle the grantee to one common share on the vesting date and is an equity-settled award. The RSUs include dividend equivalents. When we declare and pay cash dividends, the holders of RSUs will be entitled within 60 days to receive cash payment of dividend equivalents in an amount equal to the cash dividends the holders would have received if they were the holders of record on the record date of the number of our common shares related to the RSUs.

The fair value of the RSUs was based on the closing price of our common shares at the close of trading on February 27, 2015. The fair value was allocated between the pre-acquisition and post-acquisition periods to determine the amount to be treated as purchase consideration and future compensation expense, respectively. Compensation cost will be recognized in general and administrative expense over the remaining service period of each award.

Replacement Phantom Units

In connection with the APL merger, the Partnership awarded replacement phantom units in accordance with and as required by the Atlas Merger Agreements to those APL employees who became Targa employees after the acquisition. The vesting dates and terms remained unchanged from the existing APL awards, and will vest over the remaining terms of the awards, which are either 25% per year over the original four year term or 33% per year over the original three year term.

Each replacement phantom unit will entitle the grantee to one common unit on the vesting date and is an equity-settled award. The replacement phantom units include distribution equivalent rights (“DERs”). When the Partnership declares and pays cash distributions, the holders of replacement phantom units will be entitled within 60 days to receive cash payment of DERs in an amount equal to the cash distributions the holders would have received if they were the holders of record on the record date of the number of the Partnership’s common units related to the replacement phantom units.

The fair value of the replacement phantom units was based on the closing price of the Partnership’s units at the close of trading on February 27, 2015. The fair value was allocated between the pre-acquisition and post-acquisition periods to determine the amount to be treated as purchase consideration and compensation expense, respectively. Compensation cost will be recognized in general and administrative expense over the remaining service period of each award.

Goodwill

We recognized goodwill at a fair value of approximately $707.0 million associated with the Atlas mergers as of the acquisition date on February 27, 2015. Goodwill has been attributed to the WestTX, SouthTX and SouthOK reporting units in our Gathering and Processing segment. As a result, any level of decrease in the forecasted cash flows from the date of acquisition would likely result in the fair value of the reporting unit to fall below the carrying value of the reporting unit, and could result in an assessment of whether that reporting unit’s goodwill could be impaired.

As described in Note 3 – Significant Accounting Policies, we evaluate goodwill for impairment at least annually on November 30, or more frequently if we believe necessary based on events or changes in circumstances. As of February 29, 2016, the date these financial statements were issued, we had not completed our November 30, 2015 impairment assessment. Based on the results of our preliminary evaluation, we recorded a provisional goodwill impairment of $290.0 million during the fourth quarter of 2015. The provisional goodwill impairment is included as an impairment in our Consolidated Statements of Operations for the year ended December 31, 2015, and reduces the carrying value of goodwill to $417.0 million as of December 31, 2015. The provisional goodwill impairment recorded reflects that goodwill impairment is probable; a provisional impairment amount can be reasonably estimated and recognizes the provisional amount in these financial statements as the best estimate of the impairment at the filing date of these financial statements. The impairment of goodwill is primarily due to the effects of lower commodity prices, and a higher cost of capital for companies in our industry compared to conditions in February 2015 when we acquired Atlas.

Our evaluation as of November 30, 2015 utilizes the income approach (a discounted cash flow analysis (“DCF”)) to estimate the fair values of our reporting units. The future cash flows for our reporting units is based on our estimates, at that time, of future revenues, income from operations and other factors, such as working capital and capital expenditures. We take into account current and expected industry and market conditions, commodity pricing and volumetric forecasts in the basins in which the reporting units operate. The discount rates used in our DCF analysis are based on a weighted average cost of capital determined from relevant market comparisons.

The provisional goodwill impairment recognized is based on our progress in completing the goodwill impairment analysis. As of the filing date of these financial statements, we have (a) completed the calculations of estimated future cash flows based on commodity pricing, volumetric and capital spending forecasts; (b) determined that other long-lived assets in our reporting units that contain goodwill are not impaired; (c) determined an appropriate weighted average cost of capital based on relevant market comparisons, which is the basis of the discount rate used in our DCF analysis; (d) substantially completed the valuations of intangible assets; and (e) have made initial estimates of the fair values of tangible assets. We are in the process of finalizing the review of certain tangible assets and the mandatorily redeemable preferred interests’ valuations, and the final outcome of these valuations could impact the implied fair value of goodwill in our reporting units and consequently the ultimate amount of impairment. Any material difference between the provisional amount of goodwill impairment and the final impairment will be recognized in our first quarter 2016 financial statements once final valuations are complete.

Changes in the gross amounts of our goodwill and impairment loss for the year ended December 31, 2015 are as follows:


				December 31, 2015
	WestTX			SouthTX			SouthOK			Total
Beginning of period	$	—		$	—		$	—		$	—
Acquisition		364.5			160.3			182.2			707.0
Impairment		(37.6	)		(70.2	)		(182.2	)		(290.0	)

Goodwill	$	326.9		$	90.1		$	—		$	417.0

The sustained decrease and uncertain outlook in commodity prices have adversely impacted our customers and their future capital and operating plans. A continued or prolonged period of lower commodity prices could result in further deterioration of reporting unit fair values and potential further impairment charges.

Subsequent Event - TRC Acquisition of TRP

On February 17, 2016, we completed the previously announced transactions contemplated by the TRC/TRP Merger Agreement pursuant to which we acquired indirectly all of the outstanding TRP common units that we and our subsidiaries did not already own. Upon the terms and conditions set forth in the TRC/TRP Merger Agreement, Merger Sub merged with and into TRP, with TRP continuing as the surviving entity and as a subsidiary of TRC.

At the effective time of the TRC/TRP Merger, each outstanding TRP common unit not owned by us or our subsidiaries was converted into the right to receive 0.62 shares of our common stock. No fractional shares were issued in the TRC/TRP Merger, and TRP common unitholders instead received cash in lieu of fractional shares. We issued 104,525,775 of our common shares to third-party unitholders of the common units of the Partnership in exchange for all of the 168,590,008 outstanding common units of the Partnership that we previously did not own

Pro Forma Impact of TRC Acquisition of TRP on Consolidated Balance Sheet

Following is certain pro forma financial position information that gives effect to the TRC/TRP merger by applying pro forma adjustments to the historical audited consolidated financial statements of TRC. The unaudited pro forma condensed Consolidated Balance Sheet of TRC as of December 31, 2015 has been prepared to give effect to the TRC/TRP Merger as if it had occurred on December 31, 2015.

Under SEC regulations, pro forma adjustments to TRC’s Consolidated Balance Sheet are limited to those that give effect to events that are directly attributable to the TRC/TRP Merger and the Atlas mergers and are factually supportable regardless of whether they have a continuing impact or are nonrecurring. The pro forma adjustments are based on the account balances as of the pro forma balance sheet date, which will change between the pro forma balance sheet date and the closing date of the TRC/TRP Merger.

The unaudited pro forma adjustments are based on available preliminary information and certain assumptions that TRC believes are reasonable under the circumstances. The unaudited pro forma condensed consolidated balance sheet is presented for illustrative purposes only and is not necessarily indicative of the results that might have occurred had the TRC/TRP Merger taken place on December 31, 2015 for balance sheet purposes and is not intended to be a projection of future results. Actual results may vary significantly from the results reflected because of various factors.

TARGA RESOURCES CORP.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

AS OF DECEMBER 31, 2015

(In millions)


	TRC Historical			Pro Forma Adjustments			TRC Pro Forma
ASSETS
Current assets	$	920.0		$			$	920.0
Property, plant and equipment, net		9,702.7			—			9,702.7
Goodwill		417.0			—			417.0
Intangible assets, net		1,810.1			—			1,810.1
Other long-term assets		361.2			—			361.2

Total assets	$	13,211.0		$	—		$	13,211.0

LIABILITIES AND OWNERS’ EQUITY
Current liabilities	$	881.6		$	16.0	(a)	$	899.4
					1.8	(c)
Long-term debt		5,718.8			—			5,718.8
Deferred income taxes, net		177.8			952.0	(b)		1,123.9
					(5.9	)(a)
Other long-term liabilities		182.6			1.3	(c)		183.9

Owners’ equity:
Targa Resources Corp. stockholders’ equity:
Common stock		0.1			0.1			0.2
Additional paid-in capital		1,457.4			3,358.4	(d)		4,815.8

Retained earnings		26.9			(3.1	)(c)		23.8
Accumulated other comprehensive income (loss)		5.7			48.1	(d)		53.8
Treasury stock, at cost		(28.7	)		—			(28.7	)

Total Targa Resources Corp. stockholders’ equity		1,461.4			3,403.5			4,864.9
Noncontrolling interests in subsidiaries		4,788.8			(4,368.7	)(d)		420.1

Total owners’ equity		6,250.2			(965.2	)		5,285.0

Total liabilities and owners’ equity	$	13,211.0		$	—		$	13,211.0

The unaudited pro forma consolidated balance sheet amounts have been calculated after applying our accounting policies, and making the following adjustments:

(a)

Reflects estimated transaction costs of $16.0 million of advisory and legal services, and other professional fees expected to be paid in 2015 and 2016, as well as $5.9 million of related deferred tax. As the TRC/TRP Merger involves the acquisition of noncontrolling interests accounted for as an equity transaction, these costs will be recognized as an adjustment to additional paid-in capital, net of the estimated tax benefit, upon exchange of securities at closing.

(b)

Reflects the estimated impact on deferred income taxes resulting from the TRC/TRP Merger using TRC’s statutory federal and state tax rate of 37.11%. The amount reflects a net adjustment of $952.0 million to deferred income taxes, which relates to the effects of the change in ownership as a result of the TRC/TRP Merger, resulting in a deferred tax liability. The deferred income tax impact is an estimate based on preliminary information and assumptions, including variability in share and unit market prices of TRC and TRP.

(c)

Reflects the revaluation of each outstanding cash-settled performance unit award granted pursuant to the Targa Resources Corp. Long-Term Incentive Plan, which were based generally on the TRP common unit price performance relative to its peer group (a market condition), and will be converted and restated into a cash-settled award, pursuant to the same time-based vesting schedule but without application of any performance factor relating to TRP common units, based on the common share price of TRC determined by multiplying the number of performance units denominated in each TRP Performance Unit Award immediately prior to the effective time of the TRC/TRP Merger by the Exchange Ratio, rounding down to the nearest whole share. This modification of the liability-classified awards resulted in revaluation as of the pro forma balance sheet date as the removal of the market condition is reflected in the fair value of the award.

(d)

The TRC/TRP Merger, which involves a change in TRC’s ownership interests in its subsidiary TRP, has been accounted for as an equity transaction in accordance with ASC 810. As described in Note (b), the TRC/TRP Merger resulted in the recognition of a deferred tax liability totaling $952.0 million. This tax impact is presented as a decrease to additional paid-in capital consistent with the accounting for tax effects of transactions with noncontrolling interests:


	Common Shares		Additional paid-in capital			Retained earnings		Accumulated other comprehensive income (loss)			TRC’s stockholders’ equity			Noncontrolling interests (1)			Total owners’ equity
TRC shares issued for the Merger	$	0.1	$	1,803.0		$	—	$	—		$	1,803.1		$	(4,368.7	)	$	(2,565.6	)
Impact of NCI acquisition on TRC owners’ equity		—		2,488.0			—		77.6			2,565.6			—			2,565.6
Deferred tax adjustments		—		(922.5	)		—		(29.5	)		(952.0	)		—			(952.0	)
Transaction costs, net of tax (see Note (a))		—		(10.1	)		—		—			(10.1	)		—			(10.1	)

Total pro forma adjustments	$	0.1	$	3,358.4		$	—	$	48.1		$	3,406.6		$	(4,368.7	)	$	(962.1	)

(1)	Reflects the December 31, 2015 book value of the publicly held interests in TRP.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

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

+ Details

Inventories

12 Months Ended

Dec. 31, 2015

Inventories [Abstract]

Inventories

Note 5 — Inventories


	December 31, 2015		December 31, 2014
Partnership:
Commodities	$	128.3	$	157.4
Materials and supplies		12.7		11.5

	$	141.0	$	168.9

- 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, 2015

Property, Plant and Equipment and Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 6 — Property, Plant and Equipment and Intangible Assets

Property, Plant and Equipment


	December 31, 2015			December 31, 2014			Estimated Useful Lives (In Years)
Gathering systems	$	6,304.5		$	2,588.6		5 to 20
Processing and fractionation facilities		2,995.2			1,890.7		5 to 25
Terminaling and storage facilities		1,115.0			1,038.9		5 to 25
Transportation assets		454.0			359.0		10 to 25
Other property, plant and equipment		221.1			149.3		3 to 25
Land		108.8			95.6		—
Construction in progress		736.5			399.0		—

Property, plant and equipment		11,935.1			6,521.1
Accumulated depreciation		(2,232.4	)		(1,696.5	)

Property, plant and equipment, net	$	9,702.7		$	4,824.6

Intangible assets	$	2,036.6		$	681.8		20
Accumulated amortization		(226.5	)		(89.9	)

Intangible assets, net	$	1,810.1		$	591.9

For each of the years ended December 31, 2015, 2014, and 2013 depreciation expense for property, plant and equipment was $540.4 million, $289.5 million and $244.5 million.

We recorded non-cash pre-tax impairment charges of $32.6 million in 2015 and $3.2 million in 2014 due to the impairment of certain gas processing facilities and gathering systems associated with our Coastal Straddle and Big Lake operations. The impairments are a result of reduced forecasted gas processing volumes due to market conditions and processing spreads in Louisiana in the fourth quarter of 2015 and 2014. We measured the impairment of property, plant and equipment using discounted estimated future cash flows representative of a Level 3 fair value measurement. These carrying value adjustments are included in depreciation and amortization expenses on our consolidated statements of operations.

Intangible Assets

Intangible assets consist of customer contracts and customer relationships acquired in the Atlas mergers in 2015 and our Badlands business acquisition in 2012. The fair values of these acquired intangible assets were determined at the date of acquisition based on the present values 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.

The fair values of intangible assets acquired in the Atlas mergers have been recorded at a fair value of $1,354.9 million, which is being amortized over a 20 year life using the straight-line method. Amortization expense attributable to our intangible assets related to the Badlands acquisition is recorded using a method that closely reflects the cash flow pattern underlying their intangible asset valuation.


	December 31,
	2015			2014
Beginning of period	$	591.9		$	653.4
Additions from acquisition		1,354.9			—
Amortization		(136.7	)		(61.5	)

Intangible assets, net	$	1,810.1		$	591.9

For each of the years ended December 31, 2015, 2014, and 2013 amortization expense for our intangible assets was $136.7 million, $61.5 million and $27.4 million. The estimated annual amortization expense for intangible assets is approximately $156.2 million, $149.4 million, $135.7 million, $124.7 million and $112.5 million for each of the years 2016 through 2020. As of December 31, 2015 the weighted average amortization period for our intangible assets was approximately 18.5 years.

Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2015

Investments in Unconsolidated Affiliates [Abstract]

Investments in Unconsolidated Affiliates

Note 7 – Investments in Unconsolidated Affiliates

The Partnership’s unconsolidated investments consist of a 38.8% non-operated ownership interest in Gulf Coast Fractionators LP (“GCF”) and three non-operated joint ventures in South Texas: 75% interest in T2 LaSalle; 50% interest in T2 Eagle Ford; and 50% interest in T2 EF Co-Gen (together the “T2 Joint Ventures”). The T2 Joint Ventures were formed to provide services for the benefit of the joint interest owners. The T2 Joint Ventures have capacity lease agreements with the joint interest owners, which cover the costs of operations of the T2 Joint Ventures. The terms of these joint venture agreements do not afford the Partnership the degree of control required for consolidating them in its consolidated financial statements, but do afford it the significant influence required to employ the equity method of accounting.

The following table shows the activity related to the Partnership’s investments in unconsolidated affiliates:


	GCF			T2 LaSalle			T2 Eagle Ford			T2 Cogen			Total
December 31, 2012	$	53.1		$	—		$	—		$	—		$	53.1

Equity earnings		14.8			—			—			—			14.8

Cash distributions (1)		(12.0	)		—			—			—			(12.0	)

December 31, 2013	$	55.9		$	—		$	—		$	—		$	55.9

Equity earnings		18.0			—			—			—			18.0

Cash distributions (1)		(23.7	)		—			—			—			(23.7	)

December 31, 2014	$	50.2		$	—		$	—		$	—		$	50.2

Fair value of T2 Joint Ventures acquired		—			67.5			126.7			20.3			214.5
Equity earnings (loss)		13.8			(3.9	)		(9.4	)		(3.0	)		(2.5	)
Cash distributions (1)		(14.5	)		—			—			(0.5	)		(15.0	)
Cash calls for expansion projects		—			—			6.5			5.2			11.7

December 31, 2015	$	49.5		$	63.6		$	123.8		$	22.0		$	258.9

(1)

Includes $1.2 million in distributions from GCF and T2 Joint Ventures received in excess of the Partnership’s share of cumulative earnings for the year ended December 31, 2015. Includes $5.7 million in distributions from GCF in excess of the Partnership’s share of cumulative earnings for the year ended December 31, 2014. 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.

The recorded value of the T2 Joint Ventures is based on fair values at the date of acquisition which results in an excess fair value of $39.9 million over the book value of our partner capital accounts. This basis difference is attributable to depreciable tangible assets and is being amortized over the estimated useful lives of the underlying assets of 20 years on a straight-line basis and is included as a component of equity earnings. See Note 4 - Business Acquisitions for further information regarding the fair value determinations related to the Atlas mergers.

- 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, 2015

Accounts Payable and Accrued Liabilities [Abstract]

Accounts Payable and Accrued Liabilities

Note 8 — Accounts Payable and Accrued Liabilities


	December 31, 2015							December 31, 2014
	Targa Resources Partners LP		TRC Non- Partnership			Targa Resources Corp. Consolidated		Targa Resources Partners LP		TRC Non- Partnership			Targa Resources Corp. Consolidated
Commodities	$	385.3	$	(0.1	)	$	385.2	$	416.7	$	—		$	416.7
Other goods and services		141.3		1.6			142.9		108.9		2.2			111.1
Interest		80.3		0.7			81.0		37.3		—			37.3
Compensation and benefits		0.4		15.6			16.0		1.3		44.8			46.1
Income and other taxes		10.4		3.0			13.4		13.6		(1.9	)		11.7
Other		18.1		0.5			18.6		14.9		0.7			15.6

	$	635.8	$	21.3		$	657.1	$	592.7	$	45.8		$	638.5

As of December 31, 2015 and December 31, 2014, liabilities to creditors to whom we have issued checks that remain outstanding of $34.2 million and $13.6 million are included in accounts payable and accrued liabilities.

Debt Obligations

12 Months Ended

Dec. 31, 2015

Debt Obligations [Abstract]

Debt Obligations

Note 9 — Debt Obligations


	December 31, 2015			December 31, 2014
Current:
Obligations of the Partnership
Accounts receivable securitization facility, due December 2016 (1)	$	219.3		$	182.8

Long-term:
Non-Partnership obligations:
TRC Senior secured revolving credit facility, variable rate, due October 2017		—			102.0
TRC Senior secured revolving credit facility, variable rate, due February 2020 (2)		440.0			—
TRC Senior secured term loan, variable rate, due February 2022		160.0			—
Unamortized discount		(2.5	)		—
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due October 2017 (3)		280.0			—
Senior unsecured notes, 5% fixed rate, due January 2018		1,100.0			—
Senior unsecured notes, 4 ¹ ⁄ ₈ % fixed rate, due November 2019		800.0			800.0
Senior unsecured notes, 6 ⁵ ⁄ ₈ % fixed rate, due October 2020 (4)		342.1			—
Unamortized premium		5.0			—
Senior unsecured notes, 6 ⁷ ⁄ ₈ % fixed rate, due February 2021		483.6			483.6
Unamortized discount		(22.1	)		(25.2	)
Senior unsecured notes, 6 ³ ⁄ ₈ % fixed rate, due August 2022		300.0			300.0
Senior unsecured notes, 5 ¹ ⁄ ₄ % fixed rate, due May 2023		583.7			600.0
Senior unsecured notes, 4 ¹ ⁄ ₄ % fixed rate, due November 2023		623.5			625.0
Senior unsecured notes, 6 ³ ⁄ ₄ % fixed rate, due March 2024		600.0			—
Senior unsecured APL notes, 6 ⁵ ⁄ ₈ % fixed rate, due October 2020 (4) (5)		12.9			—
Unamortized premium		0.2			—
Senior unsecured APL notes, 4 ³ ⁄ ₄ % fixed rate, due November 2021 (5)		6.5			—
Senior unsecured APL notes, 5 ⁷ ⁄ ₈ % fixed rate, due August 2023 (5)		48.1			—
Unamortized premium		0.5			—

		5,761.5			2,885.4
Debt issuance costs		(42.7	)		(29.9	)

Total long-term debt		5,718.8			2,855.5

Total debt	$	5,938.1		$	3,038.3

Irrevocable standby letters of credit:
Letters of credit outstanding under the TRC Senior secured credit facility (2)	$	—		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility (3)		12.9			44.1

	$	12.9		$	44.1

(1)	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.

(2)	As of December 31, 2015, availability under TRC’s $670.0 million senior secured revolving credit facility was $230.0 million.

(3)	As of December 31, 2015, availability under the Partnership’s $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,307.1 million.

(4)	In May 2015, the Partnership exchanged TRP 6 ⁵ ⁄ ₈ % Senior Notes with the same economic terms to holders of the 6 ⁵ ⁄ ₈ % APL Notes that validly tendered such notes for exchange to us.

(5)	While the Partnership consolidates the debt acquired in the Atlas mergers, APL debt is not guaranteed by us nor the Partnership.

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2015, for the next five years, and in total thereafter:


			Scheduled Maturities of Debt
	Total		2016		2017		2018		2019		2020		After 2020
TRC Senior secured revolving credit facility	$	440.0	$	—	$	—	$	—	$	—	$	440.0	$	—
TRC Senior secured loans		160.0		—		—		—		—		—		160.0
TRP Revolver		280.0		—		280.0				—		—		—
Partnership’s Senior unsecured notes		4,900.4		—		—		1,100.0		800.0		355.0		2,645.4
Partnership’s accounts receivable securitization Facility		219.3		219.3		—		—		—		—		—

Total	$	5,999.7	$	219.3	$	280.0	$	1,100.0	$	800.0	$	795.0	$	2,805.4

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, 2015:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC senior secured revolving credit facility	2.2% - 2.9%	2.6%
TRC senior secured term loan	5.75%	5.75%
Partnership’s senior secured revolving credit facility	1.9% - 4.8%	2.2%
Partnership’s accounts receivable securitization facility	0.9% - 1.2%	0.9%

Compliance with Debt Covenants

As of December 31, 2015, both we and the Partnership were in compliance with the covenants contained in our various debt agreements.

TRC Credit Agreement

ATLS Merger Financing Activities

In connection with the closing of the Atlas mergers, we entered into a Credit Agreement (the “TRC Credit Agreement”), dated as of February 27, 2015, among us, each lender from time to time party thereto and Bank of America, N.A. as administrative agent, collateral agent, swing line lender and letter of credit issuer. The TRC Credit Agreement includes a new five year revolving credit facility (“TRC Revolving Credit Facility”) that replaced the previous credit facility due October 3, 2017.

The TRC Credit Agreement provides for a new five year revolving credit facility in an aggregate principal amount up to $670 million and a seven year variable rate term loan facility in an aggregate principal amount of $430 million. This facility was issued at a 1.75% discount. The outstanding term loans are Eurodollar rate loans with an interest rate of LIBOR (with a LIBOR floor of 1%) plus an applicable rate of 4.75%. We used the net proceeds from the term loan issuance and the revolving credit facility to fund cash components of the ATLS merger, including cash merger consideration and approximately $160.2 million related to change of control payments made by ATLS, cash settlements of equity awards and transaction fees and expenses. In March 2015, we repaid $188.0 million of the term loan and wrote off $3.3 million of the discount and $5.8 million of debt issuance costs. In June 2015, we repaid $82.0 million of the term loan and wrote off $1.4 million of the discount and $2.4 million of debt issuance costs. The write-off of the discount and debt issuance costs are reflected as Loss from financing activities on the Consolidated Statements of Operations for the year ended December 31, 2015.

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 Revolving Credit Facility. 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 Credit Agreement is secured by substantially all of the Company’s assets. The TRC Credit Agreement requires us to maintain a consolidated leverage ratio (the ratio of consolidated funded indebtedness to consolidated adjusted EBITDA) of no more than (i) 4.50 to 1.00 for the fiscal quarter ending March 31, 2016 through the fiscal quarter ending December 31, 2016 and (ii) 4.00 to 1.00 for each fiscal quarter ending thereafter;. The TRC Credit Agreement 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) we are not in compliance with our consolidated leverage ratio as of the last day of the most recent test period. In addition, the TRC Credit Agreement 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.

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 “Original Agreement’). The Original Agreement had an available commitment of $1.2 billion and allowed the Partnership to request up to an additional $300.0 million in commitment increases.

In February 2015, the Partnership entered into the First Amendment, Waiver and Incremental Commitment Agreement (the “First Amendment”) that amended the Original Agreement. The First Amendment increased available commitments to $1.6 billion from $1.2 billion while retaining the Partnership’s ability to request up to an additional $300.0 million in commitment increases. In addition, the First Amendment amended certain provisions of the existing TRP Revolver and designated each of TPL and its subsidiaries as an “Unrestricted Subsidiary.” The Partnership used proceeds from borrowings under the credit facility to fund some of the cash components of the APL merger, including $701.4 million for the repayments of the APL Revolver and $28.8 million related to change of control payments.

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 May 2013, the Partnership privately placed $625.0 million in aggregate principal amount of 4 ¹ ⁄ ₄ % Notes. The 4 ¹ ⁄ ₄ % 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 6 ³ ⁄ ₈ % Notes. The redemption resulted in a $7.4 million loss on debt redemption, including the write-off of $1.0 million of unamortized debt issuance 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 11 ¹ ⁄ ₄ % 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 issuance costs.

In October 2014, the Partnership privately placed $800.0 million in aggregate principal amount of 4 ¹ ⁄ ₈ % Senior Notes due 2019 (the “4 ¹ ⁄ ₈ % Notes”). The 4 ¹ ⁄ ₈ % 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 7 ⁷ ⁄ ₈ % 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 issuance costs.

In January 2015, the Partnership and Targa Resources Partners Finance Corporation (collectively, the “Partnership Issuers”) issued $1.1 billion in aggregate principal amount of 5% Senior Notes due 2018 (the “5% Notes”). The 5% Notes resulted in approximately $1,089.8 million of net proceeds after costs, which were used with borrowings under the Partnership’s senior secured credit facility to fund the APL Notes Tender Offers and the Change of Control Offer (each as defined below). The 5% Notes are unsecured senior obligations that have substantially the same terms and covenants as the Partnership’s other senior notes.

In September 2015, the Partnership Issuers issued $600 million in aggregate principal amount of 6 ³ ⁄ ₄ % Senior Notes due 2024 (the “6 ³ ⁄ ₄ % Notes”). The 6 ³ ⁄ ₄ % Notes resulted in approximately $595.0 million of net proceeds after costs, which were used to reduce borrowings under the Partnership’s senior secured credit facility and for general partnership purposes. The 6 ³ ⁄ ₄ % Notes are unsecured senior obligations that have substantially the same terms and covenants as the Partnership’s other senior notes.

Debt Repurchases

In December 2015, the Partnership repurchased on the open market a portion of its outstanding Senior Notes as follows:

•

5 ¹ ⁄ ₄ % Notes due 2023 (the “5 ¹ ⁄ ₄ % Notes”) paying $13.0 million plus accrued interest to repurchase $16.3 million of the outstanding balance of the 5 ¹ ⁄ ₄ % Notes.

•

4 ¹ ⁄ ₄ % Notes due 2023 (the “4 ¹ ⁄ ₄ % Notes”) paying $1.2 million plus accrued interest to repurchase $1.5 million of the outstanding balance of the 4 ¹ ⁄ ₄ % Notes.

•

6 ⁵ ⁄ ₈ % APL Notes due 2020 (the “6 ⁵ ⁄ ₈ % Notes”) paying $0.1 million plus accrued interest to repurchase $0.1 million of the outstanding balance of the 6 ⁵ ⁄ ₈ % Notes.

The December 2015 Senior Note repurchases resulted in a $3.6 million gain on debt repurchases and a write-off of $0.1 million in related deferred debt issuance costs.

APL Merger Financing Activities

APL Senior Notes Tender Offers

In January 2015, the Partnership commenced cash tender offers for any and all of the outstanding fixed rate senior secured notes to be acquired in the APL merger, referred to as the APL Notes Tender Offers, which totaled $1.55 billion.

The results of the APL Notes Tender Offers were:


Senior Notes	Outstanding Note Balance		Amount Tendered		Premium Paid		Accrued Interest Paid		Total Tender Offer payments		% Tendered			Note Balance after Tender Offers
($ amounts in millions)
6 ⁵ ⁄ ₈ % due 2020	$	500.0	$	140.1	$	2.1	$	3.7	$	145.9		28.02	%	$	359.9
4 ³ ⁄ ₄ % due 2021		400.0		393.5		5.9		5.3		404.7		98.38	%		6.5
5 ⁷ ⁄ ₈ % due 2023		650.0		601.9		8.7		2.6		613.2		92.60	%		48.1

Total	$	1,550.0	$	1,135.5	$	16.7	$	11.6	$	1,163.8				$	414.5

In connection with the APL Notes Tender Offers, on February 27, 2015, the supplemental indentures governing the 4 ³ ⁄ ₄ % Senior Notes due 2021 (the “2021 APL Notes”) and the 5 ⁷ ⁄ ₈ % Senior Notes due 2023 (the “2023 APL Notes”) of TPL and Targa Pipeline Finance Corporation (formerly known as Atlas Pipeline Finance Corporation) (together, the “APL Issuers”), became operative. These supplemental indentures eliminated substantially all of the restrictive covenants and certain events of default applicable to the 2021 APL Notes and the 2023 APL Notes that were not accepted for payment.

Not having achieved the minimum tender condition on the 6 ⁵ ⁄ ₈ % Senior Notes due 2020 of the APL Issuers (the “2020 APL Notes”), the Partnership made a change of control offer, referred to as the Change of Control Offer, for any and all of the 2020 APL Notes in advance of, and conditioned upon, the consummation of the APL merger. In March 2015, holders representing $4.8 million of the outstanding 2020 APL Notes tendered their notes requiring a payment of $5.0 million, which included the change of control premium and accrued interest.

Payments made under the APL Notes Tender Offers and Change of Control Offer totaling $1,168.8 million are presented as financing activities for the Partnership in the Consolidated Statements of Cash Flows.

Exchange Offer and Consent Solicitation

On April 13, 2015, the Partnership Issuers commenced an offer to exchange (the “Exchange Offer”) any and all of the outstanding 2020 APL Notes, for an equal amount of new unsecured 6 ⁵ ⁄ ₈ % Senior Notes due 2020 issued by the Partnership Issuers (the “6 ⁵ ⁄ ₈ % Notes” or the “TRP 6 ⁵ ⁄ ₈ % Notes”). On April 27, 2015, the Partnership had received tenders and consents from holders of approximately 96.3% of the total outstanding 2020 APL Notes. As a result, the minimum tender condition to the Exchange Offer and related consent solicitation was satisfied, and the APL Issuers entered into a supplemental indenture which eliminated substantially all of the restrictive covenants and certain events of default applicable to the 2020 APL Notes.

In May 2015, upon the closing of the Exchange Offer, the Partnership Issuers issued $342.1 million aggregate principal amount of the TRP 6 ⁵ ⁄ ₈ % Notes to holders of the 2020 APL Notes which were validly tendered for exchange. The related $5.6 million premium, resulting from acquisition date fair value accounting, will be amortized as an adjustment to interest expense over the remaining term of the TRP 6 ⁵ ⁄ ₈ % Notes. The Partnership recognized $0.7 million of costs associated with the Exchange Offer, included as a Loss from financing activities on the Consolidated Statements of Operations.

Debt Repurchases Summary

The following table summarizes the debt repurchases that are included in our Consolidated Statements of Operations:


	2015			2014		2013
Premium over face value paid upon redemption:
Partnership 6 ³ ⁄ ₈ Notes	$	—		$	—	$	6.4
Partnership 7 ⁷ ⁄ ₈ Notes		—			9.9		—
Partnership 11 ¹ ⁄ ₄ Notes		—			—		4.1
Recognition of unamortized discount:
TRC Term Loan, variable rate		4.7			—		—
Partnership 11 ¹ ⁄ ₄ Notes		—			—		2.2
Gain on repurchase of debt:
Partnership 5 ¹ ⁄ ₄ Notes		(3.3	)		—		—
Partnership 4 ¹ ⁄ ₄ Notes		(0.3	)		—		—
Loss from financing with Exchange Offer:
Partnership 6 ⁵ ⁄ ₈ Notes		0.7			—		—
Write-off of deferred debt issuance costs:
TRC Term Loan, variable rate		8.2			—		—
Partnership 5 ¹ ⁄ ₄ Notes		0.1
Partnership 6 ³ ⁄ ₈ Notes		—			—		1.0
Partnership 7 ⁷ ⁄ ₈ Notes					2.5		—
Partnership 11 ¹ ⁄ ₄ Notes		—			—		1.0

Loss from financing activities	$	10.1		$	12.4	$	14.7

Select terms of the senior unsecured notes outstanding as of December 31, 2015 were as follows:


Note Issue	Issue Date	Per Annum Interest Rate	Due Date	Dates Interest Paid
“6 ⁷ ⁄ ₈ % Notes”	February 2011	6 ⁷ ⁄ ₈ %	February 1, 2021	February & August 1 ^st
“6 ³ ⁄ ₈ % Notes”	January 2012	6 ³ ⁄ ₈ %	August 1, 2022	February & August 1 ^st
“5 ¹ ⁄ ₄ % Notes”	Oct / Dec 2012	5 ¹ ⁄ ₄ %	May 1, 2023	May & November 1 ^st
“4 ¹ ⁄ ₄ % Notes”	May 2013	4 ¹ ⁄ ₄ %	November 15, 2023	May & November 15 ^th
“4 ¹ ⁄ ₈ % Notes”	October 2014	4 ¹ ⁄ ₈ %	November 15, 2019	May & November 15 ^th
“5% Notes”	January 2015	5%	January 15, 2018	January & July 15 ^th
“6 ⁵ ⁄ ₈ % Notes”	May 2015	6 ⁵ ⁄ ₈ %	October 1, 2020	February & October 1 ^st
“6 ³ ⁄ ₄ % Notes”	September 2015	6 ³ ⁄ ₄ %	March 15, 2024	March & September 15 ^th
“APL 6 ⁵ ⁄ ₈ % Notes”	Sept 2012 (1)	6 ⁵ ⁄ ₈ %	October 1, 2020	April & October 1 ^st
“APL 4 ³ ⁄ ₄ % Notes”	May 2013 (1)	4 ³ ⁄ ₄ %	November 15, 2021	May & November 15 ^th
“APL 5 ⁷ ⁄ ₈ % Notes”	February 2013 (1)	5 ⁷ ⁄ ₈ %	August 1, 2023	February & August 1 ^st

(1)	Issue dates for APL Notes are original dates of issuance. These notes were acquired in the APL Merger. See Note 4 – Business Acquisitions.

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 either Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P’) (or rated investment grade by both Moody’s and S&P for the 6 ⁷ ⁄ ₈ % 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 (other than with respect to the 5% 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 180 days for the 6 ³ ⁄ ₄ % Notes, 6 ³ ⁄ ₈ % Notes, 5 ¹ ⁄ ₄ % Notes, 4 ¹ ⁄ ₄ % Notes and 4 ¹ ⁄ ₈ % Notes of the date of the closing of such equity offering.


Note Issue	Any Date Prior To	Price
4 ¹ ⁄ ₄ % Notes	May 15, 2016	104.250%

6 ³ ⁄ ₄ % Notes	September 15, 2018	106.750%
4 ¹ ⁄ ₈ % Notes	November 15, 2017	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.


6 ⁷ ⁄ ₈ % Notes		6 ³ ⁄ ₈ % Notes		5 ¹ ⁄ ₄ % Notes		4 ¹ ⁄ ₄ % Notes
Redemption Date:		Redemption Date:		Redemption Date:		Redemption Date:
February 1		February 1		November 1		May 15
Year	Price	Year	Price	Year	Price	Year	Price
2016	103.438%	2017	103.188%	2017	102.625%	2018	102.125%
2017	102.292%	2018	102.125%	2018	101.750%	2019	101.417%
2018	101.146%	2019	101.063%	2019	100.875%	2020	100.708%
2019 and thereafter	100%	2020 and thereafter	100%	2020 and thereafter	100%	2021 and thereafter	100%

6 ⁵ ⁄ ₈ % Notes		6 ³ ⁄ ₄ % Notes		4 ¹ ⁄ ₈ % Notes		APL 6 ⁵ ⁄ ₈ % Notes
Redemption Date:		Redemption Date:		Redemption Date:		Redemption Date:
October 1		September 15		November 15		October 1
Year	Price	Year	Price	Year	Price	Year	Price
2016	103.313%	2019	103.375%	2016	102.063%	2016	103.313%
2017	101.656%	2020	101.688%	2017	101.031%	2017	101.656%
2018 and thereafter	100.000%	2021 and thereafter	100.000%	2018 and thereafter	100%	2018 and thereafter	100%

APL 4 ³ ⁄ ₄ % Notes		APL 5 ⁷ ⁄ ₈ % Notes
Redemption Date:		Redemption Date:
May 15		February 1
Year	Price	Year	Price
2016	103.563%	2018	102.938%
2017	102.375%	2019	101.958%
2018	101.188%	2020	100.979%
2019 and thereafter	100%	2021 and thereafter	100%

The Partnership’s Accounts Receivable Securitization Facility

The Securitization Facility provides up to $225.0 million of borrowing capacity at LIBOR market index rates plus a margin through December 9, 2016. Under the Securitization Facility, Partnership subsidiaries sell or contribute qualifying 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. Sold receivables up to the amount of the outstanding debt under the Securitization Facility are not available to satisfy the claims of the creditors of the selling subsidiaries or the Partnership. Any excess receivables are eligible to satisfy the claims. As of December 31, 2015, total funding under the Securitization Facility was $219.3 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, 2015 and 2014.

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 – Partnership Units and Related Matters for equity issuances under the July 2013 Shelf.

The Partnership’s April 2015 Shelf

In April 2015, the Partnership filed with the SEC a universal shelf registration statement that allows it to issue up to an aggregate of $1.0 billion of debt or equity securities (the “April 2015 Shelf”). The April 2015 Shelf expires in April 2018.

Subsequent Events

As of February 18, 2016, the Partnership repurchased on the open market a portion of its outstanding Senior Notes as follows:

•

5 ¹ ⁄ ₄ % Senior Notes due 2023 (the “5 ¹ ⁄ ₄ % Notes”) paying 16.7 million plus accrued interest to repurchase $20.5 million of the outstanding balance of the 5 ¹ ⁄ ₄ % Notes.

•

4 ¹ ⁄ ₄ % Senior Notes due 2023 (the “4 ¹ ⁄ ₄ % Notes”) paying $17.0 million plus accrued interest to repurchase $22.9 million of the outstanding balance of the 4 ¹ ⁄ ₄ % Notes.

•

6 ⁷ ⁄ ₈ % Senior Notes due 2021 (the “6 ⁷ ⁄ ₈ % Notes”) paying $4.3 million plus accrued interest to repurchase $5.0 million of the outstanding balance of the 6 ⁷ ⁄ ₈ % Notes.

•

6 ⁵ ⁄ ₈ % Senior Notes due 2020 (the “6 ⁵ ⁄ ₈ % Notes”) paying $15.3 million plus accrued interest to repurchase $17.4 million of the outstanding balance of the 6 ⁵ ⁄ ₈ % Notes.

•

6 ³ ⁄ ₈ % Senior Notes due 2022 (the “6 ³ ⁄ ₈ % Notes”) paying $7.6 million plus accrued interest to repurchase $9.5 million of the outstanding balance of the 6 ³ ⁄ ₈ % Notes.

•

6 ³ ⁄ ₄ % Senior Notes due 2024 (the “6 ³ ⁄ ₄ % Notes”) paying $2.4 million plus accrued interest to repurchase $3.0 million of the outstanding balance of the 6 ³ ⁄ ₄ % Notes.

•

5% Senior Notes due 2018 (the “5% Notes”) paying $1.5 million plus accrued interest to repurchase $1.9 million of the outstanding balance of the 5% Notes.

•

4 ¹ ⁄ ₈ % Senior Notes due 2019 (the “4 ¹ ⁄ ₈ % Notes”) paying $11.9 million plus accrued interest to repurchase $16.4 million of the outstanding balance of the 4 ¹ ⁄ ₈ % Notes.

The Partnership paid a total of $0.2 million in fees and $1.4 million in accrued interest for the repurchase of these Senior Notes.

- 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

Other Long-term Liabilities

12 Months Ended

Dec. 31, 2015

Other Long-term Liabilities [Abstract]

Other Long-term Liabilities

Note 10 — Other Long-term Liabilities

Other long-term liabilities are comprised of the following obligations.


	December 31,
	2015		2014
Asset retirement obligations	$	70.4	$	57.3
Mandatorily redeemable preferred interests		82.9		—
Deferred revenue and other		26.9		6.0

Total long-term liabilities	$	180.2	$	63.3

Asset Retirement Obligations

The Partnership’s asset retirement obligations (“ARO”) primarily relate to certain gas gathering pipelines and processing facilities, and are included in the consolidated balance sheets as a component of other long-term liabilities. The changes in ARO are as follows:


	2015		2014
Beginning of period	$	57.3	$	50.9
Fair value of ARO acquired with APL merger		4.0		—
Change in cash flow estimate		3.8		2.1
Accretion expense		5.3		4.5
Retirement of ARO		—		(0.2	)

End of period	$	70.4	$	57.3

Mandatorily Redeemable Preferred Interests (See Note 4 – Business Acquisitions)

Our consolidated financial statements include our interest in two joint ventures that, separately, own a 100% interest in the WestOK natural gas gathering and processing system and a 72.8% undivided interest in the WestTX natural gas gathering and processing system. Our partner in the joint ventures holds preferred interests in each joint venture that are redeemable: (i) at our or our partner’s election, on or after July 27, 2022; and (ii) mandatorily, in July 2037.

The joint ventures, collectively, hold $1.9 billion face value in notes receivable from our partner, which are due July 2042. The interest rate payable under the notes receivable is a variable LIBOR-based rate. For the period ending on December 31, 2015, interest earned on the notes receivable of $8.9 million, exclusive of the priority return payable to our partner, is reflected within Interest expense, net on our Consolidated Statements of Operations. We have accounted for the notes receivable at fair value. Upon redemption: (i) the distributable value of our partner’s interest in each joint venture is required to be adjusted by mutual agreement or under a valuation procedure outlined in each joint venture agreement based, among other things, on changes in the market value of the joint venture’s assets allocable to our partner (including the value of the notes receivable); and (ii) the parties are obligated to set off the value of the notes receivable from our partner against the value of our partner’s interest in the applicable joint venture. For reporting purposes under GAAP, an estimate of our partner’s interest in each joint venture is required to be recorded as if the redemption had occurred on the reporting date. Our estimate was not derived using the explicit valuation procedures required under the joint venture agreements which, at the earliest, would be required in 2022 and, as such, the actual value of our partner’s allocable share of each joint venture’s assets may differ from our estimate.

The aggregate fair values of the notes receivable and the estimated redemption values of our partner’s interest in the joint ventures as of the reporting date are presented on the Consolidated Balance Sheets on a net basis as Other long-term liabilities of $82.9 million as of December 31, 2015. Aggregate changes in the fair values of the notes receivable and the estimated redemption value of the mandatorily redeemable preferred interests in the WestTX and WestOK joint ventures resulted in income of $30.6 million within interest expense, net on the Consolidated Statement of Operations for the year ended December 31, 2015.

The following table shows the changes in long-term liabilities attributable to mandatorily redeemable preferred interests:


	Liability attributable to mandatorily redeemable preferred interests
Balance at December 31, 2014	$	—
Acquired mandatorily redeemable preferred interests		109.3
Income attributable to mandatorily redeemable preferred interests		2.8
Other activity, net		1.4
Change in estimated redemption value		(30.6	)

Balance at December 31, 2015	$	82.9

Deferred Revenue and Other

Deferred revenue and other includes consideration received in a 2015 amendment to a gas gathering and processing agreement which requires future performance by Targa. The consideration paid for the contract amendment will require future performance by Targa which has resulted in the deferred revenue. The deferred revenue will be recognized on a straight-line basis through the end of the agreement’s term in 2030. As of December 31, 2015, the balance of deferred revenue is $21.1 million. For the year ended December 31, 2015, we recognized approximately $1.4 million of revenue for this transaction. See Note 22 – Supplemental Cash Flow Information.

Partnership Units and Related Matters

12 Months Ended

Dec. 31, 2015

Partnership Units and Related Matters [Abstract]

Partnership Units and Related Matters

Note 11 — Partnership Units and Related Matters

Public Offerings of Common Units

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 expired 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 (“Morgan Stanley”), Raymond James, RBC Capital Markets, LLC (“RBC”), UBS and Wells Fargo Securities, LLC (“Wells Fargo”), 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, Raymond James, RBC, UBS and Wells Fargo, 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.

In May 2015, we entered into an additional Equity Distribution Agreement under the April 2015 Shelf (the “May 2015 EDA”), pursuant to which the Partnership may sell through our sales agents, at its option, up to an aggregate of $1.0 billion of its common units. As of December 31, 2015, the Partnership issued 7,377,380 common units under its EDAs, receiving net proceeds of $316.1 million. As of December 31, 2015, approximately $4.2 million of capacity and $835.6 million of capacity remain under the May 2014 and May 2015 EDAs. As of December 31, 2015, we contributed $6.5 million to the Partnership to maintain our 2% general partner interest.

Pursuant to the TRC/TRP Merger Agreement, TRC has agreed to cause the TRP common units to be delisted from the NYSE and deregistered under the Exchange Act. As a result of the completion of the TRC/TRP Merger, the TRP common units are no longer publicly traded.

Issuances of Common Units

As part of the Atlas merger, the Partnership issued 58,614,157 common units to former APL unitholders as consideration for the APL merger, of which 3,363,935 common units represented ATLS’s common unit ownership in APL and were issued to us. We contributed $52.4 million to the Partnership to maintain our 2% general partner interest.

Issuance of Preferred Units

In October 2015, under the Partnership’s automatic shelf registration statement filed in April 2013 and amended by a post-effective amendment filed in October 2015 (the “April 2013 Shelf”), the Partnership completed an offering of 4,400,000 Preferred Units at a price of $25.00 per unit. Pursuant to the exercise of the underwriters’ overallotment option, the Partnership sold an additional 600,000 Preferred Units at a price of $25.00 per unit. The Partnership received net proceeds after costs of approximately $121.1 million. The Partnership used the net proceeds from this offering to reduce borrowings under its senior secured credit facility and for general partnership purposes. The Preferred Units are listed on the NYSE under the symbol “NGLS PRA.”

Distributions on the Preferred Units are cumulative from the date of original issue and are payable monthly in arrears on the 15th day of each month of each year, when, as and if declared by the board of directors of the general partner. Distributions on the Preferred Units will be payable out of amounts legally available therefor from at a rate equal to 9.0% per annum. On and after November 1, 2020, distributions on the Preferred Units will accumulate at an annual floating rate equal to the one-month LIBOR plus a spread of 7.71%.

The Preferred Units will, with respect to anticipated monthly distributions, rank:

•

senior to the Partnership’s common units and to each other class or series of Partnership interests or other equity securities established after the original issue date of the Preferred Units that is not expressly made senior to or pari passu with the Preferred Units as to the payment of distributions;

•

pari passu with any class or series of Partnership interests or other equity securities established after the original issue date of the Preferred Units that is not expressly made senior or subordinated to the Preferred Units as to the payment of distributions;

•

junior to all of the Partnership’s existing and future indebtedness (including (i) indebtedness outstanding under the TRP Revolver, (ii) the Partnership’s 5% Notes, the Partnership’s 4 ¹ ⁄ ₈ % Notes, the Partnership’s 6 ⁵ ⁄ ₈ % Notes, the Partnership’s 6 ⁷ ⁄ ₈ % Senior Notes due 2021, the Partnership’s 6 ³ ⁄ ₈ % Senior Notes due 2022, the Partnership’s 5 ¹ ⁄ ₄ % Senior Notes due 2023, the Partnership’s 4 ¹ ⁄ ₄ % Senior Notes due 2023 and the Partnership’s 6 ³ ⁄ ₄ % Notes and (iii) indebtedness outstanding under the Partnership’s Securitization Facility and other liabilities with respect to assets available to satisfy claims against us); and

•

junior to each other class or series of Partnership interests or other equity securities established after the original issue date of the Preferred Units that is expressly made senior to the Preferred Units as to the payment of distributions.

At any time on or after November 1, 2020, the Partnership may redeem the Preferred Units, in whole or in part, from any source of funds legally available for such purpose, by paying $25.00 per unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared. In addition, the Partnership (or a third party with its prior written consent) may redeem the Preferred Units following certain changes of control, as described in the Partnership Agreement. If the Partnership (or a third party with its prior written consent) does not exercise this option, then the holders of the Preferred Units have the option to convert the Preferred Units into a number of common units per unit as set forth in the Partnership Agreement. If the Partnership (or a third party with its prior written consent) exercises its redemption rights relating to any Preferred Units, the holders of those Preferred Units will not have the conversion right described above with respect to the Preferred Units called for redemption. Holders of Preferred Units will have no voting rights except for certain exceptions set forth in the Partnership Agreement.

As of December 31, 2015, the Partnership has paid $1.5 million in distributions to its preferred unitholders.

Distributions

In accordance with the Partnership Agreement, the Partnership must distribute all of its available cash, as determined by the general partner, to common 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. As a result of the TRC/TRP Merger, which was completed on February 17, 2016, Targa owns all of the outstanding TRP common units.


		Distributions
Three Months Ended	Date Paid	Limited Partners		General Partner							Distributions to Targa Resources Corp.		Distributions per limited partner unit
Three Months Ended	Date Paid	Common		Incentive			2%		Total		Distributions to Targa Resources Corp.		Distributions per limited partner unit
(In millions, except per unit amounts)
2015
December 31, 2015	February 9, 2016	$	152.5	$	43.9	(1)	$	4.0	$	200.4	$	61.4	$	0.8250
September 30, 2015	November 13, 2015		152.5		43.9	(1)		4.0		200.4		61.4		0.8250
June 30, 2015	August 14, 2015		152.5		43.9	(1)		4.0		200.4		61.4		0.8250
March 31, 2015	May 15, 2015		148.3		41.7	(1)		3.9		193.9		59.0		0.8200

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

(1)

Pursuant to the IDR Giveback Amendment in conjunction with the Atlas mergers, IDR’s of $9.375 million were allocated to common unitholders in each of the quarters for 2015. The IDR Giveback Amendment covers sixteen quarterly distribution declarations following the completion of the Atlas mergers on February 27, 2015 and resulted in reallocation of IDR payments to common unitholders in the following amounts: $9.375 million per quarter for 2015. The IDR Giveback will result in reallocation of IDR payments to common unitholders of $6.25 million in the first quarter for 2016.

- 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, 2015

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, 2015, 2014 and 2013:


Three Months Ended	Date Paid	Total Dividend Declared		Amount of Dividend Paid		Accrued Dividends (1)		Dividend Declared per Share of Common Stock
(In millions, except per share amounts)
2015
December 31, 2015	February 9, 2016	$	51.7	$	51.0	$	0.7	$	0.91000
September 30, 2015	November 16, 2015		51.3		51.0		0.3		0.91000
June 30, 2015	August 17, 2015		49.2		49.0		0.2		0.87500
March 31, 2015	May 18, 2015		46.6		46.4		0.2		0.83000

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

(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.

Subsequent Event

On February 18, 2016, we announced that we had entered into an agreement for the issuance and sale of $500 million of our 9.5% Series A Preferred Stock (the “Preferred Stock”). The Preferred Stock can be redeemed in whole or in part at our option after five years. The Preferred Stock is also convertible into our common stock beginning in 2028. In association with the issuance of the Preferred Stock, we also agreed to issue approximately 7,020,000 warrants with a strike price of $18.88 per common share and 3,385,000 warrants with a strike price of $25.11 per common share. The warrants have a seven year term and can be exercised commencing six months after closing. We expect to use the net proceeds from the sale of the Preferred Stock to repay indebtedness and for general corporate purposes. We expect this transaction to close in March 2016.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Earnings per Common Share

12 Months Ended

Dec. 31, 2015

Earnings per Common Share [Abstract]

Earnings per Common Share

Note 13 — Earnings 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:


	2015			2014		2013
Net income (loss)	$	(151.4	)	$	423.0	$	201.3
Less: Net income attributable to noncontrolling interests		(209.7	)		320.7		136.2

Net income attributable to common shareholders	$	58.3		$	102.3	$	65.1

Weighted average shares outstanding - basic		53.5			42.0		41.6

Net income available per common share - basic	$	1.09		$	2.44	$	1.56

Weighted average shares outstanding		53.5			42.0		41.6
Dilutive effect of unvested stock awards		0.1			0.1		0.5

Weighted average shares outstanding - diluted (1)		53.6			42.1		42.1

Net income available per common share - diluted	$	1.09		$	2.43	$	1.55

(1)	For the year ended December 31, 2015 approximately 55,907 shares were excluded from the computation of diluted earnings attributable to common shares because the inclusion of such shares would have been anti-dilutive.

- Definition

The entire disclosure for earnings per share.

+ References

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+ Details

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2015

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 our Gathering and Processing segment and (ii) NGL and condensate equity volumes predominately in our 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 delivery points of the Partnership’s physical equity volumes. The Partnership’s natural gas hedges are a mixture of specific gas delivery points and Henry Hub. 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.

The Partnership hedges a portion of its condensate equity volumes using crude oil hedges that are based on the 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.

As part of the Atlas mergers, outstanding APL derivative contracts with a fair value of $102.1 million as of the acquisition date were novated to the Partnership and included in the acquisition date fair value of assets acquired. Derivative settlements of $67.9 million related to these novated contracts were received during the year ended December 31, 2015 and were reflected as a reduction of the acquisition date fair value of the APL derivative assets acquired with no effect on results of operations.

The “off-market” nature of these acquired derivatives can introduce a degree of ineffectiveness for accounting purposes due to an embedded financing element representing the amount that would be paid or received as of the acquisition date to settle the derivative contract. The resulting ineffectiveness can either potentially disqualify the derivative contract in its entirety for hedge accounting or alternatively affect the amount of unrealized gains or losses on qualifying derivatives that can be deferred from inclusion in periodic net income.

Certain novated APL crude options with a fair value of $7.7 million as of the acquisition date did not fall within the “highly effective” correlation range required to qualify as a hedging instrument for accounting purposes. These non-qualifying hedges were settled in December 2015, which resulted in a $2.2 million gain on cash settlement for the year ended December 31, 2015. Additionally, for the year ended December 31, 2015, the Partnership recorded $0.9 million of ineffectiveness gains related to otherwise qualifying APL derivatives, primarily natural gas swaps.

At December 31, 2015, the notional volumes of the Partnership’s commodity derivative contracts were:


Commodity	Instrument	Unit	2016		2017		2018
Natural Gas	Swaps	MMBtu/d		83,264		23,082		—
Natural Gas	Basis Swaps	MMBtu/d		48,962		18,082		—
Natural Gas	Collars	MMBtu/d		22,900		22,900		9,486
NGL	Swaps	Bbl/d		4,473		1,078		208
NGL	Futures	Bbl/d		1,956		—		—
NGL	Options/Collars	Bbl/d		920		920		32
Condensate	Swaps	Bbl/d		1,502		500		—
Condensate	Options/Collars	Bbl/d		790		790		101

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 permit its contracting subsidiaries to net cash settle offsetting asset and liability positions with the same counterparty within the same Targa entity. 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, 2015				Fair Value as of December 31, 2014
	Balance Sheet		Derivative		Derivative		Derivative		Derivative
	Location		Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts		Current	$	92.1	$	2.1	$	44.4	$	—
		Long-term		34.9		2.4		15.8		—

Total derivatives designated as hedging instruments			$	127.0	$	4.5	$	60.2	$	—

Derivatives not designated as hedging instruments
Commodity contracts		Current	$	0.1	$	3.1	$	—	$	5.2

Total derivatives not designated as hedging instruments			$	0.1	$	3.1	$	—	$	5.2

Total current position			$	92.2	$	5.2	$	44.4	$	5.2
Total long-term position				34.9		2.4		15.8		—

Total derivatives			$	127.1	$	7.6	$	60.2	$	5.2

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
	Position		Position		Position		Position
December 31, 2015
Current position
Counterparties with offsetting position	$	86.9	$	5.2	$	81.7	$	—
Counterparties without offsetting position - assets		5.3		—		5.3		—
Counterparties without offsetting position - liabilities		—		—		—		—

		92.2		5.2		87.0		—
Long-term position
Counterparties with offsetting position		34.2		2.4		31.8		—
Counterparties without offsetting position - assets		0.7		—		0.7		—
Counterparties without offsetting position - liabilities		—		—		—		—

		34.9		2.4		32.5		—
Total derivatives
Counterparties with offsetting position		121.1		7.6		113.5		—
Counterparties without offsetting position - assets		6.0		—		6.0		—
Counterparties without offsetting position - liabilities		—		—		—		—

	$	127.1	$	7.6	$	119.5	$	—

December 31, 2014
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

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. Some of the Partnership’s hedges are futures contracts executed through a counterparty that clears the hedges through an exchange. The payment obligations on these futures are settled daily.

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 $119.5 million as of December 31, 2015. 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 Partnership’s futures contracts that are cleared through an exchange are settled daily and do not require any credit adjustment.

The following tables reflect amounts recorded in Other Comprehensive Income (“OCI”) and amounts reclassified from OCI to revenue and expense for the periods indicated:


Derivatives in Cash Flow Hedging Relationships	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	2015		2014			2013
Commodity contracts	$	81.2	$	59.7		$	(5.8	)

	$	81.2	$	59.7		$	(5.8	)


	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
Location of Gain (Loss)	2015		2014			2013
Interest expense, net	$	—	$	(2.4	)	$	(6.1	)
Revenues		54.8		(4.2	)		21.0

	$	54.8	$	(6.6	)	$	14.9

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.


Derivatives Not Designated as Hedging Instruments	Location of Gain 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	2015			2014			2013
Commodity contracts	Revenue	$	(5.7	)	$	(5.5	)	$	(0.1	)

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 2018 based on valuations as of the balance sheet date:


	December 31, 2015		December 31, 2014
Commodity hedges, before tax (1)	$	86.7	$	60.3

(1)	Includes deferred net gains of $52.1 million as of December 31, 2015 related to contracts that will be settled and reclassified to revenue over the next 12 months.

See Note 15 – Fair Value Measurements 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

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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

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 and contingent consideration related to business acquisitions 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, futures, option contracts and fixed-price forward commodity contracts with certain counterparties. The Partnership determines the fair value of its derivative contracts using present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying 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, 2015, a net asset position of $119.5 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 $99.8 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 $138.1 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:

•

Our and the Partnership’s 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.

The Partnership has a contingent consideration liability for APL’s previous acquisition of a gas gathering system and related assets, which is carried at fair value (see Note 4 – Business Acquisitions).

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, 2015
			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)	$	127.1	$	127.1	$	—	$	123.1	$	4.0
Liabilities from commodity derivative contracts (1)		7.6		7.6		0.3		7.0		0.3
TPL contingent consideration (2)		3.0		3.0		—		—		3.0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		140.2		140.2		—		—		—
TRC Senior secured revolving credit facility		440.0		440.0		—		440.0		—
TRC Term Loan		157.5		158.3		—		158.3		—
Partnership’s Senior secured revolving credit facility		280.0		280.0		—		280.0		—
Partnership’s Senior unsecured notes		4,884.0		4,192.0		—		4,192.0		—
Partnership’s accounts receivable securitization facility		219.3		219.3		—		219.3		—

	December 31, 2014
			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	$	60.2	$	60.2	$	—	$	58.4	$	1.8
Liabilities from commodity derivative contracts		5.2		5.2		—		5.1		0.1
Financial Instruments Recorded on Our Consolidated Balance Sheet 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		—

(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 – Derivative Instruments and Hedging Activities. 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.

(2)	See Note 4 – Business Acquisitions.

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

We reported certain of the Partnership’s swaps and option contracts 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, 2015, the Partnership had 14 commodity swap and option contracts 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 fair value of the contingent consideration was determined using a probability-based model measuring the likelihood of meeting certain volumetric measures. These probability-based inputs are not observable; the entire valuation of the contingent consideration is categorized in Level 3. Changes in the fair value of this liability are included in Other Income on the consolidated statements of operations.

The 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)			Contingent Liability
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 losses included in OCI		(1.1	)		—
Transfers out of Level 3		0.3			—

Balance, December 31, 2014		(1.7	)		—
TPL contingent consideration fair value at acquisition date (see Note 4 -Business Acquisitions)		—			4.2
Change in fair value of TPL contingent consideration included in Other Income		—			(1.2	)
New Level 3 instruments		(3.7	)		—
Transfers out of Level 3		1.7			—

Balance, December 31, 2015	$	(3.7	)	$	3.0

For the year ended December 31, 2015, the Partnership transferred $1.7 million in derivative liabilities out of Level 3 and into Level 2. These transfers relate to long-term over-the-counter 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 16 — Related Party Transactions Transactions with Unconsolidated Affiliates For the years ended December 31, 2015, 2014 and 2013, transactions with GCF included in revenues were $0.5 million, $0.8 million and $0.4 million. For the same periods, transactions with GCF included in costs and expenses were $5.8 million, $7.6 million and $6.3 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. For the year ended December 31, 2015, capacity lease fees paid to T2 Eagle Ford and T2 LaSalle included in operating expenses were $2.8 million and $1.1 million, respectively. These fees are billed to the Partnership based on its portion of the cost to operate each respective joint venture. As of December 31, 2015, the Partnership had a $1.8 million payable to T2 Eagle Ford for capital project cash calls and accrued lease capacity fees. 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. Services provided to Sajet totaled $1.1 million in 2015. 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. Services provided to Tesla and Floridian totaled $0.2 million in 2015.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08.(k))
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph b
-Article 3A

+ Details

Commitments (Leases)

12 Months Ended

Dec. 31, 2015

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		2016		2017		2018		2019		2020
Non-Partnership obligations:
Operating leases (1)	$	8.5	$	3.6	$	3.1	$	0.7	$	0.7	$	0.4
Partnership obligations:
Operating leases (2)		42.1		16.0		10.8		8.8		3.7		2.8
Land site lease and right-of-way (3)		11.0		2.4		2.3		2.2		2.1		2.0

	$	61.6	$	22.0	$	16.2	$	11.7	$	6.5	$	5.2

(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:


	2015		2014		2013
Non-Partnership:
Operating leases	$	3.6	$	3.3	$	2.8
Partnership:
Operating leases (1)		40.4		24.4		23.3
Land site lease and right-of-way		4.2		4.1		3.6

(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.

+ References + Details

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2015
Contingencies [Abstract]
Contingencies	Note 18 – Contingencies Legal Proceedings Litigation related to TRC/TRP Merger On December 16, 2015, two purported unitholders of TRP (the “State Court Plaintiffs”) filed a putative class action and derivative lawsuit challenging the TRC/TRP Merger against TRC, TRP (as a nominal defendant), TRP GP, the members of the board of the general partner (the “TRP GP Board”) and Merger Sub (collectively, the “State Court Defendants”). This lawsuit is styled Leslie Blumberg et al. v. TRC Resources Corp., et al. , Cause No. 2015-75481, in the District Court of Harris County, Texas, 234th Judicial District (the “State Court Lawsuit”). The State Court Plaintiffs allege several causes of action challenging the TRC/TRP Merger. Generally, the State Court Plaintiffs allege that (i) the members of the TRP GP Board breached express and/or implied duties under the TRP partnership agreement and (ii) TRC, our general partner, and Merger Sub aided and abetted in these alleged breaches of duties. The State Court Plaintiffs further allege, in general, that (a) the premium offered to TRP’s unitholders was inadequate, (b) the TRC/TRP Merger did not include a collar to protect TRP unitholders from decreases in TRC’s stock price, (c) the TRP GP Board agreed to contractual terms that allegedly may have dissuaded other potential acquirers from seeking to acquire TRP (including the “no-solicitation,” “matching rights,” and “termination fee” provisions), (d) the process leading up to the TRC/TRP Merger was unfair and (e) the TRP GP Board has conflicts of interest due to TRC’s control of our general partner. Based on these allegations, the State Court Plaintiffs sought to enjoin the State Court Defendants from proceeding with or consummating the TRC/TRP Merger unless and until the TRP GP Board adopted and implemented processes to obtain the best possible terms for TRP common unitholders. The State Court Plaintiffs now seek to have the TRC/TRP Merger rescinded and seek attorneys’ fees. The date to answer or otherwise respond to the State Court Lawsuit is currently set for February 29, 2016. On January 6 and 19, 2016, two additional purported unitholders of TRP (the “Federal Court Plaintiffs”) filed two putative class action lawsuits challenging the disclosures made in connection with the TRC/TRP Merger against TRP and the members of the TRP GP Board (the “Federal Court Defendants”). These lawsuits have been consolidated as In re Targa Resources Partners, L.P. Securities Litigation , Consolidated C.A. No. 4:16-cv-00041, in the United States District Court for the Southern District of Texas, Houston Division (the “Federal Court Lawsuits”). The Federal Court Plaintiffs allege that (i) the Federal Court Defendants have violated Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder and (ii) the members of the TRP GP Board have violated Section 20(a) of the Exchange Act. The Federal Court Plaintiffs allege, in general, that the preliminary and definitive joint proxy statements/prospectuses filed in connection with the TRC/TRP Merger fail, among other things, to disclose allegedly material information concerning (i) the TRP GP Conflicts Committee’s financial advisor’s and TRC’s financial advisor’s analyses in connection with the TRC/TRP Merger, (ii) certain TRC and TRP projections, and (iii) the events leading up to the TRC/TRP Merger. The Federal Court Plaintiffs further allege, in general, that (a) the premium offered to TRP’s unitholders was inadequate, (b) the TRC/TRP Merger did not include a collar to protect TRP unitholders from decreases in TRC’s stock price, (c) the TRP GP Board agreed to contractual terms that allegedly may have dissuaded other potential acquirers from seeking to acquire TRP (including the “no-solicitation,” “matching rights,” and “termination fee” provisions), (d) the process leading up to the TRC/TRP Merger was unfair and (e) the TRP GP Board has conflicts of interest due to TRC’s control of the general partner. Based on these allegations, the Federal Court Plaintiffs sought to enjoin the Federal Court Defendants from proceeding with or consummating the TRC/TRP Merger unless and until the Federal Court Defendants disclosed the allegedly omitted information summarized above. The Federal Court Plaintiffs now seek to have the TRC/TRP Merger rescinded. The Federal Court Plaintiffs also seek damages and attorneys’ fees. One of the Federal Court Plaintiffs sought a Temporary Restraining Order (“TRO”) to prevent the Federal Court Defendants from proceeding with the TRC/TRP vote and/or merger. On January 29, 2016, this Plaintiff was denied his request for a TRO. The date for the Federal Court Defendants to answer, move to dismiss, or otherwise respond to the Federal Court Lawsuits has not yet been set. Neither the State Court Defendants nor the Federal Court Defendants (collectively, the “Defendants”) can predict the outcome of these or any other lawsuits that might be filed subsequent to the date of the filing of this report, nor can Defendants predict the amount of time and expense that will be required to resolve such litigation. Defendants believe these lawsuits are without merit and intend to defend vigorously against these lawsuits and any other actions challenging the TRC/TRP Merger. Targa Litigation related to Atlas Mergers 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 was styled Inspired Investors v. Joe Bob Perkins, et al. , in the District Court of Harris County, Texas (the “TRC Lawsuit”). The TRC Plaintiff alleged a variety of causes of action challenging the disclosures related to the ATLS Merger. Generally, the TRC Plaintiff alleged that the TRC Director Defendants breached their fiduciary duties. The TRC Plaintiff further alleged that the registration statement filed on January 22, 2015 failed 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 sought to enjoin the TRC Lawsuit Defendants from proceeding with or consummating the ATLS Merger unless and until TRC disclosed the allegedly material omitted details. The TRC Plaintiff also sought to have the ATLS Merger rescinded, recissory damages, and attorneys’ fees. On June 9, 2015, the Court dismissed the TRC Lawsuit with prejudice. Atlas Unitholder Litigation Between October and December 2014, five public unitholders of APL (the “APL Plaintiffs”) filed putative class action lawsuits against APL, ATLS, APL GP, its managers, Targa, the Partnership, the general partner and MLP Merger Sub (the “APL Lawsuit Defendants”). These lawsuits were 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 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 GP, its managers, Targa and GP Merger Sub (the “ATLS Lawsuit Defendants” and, together with the APL Lawsuit Defendants, the “Atlas Lawsuit Defendants”). These lawsuits were 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 been voluntarily dismissed. The Atlas Lawsuit Plaintiffs alleged a variety of causes of action challenging the Atlas mergers. Generally, the APL Plaintiffs alleged that (a) APL GP’s managers have breached the covenant of good faith and/or their fiduciary duties and (b) Targa, the Partnership, the general partner, MLP Merger Sub, 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 alleged that (a) the premium offered to APL’s unitholders was inadequate, (b) APL agreed to contractual terms that would 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 alleged that the registration statement filed on November 19, 2014 failed, among other things, to disclose allegedly material details concerning (i) Stifel, Nicolaus & Company, Incorporated’s analysis of the Atlas mergers; (ii) APL and the Partnership’s financial projections; and (iii) the background of the Atlas mergers. Generally, the ATLS Plaintiffs alleged that (a) ATLS GP’s directors have breached the covenant of good faith and/or their fiduciary duties and (b) Targa, GP Merger Sub, and ATLS have aided and abetted in these alleged breaches of the covenant of good faith and/or fiduciary duties. The ATLS Plaintiffs further alleged that (a) the premium offered to the ATLS unitholders was inadequate, (b) ATLS agreed to contractual terms that would 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 failed 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 Atlas mergers; (ii) the Partnership, Targa, APL, and ATLS’ financial projections; and (iii) the background of the Atlas mergers. 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. The Atlas Lawsuit Plaintiffs also sought rescission, damages, and 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 would 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. On January 21, 2016, the Court granted final approval of the settlements in the Consolidated Atlas Lawsuits and dismissed the Consolidated Atlas Lawsuits with prejudice. Environmental Proceedings On August 22, 2014 and September 9, 2014, the Texas Commission on Environmental Quality (“TCEQ”) issued Notices of Enforcement (“NOEs”) to Targa Midstream Services LLC for alleged violations of air emissions regulations at the Mont Belvieu Fractionator relating to the operations of two regenerative thermal oxidizers during 2013 and 2014 and an unrelated discrete emissions event that occurred on May 29, 2014. On May 26, 2015, we signed an Agreed Order resolving all alleged violations stated in the NOEs. The Executive Director of the TCEQ signed the Agreed Order on September 11, 2015, and the TCEQ Commissioners approved the Agreed Order during their November 4, 2015 meeting. Pursuant to the Agreed Order, we (1) paid an administrative penalty in the amount of $115,644; and (2) paid $115,643 to fund certain supplemental environmental projects. Under the Agreed Order, we must comply with certain ordering provisions, including a requirement to install a flare gas recovery unit at the Mont Belvieu Fractionator within one year of the effective date of the Agreed Order. On June 18, 2015, the New Mexico Environment Department’s Air Quality Bureau issued a Notice of Violation to Targa Midstream Services LLC for alleged violations of air emissions regulations related to emissions events that occurred at the Monument Gas Plant between June 2014 and December 2014. The Monument Gas Plant is operated by us and owned by Versado Gas Processors, L.L.C., which is a joint venture in which we own a 63% interest. We are in discussions with the New Mexico Environment Department to resolve the alleged violations. We anticipate that this matter could result in a monetary sanction in excess of $100,000 but less than $300,000. We are also a party to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business.

Significant Risks and Uncertainties

12 Months Ended

Dec. 31, 2015

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 crude oil, 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 crude oil, 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, NGL equity volumes and condensate equity volumes through 2018 by entering into financially settled derivative transactions. Historically, these transactions have included both swaps and purchased puts (or floors) and calls (or caps) to hedge additional expected equity commodity volumes without creating volumetric risk. 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’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 $7.6 million as of December 31, 2015. The range of losses attributable to the Partnership’s individual counterparties would be between $0.4 million and $38.9 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:


	2015		2014			2013
Balance at beginning of year	$	—	$	1.1		$	0.9
Additions		0.1		—			0.2
Deductions		—		(1.1	)		—

Balance at end of year	$	0.1	$	—		$	1.1

Significant Commercial Relationship

During the years ended December 31, 2015, 2014 and 2013, the Partnership did not have any commercial relationships that exceeded 10% of consolidated revenues.

During the year ended December 31, 2015, ONEOK Hydrocarbon L.P. accounted for 12% of the Partnership’s consolidated purchases with a supplier. During the years ended December 31, 2014 and 2013, the Partnership did not have any suppliers that exceeded 10% of our consolidated product purchases.

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 are 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 may change overtime, 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, 2015

Other Operating (Income) Expense [Abstract]

Other Operating (Income) Expense

Note 20 – Other Operating (Income) Expense


	2015			2014			2013
Loss (gain) on sale or disposal of assets	$	(8.0	)	$	(4.8	)	$	3.9
Casualty (gain) loss		(0.2	)		0.1			4.3
Miscellaneous business tax		0.5			0.4			0.7
Other		0.6			1.3			0.7

	$	(7.1	)	$	(3.0	)	$	9.6

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Income Taxes

Note 21 – Income Taxes

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


	2015		2014			2013
Current expense	$	15.0	$	72.4		$	42.8
Deferred expense (benefit)		24.6		(4.4	)		5.4

	$	39.6	$	68.0		$	48.2

Our deferred income tax assets and liabilities at December 31, 2015 and 2014 consist of differences related to the timing of recognition of certain types of costs as follows:


	2015			2014
Deferred tax assets:
Deferred tax assets before valuation allowance (1)	$	23.3		$	3.5

Valuation allowance		(3.5	)		(3.5	)

Deferred tax assets	$	19.8		$	—

Deferred tax liabilities:
Investments (2)	$	(114.3	)	$	(115.8	)
Property, Plant and Equipment		(61.5	)		—
Debt related deferreds		(10.0	)		(13.4	)
Other		(11.8	)		(9.5	)

Deferred tax liabilities		(197.6	)		(138.7	)

Net deferred tax asset (liability):	$	(177.8	)	$	(138.7	)

Net deferred tax liability:
Federal	$	(144.5	)	$	(115.5	)
Foreign		0.6			0.6
State		(33.9	)		(23.8	)

	$	(177.8	)	$	(138.7	)

Balance sheet classification of deferred tax assets (liabilities):
Long-term liability	$	(177.8	)	$	(138.7	)

	$	(177.8	)	$	(138.7	)

(1)	Our deferred tax asset attributable to Net Operating Losses, reflects Net Operating Losses at TPL Arkoma, Inc.

(2)	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 part of the APL Merger in 2015, the Partnership acquired TPL Arkoma, Inc. a corporate subsidiary subject to federal and state income tax. The Partnership’s corporate subsidiary accounts for income taxes under the asset and liability method and provides deferred income taxes for all significant temporary differences.

As a result of dropdown transactions in 2009 and 2010, 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:	2015			2014			2013
Income (loss) before income taxes	$	(111.8	)	$	491.0		$	249.5
Less: Net income attributable to noncontrolling interest		209.7			(320.7	)		(136.2	)
Less: TPL Arkoma, Inc. income to TRC		0.5			—			—
Less: Income taxes included in noncontrolling interest		(0.6	)		(4.2	)		(2.5	)

Income attributable to TRC (excluding TPL Arkoma, Inc.) before income taxes		97.8			166.1			110.8
Income from TPL Arkoma, Inc.		(7.6	)		—			—

Income attributable to TRC and TPL Arkoma, Inc. before income taxes		90.2			166.1			110.8
Federal statutory income tax rate		35	%		35	%		35	%

Provision for federal income taxes		31.6			58.1			38.8
State income taxes, net of federal tax benefit		3.5			6.7			4.4
Amortization of deferred charge on 2010 transactions		4.7			4.7			4.7
Other, net		(0.2	)		(1.5	)		0.3

Income tax provision	$	39.6		$	68.0		$	48.2

As of December 31, 2015, TPL Arkoma, Inc. had net operating loss carry forwards for federal income tax purposes of approximately $51.3 million, which expire at various dates from 2029 to 2035. Management of the General Partner believes it more likely than not that the deferred tax asset will be fully utilized.

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

+ Details

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2015

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 22 — Supplemental Cash Flow Information


	2015		2014		2013
Cash:
Interest paid, net of capitalized interest (1)	$	214.1	$	133.8	$	121.7

Income taxes paid, net of refunds		12.6		73.4		34.1

Non-cash investing activities:
Deadstock commodities inventory transferred to property, plant and equipment		1.2		14.8		30.4
Impact of capital expenditure accruals on property, plant and equipment		43.8		19.0		(0.4	)

Transfers from materials and supplies to property, plant and equipment		3.7		4.6		20.5
Change in ARO liability and property, plant and equipment due to revised future ARO cash flow estimate		3.8		2.1		1.6

Property, plant and equipment in consideration of contract amendment (2)		22.6		—		—

Non-cash financing activities:
Debt additions and retirements related to exchange of TRP 6 ⁵ ⁄ ₈ % Notes for APL 6 ⁵ ⁄ ₈ % Notes		342.1		—		—
Reduction of Owner’s Equity related to accrued dividends on unvested equity awards under share compensation arrangements		1.6		0.6		1.6
Accrued distributions of preferred unit		0.9		—		—

Non-cash balance sheet movements related to business acquisition: (see Note 4)
Non-cash merger consideration - common units and replacement equity awards	$	2,436.1	$	—	$	—
Non-cash merger consideration - common shares and replacement equity awards		1,013.7		—		—

Net non-cash balance sheet movements excluded from consolidated statements of cash flows		3,449.8		—		—
Net cash merger consideration included in investing activities		1,574.4		—		—

Total fair value of consideration transferred	$	5,024.2	$	—	$	—

(1)	Interest capitalized on major projects was $13.2 million, $16.1 million and $28.0 million for 2015, 2014 and 2013.

(2)	The Partnership measured the estimated fair value of the assets transferred to it using significant other observable inputs representative of a Level 2 fair value measurement.

- 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, 2015

Stock and Other Compensation Plans [Abstract]

Stock and Other Compensation Plans

Note 23 – Stock and Other Compensation Plans

For the years ended December 31, 2015, 2014 and 2013 our results include compensation expenses from the following sources:

Partnership Long-Term Incentive Plan

Performance Units - Equity-Settled

Phantom Units - Equity-Settled

Phantom Units

Replacement Phantom Units

Director Grants

TRC Long-Term Incentive Plan

Cash-settled Performance Units

2010 TRC Stock Incentive Plan

Restricted Stock Awards

Restricted Stock Units - Equity - Settled

Restricted Stock Units

Replacement Restricted Stock Units

TRC Director Grants

Targa 401(k) Plan

Long-Term Incentive Plans

Performance Units

In 2007 both we and the Partnership adopted Long-Term Incentive Plans (each, an “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. Our LTIP (the “TRC LTIP”) provides for the grant of cash-settled performance units only, but the Partnership LTIP (“TRP LTIP”) provides for, among other things, the grant of both cash-settled and equity-settled performance units. Performance unit awards granted under either LTIP may also include distribution equivalent rights (“DERs”). The TRP LTIP is administered by the board of directors of the general part of TRP, while the TRC LTIP is administered by the compensation committee (the “Committee”) of the Targa board of directors. Total units authorized under the TRP 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 paid for both cash-settled 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 use a Monte Carlo simulation model and historical volatility assumption to estimate accruals throughout the vesting period.

TRP LTIP Equity-Settled Performance Units

The following table summarizes activities of the Partnership’s equity-settled performance units for the years ended December 31, 2015, 2014, and 2013:


	Number of units			Weighted Average Grant-Date Fair Value
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
Granted		277,242			34.48
Vested		(178,900	)		41.92

Outstanding at December 31, 2015		675,745			44.29

TRP LTIP Equity – Settled Phantom units

In 2015, the Partnership granted phantom units under the LTIP to various employees of Targa. These phantom units are denominated with respect to our common units, but not otherwise linked to the performance of our common units. Their vesting periods vary from one year to five years. The DERs of the phantom units are accumulated to be paid in cash at vesting date.

Phantom Units

In 2015 the Partnership issued phantom units of 25,162 with the weighted average grant date fair value of $36.87. As of December 31, 2015, there are no forfeited phantom units.

Replacement Phantom Units

In connection with the APL merger, the Partnership awarded replacement phantom units in accordance with and as required by the Atlas Merger Agreements to those APL employees who became Targa employees upon close of the acquisition. The vesting dates and terms remained unchanged from the existing APL awards, and will vest either 25% per year over the original four year term or 33% per year over the original three year term. The DERs of the replacement phantom units are paid in cash within 60 days of the payment of distributions (see Note 4 - Business Acquisitions.)

The following table summarize the activities of the awards for the year ended 2015.


	Number of units			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2014		—		$	—
Granted		629,231			43.82
Vested		(224,021	)		43.82
Forfeited		(49,852	)		43.82

Outstanding at December 31, 2015		355,358		$	43.82

Subsequent Event - On January 15, 2016, 3,405 replacement phantom units vested and the Partnership repurchased 1,289 units at $10.65 per unit to satisfy the employee’s minimum statutory tax withholdings on the vested awards. The repurchased shares are recorded as treasury units at cost.

Partnership Director Grants

Starting in 2012, the common units granted to the Partnership’s non-management directors vest 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, 2015, 2014 and 2013 (in units and dollars):


	Number of units			Weighted Average Grant-Date Fair Value
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		—			—
Granted		10,565			44.67
Vested		(10,565	)		44.67

Outstanding at December 31, 2015		—			—

Subsequent Event - On January 19, 2016, the board of directors of the Partner’s general partner made awards of 26,792 of the Partnership common units to its 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 2015 awarded under the TRC LTIP (in units and millions of dollars):


	Program Year
	2012 Awards			2013 Awards			2014 Awards			2015 Awards			Total
Units outstanding January 1, 2015		138,460			142,110			122,360			—			402,930
Granted		—			—			—			198,280			198,280
Vested and paid		(138,460	)		—			—			—			(138,460	)
Forfeited		—			(2,410	)		(2,460	)		(5,890	)		(10,760	)

Units outstanding December 31, 2015		—			139,700			119,900			192,390			451,990

Calculated fair market value as of December 31, 2015				$	622,496		$	359,684		$	1,662,913		$	2,645,093

Current liability				$	511,247		$	—		$	—		$	511,247
Long-term liability					—			172,926			229,460			402,386

Liability as of December 31, 2015				$	511,247		$	172,926		$	229,460		$	913,633

To be recognized in future periods				$	111,249		$	186,758		$	1,433,453		$	1,731,460
Vesting date					June 2016			June 2017			June 2018

The remaining weighted average recognition period for the unrecognized compensation cost is approximately 2.3 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 of our common stock 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, and paid in cash when the award vests. 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		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

Forfeited		(1,980	)		42.82
Vested		(82,800	)		33.37

Outstanding at December 31, 2014		119,193			46.35

Vested		(88,570	)		42.46

Outstanding at December 31, 2015		30,623			57.59

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

(2)	Awards vested in 2013 were 60% of the awards issued in conjunction with the Targa IPO, net of forfeitures. 40% of the awards vested prior to 2013.

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 vesting periods vary from one year to five years. The following table summarizes the regular RSUs we granted to the management of the general partner 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
Granted		140,477			83.54
Forfeited		(2,530	)		86.73
Vested		(2,220	)		81.56

Outstanding at December 31, 2015		244,094			87.02

RSU –Replacement Restricted Stock Units

In connection with the ATLS merger, we awarded RSUs in accordance with and as required by the Atlas Merger Agreements to those APL employees that who became Targa employees upon closing of the acquisition (the “Replacement RSUs”). The vesting dates and terms remained unchanged from the original ATLS awards, and will vest either 25% per year over the original four year term or 25% after the third year of the original term and 75% after the fourth year of the original term. The dividends of the replacement awards are paid in cash within 60 days of the payment of common stock dividends (see Note 4 – Business Acquisitions for details).

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


	Number of units			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2014		—		$	—
Granted		81,740			99.58
Vested		(41,539	)		99.58
Forfeited		(1,556	)		99.58

Outstanding at December 31, 2015		38,645		$	99.58

Subsequent Events

In January 2016, the Committee made restricted stock units awards of 440,163 shares to executive management and employees under the TRC Plan for the 2016 compensation cycle that will cliff vest in three years from the grant date.

On January 15, 2016, 29,123 shares of the restricted stock units granted in January 2013 vested and we repurchased 6,861 shares at $17.04 per share to satisfy the employee’s minimum statutory tax withholdings on the vested awards. The repurchased shares are recorded by us in treasury stock at cost.

On January 19, 2016, the Committee awarded 24,234 shares of our common stock to our outside directors. The awards vested at grant date.

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


	2015			2014		2013
2010 TRC Stock Incentive Plan - Director Grants	$	0.6		$	0.5	$	0.5
TRP LTIP Equity-Settled Performance Units		9.5			8.8		5.5
TRP LTIP Equity-Settled Phantom units - Replacement Phantom Units		6.4			—		—
TRP LTIP Equity-Settled Phantom units - Regular Phantom Units		0.2			—		—
TRP LTIP Director Grants		0.5			0.4		0.5
Allocated to the Partnership:
TRC LTIP - Cash-Settled Performance Units		(2.2	)		11.0		21.9
2010 TRC Stock Incentive Plan - Restricted Stock		1.1			2.2		6.3
2010 TRC Stock Incentive Plan - Equity-Settled RSUs: RSUs		5.4			2.5		0.4
2010 TRC Stock Incentive Plan - Equity-Settled RSUs: Replacement RSUs		1.3			—		—

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, 2015:


	Unrecognized Compensation Expense		Weighted Average Remaining Vesting Period
	(In millions)		(In years)
TRP LTIP Equity-Settled Performance Units	$	13.3		1.9
TRP LTIP Equity-Settled Phantom units - Replacement Phantom Units		5.8		1.3
TRP LTIP Equity-Settled Phantom units - Phantom Units		0.8		3.3
2010 TRC Stock Incentive Plan - Restricted Stock		0.0		0.1
2010 TRC Stock Incentive Plan - Equity-Settled Restricted Stock Units: RSUs		13.1		2.3
2010 TRC Stock Incentive Plan - Equity-Settled Restricted Stock Units: Replacement RSUs		1.5		1.4

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


	2015		2014		2013
TRP LTIP Equity - Settled Performance Units	$	7.9	$	10.0	$	—
Accrued DERs settled for TRP LTIP Equity - Settled Performance Units		1.7		1.6		—
TRP LTIP Equity-Settled Phantom Units - Replacement Phantom Units		8.8		—		—
Accrued DERs settled for TRP LTIP Equity-Settled Phantom units - Replacement Phantom Units		1.1		—		—
TRP LTIP Director Grants		0.5		0.4		0.7
TRC LTIP Cash-Settled Performance Units		7.8		14.7		25.2
2010 TRC Stock Incentive Plan - Restricted Stock (1)		7.3		7.1		42.2
Accrued dividends settled		0.2		0.5		2.4
2010 TRC Stock Incentive Plan - Equity-Settled Restricted Stock Units: Replacement RSUs		3.8
2010 TRC Stock Incentive Plan - Director Grants		0.5		0.5		0.5

(1)	We recognized $1.1 million, $1.0 million and $1.6 million in tax benefits associated with the vesting of the restricted stock in 2015, 2014 and 2013.

Targa 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 $13.8 million, $10.5 million and $9.6 million during 2015, 2014, and 2013.

- 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=51659978&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
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-Name Accounting Standards Codification
-Topic 718
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-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, 2015

Segment Information [Abstract]

Segment Information

Note 24 — Segment Information

The Partnership operates in two primary segments (previously referred to as divisions): (i) Gathering and Processing, and (ii) Logistics and Marketing (also referred to as the Downstream Business). The operating margin results of the Partnership’s commodity derivative activities are reported in Other.

Concurrent with the completion of the TRC/TRP Merger, management reevaluated the Partnership’s reportable segments and determined that the previously disclosed divisions are the appropriate level of disclosure for its reportable segments. The increase in activity within Field Gathering and Processing due to the Atlas mergers coupled with the decline in activity in the Partnership’s Gulf Coast region makes the disaggregation of Field Gathering and Processing and Coastal Gathering and Processing no longer warranted. Management also determined that further disaggregation of the Logistics and Marketing segment is no longer appropriate due to the integrated nature of the operations within the Partnership’s Downstream Business and its leadership by a consolidated executive management team. The Gathering and Processing division was previously disaggregated into two reportable segments — (a) Field Gathering and Processing and (b) Coastal Gathering and Processing. The Logistics and Marketing division (also referred to as the Downstream Business) was previously disaggregated into two reportable segments—(a) Logistics Assets and (b) Marketing and Distribution.

The Partnership’s Gathering and Processing segment 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 Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico; the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma and South Central Kansas; the Williston Basin in North Dakota and in the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico.

The Partnership’s Logistics and Marketing segment 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, the storage and terminaling of refined petroleum products and crude oil and certain natural gas supply and marketing activities in support of our other businesses including services to LPG exporters. It also includes certain natural gas supply and marketing activities in support of our other operations, as well as transporting natural gas and NGLs.

Logistics and Marketing operations are generally connected to and supplied in part by our Gathering and Processing segments and are predominantly located in Mont Belvieu and Galena Park, Texas, Lake Charles, Louisiana and Tacoma, Washington.

Other contains the results (including any hedge ineffectiveness) of the Partnership’s commodity derivative activities included in operating margin and mark-to-market gain/losses related to derivative contracts that were not designated as cash-flow hedges. Eliminations of inter-segment transactions are reflected in the corporate and eliminations column.

Reportable 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, 2015
	Gathering and Processing		Logistics and Marketing		Other			Corporate and Eliminations			TRC Non- Partnership		Total
Revenues
Sales of commodities	$	1,485.4	$	3,895.8	$	84.2		$	—		$	—	$	5,465.4
Fees from midstream services		427.1		766.1		—			—			—		1,193.2

		1,912.5		4,661.9		84.2			—			—		6,658.6
Intersegment revenues
Sales of commodities		1,126.3		208.9		—			(1,335.2	)		—		—
Fees from midstream services		8.7		17.8		—			(26.5	)		—		—

		1,135.0		226.7		—			(1,361.7	)		—		—

Revenues	$	3,047.5	$	4,888.6	$	84.2		$	(1,361.7	)	$	—	$	6,658.6

Operating margin	$	515.1	$	681.6	$	84.2		$	0.1		$	—	$	1,281.0

Other financial information:
Total assets	$	10,391.9	$	2,567.1	$	127.1		$	40.6		$	84.3	$	13,211.0

Goodwill (1)	$	417.0	$	—	$	—		$	—		$	—	$	417.0

Capital expenditures	$	496.3	$	272.0	$	—		$	8.9		$	—	$	777.2

Business acquisition	$	5,024.2	$	—	$	—		$	—		$	—	$	5,024.2


(1) Total assets include goodwill. Goodwill has been attributed to the Partnership’s Gathering and Processing segment.

	Year Ended December 31, 2014
	Gathering and Processing		Logistics and Marketing		Other			Corporate and Eliminations			TRC Non- Partnership		Total
Revenues
Sales of commodities	$	552.4	$	7,050.8	$	(8.0	)	$	—		$	—	$	7,595.2
Fees from midstream services		224.7		796.6		—			—			—		1,021.3

		777.1		7,847.4		(8.0	)		—			—		8,616.5
Intersegment revenues
Sales of commodities		2,068.8		339.3		—			(2,408.1	)		—		—
Fees from midstream services		5.2		28.5		—			(33.7	)		—		—

		2,074.0		367.8		—			(2,441.8	)		—		—

Revenues	$	2,851.1	$	8,215.2	$	(8.0	)	$	(2,441.8	)	$	—	$	8,616.5

Operating margin	$	449.9	$	694.8	$	(8.0	)	$	(0.2	)	$	—	$	1,136.5

Other financial information:
Total assets	$	3,776.2	$	2,476.1	$	60.2		$	34.8		$	76.2	$	6,423.5

Capital expenditures	$	437.1	$	304.6	$	—		$	6.1		$	—	$	747.8


	Year Ended December 31, 2013
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			TRC Non- Partnership			Total
Revenues
Sales of commodities	$	493.8	$	5,212.9	$	21.4	$	0.1		$	(0.2	)		5,728.0
Fees from midstream services		147.5		439.3		—		(0.1	)		—		$	586.7

		641.3		5,652.2		21.4		—			(0.2	)		6,314.7
Intersegment revenues
Sales of commodities		1,861.1		371.6		—		(2,232.7	)		—			—
Fees from midstream services		4.4		29.3		—		(33.7	)		—			—

		1,865.5		400.9		—		(2,266.4	)		—			—

Revenues	$	2,506.8	$	6,053.1	$	21.4	$	(2,266.4	)	$	(0.2	)	$	6,314.7

Operating margin	$	355.9	$	424.2	$	21.4	$	—		$	(0.3	)	$	801.2

Other financial information:
Total assets (1)	$	3,584.5	$	2,315.5	$	5.1	$	40.2		$	77.2		$	6,022.5

Capital expenditures	$	578.4	$	451.0	$	—	$	5.1		$	—		$	1,034.5

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


	2015		2014			2013
Sales of commodities
Natural gas	$	1,594.5	$	1,414.1		$	1,225.0
NGL		3,558.7		5,960.1			4,224.0
Condensate		142.4		134.3			121.8
Petroleum products		101.6		96.3			136.0
Derivative activities		68.2		(9.6	)		21.2

		5,465.4		7,595.2			5,728.0
Fees from midstream services
Fractionating and treating		209.0		208.9			133.9
Storage, terminaling, transportation and export		506.2		548.1			280.3
Gathering and processing		393.7		196.9			114.1
Other		84.3		67.4			58.4

		1,193.2		1,021.3			586.7

Total revenues	$	6,658.6	$	8,616.5		$	6,314.7

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


	2015			2014			2013
Reconciliation of operating margin to net income (loss):
Operating margin	$	1,281.0		$	1,136.5		$	801.2
Depreciation and amortization expense		(677.1	)		(351.0	)		(271.9	)
General and administrative expense		(161.7	)		(148.0	)		(151.5	)
Provisional goodwill impairment		(290.0	)		—			—
Interest expense, net		(231.9	)		(147.1	)		(134.1	)
Other, net		(32.1	)		0.6			5.8
Income tax expense		(39.6	)		(68.0	)		(48.2	)

Net income (loss)	$	(151.4	)	$	423.0		$	201.3

- 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
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014 were as follows:


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter			Total
	(In millions, except per share amounts)
2015
Revenues	$	1,679.7	$	1,699.4	$	1,632.1	$	1,647.4		$	6,658.6
Gross margin		421.1		471.3		468.8		459.8			1,821.0
Operating income (loss)		138.5		112.4		115.3		(206.9	)(1)(2)		159.3
Net income (loss)		35.9		23.8		20.8		(231.9	)		(151.4	)
Net income attributable to Targa common shareholders		3.4		15.2		12.7		27.0			58.3
Net income per common share - basic	$	0.07	$	0.27	$	0.23	$	0.48		$	1.09
Net income per common share - diluted	$	0.07	$	0.27	$	0.23	$	0.48		$	1.09

2014
Revenues	$	2,294.7	$	2,000.6	$	2,288.3	$	2,032.9		$	8,616.5
Gross margin		392.8		398.2		420.6		412.2			1,623.8
Operating income		158.4		150.3		168.7		163.1	(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

(1)	Included $32.6 million in the fourth quarter of 2015 and $3.2 million in the fourth quarter of 2014 losses due to impairments. See Note 6 – Property, Plant and Equipment and Intangible Assets.

(2)	Included a provisional goodwill impairment of $290.0 million in the fourth quarter of 2015. See Note 4 –Business Acquisitions.

- 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, 2015

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,
	2015		2014
	(In millions)
ASSETS
Investment in consolidated subsidiaries	$	1,999.4	$	243.8
Deferred income taxes		43.7		27.9
Long-term debt issuance costs		8.6		1.0
Other long-term assets		4.5		—

Total assets	$	2,056.2	$	272.7

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued current liabilities	$	1.2	$	0.6
Long-term debt		593.1		102.0
Other long-term liabilities		0.5		0.3
Commitments and contingencies
Targa Resources Corp. stockholders’ equity		1,461.4		169.8

Total liabilities and stockholders’ equity	$	2,056.2	$	272.7

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2015			2014			2013
	(In millions, except per share amounts)
Equity in net income (loss) of consolidated subsidiaries	$	87.6		$	109.8		$	72.6
General and administrative expenses		(8.0	)		(8.3	)		(8.4	)

Income (loss) from operations		79.6			101.5			64.2
Other income (expense):
Loss on debt extinguishment		(12.9	)		—			—
Interest expense		(24.2	)		(3.2	)		(3.2	)

Income (loss) before income taxes		42.5			98.3			61.0
Deferred income tax (expense) benefit		15.8			4.0			4.1

Net income (loss) available to common shareholders	$	58.3		$	102.3		$	65.1

Net income (loss) available per common share - basic	$	1.09		$	2.44		$	1.56

Net income (loss) available per common share - diluted	$	1.09		$	2.43		$	1.55

Weighted average shares outstanding - basic		53.5			42.0			41.6
Weighted average shares outstanding - diluted		53.6			42.1			42.1

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2015			2014			2013
	(In millions)
Net cash provided by operating activities	$	62.6		$	(1.3	)	$	(4.1	)

Investing activities:
Business acquisitions, net of cash acquired		(745.7	)		—			—
Distribution and return of advances from consolidated subsidiaries		60.8			97.3			101.6

Net cash provided/(used) by investing activities		(684.9	)		97.3			101.6

Financing activities:
Long-term debt borrowings		914.5			92.0			65.0
Long-term debt repayments		(424.0	)		(74.0	)		(63.0	)
Costs incurred in connection with financing arrangements		(22.5	)		—			—
Issuance of common stock		335.5			—			—
Repurchase of common stock		(3.3	)		—			(13.3	)
Dividends to common and common equivalent shareholders		(179.0	)		(113.0	)		(87.8	)
Excess tax benefit from stock-based awards		1.1			(1.0	)		1.6
Distribution to owners		—			—			—

Net cash provided/(used) in financing activities		622.3			(96.0	)		(97.5	)

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, 2015

Significant Accounting Policies [Abstract]

Consolidation Policy

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

Property, plant and equipment are stated at acquisition value less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets.

Goodwill

Intangible Assets

Asset Retirement Obligations ("AROs")

Asset Retirement Obligations (“ AROs ”)

Debt Issuance 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

Mandatorily Redeemable Preferred 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, 2015

Basis of Presentation [Abstract]

Revision of Previously Reported Preliminary Fair Values for Purchase Accounting

The following table presents for each period the impact of these errors on previously reported balances, as well as the effect of ordinary measurement period adjustments.


	Three-Month Period
	As Reported		Impact of Errors			Other Measurement Period Adjustments (1)			As If Adjusted
March 31, 2015
Property, plant and equipment, net	$	9,832.9	$	(77.0	)	$	(248.8	)	$	9,507.1
Intangible assets, net		1,602.4		114.5			204.1			1,921.0
Goodwill		628.5		48.5			30.0			707.0
Noncontrolling interests		5,080.3		86.2			(173.2	)		4,993.3
Depreciation and amortization expenses		119.6		0.2			(0.2	)		119.6

June 30, 2015
Property, plant, and equipment, net	$	9,684.3	$	(76.0	)	$	1.0		$	9,609.3
Intangible assets, net		1,735.6		113.1			35.4			1,884.1
Goodwill		557.9		48.5			100.6			707.0
Noncontrolling interests		4,976.1		86.2			17.2			5,079.5
Depreciation and amortization expenses		163.9		0.5			0.5			164.9

September 30, 2015
Property, plant, and equipment, net	$	9,750.2	$	(75.0	)	$	(8.6	)	$	9,666.6
Intangible assets, net		1,695.7		111.6			39.8			1,847.1
Goodwill		551.4		48.5			107.1			707.0
Noncontrolling interests		4,898.1		86.2			17.3			5,001.6
Depreciation and amortization expenses		165.8		0.5			0.4			166.7

(1)	Other Measurement Period Adjustments for goodwill include the impact of all balance sheet adjustments not presented in this table.

Revision of Previously Reported Revenues and Product Purchases


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

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

As Revised:
Revenues		6,314.7
Product Purchases		5,137.2

The following table displays the impact of these revisions to activity reported in our Statement of Comprehensive Income during 2015:


	2015									2015
	As Reported									As Corrected
	Pre-Tax			Related Income Tax			After Tax			Pre-Tax			Related Income Tax			After Tax
Targa Resources Corp.
Commodity hedging contracts:
Change in fair value	$	7.4		$	(2.8	)	$	4.6		$	11.0		$	(4.2	)	$	6.8
Settlements reclassified to revenues		(5.9	)		2.2			(3.7	)		(9.5	)		3.6			(5.9	)

Other comprehensive income (loss) attributable to Targa Resources Corp.		1.5			(0.6	)		0.9			1.5			(0.6	)		0.9

Noncontrolling interests
Commodity hedging contracts:
Change in fair value		73.8			—			73.8			101.7			—			101.7
Settlements reclassified to revenues		(48.9	)		—			(48.9	)		(76.8	)		—			(76.8	)

Other comprehensive income (loss) attributable to noncontrolling interests		24.9			—			24.9			24.9			—			24.9

Total
Commodity hedging contracts:
Change in fair value		81.2			(2.8	)		78.4			112.7			(4.2	)		108.5
Settlements reclassified to revenues		(54.8	)		2.2			(52.6	)		(86.3	)		3.6			(82.7	)

Other comprehensive income (loss)	$	26.4		$	(0.6	)		25.8			26.4			(0.6	)		25.8

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2015

Business Acquisitions [Abstract]

Pro Forma Consolidated Results of Operations


	Pro Forma Results for the Year Ended
	December 31, 2015			December 31, 2014
Revenues	$	6,947.3		$	11,449.3
Net income (loss)		(169.6	)		532.8

Consideration Transferred to Acquire ATLS and APL

The following table summarizes the consideration transferred to acquire ATLS and APL:


Fair Value of Consideration Transferred:
Cash paid, net of cash acquired (1):
TRC	$	745.7
TRP		828.7
Common shares of TRC		1,008.5
Replacement restricted stock units awarded (2)		5.2
Common units of TRP		2,421.1
Replacement phantom units awarded (2)		15.0

Total	$	5,024.2

(1)	Net of cash acquired of $40.8 million.

(2)

Fair Value Determination Related to the Atlas Mergers

As of February 27, 2015, our fair value determination related to the Atlas mergers was as follows.


Fair value determination:	February 27, 2015
Trade and other current receivables, net	$	181.1
Other current assets		24.4
Assets from risk management activities		102.1
Property, plant and equipment		4,616.9
Investments in unconsolidated affiliates		214.5
Intangible assets		1,354.9
Other long-term assets		5.5
Current liabilities		(259.3	)
Long-term debt		(1,573.3	)
Deferred income tax liabilities, net		(13.6	)
Other long-term liabilities		(119.1	)

Total identifiable net assets		4,534.1

Noncontrolling interest in subsidiaries		(216.9	)
Goodwill		707.0

Total fair value consideration transferred	$	5,024.2

Changes in Gross Amounts of Goodwill and Impairment Loss

Changes in the gross amounts of our goodwill and impairment loss for the year ended December 31, 2015 are as follows:


				December 31, 2015
	WestTX			SouthTX			SouthOK			Total
Beginning of period	$	—		$	—		$	—		$	—
Acquisition		364.5			160.3			182.2			707.0
Impairment		(37.6	)		(70.2	)		(182.2	)		(290.0	)

Goodwill	$	326.9		$	90.1		$	—		$	417.0

Unaudited Pro Forma Condensed Combined Balance Sheet

TARGA RESOURCES CORP.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

AS OF DECEMBER 31, 2015

(In millions)


	TRC Historical			Pro Forma Adjustments			TRC Pro Forma
ASSETS
Current assets	$	920.0		$			$	920.0
Property, plant and equipment, net		9,702.7			—			9,702.7
Goodwill		417.0			—			417.0
Intangible assets, net		1,810.1			—			1,810.1
Other long-term assets		361.2			—			361.2

Total assets	$	13,211.0		$	—		$	13,211.0

LIABILITIES AND OWNERS’ EQUITY
Current liabilities	$	881.6		$	16.0	(a)	$	899.4
					1.8	(c)
Long-term debt		5,718.8			—			5,718.8
Deferred income taxes, net		177.8			952.0	(b)		1,123.9
					(5.9	)(a)
Other long-term liabilities		182.6			1.3	(c)		183.9

Owners’ equity:
Targa Resources Corp. stockholders’ equity:
Common stock		0.1			0.1			0.2
Additional paid-in capital		1,457.4			3,358.4	(d)		4,815.8

Retained earnings		26.9			(3.1	)(c)		23.8
Accumulated other comprehensive income (loss)		5.7			48.1	(d)		53.8
Treasury stock, at cost		(28.7	)		—			(28.7	)

Total Targa Resources Corp. stockholders’ equity		1,461.4			3,403.5			4,864.9
Noncontrolling interests in subsidiaries		4,788.8			(4,368.7	)(d)		420.1

Total owners’ equity		6,250.2			(965.2	)		5,285.0

Total liabilities and owners’ equity	$	13,211.0		$	—		$	13,211.0

The unaudited pro forma consolidated balance sheet amounts have been calculated after applying our accounting policies, and making the following adjustments:

(a)

(b)

(c)

(d)

Unaudited Pro Forma Impact on Equity


	Common Shares		Additional paid-in capital			Retained earnings		Accumulated other comprehensive income (loss)			TRC’s stockholders’ equity			Noncontrolling interests (1)			Total owners’ equity
TRC shares issued for the Merger	$	0.1	$	1,803.0		$	—	$	—		$	1,803.1		$	(4,368.7	)	$	(2,565.6	)
Impact of NCI acquisition on TRC owners’ equity		—		2,488.0			—		77.6			2,565.6			—			2,565.6
Deferred tax adjustments		—		(922.5	)		—		(29.5	)		(952.0	)		—			(952.0	)
Transaction costs, net of tax (see Note (a))		—		(10.1	)		—		—			(10.1	)		—			(10.1	)

Total pro forma adjustments	$	0.1	$	3,358.4		$	—	$	48.1		$	3,406.6		$	(4,368.7	)	$	(962.1	)

(1)	Reflects the December 31, 2015 book value of the publicly held interests in TRP.

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References + Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2015

Inventories [Abstract]

Components of Inventories


	December 31, 2015		December 31, 2014
Partnership:
Commodities	$	128.3	$	157.4
Materials and supplies		12.7		11.5

	$	141.0	$	168.9

Property, Plant and Equipment and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment and Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Property, Plant and Equipment


	December 31, 2015			December 31, 2014			Estimated Useful Lives (In Years)
Gathering systems	$	6,304.5		$	2,588.6		5 to 20
Processing and fractionation facilities		2,995.2			1,890.7		5 to 25
Terminaling and storage facilities		1,115.0			1,038.9		5 to 25
Transportation assets		454.0			359.0		10 to 25
Other property, plant and equipment		221.1			149.3		3 to 25
Land		108.8			95.6		—
Construction in progress		736.5			399.0		—

Property, plant and equipment		11,935.1			6,521.1
Accumulated depreciation		(2,232.4	)		(1,696.5	)

Property, plant and equipment, net	$	9,702.7		$	4,824.6

Intangible assets	$	2,036.6		$	681.8		20
Accumulated amortization		(226.5	)		(89.9	)

Intangible assets, net	$	1,810.1		$	591.9

Schedule of Intangible Assets

Amortization expense attributable to our intangible assets related to the Badlands acquisition is recorded using a method that closely reflects the cash flow pattern underlying their intangible asset valuation.


	December 31,
	2015			2014
Beginning of period	$	591.9		$	653.4
Additions from acquisition		1,354.9			—
Amortization		(136.7	)		(61.5	)

Intangible assets, net	$	1,810.1		$	591.9

- 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

- Definition

Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.

+ References + Details

Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2015

Investments in Unconsolidated Affiliates [Abstract]

The following table shows the activity related to the Partnership’s investments in unconsolidated affiliates:


	GCF			T2 LaSalle			T2 Eagle Ford			T2 Cogen			Total
December 31, 2012	$	53.1		$	—		$	—		$	—		$	53.1

Equity earnings		14.8			—			—			—			14.8

Cash distributions (1)		(12.0	)		—			—			—			(12.0	)

December 31, 2013	$	55.9		$	—		$	—		$	—		$	55.9

Equity earnings		18.0			—			—			—			18.0

Cash distributions (1)		(23.7	)		—			—			—			(23.7	)

December 31, 2014	$	50.2		$	—		$	—		$	—		$	50.2

Fair value of T2 Joint Ventures acquired		—			67.5			126.7			20.3			214.5
Equity earnings (loss)		13.8			(3.9	)		(9.4	)		(3.0	)		(2.5	)
Cash distributions (1)		(14.5	)		—			—			(0.5	)		(15.0	)
Cash calls for expansion projects		—			—			6.5			5.2			11.7

December 31, 2015	$	49.5		$	63.6		$	123.8		$	22.0		$	258.9

(1)

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Accounts Payable and Accrued Liabilities [Abstract]

Schedule of Accounts Payable and Accrued Liabilities


	December 31, 2015							December 31, 2014
	Targa Resources Partners LP		TRC Non- Partnership			Targa Resources Corp. Consolidated		Targa Resources Partners LP		TRC Non- Partnership			Targa Resources Corp. Consolidated
Commodities	$	385.3	$	(0.1	)	$	385.2	$	416.7	$	—		$	416.7
Other goods and services		141.3		1.6			142.9		108.9		2.2			111.1
Interest		80.3		0.7			81.0		37.3		—			37.3
Compensation and benefits		0.4		15.6			16.0		1.3		44.8			46.1
Income and other taxes		10.4		3.0			13.4		13.6		(1.9	)		11.7
Other		18.1		0.5			18.6		14.9		0.7			15.6

	$	635.8	$	21.3		$	657.1	$	592.7	$	45.8		$	638.5

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2015

Debt Obligations [Abstract]

Schedule of Outstanding Debt


	December 31, 2015			December 31, 2014
Current:
Obligations of the Partnership
Accounts receivable securitization facility, due December 2016 (1)	$	219.3		$	182.8

Long-term:
Non-Partnership obligations:
TRC Senior secured revolving credit facility, variable rate, due October 2017		—			102.0
TRC Senior secured revolving credit facility, variable rate, due February 2020 (2)		440.0			—
TRC Senior secured term loan, variable rate, due February 2022		160.0			—
Unamortized discount		(2.5	)		—
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due October 2017 (3)		280.0			—
Senior unsecured notes, 5% fixed rate, due January 2018		1,100.0			—
Senior unsecured notes, 4 ¹ ⁄ ₈ % fixed rate, due November 2019		800.0			800.0
Senior unsecured notes, 6 ⁵ ⁄ ₈ % fixed rate, due October 2020 (4)		342.1			—
Unamortized premium		5.0			—
Senior unsecured notes, 6 ⁷ ⁄ ₈ % fixed rate, due February 2021		483.6			483.6
Unamortized discount		(22.1	)		(25.2	)
Senior unsecured notes, 6 ³ ⁄ ₈ % fixed rate, due August 2022		300.0			300.0
Senior unsecured notes, 5 ¹ ⁄ ₄ % fixed rate, due May 2023		583.7			600.0
Senior unsecured notes, 4 ¹ ⁄ ₄ % fixed rate, due November 2023		623.5			625.0
Senior unsecured notes, 6 ³ ⁄ ₄ % fixed rate, due March 2024		600.0			—
Senior unsecured APL notes, 6 ⁵ ⁄ ₈ % fixed rate, due October 2020 (4) (5)		12.9			—
Unamortized premium		0.2			—
Senior unsecured APL notes, 4 ³ ⁄ ₄ % fixed rate, due November 2021 (5)		6.5			—
Senior unsecured APL notes, 5 ⁷ ⁄ ₈ % fixed rate, due August 2023 (5)		48.1			—
Unamortized premium		0.5			—

		5,761.5			2,885.4
Debt issuance costs		(42.7	)		(29.9	)

Total long-term debt		5,718.8			2,855.5

Total debt	$	5,938.1		$	3,038.3

Irrevocable standby letters of credit:
Letters of credit outstanding under the TRC Senior secured credit facility (2)	$	—		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility (3)		12.9			44.1

	$	12.9		$	44.1

(1)	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.

(2)	As of December 31, 2015, availability under TRC’s $670.0 million senior secured revolving credit facility was $230.0 million.

(3)	As of December 31, 2015, availability under the Partnership’s $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,307.1 million.

(4)	In May 2015, the Partnership exchanged TRP 6 ⁵ ⁄ ₈ % Senior Notes with the same economic terms to holders of the 6 ⁵ ⁄ ₈ % APL Notes that validly tendered such notes for exchange to us.

(5)	While the Partnership consolidates the debt acquired in the Atlas mergers, APL debt is not guaranteed by us nor the Partnership.

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, 2015, for the next five years, and in total thereafter:


			Scheduled Maturities of Debt
	Total		2016		2017		2018		2019		2020		After 2020
TRC Senior secured revolving credit facility	$	440.0	$	—	$	—	$	—	$	—	$	440.0	$	—
TRC Senior secured loans		160.0		—		—		—		—		—		160.0
TRP Revolver		280.0		—		280.0				—		—		—
Partnership’s Senior unsecured notes		4,900.4		—		—		1,100.0		800.0		355.0		2,645.4
Partnership’s accounts receivable securitization Facility		219.3		219.3		—		—		—		—		—

Total	$	5,999.7	$	219.3	$	280.0	$	1,100.0	$	800.0	$	795.0	$	2,805.4

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, 2015:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC senior secured revolving credit facility	2.2% - 2.9%	2.6%
TRC senior secured term loan	5.75%	5.75%
Partnership’s senior secured revolving credit facility	1.9% - 4.8%	2.2%
Partnership’s accounts receivable securitization facility	0.9% - 1.2%	0.9%

Schedule of Debt Re-acquisitions and Results of Tender Offers

The results of the APL Notes Tender Offers were:


Senior Notes	Outstanding Note Balance		Amount Tendered		Premium Paid		Accrued Interest Paid		Total Tender Offer payments		% Tendered			Note Balance after Tender Offers
($ amounts in millions)
6 ⁵ ⁄ ₈ % due 2020	$	500.0	$	140.1	$	2.1	$	3.7	$	145.9		28.02	%	$	359.9
4 ³ ⁄ ₄ % due 2021		400.0		393.5		5.9		5.3		404.7		98.38	%		6.5
5 ⁷ ⁄ ₈ % due 2023		650.0		601.9		8.7		2.6		613.2		92.60	%		48.1

Total	$	1,550.0	$	1,135.5	$	16.7	$	11.6	$	1,163.8				$	414.5

The following table summarizes the debt repurchases that are included in our Consolidated Statements of Operations:


	2015			2014		2013
Premium over face value paid upon redemption:
Partnership 6 ³ ⁄ ₈ Notes	$	—		$	—	$	6.4
Partnership 7 ⁷ ⁄ ₈ Notes		—			9.9		—
Partnership 11 ¹ ⁄ ₄ Notes		—			—		4.1
Recognition of unamortized discount:
TRC Term Loan, variable rate		4.7			—		—
Partnership 11 ¹ ⁄ ₄ Notes		—			—		2.2
Gain on repurchase of debt:
Partnership 5 ¹ ⁄ ₄ Notes		(3.3	)		—		—
Partnership 4 ¹ ⁄ ₄ Notes		(0.3	)		—		—
Loss from financing with Exchange Offer:
Partnership 6 ⁵ ⁄ ₈ Notes		0.7			—		—
Write-off of deferred debt issuance costs:
TRC Term Loan, variable rate		8.2			—		—
Partnership 5 ¹ ⁄ ₄ Notes		0.1
Partnership 6 ³ ⁄ ₈ Notes		—			—		1.0
Partnership 7 ⁷ ⁄ ₈ Notes					2.5		—
Partnership 11 ¹ ⁄ ₄ Notes		—			—		1.0

Loss from financing activities	$	10.1		$	12.4	$	14.7

Schedule of Terms of Senior Unsecured Notes Outstanding

Select terms of the senior unsecured notes outstanding as of December 31, 2015 were as follows:


Note Issue	Issue Date	Per Annum Interest Rate	Due Date	Dates Interest Paid
“6 ⁷ ⁄ ₈ % Notes”	February 2011	6 ⁷ ⁄ ₈ %	February 1, 2021	February & August 1 ^st
“6 ³ ⁄ ₈ % Notes”	January 2012	6 ³ ⁄ ₈ %	August 1, 2022	February & August 1 ^st
“5 ¹ ⁄ ₄ % Notes”	Oct / Dec 2012	5 ¹ ⁄ ₄ %	May 1, 2023	May & November 1 ^st
“4 ¹ ⁄ ₄ % Notes”	May 2013	4 ¹ ⁄ ₄ %	November 15, 2023	May & November 15 ^th
“4 ¹ ⁄ ₈ % Notes”	October 2014	4 ¹ ⁄ ₈ %	November 15, 2019	May & November 15 ^th
“5% Notes”	January 2015	5%	January 15, 2018	January & July 15 ^th
“6 ⁵ ⁄ ₈ % Notes”	May 2015	6 ⁵ ⁄ ₈ %	October 1, 2020	February & October 1 ^st
“6 ³ ⁄ ₄ % Notes”	September 2015	6 ³ ⁄ ₄ %	March 15, 2024	March & September 15 ^th
“APL 6 ⁵ ⁄ ₈ % Notes”	Sept 2012 (1)	6 ⁵ ⁄ ₈ %	October 1, 2020	April & October 1 ^st
“APL 4 ³ ⁄ ₄ % Notes”	May 2013 (1)	4 ³ ⁄ ₄ %	November 15, 2021	May & November 15 ^th
“APL 5 ⁷ ⁄ ₈ % Notes”	February 2013 (1)	5 ⁷ ⁄ ₈ %	August 1, 2023	February & August 1 ^st

(1)	Issue dates for APL Notes are original dates of issuance. These notes were acquired in the APL Merger. See Note 4 – Business Acquisitions.

Schedule of Redemption Prices for Issued Debt


Note Issue	Any Date Prior To	Price
4 ¹ ⁄ ₄ % Notes	May 15, 2016	104.250%

6 ³ ⁄ ₄ % Notes	September 15, 2018	106.750%
4 ¹ ⁄ ₈ % Notes	November 15, 2017	104.125%


6 ⁷ ⁄ ₈ % Notes		6 ³ ⁄ ₈ % Notes		5 ¹ ⁄ ₄ % Notes		4 ¹ ⁄ ₄ % Notes
Redemption Date:		Redemption Date:		Redemption Date:		Redemption Date:
February 1		February 1		November 1		May 15
Year	Price	Year	Price	Year	Price	Year	Price
2016	103.438%	2017	103.188%	2017	102.625%	2018	102.125%
2017	102.292%	2018	102.125%	2018	101.750%	2019	101.417%
2018	101.146%	2019	101.063%	2019	100.875%	2020	100.708%
2019 and thereafter	100%	2020 and thereafter	100%	2020 and thereafter	100%	2021 and thereafter	100%

6 ⁵ ⁄ ₈ % Notes		6 ³ ⁄ ₄ % Notes		4 ¹ ⁄ ₈ % Notes		APL 6 ⁵ ⁄ ₈ % Notes
Redemption Date:		Redemption Date:		Redemption Date:		Redemption Date:
October 1		September 15		November 15		October 1
Year	Price	Year	Price	Year	Price	Year	Price
2016	103.313%	2019	103.375%	2016	102.063%	2016	103.313%
2017	101.656%	2020	101.688%	2017	101.031%	2017	101.656%
2018 and thereafter	100.000%	2021 and thereafter	100.000%	2018 and thereafter	100%	2018 and thereafter	100%

APL 4 ³ ⁄ ₄ % Notes		APL 5 ⁷ ⁄ ₈ % Notes
Redemption Date:		Redemption Date:
May 15		February 1
Year	Price	Year	Price
2016	103.563%	2018	102.938%
2017	102.375%	2019	101.958%
2018	101.188%	2020	100.979%
2019 and thereafter	100%	2021 and thereafter	100%

- 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

+ Details

Other Long-term Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Other Long-term Liabilities [Abstract]

Other Long-term Liabilities

Other long-term liabilities are comprised of the following obligations.


	December 31,
	2015		2014
Asset retirement obligations	$	70.4	$	57.3
Mandatorily redeemable preferred interests		82.9		—
Deferred revenue and other		26.9		6.0

Total long-term liabilities	$	180.2	$	63.3

Schedule of Changes in Long-term Liabilities Attributable to Mandatorily Redeemable Preferred Interests

The changes in ARO are as follows:


	2015		2014
Beginning of period	$	57.3	$	50.9
Fair value of ARO acquired with APL merger		4.0		—
Change in cash flow estimate		3.8		2.1
Accretion expense		5.3		4.5
Retirement of ARO		—		(0.2	)

End of period	$	70.4	$	57.3

Changes in Aggregate Asset Retirement Obligations

The following table shows the changes in long-term liabilities attributable to mandatorily redeemable preferred interests:


	Liability attributable to mandatorily redeemable preferred interests
Balance at December 31, 2014	$	—
Acquired mandatorily redeemable preferred interests		109.3
Income attributable to mandatorily redeemable preferred interests		2.8
Other activity, net		1.4
Change in estimated redemption value		(30.6	)

Balance at December 31, 2015	$	82.9

Partnership Units and Related Matters (Tables)

12 Months Ended

Dec. 31, 2015

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. As a result of the TRC/TRP Merger, which was completed on February 17, 2016, Targa owns all of the outstanding TRP common units.


		Distributions
Three Months Ended	Date Paid	Limited Partners		General Partner							Distributions to Targa Resources Corp.		Distributions per limited partner unit
Three Months Ended	Date Paid	Common		Incentive			2%		Total		Distributions to Targa Resources Corp.		Distributions per limited partner unit
(In millions, except per unit amounts)
2015
December 31, 2015	February 9, 2016	$	152.5	$	43.9	(1)	$	4.0	$	200.4	$	61.4	$	0.8250
September 30, 2015	November 13, 2015		152.5		43.9	(1)		4.0		200.4		61.4		0.8250
June 30, 2015	August 14, 2015		152.5		43.9	(1)		4.0		200.4		61.4		0.8250
March 31, 2015	May 15, 2015		148.3		41.7	(1)		3.9		193.9		59.0		0.8200

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

(1)

- 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, 2015

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, 2015, 2014 and 2013:


Three Months Ended	Date Paid	Total Dividend Declared		Amount of Dividend Paid		Accrued Dividends (1)		Dividend Declared per Share of Common Stock
(In millions, except per share amounts)
2015
December 31, 2015	February 9, 2016	$	51.7	$	51.0	$	0.7	$	0.91000
September 30, 2015	November 16, 2015		51.3		51.0		0.3		0.91000
June 30, 2015	August 17, 2015		49.2		49.0		0.2		0.87500
March 31, 2015	May 18, 2015		46.6		46.4		0.2		0.83000

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

(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, 2015

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:


	2015			2014		2013
Net income (loss)	$	(151.4	)	$	423.0	$	201.3
Less: Net income attributable to noncontrolling interests		(209.7	)		320.7		136.2

Net income attributable to common shareholders	$	58.3		$	102.3	$	65.1

Weighted average shares outstanding - basic		53.5			42.0		41.6

Net income available per common share - basic	$	1.09		$	2.44	$	1.56

Weighted average shares outstanding		53.5			42.0		41.6
Dilutive effect of unvested stock awards		0.1			0.1		0.5

Weighted average shares outstanding - diluted (1)		53.6			42.1		42.1

Net income available per common share - diluted	$	1.09		$	2.43	$	1.55

(1)	For the year ended December 31, 2015 approximately 55,907 shares were excluded from the computation of diluted earnings attributable to common shares because the inclusion of such shares would have been anti-dilutive.

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities [Abstract]

Notional Volume of Commodity Hedges

At December 31, 2015, the notional volumes of the Partnership’s commodity derivative contracts were:


Commodity	Instrument	Unit	2016		2017		2018
Natural Gas	Swaps	MMBtu/d		83,264		23,082		—
Natural Gas	Basis Swaps	MMBtu/d		48,962		18,082		—
Natural Gas	Collars	MMBtu/d		22,900		22,900		9,486
NGL	Swaps	Bbl/d		4,473		1,078		208
NGL	Futures	Bbl/d		1,956		—		—
NGL	Options/Collars	Bbl/d		920		920		32
Condensate	Swaps	Bbl/d		1,502		500		—
Condensate	Options/Collars	Bbl/d		790		790		101

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, 2015				Fair Value as of December 31, 2014
	Balance Sheet		Derivative		Derivative		Derivative		Derivative
	Location		Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts		Current	$	92.1	$	2.1	$	44.4	$	—
		Long-term		34.9		2.4		15.8		—

Total derivatives designated as hedging instruments			$	127.0	$	4.5	$	60.2	$	—

Derivatives not designated as hedging instruments
Commodity contracts		Current	$	0.1	$	3.1	$	—	$	5.2

Total derivatives not designated as hedging instruments			$	0.1	$	3.1	$	—	$	5.2

Total current position			$	92.2	$	5.2	$	44.4	$	5.2
Total long-term position				34.9		2.4		15.8		—

Total derivatives			$	127.1	$	7.6	$	60.2	$	5.2

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
	Position		Position		Position		Position
December 31, 2015
Current position
Counterparties with offsetting position	$	86.9	$	5.2	$	81.7	$	—
Counterparties without offsetting position - assets		5.3		—		5.3		—
Counterparties without offsetting position - liabilities		—		—		—		—

		92.2		5.2		87.0		—
Long-term position
Counterparties with offsetting position		34.2		2.4		31.8		—
Counterparties without offsetting position - assets		0.7		—		0.7		—
Counterparties without offsetting position - liabilities		—		—		—		—

		34.9		2.4		32.5		—
Total derivatives
Counterparties with offsetting position		121.1		7.6		113.5		—
Counterparties without offsetting position - assets		6.0		—		6.0		—
Counterparties without offsetting position - liabilities		—		—		—		—

	$	127.1	$	7.6	$	119.5	$	—

December 31, 2014
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

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

The following tables reflect amounts recorded in Other Comprehensive Income (“OCI”) and amounts reclassified from OCI to revenue and expense for the periods indicated:


Derivatives in Cash Flow Hedging Relationships	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	2015		2014			2013
Commodity contracts	$	81.2	$	59.7		$	(5.8	)

	$	81.2	$	59.7		$	(5.8	)


	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
Location of Gain (Loss)	2015		2014			2013
Interest expense, net	$	—	$	(2.4	)	$	(6.1	)
Revenues		54.8		(4.2	)		21.0

	$	54.8	$	(6.6	)	$	14.9

Gain (Loss) Recognized in Income on Derivatives

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.


Derivatives Not Designated as Hedging Instruments	Location of Gain 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	2015			2014			2013
Commodity contracts	Revenue	$	(5.7	)	$	(5.5	)	$	(0.1	)

Deferred Gains (Losses) Included in Accumulated OCI


	December 31, 2015		December 31, 2014
Commodity hedges, before tax (1)	$	86.7	$	60.3

(1)	Includes deferred net gains of $52.1 million as of December 31, 2015 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=56946850&loc=d3e41641-113959

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

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 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=56946850&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
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

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, 2015

Fair Value Measurements [Abstract]

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


	December 31, 2015
			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)	$	127.1	$	127.1	$	—	$	123.1	$	4.0
Liabilities from commodity derivative contracts (1)		7.6		7.6		0.3		7.0		0.3
TPL contingent consideration (2)		3.0		3.0		—		—		3.0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		140.2		140.2		—		—		—
TRC Senior secured revolving credit facility		440.0		440.0		—		440.0		—
TRC Term Loan		157.5		158.3		—		158.3		—
Partnership’s Senior secured revolving credit facility		280.0		280.0		—		280.0		—
Partnership’s Senior unsecured notes		4,884.0		4,192.0		—		4,192.0		—
Partnership’s accounts receivable securitization facility		219.3		219.3		—		219.3		—

	December 31, 2014
			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	$	60.2	$	60.2	$	—	$	58.4	$	1.8
Liabilities from commodity derivative contracts		5.2		5.2		—		5.1		0.1
Financial Instruments Recorded on Our Consolidated Balance Sheet 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		—

(1)

(2)	See Note 4 – Business Acquisitions.

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

The 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)			Contingent Liability
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 losses included in OCI		(1.1	)		—
Transfers out of Level 3		0.3			—

Balance, December 31, 2014		(1.7	)		—
TPL contingent consideration fair value at acquisition date (see Note 4 -Business Acquisitions)		—			4.2
Change in fair value of TPL contingent consideration included in Other Income		—			(1.2	)
New Level 3 instruments		(3.7	)		—
Transfers out of Level 3		1.7			—

Balance, December 31, 2015	$	(3.7	)	$	3.0

- 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=49121117&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=49121117&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=49121117&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, 2015

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		2016		2017		2018		2019		2020
Non-Partnership obligations:
Operating leases (1)	$	8.5	$	3.6	$	3.1	$	0.7	$	0.7	$	0.4
Partnership obligations:
Operating leases (2)		42.1		16.0		10.8		8.8		3.7		2.8
Land site lease and right-of-way (3)		11.0		2.4		2.3		2.2		2.1		2.0

	$	61.6	$	22.0	$	16.2	$	11.7	$	6.5	$	5.2

(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:


	2015		2014		2013
Non-Partnership:
Operating leases	$	3.6	$	3.3	$	2.8
Partnership:
Operating leases (1)		40.4		24.4		23.3
Land site lease and right-of-way		4.2		4.1		3.6

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

Significant Risks and Uncertainties (Tables)

12 Months Ended

Dec. 31, 2015

Significant Risks and Uncertainties [Abstract]

Activity Affecting Allowance for Bad Debts

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


	2015		2014			2013
Balance at beginning of year	$	—	$	1.1		$	0.9
Additions		0.1		—			0.2
Deductions		—		(1.1	)		—

Balance at end of year	$	0.1	$	—		$	1.1

Other Operating (Income) Expense (Tables)

12 Months Ended

Dec. 31, 2015

Other Operating (Income) Expense [Abstract]

Other Operating (Income) Expense


	2015			2014			2013
Loss (gain) on sale or disposal of assets	$	(8.0	)	$	(4.8	)	$	3.9
Casualty (gain) loss		(0.2	)		0.1			4.3
Miscellaneous business tax		0.5			0.4			0.7
Other		0.6			1.3			0.7

	$	(7.1	)	$	(3.0	)	$	9.6

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Provisions for Income Taxes

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


	2015		2014			2013
Current expense	$	15.0	$	72.4		$	42.8
Deferred expense (benefit)		24.6		(4.4	)		5.4

	$	39.6	$	68.0		$	48.2

Deferred Tax Assets and Liabilities

Our deferred income tax assets and liabilities at December 31, 2015 and 2014 consist of differences related to the timing of recognition of certain types of costs as follows:


	2015			2014
Deferred tax assets:
Deferred tax assets before valuation allowance (1)	$	23.3		$	3.5

Valuation allowance		(3.5	)		(3.5	)

Deferred tax assets	$	19.8		$	—

Deferred tax liabilities:
Investments (2)	$	(114.3	)	$	(115.8	)
Property, Plant and Equipment		(61.5	)		—
Debt related deferreds		(10.0	)		(13.4	)
Other		(11.8	)		(9.5	)

Deferred tax liabilities		(197.6	)		(138.7	)

Net deferred tax asset (liability):	$	(177.8	)	$	(138.7	)

Net deferred tax liability:
Federal	$	(144.5	)	$	(115.5	)
Foreign		0.6			0.6
State		(33.9	)		(23.8	)

	$	(177.8	)	$	(138.7	)

Balance sheet classification of deferred tax assets (liabilities):
Long-term liability	$	(177.8	)	$	(138.7	)

	$	(177.8	)	$	(138.7	)

(1)	Our deferred tax asset attributable to Net Operating Losses, reflects Net Operating Losses at TPL Arkoma, Inc.

(2)	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:	2015			2014			2013
Income (loss) before income taxes	$	(111.8	)	$	491.0		$	249.5
Less: Net income attributable to noncontrolling interest		209.7			(320.7	)		(136.2	)
Less: TPL Arkoma, Inc. income to TRC		0.5			—			—
Less: Income taxes included in noncontrolling interest		(0.6	)		(4.2	)		(2.5	)

Income attributable to TRC (excluding TPL Arkoma, Inc.) before income taxes		97.8			166.1			110.8
Income from TPL Arkoma, Inc.		(7.6	)		—			—

Income attributable to TRC and TPL Arkoma, Inc. before income taxes		90.2			166.1			110.8
Federal statutory income tax rate		35	%		35	%		35	%

Provision for federal income taxes		31.6			58.1			38.8
State income taxes, net of federal tax benefit		3.5			6.7			4.4
Amortization of deferred charge on 2010 transactions		4.7			4.7			4.7
Other, net		(0.2	)		(1.5	)		0.3

Income tax provision	$	39.6		$	68.0		$	48.2

- 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, 2015

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	2015		2014		2013
Cash:
Interest paid, net of capitalized interest (1)	$	214.1	$	133.8	$	121.7

Income taxes paid, net of refunds		12.6		73.4		34.1

Non-cash investing activities:
Deadstock commodities inventory transferred to property, plant and equipment		1.2		14.8		30.4
Impact of capital expenditure accruals on property, plant and equipment		43.8		19.0		(0.4	)

Transfers from materials and supplies to property, plant and equipment		3.7		4.6		20.5
Change in ARO liability and property, plant and equipment due to revised future ARO cash flow estimate		3.8		2.1		1.6

Property, plant and equipment in consideration of contract amendment (2)		22.6		—		—

Non-cash financing activities:
Debt additions and retirements related to exchange of TRP 6 ⁵ ⁄ ₈ % Notes for APL 6 ⁵ ⁄ ₈ % Notes		342.1		—		—
Reduction of Owner’s Equity related to accrued dividends on unvested equity awards under share compensation arrangements		1.6		0.6		1.6
Accrued distributions of preferred unit		0.9		—		—

Non-cash balance sheet movements related to business acquisition: (see Note 4)
Non-cash merger consideration - common units and replacement equity awards	$	2,436.1	$	—	$	—
Non-cash merger consideration - common shares and replacement equity awards		1,013.7		—		—

Net non-cash balance sheet movements excluded from consolidated statements of cash flows		3,449.8		—		—
Net cash merger consideration included in investing activities		1,574.4		—		—

Total fair value of consideration transferred	$	5,024.2	$	—	$	—

(1)	Interest capitalized on major projects was $13.2 million, $16.1 million and $28.0 million for 2015, 2014 and 2013.

(2)	The Partnership measured the estimated fair value of the assets transferred to it using significant other observable inputs representative of a Level 2 fair value measurement.

Stock and Other Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015, 2014 and 2013 (in units and dollars):


	Number of units			Weighted Average Grant-Date Fair Value
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		—			—
Granted		10,565			44.67
Vested		(10,565	)		44.67

Outstanding at December 31, 2015		—			—

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:


	2015			2014		2013
2010 TRC Stock Incentive Plan - Director Grants	$	0.6		$	0.5	$	0.5
TRP LTIP Equity-Settled Performance Units		9.5			8.8		5.5
TRP LTIP Equity-Settled Phantom units - Replacement Phantom Units		6.4			—		—
TRP LTIP Equity-Settled Phantom units - Regular Phantom Units		0.2			—		—
TRP LTIP Director Grants		0.5			0.4		0.5
Allocated to the Partnership:
TRC LTIP - Cash-Settled Performance Units		(2.2	)		11.0		21.9
2010 TRC Stock Incentive Plan - Restricted Stock		1.1			2.2		6.3
2010 TRC Stock Incentive Plan - Equity-Settled RSUs: RSUs		5.4			2.5		0.4
2010 TRC Stock Incentive Plan - Equity-Settled RSUs: Replacement RSUs		1.3			—		—

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, 2015:


	Unrecognized Compensation Expense		Weighted Average Remaining Vesting Period
	(In millions)		(In years)
TRP LTIP Equity-Settled Performance Units	$	13.3		1.9
TRP LTIP Equity-Settled Phantom units - Replacement Phantom Units		5.8		1.3
TRP LTIP Equity-Settled Phantom units - Phantom Units		0.8		3.3
2010 TRC Stock Incentive Plan - Restricted Stock		0.0		0.1
2010 TRC Stock Incentive Plan - Equity-Settled Restricted Stock Units: RSUs		13.1		2.3
2010 TRC Stock Incentive Plan - Equity-Settled Restricted Stock Units: Replacement RSUs		1.5		1.4

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:


	2015		2014		2013
TRP LTIP Equity - Settled Performance Units	$	7.9	$	10.0	$	—
Accrued DERs settled for TRP LTIP Equity - Settled Performance Units		1.7		1.6		—
TRP LTIP Equity-Settled Phantom Units - Replacement Phantom Units		8.8		—		—
Accrued DERs settled for TRP LTIP Equity-Settled Phantom units - Replacement Phantom Units		1.1		—		—
TRP LTIP Director Grants		0.5		0.4		0.7
TRC LTIP Cash-Settled Performance Units		7.8		14.7		25.2
2010 TRC Stock Incentive Plan - Restricted Stock (1)		7.3		7.1		42.2
Accrued dividends settled		0.2		0.5		2.4
2010 TRC Stock Incentive Plan - Equity-Settled Restricted Stock Units: Replacement RSUs		3.8
2010 TRC Stock Incentive Plan - Director Grants		0.5		0.5		0.5

(1)	We recognized $1.1 million, $1.0 million and $1.6 million in tax benefits associated with the vesting of the restricted stock in 2015, 2014 and 2013.

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 the Partnership’s equity-settled performance units for the years ended December 31, 2015, 2014, and 2013:


	Number of units			Weighted Average Grant-Date Fair Value
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
Granted		277,242			34.48
Vested		(178,900	)		41.92

Outstanding at December 31, 2015		675,745			44.29

Replacement Phantom Units [Member]

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

Summary of Performance Units

The following table summarize the activities of the awards for the year ended 2015.


	Number of units			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2014		—		$	—
Granted		629,231			43.82
Vested		(224,021	)		43.82
Forfeited		(49,852	)		43.82

Outstanding at December 31, 2015		355,358		$	43.82

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 2015 awarded under the TRC LTIP (in units and millions of dollars):


	Program Year
	2012 Awards			2013 Awards			2014 Awards			2015 Awards			Total
Units outstanding January 1, 2015		138,460			142,110			122,360			—			402,930
Granted		—			—			—			198,280			198,280
Vested and paid		(138,460	)		—			—			—			(138,460	)
Forfeited		—			(2,410	)		(2,460	)		(5,890	)		(10,760	)

Units outstanding December 31, 2015		—			139,700			119,900			192,390			451,990

Calculated fair market value as of December 31, 2015				$	622,496		$	359,684		$	1,662,913		$	2,645,093

Current liability				$	511,247		$	—		$	—		$	511,247
Long-term liability					—			172,926			229,460			402,386

Liability as of December 31, 2015				$	511,247		$	172,926		$	229,460		$	913,633

To be recognized in future periods				$	111,249		$	186,758		$	1,433,453		$	1,731,460
Vesting date					June 2016			June 2017			June 2018

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, 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

Forfeited		(1,980	)		42.82
Vested		(82,800	)		33.37

Outstanding at December 31, 2014		119,193			46.35

Vested		(88,570	)		42.46

Outstanding at December 31, 2015		30,623			57.59

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

(2)	Awards vested in 2013 were 60% of the awards issued in conjunction with the Targa IPO, net of forfeitures. 40% of the awards vested prior to 2013.

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 regular RSUs we granted to the management of the general partner 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
Granted		140,477			83.54
Forfeited		(2,530	)		86.73
Vested		(2,220	)		81.56

Outstanding at December 31, 2015		244,094			87.02

Replacement 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 awards in shares and in dollars for the years indicated.


	Number of units			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2014		—		$	—
Granted		81,740			99.58
Vested		(41,539	)		99.58
Forfeited		(1,556	)		99.58

Outstanding at December 31, 2015		38,645		$	99.58

Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

Segment Information [Abstract]

Information by Segment

Reportable 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, 2015
	Gathering and Processing		Logistics and Marketing		Other			Corporate and Eliminations			TRC Non- Partnership		Total
Revenues
Sales of commodities	$	1,485.4	$	3,895.8	$	84.2		$	—		$	—	$	5,465.4
Fees from midstream services		427.1		766.1		—			—			—		1,193.2

		1,912.5		4,661.9		84.2			—			—		6,658.6
Intersegment revenues
Sales of commodities		1,126.3		208.9		—			(1,335.2	)		—		—
Fees from midstream services		8.7		17.8		—			(26.5	)		—		—

		1,135.0		226.7		—			(1,361.7	)		—		—

Revenues	$	3,047.5	$	4,888.6	$	84.2		$	(1,361.7	)	$	—	$	6,658.6

Operating margin	$	515.1	$	681.6	$	84.2		$	0.1		$	—	$	1,281.0

Other financial information:
Total assets	$	10,391.9	$	2,567.1	$	127.1		$	40.6		$	84.3	$	13,211.0

Goodwill (1)	$	417.0	$	—	$	—		$	—		$	—	$	417.0

Capital expenditures	$	496.3	$	272.0	$	—		$	8.9		$	—	$	777.2

Business acquisition	$	5,024.2	$	—	$	—		$	—		$	—	$	5,024.2


(1) Total assets include goodwill. Goodwill has been attributed to the Partnership’s Gathering and Processing segment.

	Year Ended December 31, 2014
	Gathering and Processing		Logistics and Marketing		Other			Corporate and Eliminations			TRC Non- Partnership		Total
Revenues
Sales of commodities	$	552.4	$	7,050.8	$	(8.0	)	$	—		$	—	$	7,595.2
Fees from midstream services		224.7		796.6		—			—			—		1,021.3

		777.1		7,847.4		(8.0	)		—			—		8,616.5
Intersegment revenues
Sales of commodities		2,068.8		339.3		—			(2,408.1	)		—		—
Fees from midstream services		5.2		28.5		—			(33.7	)		—		—

		2,074.0		367.8		—			(2,441.8	)		—		—

Revenues	$	2,851.1	$	8,215.2	$	(8.0	)	$	(2,441.8	)	$	—	$	8,616.5

Operating margin	$	449.9	$	694.8	$	(8.0	)	$	(0.2	)	$	—	$	1,136.5

Other financial information:
Total assets	$	3,776.2	$	2,476.1	$	60.2		$	34.8		$	76.2	$	6,423.5

Capital expenditures	$	437.1	$	304.6	$	—		$	6.1		$	—	$	747.8


	Year Ended December 31, 2013
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			TRC Non- Partnership			Total
Revenues
Sales of commodities	$	493.8	$	5,212.9	$	21.4	$	0.1		$	(0.2	)		5,728.0
Fees from midstream services		147.5		439.3		—		(0.1	)		—		$	586.7

		641.3		5,652.2		21.4		—			(0.2	)		6,314.7
Intersegment revenues
Sales of commodities		1,861.1		371.6		—		(2,232.7	)		—			—
Fees from midstream services		4.4		29.3		—		(33.7	)		—			—

		1,865.5		400.9		—		(2,266.4	)		—			—

Revenues	$	2,506.8	$	6,053.1	$	21.4	$	(2,266.4	)	$	(0.2	)	$	6,314.7

Operating margin	$	355.9	$	424.2	$	21.4	$	—		$	(0.3	)	$	801.2

Other financial information:
Total assets (1)	$	3,584.5	$	2,315.5	$	5.1	$	40.2		$	77.2		$	6,022.5

Capital expenditures	$	578.4	$	451.0	$	—	$	5.1		$	—		$	1,034.5

Revenues by Product and Service

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


	2015		2014			2013
Sales of commodities
Natural gas	$	1,594.5	$	1,414.1		$	1,225.0
NGL		3,558.7		5,960.1			4,224.0
Condensate		142.4		134.3			121.8
Petroleum products		101.6		96.3			136.0
Derivative activities		68.2		(9.6	)		21.2

		5,465.4		7,595.2			5,728.0
Fees from midstream services
Fractionating and treating		209.0		208.9			133.9
Storage, terminaling, transportation and export		506.2		548.1			280.3
Gathering and processing		393.7		196.9			114.1
Other		84.3		67.4			58.4

		1,193.2		1,021.3			586.7

Total revenues	$	6,658.6	$	8,616.5		$	6,314.7

Reconciliation of Operating Margin to Net Income (Loss)

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


	2015			2014			2013
Reconciliation of operating margin to net income (loss):
Operating margin	$	1,281.0		$	1,136.5		$	801.2
Depreciation and amortization expense		(677.1	)		(351.0	)		(271.9	)
General and administrative expense		(161.7	)		(148.0	)		(151.5	)
Provisional goodwill impairment		(290.0	)		—			—
Interest expense, net		(231.9	)		(147.1	)		(134.1	)
Other, net		(32.1	)		0.6			5.8
Income tax expense		(39.6	)		(68.0	)		(48.2	)

Net income (loss)	$	(151.4	)	$	423.0		$	201.3

- 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=51669610&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=51669610&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=51669610&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=51669610&loc=d3e8736-108599

+ Details

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Selected Quarterly Financial Data (Unaudited) [Abstract]

Results of Operations by Quarter

Our results of operations by quarter for the years ended December 31, 2015 and 2014 were as follows:


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter			Total
	(In millions, except per share amounts)
2015
Revenues	$	1,679.7	$	1,699.4	$	1,632.1	$	1,647.4		$	6,658.6
Gross margin		421.1		471.3		468.8		459.8			1,821.0
Operating income (loss)		138.5		112.4		115.3		(206.9	)(1)(2)		159.3
Net income (loss)		35.9		23.8		20.8		(231.9	)		(151.4	)
Net income attributable to Targa common shareholders		3.4		15.2		12.7		27.0			58.3
Net income per common share - basic	$	0.07	$	0.27	$	0.23	$	0.48		$	1.09
Net income per common share - diluted	$	0.07	$	0.27	$	0.23	$	0.48		$	1.09

2014
Revenues	$	2,294.7	$	2,000.6	$	2,288.3	$	2,032.9		$	8,616.5
Gross margin		392.8		398.2		420.6		412.2			1,623.8
Operating income		158.4		150.3		168.7		163.1	(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

(1)	Included $32.6 million in the fourth quarter of 2015 and $3.2 million in the fourth quarter of 2014 losses due to impairments. See Note 6 – Property, Plant and Equipment and Intangible Assets.

(2)	Included a provisional goodwill impairment of $290.0 million in the fourth quarter of 2015. See Note 4 –Business Acquisitions.

Condensed Parent Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Parent Only Financial Statements [Abstract]

Condensed Financial Statements

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED BALANCE SHEETS


	December 31,
	2015		2014
	(In millions)
ASSETS
Investment in consolidated subsidiaries	$	1,999.4	$	243.8
Deferred income taxes		43.7		27.9
Long-term debt issuance costs		8.6		1.0
Other long-term assets		4.5		—

Total assets	$	2,056.2	$	272.7

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued current liabilities	$	1.2	$	0.6
Long-term debt		593.1		102.0
Other long-term liabilities		0.5		0.3
Commitments and contingencies
Targa Resources Corp. stockholders’ equity		1,461.4		169.8

Total liabilities and stockholders’ equity	$	2,056.2	$	272.7

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2015			2014			2013
	(In millions, except per share amounts)
Equity in net income (loss) of consolidated subsidiaries	$	87.6		$	109.8		$	72.6
General and administrative expenses		(8.0	)		(8.3	)		(8.4	)

Income (loss) from operations		79.6			101.5			64.2
Other income (expense):
Loss on debt extinguishment		(12.9	)		—			—
Interest expense		(24.2	)		(3.2	)		(3.2	)

Income (loss) before income taxes		42.5			98.3			61.0
Deferred income tax (expense) benefit		15.8			4.0			4.1

Net income (loss) available to common shareholders	$	58.3		$	102.3		$	65.1

Net income (loss) available per common share - basic	$	1.09		$	2.44		$	1.56

Net income (loss) available per common share - diluted	$	1.09		$	2.43		$	1.55

Weighted average shares outstanding - basic		53.5			42.0			41.6
Weighted average shares outstanding - diluted		53.6			42.1			42.1

TARGA RESOURCES CORP.

PARENT ONLY

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2015			2014			2013
	(In millions)
Net cash provided by operating activities	$	62.6		$	(1.3	)	$	(4.1	)

Investing activities:
Business acquisitions, net of cash acquired		(745.7	)		—			—
Distribution and return of advances from consolidated subsidiaries		60.8			97.3			101.6

Net cash provided/(used) by investing activities		(684.9	)		97.3			101.6

Financing activities:
Long-term debt borrowings		914.5			92.0			65.0
Long-term debt repayments		(424.0	)		(74.0	)		(63.0	)
Costs incurred in connection with financing arrangements		(22.5	)		—			—
Issuance of common stock		335.5			—			—
Repurchase of common stock		(3.3	)		—			(13.3	)
Dividends to common and common equivalent shareholders		(179.0	)		(113.0	)		(87.8	)
Excess tax benefit from stock-based awards		1.1			(1.0	)		1.6
Distribution to owners		—			—			—

Net cash provided/(used) in financing activities		622.3			(96.0	)		(97.5	)

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)
$ in Millions

3 Months Ended

12 Months Ended

Feb. 17, 2016

Dec. 31, 2015

USD ($)

Sep. 30, 2015

USD ($)

Jun. 30, 2015

USD ($)

Mar. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Sep. 30, 2014

USD ($)

Jun. 30, 2014

USD ($)

Mar. 31, 2014

USD ($)

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Feb. 27, 2015

USD ($)

Partnership Ownership Disclosure [Abstract]

Ownership interest in Partnership by general partner

2.00%

Parent's ownership interest in the general partner of the Partnership

100.00%

Number of Partnership common units owned (in units) | shares

16,309,594

Ownership interest in Partnership by limited partner

8.80%

Revision of Previously Reported Preliminary Fair Values for Purchase Accounting [Abstract]

$ 9,702.7

$ 9,666.6

$ 9,609.3

$ 9,507.1

$ 4,824.6

$ 9,702.7

$ 4,824.6

1,810.1

1,847.1

1,884.1

1,921.0

591.9

1,810.1

591.9

$ 653.4

Goodwill

417.0

^[1]

707.0

0.0

417.0

^[1]

0.0

$ 707.0

4,788.8

5,001.6

5,079.5

4,993.3

2,369.7

4,788.8

2,369.7

166.7

164.9

119.6

677.1

351.0

271.9

Revision of Previously Reported Revenues and Product Purchases [Abstract]

Revenues

1,647.4

1,632.1

1,699.4

1,679.7

$ 2,032.9

$ 2,288.3

$ 2,000.6

$ 2,294.7

6,658.6

8,616.5

6,314.7

5,137.2

112.7

(86.3)

26.4

66.3

(20.7)

(4.2)

Settlements reclassified to revenues, related income tax

3.6

Other comprehensive income (loss), related income tax

(0.6)

(3.1)

1.1

108.5

(82.7)

25.8

$ 63.2

(19.6)

Noncontrolling Interest [Member]

101.7

(76.8)

24.9

0.0

Settlements reclassified to revenues, related income tax

0.0

Other comprehensive income (loss), related income tax

0.0

101.7

(76.8)

Number of shares issued in exchange of common units for common shares to the third party (in shares) | shares

24.9

Subsequent Event [Member]

Partnership Ownership Disclosure [Abstract]

Conversion ratio in stock-for-unit transaction

0.62

104,525,775

As Reported [Member]

Revision of Previously Reported Preliminary Fair Values for Purchase Accounting [Abstract]

9,702.7

9,750.2

9,684.3

9,832.9

9,702.7

1,810.1

1,695.7

1,735.6

1,602.4

1,810.1

Goodwill

417.0

551.4

557.9

628.5

417.0

$ 4,788.8

^[2]

4,898.1

4,976.1

5,080.3

4,788.8

^[2]

165.8

163.9

119.6

Revision of Previously Reported Revenues and Product Purchases [Abstract]

Revenues

6,556.0

5,378.5

81.2

(54.8)

26.4

(2.8)

Settlements reclassified to revenues, related income tax

2.2

Other comprehensive income (loss), related income tax

(0.6)

78.4

(52.6)

25.8

As Reported [Member] | Noncontrolling Interest [Member]

73.8

(48.9)

24.9

0.0

Settlements reclassified to revenues, related income tax

0.0

Other comprehensive income (loss), related income tax

0.0

73.8

(48.9)

24.9

Impact of Errors [Member]

Revision of Previously Reported Preliminary Fair Values for Purchase Accounting [Abstract]

(75.0)

(76.0)

(77.0)

111.6

113.1

114.5

Goodwill

48.5

86.2

0.5

0.2

Other Measurement Period Adjustments [Member]

Revision of Previously Reported Preliminary Fair Values for Purchase Accounting [Abstract]

^[3]

(8.6)

1.0

(248.8)

^[3]

39.8

35.4

204.1

Goodwill

^[3]

107.1

100.6

30.0

^[3]

17.3

17.2

(173.2)

^[3]

$ 0.4

$ 0.5

$ (0.2)

Effect of Revisions [Member]

Revision of Previously Reported Revenues and Product Purchases [Abstract]

Revenues

(241.3)

$ (241.3)

11.0

(9.5)

1.5

(4.2)

Settlements reclassified to revenues, related income tax

3.6

Other comprehensive income (loss), related income tax

(0.6)

6.8

(5.9)

Number of shares exchanged in exchange of common units for common shares to the third party (in shares) | shares

0.9

Targa Resources Partners LP [Member] | Subsequent Event [Member]

Partnership Ownership Disclosure [Abstract]

168,590,008

Targa Resources Partners LP [Member] | As Reported [Member]

7.4

(5.9)

1.5

(2.8)

Settlements reclassified to revenues, related income tax

2.2

Other comprehensive income (loss), related income tax

(0.6)

4.6

(3.7)

$ 0.9

[1]	Total assets include goodwill. Goodwill has been attributed to the Partnership's Gathering and Processing segment.
[2]	The TRC/TRP Merger, which involves a change in TRC's ownership interests in its subsidiary TRP, has been accounted for as an equity transaction in accordance with ASC 810. As described in Note 2(b), the TRC/TRP Merger resulted in the recognition of a deferred tax liability totaling $952.0 million. This tax impact is presented as a decrease to additional paid-in capital consistent with the accounting for tax effects of transactions with noncontrolling interests:
[3]	Other Measurement Period Adjustments for goodwill include the impact of all balance sheet adjustments not presented in this table.

Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs	$ 42.7	$ 29.9
Current deferred tax liabilities	0.0	0.0
Accounting Standards Update 2015-03 [Member] \| Term Loans and Notes [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs	42.7	29.9
Accounting Standards Update 2015-15 [Member] \| Revolving Credit Facility [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs	$ 14.4	8.4
Accounting Standards Update 2015-17 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncurrent deferred income tax assets		0.1
Noncurrent deferred tax liabilities		0.6
Accounting Standards Update 2015-17 [Member] \| Scenario, Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current deferred income tax assets		0.1
Current deferred tax liabilities		$ 0.6

Business Acquisitions (Details)		1 Months Ended	3 Months Ended				10 Months Ended	12 Months Ended
Business Acquisitions (Details)	Feb. 27, 2015 USD ($) Transaction $ / shares shares	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($) $ / shares	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($) $ / shares	Dec. 31, 2015 USD ($) MMcf / d Quarter mi $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares
Business Acquisition [Line Items]
Number of legal transactions involved in mergers \| Transaction	2
Total distribution of common shares (in shares) \| shares								7,377,380	7,175,096
Amount contributed to maintain general partner ownership percentage								$ 6,500,000	$ 8,400,000
Percentage of general partner's interest maintained								2.00%	2.00%
Common units par value (in dollars per share) \| $ / shares			$ 0.001				$ 0.001	$ 0.001	$ 0.001
Acquisition-related expenses								$ 27,300,000
Revenues from acquired business							$ 1,459,300,000
Net income (loss) from acquired business							$ (30,100,000)
Targa Pipeline Partners LP [Member]
Business Acquisition [Line Items]
Processing capacity \| MMcf / d								2,053
Length of additional pipelines \| mi								12,220
Restricted Stock Units (RSUs) [Member] \| Atlas Energy [Member]
Business Acquisition [Line Items]
Total distribution of common shares (in shares) \| shares	81,740
Phantom Unit Awards [Member] \| Atlas Energy [Member]
Business Acquisition [Line Items]
Cash payment related to one-time cash payments and cash settlements of equity awards	$ 4,500,000
Change Of Control Payments [Member] \| Atlas Energy [Member]
Business Acquisition [Line Items]
Cash payments related to acquisition	149,200,000
Equity Award Settlements [Member] \| Atlas Energy [Member]
Business Acquisition [Line Items]
Cash payments related to acquisition	88,000,000
Common Units [Member]
Business Acquisition [Line Items]
Amount contributed to maintain general partner ownership percentage								$ 52,400,000
Percentage of general partner's interest maintained								2.00%
Atlas Pipeline Partners [Member]
Business Acquisition [Line Items]
Reduction in incentive distribution			$ 9,375,000	$ 9,375,000	$ 9,375,000	$ 9,375,000
Number of successive quarters, annual distribution is paid \| Quarter								4
Amount contributed to maintain general partner ownership percentage		$ 52,400,000
Percentage of general partner's interest maintained		2.00%
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member]
Business Acquisition [Line Items]
Purchase consideration	5,300,000,000
Acquired debt and all other assumed liabilities included in purchase consideration	1,800,000,000
Payments for notes tendered and settled upon closing of merger	$ 1,200,000,000
Distribution of common units/shares for each common unit (in shares) \| shares	0.5846
Cash payment (in dollars per common unit) \| $ / shares	$ 1.26
Common units acquired	$ 2,600,000,000
Closing market price of common share (in dollars per share) \| $ / shares	$ 43.82
Cash paid in lieu of unit issuances	$ 6,400,000
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| Common Unit Holders [Member]
Business Acquisition [Line Items]
Cash payments related to acquisition	$ 128,000,000
Total distribution of common shares (in shares) \| shares	58,614,157
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| Class E Preferred Units [Member]
Business Acquisition [Line Items]
Percentage of cumulative redeemable perpetual preferred units	8.25%
Atlas Pipeline Partners [Member] \| Phantom Unit Awards [Member]
Business Acquisition [Line Items]
Cash payment representing accelerated vesting of a portion of employees APL phantom awards	$ 600,000
Total distribution of common shares (in shares) \| shares	629,231
Atlas Pipeline Partners [Member] \| Change Of Control Payments [Member] \| Targa Resources Partners LP [Member]
Business Acquisition [Line Items]
Cash payments related to acquisition	$ 28,800,000
Atlas Pipeline Partners [Member] \| Common Units [Member]
Business Acquisition [Line Items]
Total distribution of common shares (in shares) \| shares								58,614,157
Atlas Pipeline Partners [Member] \| Common Units [Member] \| Atlas Energy [Member]
Business Acquisition [Line Items]
Common units owned by parent prior to closing (in units) \| shares	5,754,253
Atlas Pipeline Partners [Member] \| Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Cash payments related to acquisition	$ 701,400,000
Atlas Pipeline Partners [Member] \| Distribution Rights Year 1 [Member] \| Targa Resources Partners LP [Member]
Business Acquisition [Line Items]
Reduction in incentive distribution								$ 9,375,000
Atlas Pipeline Partners [Member] \| Distribution Rights Year 2 [Member] \| Targa Resources Partners LP [Member]
Business Acquisition [Line Items]
Reduction in incentive distribution								6,250,000
Atlas Pipeline Partners [Member] \| Distribution Rights Year 3 [Member] \| Targa Resources Partners LP [Member]
Business Acquisition [Line Items]
Reduction in incentive distribution								2,500,000
Atlas Pipeline Partners [Member] \| Distribution Rights Year 4 [Member] \| Targa Resources Partners LP [Member]
Business Acquisition [Line Items]
Reduction in incentive distribution								$ 1,250,000
Atlas Energy [Member]
Business Acquisition [Line Items]
Percentage of interest in common units	100.00%
Purchase consideration	$ 1,600,000,000
Distribution of common units/shares for each common unit (in shares) \| shares	0.1809
Cash payment (in dollars per common unit) \| $ / shares	$ 9.12
Cash payments related to acquisition	$ 514,700,000
Common units acquired	$ 1,000,000,000
Closing market price of common share (in dollars per share) \| $ / shares	$ 99.58
Common units par value (in dollars per share) \| $ / shares	$ 0.001
Acquisition-related expenses	$ 11,000,000
Cash payment related to one-time cash payments and cash settlements of equity awards	7,300,000
Reduction in purchase price	$ (154,700,000)
Atlas Energy [Member] \| Common Units [Member]
Business Acquisition [Line Items]
Total distribution of common shares (in shares) \| shares	10,126,532
Common units acquired	$ 147,400,000
Atlas Energy [Member] \| Common Units [Member] \| Targa Resources Partners LP [Member]
Business Acquisition [Line Items]
Total distribution of common shares (in shares) \| shares								3,363,935
Atlas Energy [Member] \| Common Units [Member] \| Targa Resources Partners LP [Member] \| Targa Pipeline Partners LP [Member]
Business Acquisition [Line Items]
Total distribution of common shares (in shares) \| shares	3,363,935

Business Acquisitions, Pro Forma Impact of Atlas Mergers on Consolidated Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pro forma consolidated results of operations [Abstract]
Revenues	$ 6,947.3	$ 11,449.3
Net income (loss)	(169.6)	$ 532.8
Acquisition-related expenses	$ 27.3
West Texas LPG Pipeline Limited Partnership [Member]
Pro forma consolidated results of operations [Abstract]
Percentage of equity interest sold	20.00%
Atlas Resource Partners, LP [Member]
Pro forma consolidated results of operations [Abstract]
Percentage of equity interest sold	100.00%

Business Acquisitions, Fair Value of Consideration Transferred (Details) - USD ($)
$ in Millions

12 Months Ended

Feb. 27, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Fair Value of Consideration Transferred [Abstract]

Cash paid, net of cash acquired

$ 745.7

^[1]

$ 1,574.4

$ 0.0

Total fair value of consideration transferred

5,024.2

$ 5,024.2

Cash acquired from acquisition

40.8

Fair Value of Consideration Transferred [Abstract]

Cash paid, net of cash acquired

^[1]

828.7

Replacement Restricted Stock Units (RSUs) [Member]

Fair Value of Consideration Transferred [Abstract]

^[2]

5.2

Replacement Phantom Units [Member]

Fair Value of Consideration Transferred [Abstract]

^[2]

15.0

Common Units [Member] | Targa Resources Partners LP [Member]

Fair Value of Consideration Transferred [Abstract]

2,421.1

Common Stock [Member]

Fair Value of Consideration Transferred [Abstract]

$ 1,008.5

[1]	Net of cash acquired of $40.8 million.
[2]	The fair value of consideration transferred in the form of replacement restricted stock unit awards and replacement phantom unit awards represent the allocation of the fair value of the awards to the pre-combination service period. The fair value of the awards associated with the post-combination service period will be recognized over the remaining service period of the award.

Business Acquisitions, Fair Value Determination (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Feb. 27, 2015

Fair value determination [Abstract]

Trade and other current receivables, net

$ 181.1

Other current assets

24.4

Assets from risk management activities

102.1

Property, plant and equipment

4,616.9

Investments in unconsolidated affiliates

214.5

Intangible assets

1,354.9

5.5

(259.3)

(1,573.3)

Deferred income tax liabilities, net

(13.6)

(119.1)

Total identifiable net assets

4,534.1

Noncontrolling interest in subsidiaries

(216.9)

Goodwill

$ 417.0

^[1]

$ 707.0

$ 0.0

$ 417.0

^[1]

$ 0.0

707.0

Total fair value consideration transferred

5,024.2

Measurement-period adjustments to preliminary acquisition date fair values [Abstract]

Revenues

1,647.4

1,632.1

1,699.4

1,679.7

$ 2,032.9

$ 2,288.3

$ 2,000.6

$ 2,294.7

6,658.6

8,616.5

$ 6,314.7

Operating expenses

540.0

487.3

414.8

166.7

$ 164.9

119.6

677.1

351.0

271.9

(2.5)

18.0

14.8

$ 161.7

$ 148.0

$ 151.5

Trade receivables, fair value

178.1

Trade receivables, gross amount

178.1

Contractual receivables included in current receivables

3.0

Contractual receivables included in other long term assets

$ 4.5

Measurement Period Adjustments [Member]

Measurement-period adjustments to preliminary acquisition date fair values [Abstract]

(1.0)

Accounting Standards Update 2015-16 [Member] | Measurement Period Adjustments [Member]

$ 0.3

Measurement-period adjustments to preliminary acquisition date fair values [Abstract]

Noncontrolling interest in subsidiaries

103.5

Property, plant and equipment

(86.2)

9.9

Investments in unconsolidated affiliates

(5.2)

5.5

Intangible assets

155.9

(5.0)

1.3

2.4

110.1

Deferred tax liabilities

5.0

(0.1)

(1.0)

Other current assets

(0.1)

(0.6)

Goodwill

155.6

(6.4)

Revenues

0.6

Operating expenses

(1.9)

2.0

(0.1)

Interest Expense

(26.2)

(0.2)

$ (0.1)

$ (0.4)

[1]	Total assets include goodwill. Goodwill has been attributed to the Partnership's Gathering and Processing segment.

Business Acquisitions, Mandatorily Redeemable Preferred Interests (Details) - Mandatorily Redeemable Noncontrolling Interests [Member] $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) JointVenture
Redeemable Noncontrolling Interest [Line Items]
Number of joint ventures \| JointVenture	2
Acquired other long-term liabilities \| $	$ 109.3

Business Acquisitions, Contingent Consideration, Replacement Restricted Stock Units and Replacement Phantom Units (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Replacement Restricted Stock Units (RSUs) [Member]
Business Acquisition [Line Items]
Vesting period of original term	4 years
Number of common units called by replacement equity unit (in shares)	1
Dividend payment period	60 days
Replacement Restricted Stock Units (RSUs) [Member] \| Vesting Term One [Member]
Business Acquisition [Line Items]
Vesting percentage original term	25.00%
Replacement Restricted Stock Units (RSUs) [Member] \| Vesting Term Two [Member]
Business Acquisition [Line Items]
Vesting percentage original term	25.00%
Replacement Restricted Stock Units (RSUs) [Member] \| Vesting Term Three [Member]
Business Acquisition [Line Items]
Vesting percentage original term	75.00%
Replacement Phantom Units [Member]
Business Acquisition [Line Items]
Number of common units called by replacement equity unit (in shares)	1
Dividend payment period	60 days
Replacement Phantom Units [Member] \| Vesting Term One [Member]
Business Acquisition [Line Items]
Vesting percentage original term	25.00%
Vesting period of original term	4 years
Replacement Phantom Units [Member] \| Vesting Term Two [Member]
Business Acquisition [Line Items]
Vesting percentage original term	33.00%
Vesting period of original term	3 years
Atlas Pipeline Partners [Member]
Business Acquisition [Line Items]
Contingent consideration additional amount	$ 6.0
Contingent liability acquisition date fair value		$ 4.2
Contingent consideration liability lower range	0.0
Contingent consideration liability higher range	$ 6.0

Business Acquisitions, Goodwill (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

$ 707.0

$ 0.0

Acquisition

707.0

Impairment

(290.0)

$ 0.0

Goodwill

417.0

^[1]

417.0

^[1]

0.0

WestTX [Member]

0.0

Acquisition

364.5

Impairment

(37.6)

Goodwill

326.9

0.0

SouthTX [Member]

0.0

Acquisition

160.3

Impairment

(70.2)

Goodwill

90.1

0.0

SouthOK [Member]

0.0

Acquisition

182.2

Impairment

(182.2)

Goodwill

$ 0.0

[1]	Total assets include goodwill. Goodwill has been attributed to the Partnership's Gathering and Processing segment.

- Definition

Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Business Acquisitions, TRC Acquisition of TRP (Details) - Subsequent Event [Member]	Feb. 17, 2016 shares
Business Acquisition [Line Items]
Conversion right to receive common stock	0.62
Number of shares issued in exchange of common units for common shares to the third party (in shares)	104,525,775
Targa Resources Partners LP [Member]
Business Acquisition [Line Items]
Number of shares exchanged in exchange of common units for common shares to the third party (in shares)	168,590,008

Business Acquisitions, Pro Forma Impact on Consolidated Balance Sheet (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Feb. 27, 2015

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Current assets

$ 920.0

$ 882.5

9,702.7

$ 9,666.6

$ 9,609.3

$ 9,507.1

4,824.6

Goodwill

417.0

^[1]

707.0

$ 707.0

0.0

1,810.1

1,847.1

1,884.1

1,921.0

591.9

$ 653.4

67.4

58.5

Total assets

13,211.0

6,423.5

^[1]

6,022.5

^[1]

881.6

826.5

5,718.8

2,855.5

177.8

138.7

180.2

63.3

Common stock

0.1

0.0

1,457.4

164.9

26.9

25.5

5.7

4.8

(28.7)

(25.4)

1,461.4

169.8

4,788.8

5,001.6

5,079.5

4,993.3

2,369.7

6,250.2

2,539.5

$ 2,091.3

$ 1,753.4

$ 13,211.0

$ 6,423.5

Statutory federal and state tax rate

37.11%

TRC Historical [Member]

Current assets

$ 920.0

9,702.7

9,750.2

9,684.3

9,832.9

Goodwill

417.0

551.4

557.9

628.5

1,810.1

1,695.7

1,735.6

1,602.4

361.2

Total assets

13,211.0

^[2]

881.6

5,718.8

^[3]

177.8

^[4]

182.6

Common stock

0.1

^[5]

1,457.4

^[4]

26.9

^[5]

5.7

(28.7)

1,461.4

4,788.8

^[5]

$ 4,898.1

$ 4,976.1

$ 5,080.3

6,250.2

13,211.0

Pro Forma Adjustments [Member]

0.0

Goodwill

0.0

0.0

0.0

Total assets

0.0

0.0

^[3]

952.0

^[4]

1.3

Common stock

0.1

^[5]

3,358.4

^[4]

(3.1)

^[5]

48.1

0.0

3,403.5

^[5]

(4,368.7)

(965.2)

0.0

Pro Forma Adjustments [Member] | Transaction Costs [Member]

^[2]

16.0

^[2]

(5.9)

Pro Forma Adjustments [Member] | Cash-Settled Performance Units [Member]

^[4]

1.8

TRC Pro Forma [Member]

Current assets

920.0

9,702.7

Goodwill

417.0

1,810.1

361.2

Total assets

13,211.0

^[2]

899.4

5,718.8

^[3]

1,123.9

^[4]

183.9

Common stock

0.2

^[5]

4,815.8

^[4]

23.8

^[5]

53.8

(28.7)

4,864.9

^[5]

420.1

5,285.0

$ 13,211.0

[1]	Total assets include goodwill. Goodwill has been attributed to the Partnership's Gathering and Processing segment.
[2]	Reflects estimated transaction costs of $16.0 million of advisory and legal services, and other professional fees expected to be paid in 2015 and 2016, as well as $5.9 million of related deferred tax. As the TRC/TRP Merger involves the acquisition of noncontrolling interests accounted for as an equity transaction, these costs will be recognized as an adjustment to additional paid-in capital, net of the estimated tax benefit, upon exchange of securities at closing.
[3]	Reflects the estimated impact on deferred income taxes resulting from the TRC/TRP Merger using TRC's statutory federal and state tax rate of 37.11%. The amount reflects a net adjustment of $952.0 million to deferred income taxes, which relates to the effects of the change in ownership as a result of the TRC/TRP Merger, resulting in a deferred tax liability. The deferred income tax impact is an estimate based on preliminary information and assumptions, including variability in share and unit market prices of TRC and TRP.
[4]	Reflects the revaluation of each outstanding cash-settled performance unit award granted pursuant to the Targa Resources Corp. Long-Term Incentive Plan, which were based generally on the TRP common unit price performance relative to its peer group (a market condition), and will be converted and restated into a cash-settled award, pursuant to the same time-based vesting schedule but without application of any performance factor relating to TRP common units, based on the common share price of TRC determined by multiplying the number of performance units denominated in each TRP Performance Unit Award immediately prior to the effective time of the TRC/TRP Merger by the Exchange Ratio, rounding down to the nearest whole share. This modification of the liability-classified awards resulted in revaluation as of the pro forma balance sheet date as the removal of the market condition is reflected in the fair value of the award.
[5]	The TRC/TRP Merger, which involves a change in TRC's ownership interests in its subsidiary TRP, has been accounted for as an equity transaction in accordance with ASC 810. As described in Note 2(b), the TRC/TRP Merger resulted in the recognition of a deferred tax liability totaling $952.0 million. This tax impact is presented as a decrease to additional paid-in capital consistent with the accounting for tax effects of transactions with noncontrolling interests:

Business Acquisitions, Pro Forma Impact on Equity (Details)
$ in Millions

12 Months Ended

Dec. 31, 2015

USD ($)

Common Stock [Member]

$ 0.1

0.0

Common Stock [Member] | TRC Pro Forma [Member]

0.1

0.0

0.0

0.0

0.1

Additional Paid-in Capital [Member]

1,013.6

0.0

Additional Paid-in Capital [Member] | TRC Pro Forma [Member]

1,803.0

2,488.0

(922.5)

(10.1)

3,358.4

Retained Earnings [Member]

0.0

0.0

Retained Earnings [Member] | TRC Pro Forma [Member]

0.0

0.0

0.0

0.0

0.0

Accumulated Other Comprehensive Income (Loss) [Member]

0.0

0.0

Accumulated Other Comprehensive Income (Loss) [Member] | TRC Pro Forma [Member]

0.0

77.6

(29.5)

0.0

48.1

TRC's Stockholders' Equity [Member] | TRC Pro Forma [Member]

1,803.1

2,565.6

(952.0)

(10.1)

3,406.6

Noncontrolling Interests [Member]

0.0

216.8

Noncontrolling Interests [Member] | TRC Pro Forma [Member]

(4,368.7)

^[1]

0.0

^[1]

0.0

^[1]

0.0

^[1]

(4,368.7)

^[1]

1,013.7

216.8

27.3

TRC Pro Forma [Member]

(2,565.6)

2,565.6

(952.0)

(10.1)

$ (962.1)

[1]	Reflects the December 31, 2015 book value of the publicly held interests in TRP.

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Inventories, net	$ 141.0	$ 168.9
Targa Resources Partners LP [Member]
Inventory [Line Items]
Commodities	128.3	157.4
Materials and supplies	12.7	11.5
Inventories, net	$ 141.0	$ 168.9

- 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, Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 11,935.1	$ 6,521.1	$ 11,935.1	$ 6,521.1
Accumulated depreciation	(2,232.4)	(1,696.5)	(2,232.4)	(1,696.5)
Property, plant and equipment, net	9,702.7	4,824.6	9,702.7	4,824.6		$ 9,666.6	$ 9,609.3	$ 9,507.1
Intangible assets	2,036.6	681.8	2,036.6	681.8
Accumulated amortization	(226.5)	(89.9)	(226.5)	(89.9)
Intangible assets, net	1,810.1	591.9	$ 1,810.1	591.9	$ 653.4	$ 1,847.1	$ 1,884.1	$ 1,921.0
Estimated useful lives			20 years
Depreciation expenses for property, plant and equipment			$ 540.4	289.5	$ 244.5
Non-cash pre-tax impairment charges	32.6	3.2	32.6	3.2
Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	6,304.5	2,588.6	$ 6,304.5	2,588.6
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	2,995.2	1,890.7	$ 2,995.2	1,890.7
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	1,115.0	1,038.9	$ 1,115.0	1,038.9
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	454.0	359.0	$ 454.0	359.0
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	221.1	149.3	$ 221.1	149.3
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	108.8	95.6	$ 108.8	95.6
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 736.5	$ 399.0	$ 736.5	$ 399.0

Property, Plant and Equipment and Intangible Assets, Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment and Intangible Assets [Abstract]
Estimated useful lives	20 years
Intangible Assets, net [Roll Forward]
Beginning of period	$ 591.9	$ 653.4
Additions from acquisition	1,354.9	0.0
Amortization	(136.7)	(61.5)	$ (27.4)
Intangible assets, net	1,810.1	$ 591.9	$ 653.4
Estimated amortization expense for intangible assets [Abstract]
2016	156.2
2017	149.4
2018	135.7
2019	124.7
2020	$ 112.5
Weighted average amortization period, intangible assets	18 years 6 months

Investments in Unconsolidated Affiliates (Details)
$ in Millions

12 Months Ended

Dec. 31, 2015

USD ($)

JointVenture

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Schedule of Equity Method Investments [Line Items]

$ 50.2

(2.5)

$ 18.0

$ 14.8

258.9

50.2

Return of capital from unconsolidated affiliate

1.2

5.7

0.0

Schedule of Equity Method Investments [Line Items]

50.2

55.9

53.1

214.5

(2.5)

18.0

14.8

^[1]

(15.0)

(23.7)

(12.0)

11.7

258.9

50.2

55.9

Return of capital from unconsolidated affiliate

$ 1.2

Targa Resources Partners LP [Member] | Gulf Coast Fractionators LP [Member]

Schedule of Equity Method Investments [Line Items]

38.80%

$ 50.2

55.9

53.1

0.0

13.8

18.0

14.8

^[1]

(14.5)

(23.7)

(12.0)

0.0

$ 49.5

50.2

55.9

Return of capital from unconsolidated affiliate

5.7

Targa Resources Partners LP [Member] | T2 Joint Ventures [Member]

Schedule of Equity Method Investments [Line Items]

Number of non-operated joint ventures acquired in Atlas mergers | JointVenture

Basis difference on preliminary fair values

$ 39.9

Preliminary estimated useful lives of the underlying assets

20 years

Targa Resources Partners LP [Member] | T2 LaSalle [Member]

Schedule of Equity Method Investments [Line Items]

75.00%

$ 0.0

0.0

67.5

(3.9)

0.0

^[1]

0.0

0.0

$ 63.6

0.0

Targa Resources Partners LP [Member] | T2 Eagle Ford [Member]

Schedule of Equity Method Investments [Line Items]

50.00%

$ 0.0

0.0

126.7

(9.4)

0.0

^[1]

0.0

6.5

$ 123.8

0.0

Targa Resources Partners LP [Member] | T2 EF Co-Gen [Member]

Schedule of Equity Method Investments [Line Items]

50.00%

$ 0.0

0.0

20.3

(3.0)

0.0

^[1]

(0.5)

0.0

5.2

$ 22.0

$ 0.0

[1]

Includes $1.2 million in distributions from GCF and T2 Joint Ventures received in excess of the Partnership's share of cumulative earnings for the year ended December 31, 2015. Includes $5.7 million in distributions from GCF in excess of the Partnership's share of cumulative earnings for the year ended December 31, 2014. 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.

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Components of accounts payable and accrued liabilities [Abstract]
Commodities	$ 385.2	$ 416.7
Other goods and services	142.9	111.1
Interest	81.0	37.3
Compensation and benefits	16.0	46.1
Income and other taxes	13.4	11.7
Other	18.6	15.6
Accounts payable and accrued liabilities	657.1	638.5
Outstanding checks	34.2	13.6
Targa Resources Partners LP [Member]
Components of accounts payable and accrued liabilities [Abstract]
Commodities	385.3	416.7
Other goods and services	141.3	108.9
Interest	80.3	37.3
Compensation and benefits	0.4	1.3
Income and other taxes	10.4	13.6
Other	18.1	14.9
Accounts payable and accrued liabilities	635.8	592.7
TRC Non Partnership [Member]
Components of accounts payable and accrued liabilities [Abstract]
Commodities	(0.1)	0.0
Other goods and services	1.6	2.2
Interest	0.7	0.0
Compensation and benefits	15.6	44.8
Income and other taxes	3.0	(1.9)
Other	0.5	0.7
Accounts payable and accrued liabilities	$ 21.3	$ 45.8

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

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

$ 5,718.8

$ 2,855.5

Long-term debt including Unamortized premium(discount) and Debt issuance costs

5,761.5

2,885.4

Debt issuance costs

(42.7)

(29.9)

Total debt

5,938.1

3,038.3

Letters of credit outstanding

12.9

44.1

TRC Senior Secured Term Loan due February 2022 [Member]

160.0

0.0

Unamortized discount

$ (2.5)

0.0

Atlas Pipeline Partners [Member] | Senior Unsecured 6 5/8% Notes due October 2020 [Member]

Feb. 28, 2022

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

6.625%

$ 0.0

102.0

Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due February 2020 [Member]

Oct. 03, 2017

^[1]

$ 440.0

0.0

Senior Unsecured Notes [Member] | Atlas Pipeline Partners [Member] | Senior Unsecured 6 5/8% Notes due October 2020 [Member]

Feb. 29, 2020

Letters of credit outstanding

^[1]

$ 0.0

0.0

Maximum borrowing capacity

670.0

Remaining borrowing capacity

230.0

^[2],[3],[4]

12.9

0.0

Unamortized premium

^[4]

$ 0.2

0.0

Oct. 01, 2020

Senior Unsecured Notes [Member] | Atlas Pipeline Partners [Member] | Senior Unsecured 4 3/4% Notes due November 2021 [Member]

6.625%

^[3],[4]

$ 6.5

0.0

Nov. 15, 2021

Senior Unsecured Notes [Member] | Atlas Pipeline Partners [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member]

4.75%

^[3],[4]

$ 48.1

0.0

Unamortized premium

^[4]

$ 0.5

0.0

Aug. 01, 2023

Targa Resources Partners LP [Member] | Senior Unsecured 6 5/8% Notes due October 2020 [Member]

5.875%

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

6.625%

^[4],[5]

$ 280.0

0.0

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2018 [Member]

Oct. 31, 2017

Letters of credit outstanding

^[5]

$ 12.9

44.1

Maximum borrowing capacity

1,600.0

Remaining borrowing capacity

1,307.1

^[4]

$ 1,100.0

0.0

Jan. 15, 2018

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

5.00%

^[4]

$ 800.0

800.0

Nov. 15, 2019

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6 5/8% Notes due October 2020 [Member]

4.125%

^[2],[4]

$ 342.1

0.0

Unamortized premium

^[4]

$ 5.0

0.0

Oct. 01, 2020

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

6.625%

^[4]

$ 483.6

483.6

Unamortized discount

^[4]

$ (22.1)

(25.2)

Feb. 01, 2021

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

6.875%

^[4]

$ 300.0

300.0

Aug. 01, 2022

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

6.375%

^[4]

$ 583.7

600.0

May 01, 2023

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

5.25%

^[4]

$ 623.5

625.0

Nov. 15, 2023

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6 3/4% Notes due March 2024 [Member]

4.25%

^[4]

$ 600.0

0.0

Mar. 15, 2024

Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility Due December 2016 [Member]

6.75%

Current Obligations of the Partnership [Abstract]

Current debt

^[4]

$ 219.3

$ 182.8

Senior Unsecured 6 5/8% Notes due October 2020 [Member] | Atlas Pipeline Partners [Member]

Dec. 31, 2016

[1]	As of December 31, 2015, availability under TRC's $670.0 million senior secured revolving credit facility was $230.0 million.
[2]	In May 2015, the Partnership exchanged TRP 6.625% Senior Notes with the same economic terms to holders of the 6.625% APL Notes that validly tendered such notes for exchange to us.
[3]	While the Partnership consolidates the debt acquired in the Atlas mergers, APL debt is not guaranteed by us nor the Partnership.
[4]	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.
[5]	As of December 31, 2015, availability under the Partnership's $1.6 billion senior secured revolving credit facility ("TRP Revolver") was $1,307.1 million.

Debt Obligations, Contractually Scheduled Maturities of Debt Obligations (Details) $ in Millions	Dec. 31, 2015 USD ($)
Scheduled maturities of debt [Abstract]
Total	$ 5,999.7
2016	219.3
2017	280.0
2018	1,100.0
2019	800.0
2020	795.0
After 2020	2,805.4
Revolving Credit Facility [Member]
Scheduled maturities of debt [Abstract]
Total	440.0
2016	0.0
2017	0.0
2018	0.0
2019	0.0
2020	440.0
After 2020	0.0
Senior Secured Loans [Member]
Scheduled maturities of debt [Abstract]
Total	160.0
2016	0.0
2017	0.0
2018	0.0
2019	0.0
2020	0.0
After 2020	160.0
Targa Resources Partners LP [Member] \| Senior Secured Loans [Member]
Scheduled maturities of debt [Abstract]
Total	280.0
2016	0.0
2017	280.0
2018	0.0
2019	0.0
2020	0.0
After 2020	0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member]
Scheduled maturities of debt [Abstract]
Total	4,900.4
2016	0.0
2017	0.0
2018	1,100.0
2019	800.0
2020	355.0
After 2020	2,645.4
Targa Resources Partners LP [Member] \| Accounts Receivable Securitization Facility [Member]
Scheduled maturities of debt [Abstract]
Total	219.3
2016	219.3
2017	0.0
2018	0.0
2019	0.0
2020	0.0
After 2020	$ 0.0

Debt Obligations, Interest Rate on Variable-Rate Debt Obligations (Details)	12 Months Ended
	Dec. 31, 2015
Revolving Credit Facility [Member]
Range of interest rates and weighted average interest rate [Abstract]
Range of interest rates incurred, minimum	2.20%
Range of interest rates incurred, maximum	2.90%
Weighted average interest rate incurred	2.60%
Senior Secured Term Loan [Member]
Range of interest rates and weighted average interest rate [Abstract]
Range of interest rates incurred	5.75%
Weighted average interest rate incurred	5.75%
Targa Resources Partners LP [Member] \| Revolving Credit Facility [Member]
Range of interest rates and weighted average interest rate [Abstract]
Range of interest rates incurred, minimum	1.90%
Range of interest rates incurred, maximum	4.80%
Weighted average interest rate incurred	2.20%
Targa Resources Partners LP [Member] \| Accounts Receivable Securitization Facility [Member]
Range of interest rates and weighted average interest rate [Abstract]
Range of interest rates incurred, minimum	0.90%
Range of interest rates incurred, maximum	1.20%
Weighted average interest rate incurred	0.90%

Debt Obligations, TRC Revolving Credit Agreement (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
TRC Credit Agreement [Member]
TRC Revolving Credit Agreement [Abstract]
Leverage ratio for each fiscal quarter in first year			4.50
Leverage ratio for each fiscal quarter thereafter			4.00
TRC Credit Agreement [Member] \| Senior Secured Term Loan [Member]
TRC Revolving Credit Agreement [Abstract]
Expiration period for credit facility			7 years
Aggregate principal amount			$ 430.0
Debt instrument discount rate			1.75%
Cash payments related to change of control payments			$ 160.2
Repayment of term loan	$ 82.0	$ 188.0
Write off of debt discount	1.4	3.3
Write off of debt issuance cost	$ 2.4	$ 5.8
TRC Credit Agreement [Member] \| Senior Secured Term Loan [Member] \| LIBOR [Member]
TRC Revolving Credit Agreement [Abstract]
Debt instrument, basis spread on variable rate			4.75%
TRC Credit Agreement [Member] \| Senior Secured Term Loan [Member] \| Interest Rate Floor [Member] \| LIBOR [Member]
TRC Revolving Credit Agreement [Abstract]
Debt instrument, floor interest rate			1.00%
Revolving Credit Facility [Member] \| TRC Senior Secured Revolving Credit Facility [Member]
TRC Revolving Credit Agreement [Abstract]
Interest rate percentage, minimum			2.75%
Interest rate percentage, maximum			3.50%
Revolving Credit Facility [Member] \| TRC Senior Secured Revolving Credit Facility [Member] \| Minimum [Member]
TRC Revolving Credit Agreement [Abstract]
Commitment fee percentage			0.375%
Revolving Credit Facility [Member] \| TRC Senior Secured Revolving Credit Facility [Member] \| Maximum [Member]
TRC Revolving Credit Agreement [Abstract]
Commitment fee percentage			0.50%
Revolving Credit Facility [Member] \| TRC Credit Agreement [Member]
TRC Revolving Credit Agreement [Abstract]
Expiration period for credit facility			5 years
Aggregate principal amount			$ 670.0

Debt Obligations, Partnership's Revolving Credit Agreement (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Feb. 27, 2015	Feb. 28, 2015	Dec. 31, 2015	Oct. 03, 2012
Atlas Energy [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Cash payments related to acquisition	$ 514.7
Atlas Pipeline Partners [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Cash payments related to change of control payments		$ 28.8
Revolving Credit Facility [Member] \| Atlas Pipeline Partners [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Cash payments related to acquisition		701.4
Targa Resources Partners LP [Member] \| TRP Revolver [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Maturity date			Oct. 03, 2017
Maximum consolidated leverage ratio			5.50
Minimum ratio of consolidated EBITDA to consolidated interest expense			2.25
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Minimum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Commitment fee percentage			0.30%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Maximum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Commitment fee percentage			0.50%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Federal Funds Rate [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate			0.50%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Base Rate [Member] \| Minimum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate			0.75%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Base Rate [Member] \| Maximum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate			1.75%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Eurodollar [Member] \| Minimum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate			1.75%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Eurodollar [Member] \| Maximum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate			2.75%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| London Interbank Offered Rate (LIBOR) [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Basis spread on variable rate			1.00%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Letters of Credit [Member] \| Minimum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Interest rate percentage			1.75%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Letters of Credit [Member] \| Maximum [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Interest rate percentage			2.75%
Targa Resources Partners LP [Member] \| Senior Secured Revolving Credit Facility due July 2015 [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Maturity date			Jul. 31, 2015
Targa Resources Partners LP [Member] \| Revolving Credit Facility [Member] \| First Amendment [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Maximum borrowing capacity		1,600.0
Additional commitment increase available upon request		$ 300.0
Targa Resources Partners LP [Member] \| Revolving Credit Facility [Member] \| Original Agreement [Member]
The Partnership's Revolving Credit Agreement [Abstract]
Maximum borrowing capacity				$ 1,200.0
Additional commitment increase available upon request				$ 300.0

Debt Obligations, Partnership's Senior Unsecured Notes and Debt Repurchases (Details) - USD ($) $ in Millions	1 Months Ended							12 Months Ended
	Sep. 30, 2015	Jan. 31, 2015	Nov. 30, 2014	Oct. 31, 2014	Jul. 31, 2013	Jun. 30, 2013	May 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
The Partnership's Senior Unsecured Notes [Abstract]
Payment for redemption of debt								$ 1,168.8	$ 0.0	$ 0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Debt issuance costs written off								0.1
Gain (loss) on repurchase of debt								3.6
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 4 1/4% Notes due November 2023 [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Aggregate principal amount issued							$ 625.0
Net proceeds from private placement of notes							$ 618.1
Payment for redemption of debt								$ 1.2
Redemption price, percentage of face value								104.25%
Face amount of notes redeemed								$ 1.5
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 3/8% Notes due August 2022 [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Payment for redemption of debt						$ 106.4
Premium paid on redemption of debt						6.4
Face amount of notes redeemed						100.0
Loss on extinguishment of debt						(7.4)
Debt issuance costs written off						$ 1.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 11 1/4% Notes due July 2017 [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Payment for redemption of debt					$ 76.8
Premium paid on redemption of debt					4.1
Loss on extinguishment of debt					(7.4)
Debt issuance costs written off					$ 1.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Aggregate principal amount issued				$ 800.0
Net proceeds from private placement of notes				$ 790.8
Redemption price, percentage of face value								104.125%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 7 7/8% Notes due October 2018 [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Premium paid on redemption of debt									9.9
Redemption price, percentage of face value			103.938%
Loss on extinguishment of debt									(12.4)
Debt issuance costs written off									$ 2.5
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 3/4% Notes due March 2024 [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Redemption price, percentage of face value								106.75%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5 1/4% Notes due May 2023 [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Payment for redemption of debt								$ 13.0
Face amount of notes redeemed								16.3
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member] \| Atlas Pipeline Partners [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Payment for redemption of debt								0.1
Face amount of notes redeemed								$ 0.1
Partnership Issuers [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5% Notes due January 2018 [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Aggregate principal amount issued		$ 1,100.0
Net proceeds from private placement of notes		$ 1,089.8
Partnership Issuers [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 3/4% Notes due March 2024 [Member]
The Partnership's Senior Unsecured Notes [Abstract]
Aggregate principal amount issued	$ 600.0
Net proceeds from private placement of notes	$ 595.0

Debt Obligations, APL Senior Notes Tender Offers (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Results of tender offers [Abstract]
Repayment of debt		$ 1,168.8	$ 0.0	$ 0.0
APL Senior Notes Tender Offers [Member] \| Atlas Pipeline Partners [Member]
Results of tender offers [Abstract]
Repayment of debt		1,168.8
APL Senior Notes with Offers Tendered [Member]
Results of tender offers [Abstract]
Outstanding note balance		1,550.0
Amount tendered		1,135.5
Premium paid		16.7
Accrued interest paid		11.6
Total tender offer payments		1,163.8
Note balance after tender offers		414.5	1,550.0
APL Senior Notes with Offers Tendered [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Results of tender offers [Abstract]
Outstanding note balance		500.0
Amount tendered		140.1
Premium paid		2.1
Accrued interest paid		3.7
Total tender offer payments		$ 145.9
Tendered percentage		28.02%
Note balance after tender offers		$ 359.9	500.0
APL Senior Notes with Offers Tendered [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member] \| Atlas Pipeline Partners [Member]
Results of tender offers [Abstract]
Amount tendered	$ 4.8
Total tender offer payments	$ 5.0
APL Senior Notes with Offers Tendered [Member] \| Senior Unsecured 4 3/4% Notes due November 2021 [Member]
Results of tender offers [Abstract]
Outstanding note balance		400.0
Amount tendered		393.5
Premium paid		5.9
Accrued interest paid		5.3
Total tender offer payments		$ 404.7
Tendered percentage		98.38%
Note balance after tender offers		$ 6.5	400.0
APL Senior Notes with Offers Tendered [Member] \| Senior Unsecured 5 7/8% Notes due August 2023 [Member]
Results of tender offers [Abstract]
Outstanding note balance		650.0
Amount tendered		601.9
Premium paid		8.7
Accrued interest paid		2.6
Total tender offer payments		$ 613.2
Tendered percentage		92.60%
Note balance after tender offers		$ 48.1	$ 650.0

Debt Obligations, Exchange Offer and Consent Solicitation (Details) - Senior Unsecured 6 5/8% Notes due October 2020 [Member] - Atlas Pipeline Partners [Member] - USD ($) $ in Millions		12 Months Ended
	Apr. 27, 2015	Dec. 31, 2015	May 31, 2015
Partnership Issuers [Member]
Debt Instrument [Line Items]
Aggregate principal amount outstanding			$ 342.1
Unamortized premium			$ 5.6
Targa Resources Partners LP [Member]
Debt Instrument [Line Items]
Tendered percentage	96.30%
Costs associated with exchange offer		$ 0.7

- Definition

Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.

+ References + Details

Debt Obligations, Debt Repurchases Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Repurchases Summary [Abstract]
Loss from financing activities	$ 10.1	$ 12.4	$ 14.7
Unsecured Debt [Member] \| TRC Term Loan, Variable Rate [Member]
Debt Repurchases Summary [Abstract]
Recognition of unamortized discount	4.7	0.0	0.0
Write-off of deferred debt issuance costs	8.2	0.0	0.0
Targa Resources Partners LP [Member] \| Unsecured Debt [Member]
Debt Repurchases Summary [Abstract]
Gain (loss) on repurchase of debt	(3.6)
Write-off of deferred debt issuance costs	0.1
Targa Resources Partners LP [Member] \| Unsecured Debt [Member] \| Notes 6 3/8% Notes [Member]
Debt Repurchases Summary [Abstract]
Premium over face value paid upon redemption	0.0	0.0	6.4
Write-off of deferred debt issuance costs	0.0	0.0	1.0
Targa Resources Partners LP [Member] \| Unsecured Debt [Member] \| Notes 7 7/8% Notes [Member]
Debt Repurchases Summary [Abstract]
Premium over face value paid upon redemption	0.0	9.9	0.0
Write-off of deferred debt issuance costs	0.0	2.5	0.0
Targa Resources Partners LP [Member] \| Unsecured Debt [Member] \| Notes 11 1/4% Notes [Member]
Debt Repurchases Summary [Abstract]
Premium over face value paid upon redemption	0.0	0.0	4.1
Recognition of unamortized discount	0.0	0.0	2.2
Write-off of deferred debt issuance costs	0.0	0.0	1.0
Targa Resources Partners LP [Member] \| Unsecured Debt [Member] \| Notes 5 1/4% Notes [Member]
Debt Repurchases Summary [Abstract]
Gain (loss) on repurchase of debt	(3.3)	0.0	0.0
Write-off of deferred debt issuance costs	0.1
Targa Resources Partners LP [Member] \| Unsecured Debt [Member] \| Notes 4 1/4% Notes [Member]
Debt Repurchases Summary [Abstract]
Gain (loss) on repurchase of debt	(0.3)	0.0	0.0
Targa Resources Partners LP [Member] \| Unsecured Debt [Member] \| Notes 6 5/8% Notes [Member]
Debt Repurchases Summary [Abstract]
Loss from financing with exchange offer	$ 0.7	$ 0.0	$ 0.0

Debt Obligations, Terms of Senior Unsecured Notes Outstanding (Details) - Unsecured Debt [Member]

12 Months Ended

Dec. 31, 2015

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Sep. 01, 2012

^[1]

6.625%

Due date

Oct. 01, 2020

Senior Unsecured 4 3/4% Notes due November 2021 [Member] | Atlas Pipeline Partners [Member]

April & October 1st

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

May 01, 2013

^[1]

4.75%

Due date

Nov. 15, 2021

Senior Unsecured 5 7/8% Notes due August 2023 [Member] | Atlas Pipeline Partners [Member]

May & November 15th

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Feb. 01, 2013

^[1]

5.875%

Due date

Aug. 01, 2023

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

February & August 1st

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Feb. 01, 2011

6.875%

Due date

Feb. 01, 2021

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

February & August 1st

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Jan. 01, 2012

6.375%

Due date

Aug. 01, 2022

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

February & August 1st

Terms of the Senior Unsecured Notes Outstanding [Abstract]

5.25%

Due date

May 01, 2023

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

May & November 1st

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Oct. 01, 2012

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

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Dec. 01, 2012

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

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

May 01, 2013

4.25%

Due date

Nov. 15, 2023

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

May & November 15th

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Oct. 01, 2014

4.125%

Due date

Nov. 15, 2019

Targa Resources Partners LP [Member] | Senior Unsecured 5% Notes due January 2018 [Member]

May & November 15th

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Jan. 01, 2015

5.00%

Due date

Jan. 15, 2018

Targa Resources Partners LP [Member] | Senior Unsecured 6 5/8% Notes due October 2020 [Member]

January & July 15th

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

May 01, 2015

6.625%

Due date

Oct. 01, 2020

Targa Resources Partners LP [Member] | Senior Unsecured 6 3/4% Notes due March 2024 [Member]

February & October 1st

Terms of the Senior Unsecured Notes Outstanding [Abstract]

Issue date

Sep. 01, 2015

6.75%

Due date

Mar. 15, 2024

Atlas Pipeline Partners [Member] | Distribution Rights First Quarter for 2016 [Member]

March & September 15th

[1]	Issue dates for APL Notes are original dates of issuance. These notes were acquired in the APL Merger. See Note 4 - Business Acquisitions.

Debt Obligations, Accounts Receivable Securitization Facility and Shelf Registration Statements (Details) - Targa Resources Partners LP [Member] $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) Subsidiary	Apr. 30, 2015 USD ($)	Jul. 31, 2013 USD ($)
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 225.0
Number of consolidated subsidiaries selling or contributing receivables under Securitization Facility \| Subsidiary	3
Funding under securitization facility	$ 219.3
July 2013 Shelf [Member]
Debt Instrument [Line Items]
Aggregate amount of debt or equity securities allowed under shelf agreement			$ 800.0
April 2015 Shelf [Member]
Debt Instrument [Line Items]
Aggregate amount of debt or equity securities allowed under shelf agreement		$ 1,000.0

- 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, Subsequent Events (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Feb. 18, 2016	Jun. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Payment for redemption of debt			$ 1,168.8	$ 0.0	$ 0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5 1/4% Notes due May 2023 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt			13.0
Face amount of notes redeemed			16.3
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 4 1/4% Notes due November 2023 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt			1.2
Face amount of notes redeemed			$ 1.5
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 3/8% Notes due August 2022 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt		$ 106.4
Face amount of notes redeemed		100.0
Fees paid on repurchase of debt		$ 6.4
Subsequent Event [Member] \| Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Fees paid on repurchase of debt	$ 0.2
Accrued interest paid	1.4
Subsequent Event [Member] \| Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5 1/4% Notes due May 2023 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt	16.7
Face amount of notes redeemed	20.5
Subsequent Event [Member] \| Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 4 1/4% Notes due November 2023 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt	17.0
Face amount of notes redeemed	22.9
Subsequent Event [Member] \| Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 7/8% Notes due February 2021 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt	4.3
Face amount of notes redeemed	5.0
Subsequent Event [Member] \| Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt	15.3
Face amount of notes redeemed	17.4
Subsequent Event [Member] \| Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 3/8% Notes due August 2022 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt	7.6
Face amount of notes redeemed	9.5
Subsequent Event [Member] \| Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 3/4% Notes due March 2024 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt	2.4
Face amount of notes redeemed	3.0
Subsequent Event [Member] \| Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5% Notes due January 2018 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt	1.5
Face amount of notes redeemed	1.9
Subsequent Event [Member] \| Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member]
Debt Instrument [Line Items]
Payment for redemption of debt	11.9
Face amount of notes redeemed	$ 16.4

Other Long-term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Long-term Liabilities [Abstract]
Asset retirement obligations	$ 70.4	$ 57.3	$ 50.9
Mandatorily redeemable preferred interests	82.9	0.0
Deferred revenue and other	26.9	6.0
Total long-term liabilities	$ 180.2	$ 63.3

- 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

As of the reporting date, the aggregate carrying amount of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity.

+ References + Details

Other Long-term Liabilities, Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Changes in aggregate asset retirement obligations [Roll Forward]
Beginning of period	$ 57.3	$ 50.9
Fair value of ARO acquired with APL merger	4.0	0.0
Change in cash flow estimate	3.8	2.1	$ 1.6
Accretion expense	5.3	4.5	4.0
Retirement of ARO	0.0	(0.2)
End of period	$ 70.4	$ 57.3	$ 50.9

- Definition

+ 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

Other Long-term Liabilities, Mandatorily Redeemable Preferred Interests (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) JointVenture	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Beginning balance	$ 0.0
Change in estimated redemption value	(30.6)	$ 0.0	$ 0.0
Ending balance	82.9	0.0
Mandatorily Redeemable Preferred Interests [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Beginning balance	0.0
Acquired mandatorily redeemable preferred interests	109.3
Income attributable to mandatorily redeemable preferred interests	2.8
Other activity, net	1.4
Change in estimated redemption value	(30.6)
Ending balance	$ 82.9	$ 0.0
Number of joint ventures \| JointVenture	2
Mandatorily Redeemable Preferred Interests [Member] \| WestOK [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Ownership interest	100.00%
Mandatorily Redeemable Preferred Interests [Member] \| WestTX [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Ownership interest	72.80%
Mandatorily Redeemable Preferred Interests [Member] \| Joint Ventures [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Number of joint ventures \| JointVenture	2
Notes receivable, face amount	$ 1,900.0
Notes receivable, due date	Jul. 31, 2042
Interest earned on notes receivable, net	$ 8.9

Other Long-term Liabilities, Deferred Revenue and Other (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Deferred Revenue and Other [Abstract]
Deferred revenue related to gas gathering and processing agreement	$ 21.1
Deferred revenue recognized related to gas gathering and processing agreement	$ 1.4

- Definition

Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References + Details

- Definition

Amount of previously reported deferred or unearned revenue that was recognized as revenue during the period. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References + Details

Partnership Units and Related Matters, Public Offerings of Common Units (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended							12 Months Ended
	Feb. 27, 2015	Oct. 31, 2015	May 31, 2015	Mar. 31, 2015	May 31, 2014	Aug. 31, 2013	Mar. 31, 2013	Aug. 31, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jul. 31, 2012
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)									7,377,380	7,175,096
Net proceeds from sale of common units									$ 316.1	$ 408.4
General partner contributed to maintain general partner ownership percentage									$ 6.5	$ 8.4
Ownership interest in Partnership by general partner									2.00%	2.00%
Commissions to sales agents, maximum										1.00%
Preferred stock, price per share (in dollars per share)									$ 0.001	$ 0.001
Distribution to preferred unitholders									$ 1.5
Targa Resources Partners LP [Member] \| Senior Notes 5% Due 2018 [Member] \| Senior Unsecured Notes [Member]
Partnership Equity [Abstract]
Interest rate of partnership indebtedness percentage									5.00%
Maturity date									Jan. 15, 2018
Targa Resources Partners LP [Member] \| Senior Notes 4 1/8% [Member] \| Senior Unsecured Notes [Member]
Partnership Equity [Abstract]
Interest rate of partnership indebtedness percentage									4.125%
Targa Resources Partners LP [Member] \| Senior Notes 6 5/8% due 2020 [Member] \| Senior Unsecured Notes [Member]
Partnership Equity [Abstract]
Interest rate of partnership indebtedness percentage									6.625%
Maturity date									Oct. 01, 2020
Targa Resources Partners LP [Member] \| Senior Notes 6 7/8% due 2021 [Member] \| Senior Unsecured Notes [Member]
Partnership Equity [Abstract]
Interest rate of partnership indebtedness percentage									6.875%
Maturity date									Feb. 01, 2021
Targa Resources Partners LP [Member] \| Senior Notes 6 3/8% due 2022 [Member] \| Senior Unsecured Notes [Member]
Partnership Equity [Abstract]
Interest rate of partnership indebtedness percentage									6.375%
Maturity date									Aug. 01, 2022
Targa Resources Partners LP [Member] \| Senior Notes 5 1/4% due 2023 [Member] \| Senior Unsecured Notes [Member]
Partnership Equity [Abstract]
Interest rate of partnership indebtedness percentage									5.25%
Maturity date									May 01, 2023
Targa Resources Partners LP [Member] \| Senior Notes 4 1/4% due 2023 [Member] \| Senior Unsecured Notes [Member]
Partnership Equity [Abstract]
Interest rate of partnership indebtedness percentage									4.25%
Maturity date									Nov. 15, 2023
Targa Resources Partners LP [Member] \| Senior Notes 6 3/4% due 2024 [Member] \| Senior Unsecured Notes [Member]
Partnership Equity [Abstract]
Interest rate of partnership indebtedness percentage									6.75%
Maturity date									Mar. 15, 2024
Common Units [Member]
Partnership Equity [Abstract]
General partner contributed to maintain general partner ownership percentage									$ 52.4
Ownership interest in Partnership by general partner									2.00%
Series A Preferred Units [Member]
Partnership Equity [Abstract]
Preferred unit, redemption price (in dollars per share)									$ 25
Series A Preferred Units due November 1, 2020 [Member] \| LIBOR [Member]
Partnership Equity [Abstract]
Percentage of variable interest rate for distribution on preferred units upon maturity		7.71%
Atlas Energy [Member] \| Common Units [Member]
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)	10,126,532
Atlas Energy [Member] \| Common Units [Member] \| Targa Resources Partners LP [Member]
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)									3,363,935
Atlas Pipeline Partners [Member]
Partnership Equity [Abstract]
General partner contributed to maintain general partner ownership percentage				$ 52.4
Ownership interest in Partnership by general partner				2.00%
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| Common Unit Holders [Member]
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)	58,614,157
Atlas Pipeline Partners [Member] \| Common Units [Member]
Partnership Equity [Abstract]
Number of common units included in public offering (in shares)									58,614,157
July 2012 Shelf [Member]
Partnership Equity [Abstract]
Aggregate amount of debt or equity securities allowed to be issued under the shelf agreement												$ 300.0
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											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											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)											4,259,641
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											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
Capacity remaining available under shelf agreement									$ 4.2
May 2015 EDA [Member]
Partnership Equity [Abstract]
Dollar amount of common units able to sell from Equity Distribution Agreement			$ 1,000.0
Capacity remaining available under shelf agreement									$ 835.6
April 2013 Shelf [Member] \| Series A Preferred Units [Member]
Partnership Equity [Abstract]
Number of preferred units included in offerings (in shares)		4,400,000
Preferred stock, price per share (in dollars per share)		$ 25.00
Number of additional preferred units sold in public offering (in shares)		600,000
Net proceeds received after costs		$ 121.1
Preferred unit, dividend interest rate		9.00%

Partnership Units and Related Matters, Distributions (Details)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2015

USD ($)

$ / shares

Sep. 30, 2015

USD ($)

$ / shares

Jun. 30, 2015

USD ($)

$ / shares

Mar. 31, 2015

USD ($)

$ / shares

Dec. 31, 2014

USD ($)

$ / shares

Sep. 30, 2014

USD ($)

$ / shares

Jun. 30, 2014

USD ($)

$ / shares

Mar. 31, 2014

USD ($)

$ / shares

Dec. 31, 2013

USD ($)

$ / shares

Sep. 30, 2013

USD ($)

$ / shares

Jun. 30, 2013

USD ($)

$ / shares

Mar. 31, 2013

USD ($)

$ / shares

Dec. 31, 2015

USD ($)

Distribution

Partnership Equity [Abstract]

Number of days from end of each quarter by when cash is distributed to unit holders

45 days

Distributions Declared [Member]

Distributions declared and/or paid by the Partnership [Abstract]

Date paid

Feb. 09, 2016

Distributions to limited partners common

$ 152,500

Distributions to general partners (incentive)

^[1]

43,900

Distributions to general partners (2%)

4,000

Total distributions to general and limited partners

200,400

Distributions to Targa Resources Corp.

$ 61,400

Distributions per limited partner unit (in dollars per unit) | $ / shares

$ 0.8250

Distributions Paid [Member]

Distributions declared and/or paid by the Partnership [Abstract]

Date paid

Nov. 13, 2015

Aug. 14, 2015

May 15, 2015

Feb. 13, 2015

Nov. 14, 2014

Aug. 14, 2014

May 15, 2014

Feb. 14, 2014

Nov. 14, 2013

Aug. 14, 2013

May 15, 2013

Distributions to limited partners common

$ 152,500

$ 148,300

$ 96,300

$ 92,300

$ 89,500

$ 87,200

$ 84,000

$ 79,400

$ 75,800

$ 71,700

Distributions to general partners (incentive)

43,900

^[1]

43,900

^[1]

41,700

^[1]

38,400

36,000

33,700

31,700

29,500

26,900

24,600

22,100

Distributions to general partners (2%)

4,000

3,900

2,700

2,600

2,500

2,400

2,300

2,200

2,000

1,900

Total distributions to general and limited partners

200,400

193,900

137,400

130,900

125,700

121,300

115,800

108,500

102,400

95,700

Distributions to Targa Resources Corp.

$ 61,400

$ 59,000

$ 51,600

$ 48,900

$ 46,300

$ 44,000

$ 41,500

$ 38,600

$ 35,900

$ 33,000

Distributions per limited partner unit (in dollars per unit) | $ / shares

$ 0.8250

$ 0.8200

$ 0.8100

$ 0.7975

$ 0.7800

$ 0.7625

$ 0.7475

$ 0.7325

$ 0.7150

$ 0.6975

Atlas Pipeline Partners [Member]

Distributions declared and/or paid by the Partnership [Abstract]

Reallocation of IDR payments to common unitholders

$ 9,375

Number of quarterly distributions that will be reduced | Distribution

Distributions declared and/or paid by the Partnership [Abstract]

Reallocation of IDR payments to common unitholders

$ 6,250

[1]

"Pursuant to the IDR Giveback Amendment in conjunction with the Atlas mergers, IDR's of $9.375 million were allocated to common unitholders in each of the quarters for 2015. The IDR Giveback Amendment covers sixteen quarterly distribution declarations following the completion of the Atlas mergers on February 27, 2015 and resulted in reallocation of IDR payments to common unitholders in the following amounts: $9.375 million per quarter for 2015. The IDR Giveback will result in reallocation of IDR payments to common unitholders of $6.25 million in the first quarter for 2016."

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

3 Months Ended

12 Months Ended

Feb. 18, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

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, 2015

Dec. 31, 2014

Dec. 31, 2013

$ 179.0

$ 113.0

$ 87.8

9.5% Series A Preferred Stock [Member]

Preferred stock redemption period

5 years

9.5% Series A Preferred Stock [Member] | Warrants [Member]

Warrant expiration term

7 years

Subsequent Event [Member] | 9.5% Series A Preferred Stock [Member]

Subsequent Event [Member] | 9.5% Series A Preferred Stock [Member] | Warrants with Strike Price $18.88 [Member]

Issuance and sale of preferred stock

$ 500.0

Preferred stock dividend rate percentage

9.50%

Subsequent Event [Member] | 9.5% Series A Preferred Stock [Member] | Warrants with Strike Price $25.11 [Member]

Warrants issued

7,020,000

Warrants strike price

$ 18.88

Warrants issued

3,385,000

Warrants strike price

$ 25.11

Dividend Declared, Q4 2015 [Member]

Date paid

Feb. 09, 2016

$ 51.7

51.0

^[1]

$ 0.7

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

$ 0.91000

Dividend Declared, Q3 2015 [Member]

Date paid

Nov. 16, 2015

$ 51.3

51.0

^[1]

$ 0.3

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

$ 0.91000

Dividend Declared, Q2 2015 [Member]

Date paid

Aug. 17, 2015

$ 49.2

49.0

^[1]

$ 0.2

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

$ 0.87500

Dividend Declared, Q1 2015 [Member]

Date paid

May 18, 2015

$ 46.6

46.4

^[1]

$ 0.2

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

$ 0.83000

Dividend Declared, Q4 2014 [Member]

Date paid

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]

Date paid

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]

Date paid

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]

Date paid

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]

Date paid

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]

Date paid

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]

Date paid

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]

Date paid

May 16, 2013

$ 21.0

20.6

^[1]

$ 0.4

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

$ 0.49500

[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, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Earnings per Common Share [Abstract]

Net income (loss)

$ (231.9)

$ 20.8

$ 23.8

$ 35.9

$ 92.5

$ 120.4

$ 103.2

$ 106.9

$ (151.4)

$ 423.0

$ 201.3

Less: Net income attributable to noncontrolling interests

(209.7)

320.7

136.2

Antidilutive shares excluded from the computation of diluted earnings per share (in shares)

$ 27.0

$ 12.7

$ 15.2

$ 3.4

$ 25.6

$ 30.7

$ 26.4

$ 19.6

$ 58.3

$ 102.3

$ 65.1

Weighted average shares outstanding - basic (in shares)

53,500,000

42,000,000

41,600,000

Net income available per common share - basic (in dollars per share)

$ 0.48

$ 0.23

$ 0.27

$ 0.07

$ 0.61

$ 0.73

$ 0.63

$ 0.47

$ 1.09

$ 2.44

$ 1.56

Weighted average shares outstanding (in shares)

53,500,000

42,000,000

41,600,000

Dilutive effect of unvested stock awards (in shares)

100,000

500,000

Weighted average shares outstanding - diluted (in shares)

^[1]

53,600,000

42,100,000

Net income available per common share - diluted (in dollars per share)

$ 0.48

$ 0.23

$ 0.27

$ 0.07

$ 0.61

$ 0.73

$ 0.63

$ 0.47

$ 1.09

$ 2.43

$ 1.55

55,907

[1]	For the year ended December 31, 2015 approximately 55,907 shares were excluded from the computation of diluted earnings attributable to common shares because the inclusion of such shares would have been anti-dilutive.

Derivative Instruments and Hedging Activities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) MMBTU bbl	Feb. 27, 2015 USD ($)
Derivative Line [Items]
Fair value of derivative assets \| $		$ 102.1
Targa Resources Partners LP [Member] \| Atlas Pipeline Partners [Member]
Derivative Line [Items]
Fair value of derivative assets \| $		$ 102.1
Fair value of derivative contracts received as component of derivative contract settlement \| $	$ 67.9
Ineffectiveness gains \| $	$ 0.9
Targa Resources Partners LP [Member] \| Swaps [Member] \| Natural Gas [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	83,264
Targa Resources Partners LP [Member] \| Swaps [Member] \| Natural Gas [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	23,082
Targa Resources Partners LP [Member] \| Swaps [Member] \| Natural Gas [Member] \| Year 2018 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	0
Targa Resources Partners LP [Member] \| Swaps [Member] \| NGL [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	4,473
Targa Resources Partners LP [Member] \| Swaps [Member] \| NGL [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	1,078
Targa Resources Partners LP [Member] \| Swaps [Member] \| NGL [Member] \| Year 2018 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	208
Targa Resources Partners LP [Member] \| Swaps [Member] \| Condensate [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	1,502
Targa Resources Partners LP [Member] \| Swaps [Member] \| Condensate [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	500
Targa Resources Partners LP [Member] \| Swaps [Member] \| Condensate [Member] \| Year 2018 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Targa Resources Partners LP [Member] \| Basis Swaps [Member] \| Natural Gas [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	48,962
Targa Resources Partners LP [Member] \| Basis Swaps [Member] \| Natural Gas [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	18,082
Targa Resources Partners LP [Member] \| Basis Swaps [Member] \| Natural Gas [Member] \| Year 2018 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	0
Targa Resources Partners LP [Member] \| Collars [Member] \| Natural Gas [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	22,900
Targa Resources Partners LP [Member] \| Collars [Member] \| Natural Gas [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	22,900
Targa Resources Partners LP [Member] \| Collars [Member] \| Natural Gas [Member] \| Year 2018 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	9,486
Targa Resources Partners LP [Member] \| Future [Member] \| NGL [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	1,956
Targa Resources Partners LP [Member] \| Future [Member] \| NGL [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Targa Resources Partners LP [Member] \| Future [Member] \| NGL [Member] \| Year 2018 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Targa Resources Partners LP [Member] \| Option/Collars [Member] \| NGL [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	920
Targa Resources Partners LP [Member] \| Option/Collars [Member] \| NGL [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	920
Targa Resources Partners LP [Member] \| Option/Collars [Member] \| NGL [Member] \| Year 2018 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	32
Targa Resources Partners LP [Member] \| Option/Collars [Member] \| Condensate [Member] \| Year 2016 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	790
Targa Resources Partners LP [Member] \| Option/Collars [Member] \| Condensate [Member] \| Year 2017 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	790
Targa Resources Partners LP [Member] \| Option/Collars [Member] \| Condensate [Member] \| Year 2018 [Member]
Derivative Line [Items]
Notional volumes of commodity hedges (in Bbl per day)	101
Targa Resources Partners LP [Member] \| Options [Member] \| Crude Oil [Member] \| Atlas Pipeline Partners [Member]
Derivative Line [Items]
Fair value of derivative assets \| $	$ 7.7
Gain on cash settlement \| $	$ 2.2

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative assets	$ 127.1	$ 60.2
Derivative liabilities	7.6	5.2
Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	92.2	44.4
Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	34.9	15.8
Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	5.2	5.2
Long-Term Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	2.4	0.0
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	127.0	60.2
Derivative liabilities	4.5	0.0
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	92.1	44.4
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	34.9	15.8
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	2.1	0.0
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	2.4	0.0
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0.1	0.0
Derivative liabilities	3.1	5.2
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0.1	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	$ 3.1	$ 5.2

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Assets (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivative Asset [Abstract]
Pro forma net presentation, asset	$ 119.5
Gross asset	127.1	$ 60.2
Pro forma net presentation, asset, total	119.5	55.8
Counterparties with Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	121.1	35.5
Gross liability	7.6	4.4
Pro forma net presentation, asset	113.5	31.1
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	6.0	24.7
Current Position [Member]
Derivative Asset [Abstract]
Gross asset	92.2	44.4
Pro forma net presentation, asset, current	87.0	40.0
Current Position [Member] \| Counterparties with Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	86.9	35.5
Gross liability	5.2	4.4
Pro forma net presentation, asset	81.7	31.1
Current Position [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	5.3	8.9
Long-term Position [Member]
Derivative Asset [Abstract]
Gross asset	34.9	15.8
Pro forma net presentation, asset, noncurrent	32.5	15.8
Long-term Position [Member] \| Counterparties with Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	34.2	0.0
Gross liability	2.4	0.0
Pro forma net presentation, asset	31.8	0.0
Long-term Position [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	$ 0.7	$ 15.8

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivative Liability [Abstract]
Gross liability	$ 7.6	$ 5.2
Pro forma net presentation, liability, total	0.0	0.8
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	0.0	0.8
Current Position [Member]
Derivative Liability [Abstract]
Gross liability	5.2	5.2
Pro forma net presentation, liability, current	0.0	0.8
Current Position [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	0.0	0.8
Long-term Position [Member]
Derivative Liability [Abstract]
Gross liability	2.4	0.0
Pro forma net presentation, liability, noncurrent	0.0	0.0
Long-term Position [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	$ 0.0	$ 0.0

- Definition

Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

+ References + Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51825145&loc=SL20226008-175313

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13495-108611

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

Reference 4: 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=49121117&loc=d3e13433-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41271-113958

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41228-113958

+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Liabilities
-URI http://asc.fasb.org/extlink&oid=6509677

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41228-113958

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41271-113958

Reference 5: 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=49121117&loc=d3e13433-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13495-108611

+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41228-113958

Reference 3: 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=49121117&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41271-113958

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13495-108611

+ Details

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

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Derivative Instruments, Gain (Loss) [Line Items]

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

$ 54.8

$ (6.6)

$ 14.9

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

52.1

Interest Expense, Net [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

0.0

(2.4)

(6.1)

Revenues [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

54.8

(4.2)

21.0

Commodity Contracts [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

^[1]

86.7

60.3

Cash Flow Hedging [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

81.2

59.7

(5.8)

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

Derivative Instruments, Gain (Loss) [Line Items]

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

81.2

59.7

(5.8)

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

Derivative Instruments, Gain (Loss) [Line Items]

Gain (loss) recognized in income on derivatives

$ (5.7)

$ (5.5)

$ (0.1)

[1]	Includes deferred net gains of $52.1 million as of December 31, 2015 related to contracts that will be settled and reclassified to revenue over the next 12 months.

Fair Value Measurements, Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($)
$ in Millions

Dec. 31, 2015

Dec. 31, 2014

Fair Value Measurements [Abstract]

Derivative financial instruments, fair value, net

$ 119.5

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

99.8

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

138.1

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

119.5

$ 55.8

0.0

0.8

Level 1 [Member] | Senior Secured Term Loan [Member]

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

0.0

Level 2 [Member] | Senior Secured Term Loan [Member]

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

158.3

Level 3 [Member] | Senior Secured Term Loan [Member]

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

0.0

Carrying Value [Member]

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

127.1

^[1]

60.2

7.6

^[1]

5.2

^[2]

3.0

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

140.2

81.0

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

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

440.0

102.0

Carrying Value [Member] | Partnership's Senior secured credit facility [Member]

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

280.0

0.0

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]

4,884.0

2,783.4

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

219.3

182.8

Carrying Value [Member] | Senior Secured Term Loan [Member]

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

157.5

Fair Value [Member]

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

127.1

^[1]

60.2

7.6

^[1]

5.2

^[2]

3.0

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

140.2

81.0

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

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

440.0

102.0

Fair Value [Member] | Partnership's Senior secured credit facility [Member]

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

280.0

0.0

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]

4,192.0

2,731.5

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

219.3

182.8

Fair Value [Member] | Senior Secured Term Loan [Member]

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

158.3

Fair Value [Member] | Level 1 [Member]

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

0.0

^[1]

0.0

0.3

^[1]

0.0

^[2]

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 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]

123.1

^[1]

58.4

7.0

^[1]

5.1

^[2]

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 credit facility [Member]

440.0

102.0

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

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

280.0

0.0

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]

4,192.0

2,731.5

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

219.3

182.8

Fair Value [Member] | Level 3 [Member]

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

4.0

^[1]

1.8

0.3

^[1]

0.1

^[2]

3.0

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 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]

Change in ARO liability and property, plant and equipment due to revised future ARO cash flow estimate

$ 0.0

[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 - Derivative Instruments and Hedging Activities. 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.

[2]

See Note 4 - Business Acquisitions.

Fair Value Measurements, Changes in Fair Value of Financial Instruments Classified as Level 3 (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) Swap	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Fair Value Measurements [Abstract]
Number of natural gas basis swaps categorized as Level 3 \| Swap	14
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	$ 0.0	$ 15.3
Settlements included in Revenue		0.0	0.0
Unrealized losses included in OCI		0.0
TPL contingent consideration (Note 4 - Business Acquisitions)	4.2
Change in fair value of contingent liability included in Other Income	(1.2)		(15.3)
New Level 3 instruments	0.0
Transfers out of Level 3	0.0	0.0
Balance, end of period	3.0	0.0	0.0
Commodity Derivative Contracts Liability/ (Asset) [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward] [Roll Forward]
Balance, beginning of period	(1.7)	(0.7)	0.6
Settlements included in Revenue		(0.2)	(1.3)
Unrealized losses included in OCI		(1.1)
Transfers out of Level 3	1.7	0.3
New Level 3 instruments	(3.7)
Balance, end of period	$ (3.7)	$ (1.7)	$ (0.7)

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gulf Coast Fractionators LP [Member]
Related Party Transaction [Line Items]
Revenues from transactions with related party	$ 0.5	$ 0.8	$ 0.4
Costs and expenses from transactions with related party	5.8	$ 7.6	$ 6.3
SAJET Resources LLC [Member]
Related Party Transaction [Line Items]
Amount charged to related parties for service.	1.1
T2 Eagle Ford [Member]
Related Party Transaction [Line Items]
Costs and expenses from transactions with related party	2.8
T2 LaSalle [Member]
Related Party Transaction [Line Items]
Costs and expenses from transactions with related party	1.1
Tesla Resources LLC [Member]
Related Party Transaction [Line Items]
Amount charged to related parties for service.	0.2
Targa Resources Partners LP [Member] \| T2 Eagle Ford [Member]
Related Party Transaction [Line Items]
Payable to related party	$ 1.8

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

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

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

In aggregate

$ 61.6

2016

22.0

2017

16.2

2018

11.7

2019

6.5

2020

5.2

Operating Leases [Member]

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

In aggregate

^[1]

8.5

2016

^[1]

3.6

2017

^[1]

3.1

2018

^[1]

0.7

2019

^[1]

0.7

2020

^[1]

0.4

Total expenses on lease obligations

3.6

$ 3.3

$ 2.8

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]

42.1

2016

^[2]

16.0

2017

^[2]

10.8

2018

^[2]

8.8

2019

^[2]

3.7

2020

^[2]

2.8

Total expenses on lease obligations

^[3]

40.4

24.4

23.3

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]

11.0

2016

^[4]

2.4

2017

^[4]

2.3

2018

^[4]

2.2

2019

^[4]

2.1

2020

^[4]

2.0

Total expenses on lease obligations

$ 4.2

$ 4.1

$ 3.6

[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)					2 Months Ended	3 Months Ended	12 Months Ended
Contingencies (Details)	Jan. 19, 2016 Plaintiff Lawsuit	Dec. 16, 2015 Plaintiff	Nov. 04, 2015 USD ($)	Jun. 18, 2015 USD ($)	Nov. 30, 2014 Plaintiff	Dec. 31, 2014 Plaintiff	Dec. 31, 2015 ThermalOxidizers
State Court Lawsuit [Member]
Loss Contingencies [Line Items]
Number of plaintiffs \| Plaintiff		2
Federal Court Lawsuits [Member] \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Number of plaintiffs \| Plaintiff	2
Number of putative class action lawsuits filed \| Lawsuit	2
Atlas Unitholder Litigation [Member] \| Atlas Pipeline Partners [Member]
Loss Contingencies [Line Items]
Number of plaintiffs \| Plaintiff						5
Atlas Unitholder Litigation [Member] \| Atlas Energy [Member]
Loss Contingencies [Line Items]
Number of plaintiffs \| Plaintiff					2
Environment Proceeding [Member]
Loss Contingencies [Line Items]
Number of regenerative thermal oxidizers \| ThermalOxidizers							2
Contingencies penalty amount \| $			$ 115,644
Period within which to install a flare gas recovery unit at Mont Belvieu Fractionator							1 year
Environment Proceeding [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Litigation settlement amount \| $				$ 100,000
Environment Proceeding [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Litigation settlement amount \| $				$ 300,000
Environment Proceeding [Member] \| Supplemental Environmental Projects [Member]
Loss Contingencies [Line Items]
Contingencies penalty amount \| $			$ 115,643
Environment Proceeding [Member] \| Versado Gas Processors, L.L.C. [Member]
Loss Contingencies [Line Items]
Ownership interest in joint venture				63.00%

Significant Risks and Uncertainties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Significant Risks and Uncertainties [Abstract]
Reduction of maximum loss due to counterparty credit risk by master netting provision	$ 7.6
Potential minimum loss attributable to individual counterparties	0.4
Potential maximum loss attributable to individual counterparties	38.9
Allowance for Bad Debts [Member]
Summary of activity affecting allowance for bad debts [Roll Forward]
Balance at beginning of year	0.0	$ 1.1	$ 0.9
Additions	0.1	0.0	0.2
Deductions	0.0	(1.1)	0.0
Balance at end of year	$ 0.1	$ 0.0	$ 1.1
Targa Resources Partners LP [Member] \| Consolidated Purchases [Member] \| Supplier Concentration Risk [Member] \| ONEOK Hydrocarbon LP [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12.00%

Other Operating (Income) Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Operating (Income) Expense [Abstract]
Loss (gain) on sale or disposal of assets	$ (8.0)	$ (4.8)	$ 3.9
Casualty (gain) loss	(0.2)	0.1	4.3
Miscellaneous business tax	0.5	0.4	0.7
Other	0.6	1.3	0.7
Total other operating (income) expense	$ (7.1)	$ (3.0)	$ 9.6

Income Taxes, Provisions for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Provisions for income taxes [Abstract]
Current expense	$ 15.0	$ 72.4	$ 42.8
Deferred expense (benefit)	24.6	(4.4)	5.4
Income tax provision	$ 39.6	$ 68.0	$ 48.2

- Definition

Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.

+ References + Details

- Definition

Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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.(h))
-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 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes, Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions

Dec. 31, 2015

Dec. 31, 2014

Deferred tax assets [Abstract]

Deferred tax assets before valuation allowance

^[1]

$ 23.3

$ 3.5

Valuation allowance

(3.5)

Deferred tax asset

19.8

0.0

Deferred tax liabilities [Abstract]

Investments

^[2]

(114.3)

(115.8)

Property, Plant and Equipment

(61.5)

0.0

Debt related deferreds

(10.0)

(13.4)

Other

(11.8)

(9.5)

Deferred tax liabilities

(197.6)

(138.7)

Net deferred tax asset (liability)

(177.8)

(138.7)

Net deferred tax liability [Abstract]

Federal

(144.5)

(115.5)

Foreign

0.6

State

(33.9)

(23.8)

Net deferred tax asset (liability)

(177.8)

(138.7)

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

Long-term liability

(177.8)

(138.7)

Net deferred tax asset (liability)

$ (177.8)

$ (138.7)

[1]	Our deferred tax asset attributable to Net Operating Losses, reflects Net Operating Losses at TPL Arkoma, Inc.
[2]	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.

Income Taxes, Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income tax reconciliation [Abstract]
Income (loss) before income taxes	$ (111.8)	$ 491.0	$ 249.5
Less: Net income attributable to noncontrolling interests	209.7	(320.7)	(136.2)
Less: TPL Arkoma, Inc. income to TRC	0.5	0.0	0.0
Less: Income taxes included in noncontrolling interest	(0.6)	(4.2)	(2.5)
Income attributable to TRC (excluding TPL Arkoma, Inc.) before income taxes	97.8	166.1	110.8
Income from TPL Arkoma, Inc.	(7.6)	0.0	0.0
Income attributable to TRC and TPL Arkoma, Inc. before income taxes	$ 90.2	$ 166.1	$ 110.8
Federal statutory income tax rate	35.00%	35.00%	35.00%
Provision for federal income taxes	$ 31.6	$ 58.1	$ 38.8
State income taxes, net of federal tax benefit	3.5	6.7	4.4
Amortization of deferred charge on 2010 transactions	4.7	4.7	4.7
Other, net	(0.2)	(1.5)	0.3
Income tax provision	39.6	$ 68.0	$ 48.2
TPL Arkoma, Inc [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 51.3
TPL Arkoma, Inc [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiry date	Dec. 31, 2029
TPL Arkoma, Inc [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiry date	Dec. 31, 2035

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

12 Months Ended

Feb. 27, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Cash [Abstract]

Interest paid, net of capitalized interest

^[1]

$ 214.1

$ 133.8

$ 121.7

Income taxes paid, net of refunds

12.6

73.4

34.1

Non-cash investing activities [Abstract]

Deadstock commodities inventory transferred to property, plant and equipment

1.2

14.8

30.4

Impact of capital expenditure accruals on property, plant and equipment

43.8

19.0

(0.4)

Transfers from materials and supplies to property, plant and equipment

3.7

4.6

20.5

3.8

2.1

1.6

Property, plant and equipment in consideration of contract amendment

^[2]

22.6

0.0

Non-cash financing activities [Abstract]

Debt additions and retirements related to exchange of TRP 6.625% Notes for APL 6.625% Notes

342.1

0.0

Reductions in Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements

1.6

0.6

1.6

Accrued distributions of preferred unit

0.9

0.0

Non-cash balance sheet movements related to business acquisition: (see Note 4) [Abstract]

Non-cash merger consideration - common units and replacement equity awards

2,436.1

0.0

Non-cash merger consideration - common shares and replacement equity awards

1,013.7

0.0

Net non-cash balance sheet movements excluded from consolidated statements of cash flows

3,449.8

0.0

Net cash merger consideration included in investing activities

$ 745.7

^[3]

1,574.4

0.0

Total fair value of consideration transferred

5,024.2

0.0

Interest capitalized on major projects

$ 13.2

$ 16.1

$ 28.0

Atlas Pipeline Partners [Member] | Senior Unsecured 6 5/8% Notes due October 2020 [Member]

Debt Instrument [Line Items]

6.625%

Targa Resources Partners LP [Member] | Senior Unsecured 6 5/8% Notes due October 2020 [Member]

Non-cash balance sheet movements related to business acquisition: (see Note 4) [Abstract]

Net cash merger consideration included in investing activities

^[3]

$ 828.7

Debt Instrument [Line Items]

6.625%

[1]	Interest capitalized on major projects was $13.2 million, $16.1 million and $28.0 million for 2015, 2014 and 2013.
[2]	The Partnership measured the estimated fair value of the assets transferred to it using significant other observable inputs representative of a Level 2 fair value measurement.
[3]	Net of cash acquired of $40.8 million.

Stock and Other Compensation Plans, Partnership Performance Units and Phantom Units (Details) - $ / shares		12 Months Ended
	Jan. 15, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Replacement Phantom Units [Member]
Nonvested, number of units [Roll Forward]
Outstanding, beginning of period (in shares)		0
Granted (in shares)		629,231
Vested (in shares)		(224,021)
Forfeited (in shares)		(49,852)
Outstanding, end of period (in shares)		355,358	0
Weighted-average grant-date fair value [Roll Forward]
Outstanding, beginning period (in dollars per share)		$ 0
Granted (in dollars per shares)		43.82
Vested (in dollars per share)		43.82
Forfeited (in dollars per share)		43.82
Outstanding, end of period (in dollars per share)		$ 43.82	$ 0
Replacement Phantom Units [Member] \| Vesting Term One [Member]
Weighted-average grant-date fair value [Roll Forward]
Vesting period of original term		4 years
Vesting percentage original term		25.00%
Replacement Phantom Units [Member] \| Vesting Term Two [Member]
Weighted-average grant-date fair value [Roll Forward]
Vesting period of original term		3 years
Vesting percentage original term		33.00%
Partnership Long-term Incentive Plan [Member] \| Equity-Settled Performance Units [Member]
Nonvested, number of units [Roll Forward]
Outstanding, beginning of period (in shares)		577,403	552,198	307,620
Granted (in shares)		277,242	168,495	244,578
Vested (in shares)		(178,900)	(137,170)
Forfeited (in shares)			(6,120)
Outstanding, end of period (in shares)		675,745	577,403	552,198
Weighted-average grant-date fair value [Roll Forward]
Outstanding, beginning period (in dollars per share)		$ 48.26	$ 42.01	$ 38.40
Granted (in dollars per shares)		34.48	57.19	46.54
Vested (in dollars per share)		41.92	34.02
Forfeited (in dollars per share)			49.39
Outstanding, end of period (in dollars per share)		$ 44.29	$ 48.26	$ 42.01
Targa Resources Partners LP [Member] \| Phantom Units [Member]
Nonvested, number of units [Roll Forward]
Granted (in shares)		25,162
Forfeited (in shares)		0
Weighted-average grant-date fair value [Roll Forward]
Granted (in dollars per shares)		$ 36.87
Targa Resources Partners LP [Member] \| Replacement Phantom Units [Member]
Weighted-average grant-date fair value [Roll Forward]
Repayment period of cash distribution		60 days
Targa Resources Partners LP [Member] \| Replacement Phantom Units [Member] \| Subsequent Event [Member]
Nonvested, number of units [Roll Forward]
Vested (in shares)	(3,405)
Weighted-average grant-date fair value [Roll Forward]
Treasury units repurchased (in shares)	1,289
Unit repurchase price (in dollars per share)	$ 10.65
Targa Resources Partners LP [Member] \| Replacement Phantom Units [Member] \| Vesting Term One [Member]
Weighted-average grant-date fair value [Roll Forward]
Vesting period of original term		4 years
Vesting percentage original term		25.00%
Targa Resources Partners LP [Member] \| Replacement Phantom Units [Member] \| Vesting Term Two [Member]
Weighted-average grant-date fair value [Roll Forward]
Vesting period of original term		3 years
Vesting percentage original term		33.00%
Targa Resources Partners LP [Member] \| Partnership Long-term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of units authorized (in shares)		1,680,000
Targa Resources Partners LP [Member] \| Partnership Long-term Incentive Plan [Member] \| Performance Units [Member] \| Award Granted in December 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		3 years
Targa Resources Partners LP [Member] \| Partnership Long-term Incentive Plan [Member] \| Performance Units [Member] \| Award Granted in December 2013 [Member] \| Vesting Term One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		2 years
Targa Resources Partners LP [Member] \| Partnership Long-term Incentive Plan [Member] \| Performance Units [Member] \| Award Granted in December 2013 [Member] \| Vesting Term Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		3 years
Targa Resources Partners LP [Member] \| Partnership Long-term Incentive Plan [Member] \| Performance Units [Member] \| Award Granted in December 2013 [Member] \| Vesting Term Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		4 years
Targa Resources Partners LP [Member] \| Partnership Long-term Incentive Plan [Member] \| Equity-Settled Phantom Units [Member] \| Minimum [Member]
Weighted-average grant-date fair value [Roll Forward]
Vesting period of original term		1 year
Targa Resources Partners LP [Member] \| Partnership Long-term Incentive Plan [Member] \| Equity-Settled Phantom Units [Member] \| Maximum [Member]
Weighted-average grant-date fair value [Roll Forward]
Vesting period of original term		5 years

Stock and Other Compensation Plans, Partnership Director Grants (Details) - Director Grants [Member] - $ / shares		12 Months Ended
	Jan. 19, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Partnership Long-term Incentive Plan [Member] \| Non-Management Directors [Member] \| Subsequent Event [Member]
Nonvested, number of units [Roll Forward]
Granted (in shares)	26,792
Director Grants and Incentive Plan [Member]
Nonvested, number of units [Roll Forward]
Outstanding, beginning of period (in shares)		0	0	4,500
Granted (in shares)		10,565	8,740	12,780
Vested (in shares)		(10,565)	(8,740)	(17,280)
Outstanding, end of period (in shares)		0	0	0
Weighted-average grant-date fair value [Roll Forward]
Outstanding, beginning period (in dollars per share)		$ 0	$ 0	$ 23.51
Granted (in dollars per shares)		44.67	50.29	39.33
Vested (in dollars per share)		44.67	50.29	35.21
Outstanding, end of period (in dollars per share)		$ 0	$ 0	$ 0

Stock and Other Compensation Plans, TRC LTIP, Cash-Settled Performance Units (Details) - Cash-Settled Performance Units [Member]	12 Months Ended
	Dec. 31, 2015 USD ($) shares
Nonvested, number of units [Roll Forward]
Outstanding, beginning of period (in shares)	402,930
Granted (in shares)	198,280
Vested and paid (in shares)	(138,460)
Forfeited (in shares)	(10,760)
Outstanding, end of period (in shares)	451,990
Calculated fair market value as of period end \| $	$ 2,645,093
Current liability \| $	511,247
Long-term liability \| $	402,386
Liability as of year end \| $	913,633
To be recognized in future periods \| $	$ 1,731,460
Weighted average recognition period for unrecognized compensation cost	2 years 3 months 18 days
2012 Long-term Incentive Plan [Member]
Nonvested, number of units [Roll Forward]
Outstanding, beginning of period (in shares)	138,460
Granted (in shares)	0
Vested and paid (in shares)	(138,460)
Forfeited (in shares)	0
Outstanding, end of period (in shares)	0
2013 Long-term Incentive Plan [Member]
Nonvested, number of units [Roll Forward]
Outstanding, beginning of period (in shares)	142,110
Granted (in shares)	0
Vested and paid (in shares)	0
Forfeited (in shares)	(2,410)
Outstanding, end of period (in shares)	139,700
Calculated fair market value as of period end \| $	$ 622,496
Current liability \| $	511,247
Long-term liability \| $	0
Liability as of year end \| $	511,247
To be recognized in future periods \| $	$ 111,249
Vesting date	June, 2016
2014 Long-term Incentive Plan [Member]
Nonvested, number of units [Roll Forward]
Outstanding, beginning of period (in shares)	122,360
Granted (in shares)	0
Vested and paid (in shares)	0
Forfeited (in shares)	(2,460)
Outstanding, end of period (in shares)	119,900
Calculated fair market value as of period end \| $	$ 359,684
Current liability \| $	0
Long-term liability \| $	172,926
Liability as of year end \| $	172,926
To be recognized in future periods \| $	$ 186,758
Vesting date	June, 2017
2015 Long-term Incentive Plan [Member]
Nonvested, number of units [Roll Forward]
Outstanding, beginning of period (in shares)	0
Granted (in shares)	198,280
Forfeited (in shares)	(5,890)
Outstanding, end of period (in shares)	192,390
Calculated fair market value as of period end \| $	$ 1,662,913
Current liability \| $	0
Long-term liability \| $	229,460
Liability as of year end \| $	229,460
To be recognized in future periods \| $	$ 1,433,453
Vesting date	June, 2018

Stock and Other Compensation Plans, 2010 TRC Stock Incentive Plan (Details) - $ / shares

12 Months Ended

Jan. 19, 2016

Jan. 15, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Restricted Stock Units (RSUs) [Member]

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

4 years

Dividend payment period

60 days

Restricted Stock Units (RSUs) [Member] | Vesting Term One [Member]

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

25.00%

Restricted Stock Units (RSUs) [Member] | Vesting Term Two [Member]

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

25.00%

Restricted Stock Units (RSUs) [Member] | Vesting Term Three [Member]

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

75.00%

Replacement Restricted Stock Units (RSUs) [Member]

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

4 years

Dividend payment period

60 days

Replacement Restricted Stock Units (RSUs) [Member] | Vesting Term One [Member]

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

25.00%

Replacement Restricted Stock Units (RSUs) [Member] | Vesting Term Two [Member]

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

25.00%

Replacement Restricted Stock Units (RSUs) [Member] | Vesting Term Three [Member]

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

75.00%

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

Outstanding, beginning of period (in shares)

119,193

203,973

711,030

^[1]

30,623

Forfeited (in shares)

(1,980)

(2,740)

Vested (in shares)

(88,570)

(82,800)

(534,940)

^[2]

Outstanding, end of period (in shares)

30,623

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

Granted (in dollars per shares)

^[1]

57.59

Forfeited (in dollars per share)

42.82

27.28

Vested (in dollars per share)

42.46

33.37

22.00

^[2]

Outstanding, end of period (in dollars per share)

$ 57.59

$ 46.35

$ 41.05

$ 25.95

2010 TRC Stock Incentive Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member]

3 years

440,163

2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]

Outstanding, beginning of period (in shares)

108,367

55,550

2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member]

140,477

54,357

55,790

Forfeited (in shares)

(2,530)

(1,440)

(240)

Vested (in shares)

(2,220)

(100)

Outstanding, end of period (in shares)

244,094

108,367

55,550

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

Outstanding, beginning period (in dollars per share)

$ 91.41

$ 69.92

$ 0

Granted (in dollars per shares)

83.54

112.89

69.90

Forfeited (in dollars per share)

86.73

75.81

67.07

Vested (in dollars per share)

81.56

67.07

Outstanding, end of period (in dollars per share)

$ 87.02

$ 91.41

$ 69.92

$ 0

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

2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member]

1 year

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

2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member]

5 years

2010 TRC Stock Incentive Plan [Member] | Replacement Restricted Stock Units (RSUs) [Member]

29,123

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

Stock repurchased from employees (in shares)

6,861

Stock repurchase price (in dollars per share)

$ 17.04

Outstanding, beginning of period (in shares)

2010 TRC Stock Incentive Plan [Member] | Director Grants [Member] | Subsequent Event [Member]

81,740

Forfeited (in shares)

(1,556)

Vested (in shares)

(41,539)

Outstanding, end of period (in shares)

38,645

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

Outstanding, beginning period (in dollars per share)

$ 0

Granted (in dollars per shares)

99.58

Forfeited (in dollars per share)

99.58

Vested (in dollars per share)

99.58

Outstanding, end of period (in dollars per share)

$ 99.58

$ 0

2010 TRC Stock Incentive Plan [Member] | IPO Stock Awards [Member] | Stock Awards Vesting over 24 Months [Member]

24,234

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

Award vesting percentage

40.00%

2010 TRC Stock Incentive Plan [Member] | IPO Stock Awards [Member] | Stock Awards Vesting in Three Years [Member]

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

Award vesting percentage

60.00%

[1]	These awards will cliff vest at the end of three years.
[2]	Awards vested in 2013 were 60% of the awards issued in conjunction with the Targa IPO, net of forfeitures. 40% of the awards vested prior to 2013.

Stock and Other Compensation Plans, Compensation Expenses and Fair Value of Share-Based Awards (Details) - USD ($)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Cash-Settled Performance Units [Member]

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

$ 1,731,460

Weighted average recognition period for unrecognized compensation cost

2 years 3 months 18 days

Accrued Dividends Settled [Member]

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

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

$ 200,000

$ 500,000

$ 2,400,000

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

Partnership Long-term Incentive Plan [Member] | Equity-Settled Phantom units - Regular Phantom Units [Member]

9,500,000

8,800,000

5,500,000

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

Partnership Long-term Incentive Plan [Member] | Equity-Settled Phantom units - Replacement Phantom Units [Member]

200,000

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

6,400,000

Partnership Long-term Incentive Plan [Member] | Director Grants [Member]

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

500,000

400,000

500,000

2010 TRC Stock Incentive Plan [Member] | Equity-Settled Performance Units [Member]

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

3,800,000

2010 TRC Stock Incentive Plan [Member] | Equity Settled (RSUs) [Member]

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

$ 13,100,000

Weighted average recognition period for unrecognized compensation cost

2 years 3 months 18 days

2010 TRC Stock Incentive Plan [Member] | Equity Settled Replacement (RSUs) [Member]

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

$ 1,500,000

Weighted average recognition period for unrecognized compensation cost

1 year 4 months 24 days

2010 TRC Stock Incentive Plan [Member] | Restricted Stock [Member]

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

$ 0

Weighted average recognition period for unrecognized compensation cost

1 month 6 days

^[1]

$ 7,300,000

7,100,000

42,200,000

Recognized tax benefits

1,100,000

1,000,000

1,600,000

2010 TRC Stock Incentive Plan [Member] | Director Grants [Member]

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

600,000

500,000

500,000

TRC Long-term Incentive Plan [Member] | Cash-Settled Performance Units [Member]

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

Targa Resources Partners LP [Member] | Partnership Long-term Incentive Plan [Member] | Equity-Settled Performance Units [Member]

7,800,000

14,700,000

25,200,000

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

Targa Resources Partners LP [Member] | Partnership Long-term Incentive Plan [Member] | Equity-Settled Phantom units - Regular Phantom Units [Member]

$ 13,300,000

Weighted average recognition period for unrecognized compensation cost

1 year 10 months 24 days

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

Targa Resources Partners LP [Member] | Partnership Long-term Incentive Plan [Member] | Equity-Settled Phantom units - Replacement Phantom Units [Member]

$ 800,000

Weighted average recognition period for unrecognized compensation cost

3 years 3 months 18 days

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

$ 5,800,000

Weighted average recognition period for unrecognized compensation cost

1 year 3 months 18 days

Targa Resources Partners LP [Member] | Partnership Long-term Incentive Plan [Member] | Cash-Settled Performance Units [Member]

$ 8,800,000

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

Targa Resources Partners LP [Member] | Partnership Long-term Incentive Plan [Member] | Director Grants [Member]

7,900,000

10,000,000

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

Targa Resources Partners LP [Member] | 2010 TRC Stock Incentive Plan [Member] | Equity Settled (RSUs) [Member]

500,000

400,000

700,000

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

Targa Resources Partners LP [Member] | 2010 TRC Stock Incentive Plan [Member] | Equity Settled Replacement (RSUs) [Member]

5,400,000

2,500,000

400,000

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

Targa Resources Partners LP [Member] | 2010 TRC Stock Incentive Plan [Member] | Restricted Stock [Member]

1,300,000

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

Targa Resources Partners LP [Member] | TRC Long-term Incentive Plan [Member] | Cash-Settled Performance Units [Member]

1,100,000

2,200,000

6,300,000

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

Targa Resources Partners LP [Member] | Accrued DERs Settled [Member] | Equity-Settled Performance Units [Member]

(2,200,000)

11,000,000

21,900,000

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

Targa Resources Partners LP [Member] | Accrued DERs Settled [Member] | Equity-Settled Phantom units - Replacement Phantom Units [Member]

1,700,000

1,600,000

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

$ 1,100,000

$ 0

[1]	We recognized $1.1 million, $1.0 million and $1.6 million in tax benefits associated with the vesting of the restricted stock in 2015, 2014 and 2013.

Stock and Other Compensation Plans, 401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
401(k) Plan [Abstract]
Employer matching contribution percent	100.00%
Percentage of employees' gross pay for which employer contributes matching contribution	5.00%
Percentage of additional contribution per employee made by employer	3.00%
Percentage of contributions made in cash	100.00%
Contributions to defined contribution plan	$ 13.8	$ 10.5	$ 9.6

Segment Information Revenues and Operating Margin (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) Segment	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Segment Reporting Information [Line Items]
Number of primary segments \| Segment									2
Revenues [Abstract]
Sale of commodities									$ 5,465.4	$ 7,595.2	$ 5,728.0
Fees from midstream services									1,193.2	1,021.3	586.7
Revenues	$ 1,647.4	$ 1,632.1	$ 1,699.4	$ 1,679.7	$ 2,032.9	$ 2,288.3	$ 2,000.6	$ 2,294.7	6,658.6	8,616.5	6,314.7
Operating margin									1,281.0	1,136.5	801.2
TRC Non-Partnership [Member]
Revenues [Abstract]
Sale of commodities									0.0	0.0	(0.2)
Fees from midstream services									0.0	0.0	0.0
Revenues									0.0	0.0	(0.2)
Operating margin									0.0	0.0	(0.3)
Gathering and Processing [Member] \| Reportable Segments [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Revenues									3,047.5	2,851.1	2,506.8
Operating margin									515.1	449.9	355.9
Logistics and Marketing [Member] \| Reportable Segments [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Revenues									4,888.6	8,215.2	6,053.1
Operating margin									681.6	694.8	424.2
Other Segment [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Revenues									84.2	(8.0)	21.4
Operating margin									84.2	(8.0)	21.4
Corporate and Eliminations [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Revenues									(1,361.7)	(2,441.8)	(2,266.4)
Operating margin									0.1	(0.2)	0.0
Operating Segments [Member]
Revenues [Abstract]
Sale of commodities									5,465.4	7,595.2	5,728.0
Fees from midstream services									1,193.2	1,021.3	586.7
Revenues									6,658.6	8,616.5	6,314.7
Operating Segments [Member] \| Gathering and Processing [Member] \| Reportable Segments [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Sale of commodities									1,485.4	552.4	493.8
Fees from midstream services									427.1	224.7	147.5
Revenues									1,912.5	777.1	641.3
Operating Segments [Member] \| Logistics and Marketing [Member] \| Reportable Segments [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Sale of commodities									3,895.8	7,050.8	5,212.9
Fees from midstream services									766.1	796.6	439.3
Revenues									4,661.9	7,847.4	5,652.2
Operating Segments [Member] \| Other Segment [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Sale of commodities									84.2	(8.0)	21.4
Fees from midstream services									0.0	0.0	0.0
Revenues									84.2	(8.0)	21.4
Operating Segments [Member] \| Corporate and Eliminations [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Sale of commodities									0.0	0.0	0.1
Fees from midstream services									0.0	0.0	(0.1)
Revenues									0.0	0.0	0.0
Intersegment Eliminations [Member]
Revenues [Abstract]
Sale of commodities									0.0	0.0	0.0
Fees from midstream services									0.0	0.0	0.0
Revenues									0.0	0.0	0.0
Intersegment Eliminations [Member] \| TRC Non-Partnership [Member]
Revenues [Abstract]
Sale of commodities									0.0	0.0	0.0
Fees from midstream services									0.0	0.0	0.0
Revenues									0.0	0.0	0.0
Intersegment Eliminations [Member] \| Gathering and Processing [Member] \| Reportable Segments [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Sale of commodities									1,126.3	2,068.8	1,861.1
Fees from midstream services									8.7	5.2	4.4
Revenues									1,135.0	2,074.0	1,865.5
Intersegment Eliminations [Member] \| Logistics and Marketing [Member] \| Reportable Segments [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Sale of commodities									208.9	339.3	371.6
Fees from midstream services									17.8	28.5	29.3
Revenues									226.7	367.8	400.9
Intersegment Eliminations [Member] \| Other Segment [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Sale of commodities									0.0	0.0	0.0
Fees from midstream services									0.0	0.0	0.0
Revenues									0.0	0.0	0.0
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member] \| Targa Resources Partners LP [Member]
Revenues [Abstract]
Sale of commodities									(1,335.2)	(2,408.1)	(2,232.7)
Fees from midstream services									(26.5)	(33.7)	(33.7)
Revenues									$ (1,361.7)	$ (2,441.8)	$ (2,266.4)

Segment Information, Other Financial Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Feb. 27, 2015

Total assets

$ 13,211.0

$ 6,423.5

^[1]

$ 6,022.5

^[1]

Goodwill

417.0

^[1]

0.0

$ 707.0

777.2

747.8

1,034.5

5,024.2

$ 5,024.2

TRC Non-Partnership [Member]

Total assets

84.3

76.2

^[1]

77.2

^[1]

Goodwill

^[1]

0.0

0.0

Operating Segments [Member] | Gathering and Processing [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

0.0

Total assets

10,391.9

3,776.2

^[1]

3,584.5

^[1]

Goodwill

^[1]

417.0

496.3

437.1

578.4

Operating Segments [Member] | Logistics and Marketing [Member] | Reportable Segments [Member] | Targa Resources Partners LP [Member]

5,024.2

Total assets

2,567.1

2,476.1

^[1]

2,315.5

^[1]

Goodwill

^[1]

0.0

272.0

304.6

451.0

Operating Segments [Member] | Other Segment [Member] | Targa Resources Partners LP [Member]

0.0

Total assets

127.1

60.2

^[1]

5.1

^[1]

Goodwill

^[1]

0.0

0.0

Operating Segments [Member] | Corporate and Eliminations [Member] | Targa Resources Partners LP [Member]

0.0

Total assets

40.6

34.8

^[1]

40.2

^[1]

Goodwill

^[1]

0.0

8.9

$ 6.1

$ 5.1

$ 0.0

[1]	Total assets include goodwill. Goodwill has been attributed to the Partnership's Gathering and Processing segment.

Segment Information, Revenues by Product and Service (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue from External Customer [Line Items]
Sale of commodities									$ 5,465.4	$ 7,595.2	$ 5,728.0
Fees from midstream services									1,193.2	1,021.3	586.7
Total revenues	$ 1,647.4	$ 1,632.1	$ 1,699.4	$ 1,679.7	$ 2,032.9	$ 2,288.3	$ 2,000.6	$ 2,294.7	6,658.6	8,616.5	6,314.7
Natural Gas Sales [Member]
Revenue from External Customer [Line Items]
Sale of commodities									1,594.5	1,414.1	1,225.0
NGL Sales [Member]
Revenue from External Customer [Line Items]
Sale of commodities									3,558.7	5,960.1	4,224.0
Condensate Sales [Member]
Revenue from External Customer [Line Items]
Sale of commodities									142.4	134.3	121.8
Petroleum Products [Member]
Revenue from External Customer [Line Items]
Sale of commodities									101.6	96.3	136.0
Derivative Activities [Member]
Revenue from External Customer [Line Items]
Sale of commodities									68.2	(9.6)	21.2
Fractionating and Treating Fees [Member]
Revenue from External Customer [Line Items]
Fees from midstream services									209.0	208.9	133.9
Storage, Terminaling, Transportation and Export Fees [Member]
Revenue from External Customer [Line Items]
Fees from midstream services									506.2	548.1	280.3
Gathering and Processing Fees [Member]
Revenue from External Customer [Line Items]
Fees from midstream services									393.7	196.9	114.1
Other [Member]
Revenue from External Customer [Line Items]
Fees from midstream services									$ 84.3	$ 67.4	$ 58.4

Segment Information, Reconciliation of Operating Margin to Net Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of operating margin to net income (loss) [Abstract]
Operating margin									$ 1,281.0	$ 1,136.5	$ 801.2
Depreciation and amortization expense		$ (166.7)	$ (164.9)	$ (119.6)					(677.1)	(351.0)	(271.9)
General and administrative expenses									(161.7)	(148.0)	(151.5)
Provisional goodwill impairment	$ (290.0)								(290.0)	0.0	0.0
Interest expense, net									(231.9)	(147.1)	(134.1)
Other, net									(32.1)	0.6	5.8
Income tax expense									(39.6)	(68.0)	(48.2)
Net income (loss)	$ (231.9)	$ 20.8	$ 23.8	$ 35.9	$ 92.5	$ 120.4	$ 103.2	$ 106.9	$ (151.4)	$ 423.0	$ 201.3

- Definition

+ References + Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References + Details

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Selected Quarterly Financial Data (Unaudited) [Abstract]

Revenues

$ 1,647.4

$ 1,632.1

$ 1,699.4

$ 1,679.7

$ 2,032.9

$ 2,288.3

$ 2,000.6

$ 2,294.7

$ 6,658.6

$ 8,616.5

$ 6,314.7

Gross margin

459.8

468.8

471.3

421.1

412.2

420.6

398.2

392.8

1,821.0

1,623.8

Operating income (loss)

(206.9)

^[1],[2]

115.3

112.4

138.5

163.1

^[1]

168.7

150.3

158.4

159.3

640.5

368.2

Net income (loss)

(231.9)

20.8

23.8

35.9

92.5

120.4

103.2

106.9

(151.4)

423.0

201.3

Net income attributable to Targa common shareholders

$ 27.0

$ 12.7

$ 15.2

$ 3.4

$ 25.6

$ 30.7

$ 26.4

$ 19.6

$ 58.3

$ 102.3

$ 65.1

Net income per common share - basic (in dollars per share)

$ 0.48

$ 0.23

$ 0.27

$ 0.07

$ 0.61

$ 0.73

$ 0.63

$ 0.47

$ 1.09

$ 2.44

$ 1.56

Net income per common share - diluted (in dollars per share)

$ 0.48

$ 0.23

$ 0.27

$ 0.07

$ 0.61

$ 0.73

$ 0.63

$ 0.47

$ 1.09

$ 2.43

$ 1.55

Impairment loss

$ 32.6

$ 3.2

$ 32.6

$ 3.2

Goodwill impairment

$ 290.0

$ 0.0

[1]	Included $32.6 million in the fourth quarter of 2015 and $3.2 million in the fourth quarter of 2014 losses due to impairments. See Note 6 - Property, Plant and Equipment and Intangible Assets.
[2]	Included a provisional goodwill impairment of $290.0 million in the fourth quarter of 2015. See Note 4 -Business Acquisitions.

Condensed Parent Only Financial Statements, Condensed Balance Sheets (Details) - USD ($)
$ in Millions

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

^[1]

$ 67.4

$ 58.5

Total assets

13,211.0

6,423.5

^[1]

$ 6,022.5

LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract]

5,718.8

2,855.5

180.2

63.3

Commitments and contingencies

Targa Resources Corp. stockholders' equity

1,461.4

169.8

13,211.0

6,423.5

Parent Company [Member]

Investment in consolidated subsidiaries

1,999.4

243.8

Deferred income taxes

43.7

27.9

Long-term debt issuance costs

8.6

1.0

4.5

0.0

Total assets

2,056.2

272.7

LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract]

Accrued current liabilities

1.2

0.6

593.1

102.0

0.5

0.3

Commitments and contingencies

Targa Resources Corp. stockholders' equity

1,461.4

169.8

$ 2,056.2

$ 272.7

[1]	Total assets include goodwill. Goodwill has been attributed to the Partnership's Gathering and Processing segment.

Condensed Parent Only Financial Statements, Condensed Statements of Operations (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

CONDENSED STATEMENT OF OPERATIONS [Abstract]

Equity in net income (loss) of consolidated subsidiaries

$ (2.5)

$ 18.0

$ 14.8

(161.7)

(148.0)

(151.5)

Income from operations

$ (206.9)

^[1],[2]

$ 115.3

$ 112.4

$ 138.5

$ 163.1

^[1]

$ 168.7

$ 150.3

$ 158.4

159.3

640.5

368.2

Other income (expense) [Abstract]

Income (loss) before income taxes

(111.8)

491.0

249.5

Deferred income tax (expense) benefit

(24.6)

4.4

(5.4)

$ 27.0

$ 12.7

$ 15.2

$ 3.4

$ 25.6

$ 30.7

$ 26.4

$ 19.6

$ 58.3

$ 102.3

$ 65.1

Net income (loss) available per common share - basic (in dollars per share)

$ 0.48

$ 0.23

$ 0.27

$ 0.07

$ 0.61

$ 0.73

$ 0.63

$ 0.47

$ 1.09

$ 2.44

$ 1.56

Net income (loss) available per common share - diluted (in dollars per share)

$ 0.48

$ 0.23

$ 0.27

$ 0.07

$ 0.61

$ 0.73

$ 0.63

$ 0.47

$ 1.09

$ 2.43

$ 1.55

Weighted average shares outstanding - basic (in shares)

53.5

42.0

41.6

Weighted average shares outstanding - diluted (in shares)

^[3]

53.6

42.1

Parent Company [Member]

CONDENSED STATEMENT OF OPERATIONS [Abstract]

Equity in net income (loss) of consolidated subsidiaries

$ 87.6

$ 109.8

$ 72.6

(8.0)

(8.3)

(8.4)

Income from operations

79.6

101.5

64.2

Other income (expense) [Abstract]

Loss on debt extinguishment

(12.9)

0.0

Interest expense

(24.2)

(3.2)

Income (loss) before income taxes

42.5

98.3

61.0

Deferred income tax (expense) benefit

15.8

4.0

4.1