View Filing Data

Trade receivables, net of allowances of $0.1 million as of June 30, 2016 and $0.1 million as of December 31, 2015

$ 170.9

$ 140.2

490.1

515.8

Inventories

111.0

141.0

Assets from risk management activities

41.4

92.2

Other current assets

43.3

30.8

Total current assets

856.7

920.0

Property, plant and equipment

12,229.4

11,935.1

Accumulated depreciation

(2,526.9)

(2,232.4)

Property, plant and equipment, net

9,702.5

9,702.7

Intangible assets, net

1,726.0

1,810.1

Goodwill, net

393.0

417.0

Long-term assets from risk management activities

13.6

34.9

Investments in unconsolidated affiliates

250.2

258.9

Other long-term assets

58.1

67.4

Total assets

13,000.1

^[1]

13,211.0

Current liabilities:

Accounts payable and accrued liabilities

697.7

657.1

Liabilities from risk management activities

14.9

5.2

Accounts receivable securitization facility

^[2]

225.0

219.3

Total current liabilities

937.6

881.6

Preferred stock ($0.001 par value, after designation of Series A Preferred Stock (above) 98,800,000 shares authorized, no shares issued and outstanding)

4,778.3

5,718.8

Long-term liabilities from risk management activities

19.7

2.4

Deferred income taxes, net

1,083.0

177.8

Other long-term liabilities

164.5

180.2

Contingencies (see Note 17)

0.0

Targa Resources Corp. stockholders' equity:

Common stock value

0.2

0.1

0.0

Additional paid-in capital

5,371.3

1,457.4

Receivables from common stock issuances

(36.0)

0.0

Retained earnings (deficit)

(25.9)

26.9

Accumulated other comprehensive income (loss)

(5.7)

5.7

Treasury stock, at cost (479,244 shares as of June 30, 2016 and 426,307 as of December 31, 2015)

(29.1)

(28.7)

Total Targa Resources Corp. stockholders' equity

5,274.8

1,461.4

Noncontrolling interests in subsidiaries

562.3

4,788.8

Total owners' equity

5,837.1

6,250.2

Total liabilities, Series A Preferred Stock and owners' equity

13,000.1

13,211.0

Series A Preferred Stock

Current liabilities:

Series A Preferred 9.5% Stock, $1,000 per share liquidation preference, (1,200,000 shares authorized, issued and outstanding 965,100 shares)

$ 179.9

$ 0.0

[1]	Corporate assets at the segment level primarily include tax-related assets, cash and prepaids.
[2]	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Trade receivables, allowances	$ 0.1	$ 0.1
Targa Resources Corp. stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	166,302,062	56,446,573
Common stock, shares outstanding (in shares)	165,822,818	56,020,266
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	98,800,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	479,244	426,307
Series A Preferred Stock
LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY
Preferred Series A Liquidation Stock Percentage	9.50%
Preferred Stock, Liquidation Preference Per Share	$ 1,000
Preferred Stock, Shares Authorized	1,200,000
Preferred Stock, Shares Issued	1,200,000
Preferred Stock, Shares Outstanding	965,100

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Sales of commodities	$ 1,312.9	$ 1,396.1	$ 2,484.0	$ 2,798.3
Fees from midstream services	270.7	303.3	542.0	580.8
Total revenues	1,583.6	1,699.4	3,026.0	3,379.1
Costs and expenses:
Product purchases	1,145.2	1,228.1	2,156.2	2,486.6
Operating expenses	138.9	145.8	271.0	266.9
Depreciation and amortization expenses	186.1	163.9	379.6	282.5
General and administrative expenses	47.0	49.2	92.2	91.7
Goodwill impairment	0.0	0.0	24.0	0.0
Other operating (income) expense	0.1		1.1	0.6
Income from operations	66.3	112.4	101.9	250.8
Other income (expense):
Interest expense, net	(71.4)	(67.6)	(124.3)	(121.7)
Equity earnings (loss)	(4.4)	(1.5)	(9.2)	0.5
Gain (loss) from financing activities	(3.3)	(3.8)	21.4	(12.9)
Other	(0.1)	(0.9)	(0.2)	(26.9)
Income (loss) before income taxes	(12.9)	38.6	(10.4)	89.8
Income tax (expense) benefit	(1.7)	(14.8)	(4.8)	(30.1)
Net income (loss)	(14.6)	23.8	(15.2)	59.7
Less: Net income attributable to noncontrolling interests	8.6	8.6	10.7	41.1
Net income (loss) attributable to Targa Resources Corp.	(23.2)	15.2	(25.9)	18.6
Dividends on Series A preferred stock	22.9		26.7
Deemed dividends on Series A preferred stock	6.5		6.5
Net income (loss) attributable to common shareholders	$ (52.6)	$ 15.2	$ (59.1)	$ 18.6
Net income (loss) per common share - basic	$ (0.33)	$ 0.27	$ (0.44)	$ 0.37
Net income (loss) per common share - diluted	$ (0.33)	$ 0.27	$ (0.44)	$ 0.36
Weighted average shares outstanding - basic	161.6	55.9	134.1	50.9
Weighted average shares outstanding - diluted	161.6	56.1	134.1	51.0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Comprehensive Income Net Of Tax [Abstract]
Net income (loss) attributable to Targa Resources Corp.	$ (23.2)	$ 15.2	$ (25.9)	$ 18.6
Commodity hedging contracts:
Change in fair value, pre-tax	(60.2)	(0.5)	(77.1)	2.0
Change in fair value, related income tax	22.9	0.2	29.4	(0.6)
Change in fair value, after tax	(37.3)	(0.3)	(47.7)	1.4
Settlements reclassified to revenues, pre-tax	(18.3)	(2.4)	(31.3)	(4.1)
Settlements reclassified to revenues, related income tax	6.9	0.9	11.9	1.4
Settlements reclassified to revenues, after tax	(11.4)	(1.5)	(19.4)	(2.7)
Other comprehensive income (loss) attributable to Targa Resources Corp., pre-tax	(78.5)	(2.9)	(108.4)	(2.1)
Other comprehensive income (loss) attributable to Targa Resources Corp., related income tax	29.8	1.1	41.3	0.8
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax	(48.7)	(1.8)	(67.1)	(1.3)
Comprehensive income attributable to Targa Resources Corp.	(71.9)	13.4	(93.0)	17.3
Net income (loss) attributable to noncontrolling interests	8.6	8.6	10.7	41.1
Commodity hedging contracts:
Change in fair value, pre-tax	0.0	(3.1)	23.6	25.0
Change in fair value, related income tax	0.0	0.0	0.0	0.0
Change in fair value, after tax	0.0	(3.1)	23.6	25.0
Settlements reclassified to revenues, pre-tax	0.0	(19.0)	(11.1)	(30.8)
Settlements reclassified to revenues, related income tax	0.0	0.0	0.0	0.0
Settlements reclassified to revenues, after tax	0.0	(19.0)	(11.1)	(30.8)
Other comprehensive income (loss) attributable to noncontrolling interests, pre-tax	0.0	(22.1)	12.5	(5.8)
Other comprehensive income (loss) attributable to noncontrolling interests, related income tax	0.0	0.0	0.0	0.0
Other comprehensive income (loss) attributable to noncontrolling interests, after tax	0.0	(22.1)	12.5	(5.8)
Comprehensive income (loss) attributable to noncontrolling interests	8.6	(13.5)	23.2	35.3
Total
Net income (loss)	(14.6)	23.8	(15.2)	59.7
Commodity hedging contracts:
Change in fair value, pre-tax	(60.2)	(3.6)	(53.5)	27.0
Change in fair value, related income tax	22.9	0.2	29.4	(0.6)
Change in fair value, after tax	(37.3)	(3.4)	(24.1)	26.4
Settlements reclassified to revenues, pre-tax	(18.3)	(21.4)	(42.4)	(34.9)
Settlements reclassified to revenues, related income tax	6.9	0.9	11.9	1.4
Settlements reclassified to revenues, after tax	(11.4)	(20.5)	(30.5)	(33.5)
Other comprehensive income (loss) attributable to Targa Resources Corp., pre-tax	(78.5)	(25.0)	(95.9)	(7.9)
Other comprehensive income (loss) attributable to Targa Resources Corp., related income tax	29.8	1.1	41.3	0.8
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax	(48.7)	(23.9)	(54.6)	(7.1)
Total comprehensive income (loss)	$ (63.3)	$ (0.1)	$ (69.8)	$ 52.6

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	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]	Series A Preferred Stock
Balance at Dec. 31, 2014	$ 2,539.5	$ 0.0	$ 164.9	$ 25.5	$ 4.8	$ (25.4)	$ 2,369.7
Balance (in shares) at Dec. 31, 2014		42,143				389
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	12.4	$ 0.0	3.5	0.0	0.0	$ 0.0	8.9
Distribution equivalent rights	(1.0)	$ 0.0	(0.3)	0.0	0.0	0.0	(0.7)
Shares issued under compensation program (in shares)		47
Shares and units tendered for tax withholding obligations	(4.2)	$ 0.0	0.0	0.0	0.0	$ (2.1)	(2.1)
Shares and units tendered for tax withholding obligations (in shares)		(23)				23
Sale of Partnership limited partner interests	293.4	$ 0.0	0.0	0.0	0.0	$ 0.0	293.4
Proceeds from common stock issuances	336.6	$ 0.0	336.6	0.0	0.0	0.0	0.0
Proceeds from common stock issuances (in shares)		3,738
Common stock dividends in excess of retained earnings	(50.2)	$ 0.0	(50.2)	0.0	0.0	0.0	0.0
Distributions to noncontrolling interests	(226.9)	0.0	0.0	0.0	0.0	0.0	(226.9)
Contributions from noncontrolling interests	5.9	0.0	0.0	0.0	0.0	0.0	5.9
Noncontrolling interests in acquired subsidiaries	113.4	$ 0.0	0.0	0.0	0.0	0.0	113.4
Common stock issued in ATLS merger (in shares)		10,126
Common stock issued in ATLS merger	1,013.7	$ 0.1	1,013.6	0.0	0.0	0.0	0.0
Partnership units issued in APL merger	2,435.7	0.0	0.0	0.0	0.0	0.0	2,435.7
Other comprehensive income (loss)	(7.1)	0.0	0.0	0.0	(1.3)	0.0	(5.8)
Net income (loss)	59.7	0.0	0.0	18.6	0.0	0.0	41.1
Balance at Jun. 30, 2015	6,492.2	$ 0.1	1,524.6	15.4	3.5	$ (27.5)	4,976.1
Balance (in shares) at Jun. 30, 2015		56,031				412
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of Partnership equity transactions	0.0	$ 0.0	56.5	0.0	0.0	$ 0.0	(56.5)
Dividends	(28.7)	0.0	0.0	(28.7)	0.0	0.0	0.0
Balance at Dec. 31, 2014	2,539.5	$ 0.0	164.9	25.5	4.8	$ (25.4)	2,369.7
Balance (in shares) at Dec. 31, 2014		42,143				389
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	25.8						24.9
Balance at Dec. 31, 2015	6,250.2	$ 0.1	1,457.4	26.9	5.7	$ (28.7)	4,788.8
Balance (in shares) at Dec. 31, 2015		56,020				426
Series A Preferred Stock at Dec. 31, 2015								$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	15.2	$ 0.0	13.0	0.0	0.0	$ 0.0	2.2
Compensation on equity grants (in shares)		0				0
Distribution equivalent rights	(5.1)	$ 0.0	(4.9)	0.0	0.0	$ 0.0	(0.2)
Shares issued under compensation program (in shares)		224
Shares and units tendered for tax withholding obligations	(0.5)	$ 0.0	0.0	0.0	0.0	$ (0.4)	(0.1)
Shares and units tendered for tax withholding obligations (in shares)		(54)				54
Proceeds from common stock issuances	215.1	$ 0.0	215.1	0.0	0.0	$ 0.0	0.0	0.0
Proceeds from common stock issuances (in shares)		5,106
Receivables from common stock offerings	(36.0)	$ 0.0	(36.0)	0.0	0.0	0.0	0.0	0.0
Issuance of Series A preferred and detachable warrants	796.8	0.0	796.8	0.0	0.0	0.0	0.0
Series A preferred stock dividends	(3.8)	0.0	0.0	(3.8)	0.0	0.0	0.0	0.0
Series A preferred stock dividends in excess of retained earnings	(22.9)	0.0	(22.9)	0.0	0.0	0.0	0.0
Series A Preferred Stock								179.9
Series A preferred stock deemed dividends	(6.5)	0.0	(6.5)	0.0	0.0	0.0	0.0	0.0
Common stock dividends	(23.1)	0.0	0.0	(23.1)	0.0	0.0	0.0
Common stock dividends in excess of retained earnings	(174.2)	0.0	(174.2)	0.0	0.0	0.0	0.0
Distributions to noncontrolling interests	(151.0)	0.0	0.0	0.0	0.0	0.0	(151.0)
Contributions from noncontrolling interests	19.1	0.0	0.0	0.0	0.0	0.0	19.1
Noncontrolling interests in acquired subsidiaries	(966.4)	$ 0.1	3,097.5	0.0	55.7	0.0	(4,119.7)
Acquisition of TRP noncontrolling common interests (in shares)		104,526
Other comprehensive income (loss)	(54.6)	$ 0.0	0.0	0.0	(67.1)	0.0	12.5
Net income (loss)	(15.2)	0.0	0.0	(25.9)	0.0	0.0	10.7
Balance at Jun. 30, 2016	$ 5,837.1	$ 0.2	$ 5,335.3	$ (25.9)	$ (5.7)	$ (29.1)	$ 562.3
Balance (in shares) at Jun. 30, 2016		165,822				480
Series A Preferred Stock at Jun. 30, 2016								$ 179.9

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income (loss)	$ (15.2)	$ 59.7
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	8.2	7.2
Compensation on equity grants	15.2	12.4
Depreciation and amortization expenses	379.6	282.5
Goodwill impairment	24.0	0.0
Accretion of asset retirement obligations	2.3	2.7
Change in redemption value of mandatorily redeemable preferred interest	(14.6)
Deferred income tax expense (benefit)	4.8	18.5
Equity (earnings) loss of unconsolidated affiliates	9.2	(0.5)
Distributions of earnings received from unconsolidated affiliates		6.9
Risk management activities	3.2	31.5
(Gain) loss on sale or disposition of assets	0.9	(0.2)
(Gain) loss from financing activities	(21.4)	12.9
Changes in operating assets and liabilities, net of business acquisitions:
Receivables and other assets	19.6	131.7
Inventories	12.4	57.9
Accounts payable and other liabilities	29.3	(139.0)
Net cash provided by operating activities	457.5	484.2
Cash flows from investing activities
Outlays for property, plant and equipment	(307.7)	(436.2)
Outlays for business acquisitions, net of cash acquired		(1,574.4)
Return of capital from unconsolidated affiliates	3.9	0.1
Other, net	(1.4)	(1.3)
Net cash used in investing activities	(305.2)	(2,011.8)
Debt obligations:
Proceeds from borrowings under credit facilities	1,067.0	1,824.0
Repayments of credit facilities	(1,457.0)	(588.0)
Proceeds from accounts receivable securitization facility	121.4	253.4
Repayments of accounts receivable securitization facility	(115.7)	(312.0)
Proceeds from issuance of senior notes and term loan		1,522.5
Open market purchases of senior notes	(534.3)
Repayments on senior term loan		(270.0)
Redemption of APL senior notes		(1,168.8)
Costs incurred in connection with financing arrangements	(44.3)	(37.1)
Proceeds from sale of Partnership common and preferred units		295.8
Repurchase of shares and units under compensation plans	(0.4)	(4.2)
Contributions from noncontrolling interests	19.1	5.9
Distributions to noncontrolling interests	(6.3)	(5.6)
Payments of distribution equivalent rights	(0.3)
Proceeds from issuance of common stock	181.2	336.6
Proceeds from issuance of preferred stock and warrants	994.1
Distributions to Partnership unitholders	(144.7)	(221.3)
Dividends to common and preferred shareholders	(201.4)	(78.9)
Net cash provided by (used in) financing activities	(121.6)	1,552.3
Net change in cash and cash equivalents	30.7	24.7
Cash and cash equivalents, beginning of period	140.2	81.0
Cash and cash equivalents, end of period	$ 170.9	$ 105.7

Organization and Operations

6 Months Ended

Jun. 30, 2016

Organization [Abstract]

Organization and Operations

Note 1 — Organization and Operations

Our Organization

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

Our Operations

The company is engaged in the business of:

gathering, compressing, treating, processing and selling natural gas;

storing, fractionating, treating, transporting and selling NGLs and NGL products, including services to LPG exporters;

gathering, storing and terminaling crude oil; and

storing, terminaling and selling refined petroleum products.

Areas of gathering and processing operations include the Permian Basin in 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 company’s logistics and marketing assets are predominately located in Mont Belvieu and Galena Park, TX, Lake Charles, LA, and Tacoma, WA. See Note 20 – Segment Information for certain financial information for our business segments.

- 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

6 Months Ended

Jun. 30, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Note 2 — Basis of Presentation

We have prepared these unaudited consolidated financial statements in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. While we derived the year-end balance sheet data from audited financial statements, this interim report does not include all disclosures required by GAAP for annual periods. These unaudited consolidated financial statements and other information included in this Quarterly Report should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report and our Current Report on Form 8-K filed with the SEC on May 23, 2016.

The unaudited consolidated financial statements for the three and six months ended June 30, 2016 and 2015 include all adjustments that we believe are necessary for a fair statement of the results for interim periods. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods may have been reclassified to conform to the current year presentation.

Our financial results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the full year.

One of our indirect subsidiaries is the sole general partner of Targa Resources Partners LP (“the Partnership” or “TRP”). Prior to February 17, 2016, our interests in the Partnership consisted 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 representing limited partner interests in the Partnership (“common units”), 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 (as defined in Note 4 – Business Acquisitions).

On February 17, 2016, we completed the 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”) and 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 shares of our common stock to third-party unitholders of the common units of the Partnership in exchange for all of the 168,590,009 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. There were no changes to our other interests in the Partnership.

TRP’s 5,000,000 9.0% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Preferred Units”) remain outstanding after the TRC/TRP Merger. The Preferred Units are listed on the NYSE under “NGLS PRA” and are publicly traded.

As we continue to control the Partnership, the change in our ownership interest as a result of the TRC/TRP Merger is accounted for as an equity transaction, which is reflected in our Consolidated Balance Sheet as a reduction of noncontrolling interests and a corresponding increase in common stock and additional paid in capital. The TRC/TRP Merger is a taxable exchange resulting in a book/tax difference in the basis of the underlying assets acquired (our investment in TRP). A deferred tax liability of approximately $950 million has been recorded, computed as $9.0 billion book basis in excess of $6.5 billion tax basis at our statutory tax rate of 37.11%.

The equity interests in TRP (which are consolidated in our financial statements) that were owned by the public prior to February 17, 2016 are reflected within “Noncontrolling interests” in our Consolidated Balance Sheets for periods prior to the merger date. The earnings recorded by TRP that were attributed to its common units held by the public prior to February 17, 2016 are reflected within “Net income attributable to noncontrolling interests” in our Consolidated Statements of Operations for periods prior to the merger date.

Revisions of Previously Reported Activity in our Consolidated Statements of Comprehensive Income (Loss)

During the first quarter of 2016 we concluded that activity related to our commodity hedge contracts was not reported properly in our Consolidated Statements of Comprehensive Income (Loss) 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 Consolidated Statements of Comprehensive Income (Loss) 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 Consolidated Statements of Comprehensive Income (Loss) during 2015:

		Three Months Ended																						Six Months Ended
		June 30, 2015																						June 30, 2015
		As Reported											As Corrected											As Reported												As Corrected
		Pre-Tax				Related Income Tax			After Tax				Pre-Tax				Related Income Tax			After Tax				Pre-Tax				Related Income Tax				After Tax				Pre-Tax				Related Income Tax				After Tax
Targa Resources Corp.
Commodity hedging contracts:
Change in fair value	$		(1.1	)	$		0.4	$		(0.7	)	$		(0.5	)	$		0.2	$		(0.3	)	$		0.6		$		(0.2	)	$		0.4		$		2.0		$		(0.6	)	$		1.4
Settlements reclassified to revenues			(1.8	)			0.7			(1.1	)			(2.4	)			0.9			(1.5	)			(2.7	)			1.0				(1.7	)			(4.1	)			1.4				(2.7	)
Other comprehensive income (loss) attributable to Targa Resources Corp.			(2.9	)			1.1			(1.8	)			(2.9	)			1.1			(1.8	)			(2.1	)			0.8				(1.3	)			(2.1	)			0.8				(1.3	)

Noncontrolling interests
Commodity hedging contracts:
Change in fair value			(7.6	)			-			(7.6	)			(3.1	)			-			(3.1	)			15.9				-				15.9				25.0				-				25.0
Settlements reclassified to revenues			(14.5	)			-			(14.5	)			(19.0	)			-			(19.0	)			(21.7	)			-				(21.7	)			(30.8	)			-				(30.8	)
Other comprehensive income (loss) attributable to noncontrolling interests			(22.1	)			-			(22.1	)			(22.1	)			-			(22.1	)			(5.8	)			-				(5.8	)			(5.8	)			-				(5.8	)

Total
Commodity hedging contracts:
Change in fair value			(8.7	)			0.4			(8.3	)			(3.6	)			0.2			(3.4	)			16.5				(0.2	)			16.3				27.0				(0.6	)			26.4
Settlements reclassified to revenues			(16.3	)			0.7			(15.6	)			(21.4	)			0.9			(20.5	)			(24.4	)			1.0				(23.4	)			(34.9	)			1.4				(33.5	)
Other comprehensive income (loss)	$		(25.0	)	$		1.1	$		(23.9	)	$		(25.0	)	$		1.1	$		(23.9	)	$		(7.9	)	$		0.8		$		(7.1	)	$		(7.9	)	$		0.8		$		(7.1	)

		Three Months Ended																								Nine Months Ended
		September 30, 2015																								September 30, 2015
		As Reported												As Corrected												As Reported												As Corrected
		Pre-Tax				Related Income Tax				After Tax				Pre-Tax				Related Income Tax				After Tax				Pre-Tax				Related Income Tax				After Tax				Pre-Tax				Related Income Tax				After Tax
Targa Resources Corp.
Commodity hedging contracts:
Change in fair value	$		4.6		$		(1.7	)	$		2.9		$		5.5		$		(2.0	)	$		3.5		$		5.2		$		(2.0	)	$		3.2		$		7.5		$		(2.9	)	$		4.6
Settlements reclassified to revenues			(1.8	)			0.7				(1.1	)			(2.7	)			1.0				(1.7	)			(4.5	)			1.7				(2.8	)			(6.8	)			2.6				(4.2	)
Other comprehensive income (loss) attributable to Targa Resources Corp.			2.8				(1.0	)			1.8				2.8				(1.0	)			1.8				0.7				(0.3	)			0.4				0.7				(0.3	)			0.4

Noncontrolling interests
Commodity hedging contracts:
Change in fair value			38.3				-				38.3				45.2				-				45.2				54.2				-				54.2				70.1				-				70.1
Settlements reclassified to revenues			(14.9	)			-				(14.9	)			(21.8	)			-				(21.8	)			(36.6	)			-				(36.6	)			(52.5	)			-				(52.5	)
Other comprehensive income (loss) attributable to noncontrolling interests			23.4				-				23.4				23.4				-				23.4				17.6				-				17.6				17.6				-				17.6

Total
Commodity hedging contracts:
Change in fair value			42.9				(1.7	)			41.2				50.7				(2.0	)			48.7				59.4				(2.0	)			57.4				77.6				(2.9	)			74.7
Settlements reclassified to revenues			(16.7	)			0.7				(16.0	)			(24.5	)			1.0				(23.5	)			(41.1	)			1.7				(39.4	)			(59.3	)			2.6				(56.7	)
Other comprehensive income (loss)	$		26.2		$		(1.0	)	$		25.2		$		26.2		$		(1.0	)	$		25.2		$		18.3		$		(0.3	)	$		18.0		$		18.3		$		(0.3	)	$		18.0

		Year Ended
		December 31, 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

- Definition

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

+ References + Details

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Note 3 — Significant Accounting Policies Accounting Policy Updates The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report and our Current Report on Form 8-K filed with the SEC on May 23, 2016. There were no significant updates or revisions to our policies during the six months ended June 30, 2016, except as noted below. Recent Accounting Pronouncements Revenue from Contracts with Customers 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. With the issuance in August 2015 of ASU 2015-14 , Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, the revenue recognition standard is effective for the annual period beginning after December 15, 2017, and for annual and interim periods thereafter. Earlier adoption is permitted for 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. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations . The amendments in this update improve the operability and understandability of the implementation guidance on principal versus agent considerations, including clarifying that an entity should determine whether it is a principal or an agent for each specified good or service promised to a customer. These amendments are effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017, with early adoption permitted. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing . These amendments clarify the guidance on identification of performance obligations and licensing. The amendments include that entities do not have to decide if goods and services are performance obligations if they are considered immaterial in the context of a contract. Entities are also permitted to account for the shipping and handling that takes place after the customer has gained control of the goods as actions to fulfill the contract rather than separate services. In order to identify a performance obligation in a customer contract, an entity has to determine whether the goods or services are distinct, and ASU No. 2016-10 clarifies how the determination can be made. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . These amendments address certain implementation issues related to assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition, and also provide additional practical expedients. We expect to adopt these updates in their entirety on January 1, 2018, and are continuing to evaluate the impact on our revenue recognition practices. Consolidation In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The amendments 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. The amendments are effective for us in 2016 with no impact on our consolidated financial statements or results of operations. Presentation of Debt Issuance Costs 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 line-of-credit or other 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 dealt solely with financial statement display matters; recognition and measurement of debt issuance costs were unaffected. We adopted the amendments on January 1, 2016 and have reclassified unamortized debt issuance costs of $42.7 million on our Consolidated Balance Sheet as of December 31, 2015 from Other long-term assets to Long-term debt to conform to current year presentation. Our Consolidated Balance Sheet as of June 30, 2016 has $35.2 million in unamortized debt issuance costs classified in Long-term debt. Leases 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. Share-Based Compensation In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The amendments in this update provide, among other things, that (1) all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement with the tax effects of exercised or vested awards treated as discrete items in the reporting period in which they occur and recognition of excess tax benefits regardless of whether the benefit reduces taxes payable in the current period; (2) excess tax benefits should be classified along with other income tax cash flows as an operating activity; (3) an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur; (4) the threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions; and (5) cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. We adopted the applicable amendments in the second quarter of 2016 and have applied the guidance as of January 1, 2016. Amendments related to the timing of when excess tax benefits and deficiencies are recognized, minimum statutory withholding requirements, and forfeitures have been applied using a modified retrospective transition method but resulted in no cumulative effect adjustment to equity. The amendment related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement had no impact as we previously classified these payments as a financing activity and continue to do so. The amendment requiring recognition of excess tax benefits and tax deficiencies in the income statement has been applied prospectively. We have elected to apply the amendment related to the presentation of excess tax benefits and deficiencies on the statement of cash flows on a prospective basis and prior periods have not been adjusted. We recognized $2.4 million of excess tax deficiencies in income tax expense for the six months ended June 30, 2016, which includes $0.5 million attributable to the three months ended March 31, 2016. Our diluted earnings per share calculation has been adjusted for the three and six months ended June 30, 2016, to exclude windfall tax benefits in assumed proceeds under the treasury stock method. In addition, we have elected to account for forfeitures as they occur. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. These amendments change the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The amendments in this update affect investments in loans, investments in debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We expect to adopt this guidance on January 1, 2019, and are continuing to evaluate the impact on our measurement of credit losses.

- Definition

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

+ References + Details

Business Acquisitions

6 Months Ended

Jun. 30, 2016

Business Combinations [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”), Atlas Energy L.P., a Delaware limited partnership (“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, Atlas Pipeline Partners L.P., a Delaware limited partnership (“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’s partnership agreement (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, which is reflected within Additional paid-in capital on the Consolidated Balance Sheets. 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 added TPL’s Woodford/SCOOP, Mississippi Lime, Eagle Ford and additional Permian assets to the Partnership’s existing operations. In total, TPL added 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 us 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 $616.8 million and net income of $17.8 million to the Company for the period from February 27, 2015 to June 30, 2015, and is reported in our Gathering and Processing segment. As of June 30, 2015, we had incurred $26.8 million of acquisition-related costs. These expenses are included in other expense in our Consolidated Statements of Operations for the six months ended June 30, 2015. As of June 30, 2016, cumulative acquisition-related costs totaled $27.3 million.

Pro Forma Impact of Atlas Mergers on Consolidated Statement of Operations

The following summarized unaudited pro forma Consolidated Statement of Operations information for the six months ended June 30, 2015 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. Amounts presented below are in millions.

	June 30, 2015
	Pro Forma
Revenues	$	3,667.8
Net income		42.4

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 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 $26.8 million of acquisition-related costs incurred as of June 30, 2015 from pro forma net income for the six months ended June 30, 2015.

Reflect the change in APL’s revenues and product purchases to report plant sales of Y-grade at contractual net values to conform to our accounting policy.

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.

Our final 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 of 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 investments 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.

We adopted the amendments to ASU-2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments on September 30, 2015. As a result, during the six months ended December 31, 2015, we recorded additional quarterly 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. We recognized these quarterly adjustments in the third and fourth quarters of 2015, 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.

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 16 – Fair Value Measurements. These inputs require significant judgments and estimates at the time of valuation.

The excess of the purchase price over the fair 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. The goodwill is amortizable for tax purposes.

The fair value of assets acquired included trade receivables of $178.1 million. The gross amount due under contracts was $178.1 million, all of which was expected to be collectible. The fair value of assets acquired included other 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.

Mandatorily Redeemable Preferred Interests

Other long-term liabilities acquired included $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. Subsequent changes in the fair value of this liability are 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 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 common stock 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 impairment of that reporting unit’s goodwill.

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 December 31, 2015, we had not completed our November 30, 2015 impairment assessment. Based on the results of that preliminary evaluation, we recorded a provisional goodwill impairment of $290.0 million during the fourth quarter of 2015. The provisional goodwill impairment reduced the carrying value of goodwill to $417.0 million on our Consolidated Balance Sheets as of December 31, 2015.

During the first quarter of 2016, we finalized our evaluation of goodwill for impairment and recorded additional impairment expense of $24.0 million in our Consolidated Statement of Operations and reduced the carrying value of goodwill to $393.0 million on our Consolidated Balance Sheets. 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 utilized 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 are 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.

Changes in the gross amounts of our goodwill and impairment loss are as follows:

	WestTX			SouthTX			SouthOK			Total
Beginning of period January 1, 2015	$	—		$	—		$	—		$	—
Acquisition February 27, 2015		364.5			160.3			182.2			707.0
Provisional Impairment		(37.6	)		(70.2	)		(182.2	)		(290.0	)
Goodwill December 31, 2015		326.9			90.1			—			417.0
Additional Impairment		(14.4	)		(9.6	)		—			(24.0	)
Goodwill June 30, 2016	$	312.5		$	80.5		$	—		$	393.0

The sustained decrease and uncertain outlook in commodity prices and volumes 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 related to goodwill and property, plant and equipment. There were no impairment triggers identified or further impairment charges recognized in the second quarter of 2016.

- 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=65885119&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=65885119&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=65885119&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=65885119&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=73530397&loc=d3e4845-128472

Reference 8: 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=65885119&loc=d3e1524-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4934-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4926-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1383-128463

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

+ Details

Inventories

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Inventories

Note 5 — Inventories

	June 30, 2016		December 31, 2015
Commodities	$	99.1	$	128.3
Materials and supplies		11.9		12.7
	$	111.0	$	141.0

- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References + Details

Property, Plant and Equipment and Intangible Assets

6 Months Ended

Jun. 30, 2016

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 6 — Property, Plant and Equipment and Intangible Assets

	June 30, 2016			December 31, 2015			Estimated Useful Lives (In Years)
Gathering systems	$	6,416.5		$	6,304.5		5 to 20
Processing and fractionation facilities		3,289.2			2,995.2		5 to 25
Terminaling and storage facilities		1,186.4			1,115.0		5 to 25
Transportation assets		454.7			454.0		10 to 25
Other property, plant and equipment		229.5			221.1		3 to 25
Land		120.6			108.8			—
Construction in progress		532.5			736.5			—
Property, plant and equipment		12,229.4			11,935.1
Accumulated depreciation		(2,526.9	)		(2,232.4	)
Property, plant and equipment, net	$	9,702.5		$	9,702.7

Intangible assets	$	2,036.6		$	2,036.6		20
Accumulated amortization		(310.6	)		(226.5	)
Intangible assets, net	$	1,726.0		$	1,810.1

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 and are 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.

	June 30, 2016			December 31, 2015
Beginning of period	$	1,810.1		$	591.9
Additions from acquisition		—			1,354.9
Amortization		(84.1	)		(136.7	)
Intangible assets, net	$	1,726.0		$	1,810.1

Investments in Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2016

Equity Method Investments And Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

Note 7 – Investments in Unconsolidated Affiliates

Our 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 acquired in the Atlas mergers in 2015: 75% interest in T2 LaSalle; 50% interest in T2 Eagle Ford; and 50% interest in T2 EF Cogen (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 us the degree of control required for consolidating them in our consolidated financial statements, but do afford us the significant influence required to employ the equity method of accounting. Our maximum exposure to loss as a result of our involvement with the T2 Joint Ventures includes our equity investment, any additional capital contribution commitments and our share of any operating expenses incurred by the T2 Joint Ventures.

The following table shows the activity related to our investments in unconsolidated affiliates:

	GCF			T2 LaSalle			T2 Eagle Ford			T2 EF Cogen			Total
December 31, 2015	$	49.5		$	63.6		$	123.8		$	22.0		$	258.9
Equity earnings (loss)		(0.6	)		(2.8	)		(4.1	)		(1.7	)		(9.2	)
Cash distributions (1)		(3.5	)		—			—			(0.4	)		(3.9	)
Cash calls for expansion projects		—			—			4.4			—			4.4
June 30, 2016	$	45.4		$	60.8		$	124.1		$	19.9		$	250.2

(1)

Includes $3.9 million in distributions received from GCF and the T2 Joint Ventures in excess of our share of cumulative earnings for the six months ended June 30, 2016. Such excess distributions are considered a return of capital and 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 $39.8 million over the book value of the joint venture capital accounts as of June 30, 2016. 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

6 Months Ended

Jun. 30, 2016

Payables And Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Note 8 — Accounts Payable and Accrued Liabilities

	June 30, 2016		December 31, 2015
Commodities	$	439.5	$	385.2
Other goods and services		89.3		142.9
Interest		69.7		81.0
Compensation and benefits		24.3		16.0
Income and other taxes		34.8		13.4
Other		40.1		18.6
	$	697.7	$	657.1

Accounts payable and accrued liabilities includes $17.5 million and $34.2 million of liabilities to creditors to whom we have issued checks that remain outstanding as of June 30, 2016 and December 31, 2015.

Debt Obligations

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Debt Obligations

Note 9 — Debt Obligations

	June 30, 2016			December 31, 2015
Current:
Obligations of the Partnership
Accounts receivable securitization facility, due December 2016 (1)	$	225.0		$	219.3
Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due February 2020 (2)		275.0			440.0
TRC Senior secured term loan, variable rate, due February 2022		160.0			160.0
Unamortized discount		(2.4	)		(2.5	)
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due October 2017 (3)		55.0			280.0
Senior unsecured notes:
5% fixed rate, due January 2018		733.6			1,100.0
4 ⅛ % fixed rate, due November 2019		749.4			800.0
6 ⅝ % fixed rate, due October 2020 (4)		309.9			342.1
Unamortized premium		4.1			5.0
6 ⅞ % fixed rate, due February 2021		478.6			483.6
Unamortized discount		(20.2	)		(22.1	)
6 ⅜ % fixed rate, due August 2022		278.7			300.0
5 ¼ % fixed rate, due May 2023		559.6			583.7
4¼% fixed rate, due November 2023		583.9			623.5
6¾% fixed rate, due March 2024		580.1			600.0
APL notes, 6 ⅝ % fixed rate, due October 2020 (4) (5)		12.9			12.9
Unamortized premium		0.2			0.2
APL notes, 4¾% fixed rate, due November 2021 (5)		6.5			6.5
APL notes, 5⅞% fixed rate, due August 2023 (5)		48.1			48.1
Unamortized premium		0.5			0.5
		4,813.5			5,761.5
Debt issuance costs		(35.2	)		(42.7	)
Total long-term debt		4,778.3			5,718.8
Total debt	$	5,003.3		$	5,938.1
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)		13.3			12.9
	$	13.3		$	12.9

(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 June 30, 2016, availability under TRC’s $670 million senior secured revolving credit facility (“TRC Revolver”) was $395.0 million.

(3)	As of June 30, 2016, availability under the Partnership’s $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,531.7 million.

(4)	In May 2015, the Partnership exchanged TRP 6⅝% Senior Notes with the same economic terms to holders of the 6⅝% APL Notes that validly tendered such notes for exchange to us.

(5)	APL debt is not guaranteed by us or the Partnership.

The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the six months ended June 30, 2016:

	Range of Interest Rates Incurred		Weighted Average Interest Rate Incurred
TRC senior secured revolving credit facility	2.2% - 4.5%			2.4%
TRC senior secured term loan		5.75%		5.75%
Partnership's senior secured revolving credit facility	2.4% - 4.8%			2.6%
Partnership's accounts receivable securitization facility		1.2%		1.2%

Compliance with Debt Covenants

As of June 30, 2016, we were in compliance with the covenants contained in our various debt agreements.

Debt Repurchases

During the six months ended June 30, 2016, the Partnership repurchased on the open market a portion of its outstanding Senior Notes as follows:

Debt Repurchased	Book Value		Payment			Gain/(Loss)			Write-off of Debt Issuance Costs			Net Gain (Loss)
5¼% Senior Notes		24.1		(20.1	)		4.0			(0.2	)		3.8
4¼% Senior Notes		39.5		(31.8	)		7.7			(0.3	)		7.4
6⅞% Senior Notes		4.8		(4.3	)		0.5			(0.1	)		0.4
6⅝% Senior Notes		32.6		(29.5	)		3.1			-			3.1
6⅜% Senior Notes		21.3		(18.7	)		2.6			(0.2	)		2.4
6¾% Senior Notes		19.9		(17.5	)		2.4			(0.2	)		2.2
5% Senior Notes		366.4		(368.2	)		(1.8	)		(2.1	)		(3.9	)
4⅛% Senior Notes		50.6		(44.2	)		6.4			(0.4	)		6.0
	$	559.2	$	(534.3	)	$	24.9		$	(3.5	)	$	21.4

We or TRP may retire or purchase various series of TRP’s outstanding debt through cash purchases and/or exchanges for other debt, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Contractual Obligations

The following table summarizes payment obligations for debt instruments after giving effect to 2016 debt repurchases:

	Payments Due By Period
			Less Than						More Than
	Total		1 Year		1-3 Years		3-5 Years		5 Years
	(in millions)
Partnership Senior Unsecured Debt:
Debt obligations (1)	$	4,341.3	$	-	$	733.6	$	1,550.8	$	2,056.9
Interest on debt obligations (2)		1,223.5		239.3		419.2		317.4		247.6
	$	5,564.8	$	239.3	$	1,152.8	$	1,868.2	$	2,304.5

(1)	Represents scheduled future maturities of consolidated debt obligations for the periods indicated.

(2)	Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing June 30, 2016 rates for floating debt.

- 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

6 Months Ended

Jun. 30, 2016

Other Liabilities Noncurrent [Abstract]

Other Long-term Liabilities

Note 10 — Other Long-term Liabilities

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

	June 30, 2016		December 31, 2015
Asset retirement obligations	$	63.6	$	70.4
Mandatorily redeemable preferred interests		68.3		82.9
Deferred revenue and other		32.6		26.9
Total long-term liabilities	$	164.5	$	180.2

Asset Retirement Obligations

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


December 31, 2015	$	70.4
Change in cash flow estimate		(9.1	)
Accretion expense		2.3
June 30, 2016	$	63.6

Mandatorily Redeemable Preferred Interests

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.

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. Because redemption will not be required at least until 2022, the actual value of our partner’s allocable share of each joint venture’s assets at the time of redemption may differ from our estimate of redemption value as of June 30, 2016.

The following table shows the changes attributable to mandatorily redeemable preferred interests:


December 31, 2015	$	82.9
Change in estimated redemption value		(14.6	)
June 30, 2016	$	68.3

Preferred Stock

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Preferred Stock

Note 11 – Preferred Stock

Preferred Stock and Detachable Warrants

In the first quarter of 2016, TRC sold in two tranches to investors in a private placement 965,100 shares of Series A Preferred Stock (“Series A Preferred”) with detachable Series A Warrants exercisable into a maximum of 13,550,004 shares of our common stock and Series B Warrants exercisable into a maximum of 6,533,727 shares of our common stock (collectively the “Warrants”) for an aggregate purchase price of $994.1 million in cash.

The Series A Preferred have a liquidation value of $1,000 per share and bears a cumulative 9.5% fixed dividend payable quarterly 45 days after the end of each fiscal quarter. The Company may, at the sole election of the Board of Directors, elect to pay dividends for any quarter with a paid-in-kind election (“PIK”) through December 31, 2017. Under the PIK election, unpaid dividends would be added to the liquidation preference and a commensurate amount of Series A and Series B Warrants would be issued. The $177.2 million discount on the Series A Preferred created by the relative fair value allocation of proceeds, which is not subject to periodic accretion, would be reported as a deemed dividend in the event a redemption occurs. The Series A Preferred have no mandatory redemption date, but is redeemable at our election in year six for a 10% premium to the liquidation preference and for a 5% premium to the liquidation preference thereafter. If the Series A Preferred is not redeemed by the end of year twelve, the investors have the right to convert the Series A Preferred into TRC common stock at an exercise price of $20.77, which represented a 10% premium over the ten day VWAP (volume weighted average price) prior to the February 18 signing date ($18.88) of the Purchase Agreement underlying the first tranche. If the investors do not elect to convert their Series A Preferred into TRC common stock, Targa has a right after year twelve to force conversion, but only if the VWAP for the ten preceding trading days is greater than 120% of the conversion price. A change of control provision could result in forced redemption, at the option of the investor, if the Series A Preferred could not otherwise remain outstanding or be replaced with a “substantially equivalent security.” The change of control premium to the liquidation preference on the redemption is initially 25% in year one, 20% in year two, 15% in year three, 10% in years four through six and 5% thereafter.

The Series A Preferred ranks senior to the common outstanding stock with respect to the payment of dividends and distributions in liquidation. The holders of Series A Preferred generally only have voting rights in certain circumstances, subject to certain exceptions, which include:

the issuance or the increase by the Company of any specific class or series of stock that is senior to the Series A Preferred,

the issuance or the increase by any of the Company’s consolidated subsidiaries of any specific class or series of securities,

changes to the Certificates of Incorporation or Designations of the Series A Preferred that would materially and adversely affect the Preferred Stock holder,

the issuance of stock on parity with the Series A Preferred, subject to certain exceptions, if the Company has exceeded a stipulated fixed charge coverage ratio or an aggregate amount of net proceeds from all future issuances of Parity Stock, or would use the proceeds of such issuance to pay dividends,

the incurrence of indebtedness, other than indebtedness that complies with a stipulated fixed charge coverage ratio or under the TRC and TRP Credit Agreements (or replacement commercial bank facilities) in an aggregate amount up to $2.75 billion.

In addition, observation right status as a Board Observer was granted to an investor with the right to attend full meetings of the Board of Directors (the “Board”) for TRC and to receive materials other members of the Board receive. Only in the event (i) we have not paid distributions with respect to two full quarters (whether or not consecutive) on the Series Preferred or (ii) an event of default occurs with respect only to the financial covenants under the TRC and TRP Credit Agreements, will the investor have the right to turn the Board Observer into a member of the Board to serve until (x) all accrued and unpaid distributions on the Series A Preferred are paid or (y) there is no longer such an event of default, as applicable.

The Series A Preferred is a hybrid security and is viewed as a debt host for the purpose of evaluating embedded derivatives. Bifurcation of the Company’s redemption provision is not required because the redemption provision is clearly and closely related to the preferred debt host. Further, both our and the investors’ conversion options qualify for a derivatives scope exception under ASC 815 – Derivatives and Hedging (“ASC 815”) applicable to embedded features that are indexed to an entity’s equity, and that would be classified as equity if freestanding. The Series A Preferred does not qualify as an equity liability instrument under ASC 480 – Distinguishing Liabilities from Equity, because it is not mandatorily redeemable. However, as SEC Regulation S-X, Rule 5-02-27 does not permit a probability assessment for a change of control provision our Series A Preferred must be presented as mezzanine equity between liabilities and shareholders’ equity on our Consolidated Balance Sheets because a change of control event, although not considered probable, could force the Company to redeem the Series A Preferred. At each balance sheet date we must re-evaluate whether the Series A Preferred continues to qualify for treatment as an equity instrument. Under the terms of the Registration Rights Agreement covering common stock issuable upon conversion of the Series A Preferred (the “Preferred Registration Rights Agreement”), we will cause a registration statement with respect to the common shares underlying the Series A Preferred to be declared effective within 12 years of the March 16, 2016 issue date (the “Effective Date”), and pay liquidated damages in the event we fail to do so. A maximum of 46,466,057 common shares would be issued upon conversion of the Series A Preferred.

The detachable Warrants have a seven year term and are exercisable beginning on September 16, 2016. They were issued in two series: Series A Warrants exercisable into a maximum number of 13,550,004 shares of our common stock with an exercise price of $18.88 and 6,533,727 Series B Warrants with an exercise price of $25.11. The Warrants may be net settled in cash or shares of common stock at the Company’s option. The Warrants qualify as freestanding financial instruments and meet the derivatives accounting scope exception in ASC 815 because they are indexed to our equity and otherwise meet the applicable criteria for equity classification. The portion of proceeds allocated to the Series A and Series B Warrants was recorded as additional paid-in capital. Pursuant to the terms of the Registration Rights Agreement covering the common stock issuable upon exercise of the Warrants (the “Warrants Registration Rights Agreement”), we filed a prospectus supplement on June 30, 2016 (the “Warrants Prospectus Supplement”) to our Registration Statement on Form S-3 filed with the SEC on May 23, 2016 (the “May 2016 Shelf” and together with the Warrants Prospectus Supplement, the “Warrants Registration Statement”) for the registered resale by the selling stockholders described therein of 20,083,731 common shares, which is the maximum amount that could be issued upon conversion of the Warrants. We have granted certain demand and piggyback registration rights with respect to the holders of the common shares underlying the Warrants pursuant to the Warrants Registration Rights Agreement. Also under the Warrants Registration Rights Agreement, we are required to use commercially reasonable efforts to keep the Warrants Registration Statement to be continuously effective, until the earliest to occur of the following: (a) the date on which all Registrable Securities (as defined under the Warrants Registration Rights Agreement) covered by the Warrants Registration Statement have been distributed, (b) the date on which there are no longer any Registrable Securities outstanding and (c) the later of (1) the fourth anniversary of the date on which all Warrants have been converted into common shares and (2) if and only if any holder of Registrable Securities is an “affiliate” (as such term is defined in Rule 144 promulgated under the Securities Act) of the Company, the earlier of (x) the date on which such holder is no longer an “affiliate” (as such term is defined in Rule 144 promulgated under the Securities Act) of the Company and (y) March 16, 2028.

Under the Preferred Registration Rights Agreement, if the registration statement is not declared effective by the applicable required effective date, each record holder of the securities to be registered would receive liquidated damages. The Liquidated Damages Multiplier (“the multiplier”) is calculated as the product of (1) the purchased Series A Preferred Stock price and (ii) the number of registrable securities by the applicable record holder of any registrable securities. The liquidated damages, which would accrue daily, are an amount equal to 0.25% of the multiplier for the first 60 day period following the Effective Date plus an additional 0.25% of the multiplier for each subsequent 60 days (i.e. 0.5% for 61-120 days, 0.75% for 121-180 days, and 1.0% thereafter), up to a maximum amount equal to 1.0% of the multiplier thereafter. There is no limitation for the maximum potential consideration of liquidated damages. Management believes that remittance of any future payments under these provisions is not probable and therefore has not attributed any allocation of offering proceeds to a contingent liability for registration payment arrangements under ASC 825-20 – Financial Instruments-Registration Payment Arrangements (“ASC 825-20”).

Net cash proceeds of $970.3 million (which reflects payment of $23.8 million transaction fees), were allocated on a relative fair value basis to the Series A Preferred ($787.9 million), Series A Warrants ($135.8 million) and Series B Warrants ($46.6 million). The $177.2 million discount on the Series A Preferred created by the relative fair value allocation of proceeds, which is not subject to periodic accretion, would be reported as a deemed dividend in the event a redemption occurs. As described below, $614.4 million of the $787.9 million allocated to the Series A Preferred is allocated to additional paid-in capital to give effect to the intrinsic value of a beneficial conversion feature (“BCF”).

Beneficial Conversion Feature

ASC 470-20-20 – Debt – Debt with conversion and Other Options (“ASC 470-20”) defines a beneficial conversion feature (“BCF”) as a nondetachable conversion feature that is in the money at the issuance date. We are required by ASC 470-20 to allocate a portion of the proceeds from the preferred offering equal to the intrinsic value of the BCF to additional paid-in capital. The intrinsic value of the BCF is calculated at the issuance date as the difference between the “accounting conversion price” and the market price of our common shares multiplied by the number of number of shares into which our Series A Preferred is convertible. The accounting conversion price of $17.02 per share is different from the $20.77 per share contractual conversion price. It is derived by dividing the proceeds allocated to the Series A Preferred by the number of common shares into which the Series A preferred shares are convertible. We are recording the accretion of the $614.4 million Series A Preferred discount attributable to the BCF as a deemed dividend using the effective yield method over the twelve year period prior to the effective date of the holders’ conversion right.

We have the right to redeem the Series A Preferred beginning after year five. As such, we can effectively mitigate or limit the Series A Preferred Holders’ ability to benefit from their conversion right after year twelve by paying either a $96.5 million (10%) redemption premium in year six or a $48.3 million (5%) redemption premium in years seven through twelve. In either case, the redemption premium would be significantly less than the $614.4 million BCF required to be recognized under GAAP.

The following table summarizes the accounting upon issuance of our Series A Preferred:

				Allocation of Proceeds
							Additional Paid-in Capital
				Series A Preferred Stock			Series A Warrants		Series B Warrants		Beneficial Conversion Feature (BCF)
Gross proceeds	$	994.1
Transaction fees		(23.8	)
Net Proceeds- Initial Relative Fair Value Allocation	$	970.3		$	787.9		$	135.8	$	46.6	$	—
Allocation to BCF					(614.4	)		—		—		614.4
Per balance sheet upon issuance				$	173.5		$	135.8	$	46.6	$	614.4

Preferred Stock Dividends

As of June 30, 2016, we have accrued preferred dividends of $22.9 million, which will be paid on August 12, 2016. We paid $3.8 million of dividends to preferred shareholders during the six months ended June 30, 2016. During the six months ended June 30, 2016, we recorded deemed dividends of $6.5 million attributable to accretion of the preferred discount resulting from the BCF accounting described above.

Partnership Units and Related Matters

6 Months Ended

Jun. 30, 2016

Partners Capital [Abstract]

Partnership Units and Related Matters

Note 12 — Partnership Units and Related Matters

Preferred Units

As of June 30, 2016, the Partnership has 5,000,000 Preferred Units outstanding. The Partnership paid $5.6 million of distributions to preferred unitholders during the six months ended June 30, 2016. The Preferred Units are reported as noncontrolling interests in our financial statements.

Subsequent Event

On July 18, 2016, the board of directors of the general partner of the Partnership declared a monthly cash distribution of $0.1875 per preferred unit for July 2016. This distribution will be paid on August 15, 2016.

Distributions

In accordance with the Partnership Agreement, the Partnership must distribute all of its available cash, as defined in the Partnership Agreement, and as determined by the general partner, to preferred unitholders monthly and to common unitholders of record within 45 days after the end of each quarter. As a result of the TRC/TRP Merger, we are entitled to receive all available Partnership distributions after payment of preferred distributions each quarter. The following details the distributions declared and paid by the Partnership, net of the IDR Giveback, during 2016:

On February 9, 2016, total distributions of $200.4 million were declared and paid for the three months ended December 31, 2015, of which $61.4 million was paid to us.

On May 12, 2016, distributions declared for the three months ended March 31, 2016 of $154.8 million were paid to us.

On July 20, 2016, distributions of $178.9 million were declared for the three months ended June 30, 2016, which will be paid to us on August 11, 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

6 Months Ended

Jun. 30, 2016

Class Of Stock Disclosures [Abstract]

Common Stock and Related Matters

Note 13 — Common Stock and Related Matters

Public Offerings of Common Stock

In May 2016, we entered into an Equity Distribution Agreement under the May 2016 Shelf (the “May 2016 EDA”) with Barclays Capital Inc., Capital One Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co., Jefferies LLC, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc., and Wells Fargo Securities, LLC, as our sales agents, pursuant to which we may sell, at our option, up to an aggregate of $500.0 million of our common stock. The common stock available for sale under the May 2016 EDA were validly registered pursuant to the registration statement on Form S-3 filed on May 23, 2016. During the three months ended June 30, 2016, we issued 5,105,652 shares of common stock under the May 2016 EDA, receiving net proceeds of $215.1 million, of which $36.0 million was received in July 2016.

Subsequent Event

In July 2016, we issued 781,262 shares of common stock for which we received proceeds of $32.7 million, net of commissions and fees, pursuant to the May 2016 EDA.

TRC/TRP Merger

On February 17, 2016, we completed the TRC/TRP Merger (see Note 2 – Basis of Presentation).

Dividends

The following table details the dividends declared and/or paid by us to common shareholders for the six months ended June 30, 2016:

Three Months Ended	Date Paid or To Be Paid		Total Dividends Declared			Amount of Dividends Paid or To Be Paid			Accrued Dividends (1)			Dividend Declared per Share of Common Stock
(In millions, except per share amounts)
June 30, 2016	August 15, 2016	$		153.1	$		151.6	$		1.5	$		0.91000
March 31, 2016	May 16, 2016			147.8			146.1			1.7			0.91000
December 31, 2015	February 9, 2016			51.7			51.0			0.7			0.91000

(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.

- 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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+ Details

Earnings per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings per Common Share

Note 14 — Earnings per Common Share

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016			2015
Net income	$	(14.6	)	$	23.8	$	(15.2	)	$	59.7
Less: Net income attributable to noncontrolling interests		8.6			8.6		10.7			41.1
Less: Dividends on preferred stock		29.4			—		33.2			—
Net income attributable to common shareholders for basic earnings per share	$	(52.6	)	$	15.2	$	(59.1	)	$	18.6

Weighted average shares outstanding - basic		161.6			55.9		134.1			50.9

Net income available per common share - basic	$	(0.33	)	$	0.27	$	(0.44	)	$	0.37

Weighted average shares outstanding		161.6			55.9		134.1			50.9
Dilutive effect of unvested stock awards		—			0.2		—			0.1
Weighted average shares outstanding - diluted		161.6			56.1		134.1			51.0

Net income available per common share - diluted	$	(0.33	)	$	0.27	$	(0.44	)	$	0.36

The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis):

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Unvested restricted stock awards		0.6		—		0.3		—
Warrants to purchase common stock		9.3		—		5.0		—
Series A preferred stock		46.5		—		27.3		—

- Definition

The entire disclosure for earnings per share.

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+ Details

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 15 — Derivative Instruments and Hedging Activities

The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have hedged the commodity prices associated with a portion of our 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. We have 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 our physical equity volumes. Our 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 our 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. Our natural gas and NGL hedges are settled using published index prices for delivery at various locations.

We hedge a portion of our 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 us to a market differential risk if the NYMEX futures do not move in exact parity with the sales price of our 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 us and included in the acquisition date fair value of assets acquired. Derivative settlements of $67.9 million and $15.1 million related to these novated contracts were received during the year ended December 31, 2015 and the six months ended June 30, 2016. These settlements were reflected as a reduction of the acquisition date fair value of the APL derivative assets acquired and had 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. Additionally, for the three and six months ended June 30, 2016, we recorded $0.3 million and $0.3 million of ineffectiveness gains related to otherwise qualifying APL derivatives, which are primarily natural gas swaps.

At June 30, 2016, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2016		2017		2018		2019
Natural Gas	Swaps	MMBtu/d		130,587		70,282		47,200		8,083
Natural Gas	Basis Swaps	MMBtu/d		41,005		18,082		-		-
Natural Gas	Options	MMBtu/d		22,900		22,900		9,486		-
NGL	Swaps	Bbl/d		2,899		1,848		978		79
NGL	Futures	Bbl/d		4,750		3,145		-		-
NGL	Options	Bbl/d		920		1,468		1,676		-
Condensate	Swaps	Bbl/d		2,770		1,850		1,350		223
Condensate	Options	Bbl/d		790		790		101		-

We also enter into derivative instruments to help manage other short-term commodity-related business risks. We have not designated these derivatives as hedges and record changes in fair value and cash settlements to revenues.

Our derivative contracts are subject to netting arrangements that permit our 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 June 30, 2016				Fair Value as of December 31, 2015
	Balance Sheet	Derivative		Derivative		Derivative		Derivative
	Location	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	41.4	$	14.8	$	92.1	$	2.1
	Long-term		13.6		19.7		34.9		2.4
Total derivatives designated as hedging instruments		$	55.0	$	34.5	$	127.0	$	4.5
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	—	$	0.1	$	0.1	$	3.1
Total derivatives not designated as hedging instruments		$	—	$	0.1	$	0.1	$	3.1
Total current position		$	41.4	$	14.9	$	92.2	$	5.2
Total long-term position			13.6		19.7		34.9		2.4
Total derivatives		$	55.0	$	34.6	$	127.1	$	7.6

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

		Gross Presentation				Pro Forma Net Presentation
June 30, 2016		Asset		Liability		Asset		Liability
Current Position
	Counterparties with offsetting positions	$	40.2	$	14.1	$	26.1	$	-
	Counterparties without offsetting positions - assets		1.2		-		1.2		-
	Counterparties without offsetting positions - liabilities		-		0.8		-		0.8
			41.4		14.9		27.3		0.8
Long Term Position
	Counterparties with offsetting positions		13.6		17.2		-		3.6
	Counterparties without offsetting positions - assets		-		-		-		-
	Counterparties without offsetting positions - liabilities		-		2.5		-		2.5
			13.6		19.7		-		6.1
Total Derivatives
	Counterparties with offsetting positions		53.8		31.3		26.1		3.6
	Counterparties without offsetting positions - assets		1.2		-		1.2		-
	Counterparties without offsetting positions - liabilities		-		3.3		-		3.3
		$	55.0	$	34.6	$	27.3	$	6.9

		Gross Presentation				Pro Forma Net Presentation
December 31, 2015		Asset		Liability		Asset		Liability
Current Position
	Counterparties with offsetting positions	$	86.9	$	5.2	$	81.7	$	-
	Counterparties without offsetting positions - assets		5.3		-		5.3		-
	Counterparties without offsetting positions - liabilities		-		-		-		-
			92.2		5.2		87.0		-
Long Term Position
	Counterparties with offsetting positions		34.2		2.4		31.8		-
	Counterparties without offsetting positions - assets		0.7		-		0.7		-
	Counterparties without offsetting positions - liabilities		-		-		-		-
			34.9		2.4		32.5		-
Total Derivatives
	Counterparties with offsetting positions		121.1		7.6		113.5		-
	Counterparties without offsetting positions - assets		6.0		-		6.0		-
	Counterparties without offsetting positions - liabilities		-		-		-		-
		$	127.1	$	7.6	$	119.5	$	-

Our payment obligations in connection with substantially all of these hedging transactions are secured by a first priority lien in the collateral securing the Partnership’s senior secured indebtedness that ranks equal in right of payment with liens granted in favor of its senior secured lenders. Some of our 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 our 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 our derivative instruments was a net asset of $20.4 million as of June 30, 2016. 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. Our 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:

	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow	Three Months Ended June 30,						Six Months Ended June 30,
Hedging Relationships	2016			2015			2016			2015
Commodity contracts	$	(60.2	)	$	(3.6	)	$	(53.5	)	$	27.0

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Three Months Ended June 30,				Six Months Ended June 30,
Location of Gain (Loss)	2016		2015		2016		2015

Revenues	$	18.3	$	21.4	$	42.4	$	34.9

Our consolidated earnings are also affected by the 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.

	Location of Gain	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Three Months Ended June 30,						Six Months Ended June 30,
as Hedging Instruments	Derivatives	2016			2015			2016		2015
Commodity contracts	Revenue	$	(0.3	)	$	(4.0	)	$	1.6	$	3.2

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 2019 based on valuations as of the balance sheet date:

		June 30, 2016				December 31, 2015
Commodity hedges, before tax (1)		$	(9.3	)		$	86.7

(1)	Includes deferred net gains of $1.3 million as of June 30, 2016 related to contracts that will be settled and reclassified to revenue over the next 12 months.

See Note 16 – 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

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 16 — 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

Our derivative instruments consist of financially settled commodity swaps, futures, option contracts and fixed-price forward commodity contracts with certain counterparties. We determine the fair value of our derivative contracts using present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. We have consistently applied these valuation techniques in all periods presented and we believe we have obtained the most accurate information available for the types of derivative contracts we hold.

The fair values of our derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. The financial position of these derivatives at June 30, 2016, a net asset position of $20.4 million, reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive or pay in the future on our 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 liability of $18.2 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 $56.9 million, ignoring an adjustment for counterparty credit risk.

Fair Value of Other Financial Instruments

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

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

Our term loan and the Partnership’s senior unsecured notes are based on quoted market prices derived from trades of the debt.

We have 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:

	June 30, 2016
	Carrying		Fair Value
	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)	$	55.0	$	55.0	$	—	$	52.2	$	2.8
Liabilities from commodity derivative contracts (1)		34.6		34.6		—		33.0		1.6
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		170.9		170.9		—		—		—
TRC Senior secured revolving credit facility		275.0		275.0		—		275.0		—
TRC term loan		157.6		157.0		—		157.0		—
Partnership's Senior secured revolving credit facility		55.0		55.0		—		55.0		—
Partnership's Senior unsecured notes		4,325.9		4,277.7		—		4,277.7		—
Partnership's accounts receivable securitization facility		225.0		225.0		—		225.0		—

	December 31, 2015
	Carrying		Fair Value
	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		—		7.3		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		—

(1)

The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 15 – 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 our 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 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 June 30, 2016, we had 20 commodity swap and option contracts categorized as Level 3. The significant unobservable inputs used in the fair value measurements of our 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; therefore, 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 Asset/(Liability)			Contingent Liability

Balance, December 31, 2015		$	3.7		$	3.0
	New Level 3 instruments		1.1			-
	Settlements included in revenues		(0.7	)		-
	Unrealized gain/(loss) included in OCI		(2.9	)		-
Balance, June 30, 2016		$	1.2		$	3.0

For the six months ended June 30, 2016, we had no transfers of financial instruments out of Level 3 and into Level 2. 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

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+ Details

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2016
Loss Contingency [Abstract]
Contingencies	Note 17 – 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 TRP GP (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 234 ^th Judicial District Court of Harris County, Texas (the “State Court Lawsuit”). The State Court Plaintiffs amended the State Court Lawsuit on July 26, 2016. 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, TRP GP, 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 (e) the TRP GP Board had conflicts of interest due to TRC’s control of TRP GP (f) the TRP GP Conflicts Committee’s financial advisor was conflicted and conducted flawed analyses, and (g) the joint proxy statement/prospectus filed in connection with the TRC/TRP Merger (the “Proxy”) failed to disclose allegedly material information concerning, among other things, (i) the TRC and TRP projections included in the proxy, and (ii) the analyses conducted by the TRP GP Conflicts Committee’s financial advisor in connection with the TRC/TRP Merger. Based on these allegations, the State Court Plaintiffs seek damages and attorneys’ fees. On February 26 and 29, 2016, the State Court Defendants filed general denials and asserted affirmative defenses. The State Court Defendants cannot predict the outcome of this or any other lawsuits that might be filed subsequent to the date of the filing of this report, nor can the State Court Defendants predict the amount of time and expense that will be required to resolve such litigation. The State Court Defendants believe the State Court Lawsuit is without merit and intend to defend vigorously against this lawsuit and any other actions that challenge the TRC/TRP Merger. 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 (collectively 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 alleged 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 alleged, in general, that the preliminary and definitive Proxy failed, 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 alleged, 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 TRP GP. 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 also sought damages, attorneys’ fees, and to have the TRC/TRP Merger rescinded. 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. On April 20, 2016, the court dismissed the Federal Court Lawsuits without prejudice. Environmental Proceedings 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 the Partnership and owned by Versado Gas Processors, L.L.C., which is a joint venture in which we own a 63% interest. The Partnership is in discussions with the New Mexico Environment Department to resolve the alleged violations. The Partnership anticipates that this matter could result in a monetary sanction in excess of $100,000 but less than $300,000. We and the Partnership are also parties to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business.

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2016

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 18 - Supplemental Cash Flow Information

	Six Months Ended June 30,
	2016			2015
Cash:
Interest paid, net of capitalized interest (1)	$	142.2		$	101.3
Income taxes paid, net of refunds		1.1			13.2
Non-cash investing activities:
Deadstock commodity inventory transferred to property, plant and equipment	$	16.9		$	0.5
Impact of capital expenditure accruals on property, plant and equipment		(16.8	)		(52.9	)
Transfers from materials and supplies inventory to property, plant and equipment		0.9			1.6
Change in ARO liability and property, plant and equipment due to revised cash flow estimate		(9.1	)		3.8
Non-cash financing activities:
Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements	$	4.9		$	0.3
Debt additions and retirements related to exchange of TRP 6 ⅝ % Notes for APL 6⅝% Notes		—			342.1
Allocation of Series A preferred stock net book value of BCF to additional paid-in capital		614.4			—
Accrued dividends of Series A preferred stock		22.9			—
Accrued deemed dividends of Series A preferred stock		6.5			—
Non-cash balance sheet movements related to the TRC/TRP Merger (see Note 2 - Basis of Presentation):
Acquisition cost classified in the additional paid in capital	$	4.5		$	—
Issuance of common stock		0.1			—
Additional paid-in capital		3,120.0			—
Accumulated other comprehensive income		55.7			—
Noncontrolling interests		(4,119.7	)		—
Deferred tax liability		943.9			—
Non-cash balance sheet movements related to the Atlas Merger (see Note 4 - Business Acquisitions):
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 $6.3 million and $5.5 million for the six months ended June 30, 2016 and 2015.

- 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

Compensation Plans

6 Months Ended

Jun. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Compensation Plans

Note 19 – Compensation Plans

Long Term Incentive Plan

In connection with the TRC/TRP Merger, as of February 17, 2016, we assumed, adopted, and amended the Targa Resources Partners Long-Term Incentive Plan (“TRP LTIP”), and changed the name of the plan to the Targa Resources Corp. Equity Compensation Plan (as assumed, adopted and amended, the “Plan”), and we assumed all Partnership obligations associated with the Plan existing prior to its assumption and adoption by us. The only outstanding awards under the Plan at the time of the TRC/TRP Merger and immediately prior to the assumption and adoption of the Plan were performance units and certain phantom units of the Partnership. All such outstanding awards were converted at the effective time of the TRC/TRP Merger into comparable time-based restricted stock unit awards based on our common stock, which were assumed and adopted by us and continue to be outstanding and governed by the Plan.

On March 2, 2016, we filed a Registration Statement S-8 to register 800,000 shares of common stock issuable under the Plan. On May 26, 2016, we filed a Registration Statement S-8 to register an additional 300,000 shares of common stock issuable under the Plan.

The TRC/TRP Merger did not trigger the acceleration of any time-based vesting of any of the Partnership’s outstanding long-term equity incentive compensation awards under the TRP LTIP. All outstanding performance unit awards previously granted under the TRP LTIP were converted and restated into comparable awards based on Targa’s common shares. Specifically, each outstanding performance unit award was converted and restated, effective as of the effective time of the TRC/TRP Merger, into an award to acquire, pursuant to the same time-based vesting schedule and forfeiture and termination provisions, a comparable number of Targa common shares determined by multiplying the number of performance units subject to each award by the exchange ratio in the TRC/TRP Merger (0.62), rounded down to the nearest whole share, and the performance factor was eliminated. All amounts previously credited as distribution equivalent rights under any outstanding performance unit award continue to remain so credited and will be payable on the payment date set forth in the applicable award agreement, subject to the same time-based vesting schedule previously included in the performance unit award, but without application of any performance factor.

					Cash-Settled Performance Units
					Targa Resources Long-Term Incentive Plan
	Equity-Settled Performance Units		Replacement Phantom Units		2015		2014		2013
Before conversion		675,745		349,451		192,390		119,900		139,700
After conversion		418,903		216,561		119,178		74,248		86,538

The February 17, 2016 conversion of equity-settled performance units and replacement phantom units outstanding to equity-settled performance shares and replacement phantom shares was considered modification of awards under ASC 718, Accounting for Stock-Based Compensation (“ASC 718”). The incremental change of $3.9 million in fair value between the original grant date fair value and the fair value as of February 17, 2016 will be recognized prospectively in general and administrative expense over the remaining service period of each award.

The February 17, 2016 conversion of outstanding cash-settled performance units to cash-settled restricted stock units was considered modification of awards under ASC 718. The incremental change in fair value between the original grant date fair value and the fair value as of February 17, 2016 resulted in recognition of additional compensation costs during the first quarter of 2016 of $4.8 million. The remaining compensation cost will be recognized in general and administrative expense over the remaining service period of each award.

On March 2, 2016, the Compensation Committee granted restricted stock units awards of 331,282 shares to executive management and employees under the Plan for the 2016 compensation cycle that will cliff vest three years from the grant date.

- 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
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+ Details

Segment Information

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Information

Note 20 — Segment Information

We operate 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).

Concurrent with the completion of the TRC/TRP Merger in the first quarter of 2016, management reevaluated our reportable segments and determined that our previously disclosed divisions are the appropriate level of disclosure for our reportable segments. The increase in activity within Field Gathering and Processing due to the Atlas mergers coupled with the decline in activity in our 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 our Logistics and Marketing segment is no longer appropriate due to the integrated nature of the operations within our 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.

Our 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.

Our 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 commodity derivative activities included in operating margin and mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. Elimination of inter-segment transactions are reflected in the corporate and eliminations column.

Reportable segment information is shown in the following tables:

	Three Months Ended June 30, 2016
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	158.7	$	1,135.6	$	18.6	$	—		$	1,312.9
Fees from midstream services		124.6		146.1		—		—			270.7
		283.3		1,281.7		18.6		—			1,583.6
Intersegment revenues
Sales of commodities		468.6		52.7		—		(521.3	)		—
Fees from midstream services		1.8		4.4		—		(6.2	)		—
		470.4		57.1		—		(527.5	)		—
Revenues	$	753.7	$	1,338.8	$	18.6	$	(527.5	)	$	1,583.6
Operating margin	$	139.1	$	141.8	$	18.6	$	—		$	299.5
Other financial information:
Total assets (1)	$	10,168.0	$	2,644.4	$	55.0	$	132.7		$	13,000.1
Goodwill	$	393.0	$	—	$	—	$	—		$	393.0
Capital expenditures	$	71.3	$	42.7	$	—	$	0.9		$	114.9

(1)	Corporate assets at the segment level primarily include tax-related assets, cash and prepaids.

	Three Months Ended June 30, 2015
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	486.7	$	892.3	$	17.1	$	—		$	1,396.1
Fees from midstream services		113.6		189.7		—		—			303.3
		600.3		1,082.0		17.1		—			1,699.4
Intersegment revenues
Sales of commodities		270.5		47.6		—		(318.1	)		—
Fees from midstream services		1.9		5.2		—		(7.1	)		—
		272.4		52.8		—		(325.2	)		—
Revenues	$	872.7	$	1,134.8	$	17.1	$	(325.2	)	$	1,699.4
Operating margin	$	144.7	$	163.7	$	17.1	$	—		$	325.5
Other financial information:
Total assets (1)	$	10,676.5	$	2,356.4	$	132.3	$	145.8		$	13,311.0
Goodwill	$	557.9	$	—	$	—	$	—		$	557.9
Capital expenditures	$	147.5	$	80.3	$	—	$	1.3		$	229.1

(1)	Corporate assets at the segment level primarily include tax-related assets, cash and prepaids.

	Six Months Ended June 30, 2016
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	269.0	$	2,169.3	$	45.7	$	—		$	2,484.0
Fees from midstream services		240.4		301.6		—		—			542.0
		509.4		2,470.9		45.7		—			3,026.0
Intersegment revenues
Sales of commodities		881.0		100.0		—		(981.0	)		—
Fees from midstream services		3.9		8.5		—		(12.4	)		—
		884.9		108.5		—		(993.4	)		—
Revenues	$	1,394.3	$	2,579.4	$	45.7	$	(993.4	)	$	3,026.0
Operating margin	$	254.7	$	298.5	$	45.7	$	(0.1	)	$	598.8
Other financial information:
Total assets (1)	$	10,168.0	$	2,644.4	$	55.0	$	132.7		$	13,000.1
Goodwill	$	393.0	$	—	$	—	$	—		$	393.0
Capital expenditures	$	174.2	$	115.9	$	—	$	1.7		$	291.8

(1)	Corporate assets at the segment level primarily include tax related assets, cash and prepaids.

	Six Months Ended June 30, 2015
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	707.3	$	2,052.2	$	38.8	$	—		$	2,798.3
Fees from midstream services		185.6		395.2		—		—			580.8
		892.9		2,447.4		38.8		—			3,379.1
Intersegment revenues
Sales of commodities		548.6		103.4		—		(652.0	)		—
Fees from midstream services		3.8		9.7		—		(13.5	)		—
		552.4		113.1		—		(665.5	)		—
Revenues	$	1,445.3	$	2,560.5	$	38.8	$	(665.5	)	$	3,379.1
Operating margin	$	231.4	$	355.4	$	38.8	$	—		$	625.6
Other financial information:
Total assets (1)	$	10,676.5	$	2,356.4	$	132.3	$	145.8		$	13,311.0
Goodwill	$	557.9	$	—	$	—	$	—		$	557.9
Capital expenditures	$	241.6	$	141.0	$	—	$	2.3		$	384.9
Business acquisition	$	5,024.2	$	—	$	—	$	—		$	5,024.2

(1)	Corporate assets at the segment level primarily include tax related assets, cash and prepaids.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Sales of commodities:
Natural gas	$	309.5	$	443.5	$	636.4	$	745.6
NGL		923.5		854.0		1,708.9		1,884.7
Condensate		39.0		51.4		61.2		72.7
Petroleum products		22.3		30.1		31.8		56.5
Derivative activities		18.6		17.1		45.7		38.8
		1,312.9		1,396.1		2,484.0		2,798.3
Fees from midstream services:
Fractionating and treating		31.5		54.7		61.6		104.5
Storage, terminaling, transportation and export		108.2		121.6		226.7		257.7
Gathering and processing		114.0		105.7		219.0		174.1
Other		17.0		21.3		34.7		44.5
		270.7		303.3		542.0		580.8
Total revenues	$	1,583.6	$	1,699.4	$	3,026.0	$	3,379.1

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Reconciliation of operating margin to net income (loss):
Operating margin	$	299.5		$	325.5		$	598.8		$	625.6
Depreciation and amortization expenses		(186.1	)		(163.9	)		(379.6	)		(282.5	)
General and administrative expenses		(47.0	)		(49.2	)		(92.2	)		(91.7	)
Goodwill impairment		-			-			(24.0	)		-
Interest expense, net		(71.4	)		(67.6	)		(124.3	)		(121.7	)
Other, net		(7.9	)		(6.2	)		10.9			(39.9	)
Income tax expense		(1.7	)		(14.8	)		(4.8	)		(30.1	)
Net income (loss)	$	(14.6	)	$	23.8		$	(15.2	)	$	59.7

- 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

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+ Details

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2016
Accounting Policies [Abstract]
Accounting Policy Updates	Accounting Policy Updates The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report and our Current Report on Form 8-K filed with the SEC on May 23, 2016. There were no significant updates or revisions to our policies during the six months ended June 30, 2016, except as noted below.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Revenue from Contracts with Customers 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. With the issuance in August 2015 of ASU 2015-14 , Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, the revenue recognition standard is effective for the annual period beginning after December 15, 2017, and for annual and interim periods thereafter. Earlier adoption is permitted for 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. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations . The amendments in this update improve the operability and understandability of the implementation guidance on principal versus agent considerations, including clarifying that an entity should determine whether it is a principal or an agent for each specified good or service promised to a customer. These amendments are effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017, with early adoption permitted. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing . These amendments clarify the guidance on identification of performance obligations and licensing. The amendments include that entities do not have to decide if goods and services are performance obligations if they are considered immaterial in the context of a contract. Entities are also permitted to account for the shipping and handling that takes place after the customer has gained control of the goods as actions to fulfill the contract rather than separate services. In order to identify a performance obligation in a customer contract, an entity has to determine whether the goods or services are distinct, and ASU No. 2016-10 clarifies how the determination can be made. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . These amendments address certain implementation issues related to assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition, and also provide additional practical expedients. We expect to adopt these updates in their entirety on January 1, 2018, and are continuing to evaluate the impact on our revenue recognition practices. Consolidation In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The amendments 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. The amendments are effective for us in 2016 with no impact on our consolidated financial statements or results of operations. Presentation of Debt Issuance Costs 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 line-of-credit or other 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 dealt solely with financial statement display matters; recognition and measurement of debt issuance costs were unaffected. We adopted the amendments on January 1, 2016 and have reclassified unamortized debt issuance costs of $42.7 million on our Consolidated Balance Sheet as of December 31, 2015 from Other long-term assets to Long-term debt to conform to current year presentation. Our Consolidated Balance Sheet as of June 30, 2016 has $35.2 million in unamortized debt issuance costs classified in Long-term debt. Leases 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. Share-Based Compensation In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The amendments in this update provide, among other things, that (1) all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement with the tax effects of exercised or vested awards treated as discrete items in the reporting period in which they occur and recognition of excess tax benefits regardless of whether the benefit reduces taxes payable in the current period; (2) excess tax benefits should be classified along with other income tax cash flows as an operating activity; (3) an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur; (4) the threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions; and (5) cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. We adopted the applicable amendments in the second quarter of 2016 and have applied the guidance as of January 1, 2016. Amendments related to the timing of when excess tax benefits and deficiencies are recognized, minimum statutory withholding requirements, and forfeitures have been applied using a modified retrospective transition method but resulted in no cumulative effect adjustment to equity. The amendment related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement had no impact as we previously classified these payments as a financing activity and continue to do so. The amendment requiring recognition of excess tax benefits and tax deficiencies in the income statement has been applied prospectively. We have elected to apply the amendment related to the presentation of excess tax benefits and deficiencies on the statement of cash flows on a prospective basis and prior periods have not been adjusted. We recognized $2.4 million of excess tax deficiencies in income tax expense for the six months ended June 30, 2016, which includes $0.5 million attributable to the three months ended March 31, 2016. Our diluted earnings per share calculation has been adjusted for the three and six months ended June 30, 2016, to exclude windfall tax benefits in assumed proceeds under the treasury stock method. In addition, we have elected to account for forfeitures as they occur. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. These amendments change the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The amendments in this update affect investments in loans, investments in debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We expect to adopt this guidance on January 1, 2019, and are continuing to evaluate the impact on our measurement of credit losses.

Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Impact of Revisions to Activity Reported in Consolidated Statements of Comprehensive Income (Loss)

The following table displays the impact of these revisions to activity reported in our Consolidated Statements of Comprehensive Income (Loss) during 2015:

		Three Months Ended																						Six Months Ended
		June 30, 2015																						June 30, 2015
		As Reported											As Corrected											As Reported												As Corrected
		Pre-Tax				Related Income Tax			After Tax				Pre-Tax				Related Income Tax			After Tax				Pre-Tax				Related Income Tax				After Tax				Pre-Tax				Related Income Tax				After Tax
Targa Resources Corp.
Commodity hedging contracts:
Change in fair value	$		(1.1	)	$		0.4	$		(0.7	)	$		(0.5	)	$		0.2	$		(0.3	)	$		0.6		$		(0.2	)	$		0.4		$		2.0		$		(0.6	)	$		1.4
Settlements reclassified to revenues			(1.8	)			0.7			(1.1	)			(2.4	)			0.9			(1.5	)			(2.7	)			1.0				(1.7	)			(4.1	)			1.4				(2.7	)
Other comprehensive income (loss) attributable to Targa Resources Corp.			(2.9	)			1.1			(1.8	)			(2.9	)			1.1			(1.8	)			(2.1	)			0.8				(1.3	)			(2.1	)			0.8				(1.3	)

Noncontrolling interests
Commodity hedging contracts:
Change in fair value			(7.6	)			-			(7.6	)			(3.1	)			-			(3.1	)			15.9				-				15.9				25.0				-				25.0
Settlements reclassified to revenues			(14.5	)			-			(14.5	)			(19.0	)			-			(19.0	)			(21.7	)			-				(21.7	)			(30.8	)			-				(30.8	)
Other comprehensive income (loss) attributable to noncontrolling interests			(22.1	)			-			(22.1	)			(22.1	)			-			(22.1	)			(5.8	)			-				(5.8	)			(5.8	)			-				(5.8	)

Total
Commodity hedging contracts:
Change in fair value			(8.7	)			0.4			(8.3	)			(3.6	)			0.2			(3.4	)			16.5				(0.2	)			16.3				27.0				(0.6	)			26.4
Settlements reclassified to revenues			(16.3	)			0.7			(15.6	)			(21.4	)			0.9			(20.5	)			(24.4	)			1.0				(23.4	)			(34.9	)			1.4				(33.5	)
Other comprehensive income (loss)	$		(25.0	)	$		1.1	$		(23.9	)	$		(25.0	)	$		1.1	$		(23.9	)	$		(7.9	)	$		0.8		$		(7.1	)	$		(7.9	)	$		0.8		$		(7.1	)

		Three Months Ended																								Nine Months Ended
		September 30, 2015																								September 30, 2015
		As Reported												As Corrected												As Reported												As Corrected
		Pre-Tax				Related Income Tax				After Tax				Pre-Tax				Related Income Tax				After Tax				Pre-Tax				Related Income Tax				After Tax				Pre-Tax				Related Income Tax				After Tax
Targa Resources Corp.
Commodity hedging contracts:
Change in fair value	$		4.6		$		(1.7	)	$		2.9		$		5.5		$		(2.0	)	$		3.5		$		5.2		$		(2.0	)	$		3.2		$		7.5		$		(2.9	)	$		4.6
Settlements reclassified to revenues			(1.8	)			0.7				(1.1	)			(2.7	)			1.0				(1.7	)			(4.5	)			1.7				(2.8	)			(6.8	)			2.6				(4.2	)
Other comprehensive income (loss) attributable to Targa Resources Corp.			2.8				(1.0	)			1.8				2.8				(1.0	)			1.8				0.7				(0.3	)			0.4				0.7				(0.3	)			0.4

Noncontrolling interests
Commodity hedging contracts:
Change in fair value			38.3				-				38.3				45.2				-				45.2				54.2				-				54.2				70.1				-				70.1
Settlements reclassified to revenues			(14.9	)			-				(14.9	)			(21.8	)			-				(21.8	)			(36.6	)			-				(36.6	)			(52.5	)			-				(52.5	)
Other comprehensive income (loss) attributable to noncontrolling interests			23.4				-				23.4				23.4				-				23.4				17.6				-				17.6				17.6				-				17.6

Total
Commodity hedging contracts:
Change in fair value			42.9				(1.7	)			41.2				50.7				(2.0	)			48.7				59.4				(2.0	)			57.4				77.6				(2.9	)			74.7
Settlements reclassified to revenues			(16.7	)			0.7				(16.0	)			(24.5	)			1.0				(23.5	)			(41.1	)			1.7				(39.4	)			(59.3	)			2.6				(56.7	)
Other comprehensive income (loss)	$		26.2		$		(1.0	)	$		25.2		$		26.2		$		(1.0	)	$		25.2		$		18.3		$		(0.3	)	$		18.0		$		18.3		$		(0.3	)	$		18.0

		Year Ended
		December 31, 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)

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Pro Forma Consolidated Results of Operations

	June 30, 2015
	Pro Forma
Revenues	$	3,667.8
Net income		42.4

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

Our final 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 of 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 are as follows:

	WestTX			SouthTX			SouthOK			Total
Beginning of period January 1, 2015	$	—		$	—		$	—		$	—
Acquisition February 27, 2015		364.5			160.3			182.2			707.0
Provisional Impairment		(37.6	)		(70.2	)		(182.2	)		(290.0	)
Goodwill December 31, 2015		326.9			90.1			—			417.0
Additional Impairment		(14.4	)		(9.6	)		—			(24.0	)
Goodwill June 30, 2016	$	312.5		$	80.5		$	—		$	393.0

- 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)

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Components of Inventories

	June 30, 2016		December 31, 2015
Commodities	$	99.1	$	128.3
Materials and supplies		11.9		12.7
	$	111.0	$	141.0

- Definition

Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.

+ References + Details

Property, Plant and Equipment and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2016

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

	June 30, 2016			December 31, 2015			Estimated Useful Lives (In Years)
Gathering systems	$	6,416.5		$	6,304.5		5 to 20
Processing and fractionation facilities		3,289.2			2,995.2		5 to 25
Terminaling and storage facilities		1,186.4			1,115.0		5 to 25
Transportation assets		454.7			454.0		10 to 25
Other property, plant and equipment		229.5			221.1		3 to 25
Land		120.6			108.8			—
Construction in progress		532.5			736.5			—
Property, plant and equipment		12,229.4			11,935.1
Accumulated depreciation		(2,526.9	)		(2,232.4	)
Property, plant and equipment, net	$	9,702.5		$	9,702.7

Intangible assets	$	2,036.6		$	2,036.6		20
Accumulated amortization		(310.6	)		(226.5	)
Intangible assets, net	$	1,726.0		$	1,810.1

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.

	June 30, 2016			December 31, 2015
Beginning of period	$	1,810.1		$	591.9
Additions from acquisition		—			1,354.9
Amortization		(84.1	)		(136.7	)
Intangible assets, net	$	1,726.0		$	1,810.1

- 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)

6 Months Ended

Jun. 30, 2016

Equity Method Investments And Joint Ventures [Abstract]

The following table shows the activity related to our investments in unconsolidated affiliates:

	GCF			T2 LaSalle			T2 Eagle Ford			T2 EF Cogen			Total
December 31, 2015	$	49.5		$	63.6		$	123.8		$	22.0		$	258.9
Equity earnings (loss)		(0.6	)		(2.8	)		(4.1	)		(1.7	)		(9.2	)
Cash distributions (1)		(3.5	)		—			—			(0.4	)		(3.9	)
Cash calls for expansion projects		—			—			4.4			—			4.4
June 30, 2016	$	45.4		$	60.8		$	124.1		$	19.9		$	250.2

(1)

Accounts Payable and Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2016

Payables And Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

	June 30, 2016		December 31, 2015
Commodities	$	439.5	$	385.2
Other goods and services		89.3		142.9
Interest		69.7		81.0
Compensation and benefits		24.3		16.0
Income and other taxes		34.8		13.4
Other		40.1		18.6
	$	697.7	$	657.1

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

	June 30, 2016			December 31, 2015
Current:
Obligations of the Partnership
Accounts receivable securitization facility, due December 2016 (1)	$	225.0		$	219.3
Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due February 2020 (2)		275.0			440.0
TRC Senior secured term loan, variable rate, due February 2022		160.0			160.0
Unamortized discount		(2.4	)		(2.5	)
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due October 2017 (3)		55.0			280.0
Senior unsecured notes:
5% fixed rate, due January 2018		733.6			1,100.0
4 ⅛ % fixed rate, due November 2019		749.4			800.0
6 ⅝ % fixed rate, due October 2020 (4)		309.9			342.1
Unamortized premium		4.1			5.0
6 ⅞ % fixed rate, due February 2021		478.6			483.6
Unamortized discount		(20.2	)		(22.1	)
6 ⅜ % fixed rate, due August 2022		278.7			300.0
5 ¼ % fixed rate, due May 2023		559.6			583.7
4¼% fixed rate, due November 2023		583.9			623.5
6¾% fixed rate, due March 2024		580.1			600.0
APL notes, 6 ⅝ % fixed rate, due October 2020 (4) (5)		12.9			12.9
Unamortized premium		0.2			0.2
APL notes, 4¾% fixed rate, due November 2021 (5)		6.5			6.5
APL notes, 5⅞% fixed rate, due August 2023 (5)		48.1			48.1
Unamortized premium		0.5			0.5
		4,813.5			5,761.5
Debt issuance costs		(35.2	)		(42.7	)
Total long-term debt		4,778.3			5,718.8
Total debt	$	5,003.3		$	5,938.1
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)		13.3			12.9
	$	13.3		$	12.9

(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 June 30, 2016, availability under TRC’s $670 million senior secured revolving credit facility (“TRC Revolver”) was $395.0 million.

(3)	As of June 30, 2016, availability under the Partnership’s $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,531.7 million.

(4)	In May 2015, the Partnership exchanged TRP 6⅝% Senior Notes with the same economic terms to holders of the 6⅝% APL Notes that validly tendered such notes for exchange to us.

(5)	APL debt is not guaranteed by us or the Partnership.

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

The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the six months ended June 30, 2016:

	Range of Interest Rates Incurred		Weighted Average Interest Rate Incurred
TRC senior secured revolving credit facility	2.2% - 4.5%			2.4%
TRC senior secured term loan		5.75%		5.75%
Partnership's senior secured revolving credit facility	2.4% - 4.8%			2.6%
Partnership's accounts receivable securitization facility		1.2%		1.2%

Summary of Debt Repurchased on Open Market Portion of Outstanding Senior Notes

During the six months ended June 30, 2016, the Partnership repurchased on the open market a portion of its outstanding Senior Notes as follows:

Debt Repurchased	Book Value		Payment			Gain/(Loss)			Write-off of Debt Issuance Costs			Net Gain (Loss)
5¼% Senior Notes		24.1		(20.1	)		4.0			(0.2	)		3.8
4¼% Senior Notes		39.5		(31.8	)		7.7			(0.3	)		7.4
6⅞% Senior Notes		4.8		(4.3	)		0.5			(0.1	)		0.4
6⅝% Senior Notes		32.6		(29.5	)		3.1			-			3.1
6⅜% Senior Notes		21.3		(18.7	)		2.6			(0.2	)		2.4
6¾% Senior Notes		19.9		(17.5	)		2.4			(0.2	)		2.2
5% Senior Notes		366.4		(368.2	)		(1.8	)		(2.1	)		(3.9	)
4⅛% Senior Notes		50.6		(44.2	)		6.4			(0.4	)		6.0
	$	559.2	$	(534.3	)	$	24.9		$	(3.5	)	$	21.4

Summary of Payment Obligations for Debt Instruments

The following table summarizes payment obligations for debt instruments after giving effect to 2016 debt repurchases:

	Payments Due By Period
			Less Than						More Than
	Total		1 Year		1-3 Years		3-5 Years		5 Years
	(in millions)
Partnership Senior Unsecured Debt:
Debt obligations (1)	$	4,341.3	$	-	$	733.6	$	1,550.8	$	2,056.9
Interest on debt obligations (2)		1,223.5		239.3		419.2		317.4		247.6
	$	5,564.8	$	239.3	$	1,152.8	$	1,868.2	$	2,304.5

(1)	Represents scheduled future maturities of consolidated debt obligations for the periods indicated.

(2)	Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing June 30, 2016 rates for floating debt.

- 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)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-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
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 8
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Other Long-term Liabilities (Tables)

6 Months Ended

Jun. 30, 2016

Other Liabilities Noncurrent [Abstract]

Schedule of Other Long-term Liabilities

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

	June 30, 2016		December 31, 2015
Asset retirement obligations	$	63.6	$	70.4
Mandatorily redeemable preferred interests		68.3		82.9
Deferred revenue and other		32.6		26.9
Total long-term liabilities	$	164.5	$	180.2

Changes in Aggregate Asset Retirement Obligations

The changes in our ARO are as follows:


December 31, 2015	$	70.4
Change in cash flow estimate		(9.1	)
Accretion expense		2.3
June 30, 2016	$	63.6

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

The following table shows the changes attributable to mandatorily redeemable preferred interests:


December 31, 2015	$	82.9
Change in estimated redemption value		(14.6	)
June 30, 2016	$	68.3

Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Accounting for Series A preferred stock

The following table summarizes the accounting upon issuance of our Series A Preferred:

				Allocation of Proceeds
							Additional Paid-in Capital
				Series A Preferred Stock			Series A Warrants		Series B Warrants		Beneficial Conversion Feature (BCF)
Gross proceeds	$	994.1
Transaction fees		(23.8	)
Net Proceeds- Initial Relative Fair Value Allocation	$	970.3		$	787.9		$	135.8	$	46.6	$	—
Allocation to BCF					(614.4	)		—		—		614.4
Per balance sheet upon issuance				$	173.5		$	135.8	$	46.6	$	614.4

- Definition

Tabular disclosure of the nature and terms of the financial instruments and the rights and obligations embodied in those instruments, information about settlement alternatives, if any, in the contract and identification of the entity that controls the settlement alternatives including: a. The amount that would be paid, or the number of shares that would be issued and their fair value, determined under the conditions specified in the contract if the settlement were to occur at the reporting date b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts (for example, "the issuer is obligated to issue an additional x shares or pay an additional y dollars in cash for each $1 decrease in the fair value of one share") c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable d. The maximum number of shares that could be required to be issued, if applicable e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. g. The components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature (for example, par value and other paid in amounts of mandatorily redeemable instruments are disclosed separately from the amount of retained earnings or accumulated deficit).

+ References + Details

Common Stock and Related Matters (Tables)

6 Months Ended

Jun. 30, 2016

Class Of Stock Disclosures [Abstract]

Dividends Declared and/or Paid

The following table details the dividends declared and/or paid by us to common shareholders for the six months ended June 30, 2016:

Three Months Ended	Date Paid or To Be Paid		Total Dividends Declared			Amount of Dividends Paid or To Be Paid			Accrued Dividends (1)			Dividend Declared per Share of Common Stock
(In millions, except per share amounts)
June 30, 2016	August 15, 2016	$		153.1	$		151.6	$		1.5	$		0.91000
March 31, 2016	May 16, 2016			147.8			146.1			1.7			0.91000
December 31, 2015	February 9, 2016			51.7			51.0			0.7			0.91000

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

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per 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 (in millions) used in computing basic and diluted net income per common share:

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016			2015
Net income	$	(14.6	)	$	23.8	$	(15.2	)	$	59.7
Less: Net income attributable to noncontrolling interests		8.6			8.6		10.7			41.1
Less: Dividends on preferred stock		29.4			—		33.2			—
Net income attributable to common shareholders for basic earnings per share	$	(52.6	)	$	15.2	$	(59.1	)	$	18.6

Weighted average shares outstanding - basic		161.6			55.9		134.1			50.9

Net income available per common share - basic	$	(0.33	)	$	0.27	$	(0.44	)	$	0.37

Weighted average shares outstanding		161.6			55.9		134.1			50.9
Dilutive effect of unvested stock awards		—			0.2		—			0.1
Weighted average shares outstanding - diluted		161.6			56.1		134.1			51.0

Net income available per common share - diluted	$	(0.33	)	$	0.27	$	(0.44	)	$	0.36

Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Unvested restricted stock awards		0.6		—		0.3		—
Warrants to purchase common stock		9.3		—		5.0		—
Series A preferred stock		46.5		—		27.3		—

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At June 30, 2016, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2016		2017		2018		2019
Natural Gas	Swaps	MMBtu/d		130,587		70,282		47,200		8,083
Natural Gas	Basis Swaps	MMBtu/d		41,005		18,082		-		-
Natural Gas	Options	MMBtu/d		22,900		22,900		9,486		-
NGL	Swaps	Bbl/d		2,899		1,848		978		79
NGL	Futures	Bbl/d		4,750		3,145		-		-
NGL	Options	Bbl/d		920		1,468		1,676		-
Condensate	Swaps	Bbl/d		2,770		1,850		1,350		223
Condensate	Options	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 June 30, 2016				Fair Value as of December 31, 2015
	Balance Sheet	Derivative		Derivative		Derivative		Derivative
	Location	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	41.4	$	14.8	$	92.1	$	2.1
	Long-term		13.6		19.7		34.9		2.4
Total derivatives designated as hedging instruments		$	55.0	$	34.5	$	127.0	$	4.5
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	—	$	0.1	$	0.1	$	3.1
Total derivatives not designated as hedging instruments		$	—	$	0.1	$	0.1	$	3.1
Total current position		$	41.4	$	14.9	$	92.2	$	5.2
Total long-term position			13.6		19.7		34.9		2.4
Total derivatives		$	55.0	$	34.6	$	127.1	$	7.6

Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet

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

		Gross Presentation				Pro Forma Net Presentation
June 30, 2016		Asset		Liability		Asset		Liability
Current Position
	Counterparties with offsetting positions	$	40.2	$	14.1	$	26.1	$	-
	Counterparties without offsetting positions - assets		1.2		-		1.2		-
	Counterparties without offsetting positions - liabilities		-		0.8		-		0.8
			41.4		14.9		27.3		0.8
Long Term Position
	Counterparties with offsetting positions		13.6		17.2		-		3.6
	Counterparties without offsetting positions - assets		-		-		-		-
	Counterparties without offsetting positions - liabilities		-		2.5		-		2.5
			13.6		19.7		-		6.1
Total Derivatives
	Counterparties with offsetting positions		53.8		31.3		26.1		3.6
	Counterparties without offsetting positions - assets		1.2		-		1.2		-
	Counterparties without offsetting positions - liabilities		-		3.3		-		3.3
		$	55.0	$	34.6	$	27.3	$	6.9

		Gross Presentation				Pro Forma Net Presentation
December 31, 2015		Asset		Liability		Asset		Liability
Current Position
	Counterparties with offsetting positions	$	86.9	$	5.2	$	81.7	$	-
	Counterparties without offsetting positions - assets		5.3		-		5.3		-
	Counterparties without offsetting positions - liabilities		-		-		-		-
			92.2		5.2		87.0		-
Long Term Position
	Counterparties with offsetting positions		34.2		2.4		31.8		-
	Counterparties without offsetting positions - assets		0.7		-		0.7		-
	Counterparties without offsetting positions - liabilities		-		-		-		-
			34.9		2.4		32.5		-
Total Derivatives
	Counterparties with offsetting positions		121.1		7.6		113.5		-
	Counterparties without offsetting positions - assets		6.0		-		6.0		-
	Counterparties without offsetting positions - liabilities		-		-		-		-
		$	127.1	$	7.6	$	119.5	$	-

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:

	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow	Three Months Ended June 30,						Six Months Ended June 30,
Hedging Relationships	2016			2015			2016			2015
Commodity contracts	$	(60.2	)	$	(3.6	)	$	(53.5	)	$	27.0

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Three Months Ended June 30,				Six Months Ended June 30,
Location of Gain (Loss)	2016		2015		2016		2015

Revenues	$	18.3	$	21.4	$	42.4	$	34.9

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.

	Location of Gain	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Three Months Ended June 30,						Six Months Ended June 30,
as Hedging Instruments	Derivatives	2016			2015			2016		2015
Commodity contracts	Revenue	$	(0.3	)	$	(4.0	)	$	1.6	$	3.2

Deferred Gains (Losses) Included in Accumulated OCI

		June 30, 2016				December 31, 2015
Commodity hedges, before tax (1)		$	(9.3	)		$	86.7

(1)	Includes deferred net gains of $1.3 million as of June 30, 2016 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
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-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)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

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

	June 30, 2016
	Carrying		Fair Value
	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)	$	55.0	$	55.0	$	—	$	52.2	$	2.8
Liabilities from commodity derivative contracts (1)		34.6		34.6		—		33.0		1.6
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		170.9		170.9		—		—		—
TRC Senior secured revolving credit facility		275.0		275.0		—		275.0		—
TRC term loan		157.6		157.0		—		157.0		—
Partnership's Senior secured revolving credit facility		55.0		55.0		—		55.0		—
Partnership's Senior unsecured notes		4,325.9		4,277.7		—		4,277.7		—
Partnership's accounts receivable securitization facility		225.0		225.0		—		225.0		—

	December 31, 2015
	Carrying		Fair Value
	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		—		7.3		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		—

(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 Asset/(Liability)			Contingent Liability

Balance, December 31, 2015		$	3.7		$	3.0
	New Level 3 instruments		1.1			-
	Settlements included in revenues		(0.7	)		-
	Unrealized gain/(loss) included in OCI		(2.9	)		-
Balance, June 30, 2016		$	1.2		$	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
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-URI http://asc.fasb.org/extlink&oid=73719730&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

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2016

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

	Six Months Ended June 30,
	2016			2015
Cash:
Interest paid, net of capitalized interest (1)	$	142.2		$	101.3
Income taxes paid, net of refunds		1.1			13.2
Non-cash investing activities:
Deadstock commodity inventory transferred to property, plant and equipment	$	16.9		$	0.5
Impact of capital expenditure accruals on property, plant and equipment		(16.8	)		(52.9	)
Transfers from materials and supplies inventory to property, plant and equipment		0.9			1.6
Change in ARO liability and property, plant and equipment due to revised cash flow estimate		(9.1	)		3.8
Non-cash financing activities:
Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements	$	4.9		$	0.3
Debt additions and retirements related to exchange of TRP 6 ⅝ % Notes for APL 6⅝% Notes		—			342.1
Allocation of Series A preferred stock net book value of BCF to additional paid-in capital		614.4			—
Accrued dividends of Series A preferred stock		22.9			—
Accrued deemed dividends of Series A preferred stock		6.5			—
Non-cash balance sheet movements related to the TRC/TRP Merger (see Note 2 - Basis of Presentation):
Acquisition cost classified in the additional paid in capital	$	4.5		$	—
Issuance of common stock		0.1			—
Additional paid-in capital		3,120.0			—
Accumulated other comprehensive income		55.7			—
Noncontrolling interests		(4,119.7	)		—
Deferred tax liability		943.9			—
Non-cash balance sheet movements related to the Atlas Merger (see Note 4 - Business Acquisitions):
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 $6.3 million and $5.5 million for the six months ended June 30, 2016 and 2015.

Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Long Term Incentive Plan

					Cash-Settled Performance Units
					Targa Resources Long-Term Incentive Plan
	Equity-Settled Performance Units		Replacement Phantom Units		2015		2014		2013
Before conversion		675,745		349,451		192,390		119,900		139,700
After conversion		418,903		216,561		119,178		74,248		86,538

Segment Information (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information is shown in the following tables:

	Three Months Ended June 30, 2016
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	158.7	$	1,135.6	$	18.6	$	—		$	1,312.9
Fees from midstream services		124.6		146.1		—		—			270.7
		283.3		1,281.7		18.6		—			1,583.6
Intersegment revenues
Sales of commodities		468.6		52.7		—		(521.3	)		—
Fees from midstream services		1.8		4.4		—		(6.2	)		—
		470.4		57.1		—		(527.5	)		—
Revenues	$	753.7	$	1,338.8	$	18.6	$	(527.5	)	$	1,583.6
Operating margin	$	139.1	$	141.8	$	18.6	$	—		$	299.5
Other financial information:
Total assets (1)	$	10,168.0	$	2,644.4	$	55.0	$	132.7		$	13,000.1
Goodwill	$	393.0	$	—	$	—	$	—		$	393.0
Capital expenditures	$	71.3	$	42.7	$	—	$	0.9		$	114.9

(1)	Corporate assets at the segment level primarily include tax-related assets, cash and prepaids.

	Three Months Ended June 30, 2015
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	486.7	$	892.3	$	17.1	$	—		$	1,396.1
Fees from midstream services		113.6		189.7		—		—			303.3
		600.3		1,082.0		17.1		—			1,699.4
Intersegment revenues
Sales of commodities		270.5		47.6		—		(318.1	)		—
Fees from midstream services		1.9		5.2		—		(7.1	)		—
		272.4		52.8		—		(325.2	)		—
Revenues	$	872.7	$	1,134.8	$	17.1	$	(325.2	)	$	1,699.4
Operating margin	$	144.7	$	163.7	$	17.1	$	—		$	325.5
Other financial information:
Total assets (1)	$	10,676.5	$	2,356.4	$	132.3	$	145.8		$	13,311.0
Goodwill	$	557.9	$	—	$	—	$	—		$	557.9
Capital expenditures	$	147.5	$	80.3	$	—	$	1.3		$	229.1

(1)	Corporate assets at the segment level primarily include tax-related assets, cash and prepaids.

	Six Months Ended June 30, 2016
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	269.0	$	2,169.3	$	45.7	$	—		$	2,484.0
Fees from midstream services		240.4		301.6		—		—			542.0
		509.4		2,470.9		45.7		—			3,026.0
Intersegment revenues
Sales of commodities		881.0		100.0		—		(981.0	)		—
Fees from midstream services		3.9		8.5		—		(12.4	)		—
		884.9		108.5		—		(993.4	)		—
Revenues	$	1,394.3	$	2,579.4	$	45.7	$	(993.4	)	$	3,026.0
Operating margin	$	254.7	$	298.5	$	45.7	$	(0.1	)	$	598.8
Other financial information:
Total assets (1)	$	10,168.0	$	2,644.4	$	55.0	$	132.7		$	13,000.1
Goodwill	$	393.0	$	—	$	—	$	—		$	393.0
Capital expenditures	$	174.2	$	115.9	$	—	$	1.7		$	291.8

(1)	Corporate assets at the segment level primarily include tax related assets, cash and prepaids.

	Six Months Ended June 30, 2015
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	707.3	$	2,052.2	$	38.8	$	—		$	2,798.3
Fees from midstream services		185.6		395.2		—		—			580.8
		892.9		2,447.4		38.8		—			3,379.1
Intersegment revenues
Sales of commodities		548.6		103.4		—		(652.0	)		—
Fees from midstream services		3.8		9.7		—		(13.5	)		—
		552.4		113.1		—		(665.5	)		—
Revenues	$	1,445.3	$	2,560.5	$	38.8	$	(665.5	)	$	3,379.1
Operating margin	$	231.4	$	355.4	$	38.8	$	—		$	625.6
Other financial information:
Total assets (1)	$	10,676.5	$	2,356.4	$	132.3	$	145.8		$	13,311.0
Goodwill	$	557.9	$	—	$	—	$	—		$	557.9
Capital expenditures	$	241.6	$	141.0	$	—	$	2.3		$	384.9
Business acquisition	$	5,024.2	$	—	$	—	$	—		$	5,024.2

(1)	Corporate assets at the segment level primarily include tax related assets, cash and prepaids.

Revenues by Product and Service

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Sales of commodities:
Natural gas	$	309.5	$	443.5	$	636.4	$	745.6
NGL		923.5		854.0		1,708.9		1,884.7
Condensate		39.0		51.4		61.2		72.7
Petroleum products		22.3		30.1		31.8		56.5
Derivative activities		18.6		17.1		45.7		38.8
		1,312.9		1,396.1		2,484.0		2,798.3
Fees from midstream services:
Fractionating and treating		31.5		54.7		61.6		104.5
Storage, terminaling, transportation and export		108.2		121.6		226.7		257.7
Gathering and processing		114.0		105.7		219.0		174.1
Other		17.0		21.3		34.7		44.5
		270.7		303.3		542.0		580.8
Total revenues	$	1,583.6	$	1,699.4	$	3,026.0	$	3,379.1

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:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Reconciliation of operating margin to net income (loss):
Operating margin	$	299.5		$	325.5		$	598.8		$	625.6
Depreciation and amortization expenses		(186.1	)		(163.9	)		(379.6	)		(282.5	)
General and administrative expenses		(47.0	)		(49.2	)		(92.2	)		(91.7	)
Goodwill impairment		-			-			(24.0	)		-
Interest expense, net		(71.4	)		(67.6	)		(124.3	)		(121.7	)
Other, net		(7.9	)		(6.2	)		10.9			(39.9	)
Income tax expense		(1.7	)		(14.8	)		(4.8	)		(30.1	)
Net income (loss)	$	(14.6	)	$	23.8		$	(15.2	)	$	59.7

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ 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=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8736-108599

+ Details

Basis of Presentation - Additional Information (Details) $ in Millions		6 Months Ended	12 Months Ended
	Feb. 17, 2016 shares	Jun. 30, 2016 USD ($) shares	Dec. 31, 2015 shares
Business Acquisition [Line Items]
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)			16,309,594
Ownership interest in Partnership by limited partner			8.80%
Conversion ratio in stock-for-unit transaction	0.62
Number of shares issued in exchange of common units for common shares to the third party (in shares)	104,525,775
Series A Cumulative Redeemable Perpetual Preferred Units [Member]
Business Acquisition [Line Items]
Preferred units, outstanding		5,000,000
Preferred units dividend percentage		9.00%
Targa Resources Partners LP [Member]
Business Acquisition [Line Items]
Conversion ratio in stock-for-unit transaction	0.62
Number of shares exchanged in exchange of common units for common shares to the third party (in shares)	168,590,009
Deferred tax liability \| $		$ 950
Deferred tax liabilities computed over book basis \| $		9,000
Deferred tax liabilities excess over tax basis \| $		$ 6,500
Tax basis statutory tax rate		37.11%

Impact of Revisions to Activity Reported in Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2015	Dec. 31, 2015
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Change in fair value, pre-tax		$ 50.7	$ (3.6)		$ 27.0	$ 77.6	$ 112.7
Settlements reclassified to revenues, pre-tax		(24.5)	(21.4)		(34.9)	(59.3)	(86.3)
Other comprehensive income (loss), pre-tax	$ (78.5)	26.2	(25.0)	$ (95.9)	(7.9)	18.3	26.4
Commodity hedging contracts:
Change in fair value, related income tax		(2.0)	0.2		(0.6)	(2.9)	(4.2)
Settlements reclassified to revenues, related income tax		1.0	0.9		1.4	2.6	3.6
Other comprehensive income (loss), related income tax	29.8	(1.0)	1.1	41.3	0.8	(0.3)	(0.6)
Commodity hedging contracts:
Change in fair value, after tax		48.7	(3.4)		26.4	74.7	108.5
Settlements reclassified to revenues, after tax		(23.5)	(20.5)		(33.5)	(56.7)	(82.7)
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax	$ (48.7)	25.2	(23.9)	(54.6)	(7.1)	18.0	25.8
Noncontrolling Interests [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Change in fair value, pre-tax		45.2	(3.1)		25.0	70.1	101.7
Settlements reclassified to revenues, pre-tax		(21.8)	(19.0)		(30.8)	(52.5)	(76.8)
Other comprehensive income (loss), pre-tax		23.4	(22.1)		(5.8)	17.6	24.9
Commodity hedging contracts:
Change in fair value, after tax		45.2	(3.1)		25.0	70.1	101.7
Settlements reclassified to revenues, after tax		(21.8)	(19.0)		(30.8)	(52.5)	(76.8)
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax		23.4	(22.1)	$ 12.5	(5.8)	17.6	24.9
Targa Resources Corp. [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Change in fair value, pre-tax		5.5	(0.5)		2.0	7.5	11.0
Settlements reclassified to revenues, pre-tax		(2.7)	(2.4)		(4.1)	(6.8)	(9.5)
Other comprehensive income (loss), pre-tax		2.8	(2.9)		(2.1)	0.7	1.5
Commodity hedging contracts:
Change in fair value, related income tax		(2.0)	0.2		(0.6)	(2.9)	(4.2)
Settlements reclassified to revenues, related income tax		1.0	0.9		1.4	2.6	3.6
Other comprehensive income (loss), related income tax		(1.0)	1.1		0.8	(0.3)	(0.6)
Commodity hedging contracts:
Change in fair value, after tax		3.5	(0.3)		1.4	4.6	6.8
Settlements reclassified to revenues, after tax		(1.7)	(1.5)		(2.7)	(4.2)	(5.9)
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax		1.8	(1.8)		(1.3)	0.4	0.9
Scenario, Previously Reported
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Change in fair value, pre-tax		42.9	(8.7)		16.5	59.4	81.2
Settlements reclassified to revenues, pre-tax		(16.7)	(16.3)		(24.4)	(41.1)	(54.8)
Other comprehensive income (loss), pre-tax		26.2	(25.0)		(7.9)	18.3	26.4
Commodity hedging contracts:
Change in fair value, related income tax		(1.7)	0.4		(0.2)	(2.0)	(2.8)
Settlements reclassified to revenues, related income tax		0.7	0.7		1.0	1.7	2.2
Other comprehensive income (loss), related income tax		(1.0)	1.1		0.8	(0.3)	(0.6)
Commodity hedging contracts:
Change in fair value, after tax		41.2	(8.3)		16.3	57.4	78.4
Settlements reclassified to revenues, after tax		(16.0)	(15.6)		(23.4)	(39.4)	(52.6)
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax		25.2	(23.9)		(7.1)	18.0	25.8
Scenario, Previously Reported \| Noncontrolling Interests [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Change in fair value, pre-tax		38.3	(7.6)		15.9	54.2	73.8
Settlements reclassified to revenues, pre-tax		(14.9)	(14.5)		(21.7)	(36.6)	(48.9)
Other comprehensive income (loss), pre-tax		23.4	(22.1)		(5.8)	17.6	24.9
Commodity hedging contracts:
Change in fair value, after tax		38.3	(7.6)		15.9	54.2	73.8
Settlements reclassified to revenues, after tax		(14.9)	(14.5)		(21.7)	(36.6)	(48.9)
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax		23.4	(22.1)		(5.8)	17.6	24.9
Scenario, Previously Reported \| Targa Resources Corp. [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Change in fair value, pre-tax		4.6	(1.1)		0.6	5.2	7.4
Settlements reclassified to revenues, pre-tax		(1.8)	(1.8)		(2.7)	(4.5)	(5.9)
Other comprehensive income (loss), pre-tax		2.8	(2.9)		(2.1)	0.7	1.5
Commodity hedging contracts:
Change in fair value, related income tax		(1.7)	0.4		(0.2)	(2.0)	(2.8)
Settlements reclassified to revenues, related income tax		0.7	0.7		1.0	1.7	2.2
Other comprehensive income (loss), related income tax		(1.0)	1.1		0.8	(0.3)	(0.6)
Commodity hedging contracts:
Change in fair value, after tax		2.9	(0.7)		0.4	3.2	4.6
Settlements reclassified to revenues, after tax		(1.1)	(1.1)		(1.7)	(2.8)	(3.7)
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax		$ 1.8	$ (1.8)		$ (1.3)	$ 0.4	$ 0.9

Significant Accounting Policies (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Mar. 31, 2016

Jun. 30, 2016

Dec. 31, 2015

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Unamortized debt issuance costs

^[1]

$ 35.2

$ 42.7

Accounting Standards Update 2015-03

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Prior Period Reclassification Adjustment

42.7

Accounting Standard Update 2016-09

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Excess tax benefit and deficiencies recognized from stock based compensation

$ 0.5

$ 2.4

[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.

Business Acquisitions - Additional Information (Details)		1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Feb. 27, 2015 USD ($) $ / shares shares	Mar. 31, 2015 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) MMcf / d mi $ / shares	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) $ / shares	Dec. 31, 2015 $ / shares
Business Acquisition [Line Items]
Percentage of general partner's interest maintained							2.00%
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001		$ 0.001	$ 0.001
Acquisition-related expenses					$ 26,800,000	$ 27,300,000
Revenues from acquired business			$ 616,800,000
Net income (loss) from acquired business			$ 17,800,000
Targa Pipeline Partners LP [Member]
Business Acquisition [Line Items]
Processing capacity \| MMcf / d				2,053
Length of additional pipelines \| mi				12,220
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 stock, 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] \| Phantom Unit Awards [Member]
Business Acquisition [Line Items]
Cash payment related to one-time cash payments and cash settlements of equity awards	$ 4,500,000
Atlas Energy [Member] \| Restricted Stock Units (RSUs) [Member]
Business Acquisition [Line Items]
Total distribution of common shares (in shares) \| shares	81,740
Atlas Energy [Member] \| Change Of Control Payments [Member]
Business Acquisition [Line Items]
Cash payments related to acquisition	$ 149,200,000
Atlas Energy [Member] \| Equity Award Settlements [Member]
Business Acquisition [Line Items]
Cash payments related to acquisition	$ 88,000,000
Atlas Energy [Member] \| Targa Resources Partners LP [Member] \| Targa Pipeline Partners LP [Member] \| Common Units [Member]
Business Acquisition [Line Items]
Total distribution of common shares (in shares) \| shares	3,363,935
Atlas Pipeline Partners [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] \| Common Units [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] \| 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] \| 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] \| Class E Preferred Units [Member]
Business Acquisition [Line Items]
Preferred units dividend percentage	8.25%
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| Change Of Control Payments [Member]
Business Acquisition [Line Items]
Cash payments related to acquisition	$ 28,800,000
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] \| Distribution Rights Year 1 [Member]
Business Acquisition [Line Items]
Reduction in incentive distribution				$ 9,375,000
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| Distribution Rights Year 2 [Member]
Business Acquisition [Line Items]
Reduction in incentive distribution				6,250,000
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| Distribution Rights Year 3 [Member]
Business Acquisition [Line Items]
Reduction in incentive distribution				2,500,000
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| Distribution Rights Year 4 [Member]
Business Acquisition [Line Items]
Reduction in incentive distribution				$ 1,250,000

Business Acquisitions - Pro Forma Impact of Atlas Mergers on Consolidated Statement of Operations (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015 USD ($)
Pro forma consolidated results of operations [Abstract]
Revenues	$ 3,667.8
Net income	$ 42.4

Business Acquisitions - Pro Forma Impact of Atlas Mergers on Consolidated Statement of Operations (Parenthetical) (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016
Pro forma consolidated results of operations [Abstract]
Acquisition-related expenses		$ 26.8	$ 27.3
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

6 Months Ended

Feb. 27, 2015

Jun. 30, 2015

Fair Value of Consideration Transferred [Abstract]

Cash paid, net of cash acquired

$ 745.7

^[1]

$ 1,574.4

5,024.2

$ 5,024.2

Replacement Restricted Stock Units (RSUs) [Member]

Fair Value of Consideration Transferred [Abstract]

Consideration transferred equity interests issued and issuable

^[2]

5.2

Replacement Phantom Units [Member]

Fair Value of Consideration Transferred [Abstract]

Consideration transferred equity interests issued and issuable

^[2]

15.0

Targa Resources Partners LP [Member]

Fair Value of Consideration Transferred [Abstract]

Cash paid, net of cash acquired

^[1]

828.7

Common Stock [Member]

Fair Value of Consideration Transferred [Abstract]

Consideration transferred equity interests issued and issuable

1,008.5

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

Fair Value of Consideration Transferred [Abstract]

Consideration transferred equity interests issued and issuable

$ 2,421.1

[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 of Consideration Transferred (Parenthetical) (Details) $ in Millions	Feb. 27, 2015 USD ($)
Fair Value of Consideration Transferred [Abstract]
Cash acquired from acquisition	$ 40.8

Business Acquisitions - Fair Value Determination Related to Mergers (Details) - USD ($) $ in Millions	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Feb. 27, 2015	Dec. 31, 2014
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
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	$ 393.0	$ 393.0	$ 417.0	$ 557.9	707.0	$ 0.0
Total fair value of consideration transferred				$ 5,024.2	$ 5,024.2

Business Acquisitions - Additional Information Pro Forma Impact of Atlas Mergers on Consolidated Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016	Dec. 31, 2015	Feb. 27, 2015	Dec. 31, 2014
Measurement-period adjustments to preliminary acquisition date fair values [Abstract]
Depreciation and amortization expenses	$ 186.1	$ 163.9		$ 379.6	$ 282.5
Equity earnings (loss)	(4.4)	(1.5)		(9.2)	0.5
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
Fair value determination [Abstract]
Goodwill	$ 393.0	$ 557.9		$ 393.0	$ 557.9	$ 393.0	$ 417.0	$ 707.0	$ 0.0
Measurement Period Adjustments [Member]
Measurement-period adjustments to preliminary acquisition date fair values [Abstract]
Depreciation and amortization expenses			$ (1.0)
Equity earnings (loss)			$ 0.3

Business Acquisitions - Additional Information Mandatorily Redeemable Preferred Interests (Details) $ in Millions	Jun. 30, 2016 USD ($) JointVenture	Dec. 31, 2015 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Other long-term liabilities	$ 164.5	$ 180.2
Mandatorily Redeemable Noncontrolling Interests [Member]
Redeemable Noncontrolling Interest [Line Items]
Number of joint ventures \| JointVenture	2
Other long-term liabilities	$ 109.3

Business Acquisitions - Additional Information Contingent Consideration, Replacement Restricted Stock Units and Replacement Phantom Units (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	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 consideration liability lower range	0.0
Contingent consideration liability higher range	$ 6.0
Contingent liability acquisition date fair value		$ 4.2

Business Acquisitions- Additional Information Goodwill (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Feb. 27, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Goodwill	$ 393.0	$ 393.0	$ 417.0	$ 557.9	$ 393.0	$ 557.9	$ 417.0	$ 707.0	$ 0.0
Goodwill impairment	$ 0.0	$ 24.0	$ 290.0	$ 0.0	$ 24.0	$ 0.0	$ 290.0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- 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, Goodwill (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Goodwill [Roll Forward]
Beginning balance	$ 393.0	$ 417.0			$ 417.0	$ 0.0	$ 0.0
Acquisition February 27, 2015							707.0
Provisional Impairment	0.0	(24.0)	$ (290.0)	$ 0.0	(24.0)	0.0	(290.0)
Ending balance	393.0	393.0	417.0	$ 557.9	393.0	557.9	417.0
West Texas LPG Pipeline Limited Partnership [Member]
Goodwill [Roll Forward]
Beginning balance		326.9			326.9	0.0	0.0
Acquisition February 27, 2015							364.5
Provisional Impairment					(14.4)		(37.6)
Ending balance	312.5		326.9		312.5		326.9
SouthTX [Member]
Goodwill [Roll Forward]
Beginning balance		90.1			90.1	0.0	0.0
Acquisition February 27, 2015							160.3
Provisional Impairment					(9.6)		(70.2)
Ending balance	80.5		90.1		80.5		90.1
SouthOK [Member]
Goodwill [Roll Forward]
Beginning balance		$ 0.0			0.0	$ 0.0	0.0
Acquisition February 27, 2015							182.2
Provisional Impairment					0.0		(182.2)
Ending balance	$ 0.0		$ 0.0		$ 0.0		$ 0.0

- Definition

+ References + Details

- Definition

+ References + Details

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Commodities	$ 99.1	$ 128.3
Materials and supplies	11.9	12.7
Inventories, net	$ 111.0	$ 141.0

- 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	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 12,229.4	$ 11,935.1
Accumulated depreciation	(2,526.9)	(2,232.4)
Property, plant and equipment, net	9,702.5	9,702.7
Intangible assets	2,036.6	2,036.6
Accumulated amortization	(310.6)	(226.5)
Intangible assets, net	$ 1,726.0	$ 1,810.1	$ 591.9
Estimated useful lives	20 years	20 years
Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 6,416.5	$ 6,304.5
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	$ 3,289.2	2,995.2
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	$ 1,186.4	1,115.0
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	$ 454.7	454.0
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	$ 229.5	221.1
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	$ 120.6	108.8
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 532.5	$ 736.5

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Property Plant And Equipment And Intangible Assets [Abstract]
Additions from acquisition		$ 1,354.9
Estimated useful lives	20 years	20 years

Property, Plant and Equipment and Intangible Assets - Intangible Assets Acquired (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Finite Lived Intangible Assets Roll Forward
Beginning of period	$ 1,810.1	$ 591.9
Additions from acquisition		1,354.9
Amortization	(84.1)	(136.7)
Intangible assets, net	$ 1,726.0	$ 1,810.1

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.

+ References + Details

Investments in Unconsolidated Affiliates - Additional Information (Details) - Targa Resources Partners LP [Member] $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($) JointVenture
Gulf Coast Fractionators LP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	38.80%
T2 Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of non-operated joint ventures acquired in Atlas mergers \| JointVenture	3
Basis difference on preliminary fair values \| $	$ 39.8
Preliminary estimated useful lives of the underlying assets	20 years
T2 LaSalle [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	75.00%
T2 Eagle Ford [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
T2 EF Cogen [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Schedule of Equity Method Investments [Line Items]

$ 258.9

$ (4.4)

$ (1.5)

(9.2)

$ 0.5

Cash distributions

^[1]

(3.9)

Cash calls for expansion projects

4.4

250.2

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

Schedule of Equity Method Investments [Line Items]

49.5

(0.6)

Cash distributions

^[1]

(3.5)

45.4

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

Schedule of Equity Method Investments [Line Items]

63.6

(2.8)

60.8

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

Schedule of Equity Method Investments [Line Items]

123.8

(4.1)

Cash calls for expansion projects

4.4

124.1

Targa Resources Partners LP [Member] | T2 EF Cogen [Member]

Schedule of Equity Method Investments [Line Items]

22.0

(1.7)

Cash distributions

^[1]

(0.4)

$ 19.9

[1]

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Parenthetical) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Return of capital from unconsolidated affiliate	$ 3.9	$ 0.1
Targa Resources Partners LP [Member]
Schedule of Equity Method Investments [Line Items]
Return of capital from unconsolidated affiliate	$ 3.9

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Components of accounts payable and accrued liabilities [Abstract]
Commodities	$ 439.5	$ 385.2
Other goods and services	89.3	142.9
Interest	69.7	81.0
Compensation and benefits	24.3	16.0
Income and other taxes	34.8	13.4
Other	40.1	18.6
Accounts payable and accrued liabilities	$ 697.7	$ 657.1

- Definition

Amount of obligations incurred classified as other, payable within one year or the normal operating cycle, if longer.

+ References + Details

- Definition

Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.

+ References + Details

- Definition

Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes.

+ References + Details

Accounts Payable and Accrued Liabilities - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Payables And Accruals [Abstract]
Outstanding checks	$ 17.5	$ 34.2

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

Jun. 30, 2016

Dec. 31, 2015

Current Obligations of the Partnership [Abstract]

Current debt

^[1]

$ 225.0

$ 219.3

4,778.3

5,718.8

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

^[1]

4,813.5

5,761.5

Debt issuance costs

^[1]

(35.2)

(42.7)

Total debt

^[1]

5,003.3

5,938.1

Letters of credit outstanding

13.3

12.9

Secured Debt [Member] | TRC Senior Secured Term Loan due February 2022 [Member]

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

160.0

Unamortized discount

(2.4)

(2.5)

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

^[1],[2],[3]

12.9

Unamortized premium

^[1]

0.2

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

^[1],[2]

6.5

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

^[1],[2]

48.1

Unamortized premium

^[1]

0.5

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

^[4]

275.0

440.0

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

^[1],[5]

55.0

280.0

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

Letters of credit outstanding

^[4]

0.0

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

^[1]

733.6

1,100.0

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

^[1]

749.4

800.0

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

^[1],[3]

309.9

342.1

Unamortized premium

^[1]

4.1

5.0

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

^[1]

478.6

483.6

Unamortized discount

^[1]

(20.2)

(22.1)

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

^[1]

278.7

300.0

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

^[1]

559.6

583.7

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

^[1]

583.9

623.5

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

^[1]

580.1

600.0

Letters of credit outstanding

^[5]

$ 13.3

$ 12.9

[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]	APL debt is not guaranteed by us or the Partnership.
[3]	In May 2015, the Partnership exchanged TRP 6⅝% Senior Notes with the same economic terms to holders of the 6⅝% APL Notes that validly tendered such notes for exchange to us.
[4]	As of June 30, 2016, availability under TRC’s $670 million senior secured revolving credit facility (“TRC Revolver”) was $395.0 million.
[5]	As of June 30, 2016, availability under the Partnership’s $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,531.7 million.

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Atlas Pipeline Partners [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		6.625%
Revolving Credit Facility [Member] \| TRC Senior Secured Revolving Credit Facility due February 2020 [Member]
Debt Instrument [Line Items]
Maturity date	Feb. 29, 2020
Maximum borrowing capacity	$ 670,000,000
Remaining borrowing capacity	$ 395,000,000
Secured Debt [Member] \| TRC Senior Secured Term Loan due February 2022 [Member]
Debt Instrument [Line Items]
Maturity date	Feb. 28, 2022
Senior Unsecured Notes [Member] \| Atlas Pipeline Partners [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Maturity date	Oct. 01, 2020
Interest rate on fixed rate debt	6.625%
Senior Unsecured Notes [Member] \| Atlas Pipeline Partners [Member] \| Senior Unsecured 4 3/4% Notes due November 2021 [Member]
Debt Instrument [Line Items]
Maturity date	Nov. 15, 2021
Interest rate on fixed rate debt	4.75%
Senior Unsecured Notes [Member] \| Atlas Pipeline Partners [Member] \| Senior Unsecured 5 7/8% Notes due August 2023 [Member]
Debt Instrument [Line Items]
Maturity date	Aug. 01, 2023
Interest rate on fixed rate debt	5.875%
Targa Resources Partners LP [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		6.625%
Targa Resources Partners LP [Member] \| Accounts Receivable Securitization Facility [Member] \| Accounts Receivable Securitization Facility Due December2016
Debt Instrument [Line Items]
Maturity date	Dec. 31, 2016
Targa Resources Partners LP [Member] \| Revolving Credit Facility [Member] \| TRP Senior Secured Revolving Credit Facility due October 2017 [Member]
Debt Instrument [Line Items]
Maturity date	Oct. 31, 2017
Maximum borrowing capacity	$ 1,600,000,000
Remaining borrowing capacity	$ 1,531,700,000
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5% Notes due January 2018 [Member]
Debt Instrument [Line Items]
Maturity date	Jan. 15, 2018
Interest rate on fixed rate debt	5.00%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member]
Debt Instrument [Line Items]
Maturity date	Nov. 15, 2019
Interest rate on fixed rate debt	4.125%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Maturity date	Oct. 01, 2020
Interest rate on fixed rate debt	6.625%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 7/8% Notes due February 2021 [Member]
Debt Instrument [Line Items]
Maturity date	Feb. 01, 2021
Interest rate on fixed rate debt	6.875%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 3/8% Notes due August 2022 [Member]
Debt Instrument [Line Items]
Maturity date	Aug. 01, 2022
Interest rate on fixed rate debt	6.375%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5 1/4% Notes due May 2023 [Member]
Debt Instrument [Line Items]
Maturity date	May 01, 2023
Interest rate on fixed rate debt	5.25%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 4 1/4% Notes due November 2023 [Member]
Debt Instrument [Line Items]
Maturity date	Nov. 15, 2023
Interest rate on fixed rate debt	4.25%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6 3/4% Notes due March 2024 [Member]
Debt Instrument [Line Items]
Maturity date	Mar. 15, 2024
Interest rate on fixed rate debt	6.75%

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Jun. 30, 2016
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	2.40%
Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	2.20%
Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.50%
Secured Debt [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.75%
Weighted average interest rate incurred	5.75%
Targa Resources Partners LP [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	2.60%
Targa Resources Partners LP [Member] \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	2.40%
Targa Resources Partners LP [Member] \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.80%
Targa Resources Partners LP [Member] \| Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.20%
Weighted average interest rate incurred	1.20%

Debt Obligations - Summary of Debt Repurchased on Open Market Portion of Outstanding Senior Notes (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($)
Debt Instrument [Line Items]
Debt Repurchase, Book Value	$ 559.2
Open market purchases of senior notes	(534.3)
Gain/(Loss) on Debt Repurchase	24.9
Debt Repurchase, Write-off of Debt Issuance Costs	(3.5)
Net Gain (Loss) on Debt Repurchase	21.4
5¼% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	24.1
Open market purchases of senior notes	(20.1)
Gain/(Loss) on Debt Repurchase	4.0
Debt Repurchase, Write-off of Debt Issuance Costs	(0.2)
Net Gain (Loss) on Debt Repurchase	3.8
4¼% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	39.5
Open market purchases of senior notes	(31.8)
Gain/(Loss) on Debt Repurchase	7.7
Debt Repurchase, Write-off of Debt Issuance Costs	(0.3)
Net Gain (Loss) on Debt Repurchase	7.4
6⅞% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	4.8
Open market purchases of senior notes	(4.3)
Gain/(Loss) on Debt Repurchase	0.5
Debt Repurchase, Write-off of Debt Issuance Costs	(0.1)
Net Gain (Loss) on Debt Repurchase	0.4
6⅝% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	32.6
Open market purchases of senior notes	(29.5)
Gain/(Loss) on Debt Repurchase	3.1
Net Gain (Loss) on Debt Repurchase	3.1
6⅜% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	21.3
Open market purchases of senior notes	(18.7)
Gain/(Loss) on Debt Repurchase	2.6
Debt Repurchase, Write-off of Debt Issuance Costs	(0.2)
Net Gain (Loss) on Debt Repurchase	2.4
6¾% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	19.9
Open market purchases of senior notes	(17.5)
Gain/(Loss) on Debt Repurchase	2.4
Debt Repurchase, Write-off of Debt Issuance Costs	(0.2)
Net Gain (Loss) on Debt Repurchase	2.2
5% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	366.4
Open market purchases of senior notes	(368.2)
Gain/(Loss) on Debt Repurchase	(1.8)
Debt Repurchase, Write-off of Debt Issuance Costs	(2.1)
Net Gain (Loss) on Debt Repurchase	(3.9)
4⅛% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	50.6
Open market purchases of senior notes	(44.2)
Gain/(Loss) on Debt Repurchase	6.4
Debt Repurchase, Write-off of Debt Issuance Costs	(0.4)
Net Gain (Loss) on Debt Repurchase	$ 6.0

Debt Obligations - Schedule of Contractual Obligations (Details)
$ in Millions

Jun. 30, 2016

USD ($)

Contractual Obligation [Line Items]

Total

$ 5,564.8

Less Than 1 Year

239.3

1-3 Years

1,152.8

3-5 Years

1,868.2

More Than 5 Tears

2,304.5

Debt Obligations [Member]

Contractual Obligation [Line Items]

Total

4,341.3

^[1]

1-3 Years

733.6

^[1]

3-5 Years

1,550.8

^[1]

More Than 5 Tears

2,056.9

^[1]

Interest On Debt Obligations [Member]

Contractual Obligation [Line Items]

Total

1,223.5

^[2]

Less Than 1 Year

239.3

^[2]

1-3 Years

419.2

^[2]

3-5 Years

317.4

^[2]

More Than 5 Tears

$ 247.6

^[2]

[1]	Represents scheduled future maturities of consolidated debt obligations for the periods indicated.
[2]	Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing June 30, 2016 rates for floating debt.

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Other Liabilities Noncurrent [Abstract]
Asset retirement obligations	$ 63.6	$ 70.4
Mandatorily redeemable preferred interests	68.3	82.9
Deferred revenue and other	32.6	26.9
Total long-term liabilities	$ 164.5	$ 180.2

- 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 - Changes in Aggregate Asset Retirement Obligations (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Changes in aggregate asset retirement obligations [Roll Forward]
December 31, 2015	$ 70.4
Change in cash flow estimate	(9.1)	$ 3.8
Accretion expense	2.3	$ 2.7
June 30, 2016	$ 63.6

- 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

- Definition

Amount of increase (decrease) in the asset retirement obligation from changes in the amount or timing of the estimated cash flows associated with the settlement of the obligation.

+ References + Details

Other Long-term Liabilities, Mandatorily Redeemable Preferred Interests (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($) JointVenture
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
December 31, 2015	$ 82.9
Change in redemption value of mandatorily redeemable preferred interest	(14.6)
June 30, 2016	$ 68.3
Mandatorily Redeemable Noncontrolling Interests [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Number of joint ventures \| JointVenture	2
December 31, 2015	$ 82.9
Change in redemption value of mandatorily redeemable preferred interest	(14.6)
June 30, 2016	$ 68.3
Mandatorily Redeemable Noncontrolling Interests [Member] \| West OK [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Ownership interest	100.00%
Mandatorily Redeemable Noncontrolling Interests [Member] \| West TX [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Ownership interest	72.80%
Mandatorily Redeemable Noncontrolling Interests [Member] \| Joint Ventures [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Number of joint ventures \| JointVenture	2

- Definition

Change in noncontrolling interest during the period as a result of a change in the redemption value of redeemable noncontrolling interest.

+ References + Details

- Definition

+ References + Details

Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($) $ / shares shares	Mar. 31, 2016 USD ($) Tranche shares	Jun. 30, 2016 USD ($) $ / shares shares
Class Of Stock [Line Items]
Number of tranches sold to investors \| Tranche		2
Gross proceeds		$ 994.1	$ 994.1
Term of preferred stock warrants			7 years
Maximum number of common shares would be issued upon conversion of warrants \| shares			20,083,731
Liquidated damage percentage multiplier for the first 60 days			0.25%
Additional liquidated damage percentage multiplier for each 60 subsequent days			0.25%
Liquidated damage percentage for 61-120 days			0.50%
Liquidation damage percentage for 121-180 days			0.75%
Liquidation damage percentage thereafter			1.00%
Liquidation damage percentage multiplier thereafter			1.00%
Net Proceeds- Initial Relative Fair Value Allocation			$ 970.3
Transaction fees			23.8
Allocation to BCF			$ (614.4)
Accounting Conversion Price Of Convertible Preferred Stock \| $ / shares			$ 17.02
Conversion price of preferred stock into common stock \| $ / shares			$ 20.77
Accrued preferred dividend			$ 22.9
Preferred stock dividend paid			$ 3.8
Accrued preferred dividends payable date			Aug. 12, 2016
Deemed dividends on Series A preferred stock	$ 6.5		$ 6.5
Series A Warrants [Member]
Class Of Stock [Line Items]
Preferred stock, shares issued to investors \| shares	13,550,004		13,550,004
Exercise price of warrants \| $ / shares	$ 18.88		$ 18.88
Net Proceeds- Initial Relative Fair Value Allocation			$ 135.8
Series B Warrants [Member]
Class Of Stock [Line Items]
Preferred stock, shares issued to investors \| shares	6,533,727		6,533,727
Exercise price of warrants \| $ / shares	$ 25.11		$ 25.11
Net Proceeds- Initial Relative Fair Value Allocation			$ 46.6
Series A Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued to investors \| shares	1,200,000		1,200,000
Preferred Stock, Liquidation Preference Per Share \| $ / shares	$ 1,000		$ 1,000
Preferred Series A Liquidation Stock Percentage	9.50%		9.50%
Preferred stock dividend payment terms			fixed dividend payable quarterly 45 days after the end of each fiscal quarter
Preferred stock, discount on shares	$ 177.2		$ 177.2
Preferred stock redemption premium percentage in sixth year			10.00%
Preferred stock redemption premium percentage in sixth year and thereafter			5.00%
Preferred stock redemption premium percentage in twelfth year			10.00%
Volume Weighted Average Share Price \| $ / shares			$ 18.88
Preferred stock redemption premium percentage in twelfth year and thereafter			120.00%
Preferred stock premium change in next twelve month			25.00%
Preferred stock premium change in two year			20.00%
Preferred stock premium change in three year			15.00%
Preferred stock premium change in year four through six			10.00%
Preferred stock premium change in year six and thereafter			5.00%
Maximum number of common share would be issued upon conversion of preferred share \| shares			46,466,057
Net Proceeds- Initial Relative Fair Value Allocation			$ 787.9
Allocation to BCF			614.4
Preferred stock dividend paid			0.0
Deemed dividends on Series A preferred stock			$ 0.0
Series A Preferred Stock \| 10% Redemption Premium
Class Of Stock [Line Items]
Preferred stock conversion redemption premium percentage in sixth year			10.00%
Benefit from conversion right by redemption premium			$ 96.5
Series A Preferred Stock \| 5% Redemption Premium
Class Of Stock [Line Items]
Benefit from conversion right by redemption premium			$ 48.3
Preferred stock conversion redemption premium percentage in year seven through twelve year			5.00%
Series A Preferred Stock \| Maximum [Member]
Class Of Stock [Line Items]
Incurrence of indebtedness other than stipulated fixed charge coverage	$ 2,750.0		$ 2,750.0
Private Placement [Member] \| Series A Warrants [Member]
Class Of Stock [Line Items]
Conversion of warrant into preferred stock \| shares		13,550,004
Private Placement [Member] \| Series B Warrants [Member]
Class Of Stock [Line Items]
Conversion of warrant into preferred stock \| shares		6,533,727
Private Placement [Member] \| Series A Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued to investors \| shares		965,100

Accounting for Series A Preferred Stock (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Jun. 30, 2016
Class Of Stock [Line Items]
Proceeds from issuance of preferred stock and warrants	$ 994.1	$ 994.1
Transaction fees		(23.8)
Net Proceeds- Initial Relative Fair Value Allocation		970.3
Allocation to BCF		614.4
Per balance sheet upon issuance		614.4
Series A Warrants [Member]
Class Of Stock [Line Items]
Net Proceeds- Initial Relative Fair Value Allocation		135.8
Per balance sheet upon issuance		135.8
Series B Warrants [Member]
Class Of Stock [Line Items]
Net Proceeds- Initial Relative Fair Value Allocation		46.6
Per balance sheet upon issuance		46.6
Series A Preferred Stock
Class Of Stock [Line Items]
Net Proceeds- Initial Relative Fair Value Allocation		787.9
Allocation to BCF		(614.4)
Per balance sheet upon issuance		$ 173.5

Partnership Units and Related Matters - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended			6 Months Ended
	Jul. 18, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Partnership Equity [Abstract]
Number of days from end of each quarter by when cash is distributed to unit holders					45 days
Distributions Declared [Member]
Schedule of Equity Method Investments [Line Items]
Distributions payable date		Jul. 20, 2016	May 12, 2016	Feb. 09, 2016
Partnership Equity [Abstract]
Total distributions to general and limited partners				$ 200.4
Distributions to Targa Resources Corp.			$ 154.8	$ 61.4
Distribution declared		$ 178.9
Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Distributions declared	$ 0.1875
Distributions declaration date	Jul. 18, 2016
Distributions payable date	Aug. 15, 2016
Series A Cumulative Redeemable Perpetual Preferred Units [Member]
Schedule of Equity Method Investments [Line Items]
Preferred units, outstanding		5,000,000			5,000,000
Distribution to preferred unitholders					$ 5.6

Common Stock and Related Matters - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2016	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	May 31, 2016
Securities Financing Transaction [Line Items]
Proceeds from issuance of common stock			$ 181,200,000	$ 336,600,000
Equity Distribution Agreement May 2016 [Member]
Securities Financing Transaction [Line Items]
Amount of common stock authorized under equity distribution agreement					$ 500,000,000
Proceeds from common stock issuances (in shares)		5,105,652
Proceeds from issuance of common stock		$ 215,100,000
Equity Distribution Agreement May 2016 [Member] \| Subsequent Event [Member]
Securities Financing Transaction [Line Items]
Proceeds from common stock issuances (in shares)	781,262
Proceeds from issuance of common stock	$ 36,000,000
Proceeds from stock issued net of commissions and fees	$ 32,700,000

- Definition

Number of new stock issued during the period.

+ References + Details

Common Stock and Related Matters - Dividends Declared And Or Paid (Details)
$ / shares in Units, $ in Millions

6 Months Ended

Jun. 30, 2016

USD ($)

$ / shares

Aug. 12, 2016

Dividend Declared, Q2 2016 [Member]

Aug. 16, 2016

Total Dividends Declared

$ 153.1

Amount of Dividends Paid

151.6

Accrued Dividends

$ 1.5

^[1]

Dividend Declared per Share of Common Stock | $ / shares

$ 0.91000

Dividend Declared, Q1 2016 [Member]

May 16, 2016

Total Dividends Declared

$ 147.8

Amount of Dividends Paid

146.1

Accrued Dividends

$ 1.7

^[1]

Dividend Declared per Share of Common Stock | $ / shares

$ 0.91000

Dividend Declared, Q4 2015 [Member]

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

Feb. 09, 2016

Total Dividends Declared

$ 51.7

Amount of Dividends Paid

51.0

Accrued Dividends

$ 0.7

^[1]

Dividend Declared per Share of Common Stock | $ / shares

$ 0.91000

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

- Definition

Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net income	$ (14.6)	$ 23.8	$ (15.2)	$ 59.7
Less: Net income attributable to noncontrolling interests	8.6	8.6	10.7	41.1
Less: Dividends on preferred stock	29.4		33.2
Net income (loss) attributable to common shareholders	$ (52.6)	$ 15.2	$ (59.1)	$ 18.6
Weighted average shares outstanding - basic (in shares)	161.6	55.9	134.1	50.9
Net income available per common share - basic (in dollars per share)	$ (0.33)	$ 0.27	$ (0.44)	$ 0.37
Weighted average shares outstanding - basic (in shares)	161.6	55.9	134.1	50.9
Dilutive effect of unvested stock awards (in shares)	0.0	0.2	0.0	0.1
Weighted average shares outstanding - diluted (in shares)	161.6	56.1	134.1	51.0
Net income available per common share - diluted (in dollars per share)	$ (0.33)	$ 0.27	$ (0.44)	$ 0.36

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Details) - shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)	0.6	0.3
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)	9.3	5.0
Series A Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)	46.5	27.3

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References + Details

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Feb. 27, 2015
Derivative Line [Items]
Fair value of derivative assets				$ 102.1
Pro forma net presentation, asset	$ 20.4	$ 20.4
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		15.1	$ 67.9
Ineffectiveness gains	$ 0.3	$ 0.3

- Definition

The amount of financial assets (as defined) recognized as of the acquisition date.

+ References + Details

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative assets	$ 55.0	$ 127.1
Derivative liabilities	34.6	7.6
Assets from risk management activities	41.4	92.2
Long-term assets from risk management activities	13.6	34.9
Liabilities from risk management activities	14.9	5.2
Long-term liabilities from risk management activities	19.7	2.4
Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	14.9	5.2
Long-Term Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	19.7	2.4
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	55.0	127.0
Derivative liabilities	34.5	4.5
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	41.4	92.1
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	13.6	34.9
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	14.8	2.1
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	19.7	2.4
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	0.1	3.1
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
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets		0.1
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 0.1	$ 3.1

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Derivative Asset [Abstract]
Derivative assets	$ 55.0	$ 127.1
Pro forma net presentation, asset	20.4
Pro forma net presentation, asset, total	27.3	119.5
Counterparties with Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	53.8	121.1
Gross liability	31.3	7.6
Pro forma net presentation, asset	26.1	113.5
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	1.2	6.0
Pro forma net presentation, asset, total	1.2	6.0
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	41.4	92.2
Pro forma net presentation, asset, current	27.3	87.0
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	40.2	86.9
Gross liability	14.1	5.2
Pro forma net presentation, asset	26.1	81.7
Current Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	1.2	5.3
Pro forma net presentation, asset, current	1.2	5.3
Long-Term Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	13.6	34.9
Pro forma net presentation, asset, noncurrent		32.5
Long-Term Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	13.6	34.2
Gross liability	$ 17.2	2.4
Pro forma net presentation, asset		31.8
Long-Term Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset		0.7
Pro forma net presentation, asset, noncurrent		$ 0.7

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Derivative Liability [Abstract]
Gross liability	$ 34.6	$ 7.6
Pro forma net presentation, liability, total	6.9
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	3.3
Pro forma net presentation, liability, total	3.3
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	14.9	5.2
Pro forma net presentation, liability, current	0.8
Current Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	0.8
Pro forma net presentation, liability, current	0.8
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	19.7	$ 2.4
Pro forma net presentation, liability, noncurrent	6.1
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	2.5
Pro forma net presentation, liability, noncurrent	$ 2.5

- 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=73719730&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=73719730&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=73719730&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=73719730&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=73719730&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=73719730&loc=d3e13495-108611

+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Dec. 31, 2015

Revenues [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

$ 18.3

$ 21.4

$ 42.4

$ 34.9

Commodity Contracts [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

^[1]

(9.3)

$ 86.7

Derivative Instruments, Gain (Loss) [Line Items]

Gain (loss) recognized in income on derivatives

(0.3)

(4.0)

1.6

3.2

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

Derivative Instruments, Gain (Loss) [Line Items]

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

$ (60.2)

$ (3.6)

$ (53.5)

$ 27.0

[1]	Includes deferred net gains of $1.3 million as of June 30, 2016 related to contracts that will be settled and reclassified to revenue over the next 12 months.

- Definition

The effective portion of net gain (loss) reclassified from accumulated other comprehensive income into income on derivative instruments designated and qualifying as hedging instruments.

+ References + Details

- Definition

The effective portion of gains on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period.

+ References + Details

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Parenthetical) (Details) $ in Millions	Jun. 30, 2016 USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Net losses on commodity hedges recorded in OCI that are expected to be reclassified to revenue within twelve months	$ 1.3

Fair Value Measurements - Additional Information (Details)	6 Months Ended
	Jun. 30, 2016 USD ($) Swap
Fair Value Measurements [Abstract]
Derivative financial instruments, fair value, net	$ 20,400,000
Derivative fair value of net liability if commodity price increases by 10 percent	18,200,000
Derivative fair value of net asset if commodity price decreases by 10 percent	$ 56,900,000
Number of natural gas basis swaps categorized as Level 3 \| Swap	20
Commodity Derivative Contracts Asset/(Liability) [Member]
Fair Value Measurements [Abstract]
Transfers out of Level 3	$ 0

- Definition

Fair value of the assets less the liabilities of a derivative or group of derivatives.

+ References + Details

- Definition

Amount of transfers of financial instrument classified as derivative asset (liability) after deduction of derivative liability (asset) out of level 3 of the fair value hierarchy.

+ References + Details

Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($)
$ in Millions

Jun. 30, 2016

Dec. 31, 2015

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

$ 27.3

$ 119.5

6.9

Carrying Value [Member]

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

^[1]

55.0

127.1

^[1]

34.6

7.6

^[2]

3.0

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

170.9

140.2

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

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

275.0

440.0

Carrying Value [Member] | Senior Secured Term Loan [Member]

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

157.6

157.5

Carrying Value [Member] | Partnership's Senior secured credit facility [Member]

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

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

55.0

280.0

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

225.0

219.3

Carrying Value [Member] | Senior Unsecured Notes [Member]

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

4,325.9

4,884.0

Fair Value [Member]

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

^[1]

55.0

127.1

^[1]

34.6

7.6

^[2]

3.0

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

170.9

140.2

Fair Value [Member] | Level 1 [Member]

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

^[1]

0.0

^[1]

0.0

^[2]

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]

^[1]

52.2

123.1

^[1]

33.0

7.3

^[2]

0.0

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

0.0

Fair Value [Member] | Level 3 [Member]

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

^[1]

2.8

4.0

^[1]

1.6

0.3

^[2]

3.0

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

0.0

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

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

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

275.0

440.0

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

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

0.0

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

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

275.0

440.0

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

0.0

Fair Value [Member] | Senior Secured Term Loan [Member]

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

157.0

158.3

Fair Value [Member] | Senior Secured Term Loan [Member] | Level 1 [Member]

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

0.0

Fair Value [Member] | Senior Secured Term Loan [Member] | Level 2 [Member]

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

157.0

158.3

Fair Value [Member] | Senior Secured Term Loan [Member] | Level 3 [Member]

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

0.0

Fair Value [Member] | Partnership's Senior secured credit facility [Member]

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

Fair Value [Member] | Partnership's Senior secured credit facility [Member] | Level 1 [Member]

55.0

280.0

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

Fair Value [Member] | Partnership's Senior secured credit facility [Member] | Level 2 [Member]

0.0

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

Fair Value [Member] | Partnership's Senior secured credit facility [Member] | Level 3 [Member]

55.0

280.0

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

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

0.0

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

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

225.0

219.3

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

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

0.0

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

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

225.0

219.3

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

0.0

Fair Value [Member] | Senior Unsecured Notes [Member]

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

4,277.7

4,192.0

Fair Value [Member] | Senior Unsecured Notes [Member] | Level 1 [Member]

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

0.0

Fair Value [Member] | Senior Unsecured Notes [Member] | Level 2 [Member]

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

4,277.7

4,192.0

Fair Value [Member] | Senior Unsecured Notes [Member] | Level 3 [Member]

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

Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements

$ 0.0

[1]

[2]

See Note 4 – Business Acquisitions.

Fair Value Measurements - Changes in Fair Value of Financial Instruments Classified as Level 3 (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($)
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	$ 3.0
New Level 3 instruments	0.0
Settlements included in revenues	0.0
Unrealized gain/(loss) included in OCI	0.0
Balance, end of period	3.0
Commodity Derivative Contracts Asset/(Liability) [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Balance, beginning of period	3.7
New Level 3 instruments	1.1
Settlements included in revenues	(0.7)
Unrealized gain/(loss) included in OCI	(2.9)
Balance, end of period	$ 1.2

Contingencies - Additional Information (Details)	Jan. 19, 2016 Plaintiff Lawsuit	Dec. 16, 2015 Plaintiff	Jun. 18, 2015 USD ($)
State Court Lawsuit [Member]
Loss Contingencies [Line Items]
Number of plaintiffs \| Plaintiff		2
Federal Court Lawsuits [Member]
Loss Contingencies [Line Items]
Number of plaintiffs \| Plaintiff	2
Number of putative class action lawsuits filed \| Lawsuit	2
Environment Proceeding [Member]
Loss Contingencies [Line Items]
Ownership interest			63.00%
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

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

3 Months Ended

6 Months Ended

Feb. 27, 2015

^[2]

Jun. 30, 2016

Jun. 30, 2015

Cash:

Interest paid, net of capitalized interest

^[1]

$ 142.2

$ 101.3

Income taxes paid, net of refunds

1.1

13.2

Non-cash investing activities [Abstract]

Deadstock commodity inventory transferred to property, plant and equipment

16.9

0.5

Impact of capital expenditure accruals on property, plant and equipment

(16.8)

(52.9)

Transfers from materials and supplies inventory to property, plant and equipment

0.9

1.6

Change in cash flow estimate

(9.1)

3.8

Non-cash financing activities [Abstract]

$ 4.9

4.9

0.3

Debt additions and retirements related to exchange of TRP 6⅝% Notes for APL 6⅝% Notes

342.1

Allocation of Series A preferred stock net book value of BCF to additional paid-in capital

614.4

Accrued dividends of Series A preferred stock

22.9

Accrued deemed dividends of Series A preferred stock

6.5

Non-cash balance sheet movements related to the TRC/TRP Merger (see Note 2 - Basis of Presentation):

Acquisition cost classified in the additional paid in capital

4.5

Issuance of common stock

0.1

Additional paid-in capital

3,120.0

Accumulated other comprehensive income

55.7

Noncontrolling interests

(4,119.7)

Deferred tax liability

$ 943.9

Non-cash balance sheet movements related to the Atlas Merger: (see Note 4 - Business Acquisitions) [Abstract]

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

$ 745.7

1,574.4

$ 5,024.2

[1]	Interest capitalized on major projects was $6.3 million and $5.5 million for the six months ended June 30, 2016 and 2015.
[2]	Net of cash acquired of $40.8 million.

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Interest capitalized on major projects	$ 6.3	$ 5.5
Targa Resources Partners LP [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		6.625%
Atlas Pipeline Partners [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		6.625%

Compensation Plans - Additional Information (Details) $ in Millions			3 Months Ended
	Mar. 02, 2016 shares	Feb. 17, 2016 USD ($)	Mar. 31, 2016 USD ($)	May 26, 2016 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion ratio in stock-for-unit transaction		0.62
Equity-Settled Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation costs \| $		$ 3.9
Cash-Settled Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation costs \| $			$ 4.8
Targa Resources Partners LP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion ratio in stock-for-unit transaction		0.62
Long Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock issuance for registration	800,000
Additional common stock issuance for registration				300,000
Long Term Incentive Plan [Member] \| Unvested Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	331,282
Vesting period of awards	3 years

Compensation Plans - Long Term Incentive Plan (Details) - Targa Resources Partners LP [Member]	Feb. 17, 2016 shares
Phantom Unit Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding shares	349,451
Converted outstanding shares	216,561
Partnership Long Term Incentive Plan [Member] \| Equity-Settled Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding shares	675,745
Converted outstanding shares	418,903
2015 Long Term Incentive Plan [Member] \| Cash-Settled Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding shares	192,390
Converted outstanding shares	119,178
2014 Long Term Incentive Plan [Member] \| Cash-Settled Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding shares	119,900
Converted outstanding shares	74,248
2013 Long Term Incentive Plan [Member] \| Cash-Settled Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding shares	139,700
Converted outstanding shares	86,538

Segment Information - Additional Information (Details) - Segment	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Number of segments	2
Gathering and Processing [Member]
Segment Reporting Information [Line Items]
Number of reportable segments		2
Logistics and Marketing [Member]
Segment Reporting Information [Line Items]
Number of reportable segments		2

Segment Information Revenues and Operating Margin (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Sales of commodities	$ 1,312.9	$ 1,396.1	$ 2,484.0	$ 2,798.3
Fees from midstream services	270.7	303.3	542.0	580.8
Revenues	1,583.6	1,699.4	3,026.0	3,379.1
Operating margin	299.5	325.5	598.8	625.6
Gathering and Processing [Member]
Revenues
Revenues	753.7	872.7	1,394.3	1,445.3
Operating margin	139.1	144.7	254.7	231.4
Logistics and Marketing [Member]
Revenues
Revenues	1,338.8	1,134.8	2,579.4	2,560.5
Operating margin	141.8	163.7	298.5	355.4
Other Segment [Member]
Revenues
Revenues	18.6	17.1	45.7	38.8
Operating margin	18.6	17.1	45.7	38.8
Corporate and Eliminations [Member]
Revenues
Revenues	(527.5)	(325.2)	(993.4)	(665.5)
Operating margin			(0.1)
Operating Segments [Member]
Revenues
Sales of commodities	1,312.9	1,396.1	2,484.0	2,798.3
Fees from midstream services	270.7	303.3	542.0	580.8
Revenues	1,583.6	1,699.4	3,026.0	3,379.1
Operating Segments [Member] \| Gathering and Processing [Member]
Revenues
Sales of commodities	158.7	486.7	269.0	707.3
Fees from midstream services	124.6	113.6	240.4	185.6
Revenues	283.3	600.3	509.4	892.9
Operating Segments [Member] \| Logistics and Marketing [Member]
Revenues
Sales of commodities	1,135.6	892.3	2,169.3	2,052.2
Fees from midstream services	146.1	189.7	301.6	395.2
Revenues	1,281.7	1,082.0	2,470.9	2,447.4
Operating Segments [Member] \| Other Segment [Member]
Revenues
Sales of commodities	18.6	17.1	45.7	38.8
Revenues	18.6	17.1	45.7	38.8
Intersegment Eliminations [Member] \| Gathering and Processing [Member]
Revenues
Sales of commodities	468.6	270.5	881.0	548.6
Fees from midstream services	1.8	1.9	3.9	3.8
Revenues	470.4	272.4	884.9	552.4
Intersegment Eliminations [Member] \| Logistics and Marketing [Member]
Revenues
Sales of commodities	52.7	47.6	100.0	103.4
Fees from midstream services	4.4	5.2	8.5	9.7
Revenues	57.1	52.8	108.5	113.1
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member]
Revenues
Sales of commodities	(521.3)	(318.1)	(981.0)	(652.0)
Fees from midstream services	(6.2)	(7.1)	(12.4)	(13.5)
Revenues	$ (527.5)	$ (325.2)	$ (993.4)	$ (665.5)

Segment Information, Other Financial Information (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Mar. 31, 2016

Dec. 31, 2015

Feb. 27, 2015

Dec. 31, 2014

Total assets

$ 13,000.1

^[1]

$ 13,311.0

^[1]

$ 13,000.1

^[1]

$ 13,311.0

^[1]

$ 13,211.0

Goodwill, net

393.0

557.9

393.0

557.9

$ 393.0

$ 417.0

$ 707.0

$ 0.0

114.9

229.1

291.8

384.9

5,024.2

$ 5,024.2

Operating Segments [Member] | Gathering and Processing [Member]

Total assets

^[1]

10,168.0

10,676.5

10,168.0

10,676.5

Goodwill, net

393.0

557.9

393.0

557.9

71.3

147.5

174.2

241.6

5,024.2

Operating Segments [Member] | Logistics and Marketing [Member]

Total assets

^[1]

2,644.4

2,356.4

2,644.4

2,356.4

42.7

80.3

115.9

141.0

Operating Segments [Member] | Other Segment [Member]

Total assets

^[1]

55.0

132.3

55.0

132.3

Operating Segments [Member] | Corporate and Other

Total assets

^[1]

132.7

145.8

132.7

145.8