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Trade receivables, net of allowances of $0.9 and $0.1 million at December 31, 2016 and 2015

$ 73.5

$ 140.2

674.6

515.8

Inventories

137.7

141.0

Assets from risk management activities

16.8

92.2

Income tax receivable

67.8

13.5

Other current assets

36.4

17.3

Total current assets

1,006.8

920.0

Property, plant and equipment

12,518.7

11,935.1

Accumulated depreciation

(2,827.7)

(2,232.4)

Property, plant and equipment, net

9,691.0

9,702.7

Intangible assets, net

1,654.0

1,810.1

Goodwill, net

210.0

417.0

Long-term assets from risk management activities

5.1

34.9

Investments in unconsolidated affiliates

240.8

258.9

Other long-term assets

63.5

67.4

Total assets

^[1]

12,871.2

13,211.0

Current liabilities:

Accounts payable and accrued liabilities

843.5

650.4

Liabilities from risk management activities

49.1

5.2

Accounts receivable securitization facility

^[2]

275.0

219.3

Total current liabilities

1,167.6

874.9

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

4,606.0

5,718.8

Long-term liabilities from risk management activities

26.1

2.4

Deferred income taxes, net

941.2

177.8

Other long-term liabilities

215.1

186.9

Contingencies (see Note 20)

0.0

Targa Resources Corp. stockholders' equity:

Common stock value

0.2

0.1

0.0

Additional paid-in capital

5,506.2

1,457.4

Retained earnings (deficit)

(187.3)

26.9

Accumulated other comprehensive income (loss)

(38.3)

5.7

Treasury stock, at cost (513,880 shares as of December 31, 2016 and 426,307 as of December 31, 2015)

(32.2)

(28.7)

Total Targa Resources Corp. stockholders' equity

5,248.6

1,461.4

Noncontrolling interests in subsidiaries

475.8

4,788.8

Total owners' equity

5,724.4

6,250.2

Total liabilities, Series A Preferred Stock and owners' equity

12,871.2

13,211.0

Series A Preferred Stock [Member]

Targa Resources Corp. stockholders' equity:

Series A Preferred 9.5% Stock, $1,000 per share liquidation preference, (1,200,000 shares authorized, issued and outstanding 965,100 shares), net of discount (see Note 12)

$ 190.8

$ 0.0

[1]	Corporate assets at the segment level primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
[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	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Trade receivables, allowances	$ 0.9	$ 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)	185,234,405	56,446,573
Common stock, shares outstanding (in shares)	184,720,525	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)	513,880	426,307
Series A Preferred Stock [Member]
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 - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Revenues

Sales of commodities

$ 5,626.8

$ 5,465.4

$ 7,595.2

Fees from midstream services

1,064.1

1,193.2

1,021.3

Total revenues

6,690.9

6,658.6

8,616.5

Costs and expenses:

Product purchases

4,922.9

4,837.6

6,992.7

Operating expenses

553.7

540.0

487.3

Depreciation and amortization expenses

757.7

677.1

351.0

General and administrative expenses

187.2

161.7

148.0

Goodwill impairment

207.0

290.0

0.0

Other operating (income) expense

6.6

(7.1)

(3.0)

Income from operations

55.8

^[1],[2]

159.3

^[3],[4]

640.5

Other income (expense):

Interest expense, net

(254.2)

(231.9)

(147.1)

(14.3)

(2.5)

18.0

Gain (loss) from financing activities

(48.2)

(10.1)

(12.4)

Other

1.2

(26.6)

(8.0)

Income (loss) before income taxes

(259.7)

(111.8)

491.0

Income tax (expense) benefit

100.6

(39.6)

(68.0)

(159.1)

(151.4)

423.0

Less: Net income (loss) attributable to noncontrolling interests

28.2

(209.7)

320.7

Net income (loss) attributable to Targa Resources Corp.

(187.3)

58.3

102.3

Dividends on Series A preferred stock

72.6

Deemed dividends on Series A preferred stock

18.2

Net income (loss) attributable to common shareholders

$ (278.1)

$ 58.3

$ 102.3

Net income (loss) per common share - basic

$ (1.80)

$ 1.09

$ 2.44

Net income (loss) per common share - diluted

$ (1.80)

$ 1.09

$ 2.43

Weighted average shares outstanding - basic

154.4

53.5

42.0

Weighted average shares outstanding - diluted

154.4

53.6

42.1

[1]	Includes a goodwill impairment of $183.0 million in the fourth quarter of 2016. See Note 7 – Goodwill.
[2]	Includes an additional goodwill impairment of $24.0 million in the first quarter of 2016. See Note 7 – Goodwill.
[3]	Includes $32.6 million of impairment losses in the fourth quarter of 2015. See Note 6 – Property, Plant and Equipment and Intangible Assets.
[4]	Includes a provisional goodwill impairment of $290.0 million in the fourth quarter of 2015. See Note 7 – Goodwill

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income (loss) attributable to Targa Resources Corp.	$ (187.3)	$ 58.3	$ 102.3
Interest rate swaps:
Change in fair value, pre-tax	0.0	0.0	0.0
Change in fair value, related income tax	0.0	0.0	0.0
Change in fair value, after tax	0.0	0.0	0.0
Settlements reclassified to interest expense, net, pre-tax	0.0	0.0	0.3
Settlements reclassified to interest expense, net, related income tax	0.0	0.0	(0.1)
Settlements reclassified to interest expense, net, after tax	0.0	0.0	0.2
Other comprehensive income (loss) attributable to Targa Resources Corp., pre-tax	(161.1)	1.5	8.4
Other comprehensive income (loss) attributable to Targa Resources Corp., related income tax	61.3	(0.6)	(3.1)
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax	(99.8)	0.9	5.3
Comprehensive income (loss) attributable to Targa Resources Corp.	(287.1)	59.2	107.6
Net income (loss) attributable to noncontrolling interests	28.2	(209.7)	320.7
Interest rate swaps:
Change in fair value, pre-tax	0.0	0.0	0.0
Change in fair value, related income tax	0.0	0.0	0.0
Change in fair value, after tax	0.0	0.0	0.0
Settlements reclassified to interest expense, net, pre-tax	0.0	0.0	2.1
Settlements reclassified to interest expense, net, related income tax	0.0	0.0	0.0
Settlements reclassified to interest expense, net, after tax	0.0	0.0	2.1
Other comprehensive income (loss) attributable to noncontrolling interests, pre-tax	12.5	24.9	57.9
Other comprehensive income (loss) attributable to noncontrolling interests, related income tax	0.0	0.0	0.0
Other comprehensive income (loss) attributable to noncontrolling interests, after tax	12.5	24.9	57.9
Comprehensive income (loss) attributable to noncontrolling interests	40.7	(184.8)	378.6
Total
Net income (loss)	(159.1)	(151.4)	423.0
Interest rate swaps:
Change in fair value, pre-tax	0.0	0.0	0.0
Change in fair value, related income tax	0.0	0.0	0.0
Change in fair value, after tax	0.0	0.0	0.0
Settlements reclassified to interest expense, net, pre-tax	0.0	0.0	2.4
Settlements reclassified to interest expense, net, related income tax	0.0	0.0	(0.1)
Settlements reclassified to interest expense, net, after tax	0.0	0.0	2.3
Other comprehensive income (loss) attributable to Targa Resources Corp., pre-tax	(148.6)	26.4	66.3
Other comprehensive income (loss) attributable to Targa Resources Corp., related income tax	61.3	(0.6)	(3.1)
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax	(87.3)	25.8	63.2
Total comprehensive income (loss)	(246.4)	(125.6)	486.2
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	(127.3)	11.0	7.5
Change in fair value, related income tax	48.5	(4.2)	(2.9)
Change in fair value, after tax	(78.8)	6.8	4.6
Settlements reclassified to revenues, pre-tax	(33.8)	(9.5)	0.6
Settlements reclassified to revenues, related income tax	12.8	3.6	(0.1)
Settlements reclassified to revenues, after tax	(21.0)	(5.9)	0.5
Commodity hedging contracts:
Change in fair value, pre-tax	23.7	101.7	52.2
Change in fair value, related income tax	0.0	0.0	0.0
Change in fair value, after tax	23.7	101.7	52.2
Settlements reclassified to revenues, pre-tax	(11.2)	(76.8)	3.6
Settlements reclassified to revenues, related income tax	0.0	0.0	0.0
Settlements reclassified to revenues, after tax	(11.2)	(76.8)	3.6
Commodity hedging contracts:
Change in fair value, pre-tax	(103.6)	112.7	59.7
Change in fair value, related income tax	48.5	(4.2)	(2.9)
Change in fair value, after tax	(55.1)	108.5	56.8
Settlements reclassified to revenues, pre-tax	(45.0)	(86.3)	4.2
Settlements reclassified to revenues, related income tax	12.8	3.6	(0.1)
Settlements reclassified to revenues, after tax	$ (32.2)	$ (82.7)	$ 4.1

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK - USD ($)
$ 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 [Member]

Balance at Dec. 31, 2013

$ 2,091.3

$ 0.0

$ 151.6

$ 20.5

$ (0.5)

$ (22.8)

$ 1,942.5

Balance (in shares) at Dec. 31, 2013

42,162,000

367,000

Series A Preferred Stock at Dec. 31, 2013

$ 0.0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Compensation on equity grants

15.3

$ 0.0

6.1

0.0

$ 0.0

9.2

0.0

Compensation on equity grants (in shares)

Distribution equivalent rights

(1.4)

$ 0.0

0.0

$ 0.0

(1.4)

0.0

Shares issued under compensation program (in shares)

3,000

Shares and units tendered for tax withholding obligations

(7.4)

$ 0.0

0.0

$ (2.6)

(4.8)

0.0

Shares and units tendered for tax withholding obligations (in shares)

(22,000)

22,000

Sale of Partnership limited partner interests

408.4

$ 0.0

0.0

$ 0.0

408.4

0.0

Impact of Partnership/subsidiary equity transactions

0.0

23.0

0.0

(23.0)

0.0

Dividends

(113.1)

0.0

(113.1)

0.0

Common stock dividends

0.0

(15.8)

15.8

0.0

Distributions to noncontrolling interests

(339.8)

0.0

(339.8)

0.0

63.2

0.0

5.3

0.0

57.9

0.0

423.0

0.0

102.3

0.0

320.7

0.0

Balance at Dec. 31, 2014

2,539.5

$ 0.0

164.9

25.5

4.8

$ (25.4)

2,369.7

0.0

Balance (in shares) at Dec. 31, 2014

42,143,000

389,000

Series A Preferred Stock at Dec. 31, 2014

0.0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Compensation on equity grants

26.1

$ 0.0

9.5

0.0

$ 0.0

16.6

0.0

Compensation on equity grants (in shares)

Distribution equivalent rights

(2.4)

$ 0.0

(0.8)

0.0

$ 0.0

(1.6)

0.0

Shares issued under compensation program (in shares)

50,000

Shares and units tendered for tax withholding obligations

(8.8)

$ 0.0

0.0

$ (3.3)

(5.5)

0.0

Shares and units tendered for tax withholding obligations (in shares)

(37,000)

37,000

Sale of Partnership limited partner interests

436.0

$ 0.0

0.0

$ 0.0

436.0

0.0

Issuance of common stock

335.5

$ 0.0

335.5

0.0

$ 0.0

0.0

Issuance of common stock (in shares)

3,738,000

Impact of Partnership/subsidiary equity transactions

56.8

(56.8)

Dividends

(179.0)

$ 0.0

0.0

(179.0)

0.0

$ 0.0

0.0

Common stock dividends

0.0

(122.1)

122.1

0.0

Distributions to noncontrolling interests

(514.8)

0.0

(514.8)

0.0

Distributions payable to preferred unitholders

(0.9)

0.0

(0.9)

0.0

Contributions from noncontrolling interests

78.4

0.0

78.4

0.0

Noncontrolling interests in acquired subsidiaries

216.8

0.0

216.8

0.0

Common stock issued in ATLS merger

1,013.7

$ 0.1

1,013.6

0.0

$ 0.0

0.0

Common stock issued in ATLS merger (in shares)

10,126,000

Partnership units issued in APL merger

2,435.7

$ 0.0

0.0

$ 0.0

2,435.7

0.0

25.8

0.0

0.9

0.0

24.9

0.0

(151.4)

0.0

58.3

0.0

(209.7)

0.0

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

56,020,000

426,000

Series A Preferred Stock at Dec. 31, 2015

0.0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Compensation on equity grants

29.7

$ 0.0

27.5

0.0

$ 0.0

2.2

$ 0.0

Compensation on equity grants (in shares)

Distribution equivalent rights

(8.9)

$ 0.0

(8.7)

0.0

$ 0.0

(0.2)

$ 0.0

Shares issued under compensation program (in shares)

364,000

Shares and units tendered for tax withholding obligations

(3.6)

$ 0.0

0.0

$ (3.5)

(0.1)

$ 0.0

Shares and units tendered for tax withholding obligations (in shares)

(88,000)

88,000

Issuance of common stock

572.7

$ 0.0

572.7

0.0

$ 0.0

0.0

$ 0.0

Issuance of common stock (in shares)

12,562,000

Issuance of Series A Preferred and detachable warrants

796.6

$ 0.0

796.6

0.0

$ 0.0

0.0

Series A Preferred Stock

172.6

Exercise of warrants - share settled

0.0

$ 0.0

0.0

$ 0.0

0.0

Exercise of warrants - share settled (in shares)

11,336,856

Series A Preferred Stock dividends

Dividends declared or accrued

(72.6)

$ 0.0

0.0

(72.6)

0.0

$ 0.0

0.0

0.0

(68.8)

68.8

0.0

Deemed dividends - accretion of beneficial conversion feature

(18.2)

0.0

(18.2)

0.0

18.2

Common stock dividends

Dividends declared

(513.7)

0.0

(513.7)

0.0

Acquisition of TRP noncontrolling common interests, net of acquisition costs and deferred income taxes (in shares)

0.0

(490.6)

490.6

0.0

Distributions to noncontrolling interests

(177.0)

0.0

(177.0)

0.0

Contributions from noncontrolling interests

43.3

0.0

43.3

0.0

Noncontrolling interests in acquired subsidiaries

(880.1)

$ 0.1

3,183.7

0.0

55.8

$ 0.0

(4,119.7)

$ 0.0

104,526,000

Common stock issued in ATLS merger

(2,316.6)

$ 0.1

1,803.0

(4,119.7)

^[1]

Purchase of noncontrolling interests in subsidiary, net of tax impact

(47.6)

0.0

54.6

0.0

$ 0.0

(102.2)

$ 0.0

(87.3)

0.0

(99.8)

0.0

12.5

0.0

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

(159.1)

0.0

(187.3)

0.0

28.2

0.0

Balance at Dec. 31, 2016

$ 5,724.4

$ 0.2

$ 5,506.2

$ (187.3)

$ (38.3)

$ (32.2)

$ 475.8

Balance (in shares) at Dec. 31, 2016

184,721,000

514,000

Series A Preferred Stock at Dec. 31, 2016

$ 190.8

[1]	Reflects the February 17, 2016 book value of the publicly held interests in TRP.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income (loss)	$ (159.1)	$ (151.4)	$ 423.0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	14.9	15.3	11.8
Compensation on equity grants	29.7	25.0	14.3
Depreciation and amortization expense	757.7	677.1	351.0
Goodwill impairment	207.0	290.0	0.0
Accretion of asset retirement obligations	4.6	5.3	4.5
Increase (decrease) in redemption value of mandatorily redeemable preferred interests	(15.2)	(30.6)
Deferred income tax expense (benefit)	(37.8)	24.6	(4.4)
Equity (earnings) loss of unconsolidated affiliates	14.3	2.5	(18.0)
Distributions of earnings received from unconsolidated affiliates	4.1	13.8	18.0
Risk management activities	38.8	71.1	4.7
(Gain) loss on sale or disposition of assets	6.1	(8.0)	(4.8)
(Gain) loss from financing activities	48.2	10.1	12.4
Changes in operating assets and liabilities, net of business acquisitions:
Receivables and other assets	(235.7)	235.9	90.2
Inventories	(15.9)	41.4	(36.2)
Accounts payable and other liabilities	175.7	(187.4)	(104.7)
Net cash provided by operating activities	837.4	1,034.7	761.8
Cash flows from investing activities
Outlays for property, plant and equipment	(562.1)	(817.2)	(762.2)
Outlays for business acquisitions, net of cash acquired		(1,574.4)
Investments in unconsolidated affiliates	(4.4)	(11.7)
Return of capital from unconsolidated affiliates	4.1	1.2	5.7
Other, net	3.8	2.5	5.1
Net cash used in investing activities	(558.6)	(2,399.6)	(751.4)
Debt obligations:
Proceeds from borrowings under credit facilities	2,322.0	2,488.0	2,492.0
Repayments of credit facilities	(2,617.0)	(1,870.0)	(2,328.8)
Proceeds from borrowings under accounts receivable securitization facility	171.4	391.6	381.9
Repayments of accounts receivable securitization facility	(115.7)	(355.1)	(478.8)
Proceeds from issuance of senior notes and term loan	1,000.0	2,122.5
Redemption of senior notes and term loan	(1,852.2)	(284.3)
Redemption of TPL senior notes	13.3	1,168.8
Proceeds from issuance of common stock	577.3	336.8
Proceeds from issuance of preferred stock and warrants	994.1
Proceeds from sale of Partnership common and preferred units		443.6	412.7
Costs incurred in connection with financing arrangements	(71.4)	(54.3)	(14.3)
Repurchase of shares and units under compensation plans	(3.6)	(8.8)	(7.4)
Purchase of noncontrolling interests in subsidiary	(37.2)
Contributions from noncontrolling interests	43.3	78.4
Distributions to noncontrolling interests	(26.7)	(14.4)
Distributions to Partnership unitholders	(150.3)	(500.4)	(339.8)
Dividends paid to common and preferred shareholders	(565.9)	(179.0)	(113.0)
Payments of distribution equivalent rights	(0.3)	(2.8)	(1.6)
Excess tax benefit from stock-based awards		1.1	1.0
Net cash provided by (used in) financing activities	(345.5)	1,424.1	3.9
Net change in cash and cash equivalents	(66.7)	59.2	14.3
Cash and cash equivalents, beginning of period	140.2	81.0	66.7
Cash and cash equivalents, end of period	$ 73.5	$ 140.2	$ 81.0

Organization and Operations

12 Months Ended

Dec. 31, 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 Annual Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations.

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.

See Note 26 – Segment Information for certain financial information regarding 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

12 Months Ended

Dec. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Note 2 — Basis of Presentation

These accompanying financial statements and related notes present our consolidated financial position as of December 31, 2016 and 2015, and the results of operations, comprehensive income, cash flows, and changes in owners’ equity for the years ended December 31, 2016, 2015 and 2014.

We have prepared these consolidated financial statements in accordance with GAAP. 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.

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”), and such transaction, the “TRC/TRP Merger”, 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, 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. The Preferred Units are reported as noncontrolling interests in our financial statements.

As we continued to control the Partnership after the TRC/TRP Merger, the resulting change in our ownership interest was 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 was a taxable exchange that resulted in a book/tax difference in the basis of the underlying assets acquired (our investment in TRP). The tax impact is presented as a reduction of additional paid-in capital consistent with the accounting for tax effects of transactions with noncontrolling interests. See Note 23 – Income Taxes. The following table summarizes the financial effects of the TRC/TRP Merger:

	Common shares		Additional paid-in capital			Retained earnings		Accumulated other comprehensive income (loss)			TRC's stockholders' equity			Noncontrolling interests (1)			Total owners' equity
Shares issued for the Merger	$	0.1	$	1,803.0		$	—	$	—		$	1,803.1		$	(4,119.7	)	$	(2,316.6	)
Impact of NCI acquisition on TRC owners' equity		—		2,226.7			—		89.9			2,316.6			—			2,316.6
Deferred tax adjustments		—		(831.0	)		—		(34.1	)		(865.1	)		—			(865.1	)
Transaction costs, net of tax		—		(15.0	)		—		—			(15.0	)		—			(15.0	)
Acquisition of TRP noncontrolling common interests	$	0.1	$	3,183.7		$	—	$	55.8		$	3,239.6		$	(4,119.7	)	$	(880.1	)

(1)

Reflects the February 17, 2016 book value of the publicly held interests in TRP.

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.

On October 19, 2016, TRP executed the Third Amended and Restated Partnership Agreement of Limited Partnership of Targa Resources Partners LP (the “Third A&R Partnership Agreement”), effective as of December 1, 2016. The Third A&R Partnership Agreement (i) eliminated the incentive distribution rights (“IDRs”) held by the General Partner, and related distribution and allocation provisions, (ii) eliminated the Special GP Interest held by the General Partner, (iii) provided the ability to declare monthly distributions in addition to quarterly distributions, (iv) modified certain provisions relating to distributions from available cash, (v) eliminated the Class B Unit provisions and (vi) made changes to reflect the passage of time and removed provisions that were no longer applicable. In connection with the Third A&R Partnership Agreement, on December 1, 2016, TRP issued to the General Partner (i) 20,380,286 Common Units and 424,590 General Partner Units in exchange for the elimination of the IDRs and (ii) 11,267,485 Common Units and 234,739 General Partner Units in exchange for the elimination of the Special GP Interest.

Change in Reportable Segments

Concurrent with the TRC/TRP Merger in February 2016, management reevaluated our reportable segments. See “Segment Information” included in Note 26 for a presentation of financial results by reportable segment, which have been recast to reflect our change in reporting segments for all periods presented.

Purchase of Versado Membership Interest

On October 31, 2016, we executed a Membership Interest Sale and Purchase Agreement with Chevron U.S.A. Inc. to acquire the remaining 37% membership interest in our consolidated subsidiary Versado Gas Processors, L.L.C. (“Versado”). As we continue to control Versado, the change in our ownership interest was accounted for as an equity transaction representing the acquisition of a noncontrolling interest and no gain or loss was recognized in our Consolidated Statements of Operations as a result. See Note 20 – Contingencies.

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. The reported beginning and ending balance sheet values of Accumulated Other Comprehensive Income were unaffected.

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 the year ended December 31, 2015:

		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

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

Note 3 — Significant Accounting Policies

Consolidation Policy

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

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

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Estimates and judgments are based on information available at the time such estimates and judgments are made. Adjustments made with respect to the use of these estimates and judgments often relate to information not previously available. Uncertainties with respect to such estimates and judgments are inherent in the preparation of financial statements. Estimates and judgments are used in, among other things, (1) estimating unbilled revenues, product purchases and operating and general and administrative costs, (2) developing fair value assumptions, including estimates of future cash flows and discount rates, (3) analyzing goodwill and long-lived assets for possible impairment, (4) estimating the useful lives of assets, (5) determining amounts to accrue for contingencies, guarantees and indemnifications and (6) estimating redemption value of mandatorily redeemable preferred interests. Actual results, therefore, could differ materially from estimated amounts.

Cash and Cash Equivalents

Cash and cash equivalents include all cash on hand, demand deposits, and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Checks outstanding at the end of a period are reclassified to accounts payable, as we extinguish liabilities when the creditor receives our payment and we are relieved of our obligation (which generally occurs when our bank honors that check).

Comprehensive Income

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

Allowance for Doubtful Accounts

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

Inventories

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

Product Exchanges

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

Gas Processing Imbalances

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

Derivative Instruments

We utilize derivative instruments to manage the volatility of cash flows due to fluctuating energy prices and interest rates. All derivative instruments not qualifying for the normal purchase and normal sale exception are recorded on the balance sheets at fair value. The treatment of the periodic changes in fair value will depend on whether the derivative is designated and effective as a hedge for accounting purposes. We have designated certain liquids marketing contracts that meet the definition of a derivative as normal purchases and normal sales, which under GAAP, are not accounted for as derivatives. As a result, the revenues and expenses associated with such contracts are recognized during the period when volumes are physically delivered or received.

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

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

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

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

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

For balance sheet classification purposes, we analyze the fair values of the derivative instruments on a contract by contract basis and report the related fair values and any related collateral by counterparty on a gross basis.

Property, Plant and Equipment

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

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

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

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

Goodwill

Goodwill is a residual intangible asset that results when the cost of an acquisition exceeds the fair value of the net identifiable assets of the acquired business. Goodwill is not amortized, but is assessed annually to determine whether its carrying value has been impaired. Goodwill must be assigned to reporting units for the purpose of impairment testing. A reporting unit is an operating segment or one level below an operating segment (also known as a component).

Our annual goodwill impairment test is performed as of November 30, as well as whenever events or changes in circumstances indicate it is more likely than not that the fair value of the reporting unit is less than the carrying amount. Prior to us conducting the goodwill impairment test, to the extent triggering events exist, we complete a review of the carrying values of our long-lived assets, including property, plant and equipment and other intangible assets, and if it is determined that the carrying values are not recoverable, we reduce the carrying values of the long-lived assets pursuant to our policy on property, plant and equipment.

The annual goodwill impairment test typically entails performing a two-step goodwill impairment test. However, we are permitted to first assess qualitative factors to determine if the two-step goodwill impairment test is necessary. If we choose to bypass this qualitative assessment or otherwise determine that a two-step goodwill impairment test is required, the first step involves comparing the estimated fair value of the reporting unit to its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step is required and involves comparing the implied fair value of goodwill to the carrying value of goodwill for that reporting unit. The implied fair value of goodwill is determined by assigning the reporting unit’s fair value to its individual assets and liabilities. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of that goodwill, the excess of the carrying value over the implied fair value is recognized as a goodwill impairment loss on our Consolidated Statements of Operations and a corresponding reduction of goodwill on our Consolidated Balance Sheets.

Intangible Assets

Intangible assets arose from producer dedications under long-term contracts and customer relationships associated with business acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. Amortization expense attributable to these assets is recorded on a straight-line basis or, where more appropriate, in a manner that closely resembles the expected pattern in which we benefit from services provided to customers.

Asset Retirement Obligations

We record the fair value of estimated asset retirement obligations (“AROs”) associated with tangible long-lived assets. Retirement obligations associated with long-lived assets are recognized for those for which there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction. These obligations, which are estimated based on discounted cash flow estimates, are accreted to full value over time as a period cost. In addition, asset retirement costs are capitalized as part of the related asset’s carrying value and are depreciated over the asset’s respective useful life.

At least annually, we review the projected timing and amount of asset retirement obligations. Changes resulting from revisions to the timing or the amount of the undiscounted cash flows are recognized as an increase or decrease in the carrying amount of the retirement obligation and the related asset retirement cost capitalized as part of the carrying amount of the related long-lived asset. Upon settlement, any difference between the recorded amount and the actual settlement cost will be recognized at a gain or loss.

Debt Issuance Costs

Costs incurred in connection with the issuance of long-term debt are deferred and charged to interest expense over the term of the related debt. Debt issuance costs related to revolving credit facilities are presented as other long-term assets and debt issuance costs related to other long-term debt are reflected as a deduction from the carrying amount of other long-term debt in the Consolidated Balance Sheets. Gains or losses on debt repurchases, redemptions and debt extinguishments include any associated unamortized debt issuance costs.

Accounts Receivable Securitization Facility

Proceeds from the sale or contribution of certain receivables under the Partnership’s accounts receivable securitization facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. Proceeds and repayments under the Securitization Facility are reflected as cash flows from financing activities on our Consolidated Statements of Cash Flows.

Environmental Liabilities and Other Loss Contingencies

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

Income Taxes

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

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

We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized, we establish a valuation allowance. Any change in the valuation allowance would impact our income tax provision and net income in the period in which such a determination is made. We consider all available evidence, both positive and negative, to determine whether, based on the weight of the evidence, a valuation allowance is needed. Evidence used includes information about our current financial position and our results of operations for the current and preceding years, as well as all currently available information about future years, including our anticipated future performance, the reversal of deferred tax liabilities and tax planning strategies. We believe future sources of taxable income, reversing temporary differences and other tax planning strategies will be sufficient to realize deferred tax assets, and therefore no valuation allowance has been established.

Noncontrolling Interests

Third-party ownership (other than mandatorily redeemable interests) in the net assets of our consolidated subsidiaries is shown as noncontrolling interests within the equity section of the Consolidated Balance Sheets. In the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income, noncontrolling interests reflects the attribution of results to third-party investors.

Mandatorily Redeemable Preferred Interests

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

Revenue Recognition

Our operating revenues are primarily derived from the following activities:

•

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

•

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

•

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

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

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

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

We have certain long-term contractual arrangements under which we have received consideration, but which require future performance by Targa. These arrangements result in deferred revenue, which will be recognized as revenue during the periods that services will be provided. Deferred revenue is included in Other long-term liabilities on our Consolidated Balance Sheets.

Share-Based Compensation

We award share-based compensation to employees, directors and non-management directors in the form of restricted stock, restricted stock units, stock options and performance units. Compensation expense on restricted common units and performance unit awards that qualify as equity arrangements are measured by the fair value of the award as determined at the date of grant. Compensation expense on performance unit awards that qualify as liability arrangements is initially measured by the fair value of the award at the date of grant, and re-measured subsequently at each reporting date through the settlement period. Compensation expense is recognized in general and administrative expense over the requisite service period of each award. We may withhold shares to satisfy employees’ tax withholding obligations on vested awards. The withheld shares are recorded by us in treasury stock at cost.

Earnings per Share

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

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 (1) identifying the contracts with customers, (2) identifying the performance obligations in the contracts, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) 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 retrospectively 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 standard 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.

In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers . The amendments in this update clarify the disclosure requirements for performance obligations, provide optional exemptions from the disclosure requirement for remaining performance obligations for specific situations in which an entity need not estimate variable consideration to recognize revenue and provide clarified guidance regarding impairment testing of capitalized contract costs.

We expect to adopt this new revenue recognition standard on January 1, 2018, presenting a cumulative effect adjustment in the period the standard is adopted. We also anticipate electing the practical expedient to apply the guidance retrospectively to only those contracts that are not completed contracts at the date of initial application. We are continuing to evaluate the effect of the standard on our consolidated financial statements , including accounting associated with contracts containing noncash consideration and variable consideration, the effect of ASU 2016-20 on our disclosure requirements, and how the standard would impact our current revenue recognition and disclosure policies upon adoption.

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 were effective for us in 2016 with no impact on our consolidated financial statements.

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 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 December 31, 2016 has $34.1 million in unamortized debt issuance costs classified in Long-term debt. Debt issuance costs associated with revolving credit facilities of $21.6 million and $14.5 million as of December 31, 2016 and December 31, 2015, respectively, remain classified in Other long-term assets on our Consolidated Balance Sheets.

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 consolidated 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 $0.5 million of excess tax deficiencies in income tax expense for the year ended December 31, 2016. Our diluted earnings per share calculation has been adjusted for the year ended December 31, 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.

Cash Flow Classification

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) . These amendments clarify how entities should classify certain cash receipts and cash payments on the statement of cash flows related to the following transactions: (1) debt prepayment or extinguishment costs; (2) settlement of zero-coupon debt instruments or other debt instruments with coupon rates that are insignificant in relation to the effective interest rate of the borrowing; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance; (6) distributions received from equity method investees; and (7) beneficial interests in securitization transactions. Additionally, the update clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect of the amendments on our consolidated financial statements and related disclosures.

Recognition of Intra-Entity Transfers of Assets Other than Inventory

In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory . The amendments in this update are intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party which is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. This update eliminates the exception by requiring entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect of the amendments on our consolidated financial statements and related disclosures.

Business Combinations

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The amendments clarify the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses by providing a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, then the amendments (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments also provide a framework to assist entities in evaluating whether both an input and a substantive process are present. These amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods, with early application permitted for transactions that have not been previously reported. These amendments will be evaluated in conjunction with future acquisitions or disposals. We are in the process of evaluating whether we will early adopt this standard.

Goodwill Impairment

In January 2017, FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates Step 2 from the goodwill impairment test. Step 2 required entities to compute the implied fair value of goodwill if it was determined that the carrying amount of a reporting unit exceeded its fair value. Under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The goodwill impairment recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. These amendments are effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We expect to apply these amendments for our annual goodwill impairment test as of November 30, 2017, or earlier if events or changes in circumstances indicate that an interim goodwill impairment test is necessary. Had we applied this new guidance for our November 2016 impairment test date, the full balance of our goodwill would have been impaired.

- Definition

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

+ References + Details

Business Acquisitions

12 Months Ended

Dec. 31, 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 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. On December 1, 2016, the Special GP Interest was eliminated with an amendment to the Partnership Agreement. See Note 14 – Partnership Units and Related Matters.

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 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. On December 1, 2016, the IDRs were eliminated with an amendment to the Partnership Agreement (see Note 14 – Partnership Units and Related Matters) and the reallocations of IDRs under the IDR Giveback Amendment ceased in the fourth quarter of 2016.

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 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 $1,459.3 million and a net loss of $30.1 million to the Company for the period from February 27, 2015 to December 31, 2015, and is reported in our Gathering and Processing segment. Cumulative acquisition-related costs totaled $27.3 million. These expenses are included in other expense in our Consolidated Statements of Operations.

Pro Forma Impact of Atlas Mergers on Consolidated Statement of Operations

The following summarized unaudited pro forma Consolidated Statement of Operations information for the year ended December 31, 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.

	December 31, 2015
	Pro Forma
Revenues	$	6,947.3
Net income		(169.6	)

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 to 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 that 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 $27.3 million of acquisition-related costs incurred as of December 31, 2015 from pro forma net income for the year ended December 31, 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, which are viewed together as a single integrated transaction for GAAP reporting purposes:

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

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 fair value of the consideration transferred 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. Goodwill was attributed to the WestTX, SouthTX and SouthOK reporting units in our Gathering and Processing segment. The goodwill is amortizable over 15 years for tax purposes. See Note 7 – Goodwill.

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 11 – 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 acquisition date fair value of the remaining contingent payment of $4.2 million was recorded within other long term liabilities on our Consolidated Balance Sheets. 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 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 are 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. See Note 25 – Compensation Plans for discussion of the impact of the TRC/TRP Merger on the replacement RSUs.

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 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 are 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. See Note 25 – Compensation Plans for discussion of the impact of the TRC/TRP Merger on the replacement phantom units.

- Definition

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

+ References

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

12 Months Ended

Dec. 31, 2016

Inventory Disclosure [Abstract]

Inventories

Note 5 — Inventories

	December 31, 2016		December 31, 2015
Commodities	$	126.9	$	128.3
Materials and supplies		10.8		12.7
	$	137.7	$	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

12 Months Ended

Dec. 31, 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

Property, Plant and Equipment

	December 31, 2016			December 31, 2015			Estimated Useful Lives (In Years)
Gathering systems	$	6,626.8		$	6,304.5		5 to 20
Processing and fractionation facilities		3,390.2			2,995.2		5 to 25
Terminaling and storage facilities		1,205.0			1,115.0		5 to 25
Transportation assets		451.4			454.0		10 to 25
Other property, plant and equipment		274.2			221.1		3 to 25
Land		121.3			108.8		—
Construction in progress		449.8			736.5		—
Property, plant and equipment		12,518.7			11,935.1
Accumulated depreciation		(2,827.7	)		(2,232.4	)
Property, plant and equipment, net	$	9,691.0		$	9,702.7

Intangible assets	$	2,036.6		$	2,036.6		20
Accumulated amortization		(382.6	)		(226.5	)
Intangible assets, net	$	1,654.0		$	1,810.1

For each of the years ended December 31, 2016, 2015, and 2014 depreciation expense for property, plant and equipment was $601.5 million, $540.4 million and $289.5 million.

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

Intangible Assets

Intangible assets consist of customer contracts and customer relationships acquired in the Atlas mergers in 2015 and our Badlands business acquisition in 2012. The fair values of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Key valuation assumptions include probability of contracts under negotiation, renewals of existing contracts, economic incentives to retain customers, past and future volumes, current and future capacity of the gathering system, pricing volatility and the discount rate.

The fair values of intangible assets acquired in the Atlas mergers were recorded at a fair value of $1,354.9 million and are being amortized over a 20-year life using the straight-line method, as a reliably determinable pattern of amortization could not be identified. 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 over a 20-year life.

The changes in our intangible assets are as follows:

	December 31, 2016			December 31, 2015
Beginning of period	$	1,810.1		$	591.9
Additions from acquisition		—			1,354.9
Amortization		(156.1	)		(136.7	)
Intangible assets, net	$	1,654.0		$	1,810.1

For each of the years ended December 31, 2016, 2015, and 2014 amortization expense for our intangible assets was $156.1 million, $136.7 million and $61.5 million. The estimated annual amortization expense for intangible assets is approximately $149.4 million, $135.7 million, $124.7 million, $112.5 million and $102.6 million for each of the years 2017 through 2021. As of December 31, 2016 the weighted average amortization period for our intangible assets was approximately 17.6 years.

Goodwill

12 Months Ended

Dec. 31, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

Note 7 – Goodwill

We recognized goodwill of approximately $707.0 million when we acquired Atlas on February 27, 2015. This goodwill was attributed to the WestTX, SouthTX and SouthOK reporting units in our Gathering and Processing segment. The future cash flows and resulting fair values of these reporting units are sensitive to changes in oil, gas and NGL prices. The direct and indirect effects of significant declines in commodity prices from the date of acquisition would likely cause the fair values of these reporting units to fall below their carrying values, and could result in an impairment of 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 as of March 31, 2016. The impairment of goodwill was 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 annual evaluation of goodwill for impairment was completed in the fourth quarter of 2016 and we recorded impairment expense of $183.0 million in our Consolidated Statement of Operations and reduced the carrying value of goodwill to $210.0 million on our Consolidated Balance Sheets. The additional impairment of goodwill during the fourth quarter of 2016 was primarily due to the impact of lower forecasted commodity prices and a refinement in the valuation methodology used to determine fair values of our reporting units .

Our annual evaluations utilized an income approach including a terminal value to estimate the fair values of our reporting units based on a discounted cash flow (“DCF”) analysis . The refinement of the valuation methodology reflects (1) the manner in which market participants commonly transact for these types of assets, and (2) the inherent uncertainty involved in forecasting commodity prices beyond the periods for which observable market prices and consensus pricing are available . 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 timing of capital expenditures. We take into account current and expected industry and market conditions, including commodity pricing and volumetric forecasts in the basins in which the reporting units operate. The discount rates used in our DCF analysis are based on a weighted average cost of capital determined from relevant market comparisons.

The fair value measurements utilized for the evaluation of goodwill for impairment 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.

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

	WestTX			SouthTX			SouthOK			Total
Balance at January 1, 2015	$	—		$	—		$	—		$	—
Acquisition, February 27, 2015		364.5			160.3			182.2			707.0
Provisional impairment for 2015 annual assessment		(37.6	)		(70.2	)		(182.2	)		(290.0	)
Balance at December 31, 2015		326.9			90.1			—			417.0
Additional impairment for 2015 annual assessment		(14.4	)		(9.6	)		—			(24.0	)
Impairment for 2016 annual assessment		(137.8	)		(45.2	)		—			(183.0	)
Balance at December 31, 2016	$	174.7		$	35.3		$	—		$	210.0

Should energy industry conditions deteriorate, there is a possibility that reporting unit fair values could deteriorate further and goodwill may be impaired in a future period. Further, upon our adoption of ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , the accounting guidance for the calculation of impairment charges will change and may result in an impairment in a future period that would otherwise not have been recognized under the current guidance. See Note 3 – Significant Accounting Policies for additional discussion of this recent accounting standard.

Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2016

Equity Method Investments And Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

Note 8 – 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
Balance at December 31, 2013	$	55.9		$	—		$	—		$	—		$	55.9
Equity earnings (loss)		18.0			—			—			—			18.0
Cash distributions (1)		(23.7	)		—			—			—			(23.7	)
Balance at December 31, 2014	$	50.2		$	—		$	—		$	—		$	50.2
Fair value of T2 Joint Ventures acquired		—			67.5			126.7			20.3			214.5
Equity earnings (loss)		13.8			(3.9	)		(9.4	)		(3.0	)		(2.5	)
Cash distributions (1)		(14.5	)		—			—			(0.5	)		(15.0	)
Cash calls for expansion projects		—			—			6.5			5.2			11.7
Balance at December 31, 2015	$	49.5		$	63.6		$	123.8		$	22.0		$	258.9
Equity earnings (loss)		4.1			(5.2	)		(9.4	)		(3.8	)		(14.3	)
Cash distributions (1)		(7.5	)		—			—			(0.7	)		(8.2	)
Cash calls for expansion projects		—			0.2			4.2			—			4.4
Balance at December 31, 2016	$	46.1		$	58.6		$	118.6		$	17.5		$	240.8

(1)

Includes $4.1 million and $1.2 million in distributions received from GCF and the T2 Joint Ventures in excess of our share of cumulative earnings for the years ended December 31, 2016 and 2015. Includes $5.7 million in distributions from GCF in excess of our share of cumulative earnings for the year ended December 31, 2014. 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 $36.2 million over the book value of the joint venture capital accounts as of December 31, 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

12 Months Ended

Dec. 31, 2016

Payables And Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Note 9 — Accounts Payable and Accrued Liabilities

	December 31, 2016		December 31, 2015
Commodities	$	574.4	$	378.5
Other goods and services		117.0		142.9
Interest		52.3		81.0
Compensation and benefits		37.2		16.0
Income and other taxes		24.2		13.4
Preferred dividends payable		22.9		—
Other		15.5		18.6
	$	843.5	$	650.4

Accounts payable and accrued liabilities includes $30.5 million and $34.2 million of liabilities to creditors to whom we have issued checks that remain outstanding as of December 31, 2016 and December 31, 2015.

Debt Obligations

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt Obligations

Note 10 — Debt Obligations

	December 31, 2016			December 31, 2015
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due December 2017	$	275.0		$	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		(2.2	)		(2.5	)
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due October 2020 (3)		150.0			280.0
Senior unsecured notes:
5% fixed rate, due January 2018		250.5			1,100.0
4 ⅛ % fixed rate, due November 2019		749.4			800.0
6 ⅝ % fixed rate, due October 2020		—			342.1
Unamortized premium		—			5.0
6 ⅞ % fixed rate, due February 2021		—			483.6
Unamortized discount		—			(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
5⅛ % fixed rate, due February 2025		500.0			—
5⅜ % fixed rate, due February 2027		500.0			—
TPL notes, 6 ⅝ % fixed rate, due October 2020 (4)		—			12.9
Unamortized premium		—			0.2
TPL notes, 4¾% fixed rate, due November 2021 (4)		6.5			6.5
TPL notes, 5⅞% fixed rate, due August 2023 (4)		48.1			48.1
Unamortized premium		0.5			0.5
		4,640.1			5,761.5
Debt issuance costs, net of amortization		(34.1	)		(42.7	)
Total long-term debt		4,606.0			5,718.8
Total debt obligations	$	4,881.0		$	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)		13.2			12.9
	$	13.2		$	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 December 31, 2016, availability under TRC’s $670 million senior secured revolving credit facility (“TRC Revolver”) was $395.0 million.

(3)	As of December 31, 2016, availability under the Partnership’s $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,436.8 million.

(4)	TPL notes are not guaranteed by us or the Partnership.

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2016, for the next five years, and in total thereafter:

	Scheduled Maturities of Debt
	Total		2017		2018		2019		2020		2021		After 2021
	(in millions)

TRC Senior secured revolving credit facility	$	275.0	$	—	$	—	$	—	$	275.0	$	—	$	—
TRC Senior secured loans		160.0		—		—		—		—		—		160.0
TRP Revolver		150.0		—		—		—		150.0		—		—
Partnership's Senior unsecured notes		4,056.8		—		250.5		749.4		—		6.5		3,050.4
Partnership's accounts receivable securitization facility		275.0		275.0		—		—		—		—		—
Total	$	4,916.8	$	275.0	$	250.5	$	749.4	$	425.0	$	6.5	$	3,210.4

The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the year ended December 31, 2016:

	Range of Interest Rates Incurred		Weighted Average Interest Rate Incurred
TRC Revolver	2.2% - 4.5%			2.3%
TRC senior secured term loan (1)		5.75%		5.75%
TRP Revolver	2.4% - 5.3%			2.8%
Partnership's accounts receivable securitization facility	1.2% - 1.8%			1.3%

(1)

The TRC senior secured term loan is a Eurodollar rate loan with an interest rate of LIBOR (with a LIBOR floor of 1%) plus an applicable rate of 4.75%.

Compliance with Debt Covenants

As of December 31, 2016, we were in compliance with the covenants contained in our various debt agreements.

Debt Obligations

TRC Credit Agreement

In connection with the closing of the Atlas mergers, we entered into a Credit Agreement (the “TRC Credit Agreement”), dated as of February 27, 2015, among us, each lender from time to time party thereto and Bank of America, N.A. as administrative agent, collateral agent, swing line lender and letter of credit issuer.

The TRC Credit Agreement provides for a five year revolving credit facility that is due February 27, 2020 in an aggregate principal amount up to $670 million that allows us to request up to $200.0 million in additional commitments, and a seven-year variable rate term loan facility in an aggregate principal amount of $430 million that allows us to request up to $200.0 million in additional commitments. This facility was issued at a 1.75% discount. The term loan is a Eurodollar rate loan with an interest rate of LIBOR (with a LIBOR floor of 1%) plus an applicable rate of 4.75%. We used the net proceeds from the term loan issuance and the revolving credit facility to fund cash components of the ATLS merger, including cash merger consideration and approximately $160.2 million related to change of control payments made by ATLS, cash settlements of equity awards and transaction fees and expenses.

We are required to pay a commitment fee ranging from 0.375% to 0.5% (dependent upon the Company’s consolidated leverage ratio) on the daily average unused portion of the TRC Revolver. Additionally, outstanding borrowings bear interest at an applicable rate ranging from 1.75% to 2.75% (dependent upon the Company’s consolidated leverage ratio).

The TRC Credit Agreement is secured by substantially all of the Company’s assets. The TRC Credit Agreement requires us to maintain a consolidated leverage ratio (the ratio of consolidated funded indebtedness to consolidated adjusted EBITDA) of no more than (i) 4.50 to 1.00 for the fiscal quarter ending March 31, 2016 through the fiscal quarter ending December 31, 2016 and (ii) 4.00 to 1.00 for each fiscal quarter ending thereafter. The TRC Credit Agreement restricts our ability to make dividends to shareholders if, on a pro forma basis after giving effect to such dividend, (a) any default or event of default has occurred and is continuing or (b) we are not in compliance with our consolidated leverage ratio as of the last day of the most recent test period. In addition, the TRC Credit Agreement includes various covenants that may limit, among other things, our ability to incur indebtedness, grant liens, make investments, repay or amend the terms of certain other indebtedness, merge or consolidate, sell assets, and engage in transactions with affiliates.

The Partnership’s Revolving Credit Facility

In October 2016, the Partnership entered into the Second Amendment and Restatement Agreement (the “Restatement”) to effectuate the Third Amended and Restated Credit Agreement (the “TRP Credit Agreement”). The TRP Credit Agreement amended and restated the TRP Revolver to extend the maturity date from October 2017 to October 2020. The available commitments under the TRP Revolver of $1.6 billion remained unchanged while the Partnership’s ability to request additional commitments increased from up to $300.0 million to up to $500.0 million.

The TRP Credit Agreement designates TPL and certain of its subsidiaries as Restricted Subsidiaries and provides for certain changes to occur upon the Partnership receiving an investment grade credit rating from Moody’s or S&P, including the release of the security interests in all collateral at the request of the Partnership. As a result of the TRP Credit Agreement, during the fourth quarter of 2016, we recorded a partial write-off of $0.9 million of debt issuance costs associated with the TRP Revolver as a result of a change in syndicate members under the TRP Revolver. The remaining debt issuance costs associated with the TRP Revolver along with debt issuance costs incurred with this amendment will be amortized on a straight-line basis over the life of the TRP Revolver.

In 2015, the Partnership used proceeds from borrowings under the TRP Revolver to fund some of the cash components of the APL merger, including $701.4 million for the repayments of the APL Revolver and $28.8 million related to change of control payments.

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

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

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

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

The Partnership’s Accounts Receivable Securitization Facility

The Securitization Facility provides up to $275.0 million of borrowing capacity at LIBOR market index rates plus a margin through December 8, 2017. Under the Securitization Facility, Partnership subsidiaries sell or contribute certain qualifying receivables, without recourse, to another of its consolidated subsidiaries (Targa Receivables LLC or “TRLLC”), a special purpose consolidated subsidiary created for the sole purpose of the Securitization Facility. TRLLC, in turn, sells an undivided percentage ownership in the eligible receivables to third-party financial institutions. Sold receivables up to the amount of the outstanding debt under the Securitization Facility are not available to satisfy the claims of the creditors of the selling subsidiaries or the Partnership. Any excess receivables are eligible to satisfy the claims. As of December 31, 2016, total funding under the Securitization Facility was $275.0 million.

The Partnership’s Senior Unsecured Notes

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

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

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

Note Issue	Any Date Prior To	Price
4 ⅛% Notes	November 15, 2017		104.125%
6 ¾% Notes	September 15, 2018		106.750%
5 ⅛% Notes	February 1, 2020		105.125%
5 ⅜% Notes	February 1, 2022		105.375%

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

Note	Redemption Date	Year	Price
4 ⅛% Notes	November 15	2016		102.063	%
		2017		101.031	%
		2018 and thereafter		100	%

6 ⅜% Notes	February 1	2017		103.188	%
		2018		102.125	%
		2019		101.063	%
		2020 and thereafter		100	%

5 ¼% Notes	November 1	2017		102.625	%
		2018		101.750	%
		2019		100.875	%
		2020 and thereafter		100	%

4 ¼% Notes	May 15	2018		102.125	%
		2019		101.417	%
		2020		100.708	%
		2021 and thereafter		100	%

6 ¾% Notes	September 15	2019		103.375	%
		2020		101.688	%
		2021 and thereafter		100	%

5 ⅛% Notes	February 1	2020		103.844	%
		2021		102.563	%
		2022		101.281	%
		2023 and thereafter		100	%

5 ⅜% Notes	February 1	2022		102.688	%
		2023		101.792	%
		2024		100.896	%
		2025 and thereafter		100	%

TPL 4 ¾% Notes	May 15	2017		102.375	%
		2018		101.188	%
		2019 and thereafter		100	%

TPL 5 ⅞% Notes	February 1	2018		102.938	%
		2019		101.958	%
		2020		100.979	%
		2021 and thereafter		100	%

Senior Notes Issuances

In October 2014, the Partnership and Targa Resources Partners Finance Corporation (collectively, the “Partnership Issuers”) issued $800.0 million in aggregate principal amount of 4 ⅛ % Senior Notes due 2019 (the “4 ⅛ % Notes”). The 4 ⅛ % Notes resulted in approximately $790.8 million of net proceeds, which were used to reduce borrowings under the TRP Revolver and Securitization Facility and for general partnership purposes.

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

In September 2015, the Partnership Issuers issued $600 million in aggregate principal amount of 6 ¾ % Senior Notes due 2024 (the “6 ¾ % Notes”). The 6 ¾ % Notes resulted in approximately $595.0 million of net proceeds after costs, which were used to reduce borrowings under the Partnership’s senior secured credit facility and for general partnership purposes. The 6 ¾ % Notes are unsecured senior obligations that have substantially the same terms and covenants as the Partnership’s other senior notes.

In October 2016, the Partnership Issuers issued $500.0 million of 5⅛% Senior Notes due February 2025 and $500.0 million of 5⅜% Senior Notes due February 2027 (collectively, the “2016 Senior Notes”), yielding net proceeds after costs of approximately $496.2 million and $496.2 million respectively. The 2016 Senior Notes have substantially similar terms and covenants as our other series of Senior Notes. The net proceeds from the offering of the 2016 Senior Notes (the “October 2016 Offering”), along with borrowings under the TRP Revolver were used to fund concurrent tender offers for certain other series of senior notes and to fund redemption payments for certain note balances remaining after the tender offers. See “Debt Repurchases and Extinguishments” for further details of the concurrent tender offers.

Shelf Registrations

The Partnership’s April 2013 Shelf

In April 2013, the Partnership filed with the SEC a universal shelf registration statement (the “April 2013 Shelf”), which provided the Partnership with the ability to offer and sell an unlimited amount of debt and equity securities, subject to market conditions and the Partnership’s capital needs. The April 2013 Shelf expired in April 2016. There was no activity under the April 2013 Shelf during the years ended December 31, 2016, 2015 and 2014.

The Partnership’s July 2013 Shelf

In July 2013, the Partnership filed with the SEC a universal shelf registration statement that allowed it to issue up to an aggregate of $800.0 million of debt or equity securities (the “July 2013 Shelf”). The July 2013 Shelf expired in August 2016.

The Partnership’s April 2015 Shelf

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

May 2016 Shelf

In May 2016, we filed with the SEC a universal shelf registration statement that allows us to issue debt or equity securities (the “May 2016 Shelf”). The May 2016 Shelf expires in May 2019. See Note 13 – Common Stock and Related Matters.

Debt Repurchases & Extinguishments

In November 2014, the Partnership redeemed the outstanding 7 ⅞ % Notes at a price of 103.938% plus accrued interest through the redemption date. The redemption resulted in a $12.4 million loss on redemption for the year ended December 31, 2014, consisting of premiums paid of $9.9 million and a non-cash loss to write-off $2.5 million of unamortized debt issuance costs.

In March 2015, we repaid $188.0 million of the term loan and wrote off $3.3 million of the discount and $5.8 million of debt issuance costs. In June 2015, we repaid $82.0 million of the term loan and wrote off $1.4 million of the discount and $2.4 million of debt issuance costs. The write-off of the discount and debt issuance costs are reflected as loss from financing activities on the Consolidated Statements of Operations for the year ended December 31, 2015.

In December 2015, 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	$	16.3	$	(13.0	)	$	3.3	$	(0.1	)	$	3.2
4¼% Senior Notes		1.5		(1.2	)		0.3		—			0.3
6⅝% Senior Notes		0.1		(0.1	)		—		—			—
	$	17.9	$	(14.3	)	$	3.6	$	(0.1	)	$	3.5

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

During the year ended December 31, 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 the Partnership may retire or purchase various series of the Partnership’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. See “Subsequent Events – Issuance of Senior Notes and Concurrent Senior Notes Tender Offers” and “Subsequent Events – Note Redemptions.”

Senior Notes Tender Offers

Concurrently with the October 2016 Offering, the Partnership commenced tender offers (the “Tender Offers”) to purchase for cash, subject to certain conditions, up to specified aggregate maximum purchase amounts of our 5% Senior Notes due January 2018 (the “5% Notes”), 6 ⅝ % Senior Notes due October 2020 (the “6 ⅝ % Notes”) and 6 ⅞ % Senior Notes due February 2021 (the “6 ⅞ % Notes” and together with the 5% Notes and 6 ⅝ % Notes, the “Tender Notes”). The total consideration for each series of Tender Notes included a premium for each $1,000 principal amount of notes that was tendered as of the early tender date of October 5, 2016. The Tender Offers were fully subscribed and the Partnership accepted for purchase all Tender Notes that were validly tendered as of the early tender date.

The results of the Tender Offers, which closed in October 2016, were:

Debt Tendered	Outstanding Note Balance Prior to Tender Offers		Amount Tendered		Premium Paid		Accrued Interest Paid		Total Tender Offer Payments		Note Balance After Tender Offers
5% Senior Notes	$	733.6	$	483.1	$	16.9	$	5.4	$	505.4	$	250.5
6⅝% Senior Notes		309.9		281.7		10.5		0.3		292.5		28.2
6⅞% Senior Notes		478.6		373.5		14.4		4.6		392.5		105.1
Total	$	1,522.1	$	1,138.3	$	41.8	$	10.3	$	1,190.4	$	383.8

As a result of the Tender Offers, we recorded during the fourth quarter of 2016 a loss due to debt extinguishment of approximately $59.2 million comprised of the $41.8 million premium paid, the write-off of $5.8 million of debt issuance costs, $15.1 million of debt discounts less $3.5 million of debt premiums.

Note Redemptions

Subsequent to the closing of the Tender Offers in October 2016, the Partnership issued notices of full redemption (the “Note Redemptions”) to the trustees and noteholders of the 6⅝% Notes and the 6 ⅞ % Notes for the note balances remaining after the Tender Offers. In addition, the Partnership issued notice of full redemption to the trustees of the 6⅝% Senior Notes of Targa Pipeline Partners LP due October 2020 (the “6⅝% TPL Notes”). The redemption price for the 6⅝% Notes and the 6⅝% TPL Notes was 103.313% of the principal amount, while the redemption price for the 6 ⅞ % Notes was 103.438% of the principal amount. The aggregate principal amount outstanding of all three series of notes totaling $146.2 million was redeemed on November 15, 2016 for a total redemption payment of $151.1 million, excluding accrued interest. As a result of the Note Redemptions, we recorded during the fourth quarter of 2016 a loss due to debt extinguishment of approximately $9.7 million comprised of the $4.9 million premium paid, the write-off of $1.1 million of debt issuance costs, $4.2 million of debt discounts less $0.5 million of debt premiums.

TPL Senior Notes Tender Offers

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

The results of the TPL Notes Tender Offers were:

Debt Tendered	Outstanding Note Balance Prior to Tender Offers		Amount Tendered		Premium Paid		Accrued Interest Paid		Total Tender Offer Payments		% Tendered			Note Balance After Tender Offers
6⅝% Senior Notes	$	500.0	$	140.1	$	2.1	$	3.7	$	145.9		28.02	%	$	359.9
4¾% Senior Notes		400.0		393.5		5.9		5.3		404.7		98.38	%		6.5
5⅞% Senior Notes		650.0		601.9		8.7		2.6		613.2		92.60	%		48.1
Total	$	1,550.0	$	1,135.5	$	16.7	$	11.6	$	1,163.8				$	414.5

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

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

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

Exchange Offer and Consent Solicitation

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

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

Debt Repurchases Summary

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

	2016			2015			2014
Premium over face value paid upon redemption:
Partnership 5% Senior Notes	$	16.9		$	—		$	—
Partnership 6⅝% Senior Notes		11.5			—			—
Partnership 6⅞% Senior Notes		18.0			—			—
Partnership 6⅝% TPL Notes		0.4			—			—
Partnership 7⅞% Senior Notes		—			—			9.9
Recognition of unamortized discount:
TRC Term Loan, variable rate		—			4.7			—
Partnership 6⅞% Senior Notes		19.5			—			—
Recognition of unamortized premium:
Partnership 6⅝% Senior Notes		(4.3	)		—			—
Partnership 6⅝% TPL Notes		(0.2	)		—			—
Loss (gain) on repurchase of debt:
Partnership 5% Senior Notes		1.8			—			—
Partnership 4⅛% Senior Notes		(6.4	)		—			—
Partnership 6⅝% Senior Notes		(2.8	)		—			—
Partnership 6⅞% Senior Notes		(0.8	)		—			—
Partnership 6⅜% Senior Notes		(2.6	)		—			—
Partnership 5¼% Senior Notes		(4.0	)		(3.3	)		—
Partnership 4¼% Senior Notes		(7.7	)		(0.3	)		—
Partnership 6¾% Senior Notes		(2.4	)		—			—
Loss from financing with Exchange Offer:
Partnership 6⅝% Senior Notes		—			0.7			—
Write-off of debt issuance costs:
TRP Revolver		0.9			—			—
TRC Term Loan, variable rate		—			8.2			—
Partnership 5% Senior Notes		4.2			—			—
Partnership 4⅛% Senior Notes		0.4			—			—
Partnership 6⅞% Senior Notes		4.9			—			—
Partnership 6⅜% Senior Notes		0.2			—			—
Partnership 5¼% Senior Notes		0.2			0.1			—
Partnership 4¼% Senior Notes		0.3			—			—
Partnership 6¾% Senior Notes		0.2			—			—
Partnership 7⅞% Senior Notes		—			—			2.5
Loss from financing activities	$	48.2		$	10.1		$	12.4

- Definition

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

+ References + Details

Other Long-term Liabilities

12 Months Ended

Dec. 31, 2016

Other Liabilities Noncurrent [Abstract]

Other Long-term Liabilities

Note 11 — Other Long-term Liabilities

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

	December 31, 2016		December 31, 2015
Asset retirement obligations	$	64.6	$	70.4
Mandatorily redeemable preferred interests		68.5		82.9
Deferred revenue		69.8		27.7
Other liabilities		12.2		5.9
Total long-term liabilities	$	215.1	$	186.9

Asset Retirement Obligations

Our asset retirement obligations (“ARO”) primarily relate to certain gas gathering pipelines and processing facilities. The changes in our ARO are as follows:

	2016			2015
Beginning of period	$	70.4		$	57.3
Fair value of ARO acquired with APL merger		—			4.0
Change in cash flow estimate		(9.1	)		3.8
Accretion expense		4.6			5.3
Retirement of ARO		(1.3	)		—
End of period	$	64.6		$	70.4

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.

The joint ventures, collectively, hold $1.9 billion face value in notes receivable from our partner, which are due July 2042. The interest rate payable under the notes receivable is a variable LIBOR-based rate. For the periods ending on December 31, 2016, and December 31, 2015, interest earned on the notes receivable of $10.5 million, and $8.9 million, exclusive of the priority return payable to our partner, is reflected within Interest expense, net on our Consolidated Statements of Operations. We have accounted for the notes receivable at fair value. Upon redemption: (i) the distributable value of our partner’s interest in each joint venture is required to be adjusted by mutual agreement or under a valuation procedure outlined in each joint venture agreement based, among other things, on changes in the market value of the joint venture’s assets allocable to our partner (including the value of the notes receivable); and (ii) the parties are obligated to set off the value of the notes receivable from our partner against the value of our partner’s interest in the applicable joint venture. For reporting purposes under GAAP, an estimate of our partner’s interest in each joint venture is required to be recorded as if the redemption had occurred on the reporting date. Because redemption will not be required until at least 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 December 31, 2016. The aggregate fair values of the notes receivable and the estimated redemption values of our partner’s interest in the joint ventures as of the reporting date are presented on the Consolidated Balance Sheets on a net basis.

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

	2016			2015
Beginning of period	$	82.9		$	—
Acquired mandatorily redeemable preferred interests		—			109.3
Income attributable to mandatorily redeemable preferred interests		0.8			2.8
Change in estimated redemption value included in interest expense		(15.2	)		(30.6	)
Other activity, net		—			1.4
End of period	$	68.5		$	82.9

Deferred Revenue

We have certain long-term contractual arrangements under which we have received consideration, but which require future performance by Targa. These arrangements result in deferred revenue, which will be recognized over the periods that performance will be provided.

Deferred revenue includes consideration received related to the construction and operation of a crude oil and condensate splitter. On December 27, 2015, Targa Terminals LLC and Noble Americas Corp., a subsidiary of Noble Group Ltd. (“Noble”) entered into a long-term, fee-based agreement (“Splitter Agreement”) under which we will build and operate a 35,000 barrel per day crude oil and condensate splitter at our Channelview Terminal on the Houston Ship Channel (“Channelview Splitter”) and provide approximately 730,000 barrels of storage capacity. The Channelview Splitter will have the capability to split approximately 35,000 barrels per day of crude oil and condensate into its various components, including naphtha, kerosene, gas oil, jet fuel, and liquefied petroleum gas and will provide segregated storage for the crude, condensate and components. The Channelview Splitter project is expected to be completed by early 2018, and has an estimated total cost of approximately $140 million. The first annual advance payment due under the Splitter Agreement was received in October 2016 and has been recorded as deferred revenue, as the Splitter Agreement requires future performance by Targa. Subsequent annual payments of $43 million (subject to an annual inflation factor) will be received through 2022. The deferred revenue will be recognized over the contractual period that future performance will be provided, currently anticipated to commence with start-up in 2018 and continuing through 2025.

Deferred revenue also includes consideration received in a 2015 amendment to a gas gathering and processing agreement. We measured the estimated fair value of the assets transferred to us using significant other observable inputs representative of a Level 2 fair value measurement. The consideration paid for the contract amendment will require future performance by Targa which has resulted in the deferred revenue. The deferred revenue related to this amendment is being recognized on a straight-line basis through the end of the agreement’s term in 2030.

Deferred revenue also includes consideration received for other construction activities of facilities connected to our systems. The deferred revenue related to these other construction activities will be recognized over the periods that future performance will be provided, which extend through 2023.

For the years ended December 31, 2016, 2015 and 2014, we recognized approximately $3.1 million, $2.7 million and $0.1 million of revenue for these transactions.

The following table shows the components of deferred revenue:

	December 31, 2016		December 31, 2015
Splitter agreement	$	43.0	$	—
Gas contract amendment		19.7		21.1
Other deferred revenue		7.1		6.6
Total deferred revenue	$	69.8	$	27.7

The following table shows the changes in deferred revenue:

	2016			2015
Beginning of period	$	27.7		$	4.1
Additions		45.2			26.3
Revenue recognized		(3.1	)		(2.7	)
End of period	$	69.8		$	27.7

Preferred Stock

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Preferred Stock

Note 12 – 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 has 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 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. We have not made an election to PIK through December 31, 2016. The $178.1 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 has 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 volume weighted average price (“VWAP”) prior to the February 18, 2016 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 A 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 were 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 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. See Note 13 – Common Stock and Related Matters for further information regarding the exercise of Warrants.

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) $20.77 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 $969.3 million (which reflects payment of $24.8 million transaction fees), were allocated on a relative fair value basis to the Series A Preferred ($787.1 million), Series A Warrants ($135.7 million) and Series B Warrants ($46.5 million). The $178.1 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 $787.1 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. Upon exercise of our redemption rights, any previously recognized accretion of deemed dividends would be reversed in the period of redemption and reflected as income attributable to common shareholders in our Consolidated Statement of Operations and related per share amounts.

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		(24.8	)
Net Proceeds- Initial Relative Fair Value Allocation	$	969.3		$	787.1		$	135.7	$	46.5	$	—
Allocation to BCF					(614.4	)		—		—		614.4
Per balance sheet upon issuance				$	172.7		$	135.7	$	46.5	$	614.4

Preferred Stock Dividends

As of December 31, 2016, we have accrued cumulative preferred dividends of $22.9 million, which were paid on February 14, 2017. We paid $49.7 million of dividends to preferred shareholders during the year ended December 31, 2016. In 2016, we recorded deemed dividends of $18.2 million attributable to accretion of the preferred discount resulting from the BCF accounting described above. Such accretion is included in the book value of the Series A Preferred Stock.

Common Stock and Related Matters

12 Months Ended

Dec. 31, 2016

Class Of Stock Disclosures [Abstract]

Common Stock and Related Matters

Note 13 — Common Stock and Related Matters

Public Offerings of Common Stock

On February 27, 2015, we issued 10,126,532 shares of our common stock valued at approximately $1.0 billion in exchange for ATLS common units as part of the Atlas mergers (based on the $99.58 closing market price of our common shares on the NYSE as of February 27, 2015). In addition, we awarded 81,740 RSUs in connection with the Atlas mergers.

In March 2015, we sold, in a public offering, 3,250,000 shares of our common stock under a registration statement on Form S-3 at a price of $91.00 per share of common stock, providing net proceeds of $292.8 million to us. Pursuant to the exercise of the underwriters’ overallotment option, we also sold an additional 487,500 shares of our common stock, providing additional net proceeds of $43.9 million. The proceeds from this offering were used to repay a portion of the outstanding borrowings under our term loan and to make a capital contribution of $52.4 million to the Partnership to maintain our 2% general partnership interest in the Partnership and for general corporate purposes.

In May 2016, we entered into an Equity Distribution Agreement under the May 2016 Shelf (the “May 2016 EDA”), 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 was registered pursuant to a registration statement on Form S-3 filed on May 23, 2016. During 2016, we issued 11,074,266 shares of common stock under the May 2016 EDA, receiving net proceeds of $494.0 million. In December 2016, we terminated the May 2016 EDA with a remaining amount of $2.2 million.

In December 2016, we entered into another Equity Distribution Agreement under the May 2016 Shelf (the “December 2016 EDA”), pursuant to which we may sell, at our option, up to an aggregate of $750.0 million of our common stock. The common stock available for sale under the December 2016 EDA was registered pursuant to a registration statement on Form S-3 filed on May 23, 2016. During 2016, we issued 1,487,100 shares of common stock under the December 2016 EDA, receiving net proceeds of $78.7 million. As of December 31, 2016, we have $670.5 million remaining under the December 2016 EDA. In connection with the December 2016 EDA we terminated the May 2016 EDA.

TRC/TRP Merger

On February 17, 2016, we completed the TRC/TRP Merger and issued 104,525,775 shares of our common stock in exchange for all of the outstanding common units of the Partnership that we previously did not own. See Note 2 – Basis of Presentation.

Warrants

The following table sets forth the activity related to detachable Warrants issued as part of our Series A Preferred offering. Warrants may be net-settled in either common shares or cash at our option.

							Shares of
	Series A Warrants			Series B Warrants			Common Stock Issued		Cash Settled
Outstanding, December 31, 2015		—			—
Issued and exercisable to common stock		13,550,004			6,533,727
Exercised		(13,482,612	)		(6,501,231	)		11,336,856	$	—
Outstanding, December 31, 2016		67,392			32,496

Exercise prices	$	18.88		$	25.11
Weighted average stock price at exercise dates		48.47			48.51

Dividends

The following table details the dividends declared and/or paid by us to common shareholders for the years ended December 31, 2016, 2015 and 2014:

Three Months Ended	Date Paid or To Be Paid		Total Common Dividends Declared			Amount of Common Dividends Paid or To Be Paid			Accrued Dividends (1)			Dividend Declared per Share of Common Stock
												( per share amounts)
2016
December 31, 2016	February 15, 2017	$		178.3	$		176.5	$		1.8	$		0.91000
September 30, 2016	November 15, 2016			166.4			164.6			1.8			0.91000
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

2015
December 31, 2015	February 9, 2016	$		51.7	$		51.0	$		0.7	$		0.91000
September 30, 2015	November 16, 2015			51.3			51.0			0.3			0.91000
June 30, 2015	August 17, 2015			49.2			49.0			0.2			0.87500
March 31, 2015	May 18, 2015			46.6			46.4			0.2			0.83000

2014
December 31, 2014	February 17, 2015	$		32.8	$		32.6	$		0.2	$		0.77500
September 30, 2014	November 17, 2014			31.0			30.8			0.2			0.73250
June 30, 2014	August 15, 2014			29.2			29.0			0.2			0.69000
March 31, 2014	May 16, 2014			27.4			27.2			0.2			0.64750

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

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

Subsequent Event

On January 26, 2017, we completed a public offering of 9,200,000 shares of common stock (including underwriters’ overallotment option) at a price of $57.65, providing net proceeds of $524.1 million. We intend to use the net proceeds from this public offering to fund a portion of the $565 million initial purchase price of the Permian Acquisition.

- 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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-Section S99
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+ Details

Partnership Units and Related Matters

12 Months Ended

Dec. 31, 2016

Partners Capital [Abstract]

Partnership Units and Related Matters

Note 14 — Partnership Units and Related Matters

Common Units Equity Offerings

In May 2014, the Partnership entered into an equity distribution agreement (“EDA”) under the July 2013 Shelf (the “May 2014 EDA”), pursuant to which the Partnership may sell through its sales agents, at its option, up to an aggregate of $400 million of the Partnership’s common units.

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

As part of the Atlas merger in February 2015, the Partnership issued 58,614,157 common units to former APL unitholders as consideration for the APL merger, of which 3,363,935 common units represented ATLS’s common unit ownership in APL and were issued to us. We contributed $52.4 million to the Partnership to maintain our 2% general partner interest.

In May 2015, the Partnership entered the May 2015 EDA, pursuant to which the Partnership may sell through our sales agents, at its option, up to an aggregate of $1.0 billion of its common units. As of December 31, 2015, the Partnership issued 7,377,380 common units under its EDAs, receiving net proceeds of $316.1 million. As of December 31, 2015, approximately $4.2 million of capacity and $835.6 million of capacity remained under the May 2014 and May 2015 EDAs. We contributed $6.5 million to the Partnership to maintain our 2% general partner interest.

Since January 2016, no units have been issued from any of the EDAs.

TRC/TRP Merger

On February 17, 2016, TRC completed the TRC/TRP Merger, indirectly acquiring all of the outstanding common units not already owned by us and our subsidiaries. As a result of the TRC/TRP Merger, we own all of the Partnership’s outstanding common units.

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 TRC shares were issued in the TRC/TRP Merger, and TRP common unitholders, instead received cash in lieu of fractional TRC shares.

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

Distributions

As a result of the TRC/TRP Merger in 2016, we are entitled to receive all available Partnership distributions after payment of preferred distributions each quarter. The Partnership has discretion under the Third Amended and Restated Agreement of Limited Partnership of Targa Resources Partners LP (the “Third A&R Partnership Agreement”), as to whether to distribute all available cash for any period.

The following details the distributions declared or paid by the Partnership during 2016, 2015 and 2014:


Three Months	Date Paid		Total			Distributions to Targa Resources
Ended	Or to Be Paid		Distributions			Corp.
2016
December 31, 2016	February 10, 2017	$		198.1	$		195.3
September 30, 2016	November 11, 2016			194.7			191.9
June 30, 2016	August 11, 2016			181.7			178.9
March 31, 2016	May 12, 2016			157.6			154.8
2015
December 31, 2015	February 9, 2016	$		200.4	$		61.4
September 30, 2015	November 13, 2015			200.4			61.4
June 30, 2015	August 14, 2015			200.4			61.4
March 31, 2015	May 15, 2015			193.9			59.0

2014
December 31, 2014	February 13, 2015	$		137.4	$		51.6
September 30, 2014	November 14, 2014			130.9			48.9
June 30, 2014	August 14, 2014			125.7			46.3
March 31, 2014	May 15, 2014			121.3			44.0

Pursuant to the IDR Giveback Amendment in conjunction with the Atlas mergers, IDRs of $9.375 million were reallocated to common unitholders for each of the four quarters of 2015. The IDR Giveback Amendment covered sixteen quarterly distribution declarations following the completion of the Atlas mergers on February 27, 2015. The IDR Giveback resulted in reallocation of IDR payments to common unitholders of $6.25 million for each of the first three quarters of 2016.

On October 19, 2016, the Partnership executed the Third A&R Partnership Agreement, which became effective on December 1, 2016. The Third A&R Partnership Agreement amendments include among other things (i) eliminating the IDRs held by the general partner, and related distribution and allocation provisions, (ii) eliminating the Special GP Interest (as defined in the Third A&R Partnership Agreement) held by the general partner, (iii) providing the ability to declare monthly distributions in addition to quarterly distributions, (iv) modifying certain provisions relating to distributions from available cash, (v) eliminating the Class B Unit (as defined in the Third A&R Partnership Agreement) provisions and (vi) changes to the Third A&R Partnership Agreement to reflect the passage of time and to remove provisions that are no longer applicable.

As a result of the Third A&R Partnership Agreement, the reallocations of IDRs under the IDR Giveback Amendment ceased in the fourth quarter of 2016.

On December 1, 2016 the Partnership issued to the General Partner (i) 20,380,286 common units and 424,590 General Partner units in exchange for the elimination of the IDRs and (ii) 11,267,485 common units and 234,739 General Partner units in exchange for the elimination of the Special GP Interest in connection with the Third A&R Partnership Agreement.

Contributions

During 2016, we made total capital contributions to the Partnership of $1,381.0 million. 58,621,036 common units and 1,196,346 general partner units were issued for our contributions of $1,191.0 million. Subsequent to the effective date of the Third A&R Partnership Agreement, no units will be issued for capital contributions but all capital contributions will continue to be allocated 98% to the limited partner and 2% to the general partner. In December 2016, we made a $190.0 million capital contribution to the Partnership which was allocated accordingly.

Preferred Units

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

Distributions on the Partnership’s 5,000,000 Preferred Units are cumulative from the date of original issue in October 2015 and are payable monthly in arrears on the 15th day of each month of each year, when, as and if declared by the board of directors of the Partnership’s general partner. Distributions on the Preferred Units will be payable out of amounts legally available therefor from at a rate equal to 9.0% per annum. On and after November 1, 2020, distributions on the Preferred Units will accumulate at an annual floating rate equal to the one-month LIBOR plus a spread of 7.71%.

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

•

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

•

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

•

junior to all of the Partnership’s existing and future indebtedness (including (i) indebtedness outstanding under the TRP Revolver, (ii) the Partnership’s senior notes and (iii) indebtedness outstanding under the Securitization Facility and other liabilities with respect to assets available to satisfy claims against the Partnership; and

•

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

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

As of December 31, 2016, the Partnership has 5,000,000 Preferred Units outstanding. The Partnership paid $11.3 million and $1.5 million of distributions to the holders of preferred units (“Preferred Unitholders”) during 2016 and 2015. The Preferred Units are reported as noncontrolling interests in our financial statements.

In January and February 2017, the board of directors of the general partner of the Partnership declared a cash distribution of $0.1875 per Preferred Unit, resulting in approximately $0.9 million in distributions each month. The distributions declared in January were paid on February 15, 2017 and the distributions declared in February will be paid on March 15, 2017.

- 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

Earnings per Common Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings per Common Share

Note 15 — 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:

	2016			2015			2014
Net income	$	(159.1	)	$	(151.4	)	$	423.0
Less: Net income attributable to noncontrolling interests		28.2			(209.7	)		320.7
Less: Dividends on preferred stock		90.8			—			—

Net income attributable to common shareholders for basic earnings per share	$	(278.1	)	$	58.3		$	102.3

Weighted average shares outstanding - basic		154.4			53.5			42.0

Net income available per common share - basic	$	(1.80	)	$	1.09		$	2.44

Weighted average shares outstanding		154.4			53.5			42.0
Dilutive effect of unvested stock awards		—			0.1			0.1
Weighted average shares outstanding - diluted		154.4			53.6			42.1

Net income available per common share - diluted	$	(1.80	)	$	1.09		$	2.43

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):

	2016		2015		2014
Unvested restricted stock awards		0.6		0.1		—
Warrants to purchase common stock		5.8		—		—
Series A preferred stock (1)		36.9		—		—

(1)

The Series A Preferred has 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. See Note 12 – Preferred Stock.

- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 16 — 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. We received derivative settlements of $26.6 million for the year ended December 31, 2016, and $67.9 million for the year ended December 31, 2015, related to these novated contracts. 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, we recorded ineffectiveness losses of $0.9 million for the year ended December 31, 2015, related to otherwise qualifying APL derivatives, which are primarily natural gas swaps. There were no ineffectiveness losses on these derivatives for the year ended December 31, 2016.

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.

At December 31, 2016, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2017		2018		2019
Natural Gas	Swaps	MMBtu/d		133,448		84,800		45,683
Natural Gas	Basis Swaps	MMBtu/d		72,219		-		-
Natural Gas	Options	MMBtu/d		22,900		9,486		-
NGL	Swaps	Bbl/d		9,635		4,688		3,369
NGL	Futures	Bbl/d		6,118		959		-
NGL	Options	Bbl/d		1,468		1,676		-
Condensate	Swaps	Bbl/d		2,270		1,770		643
Condensate	Options	Bbl/d		1,380		691		590

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 December 31, 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	$	16.7	$	48.6	$	92.1	$	2.1
	Long-term		5.1		26.1		34.9		2.4
Total derivatives designated as hedging instruments		$	21.8	$	74.7	$	127.0	$	4.5
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	0.1	$	0.5	$	0.1	$	3.1
Total derivatives not designated as hedging instruments		$	0.1	$	0.5	$	0.1	$	3.1
Total current position		$	16.8	$	49.1	$	92.2	$	5.2
Total long-term position			5.1		26.1		34.9		2.4
Total derivatives		$	21.9	$	75.2	$	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
December 31, 2016		Asset		Liability			Collateral		Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	16.8	$	(46.1	)	$	7.0	$	5.7	$	(28.0	)
	Counterparties without offsetting positions - assets		-		-			-		-		-
	Counterparties without offsetting positions - liabilities		-		(3.0	)		-		-		(3.0	)
			16.8		(49.1	)		7.0		5.7		(31.0	)
Long Term Position
	Counterparties with offsetting positions or collateral		5.1		(18.7	)		-		-		(13.6	)
	Counterparties without offsetting positions - assets		-		-			-		-		-
	Counterparties without offsetting positions - liabilities		-		(7.4	)		-		-		(7.4	)
			5.1		(26.1	)				-		(21.0	)
Total Derivatives
	Counterparties with offsetting positions or collateral		21.9		(64.8	)		7.0		5.7		(41.6	)
	Counterparties without offsetting positions - assets		-		-			-		-		-
	Counterparties without offsetting positions - liabilities		-		(10.4	)		-		-		(10.4	)
		$	21.9	$	(75.2	)	$	7.0	$	5.7	$	(52.0	)

		Gross Presentation							Pro forma net presentation
December 31, 2015		Asset		Liability			Collateral		Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	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 or collateral		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 or collateral		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 a majority of these hedging transactions are secured by a first priority lien in the collateral securing the TRP Revolver that ranks equal in right of payment with liens granted in favor of the Partnership’s senior secured lenders. Some of our hedges are futures contracts executed through a broker that clears the hedges through an exchange. We maintain a margin deposit with the broker in an amount sufficient enough to cover the fair value of our open futures positions. The margin deposit is considered collateral, which is located within other current assets on our Consolidated Balance Sheets and is not offset against the fair values of our derivative instruments.

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 liability of $53.3 million as of December 31, 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 margined daily and do not require any credit adjustment.

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

Derivatives in Cash Flow	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Hedging Relationships	2016			2015		2014
Commodity contracts	$	(103.6	)	$	112.7	$	59.7

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
Location of Gain (Loss)	2016			2015		2014
Interest expense, net	$	—		$	—	$	(2.4	)
Revenues		45.0			86.3		(4.2	)
	$	45.0		$	86.3	$	(6.6	)

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.

Derivatives Not Designated	Location of Gain Recognized in	Gain (Loss) Recognized in Income on Derivatives
as Hedging Instruments	Income on Derivatives	2016		2015			2014
Commodity contracts	Revenue	$	0.9	$	(5.7	)	$	(5.5	)

Based on valuations as of December 31, 2016, we expect to reclassify commodity hedge related deferred losses of $60.7 million included in accumulated other comprehensive income into earnings before income taxes through the end of 2019, with $39.7 million to be reclassified over the next twelve months.

See Note 17 – Fair Value Measurements for additional disclosures related to derivative instruments and hedging activities.

- Definition

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

+ References

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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 17 — 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 December 31, 2016, a net liability position of $53.3 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 $107.4 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 $14.9 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:

•

The TRC Revolver, TRP Revolver, and the Partnership’s accounts receivable 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 TPL’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 at each balance sheet reporting date using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value:

•

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

•

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

•

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

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

	December 31, 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)	$	21.0	$	21.0	$	—	$	19.6	$	1.4
Liabilities from commodity derivative contracts (1)		74.2		74.2		—		69.3		4.9
TPL contingent consideration (2)		2.6		2.6		—		—		2.6
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		73.5		73.5		—		—		—
TRC Revolver		275.0		275.0		—		275.0		—
TRC term loan		157.8		158.4		—		158.4		—
TRP Revolver		150.0		150.0		—		150.0		—
Partnership's Senior unsecured notes		4,057.3		4,101.6		—		4,101.6		—
Partnership's accounts receivable securitization facility		275.0		275.0		—		275.0		—

	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 Revolver		440.0		440.0		—		440.0		—
TRC term loan		157.5		158.3		—		158.3		—
TRP Revolver		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 16 – 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 implied volatilities or 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 December 31, 2016, we had 17 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 (i) the forward natural gas liquids pricing curves, for which a significant portion of the derivative’s term is beyond available forward pricing and (ii) implied volatilities, which are unobservable as a result of inactive natural gas liquids options trading. 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			Contingent
		Asset/(Liability)			Liability

Balance, December 31, 2015		$	3.7		$	(3.0	)
	Change in fair value of TPL contingent consideration		-			0.4
	New Level 3 instruments		0.9			-
	Settlements included in Revenue		0.2			-
	Unrealized gain/(loss) included in OCI		(8.4	)		-
Balance, December 31, 2016		$	(3.6	)	$	(2.6	)

For the year ended December 31, 2016, we had no transfers of financial instruments out of Level 3 and into Level 2. Historically, transfers relate to long-term over-the-counter swaps for natural gas and NGL products for which observable market prices became available for substantially their full term.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611

+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Note 18 — Related Party Transactions Transactions with Unconsolidated Affiliates For the years ended December 31, 2016, 2015 and 2014, transactions with GCF included in revenues were $0.4 million, $0.5 million and $0.8 million. For the same periods, transactions with GCF included in costs and expenses were $3.2 million, $5.8 million and $7.6 million. We are subject to paying a deficiency fee in instances where we do not deliver our minimum volume requirements as outlined in the partnership and fractionation agreements with GCF. We engage in the purchase and sale of residue gas and condensate with the T2 Joint Ventures. Revenue attributable to sales to T2 Eagle Ford and T2 Cogen were $4.6 million and $0.6 million for the year ended December 31, 2016 and $4.4 million and $1.4 million for the year ended December 31, 2015. Cost of sales attributable to T2 Eagle Ford were $2.6 million and $4.0 million for the years ended December 31, 2016 and 2015. Capacity lease fees paid to T2 Eagle Ford and T2 LaSalle and included in operating expenses were $3.2 million and $0.8 million for the year ended December 31, 2016 and $3.0 million and $1.3 million for the year ended December 31, 2015. These fees are billed to us based on our portion of the cost to operate each respective joint venture. As a result of this activity, we had a receivable balance with T2 Eagle Ford of $0.2 million and $0.4 million at December 31, 2016 and 2015 as well as a receivable balance with T2 Cogen of $0.1 million at December 31, 2015. Relationship with Targa Resources Partners LP We provide general and administrative and other services to the Partnership, associated with the Partnership’s existing assets and assets acquired from third parties. The Partnership Agreement between the Partnership and us, as general partner of the Partnership, governs the reimbursement of costs incurred on the behalf of the Partnership. The employees supporting the Partnership’s operations are employees of us. The Partnership reimburses us for the payment of certain operating expenses, including compensation and benefits of operating personnel assigned to the Partnership’s assets, and for the provision of various general and administrative services for the benefit of the Partnership. We perform centralized corporate functions for the Partnership, such as legal, accounting, treasury, insurance, risk management, health, safety and environmental, information technology, human resources, credit, payroll, internal audit, taxes, engineering and marketing. Since October 1, 2010, after the final conveyance of assets by us to the Partnership, substantially all of our general and administrative costs have been and will continue to be allocated to the Partnership, other than (1) costs attributable to our status as a separate reporting company and (2) our costs of providing management and support services to certain unaffiliated spun-off entities. Relationship with Sajet Resources LLC Former holders of our pre-IPO common equity, including certain of our executive managers and directors, own a controlling interest in Sajet Resources LLC (“Sajet”), which was spun-off in December 2010 prior to the IPO. Sajet owns certain technology rights, real property and ownership interests in Allied CNG Ventures LLC. We provide general and administrative services to Sajet and are reimbursed for these amounts at our actual cost. Services provided to Sajet during the years ended December 31, 2016, 2015 and 2014 totaled $0.5 million, $1.1 million, and $1.4 million, respectively. Relationship with Tesla Resources LLC In September 2012, Tesla Resources LLC (“Tesla”) was spun-off from Sajet. Tesla has ownership interests in Floridian Natural Gas Storage Company LLC (“Floridian”). We provide general and administrative services to Tesla and Floridian and are reimbursed for these amounts at our actual cost. Services provided to Tesla and Floridian during the years ended December 31, 2016, 2015 and 2014 totaled $0.1 million, $0.2 million, and $0.2 million, respectively.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

+ Details

Commitments (Leases)

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Commitments (Leases)

Note 19 — Commitments (Leases)

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

	In Aggregate		2017		2018		2019		2020		2021
Operating leases (1)	$	37.9	$	15.4	$	10.8	$	5.7	$	3.8	$	2.2
Land site lease and right-of-way (2)		14.2		3.2		2.8		2.8		2.7		2.7
	$	52.1	$	18.6	$	13.6	$	8.5	$	6.5	$	4.9

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

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

Total expenses incurred under the above lease obligations, including short-term leases of compressors and equipment, were:

	2016		2015		2014
Operating leases (1)	$	48.9	$	46.0	$	27.7
Land site lease and right-of-way		4.4		4.2		4.1
	$	53.3	$	50.2	$	31.8

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

- Definition

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

+ References + Details

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2016
Loss Contingency [Abstract]
Contingencies	Note 20 – 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), Targa Resources GP LLC (“TRP GP”), the members of the board of TRP GP (the “TRP GP Board”) and Merger Sub (collectively, the “State Court Defendants”). This lawsuit was 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 alleged several causes of action challenging the TRC/TRP Merger. Generally, the State Court Plaintiffs alleged that (i) the members of the TRP GP Board breached express and/or implied duties under the Partnership Agreement and (ii) TRC, TRP GP, and Merger Sub aided and abetted in these alleged breaches of duties. The State 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, (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 sought damages and attorneys’ fees. On February 26 and 29, 2016, the State Court Defendants filed general denials and asserted affirmative defenses. On August 26, 2016, the State Court Defendants filed Special Exceptions and a Motion for Summary Judgment. On December 5, 2016, the Court granted Defendants’ Motion for Summary Judgment and dismissed the State Court Lawsuit in its entirety with 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 owned by Versado Gas Processors, L.L.C., which was a joint venture in which we owned a 63% interest until October 31, 2016, when we acquired the remaining 37% membership interest from Chevron U.S.A. Inc. The Partnership has been in discussions with the New Mexico Environment Department to resolve the alleged violations. The New Mexico Environment Department has offered to settle the matter for $29,223. We and the Partnership are also parties to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business

Significant Risks and Uncertainties	12 Months Ended
Significant Risks and Uncertainties	Dec. 31, 2016
Risks And Uncertainties [Abstract]
Significant Risks and Uncertainties	Note 21 – Significant Risks and Uncertainties Our primary business objective is to increase our available cash for dividends to our stockholders by executing our business strategy. We may facilitate the Partnership’s growth through various forms of financial support, including, but not limited to, making loans, making capital contributions in exchange for yielding or non-yielding equity interests or providing other financial support to the Partnership, if needed, to support its ability to make distributions. In addition, we may acquire assets that could be candidates for acquisition by the Partnership, potentially after operational or commercial improvement or further development. Nature of Our Operations in Midstream Energy Industry We operate in the midstream energy industry. Our business activities include gathering, processing, fractionating and storage of natural gas, NGLs and crude oil. Our results of operations, cash flows and financial condition may be affected by changes in the commodity prices of these hydrocarbon products and changes in the relative price levels among these hydrocarbon products. In general, the prices of natural gas, NGLs, condensate and other hydrocarbon products are subject to fluctuations in response to changes in supply, market uncertainty and a variety of additional factors that are beyond our control. Our profitability could be impacted by a decline in the volume of crude oil, natural gas, NGLs and condensate transported, gathered or processed at our facilities. A material decrease in natural gas or condensate production or condensate refining, as a result of depressed commodity prices, a decrease in exploration and development activities, or otherwise, could result in a decline in the volume of crude oil, natural gas, NGLs and condensate handled by our facilities. A reduction in demand for NGL products by the petrochemical, refining or heating industries, whether because of (i) general economic conditions, (ii) reduced demand by consumers for the end products made with NGL products, (iii) increased competition from petroleum-based products due to the pricing differences, (iv) adverse weather conditions, (v) government regulations affecting commodity prices and production levels of hydrocarbons or the content of motor gasoline or (vi) other reasons, could also adversely affect our results of operations, cash flows and financial position. Our principal market risks are exposure to changes in commodity prices, particularly to the prices of natural gas, NGLs and crude oil, and changes in interest rates. Commodity Price Risk A significant portion of our revenues are derived from percent-of-proceeds contracts under which we receive a portion of the natural gas and/or NGLs or equity volumes as payment for services. The prices of natural gas and NGLs are subject to fluctuations in response to changes in supply, demand, market uncertainty and a variety of additional factors beyond our control. In response to these price risks, we monitor NGL inventory levels in order to mitigate losses related to downward price exposure. In an effort to reduce the variability of our cash flows, we have entered into derivative financial instruments to hedge the commodity price associated with a significant portion of our expected natural gas, NGL and condensate equity volumes and future commodity purchases and sales through 2019. Historically, these transactions have included both swaps and purchased puts (or floors) and calls (or caps) to hedge additional expected equity commodity volumes without creating volumetric risk. We hedge a higher percentage of our expected equity volumes in the earlier future periods. With swaps, we typically receive an agreed upon fixed price for a specified notional quantity of natural gas or NGLs and pay the hedge counterparty a floating price for that same quantity based upon published index prices. Since we receive from our customers substantially the same floating index price from the sale of the underlying physical commodity, these transactions are designed to effectively lock-in the agreed fixed price in advance for the volumes hedged. In order to avoid having a greater volume hedged than actual equity volumes, we typically limit our use of swaps to hedge the prices of less than our expected natural gas and NGL equity volumes. Our commodity hedges may expose us to the risk of financial loss in certain circumstances. Counterparty Risk – Credit and Concentration Derivative Counterparty Risk Where we are exposed to credit risk in our financial instrument transactions, management analyzes the counterparty’s financial condition prior to entering into an agreement, establishes credit and/or margin limits and monitors the appropriateness of these limits on an ongoing basis. Generally, management does not require collateral and does not anticipate nonperformance by our counterparties. We have master netting provisions in the International Swap Dealers Association agreements with all of our derivative counterparties. These netting provisions allow us to net settle asset and liability positions with the same counterparties, which reduced our maximum loss due to counterparty credit risk by $21.9 million as of December 31, 2016. The range of losses attributable to our individual counterparties would be between $1.3 million and $3.8 million, depending on the counterparty in default. The credit exposure related to commodity derivative instruments is represented by the fair value of contracts with a net positive fair value, representing expected future receipts, at the reporting date. At such times, these outstanding instruments expose us to losses in the event of nonperformance by the counterparties to the agreements. Should the creditworthiness of one or more of the counterparties decline, the ability to mitigate nonperformance risk is limited to a counterparty agreeing to either a voluntary termination and subsequent cash settlement or a novation of the derivative contract to a third party. In the event of a counterparty default, we may sustain a loss and our cash receipts could be negatively impacted. Customer Credit Risk We extend credit to customers and other parties in the normal course of business. We have established various procedures to manage our credit exposure, including initial credit approvals, credit limits and terms, letters of credit, and rights of offset. We also use prepayments and guarantees to limit credit risk to ensure that our established credit criteria are met. Our allowance for doubtful accounts was $0.9 million as of December 31, 2016 and $0.1 million as of December 31, 2015. Significant Commercial Relationship During the years ended December 31, 2016, 2015 and 2014, we did not have any commercial relationships that exceeded 10% of consolidated revenues. During the year ended December 31, 2016, ONEOK Hydrocarbon L.P. and DCP NGL Services LLC each accounted for 11% of our consolidated product purchases. During the year ended December 31, 2015, ONEOK Hydrocarbon L.P. accounted for 12% of our consolidated product purchases. During the year ended December 31, 2014, we did not have any suppliers that exceeded 10% of our consolidated product purchases. Interest Rate Risk We are exposed to changes in interest rates, primarily as a result of variable rate borrowings under our and the Partnership’s credit facilities. Casualty or Other Risks We maintain coverage in various insurance programs, which provides us with property damage, business interruption and other coverages which are customary for the nature and scope of our operations. Management believes that we have adequate insurance coverage, although insurance may not cover every type of interruption that might occur. As a result of insurance market conditions, premiums and deductibles may change overtime, and in some instances, certain insurance may become unavailable, or available for only reduced amounts of coverage. As a result, we may not be able to renew existing insurance policies or procure other desirable insurance on commercially reasonable terms, if at all. If we were to incur a significant liability for which we were not fully insured, it could have a material impact on our consolidated financial position and results of operations. In addition, the proceeds of any such insurance may not be paid in a timely manner and may be insufficient if such an event were to occur. Any event that interrupts the revenues generated by us, or which causes us to make significant expenditures not covered by insurance, could reduce our ability to meet our financial obligations. Furthermore, even when a business interruption event is covered, it could affect interperiod results as we would not recognize the contingent gain until realized in a period following the incident.

Other Operating (Income) Expense

12 Months Ended

Dec. 31, 2016

Other Income And Expenses [Abstract]

Other Operating (Income) Expense

Note 22 – Other Operating (Income) Expense

Other Operating (Income) Expense is comprised of the following:

	2016		2015			2014
(Gain) loss on sale or disposal of assets	$	6.1	$	(8.0	)	$	(4.8	)
Casualty (gain) loss		-		(0.2	)		0.1
Miscellaneous business tax		0.5		0.5			0.4
Other		-		0.6			1.3
	$	6.6	$	(7.1	)	$	(3.0	)

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Note 23 – Income Taxes

Components of the federal and state income tax provisions for the periods indicated are as follows:

	2016			2015		2014
Current expense (benefit)	$	(62.8	)	$	15.0	$	72.4
Deferred expense (benefit)		(37.8	)		24.6		(4.4	)
Total income tax expense (benefit)	$	(100.6	)	$	39.6	$	68.0

Our deferred income tax assets and liabilities at December 31, 2016 and 2015 consist of differences related to the timing of recognition of certain types of costs as follows:

	2016			2015
Deferred tax assets:
Net operating loss		101.2			19.8
Tax credits		3.9			-
Other		3.5			3.5
Deferred tax assets before valuation allowance	$	108.6		$	23.3
Valuation allowance		(3.5	)		(3.5	)
Deferred tax assets		105.1			19.8
Deferred tax liabilities:
Investments (1)		(1,002.6	)		(114.3	)
Property, plant, and equipment		(25.3	)		(61.5	)
Debt-related		(6.1	)		(10.0	)
Other		(12.3	)		(11.8	)
Deferred tax liabilities		(1,046.3	)		(197.6	)
Net deferred tax asset (liability)	$	(941.2	)		(177.8	)

Net deferred tax liability
Federal	$	(833.2	)	$	(144.5	)
Foreign		0.6			0.6
State		(108.6	)		(33.9	)
	$	(941.2	)	$	(177.8	)

Balance sheet classification of deferred tax assets (liabilities)
Long-term liability	$	(941.2	)	$	(177.8	)

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

As a result of the TRC/TRP Merger, TRC acquired all of the common units of the Partnership owned by the public. In exchange for said units, TRC transferred its stock with a fair market value as of the close of business February 16, 2016, of approximately $1.8 billion and TRC assumed TRP's liabilities of approximately $5.4 billion, resulting in a purchase price of $7.3 billion. The transaction constitutes a taxable sale which resulted in an adjustment to the tax basis in the underlying assets deemed acquired in the common partnership unit acquisition. A deferred tax liability of approximately $865 million related to the book tax basis difference in this investment has been recorded, computed as $4.1 billion book basis in excess of $1.8 billion tax basis at TRC's statutory rate of 37.34%.

As part of the APL merger in 2015, we acquired TPL Arkoma Inc. a corporate subsidiary subject to federal and state income tax. Our corporate subsidiary accounts for income taxes under the asset and liability method and provides deferred income taxes for all significant temporary differences.

We have net operating loss carryforwards of $232.5 million which expire in 2036. Additionally, we have $3.5 million of deferred tax assets which relate to dropdown transactions in 2010 and earlier, and resulted from differences in the date of income recognition for book and tax. The reversal of these differences will not be recognized until we sell the units of the Partnership. Therefore, a valuation allowance of $3.5 million has been recorded against these deferred tax assets. The rest of the deferred tax assets are expected to be fully utilized. Additionally, an alternative minimum tax credit of $3.9 million has been generated due to net operating loss carrybacks to 2014 and 2015.

As of December 31, 2016, TPL Arkoma, Inc. had net operating loss carry forwards for federal income tax purposes of approximately $51.3 million, which expire at various dates from 2029 to 2036. Management believes it more likely than not that the deferred tax asset will be fully utilized.

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

Income tax reconciliation:	2016			2015			2014
Income (loss) before income taxes	$	(259.7	)	$	(111.8	)	$	491.0
Less: Net income attributable to noncontrolling interest		(28.2	)		209.7			(320.7	)
Less: TPL Arkoma, Inc. income to TRC		0.8			0.5			-
Less: Income taxes included in noncontrolling interest		-			(0.6	)		(4.2	)
Income attributable to TRC (excluding TPL Arkoma, Inc.) before income taxes		(287.1	)		97.8			166.1
Income from TPL Arkoma, Inc.		(0.8	)		(7.6	)		-
Income attributable to TRC and TPL Arkoma, Inc. before income taxes		(287.9	)		90.2			166.1
Federal statutory income tax rate		35	%		35	%		35	%
Provision for federal income taxes		(100.8	)		31.6			58.1
State income taxes, net of federal tax benefit		(6.1	)		3.5			6.7
Amortization of deferred charge on 2010 transactions		4.7			4.7			4.7
Other, net		1.6			(0.2	)		(1.5	)
Income tax provision	$	(100.6	)	$	39.6		$	68.0

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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

+ Details

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2016

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 24 - Supplemental Cash Flow Information

	2016			2015		2014
Cash:
Interest paid, net of capitalized interest (1)	$	282.0		$	214.1	$	133.8
Income taxes paid, net of refunds		(10.6	)		12.6		73.4
Non-cash investing activities:
Deadstock commodity inventory transferred to property, plant and equipment	$	17.4		$	1.2		14.8
Impact of capital expenditure accruals on property, plant and equipment		27.6			43.8		19.0
Transfers from materials and supplies inventory to property, plant and equipment		2.4			3.7		4.6
Change in ARO liability and property, plant and equipment due to revised cash flow estimate		(9.1	)		3.8		2.1
Deferred revenue related to property, plant and equipment received under contract amendment		—			22.6		—
Non-cash financing activities:
Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements	$	8.7		$	1.6		0.6
Debt additions and retirements related to exchange of TRP 6 ⅝ % Notes for 6⅝% TPL Notes		—			342.1		—
Change of accrued distributions of preferred units					0.9		—
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		18.2			—		—
Transfer within additional paid-in capital for exercise of Warrants		181.5			—		—
Non-cash balance sheet movements related to the TRC/TRP Merger (see Note 2 - Basis of Presentation):
Prepaid transaction costs reclassified in the additional paid-in capital	$	4.5		$	—		—
Issuance of common stock		0.1			—
Additional paid-in capital		3,207.5			—		—
Accumulated other comprehensive income		55.8			—
Noncontrolling interests		(4,119.7	)		—		—
Deferred tax liability		856.3			—		—
Non-cash balance sheet movements related to the purchase of noncontrolling interests in subsidiary (see Note 4 - Business Acquisitions) :
Additional paid-in capital		65.0			—		—
Noncontrolling interests		(65.0	)		—		—
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 $8.3 million, $13.2 million and $16.1 million for 2016, 2015 and 2014.

- 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

12 Months Ended

Dec. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Compensation Plans

Note 25 – Compensation Plans

TRC Equity Compensation Plan

In 2007, both we and the Partnership adopted Long-Term Incentive Plans (each, an “LTIP”) for employees, consultants, directors and non-employee directors of us and our affiliates who perform services for us or our affiliates. The awards under this plan included performance units, phantom units and director grants. The Partnership LTIP (“TRP LTIP”) provided for, among other things, the grant of both cash-settled and equity-settled performance units. In connection with the TRC/TRP Merger, as of February 17, 2016, we assumed, adopted, and amended the TRP LTIP, and changed the name of the plan to the Targa Resources Corp. Equity Compensation Plan (as assumed, adopted and amended, the “TRC Equity Compensation Plan” or the “Plan”), and we assumed all Partnership obligations associated with the Plan existing prior to its assumption and adoption by us. The TRC Equity Compensation Plan allows for the grant of options, performance shares, restricted stocks, replacement stocks and other stock-based awards. The termination date for this plan was February 7, 2017.

Performance Units

The performance units granted under the TRP LTIP were linked to the performance of the Partnership’s common units. Performance unit awards granted under either LTIP may also include distribution equivalent rights (“DERs”). The TRP LTIP was administered by the board of directors of the general part of TRP. Total units authorized under the TRP LTIP were 1,680,000.

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

Compensation cost for equity-settled performance units was recognized as an expense over the performance period based on fair value at the grant date. Fair value was calculated using a simulated unit price that incorporates peer ranking. DERs associated with equity-settled performance units were accrued over the performance period as a reduction of owners’ equity. We evaluated the grant date fair value using a Monte Carlo simulation model and historical volatility assumption to estimate accruals throughout the vesting period. The weighted average grant date fair value of TRP LTIP performance units granted in 2015 and 2014, were $34.48 and $57.19.

Phantom Units

In 2015, the Partnership granted phantom units under the LTIP to various employees of Targa. These phantom units were denominated with respect to its common units, but not otherwise linked to the performance of its common units. Their vesting periods vary from one year to five years. The DERs of the phantom units were accumulated to be paid in cash at vesting date. In 2015, the Partnership issued 25,162 phantom units with a weighted average grant date fair value of $36.87.

Replacement Phantom Units

In connection with the APL merger in 2015, the Partnership awarded replacement phantom units in accordance with and as required by the Atlas Merger Agreements to those APL employees who became Targa employees upon close of the acquisition. The vesting dates and terms remained unchanged from the existing APL awards, and will vest either 25% per year over the original four-year term or 33% per year over the original three-year term. The DERs of the replacement phantom units are paid in cash within 60 days of the payment of distributions. A total of 629,231 replacement phantom unit were granted in 2015 with the weighted average grant date fair value of $43.82.

Partnership Director Grants

Starting in 2012, the common units granted to the Partnership’s non-management directors vested immediately at the grant date. The weighted average grant date fair values of the director grants granted in 2016, 2015 and 2014 were $10.11, $44.67 and $50.29. The fair values related to the units vested were $0.3 million, $0.5 million and $0.4 million.

Impact of TRC/TRP Merger

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.

At the time of the TRC/TRP Merger and immediately prior to the assumption and adoption of the Plan, the only outstanding awards under the TRP LTIP were equity-settled performance units and certain phantom units of the Partnership. All such outstanding awards were converted into comparable time-based restricted unit awards (RSUs) based on our common stock. 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.

The February 17, 2016 conversion of 675,745 equity-settled performance units and 349,541 replacement phantom units outstanding to 418,906 equity-settled performance shares and 216,561 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.

In 2016, we issued 331,282 restricted stock units under the Plan which will cliff vest three years from the grant date. Of these 2016 grants, 310,809 RSUs were made in lieu of cash bonus for our non executives.

The following table summarizes the restricted stock units for the year ended 2016 under the Plan:


	Restricted Stock Units
	Number			Weighted-average
	of shares			Grant-Date Fair Value
Outstanding as of December 31, 2015		-		$	-
Converted		635,467			73.68
Granted		331,282			74.01
Forfeited		(20,485	)		26.38
Vested		(245,862	)		62.23
Outstanding as of December 31, 2016		700,402			51.52

TRC Long Term Incentive Plan

The TRC LTIP is administered by the compensation committee (the “Committee”) of the Targa board of directors. Prior to the TRC/TRP Merger, the TRC LTIP provided for the grant of cash-settled performance units only. In connection with the TRC/TRP Merger, performance unit grant agreements were amended to convert TRP’s outstanding cash-settled performance unit obligation to cash-settled restricted stock units.

On February 17, 2016, as a result of the TRC/TRP Merger, 451,990 of TRP’s outstanding cash-settled performance units were converted to 279,964 cash-settled restricted stock units under the TRC LTIP with performance factors 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.

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. Compensation expense for cash-settled performance units and any related DERs will ultimately be equal to the cash paid to the grantee upon vesting. However, throughout the vesting period we must record an accrued expense based on fair value of the stock on the last business day of the quarter.

The following table summarizes the cash-settled restricted stock units for the year ended 2016 under the TRC LTIP (in shares and millions of dollars).

	Program Year
	2013 Awards				2014 Awards				2015 Awards				Total
Outstanding as of December 31, 2015		139,700				119,900				192,390				451,990
After conversion on February 17, 2016		86,538				74,248				119,178				279,964
Vested and paid		(85,492	)											(85,492	)
Forfeited		(1,046	)			(1,269	)			(2,862	)			(5,177	)
Outstanding as of December 31, 2016		—				72,979				116,316				189,295

Calculated fair market value as of December 31, 2016				$		4,992,974		$		7,355,790		$		12,348,763

Current liability				$		4,143,373		$		-		$		4,143,373
Long-term liability						-				3,565,135				3,565,135
Liability as of December 31, 2016				$		4,143,373		$		3,565,135		$		7,708,508

To be recognized in future periods				$		849,601		$		3,790,655		$		4,640,255

Vesting date					June 2017				June 2018

The cash settled for the awards under TRC LTIP were $4.8 million, $7.8 million and $14.7 million for 2016, 2015 and 2014. The remaining weighted average recognition period for the unrecognized compensation cost is approximately 1.3 years.

2010 TRC Stock Incentive Plan

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

Restricted Stock Awards - Total shares of our common stock authorized under this plan are 5,000,000. Restricted stock entitles the recipient to cash dividends. Dividends on unvested restricted stock will be accrued when declared and recorded as short-term or long-term liabilities, dependent on the time remaining until payment of the dividends, and paid in cash when the award vests. The restricted stock awards will be included in the outstanding shares of our common stock upon issuance.

Restricted Stock in Lieu of Salary –During 2016, we issued on a quarterly basis, a total of 32,267 shares of restricted stock to two of our executives in lieu of all of their 2016 base salary. These awards vest one year from the date of each grant. The weighted average grant-date fair value of these shares of restricted stock was $41.43. The number of shares of restricted stock awarded was determined by dividing one-fourth of the officer’s annual base salary by the average closing price of the shares of common stock for five trading days before the end of each quarter.

Director Grants – The committee awarded our common stock to our outside directors. In 2016, 2015 and 2014, we issued 24,234, 6,429 and 5,165 shares of director grants with the weighted average grant-date fair value of $16.45, $86.49 and $87.45.

Restricted Stock Units Awards – RSUs are similar to restricted stock, except that shares of common stock are not issued until the RSUs vest. The vesting periods vary from one year to five years. In 2016, 2015 and 2014, we issued 1,129,705, 140,477 and 54,357 shares of RSUs with the weighted average grant-date fair value of $27.87, $83.54 and $112.89.

Restricted Stock in Lieu of Bonus – During 2016, we issued 153,252 shares of restricted stock awards in lieu of cash bonus for our executives at the weighted average grant-date fair value of $26.34. These awards will cliff vest in three years.

The following table summarizes the restricted stock and RSUs under the 2010 TRC Plan in shares and in dollars for the year indicated.

	Number			Weighted Average
	of shares			Grant-Date Fair Value

Outstanding at December 31, 2015		313,362			85.70
Granted		1,186,206			28.00
Forfeited		(14,989	)		75.17
Vested		(116,329	)		58.55
Outstanding at December 31, 2016		1,368,250		$	38.10

Stock compensation expense under our plans totaled $41.2 million, $22.8 million, and $25.4 million for the years ended December 31, 2016, 2015, and 2014.

As of December 31, 2016, we have $44.8 million of unrecognized compensation expenses associated with share-based awards and an approximate remaining weighted average vesting periods of 2.3 years related to our various compensation plans.

The fair values of share-based awards vested in 2016, 2015 and 2014 were $19.8 million, $31.8 million and $20.1 million. We recognized $1.1 million and $1.0 million in tax benefits associated with the vesting of the awards in 2015 and 2014.

Pursuant to ASU 2016-09, tax benefits of dividends on share-based payment awards should be recognized as income tax benefits or expenses in the income statement. We adopted the applicable amendments in the second quarter of 2016 and recognized a $0.5 million tax deficiency as an income tax expense for the year ended 2016. See Note 2 – Basis of Presentation.

Subsequent Events

On January 14, 2017, 22,017 shares of restricted stock units granted on January 14, 2014 vested and we repurchased 6,990 shares at $57.95 per share to satisfy the employee’s minimum statutory tax withholdings on the vested awards.

In January 2017, the Committee made following awards under the 2010 TRC Plan.

•

13,818 shares of our common stock to our outside directors.

•

114,301 shares of restricted stock units to executive management and employees for the 2017 compensation cycle that will cliff vest three years from the grant date.

•

113,901 shares of performance share units to executive management and employees for the 2017 compensation cycle that will vest on December 31, 2019.

•

491,000 shares of our restricted stock units to executive management and employees. The awards will vest 30% in January 2021, 30% in January 2020 and 40% in January 2023.

The performance share units granted under the 2010 TRC Plan are three-year equity-settled awards linked to the performance of shares of our common stock. The awards also include dividend equivalent rights that are based on the notional dividends accumulated during the vesting period.

The vesting of the performance share units is dependent on the satisfaction of a combination of certain service-related conditions and the Company’s total shareholder return (“TSR”) relative to the TSR of the members of a specified comparator group of publicly-traded midstream companies (the “LTIP Peer Group”) measured over designated periods. The TSR performance factor is determined by the Committee at the end of the overall performance period based on relative performance over the designated weighting periods as follows: (i) 25% based on annual relative TSR for the first year; (ii) 25% based on annual relative TSR for the second year; (iii) 25% based on annual relative TSR for the third year; and (iv) the remaining 25% based on cumulative three year relative TSR over the entirety of the performance period. With respect to each weighting period, the Committee determines the “guideline performance percentage,” which could range from 0% to 250%, based upon the Company’s relative TSR performance for the applicable period. The TSR performance factor will be calculated by averaging the guideline performance percentage for each weighting period, and the average percentage may then be decreased or increased by the Committee at its discretion. The grantee will become vested in a number of performance share units equal the target number awarded multiplied by the TSR performance factor, and vested performance share units will be settled by the issuance of Company common stock. The value of dividend equivalent rights will be paid in cash.

Targa 401(k) Plan

We have a 401(k) plan whereby we match 100% of up to 5% of an employee’s contribution (subject to certain limitations in the plan). We also contribute an amount equal to 3% of each employee’s eligible compensation to the plan as a retirement contribution and may make additional contributions at our sole discretion. All Targa contributions are made 100% in cash. We made contributions to the 401(k) plan totaling $14.4 million, $13.8 million and $10.5 million during 2016, 2015, and 2014.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14)
-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

+ Details

Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

Note 26 — 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).

Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided. 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 aggregation for our reportable segments. The increase in activity within Field Gathering and Processing due to the Atlas mergers in 2015 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:

	Year Ended December 31, 2016
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	621.9	$	4,942.0	$	62.9	$	—		$	5,626.8
Fees from midstream services		486.6		577.5		—		—			1,064.1
		1,108.5		5,519.5		62.9		—			6,690.9
Intersegment revenues
Sales of commodities		2,124.4		251.5		—		(2,375.9	)		—
Fees from midstream services		7.8		23.5		—		(31.3	)		—
		2,132.2		275.0		—		(2,407.2	)		—
Revenues	$	3,240.7	$	5,794.5	$	62.9	$	(2,407.2	)	$	6,690.9
Operating margin	$	577.1	$	574.4	$	62.9	$	(0.1	)	$	1,214.3
Other financial information:
Total assets (1)	$	9,800.6	$	2,868.7	$	21.8	$	180.1		$	12,871.2
Goodwill	$	210.0	$	—	$	—	$	—		$	210.0
Capital expenditures	$	402.5	$	185.3	$	—	$	4.3		$	592.1

(1)	Corporate assets at the segment level primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

	Year Ended December 31, 2015
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	1,485.4	$	3,895.8	$	84.2	$	—		$	5,465.4
Fees from midstream services		427.1		766.1		—		—			1,193.2
		1,912.5		4,661.9		84.2		—			6,658.6
Intersegment revenues
Sales of commodities		1,126.3		208.9		—		(1,335.2	)		—
Fees from midstream services		8.7		17.8		—		(26.5	)		—
		1,135.0		226.7		—		(1,361.7	)		—
Revenues	$	3,047.5	$	4,888.6	$	84.2	$	(1,361.7	)	$	6,658.6
Operating margin	$	515.1	$	681.7	$	84.2	$	—		$	1,281.0
Other financial information:
Total assets (1)	$	10,391.9	$	2,567.1	$	127.1	$	124.9		$	13,211.0
Goodwill	$	417.0	$	—	$	—	$	—		$	417.0
Capital expenditures	$	496.3	$	272.0	$	—	$	8.9		$	777.2
Business acquisition	$	5,024.2	$	—	$	—	$	—		$	5,024.2

(1)	Corporate assets at the segment level primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

	Year Ended December 31, 2014
	Gathering and Processing		Logistics and Marketing		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	552.4	$	7,050.8	$	(8.0	)	$	—		$	7,595.2
Fees from midstream services		224.7		796.6		—			—			1,021.3
		777.1		7,847.4		(8.0	)		—			8,616.5
Intersegment revenues
Sales of commodities		2,068.8		339.3		—			(2,408.1	)		—
Fees from midstream services		5.2		28.5		—			(33.7	)		—
		2,074.0		367.8		—			(2,441.8	)		—
Revenues	$	2,851.1	$	8,215.2	$	(8.0	)	$	(2,441.8	)	$	8,616.5
Operating margin	$	449.9	$	694.7	$	(8.0	)	$	(0.1	)	$	1,136.5
Other financial information:
Total assets (1)	$	3,776.2	$	2,476.1	$	60.2		$	111.0		$	6,423.5
Capital expenditures	$	437.1	$	304.6	$	—		$	6.1		$	747.8

(1)	Corporate assets at the segment level primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

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

	2016		2015		2014
Sales of commodities:
Natural gas	$	1,584.5	$	1,578.6	$	1,414.1
NGL		3,777.3		3,558.3		5,960.1
Condensate		133.9		142.4		134.3
Petroleum products		68.2		101.6		96.3
Derivative activities		62.9		84.5		(9.6	)
		5,626.8		5,465.4		7,595.2
Fees from midstream services:
Fractionating and treating		126.2		209.0		208.9
Storage, terminaling, transportation and export		420.0		506.2		548.1
Gathering and processing		445.0		393.7		196.9
Other		72.9		84.3		67.4
		1,064.1		1,193.2		1,021.3
Total revenues	$	6,690.9	$	6,658.6	$	8,616.5

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

	2016			2015			2014
Reconciliation of operating margin to net income (loss):
Operating margin	$	1,214.3		$	1,281.0		$	1,136.5
Depreciation and amortization expenses		(757.7	)		(677.1	)		(351.0	)
General and administrative expenses		(187.2	)		(161.7	)		(148.0	)
Goodwill impairment		(207.0	)		(290.0	)		—
Interest expense, net		(254.2	)		(231.9	)		(147.1	)
Other, net		(67.9	)		(32.1	)		0.6
Income tax (expense) benefit		100.6			(39.6	)		(68.0	)
Net income (loss)	$	(159.1	)	$	(151.4	)	$	423.0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Selected Quarterly Financial Information [Abstract]

Selected Quarterly Financial Data (Unaudited)

Note 27 — Selected Quarterly Financial Data (Unaudited)

Our results of operations by quarter for the years ended December 31, 2016 and 2015 were as follows:

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
2016
Revenues	$	1,442.4		$	1,583.6		$	1,652.3		$	2,012.6		$	6,690.9
Gross margin		431.4			438.4			429.6			468.6			1,768.0
Income from operations (1)(2)		35.5			66.3			51.6			(97.6	)		55.8
Net income (loss)		(0.7	)		(14.6	)		(3.2	)		(140.6	)		(159.1	)
Net income (loss) attributable to common shareholders		(6.5	)		(52.6	)		(39.4	)		(179.6	)		(278.1	)
Net income (loss) per common share - basic		(0.06	)		(0.33	)		(0.23	)		(1.18	)		(1.80	)
Net income (loss) per common share - diluted		(0.06	)		(0.33	)		(0.23	)		(1.18	)		(1.80	)
2015
Revenues	$	1,679.7		$	1,699.4		$	1,632.1		$	1,647.4		$	6,658.6
Gross margin		421.1			471.3			468.8			459.8			1,821.0
Income (loss) from operations (3)(4)		138.5			112.4			115.3			(206.9	)		159.3
Net income (loss)		35.9			23.8			20.8			(231.9	)		(151.4	)
Net income attributable to common shareholders		3.4			15.2			12.7			27.0			58.3
Net income per common share - basic		0.07			0.27			0.23			0.48			1.09
Net income per common share - diluted		0.07			0.27			0.23			0.48			1.09

(1)	Includes an additional goodwill impairment of $24.0 million in the first quarter of 2016. See Note 7 – Goodwill.

(2)	Includes a goodwill impairment of $183.0 million in the fourth quarter of 2016. See Note 7 – Goodwill.

(3)	Includes $32.6 million of impairment losses in the fourth quarter of 2015. See Note 6 – Property, Plant and Equipment and Intangible Assets.

(4)	Includes a provisional goodwill impairment of $290.0 million in the fourth quarter of 2015. See Note 7 – Goodwill.

- Definition

The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information.

+ References + Details

Condensed Parent Only Financial Statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Parent Only Financial Statements

Note 28— Condensed Parent Only Financial Statements

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

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

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

TARGA RESOURCES CORP.
PARENT ONLY
CONDENSED BALANCE SHEETS

	December 31,
	2016		2015

ASSETS

Investment in consolidated subsidiaries	$	5,840.2	$	1,999.4
Deferred income taxes		54.5		43.7
Debt issuance costs		6.5		8.6
Other long-term assets		-		4.5
Total assets	$	5,901.2	$	2,056.2

LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY
Accrued current liabilities	$	23.6	$	1.2
Long-term debt		429.0		593.1
Other long-term liabilities		9.2		0.5

Contingencies

Series A Preferred 9.5% Stock, net of discount		190.8		-
Targa Resources Corp. stockholders' equity		5,248.6		1,461.4
Total liabilities, Series A Preferred Stock and owners' equity	$	5,901.2	$	2,056.2

TARGA RESOURCES CORP.
PARENT ONLY
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

	Year Ended December 31,
	2016			2015			2014


Equity in net income (loss) of consolidated subsidiaries	$	(167.3	)	$	87.6		$	109.8
General and administrative expenses		(10.0	)		(8.0	)		(8.3	)
Income (loss) from operations		(177.3	)		79.6			101.5
Other income (expense):
Loss on debt extinguishment		-			(12.9	)		-
Interest expense		(20.8	)		(24.2	)		(3.2	)
Other income (expense)		-			-			-
Income (loss) before income taxes		(198.1	)		42.5			98.3
Deferred income tax (expense) benefit		10.8			15.8			4.0
Net income (loss) attributable to Targa Resources Corp.		(187.3	)		58.3			102.3
Other comprehensive income (loss)		(99.8	)		0.9			5.3
Total comprehensive income (loss)	$	(287.1	)	$	59.2		$	107.6

Dividends on Series A preferred stock		72.6			-			-
Deemed dividends		18.2			-			-
Net income (loss) attributable to common shareholders		(278.1	)		58.3			102.3
Net income (loss) attributable to Targa Resources Corp.	$	(187.3	)	$	58.3		$	102.3

TARGA RESOURCES CORP.
PARENT ONLY
CONDENSED STATEMENTS OF CASH FLOWS

		Year Ended December 31,
		2016			2015			2014

	Net cash provided by (used in) operating activities	$	125.3		$	62.6		$	(1.3	)

Cash Flow from Investing activities:
	Outlays for business acquisitions, net of cash acquired		-			(745.7	)		-
	Distribution and return of advances from consolidated subsidiaries		(921.0	)		60.8			97.3
	Net cash provided by (used in) investing activities		(921.0	)		(684.9	)		97.3

Cash Flow from Financing activities:
	Proceeds from long-term debt borrowings		612.0			914.5			92.0
	Repayments of long-term debt		(777.0	)		(424.0	)		(74.0	)
	Costs incurred in connection with financing arrangements		(41.3	)		(22.5	)		-
	Proceeds from issuance of common stock, preferred stock and warrants		1,571.4			335.5			-
	Repurchase of common stock		(3.5	)		(3.3	)		-
	Dividends paid to common and preferred shareholders		(565.9	)		(179.0	)		(113.0	)
	Excess tax benefit from stock-based awards		-			1.1			(1.0	)
	Net cash provided by (used in) financing activities		795.7			622.3			(96.0	)

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.7-05(c)(Schedule II))
-URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=68079674&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 235
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 3
-Subparagraph (SX 210.12-04)
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690

+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Consolidation Policy

Use of Estimates

Cash and Cash Equivalents

Comprehensive Income

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

Allowance for Doubtful Accounts

Inventories

Product Exchanges

Gas Processing Imbalances

Derivative Instruments

Property, Plant and Equipment

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

Goodwill

Intangible Assets

Asset Retirement Obligations

Debt Issuance Costs

Accounts Receivable Securitization Facility

Environmental Liabilities and Other Loss Contingencies

Income Taxes

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

Noncontrolling Interests

Mandatorily Redeemable Preferred Interests

Revenue Recognition

Our operating revenues are primarily derived from the following activities:

•

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

•

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

•

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

Share-Based Compensation

Earnings per Share

Recent Accounting Pronouncements

Revenue from Contracts with Customers

Consolidation

Presentation of Debt Issuance Costs

Leases

Share-Based Compensation

Measurement of Credit Losses on Financial Instruments

Cash Flow Classification

Recognition of Intra-Entity Transfers of Assets Other than Inventory

Business Combinations

Goodwill Impairment

Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of Financial Effects of TRC/TRP Merger

The following table summarizes the financial effects of the TRC/TRP Merger:

	Common shares		Additional paid-in capital			Retained earnings		Accumulated other comprehensive income (loss)			TRC's stockholders' equity			Noncontrolling interests (1)			Total owners' equity
Shares issued for the Merger	$	0.1	$	1,803.0		$	—	$	—		$	1,803.1		$	(4,119.7	)	$	(2,316.6	)
Impact of NCI acquisition on TRC owners' equity		—		2,226.7			—		89.9			2,316.6			—			2,316.6
Deferred tax adjustments		—		(831.0	)		—		(34.1	)		(865.1	)		—			(865.1	)
Transaction costs, net of tax		—		(15.0	)		—		—			(15.0	)		—			(15.0	)
Acquisition of TRP noncontrolling common interests	$	0.1	$	3,183.7		$	—	$	55.8		$	3,239.6		$	(4,119.7	)	$	(880.1	)

Reflects the February 17, 2016 book value of the publicly held interests in TRP.

The following table displays the impact of these revisions to activity reported in our Consolidated Statements of Comprehensive Income (Loss) during the year ended December 31, 2015:

		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)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Pro Forma Consolidated Results of Operations

	December 31, 2015
	Pro Forma
Revenues	$	6,947.3
Net income		(169.6	)

Consideration Transferred to Acquire ATLS and APL

The following table summarizes the consideration transferred to acquire ATLS and APL, which are viewed together as a single integrated transaction for GAAP reporting purposes:

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

- Definition

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

+ References + Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2016

Inventory Disclosure [Abstract]

Components of Inventories

	December 31, 2016		December 31, 2015
Commodities	$	126.9	$	128.3
Materials and supplies		10.8		12.7
	$	137.7	$	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)

12 Months Ended

Dec. 31, 2016

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment

	December 31, 2016			December 31, 2015			Estimated Useful Lives (In Years)
Gathering systems	$	6,626.8		$	6,304.5		5 to 20
Processing and fractionation facilities		3,390.2			2,995.2		5 to 25
Terminaling and storage facilities		1,205.0			1,115.0		5 to 25
Transportation assets		451.4			454.0		10 to 25
Other property, plant and equipment		274.2			221.1		3 to 25
Land		121.3			108.8		—
Construction in progress		449.8			736.5		—
Property, plant and equipment		12,518.7			11,935.1
Accumulated depreciation		(2,827.7	)		(2,232.4	)
Property, plant and equipment, net	$	9,691.0		$	9,702.7

Intangible assets	$	2,036.6		$	2,036.6		20
Accumulated amortization		(382.6	)		(226.5	)
Intangible assets, net	$	1,654.0		$	1,810.1

Schedule of Changes in Intangible Assets

The changes in our intangible assets are as follows:

	December 31, 2016			December 31, 2015
Beginning of period	$	1,810.1		$	591.9
Additions from acquisition		—			1,354.9
Amortization		(156.1	)		(136.7	)
Intangible assets, net	$	1,654.0		$	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

Goodwill (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

Changes in Gross Amounts of Goodwill

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

	WestTX			SouthTX			SouthOK			Total
Balance at January 1, 2015	$	—		$	—		$	—		$	—
Acquisition, February 27, 2015		364.5			160.3			182.2			707.0
Provisional impairment for 2015 annual assessment		(37.6	)		(70.2	)		(182.2	)		(290.0	)
Balance at December 31, 2015		326.9			90.1			—			417.0
Additional impairment for 2015 annual assessment		(14.4	)		(9.6	)		—			(24.0	)
Impairment for 2016 annual assessment		(137.8	)		(45.2	)		—			(183.0	)
Balance at December 31, 2016	$	174.7		$	35.3		$	—		$	210.0

Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 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
Balance at December 31, 2013	$	55.9		$	—		$	—		$	—		$	55.9
Equity earnings (loss)		18.0			—			—			—			18.0
Cash distributions (1)		(23.7	)		—			—			—			(23.7	)
Balance at December 31, 2014	$	50.2		$	—		$	—		$	—		$	50.2
Fair value of T2 Joint Ventures acquired		—			67.5			126.7			20.3			214.5
Equity earnings (loss)		13.8			(3.9	)		(9.4	)		(3.0	)		(2.5	)
Cash distributions (1)		(14.5	)		—			—			(0.5	)		(15.0	)
Cash calls for expansion projects		—			—			6.5			5.2			11.7
Balance at December 31, 2015	$	49.5		$	63.6		$	123.8		$	22.0		$	258.9
Equity earnings (loss)		4.1			(5.2	)		(9.4	)		(3.8	)		(14.3	)
Cash distributions (1)		(7.5	)		—			—			(0.7	)		(8.2	)
Cash calls for expansion projects		—			0.2			4.2			—			4.4
Balance at December 31, 2016	$	46.1		$	58.6		$	118.6		$	17.5		$	240.8

(1)

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Payables And Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

	December 31, 2016		December 31, 2015
Commodities	$	574.4	$	378.5
Other goods and services		117.0		142.9
Interest		52.3		81.0
Compensation and benefits		37.2		16.0
Income and other taxes		24.2		13.4
Preferred dividends payable		22.9		—
Other		15.5		18.6
	$	843.5	$	650.4

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2016

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

Schedule of Outstanding Debt

	December 31, 2016			December 31, 2015
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due December 2017	$	275.0		$	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		(2.2	)		(2.5	)
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due October 2020 (3)		150.0			280.0
Senior unsecured notes:
5% fixed rate, due January 2018		250.5			1,100.0
4 ⅛ % fixed rate, due November 2019		749.4			800.0
6 ⅝ % fixed rate, due October 2020		—			342.1
Unamortized premium		—			5.0
6 ⅞ % fixed rate, due February 2021		—			483.6
Unamortized discount		—			(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
5⅛ % fixed rate, due February 2025		500.0			—
5⅜ % fixed rate, due February 2027		500.0			—
TPL notes, 6 ⅝ % fixed rate, due October 2020 (4)		—			12.9
Unamortized premium		—			0.2
TPL notes, 4¾% fixed rate, due November 2021 (4)		6.5			6.5
TPL notes, 5⅞% fixed rate, due August 2023 (4)		48.1			48.1
Unamortized premium		0.5			0.5
		4,640.1			5,761.5
Debt issuance costs, net of amortization		(34.1	)		(42.7	)
Total long-term debt		4,606.0			5,718.8
Total debt obligations	$	4,881.0		$	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)		13.2			12.9
	$	13.2		$	12.9

Schedule of Contractual Maturities of Outstanding Debt Obligations

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2016, for the next five years, and in total thereafter:

	Scheduled Maturities of Debt
	Total		2017		2018		2019		2020		2021		After 2021
	(in millions)

TRC Senior secured revolving credit facility	$	275.0	$	—	$	—	$	—	$	275.0	$	—	$	—
TRC Senior secured loans		160.0		—		—		—		—		—		160.0
TRP Revolver		150.0		—		—		—		150.0		—		—
Partnership's Senior unsecured notes		4,056.8		—		250.5		749.4		—		6.5		3,050.4
Partnership's accounts receivable securitization facility		275.0		275.0		—		—		—		—		—
Total	$	4,916.8	$	275.0	$	250.5	$	749.4	$	425.0	$	6.5	$	3,210.4

The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the year ended December 31, 2016:

	Range of Interest Rates Incurred		Weighted Average Interest Rate Incurred
TRC Revolver	2.2% - 4.5%			2.3%
TRC senior secured term loan (1)		5.75%		5.75%
TRP Revolver	2.4% - 5.3%			2.8%
Partnership's accounts receivable securitization facility	1.2% - 1.8%			1.3%

(1)

The TRC senior secured term loan is a Eurodollar rate loan with an interest rate of LIBOR (with a LIBOR floor of 1%) plus an applicable rate of 4.75%.

Schedule of Redemption Prices for Issued Debt

Note Issue	Any Date Prior To	Price
4 ⅛% Notes	November 15, 2017		104.125%
6 ¾% Notes	September 15, 2018		106.750%
5 ⅛% Notes	February 1, 2020		105.125%
5 ⅜% Notes	February 1, 2022		105.375%

Note	Redemption Date	Year	Price
4 ⅛% Notes	November 15	2016		102.063	%
		2017		101.031	%
		2018 and thereafter		100	%

6 ⅜% Notes	February 1	2017		103.188	%
		2018		102.125	%
		2019		101.063	%
		2020 and thereafter		100	%

5 ¼% Notes	November 1	2017		102.625	%
		2018		101.750	%
		2019		100.875	%
		2020 and thereafter		100	%

4 ¼% Notes	May 15	2018		102.125	%
		2019		101.417	%
		2020		100.708	%
		2021 and thereafter		100	%

6 ¾% Notes	September 15	2019		103.375	%
		2020		101.688	%
		2021 and thereafter		100	%

5 ⅛% Notes	February 1	2020		103.844	%
		2021		102.563	%
		2022		101.281	%
		2023 and thereafter		100	%

5 ⅜% Notes	February 1	2022		102.688	%
		2023		101.792	%
		2024		100.896	%
		2025 and thereafter		100	%

TPL 4 ¾% Notes	May 15	2017		102.375	%
		2018		101.188	%
		2019 and thereafter		100	%

TPL 5 ⅞% Notes	February 1	2018		102.938	%
		2019		101.958	%
		2020		100.979	%
		2021 and thereafter		100	%

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

In December 2015, 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	$	16.3	$	(13.0	)	$	3.3	$	(0.1	)	$	3.2
4¼% Senior Notes		1.5		(1.2	)		0.3		—			0.3
6⅝% Senior Notes		0.1		(0.1	)		—		—			—
	$	17.9	$	(14.3	)	$	3.6	$	(0.1	)	$	3.5

During the year ended December 31, 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

Results of Tender Offers

The results of the Tender Offers, which closed in October 2016, were:

Debt Tendered	Outstanding Note Balance Prior to Tender Offers		Amount Tendered		Premium Paid		Accrued Interest Paid		Total Tender Offer Payments		Note Balance After Tender Offers
5% Senior Notes	$	733.6	$	483.1	$	16.9	$	5.4	$	505.4	$	250.5
6⅝% Senior Notes		309.9		281.7		10.5		0.3		292.5		28.2
6⅞% Senior Notes		478.6		373.5		14.4		4.6		392.5		105.1
Total	$	1,522.1	$	1,138.3	$	41.8	$	10.3	$	1,190.4	$	383.8

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

	2016			2015			2014
Premium over face value paid upon redemption:
Partnership 5% Senior Notes	$	16.9		$	—		$	—
Partnership 6⅝% Senior Notes		11.5			—			—
Partnership 6⅞% Senior Notes		18.0			—			—
Partnership 6⅝% TPL Notes		0.4			—			—
Partnership 7⅞% Senior Notes		—			—			9.9
Recognition of unamortized discount:
TRC Term Loan, variable rate		—			4.7			—
Partnership 6⅞% Senior Notes		19.5			—			—
Recognition of unamortized premium:
Partnership 6⅝% Senior Notes		(4.3	)		—			—
Partnership 6⅝% TPL Notes		(0.2	)		—			—
Loss (gain) on repurchase of debt:
Partnership 5% Senior Notes		1.8			—			—
Partnership 4⅛% Senior Notes		(6.4	)		—			—
Partnership 6⅝% Senior Notes		(2.8	)		—			—
Partnership 6⅞% Senior Notes		(0.8	)		—			—
Partnership 6⅜% Senior Notes		(2.6	)		—			—
Partnership 5¼% Senior Notes		(4.0	)		(3.3	)		—
Partnership 4¼% Senior Notes		(7.7	)		(0.3	)		—
Partnership 6¾% Senior Notes		(2.4	)		—			—
Loss from financing with Exchange Offer:
Partnership 6⅝% Senior Notes		—			0.7			—
Write-off of debt issuance costs:
TRP Revolver		0.9			—			—
TRC Term Loan, variable rate		—			8.2			—
Partnership 5% Senior Notes		4.2			—			—
Partnership 4⅛% Senior Notes		0.4			—			—
Partnership 6⅞% Senior Notes		4.9			—			—
Partnership 6⅜% Senior Notes		0.2			—			—
Partnership 5¼% Senior Notes		0.2			0.1			—
Partnership 4¼% Senior Notes		0.3			—			—
Partnership 6¾% Senior Notes		0.2			—			—
Partnership 7⅞% Senior Notes		—			—			2.5
Loss from financing activities	$	48.2		$	10.1		$	12.4

TPL Senior Notes Tender Offers [Member]

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

Results of Tender Offers

The results of the TPL Notes Tender Offers were:

Debt Tendered	Outstanding Note Balance Prior to Tender Offers		Amount Tendered		Premium Paid		Accrued Interest Paid		Total Tender Offer Payments		% Tendered			Note Balance After Tender Offers
6⅝% Senior Notes	$	500.0	$	140.1	$	2.1	$	3.7	$	145.9		28.02	%	$	359.9
4¾% Senior Notes		400.0		393.5		5.9		5.3		404.7		98.38	%		6.5
5⅞% Senior Notes		650.0		601.9		8.7		2.6		613.2		92.60	%		48.1
Total	$	1,550.0	$	1,135.5	$	16.7	$	11.6	$	1,163.8				$	414.5

- Definition

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

+ References

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

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

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

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

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

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

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

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

+ Details

Other Long-term Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Other Liabilities Noncurrent [Abstract]

Schedule of Other Long-term Liabilities

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

	December 31, 2016		December 31, 2015
Asset retirement obligations	$	64.6	$	70.4
Mandatorily redeemable preferred interests		68.5		82.9
Deferred revenue		69.8		27.7
Other liabilities		12.2		5.9
Total long-term liabilities	$	215.1	$	186.9

Changes in Aggregate Asset Retirement Obligations

The changes in our ARO are as follows:

	2016			2015
Beginning of period	$	70.4		$	57.3
Fair value of ARO acquired with APL merger		—			4.0
Change in cash flow estimate		(9.1	)		3.8
Accretion expense		4.6			5.3
Retirement of ARO		(1.3	)		—
End of period	$	64.6		$	70.4

Schedule of Changes Attributable to Mandatorily Redeemable Preferred Interests

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

	2016			2015
Beginning of period	$	82.9		$	—
Acquired mandatorily redeemable preferred interests		—			109.3
Income attributable to mandatorily redeemable preferred interests		0.8			2.8
Change in estimated redemption value included in interest expense		(15.2	)		(30.6	)
Other activity, net		—			1.4
End of period	$	68.5		$	82.9

Components of deferred revenue

The following table shows the components of deferred revenue:

	December 31, 2016		December 31, 2015
Splitter agreement	$	43.0	$	—
Gas contract amendment		19.7		21.1
Other deferred revenue		7.1		6.6
Total deferred revenue	$	69.8	$	27.7

Changes In Deferred revenue

The following table shows the changes in deferred revenue:

	2016			2015
Beginning of period	$	27.7		$	4.1
Additions		45.2			26.3
Revenue recognized		(3.1	)		(2.7	)
End of period	$	69.8		$	27.7

- Definition

Tabular disclosure of the type of arrangements and the corresponding amounts that comprise the current and noncurrent balance of deferred revenue as of the balance sheet date.

+ References + Details

Preferred Stock (Tables)

12 Months Ended

Dec. 31, 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		(24.8	)
Net Proceeds- Initial Relative Fair Value Allocation	$	969.3		$	787.1		$	135.7	$	46.5	$	—
Allocation to BCF					(614.4	)		—		—		614.4
Per balance sheet upon issuance				$	172.7		$	135.7	$	46.5	$	614.4

Common Stock and Related Matters (Tables)

12 Months Ended

Dec. 31, 2016

Class Of Stock Disclosures [Abstract]

							Shares of
	Series A Warrants			Series B Warrants			Common Stock Issued		Cash Settled
Outstanding, December 31, 2015		—			—
Issued and exercisable to common stock		13,550,004			6,533,727
Exercised		(13,482,612	)		(6,501,231	)		11,336,856	$	—
Outstanding, December 31, 2016		67,392			32,496

Exercise prices	$	18.88		$	25.11
Weighted average stock price at exercise dates		48.47			48.51

Dividends Declared and/or Paid

The following table details the dividends declared and/or paid by us to common shareholders for the years ended December 31, 2016, 2015 and 2014:

Three Months Ended	Date Paid or To Be Paid		Total Common Dividends Declared			Amount of Common Dividends Paid or To Be Paid			Accrued Dividends (1)			Dividend Declared per Share of Common Stock
												( per share amounts)
2016
December 31, 2016	February 15, 2017	$		178.3	$		176.5	$		1.8	$		0.91000
September 30, 2016	November 15, 2016			166.4			164.6			1.8			0.91000
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

2015
December 31, 2015	February 9, 2016	$		51.7	$		51.0	$		0.7	$		0.91000
September 30, 2015	November 16, 2015			51.3			51.0			0.3			0.91000
June 30, 2015	August 17, 2015			49.2			49.0			0.2			0.87500
March 31, 2015	May 18, 2015			46.6			46.4			0.2			0.83000

2014
December 31, 2014	February 17, 2015	$		32.8	$		32.6	$		0.2	$		0.77500
September 30, 2014	November 17, 2014			31.0			30.8			0.2			0.73250
June 30, 2014	August 15, 2014			29.2			29.0			0.2			0.69000
March 31, 2014	May 16, 2014			27.4			27.2			0.2			0.64750

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

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

Partnership Units and Related Matters (Tables)

12 Months Ended

Dec. 31, 2016

Partners Capital [Abstract]

Schedule of Distributions

The following details the distributions declared or paid by the Partnership during 2016, 2015 and 2014:


Three Months	Date Paid		Total			Distributions to Targa Resources
Ended	Or to Be Paid		Distributions			Corp.
2016
December 31, 2016	February 10, 2017	$		198.1	$		195.3
September 30, 2016	November 11, 2016			194.7			191.9
June 30, 2016	August 11, 2016			181.7			178.9
March 31, 2016	May 12, 2016			157.6			154.8
2015
December 31, 2015	February 9, 2016	$		200.4	$		61.4
September 30, 2015	November 13, 2015			200.4			61.4
June 30, 2015	August 14, 2015			200.4			61.4
March 31, 2015	May 15, 2015			193.9			59.0

2014
December 31, 2014	February 13, 2015	$		137.4	$		51.6
September 30, 2014	November 14, 2014			130.9			48.9
June 30, 2014	August 14, 2014			125.7			46.3
March 31, 2014	May 15, 2014			121.3			44.0

- Definition

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

+ References + Details

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

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:

	2016			2015			2014
Net income	$	(159.1	)	$	(151.4	)	$	423.0
Less: Net income attributable to noncontrolling interests		28.2			(209.7	)		320.7
Less: Dividends on preferred stock		90.8			—			—

Net income attributable to common shareholders for basic earnings per share	$	(278.1	)	$	58.3		$	102.3

Weighted average shares outstanding - basic		154.4			53.5			42.0

Net income available per common share - basic	$	(1.80	)	$	1.09		$	2.44

Weighted average shares outstanding		154.4			53.5			42.0
Dilutive effect of unvested stock awards		—			0.1			0.1
Weighted average shares outstanding - diluted		154.4			53.6			42.1

Net income available per common share - diluted	$	(1.80	)	$	1.09		$	2.43

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

	2016		2015		2014
Unvested restricted stock awards		0.6		0.1		—
Warrants to purchase common stock		5.8		—		—
Series A preferred stock (1)		36.9		—		—

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At December 31, 2016, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2017		2018		2019
Natural Gas	Swaps	MMBtu/d		133,448		84,800		45,683
Natural Gas	Basis Swaps	MMBtu/d		72,219		-		-
Natural Gas	Options	MMBtu/d		22,900		9,486		-
NGL	Swaps	Bbl/d		9,635		4,688		3,369
NGL	Futures	Bbl/d		6,118		959		-
NGL	Options	Bbl/d		1,468		1,676		-
Condensate	Swaps	Bbl/d		2,270		1,770		643
Condensate	Options	Bbl/d		1,380		691		590

Fair Values of Derivative Instruments

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

		Fair Value as of December 31, 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	$	16.7	$	48.6	$	92.1	$	2.1
	Long-term		5.1		26.1		34.9		2.4
Total derivatives designated as hedging instruments		$	21.8	$	74.7	$	127.0	$	4.5
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	0.1	$	0.5	$	0.1	$	3.1
Total derivatives not designated as hedging instruments		$	0.1	$	0.5	$	0.1	$	3.1
Total current position		$	16.8	$	49.1	$	92.2	$	5.2
Total long-term position			5.1		26.1		34.9		2.4
Total derivatives		$	21.9	$	75.2	$	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
December 31, 2016		Asset		Liability			Collateral		Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	16.8	$	(46.1	)	$	7.0	$	5.7	$	(28.0	)
	Counterparties without offsetting positions - assets		-		-			-		-		-
	Counterparties without offsetting positions - liabilities		-		(3.0	)		-		-		(3.0	)
			16.8		(49.1	)		7.0		5.7		(31.0	)
Long Term Position
	Counterparties with offsetting positions or collateral		5.1		(18.7	)		-		-		(13.6	)
	Counterparties without offsetting positions - assets		-		-			-		-		-
	Counterparties without offsetting positions - liabilities		-		(7.4	)		-		-		(7.4	)
			5.1		(26.1	)				-		(21.0	)
Total Derivatives
	Counterparties with offsetting positions or collateral		21.9		(64.8	)		7.0		5.7		(41.6	)
	Counterparties without offsetting positions - assets		-		-			-		-		-
	Counterparties without offsetting positions - liabilities		-		(10.4	)		-		-		(10.4	)
		$	21.9	$	(75.2	)	$	7.0	$	5.7	$	(52.0	)

		Gross Presentation							Pro forma net presentation
December 31, 2015		Asset		Liability			Collateral		Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	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 or collateral		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 or collateral		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:

Derivatives in Cash Flow	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Hedging Relationships	2016			2015		2014
Commodity contracts	$	(103.6	)	$	112.7	$	59.7

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
Location of Gain (Loss)	2016			2015		2014
Interest expense, net	$	—		$	—	$	(2.4	)
Revenues		45.0			86.3		(4.2	)
	$	45.0		$	86.3	$	(6.6	)

Gain (Loss) Recognized in Income on Derivatives

The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices.

Derivatives Not Designated	Location of Gain Recognized in	Gain (Loss) Recognized in Income on Derivatives
as Hedging Instruments	Income on Derivatives	2016		2015			2014
Commodity contracts	Revenue	$	0.9	$	(5.7	)	$	(5.5	)

- 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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-Name Accounting Standards Codification
-Topic 235
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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)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

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

	December 31, 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)	$	21.0	$	21.0	$	—	$	19.6	$	1.4
Liabilities from commodity derivative contracts (1)		74.2		74.2		—		69.3		4.9
TPL contingent consideration (2)		2.6		2.6		—		—		2.6
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		73.5		73.5		—		—		—
TRC Revolver		275.0		275.0		—		275.0		—
TRC term loan		157.8		158.4		—		158.4		—
TRP Revolver		150.0		150.0		—		150.0		—
Partnership's Senior unsecured notes		4,057.3		4,101.6		—		4,101.6		—
Partnership's accounts receivable securitization facility		275.0		275.0		—		275.0		—

	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 Revolver		440.0		440.0		—		440.0		—
TRC term loan		157.5		158.3		—		158.3		—
TRP Revolver		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			Contingent
		Asset/(Liability)			Liability

Balance, December 31, 2015		$	3.7		$	(3.0	)
	Change in fair value of TPL contingent consideration		-			0.4
	New Level 3 instruments		0.9			-
	Settlements included in Revenue		0.2			-
	Unrealized gain/(loss) included in OCI		(8.4	)		-
Balance, December 31, 2016		$	(3.6	)	$	(2.6	)

- 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

Commitments (Leases) (Tables)

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Future Lease Obligations for Next Five Fiscal Years

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

	In Aggregate		2017		2018		2019		2020		2021
Operating leases (1)	$	37.9	$	15.4	$	10.8	$	5.7	$	3.8	$	2.2
Land site lease and right-of-way (2)		14.2		3.2		2.8		2.8		2.7		2.7
	$	52.1	$	18.6	$	13.6	$	8.5	$	6.5	$	4.9

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

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

Total Expenses Incurred under Lease Obligations Including Short Term Leases of Compressors and Equipment

Total expenses incurred under the above lease obligations, including short-term leases of compressors and equipment, were:

	2016		2015		2014
Operating leases (1)	$	48.9	$	46.0	$	27.7
Land site lease and right-of-way		4.4		4.2		4.1
	$	53.3	$	50.2	$	31.8

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

Other Operating (Income) Expense (Tables)

12 Months Ended

Dec. 31, 2016

Other Income And Expenses [Abstract]

Other Operating (Income) Expense

Other Operating (Income) Expense is comprised of the following:

	2016		2015			2014
(Gain) loss on sale or disposal of assets	$	6.1	$	(8.0	)	$	(4.8	)
Casualty (gain) loss		-		(0.2	)		0.1
Miscellaneous business tax		0.5		0.5			0.4
Other		-		0.6			1.3
	$	6.6	$	(7.1	)	$	(3.0	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Federal and State Income Tax Provisions

Components of the federal and state income tax provisions for the periods indicated are as follows:

	2016			2015		2014
Current expense (benefit)	$	(62.8	)	$	15.0	$	72.4
Deferred expense (benefit)		(37.8	)		24.6		(4.4	)
Total income tax expense (benefit)	$	(100.6	)	$	39.6	$	68.0

Deferred Tax Assets and Liabilities

Our deferred income tax assets and liabilities at December 31, 2016 and 2015 consist of differences related to the timing of recognition of certain types of costs as follows:

	2016			2015
Deferred tax assets:
Net operating loss		101.2			19.8
Tax credits		3.9			-
Other		3.5			3.5
Deferred tax assets before valuation allowance	$	108.6		$	23.3
Valuation allowance		(3.5	)		(3.5	)
Deferred tax assets		105.1			19.8
Deferred tax liabilities:
Investments (1)		(1,002.6	)		(114.3	)
Property, plant, and equipment		(25.3	)		(61.5	)
Debt-related		(6.1	)		(10.0	)
Other		(12.3	)		(11.8	)
Deferred tax liabilities		(1,046.3	)		(197.6	)
Net deferred tax asset (liability)	$	(941.2	)		(177.8	)

Net deferred tax liability
Federal	$	(833.2	)	$	(144.5	)
Foreign		0.6			0.6
State		(108.6	)		(33.9	)
	$	(941.2	)	$	(177.8	)

Balance sheet classification of deferred tax assets (liabilities)
Long-term liability	$	(941.2	)	$	(177.8	)

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

Reconciliation of Income Tax Provision (Benefit)

Income tax reconciliation:	2016			2015			2014
Income (loss) before income taxes	$	(259.7	)	$	(111.8	)	$	491.0
Less: Net income attributable to noncontrolling interest		(28.2	)		209.7			(320.7	)
Less: TPL Arkoma, Inc. income to TRC		0.8			0.5			-
Less: Income taxes included in noncontrolling interest		-			(0.6	)		(4.2	)
Income attributable to TRC (excluding TPL Arkoma, Inc.) before income taxes		(287.1	)		97.8			166.1
Income from TPL Arkoma, Inc.		(0.8	)		(7.6	)		-
Income attributable to TRC and TPL Arkoma, Inc. before income taxes		(287.9	)		90.2			166.1
Federal statutory income tax rate		35	%		35	%		35	%
Provision for federal income taxes		(100.8	)		31.6			58.1
State income taxes, net of federal tax benefit		(6.1	)		3.5			6.7
Amortization of deferred charge on 2010 transactions		4.7			4.7			4.7
Other, net		1.6			(0.2	)		(1.5	)
Income tax provision	$	(100.6	)	$	39.6		$	68.0

- Definition

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

+ References + Details

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2016

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

	2016			2015		2014
Cash:
Interest paid, net of capitalized interest (1)	$	282.0		$	214.1	$	133.8
Income taxes paid, net of refunds		(10.6	)		12.6		73.4
Non-cash investing activities:
Deadstock commodity inventory transferred to property, plant and equipment	$	17.4		$	1.2		14.8
Impact of capital expenditure accruals on property, plant and equipment		27.6			43.8		19.0
Transfers from materials and supplies inventory to property, plant and equipment		2.4			3.7		4.6
Change in ARO liability and property, plant and equipment due to revised cash flow estimate		(9.1	)		3.8		2.1
Deferred revenue related to property, plant and equipment received under contract amendment		—			22.6		—
Non-cash financing activities:
Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements	$	8.7		$	1.6		0.6
Debt additions and retirements related to exchange of TRP 6 ⅝ % Notes for 6⅝% TPL Notes		—			342.1		—
Change of accrued distributions of preferred units					0.9		—
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		18.2			—		—
Transfer within additional paid-in capital for exercise of Warrants		181.5			—		—
Non-cash balance sheet movements related to the TRC/TRP Merger (see Note 2 - Basis of Presentation):
Prepaid transaction costs reclassified in the additional paid-in capital	$	4.5		$	—		—
Issuance of common stock		0.1			—
Additional paid-in capital		3,207.5			—		—
Accumulated other comprehensive income		55.8			—
Noncontrolling interests		(4,119.7	)		—		—
Deferred tax liability		856.3			—		—
Non-cash balance sheet movements related to the purchase of noncontrolling interests in subsidiary (see Note 4 - Business Acquisitions) :
Additional paid-in capital		65.0			—		—
Noncontrolling interests		(65.0	)		—		—
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 $8.3 million, $13.2 million and $16.1 million for 2016, 2015 and 2014.

Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

Restricted Stock [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Awards

The following table summarizes the restricted stock units for the year ended 2016 under the Plan:


	Restricted Stock Units
	Number			Weighted-average
	of shares			Grant-Date Fair Value
Outstanding as of December 31, 2015		-		$	-
Converted		635,467			73.68
Granted		331,282			74.01
Forfeited		(20,485	)		26.38
Vested		(245,862	)		62.23
Outstanding as of December 31, 2016		700,402			51.52

Cash-Settled Performance Units [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Units

The following table summarizes the cash-settled restricted stock units for the year ended 2016 under the TRC LTIP (in shares and millions of dollars).

	Program Year
	2013 Awards				2014 Awards				2015 Awards				Total
Outstanding as of December 31, 2015		139,700				119,900				192,390				451,990
After conversion on February 17, 2016		86,538				74,248				119,178				279,964
Vested and paid		(85,492	)											(85,492	)
Forfeited		(1,046	)			(1,269	)			(2,862	)			(5,177	)
Outstanding as of December 31, 2016		—				72,979				116,316				189,295

Calculated fair market value as of December 31, 2016				$		4,992,974		$		7,355,790		$		12,348,763

Current liability				$		4,143,373		$		-		$		4,143,373
Long-term liability						-				3,565,135				3,565,135
Liability as of December 31, 2016				$		4,143,373		$		3,565,135		$		7,708,508

To be recognized in future periods				$		849,601		$		3,790,655		$		4,640,255

Vesting date					June 2017				June 2018

Restricted Stock Units (RSUs) [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Awards

The following table summarizes the restricted stock and RSUs under the 2010 TRC Plan in shares and in dollars for the year indicated.

	Number			Weighted Average
	of shares			Grant-Date Fair Value

Outstanding at December 31, 2015		313,362			85.70
Granted		1,186,206			28.00
Forfeited		(14,989	)		75.17
Vested		(116,329	)		58.55
Outstanding at December 31, 2016		1,368,250		$	38.10

Segment Information (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information is shown in the following tables:

	Year Ended December 31, 2016
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	621.9	$	4,942.0	$	62.9	$	—		$	5,626.8
Fees from midstream services		486.6		577.5		—		—			1,064.1
		1,108.5		5,519.5		62.9		—			6,690.9
Intersegment revenues
Sales of commodities		2,124.4		251.5		—		(2,375.9	)		—
Fees from midstream services		7.8		23.5		—		(31.3	)		—
		2,132.2		275.0		—		(2,407.2	)		—
Revenues	$	3,240.7	$	5,794.5	$	62.9	$	(2,407.2	)	$	6,690.9
Operating margin	$	577.1	$	574.4	$	62.9	$	(0.1	)	$	1,214.3
Other financial information:
Total assets (1)	$	9,800.6	$	2,868.7	$	21.8	$	180.1		$	12,871.2
Goodwill	$	210.0	$	—	$	—	$	—		$	210.0
Capital expenditures	$	402.5	$	185.3	$	—	$	4.3		$	592.1

(1)	Corporate assets at the segment level primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

	Year Ended December 31, 2015
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	1,485.4	$	3,895.8	$	84.2	$	—		$	5,465.4
Fees from midstream services		427.1		766.1		—		—			1,193.2
		1,912.5		4,661.9		84.2		—			6,658.6
Intersegment revenues
Sales of commodities		1,126.3		208.9		—		(1,335.2	)		—
Fees from midstream services		8.7		17.8		—		(26.5	)		—
		1,135.0		226.7		—		(1,361.7	)		—
Revenues	$	3,047.5	$	4,888.6	$	84.2	$	(1,361.7	)	$	6,658.6
Operating margin	$	515.1	$	681.7	$	84.2	$	—		$	1,281.0
Other financial information:
Total assets (1)	$	10,391.9	$	2,567.1	$	127.1	$	124.9		$	13,211.0
Goodwill	$	417.0	$	—	$	—	$	—		$	417.0
Capital expenditures	$	496.3	$	272.0	$	—	$	8.9		$	777.2
Business acquisition	$	5,024.2	$	—	$	—	$	—		$	5,024.2

(1)	Corporate assets at the segment level primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

	Year Ended December 31, 2014
	Gathering and Processing		Logistics and Marketing		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	552.4	$	7,050.8	$	(8.0	)	$	—		$	7,595.2
Fees from midstream services		224.7		796.6		—			—			1,021.3
		777.1		7,847.4		(8.0	)		—			8,616.5
Intersegment revenues
Sales of commodities		2,068.8		339.3		—			(2,408.1	)		—
Fees from midstream services		5.2		28.5		—			(33.7	)		—
		2,074.0		367.8		—			(2,441.8	)		—
Revenues	$	2,851.1	$	8,215.2	$	(8.0	)	$	(2,441.8	)	$	8,616.5
Operating margin	$	449.9	$	694.7	$	(8.0	)	$	(0.1	)	$	1,136.5
Other financial information:
Total assets (1)	$	3,776.2	$	2,476.1	$	60.2		$	111.0		$	6,423.5
Capital expenditures	$	437.1	$	304.6	$	—		$	6.1		$	747.8

(1)	Corporate assets at the segment level primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Revenues by Product and Service

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

	2016		2015		2014
Sales of commodities:
Natural gas	$	1,584.5	$	1,578.6	$	1,414.1
NGL		3,777.3		3,558.3		5,960.1
Condensate		133.9		142.4		134.3
Petroleum products		68.2		101.6		96.3
Derivative activities		62.9		84.5		(9.6	)
		5,626.8		5,465.4		7,595.2
Fees from midstream services:
Fractionating and treating		126.2		209.0		208.9
Storage, terminaling, transportation and export		420.0		506.2		548.1
Gathering and processing		445.0		393.7		196.9
Other		72.9		84.3		67.4
		1,064.1		1,193.2		1,021.3
Total revenues	$	6,690.9	$	6,658.6	$	8,616.5

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:

	2016			2015			2014
Reconciliation of operating margin to net income (loss):
Operating margin	$	1,214.3		$	1,281.0		$	1,136.5
Depreciation and amortization expenses		(757.7	)		(677.1	)		(351.0	)
General and administrative expenses		(187.2	)		(161.7	)		(148.0	)
Goodwill impairment		(207.0	)		(290.0	)		—
Interest expense, net		(254.2	)		(231.9	)		(147.1	)
Other, net		(67.9	)		(32.1	)		0.6
Income tax (expense) benefit		100.6			(39.6	)		(68.0	)
Net income (loss)	$	(159.1	)	$	(151.4	)	$	423.0

- 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

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Selected Quarterly Financial Information [Abstract]

Results of Operations by Quarter

Our results of operations by quarter for the years ended December 31, 2016 and 2015 were as follows:

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
2016
Revenues	$	1,442.4		$	1,583.6		$	1,652.3		$	2,012.6		$	6,690.9
Gross margin		431.4			438.4			429.6			468.6			1,768.0
Income from operations (1)(2)		35.5			66.3			51.6			(97.6	)		55.8
Net income (loss)		(0.7	)		(14.6	)		(3.2	)		(140.6	)		(159.1	)
Net income (loss) attributable to common shareholders		(6.5	)		(52.6	)		(39.4	)		(179.6	)		(278.1	)
Net income (loss) per common share - basic		(0.06	)		(0.33	)		(0.23	)		(1.18	)		(1.80	)
Net income (loss) per common share - diluted		(0.06	)		(0.33	)		(0.23	)		(1.18	)		(1.80	)
2015
Revenues	$	1,679.7		$	1,699.4		$	1,632.1		$	1,647.4		$	6,658.6
Gross margin		421.1			471.3			468.8			459.8			1,821.0
Income (loss) from operations (3)(4)		138.5			112.4			115.3			(206.9	)		159.3
Net income (loss)		35.9			23.8			20.8			(231.9	)		(151.4	)
Net income attributable to common shareholders		3.4			15.2			12.7			27.0			58.3
Net income per common share - basic		0.07			0.27			0.23			0.48			1.09
Net income per common share - diluted		0.07			0.27			0.23			0.48			1.09

(1)	Includes an additional goodwill impairment of $24.0 million in the first quarter of 2016. See Note 7 – Goodwill.

(2)	Includes a goodwill impairment of $183.0 million in the fourth quarter of 2016. See Note 7 – Goodwill.

(3)	Includes $32.6 million of impairment losses in the fourth quarter of 2015. See Note 6 – Property, Plant and Equipment and Intangible Assets.

(4)	Includes a provisional goodwill impairment of $290.0 million in the fourth quarter of 2015. See Note 7 – Goodwill.

Condensed Parent Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2016

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements

The condensed financial statements should be read in conjunction with Targa’s consolidated financial statements, which begin on page F-1 in this Annual Report.

TARGA RESOURCES CORP.
PARENT ONLY
CONDENSED BALANCE SHEETS

	December 31,
	2016		2015

ASSETS

Investment in consolidated subsidiaries	$	5,840.2	$	1,999.4
Deferred income taxes		54.5		43.7
Debt issuance costs		6.5		8.6
Other long-term assets		-		4.5
Total assets	$	5,901.2	$	2,056.2

LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY
Accrued current liabilities	$	23.6	$	1.2
Long-term debt		429.0		593.1
Other long-term liabilities		9.2		0.5

Contingencies

Series A Preferred 9.5% Stock, net of discount		190.8		-
Targa Resources Corp. stockholders' equity		5,248.6		1,461.4
Total liabilities, Series A Preferred Stock and owners' equity	$	5,901.2	$	2,056.2

TARGA RESOURCES CORP.
PARENT ONLY
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

	Year Ended December 31,
	2016			2015			2014


Equity in net income (loss) of consolidated subsidiaries	$	(167.3	)	$	87.6		$	109.8
General and administrative expenses		(10.0	)		(8.0	)		(8.3	)
Income (loss) from operations		(177.3	)		79.6			101.5
Other income (expense):
Loss on debt extinguishment		-			(12.9	)		-
Interest expense		(20.8	)		(24.2	)		(3.2	)
Other income (expense)		-			-			-
Income (loss) before income taxes		(198.1	)		42.5			98.3
Deferred income tax (expense) benefit		10.8			15.8			4.0
Net income (loss) attributable to Targa Resources Corp.		(187.3	)		58.3			102.3
Other comprehensive income (loss)		(99.8	)		0.9			5.3
Total comprehensive income (loss)	$	(287.1	)	$	59.2		$	107.6

Dividends on Series A preferred stock		72.6			-			-
Deemed dividends		18.2			-			-
Net income (loss) attributable to common shareholders		(278.1	)		58.3			102.3
Net income (loss) attributable to Targa Resources Corp.	$	(187.3	)	$	58.3		$	102.3

TARGA RESOURCES CORP.
PARENT ONLY
CONDENSED STATEMENTS OF CASH FLOWS

		Year Ended December 31,
		2016			2015			2014

	Net cash provided by (used in) operating activities	$	125.3		$	62.6		$	(1.3	)

Cash Flow from Investing activities:
	Outlays for business acquisitions, net of cash acquired		-			(745.7	)		-
	Distribution and return of advances from consolidated subsidiaries		(921.0	)		60.8			97.3
	Net cash provided by (used in) investing activities		(921.0	)		(684.9	)		97.3

Cash Flow from Financing activities:
	Proceeds from long-term debt borrowings		612.0			914.5			92.0
	Repayments of long-term debt		(777.0	)		(424.0	)		(74.0	)
	Costs incurred in connection with financing arrangements		(41.3	)		(22.5	)		-
	Proceeds from issuance of common stock, preferred stock and warrants		1,571.4			335.5			-
	Repurchase of common stock		(3.5	)		(3.3	)		-
	Dividends paid to common and preferred shareholders		(565.9	)		(179.0	)		(113.0	)
	Excess tax benefit from stock-based awards		-			1.1			(1.0	)
	Net cash provided by (used in) financing activities		795.7			622.3			(96.0	)

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

Basis of Presentation - Additional Information (Details)		12 Months Ended
	Feb. 17, 2016 shares	Dec. 31, 2016 shares	Dec. 31, 2015 shares	Dec. 31, 2014	Dec. 02, 2016 shares	Oct. 31, 2016
Business Acquisition [Line Items]
Ownership interest in Partnership by general partner		2.00%	2.00%	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
Issuance of common units (in units)		58,621,036	7,377,380
General Partner unit in exchange for the elimination of the IDRs and Special GP Interest		1,196,346
Remaining percentage of membership interest acquired						37.00%
IDRs [Member] \| Common Units [Member]
Business Acquisition [Line Items]
Issuance of common units (in units)					20,380,286
IDRs [Member] \| General Partner Units [Member]
Business Acquisition [Line Items]
General Partner unit in exchange for the elimination of the IDRs and Special GP Interest					424,590
Special GP Interest [Member] \| Common Units [Member]
Business Acquisition [Line Items]
Issuance of common units (in units)					11,267,485
Special GP Interest [Member] \| General Partner Units [Member]
Business Acquisition [Line Items]
General Partner unit in exchange for the elimination of the IDRs and Special GP Interest					234,739
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

Summary of Financial Effects of TRC/TRP Merger (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

$ (2,316.6)

$ 1,013.7

2,316.6

(865.1)

Transaction costs, net of tax

(15.0)

(880.1)

Common Stock [Member]

0.1

0.1

Additional Paid-in Capital [Member]

1,803.0

1,013.6

2,226.7

(831.0)

Transaction costs, net of tax

(15.0)

3,183.7

Retained Earnings (Accumulated Deficit) [Member]

0.0

Accumulated Other Comprehensive Income (Loss) [Member]

0.0

89.9

(34.1)

55.8

TRC's Stockholders' Equity [Member]

1,803.1

2,316.6

(865.1)

Transaction costs, net of tax

(15.0)

3,239.6

Noncontrolling Interests [Member]

(4,119.7)

^[1]

$ 0.0

^[1]

$ (4,119.7)

[1]	Reflects the February 17, 2016 book value of the publicly held interests in TRP.

Impact of Revisions to Activity Reported in Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commodity hedging contracts:
Other comprehensive income (loss), related income tax	$ 61.3	$ (0.6)	$ (3.1)
Commodity hedging contracts:
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax	(87.3)	25.8	63.2
Other comprehensive income (loss), pre-tax	(148.6)	26.4	66.3
Noncontrolling Interests [Member]
Commodity hedging contracts:
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax	12.5	24.9	57.9
Other comprehensive income (loss), pre-tax		24.9
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, related income tax		(4.2)
Settlements reclassified to revenues, related income tax	12.8	3.6	(0.1)
Commodity hedging contracts:
Change in fair value, after tax		108.5
Settlements reclassified to revenues, after tax	(32.2)	(82.7)	4.1
Change in fair value, pre-tax		112.7
Settlements reclassified to revenues, pre-tax	$ (45.0)	(86.3)	$ 4.2
Commodity Contracts [Member] \| Noncontrolling Interests [Member]
Commodity hedging contracts:
Change in fair value, after tax		101.7
Settlements reclassified to revenues, after tax		(76.8)
Change in fair value, pre-tax		101.7
Settlements reclassified to revenues, pre-tax		(76.8)
Targa Resources Corp. [Member]
Commodity hedging contracts:
Other comprehensive income (loss), related income tax		(0.6)
Commodity hedging contracts:
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax		0.9
Other comprehensive income (loss), pre-tax		1.5
Targa Resources Corp. [Member] \| Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, related income tax		(4.2)
Settlements reclassified to revenues, related income tax		3.6
Commodity hedging contracts:
Change in fair value, after tax		6.8
Settlements reclassified to revenues, after tax		(5.9)
Change in fair value, pre-tax		11.0
Settlements reclassified to revenues, pre-tax		(9.5)
Scenario, Previously Reported [Member]
Commodity hedging contracts:
Other comprehensive income (loss), related income tax		(0.6)
Commodity hedging contracts:
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax		25.8
Other comprehensive income (loss), pre-tax		26.4
Scenario, Previously Reported [Member] \| Noncontrolling Interests [Member]
Commodity hedging contracts:
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax		24.9
Other comprehensive income (loss), pre-tax		24.9
Scenario, Previously Reported [Member] \| Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, related income tax		(2.8)
Settlements reclassified to revenues, related income tax		2.2
Commodity hedging contracts:
Change in fair value, after tax		78.4
Settlements reclassified to revenues, after tax		(52.6)
Change in fair value, pre-tax		81.2
Settlements reclassified to revenues, pre-tax		(54.8)
Scenario, Previously Reported [Member] \| Commodity Contracts [Member] \| Noncontrolling Interests [Member]
Commodity hedging contracts:
Change in fair value, after tax		73.8
Settlements reclassified to revenues, after tax		(48.9)
Change in fair value, pre-tax		73.8
Settlements reclassified to revenues, pre-tax		(48.9)
Scenario, Previously Reported [Member] \| Targa Resources Corp. [Member]
Commodity hedging contracts:
Other comprehensive income (loss), related income tax		(0.6)
Commodity hedging contracts:
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax		0.9
Other comprehensive income (loss), pre-tax		1.5
Scenario, Previously Reported [Member] \| Targa Resources Corp. [Member] \| Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, related income tax		(2.8)
Settlements reclassified to revenues, related income tax		2.2
Commodity hedging contracts:
Change in fair value, after tax		4.6
Settlements reclassified to revenues, after tax		(3.7)
Change in fair value, pre-tax		7.4
Settlements reclassified to revenues, pre-tax		$ (5.9)

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

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

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

Unamortized debt issuance costs

^[1]

$ 34.1

$ 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

Revolving Credit Facility [Member]

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

Debt issuance costs

$ 21.6

$ 14.5

[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.

- Definition

Amount, after accumulated amortization, of debt issuance costs classified as noncurrent. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.

+ References + Details

Business Acquisitions - Additional Information (Details)		1 Months Ended		3 Months Ended				10 Months Ended	12 Months Ended
	Feb. 27, 2015 USD ($) $ / shares shares	Mar. 31, 2015 USD ($)	Feb. 28, 2015 USD ($) shares	Dec. 31, 2015 USD ($) $ / shares	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($) $ / shares	Dec. 31, 2016 USD ($) MMcf / d mi $ / shares	Dec. 31, 2015 USD ($) $ / shares	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Closing market price of common share (in dollars per share) \| $ / shares	$ 99.58
Amount contributed to maintain general partner ownership percentage										$ 6,500,000	$ 8,400,000
Percentage of general partner's interest maintained									2.00%	2.00%	2.00%
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001				$ 0.001	$ 0.001	$ 0.001
Acquisition-related expenses								$ 27,300,000	$ 27,300,000
Revenues from acquired business								1,459,300,000
Net income (loss) from acquired business								$ (30,100,000)
Targa Pipeline Partners LP [Member]
Business Acquisition [Line Items]
Processing capacity \| MMcf / d									2,053
Length of additional pipelines \| mi									12,220
Targa Resources Partners LP [Member]
Business Acquisition [Line Items]
Purchase consideration									$ 7,300,000,000
Acquired debt and all other assumed liabilities included in purchase consideration									1,800,000,000
Atlas Energy [Member]
Business Acquisition [Line Items]
Percentage of interest in common units	100.00%
Purchase consideration	$ 1,600,000,000
Distribution of common units/shares for each common unit (in shares) \| shares	0.1809
Cash payment (in dollars per common unit) \| $ / shares	$ 9.12
Cash payments related to acquisition	$ 514,700,000
Total distribution of common shares (in shares) \| shares	10,126,532
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			3,363,935
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]
Reduction in incentive distribution				$ 9,375,000	$ 9,375,000	$ 9,375,000	$ 9,375,000
Amount contributed to maintain general partner ownership percentage		$ 52,400,000	$ 52,400,000
Percentage of general partner's interest maintained		2.00%	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									$ 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] \| Common Units [Member]
Business Acquisition [Line Items]
Total distribution of common shares (in shares) \| shares			58,614,157
Atlas Pipeline Partners [Member] \| Targa Resources Partners LP [Member] \| Class E Preferred Units [Member]
Business Acquisition [Line Items]
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	12 Months Ended
	Dec. 31, 2015 USD ($)
Pro forma consolidated results of operations [Abstract]
Revenues	$ 6,947.3
Net income	$ (169.6)

Business Acquisitions - Pro Forma Impact of Atlas Mergers on Consolidated Statement of Operations (Parenthetical) (Details) - USD ($) $ in Millions	10 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Pro forma consolidated results of operations [Abstract]
Acquisition-related expenses	$ 27.3	$ 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

12 Months Ended

Feb. 27, 2015

Dec. 31, 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	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 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	$ 210.0	$ 393.0	$ 417.0	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	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Feb. 27, 2015	Dec. 31, 2014
Measurement-period adjustments to preliminary acquisition date fair values [Abstract]
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
Goodwill	$ 210.0	$ 393.0	$ 417.0	$ 707.0	$ 0.0
Amortizable period of goodwill for tax purposes	15 years

- Definition

Fair value portion of amount due from customers or clients for goods or services, including trade receivables, that have been delivered or sold in the normal course of business, and amounts due from others, including related parties.

+ References

+ Details

- 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

Business Acquisitions - Additional Information Mandatorily Redeemable Preferred Interests (Details) $ in Millions	Dec. 31, 2016 USD ($) JointVenture	Dec. 31, 2015 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Other long-term liabilities	$ 215.1	$ 186.9
Mandatorily Redeemable Noncontrolling Interests [Member]
Redeemable Noncontrolling Interest [Line Items]
Other long-term liabilities	$ 109.3
Number of joint ventures \| JointVenture	2

Business Acquisitions - Additional Information Contingent Consideration, Replacement Restricted Stock Units and Replacement Phantom Units (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) shares
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) \| 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) \| shares	1
Dividend payment period	60 days
Replacement Phantom Units [Member] \| Vesting Term One [Member]
Business Acquisition [Line Items]
Vesting percentage original term	25.00%
Vesting period of original term	4 years
Replacement Phantom Units [Member] \| Vesting Term Two [Member]
Business Acquisition [Line Items]
Vesting percentage original term	33.00%
Vesting period of original term	3 years
Atlas Pipeline Partners [Member]
Business Acquisition [Line Items]
Contingent consideration additional amount \| $	$ 6.0
Contingent liability acquisition date fair value \| $	$ 4.2

Business Acquisitions - Additional Information Subsequent Event (Details)			12 Months Ended
	Jan. 26, 2017 USD ($) $ / shares shares	Jan. 22, 2017 USD ($) a MMcf bbl	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Oct. 31, 2016
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired					37.00%
Proceeds from issuance of common stock			$ 577,300,000	$ 336,800,000
Subsequent Event [Member]
Business Acquisition [Line Items]
Public offering of common shares (including underwriters’ overallotment option) \| shares	9,200,000
Shares issued price \| $ / shares	$ 57.65
Proceeds from issuance of common stock	$ 524,100,000
Outrigger Permian Acquisition [Member] \| Subsequent Event [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Cash payments related to acquisition		$ 475,000,000
Acquired debt and all other assumed liabilities included in purchase consideration		90,000,000
Initial purchase price	$ 565,000,000
Outrigger Permian Acquisition [Member] \| Subsequent Event [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Additional cash paid in potential earn-out payment		$ 935,000,000
Outrigger Delaware [Member] \| Subsequent Event [Member] \| Gathering Systems [Member]
Business Acquisition [Line Items]
Oil and gas contracts average weighted contract life		14 years
Gas processing capacity \| MMcf		70
Crude gathering capacity \| bbl		40,000
Outrigger Delaware [Member] \| Subsequent Event [Member] \| Minimum [Member] \| Gathering Systems [Member]
Business Acquisition [Line Items]
Area of gas gathering and processing and crude gathering systems \| a		145,000
Outrigger Midland [Member] \| Subsequent Event [Member] \| Gathering Systems [Member]
Business Acquisition [Line Items]
Oil and gas contracts average weighted contract life		13 years
Gas processing capacity \| MMcf		10
Crude gathering capacity \| bbl		40,000
Outrigger Midland [Member] \| Subsequent Event [Member] \| Minimum [Member] \| Gathering Systems [Member]
Business Acquisition [Line Items]
Area of gas gathering and processing and crude gathering systems \| a		105,000

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Commodities	$ 126.9	$ 128.3
Materials and supplies	10.8	12.7
Inventories, net	$ 137.7	$ 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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 12,518.7	$ 11,935.1
Accumulated depreciation	(2,827.7)	(2,232.4)
Property, plant and equipment, net	9,691.0	9,702.7
Intangible assets	2,036.6	2,036.6
Accumulated amortization	(382.6)	(226.5)
Intangible assets, net	$ 1,654.0	1,810.1	$ 591.9
Estimated useful lives	20 years
Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 6,626.8	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	$ 3,390.2	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	$ 1,205.0	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	$ 451.4	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	$ 274.2	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	$ 121.3	108.8
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 449.8	$ 736.5

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation expenses for property, plant and equipment		$ 601.5	$ 540.4	$ 289.5
Non-cash pre-tax impairment charges	$ 32.6		32.6	3.2
Additions from acquisition			1,354.9
Estimated useful lives		20 years
Estimated amortization expense for intangible assets [Abstract]
Amortization		$ 156.1	136.7	$ 61.5
2017		149.4
2018		135.7
2019		124.7
2020		112.5
2021		$ 102.6
Weighted average amortization period, intangible assets		17 years 7 months 6 days
Atlas Energy [Member]
Property, Plant and Equipment [Line Items]
Additions from acquisition			$ 1,354.9
Estimated useful lives			20 years
Badlands [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives			20 years

Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite Lived Intangible Assets Roll Forward
Beginning of period	$ 1,810.1	$ 591.9
Additions from acquisition		1,354.9
Amortization	(156.1)	(136.7)	$ (61.5)
Intangible assets, net	$ 1,654.0	$ 1,810.1	$ 591.9

- 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

Goodwill - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 27, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 210.0	$ 393.0	$ 417.0	$ 210.0	$ 417.0	$ 0.0	$ 707.0
Goodwill impairment	$ 183.0	$ 24.0	$ 290.0	$ 207.0	$ 290.0	$ 0.0

- Definition

+ 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

Goodwill - Changes in Gross Amounts of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill [Roll Forward]
Beginning balance		$ 417.0		$ 417.0	$ 0.0
Acquisition, February 27, 2015					707.0
Provisional impairment	$ (183.0)	(24.0)	$ (290.0)	(207.0)	(290.0)	$ 0.0
Ending balance	210.0	393.0	417.0	210.0	417.0	0.0
West Texas LPG Pipeline Limited Partnership [Member]
Goodwill [Roll Forward]
Beginning balance		326.9		326.9	0.0
Acquisition, February 27, 2015					364.5
Provisional impairment	(137.8)	(14.4)			(37.6)
Ending balance	174.7		326.9	174.7	326.9	0.0
SouthTX [Member]
Goodwill [Roll Forward]
Beginning balance		90.1		90.1	0.0
Acquisition, February 27, 2015					160.3
Provisional impairment	(45.2)	(9.6)			(70.2)
Ending balance	35.3		90.1	35.3	90.1	0.0
SouthOK [Member]
Goodwill [Roll Forward]
Beginning balance		0.0		0.0	0.0
Acquisition, February 27, 2015					182.2
Provisional impairment	0.0	$ 0.0			(182.2)
Ending balance	$ 0.0		$ 0.0	$ 0.0	$ 0.0	$ 0.0

- Definition

+ References + Details

- Definition

+ References + Details

Investments in Unconsolidated Affiliates - Additional Information (Details) - Targa Resources Partners LP [Member] $ in Millions	12 Months Ended
	Dec. 31, 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 \| $	$ 36.2
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

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Schedule of Equity Method Investments [Line Items]

$ 258.9

$ 50.2

$ 55.9

214.5

(14.3)

(2.5)

18.0

Cash distributions

^[1]

(8.2)

(15.0)

(23.7)

4.4

11.7

240.8

258.9

50.2

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

Schedule of Equity Method Investments [Line Items]

49.5

50.2

55.9

4.1

13.8

18.0

Cash distributions

^[1]

(7.5)

(14.5)

(23.7)

46.1

49.5

$ 50.2

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

Schedule of Equity Method Investments [Line Items]

63.6

67.5

(5.2)

(3.9)

0.2

58.6

63.6

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

Schedule of Equity Method Investments [Line Items]

123.8

126.7

(9.4)

4.2

6.5

118.6

123.8

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

Schedule of Equity Method Investments [Line Items]

22.0

20.3

(3.8)

(3.0)

Cash distributions

^[1]

(0.7)

(0.5)

5.2

$ 17.5

$ 22.0

[1]

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Return of capital from unconsolidated affiliate	$ 4.1	$ 1.2	$ 5.7
Targa Resources Partners LP [Member]
Schedule of Equity Method Investments [Line Items]
Return of capital from unconsolidated affiliate	$ 4.1	$ 1.2	$ 5.7

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Components of accounts payable and accrued liabilities [Abstract]
Commodities	$ 574.4	$ 378.5
Other goods and services	117.0	142.9
Interest	52.3	81.0
Compensation and benefits	37.2	16.0
Income and other taxes	24.2	13.4
Preferred dividends payable	22.9
Other	15.5	18.6
Accounts payable and accrued liabilities	$ 843.5	$ 650.4

- 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	Dec. 31, 2016	Dec. 31, 2015
Payables And Accruals [Abstract]
Outstanding checks	$ 30.5	$ 34.2

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

Dec. 31, 2016

Dec. 31, 2015

Current Obligations of the Partnership [Abstract]

Current debt

^[1]

$ 275.0

$ 219.3

4,606.0

5,718.8

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

^[1]

4,640.1

5,761.5

Debt issuance costs, net of amortization

^[1]

(34.1)

(42.7)

Total debt obligations

^[1]

4,881.0

5,938.1

Letters of credit outstanding

13.2

12.9

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

160.0

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

(2.2)

(2.5)

^[2]

0.0

12.9

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

^[1]

0.0

0.2

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

^[2]

6.5

^[2]

48.1

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

^[1]

0.5

Targa Resources Partners LP [Member] | TRP Senior Secured Revolving Credit Facility due October 2020 [Member]

^[3]

275.0

440.0

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

^[4]

150.0

280.0

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

Letters of credit outstanding

^[3]

0.0

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

^[1]

250.5

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

^[1]

0.0

342.1

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

^[1]

0.0

5.0

^[1]

0.0

483.6

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

^[1]

0.0

(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] | Senior Unsecured Notes [Member] | Senior Unsecured 5 1/8% Notes due February 2025 [Member]

^[1]

580.1

600.0

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5 3/8% Notes due February 2027 [Member]

^[1]

500.0

0.0

Targa Resources Partners LP [Member] | Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due October 2020 [Member]

^[1]

500.0

0.0

Letters of credit outstanding

^[3]

$ 13.2

$ 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]	TPL notes are not guaranteed by us or the Partnership.
[3]	As of December 31, 2016, availability under TRC’s $670 million senior secured revolving credit facility (“TRC Revolver”) was $395.0 million.
[4]	As of December 31, 2016, availability under the Partnership’s $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,436.8 million.

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2016 USD ($)
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] \| Targa Pipeline Partners LP [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] \| Targa Pipeline Partners LP [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] \| Targa Pipeline Partners LP [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] \| Accounts Receivable Securitization Facility [Member] \| Accounts Receivable Securitization Facility Due December 2017 [Member]
Debt Instrument [Line Items]
Maturity date	Dec. 31, 2017
Targa Resources Partners LP [Member] \| Revolving Credit Facility [Member] \| TRP Senior Secured Revolving Credit Facility due October 2020 [Member]
Debt Instrument [Line Items]
Maturity date	Oct. 31, 2020
Maximum borrowing capacity	$ 1,600,000
Remaining borrowing capacity	$ 1,436,800,000
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%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5 1/8% Notes due February 2025 [Member]
Debt Instrument [Line Items]
Maturity date	Feb. 28, 2025
Interest rate on fixed rate debt	5.125%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5 3/8% Notes due February 2027 [Member]
Debt Instrument [Line Items]
Maturity date	Feb. 28, 2027
Interest rate on fixed rate debt	5.375%

Debt Obligations - Schedule of Contractual Maturities of Debt Obligations (Details) $ in Millions	Dec. 31, 2016 USD ($)
Contractual Obligation [Line Items]
Total	$ 4,916.8
2017	275.0
2018	250.5
2019	749.4
2020	425.0
2021	6.5
After 2021	3,210.4
Accounts Receivable Securitization Facility [Member] \| Targa Resources Partners LP [Member]
Contractual Obligation [Line Items]
Total	275.0
2017	275.0
2018	0.0
2019	0.0
2020	0.0
2021	0.0
After 2021	0.0
Secured Debt [Member]
Contractual Obligation [Line Items]
Total	160.0
2017	0.0
2018	0.0
2019	0.0
2020	0.0
2021	0.0
After 2021	160.0
Senior Unsecured Notes [Member] \| Targa Resources Partners LP [Member]
Contractual Obligation [Line Items]
Total	4,056.8
2017	0.0
2018	250.5
2019	749.4
2020	0.0
2021	6.5
After 2021	3,050.4
TRC Senior Secured Revolving Credit Facility [Member]
Contractual Obligation [Line Items]
Total	275.0
2017	0.0
2018	0.0
2019	0.0
2020	275.0
2021	0.0
After 2021	0.0
TRP Revolver [Member]
Contractual Obligation [Line Items]
Total	150.0
2017	0.0
2018	0.0
2019	0.0
2020	150.0
2021	0.0
After 2021	$ 0.0

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)

Dec. 31, 2016

TRC Revolver [Member]

2.30%

TRP Revolver [Member]

2.80%

Secured Debt [Member]

5.75%

^[1]

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

5.75%

^[1]

1.30%

Minimum [Member] | TRC Revolver [Member]

2.20%

Minimum [Member] | TRP Revolver [Member]

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

2.40%

1.20%

Maximum [Member] | TRC Revolver [Member]

4.50%

Maximum [Member] | TRP Revolver [Member]

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

5.30%

1.80%

[1]	(1)The TRC senior secured term loan is a Eurodollar rate loan with an interest rate of LIBOR (with a LIBOR floor of 1%) plus an applicable rate of 4.75%.

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Parenthetical) (Details) - Secured Debt [Member]	12 Months Ended
	Dec. 31, 2016
LIBOR [Member]
Debt Instrument [Line Items]
Senior secured loan variable rate	1.00%
Eurodollar Rate [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	4.75%

Debt Obligations, TRC Revolving Credit Agreement - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Revolving Credit Facility [Member] \| TRC Senior Secured Revolving Credit Facility due February 2020 [Member]
TRC Revolving Credit Agreement [Abstract]
Maturity date	Feb. 29, 2020
Revolving Credit Facility [Member] \| TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| Minimum [Member]
TRC Revolving Credit Agreement [Abstract]
Commitment fee percentage	0.375%
Interest rate on fixed rate debt	1.75%
Revolving Credit Facility [Member] \| TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| Maximum [Member]
TRC Revolving Credit Agreement [Abstract]
Commitment fee percentage	0.50%
Interest rate on fixed rate debt	2.75%
TRC Credit Agreement [Member]
TRC Revolving Credit Agreement [Abstract]
Leverage ratio for each fiscal quarter in first year	4.50
Leverage ratio for each fiscal quarter thereafter	4.00
TRC Credit Agreement [Member] \| Senior Secured Term Loan [Member]
TRC Revolving Credit Agreement [Abstract]
Expiration period for credit facility	7 years
Aggregate principal amount	$ 430.0
Additional commitment increase available upon request	$ 200.0
Debt instrument discount rate	1.75%
Cash payments related to change of control payments	$ 160.2
TRC Credit Agreement [Member] \| Revolving Credit Facility [Member]
TRC Revolving Credit Agreement [Abstract]
Expiration period for credit facility	5 years
Maturity date	Feb. 27, 2020
Aggregate principal amount	$ 670.0
Additional commitment increase available upon request	$ 200.0

Debt Obligations, Partnership's Revolving Credit Facility - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 27, 2015	Oct. 31, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Feb. 28, 2015
Debt Instrument [Line Items]
Write off debt issuance cost				$ 3,500,000	$ 100,000
Atlas Pipeline Partners [Member]
Debt Instrument [Line Items]
Cash payments related to change of control payments					28,800,000
Revolving Credit Facility [Member] \| Atlas Pipeline Partners [Member]
Debt Instrument [Line Items]
Cash payments related to acquisition	$ 701,400,000				$ 701,400,000
Targa Resources Partners LP [Member] \| TRP Revolver [Member]
Debt Instrument [Line Items]
Maximum consolidated leverage ratio				5.50
Minimum ratio of consolidated EBITDA to consolidated interest expense				2.25
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Commitment fee percentage				0.30%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Commitment fee percentage				0.50%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Federal Funds Rate [Member]
Debt Instrument [Line Items]
Commitment fee percentage				0.50%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.00%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.75%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.75%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Eurodollar \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.75%
Targa Resources Partners LP [Member] \| TRP Revolver [Member] \| Eurodollar \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.75%
Targa Resources Partners LP [Member] \| Revolving Credit Facility [Member] \| Second Amendment [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,600,000,000
Additional commitment increase available upon request		$ 500,000,000				$ 300,000,000
Debt maturity period		2020-10
Write off debt issuance cost			$ 900,000
Targa Resources Partners LP [Member] \| Letters of Credit [Member] \| TRP Revolver [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt			1.75%	1.75%
Targa Resources Partners LP [Member] \| Letters of Credit [Member] \| TRP Revolver [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt			2.75%	2.75%

Debt Obligations, Partnership's Accounts Receivable Securitization Facility- Additional Information (Details) - Targa Resources Partners LP [Member] - Accounts Receivable Securitization Facility [Member]	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 275,000,000
Funding under securitization facility	$ 275,000,000

- Definition

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

+ References + Details

Debt Obligations, Redemption Dates and Price (Details) - Senior Unsecured Notes [Member]	12 Months Ended
	Dec. 31, 2016
Senior Unsecured 4 3/4% Notes due November 2021 [Member] \| Targa Pipeline Partners LP [Member] \| 2017 [Member]
Redemption Dates and Prices [Abstract]
Price	102.375%
Senior Unsecured 4 3/4% Notes due November 2021 [Member] \| Targa Pipeline Partners LP [Member] \| 2018 [Member]
Redemption Dates and Prices [Abstract]
Price	101.188%
Senior Unsecured 4 3/4% Notes due November 2021 [Member] \| Targa Pipeline Partners LP [Member] \| 2019 and Thereafter [Member]
Redemption Dates and Prices [Abstract]
Price	100.00%
Senior Unsecured 5 7/8% Notes due August 2023 [Member] \| Targa Pipeline Partners LP [Member] \| 2018 [Member]
Redemption Dates and Prices [Abstract]
Price	102.938%
Senior Unsecured 5 7/8% Notes due August 2023 [Member] \| Targa Pipeline Partners LP [Member] \| 2019 [Member]
Redemption Dates and Prices [Abstract]
Price	101.958%
Senior Unsecured 5 7/8% Notes due August 2023 [Member] \| Targa Pipeline Partners LP [Member] \| 2020 [Member]
Redemption Dates and Prices [Abstract]
Price	100.979%
Senior Unsecured 5 7/8% Notes due August 2023 [Member] \| Targa Pipeline Partners LP [Member] \| 2021 and Thereafter [Member]
Redemption Dates and Prices [Abstract]
Price	100.00%
Targa Resources Partners LP [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member]
Redemption Dates and Prices [Abstract]
Any Date Prior To	Nov. 15, 2017
Price	104.125%
Targa Resources Partners LP [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member] \| 2016 [Member]
Redemption Dates and Prices [Abstract]
Price	102.063%
Targa Resources Partners LP [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member] \| 2017 [Member]
Redemption Dates and Prices [Abstract]
Price	101.031%
Targa Resources Partners LP [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member] \| 2018 and Thereafter [Member]
Redemption Dates and Prices [Abstract]
Price	100.00%
Targa Resources Partners LP [Member] \| Senior Unsecured 6 3/4% Notes due March 2024 [Member]
Redemption Dates and Prices [Abstract]
Any Date Prior To	Sep. 15, 2018
Price	106.75%
Targa Resources Partners LP [Member] \| Senior Unsecured 6 3/4% Notes due March 2024 [Member] \| 2019 [Member]
Redemption Dates and Prices [Abstract]
Price	103.375%
Targa Resources Partners LP [Member] \| Senior Unsecured 6 3/4% Notes due March 2024 [Member] \| 2020 [Member]
Redemption Dates and Prices [Abstract]
Price	101.688%
Targa Resources Partners LP [Member] \| Senior Unsecured 6 3/4% Notes due March 2024 [Member] \| 2021 and Thereafter [Member]
Redemption Dates and Prices [Abstract]
Price	100.00%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 1/8% Notes due February 2025 [Member]
Redemption Dates and Prices [Abstract]
Any Date Prior To	Feb. 01, 2020
Price	105.125%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 1/8% Notes due February 2025 [Member] \| 2020 [Member]
Redemption Dates and Prices [Abstract]
Price	103.844%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 1/8% Notes due February 2025 [Member] \| 2021 [Member]
Redemption Dates and Prices [Abstract]
Price	102.563%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 1/8% Notes due February 2025 [Member] \| 2022 [Member]
Redemption Dates and Prices [Abstract]
Price	101.281%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 1/8% Notes due February 2025 [Member] \| 2023 and Thereafter [Member]
Redemption Dates and Prices [Abstract]
Price	100.00%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 3/8% Notes due February 2027 [Member]
Redemption Dates and Prices [Abstract]
Any Date Prior To	Feb. 01, 2022
Price	105.375%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 3/8% Notes due February 2027 [Member] \| 2022 [Member]
Redemption Dates and Prices [Abstract]
Price	102.688%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 3/8% Notes due February 2027 [Member] \| 2023 [Member]
Redemption Dates and Prices [Abstract]
Price	101.792%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 3/8% Notes due February 2027 [Member] \| 2024 [Member]
Redemption Dates and Prices [Abstract]
Price	100.896%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 3/8% Notes due February 2027 [Member] \| 2025 and Thereafter [Member]
Redemption Dates and Prices [Abstract]
Price	100.00%
Targa Resources Partners LP [Member] \| Senior Unsecured 6 3/8% Notes due August 2022 [Member] \| 2017 [Member]
Redemption Dates and Prices [Abstract]
Price	103.188%
Targa Resources Partners LP [Member] \| Senior Unsecured 6 3/8% Notes due August 2022 [Member] \| 2018 [Member]
Redemption Dates and Prices [Abstract]
Price	102.125%
Targa Resources Partners LP [Member] \| Senior Unsecured 6 3/8% Notes due August 2022 [Member] \| 2019 [Member]
Redemption Dates and Prices [Abstract]
Price	101.063%
Targa Resources Partners LP [Member] \| Senior Unsecured 6 3/8% Notes due August 2022 [Member] \| 2020 and Thereafter [Member]
Redemption Dates and Prices [Abstract]
Price	100.00%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 1/4% Notes due May 2023 [Member] \| 2017 [Member]
Redemption Dates and Prices [Abstract]
Price	102.625%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 1/4% Notes due May 2023 [Member] \| 2018 [Member]
Redemption Dates and Prices [Abstract]
Price	101.75%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 1/4% Notes due May 2023 [Member] \| 2019 [Member]
Redemption Dates and Prices [Abstract]
Price	100.875%
Targa Resources Partners LP [Member] \| Senior Unsecured 5 1/4% Notes due May 2023 [Member] \| 2020 and Thereafter [Member]
Redemption Dates and Prices [Abstract]
Price	100.00%
Targa Resources Partners LP [Member] \| Senior Unsecured 4 1/4% Notes due November 2023 [Member] \| 2018 [Member]
Redemption Dates and Prices [Abstract]
Price	102.125%
Targa Resources Partners LP [Member] \| Senior Unsecured 4 1/4% Notes due November 2023 [Member] \| 2019 [Member]
Redemption Dates and Prices [Abstract]
Price	101.417%
Targa Resources Partners LP [Member] \| Senior Unsecured 4 1/4% Notes due November 2023 [Member] \| 2020 [Member]
Redemption Dates and Prices [Abstract]
Price	100.708%
Targa Resources Partners LP [Member] \| Senior Unsecured 4 1/4% Notes due November 2023 [Member] \| 2021 and Thereafter [Member]
Redemption Dates and Prices [Abstract]
Price	100.00%

Debt Obligations, Senior Notes Issuances - Additional Information (Details) - Partnership Issuers [Member] - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2016	Sep. 30, 2015	Jan. 31, 2015	Oct. 31, 2014
Senior Unsecured Notes [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued				$ 800.0
Net proceeds from private placement of notes				$ 790.8
Senior Unsecured Notes [Member] \| Senior Unsecured 5% Notes due January 2018 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued			$ 1,100.0
Net proceeds from private placement of notes			$ 1,089.8
Senior Unsecured Notes [Member] \| Senior Unsecured 6 3/4% Notes due March 2024 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued		$ 600.0
Net proceeds from private placement of notes		$ 595.0
Senior Notes [Member] \| 5 1/8% Senior Notes due February 2025 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 500.0
Net proceeds from private placement of notes	$ 496.2
Price	5.125%
Maturity date	Feb. 28, 2025
Senior Notes [Member] \| 5 3/8% Senior Notes due February 2027 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 500.0
Net proceeds from private placement of notes	$ 496.2
Price	5.375%
Maturity date	Feb. 28, 2027

Debt Obligations, Shelf Registration Statements - Additional Information (Details) - Targa Resources Partners LP [Member] - USD ($) $ in Millions	Apr. 30, 2015	Jul. 31, 2013
July 2013 Shelf [Member]
Debt Instrument [Line Items]
Aggregate amount of debt or equity securities allowed under shelf agreement		$ 800.0
April 2015 Shelf [Member]
Debt Instrument [Line Items]
Aggregate amount of debt or equity securities allowed under shelf agreement	$ 1,000.0

Debt Obligations, Debt Repurchases & Extinguishments - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Nov. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Write off debt issuance cost				$ 3.5	$ 0.1
Gain (loss) on repurchase of debt				$ (48.2)	(10.1)	$ (12.4)
Targa Resources Partners LP [Member] \| Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Write off debt issuance cost	$ 2.4	$ 5.8
Repayment of term loan	82.0	188.0
Write off of debt discount	$ 1.4	$ 3.3
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Write off debt issuance cost					3.6
Gain (loss) on repurchase of debt					$ 0.1
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 7 7/8% Notes due October 2018 [Member]
Debt Instrument [Line Items]
Redemption price, percentage of face value			103.938%
Loss on extinguishment of debt						(12.4)
Premium paid on redemption of debt						9.9
Write off debt issuance cost						$ 2.5

Debt Obligations - Summary of Debt Repurchased on Open Market Portion of Outstanding Senior Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Nov. 15, 2016
Debt Instrument [Line Items]
Debt Repurchase, Book Value	$ 559.2	$ 17.9	$ 146.2
Open market purchases of senior notes	(534.3)	(14.3)
Gain (loss) on repurchase of debt	24.9	3.6
Debt Repurchase, Write-off of Debt Issuance Costs	(3.5)	(0.1)
Net Gain (Loss) on Debt Repurchase	21.4	3.5
5¼% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	24.1	16.3
Open market purchases of senior notes	(20.1)	(13.0)
Gain (loss) on repurchase of debt	4.0	3.3
Debt Repurchase, Write-off of Debt Issuance Costs	(0.2)	(0.1)
Net Gain (Loss) on Debt Repurchase	3.8	3.2
4¼% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	39.5	1.5
Open market purchases of senior notes	(31.8)	(1.2)
Gain (loss) on repurchase of debt	7.7	0.3
Debt Repurchase, Write-off of Debt Issuance Costs	(0.3)
Net Gain (Loss) on Debt Repurchase	7.4	0.3
6⅝% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Repurchase, Book Value	32.6	0.1
Open market purchases of senior notes	(29.5)	$ (0.1)
Gain (loss) on repurchase of debt	3.1
Net Gain (Loss) on Debt Repurchase	3.1
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 repurchase of debt	0.5
Debt Repurchase, Write-off of Debt Issuance Costs	(0.1)
Net Gain (Loss) on Debt Repurchase	0.4
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 repurchase of debt	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 repurchase of debt	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 repurchase of debt	(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 repurchase of debt	6.4
Debt Repurchase, Write-off of Debt Issuance Costs	(0.4)
Net Gain (Loss) on Debt Repurchase	$ 6.0

Debt Obligations - Senior Notes Tender Offers - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Write off debt issuance cost			$ 3,500,000	$ 100,000
Concurrent Senior Notes Tender Offers [Member]
Debt Instrument [Line Items]
Aggregate principal amount outstanding	$ 1,000
Concurrent Senior Notes Tender Offers [Member] \| Senior Unsecured 5% Notes due January 2018 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	5.00%
Maturity date	Jan. 15, 2018
Concurrent Senior Notes Tender Offers [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	6.625%
Maturity date	Oct. 01, 2020
Concurrent Senior Notes Tender Offers [Member] \| Senior Unsecured 6 7/8% Notes due February 2021 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	6.875%
Maturity date	Feb. 01, 2021
Senior Notes with Offers Tendered [Member]
Debt Instrument [Line Items]
Aggregate principal amount outstanding		$ 383,800,000	383,800,000	1,522,100,000
Loss on extinguishment of debt		59,200,000
Premium Paid		41,800,000	41,800,000
Write off debt issuance cost		5,800,000
Write off of debt premiums		3,500,000
Write off of debt discount		15,100,000
Senior Notes with Offers Tendered [Member] \| Senior Unsecured 5% Notes due January 2018 [Member]
Debt Instrument [Line Items]
Aggregate principal amount outstanding		250,500,000	250,500,000	733,600,000
Premium Paid			16,900,000
Senior Notes with Offers Tendered [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Aggregate principal amount outstanding		28,200,000	28,200,000	309,900,000
Premium Paid			10,500,000
Senior Notes with Offers Tendered [Member] \| Senior Unsecured 6 7/8% Notes due February 2021 [Member]
Debt Instrument [Line Items]
Aggregate principal amount outstanding		$ 105,100,000	105,100,000	$ 478,600,000
Premium Paid			$ 14,400,000

Debt Obligations - Results of Tender Offers (Details) - Senior Notes with Offers Tendered [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding Note Balance Prior to Tender Offers		$ 1,522.1
Amount Tendered		1,138.3
Premium Paid	$ 41.8	41.8
Accrued Interest Paid		10.3
Total Tender Offer Payments		1,190.4
Note Balance After Tender Offers	383.8	383.8
Senior Unsecured 5% Notes due January 2018 [Member]
Debt Instrument [Line Items]
Outstanding Note Balance Prior to Tender Offers		733.6
Amount Tendered		483.1
Premium Paid		16.9
Accrued Interest Paid		5.4
Total Tender Offer Payments		505.4
Note Balance After Tender Offers	250.5	250.5
Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Outstanding Note Balance Prior to Tender Offers		309.9
Amount Tendered		281.7
Premium Paid		10.5
Accrued Interest Paid		0.3
Total Tender Offer Payments		292.5
Note Balance After Tender Offers	28.2	28.2
Senior Unsecured 6 7/8% Notes due February 2021 [Member]
Debt Instrument [Line Items]
Outstanding Note Balance Prior to Tender Offers		478.6
Amount Tendered		373.5
Premium Paid		14.4
Accrued Interest Paid		4.6
Total Tender Offer Payments		392.5
Note Balance After Tender Offers	$ 105.1	$ 105.1

Debt Obligations - Note Redemptions - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 15, 2016	Oct. 31, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Face amount of notes redeemed	$ 146.2		$ 559.2	$ 559.2	$ 17.9
Debt instrument redemption period	Nov. 15, 2016
Payment for redemption of debt	$ 151.1			1,852.2	284.3
Write off debt issuance cost				$ 3.5	$ 0.1
Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Price		103.313%
Senior Unsecured 6 5/8% Notes due October 2020 [Member] \| Targa Pipeline Partners LP [Member]
Debt Instrument [Line Items]
Price		103.313%
Senior Unsecured 6 7/8% Notes due February 2021 [Member]
Debt Instrument [Line Items]
Price		103.438%
Note Redemptions [Member]
Debt Instrument [Line Items]
Loss on extinguishment of debt			9.7
Premium Paid			4.9
Write off debt issuance cost			1.1
Write off of debt premiums			0.5
Write off of debt discount			$ 4.2

Debt Obligations, TPL Senior Notes Tender Offers - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Nov. 15, 2016	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Repayment of debt	$ 151.1		$ 1,852.2	$ 284.3
TPL Senior Notes Tender Offers [Member]
Debt Instrument [Line Items]
Note balance after tender offers			414.5	1,550.0
Payments for notes tendered and settled upon closing of merger			1,135.5
Total tender offer payments			1,163.8
TPL Senior Notes Tender Offers [Member] \| Targa Pipeline Partners LP [Member]
Debt Instrument [Line Items]
Repayment of debt			1,168.8
TPL Senior Notes Tender Offers [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Debt Instrument [Line Items]
Note balance after tender offers			359.9	$ 500.0
Payments for notes tendered and settled upon closing of merger			140.1
Total tender offer payments			$ 145.9
TPL Senior Notes Tender Offers [Member] \| Senior Unsecured 6 5/8% Notes due October 2020 [Member] \| Targa Pipeline Partners LP [Member]
Debt Instrument [Line Items]
Payments for notes tendered and settled upon closing of merger		$ 4.8
Total tender offer payments		$ 5.0

- Definition

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

+ References + Details

Debt Obligations, TPL Senior Notes Tender Offers (Details) - TPL Senior Notes Tender Offers [Member] $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Results of tender offers [Abstract]
Outstanding Note Balance Prior to Tender Offers	$ 1,550.0
Amount Tendered	1,135.5
Premium Paid	16.7
Accrued Interest Paid	11.6
Total Tender Offer Payments	1,163.8
Note Balance After Tender Offers	414.5
Senior Unsecured 6 5/8% Notes due October 2020 [Member]
Results of tender offers [Abstract]
Outstanding Note Balance Prior to Tender Offers	500.0
Amount Tendered	140.1
Premium Paid	2.1
Accrued Interest Paid	3.7
Total Tender Offer Payments	$ 145.9
Tendered percentage	28.02%
Note Balance After Tender Offers	$ 359.9
Senior Unsecured 4 3/4% Notes due November 2021 [Member]
Results of tender offers [Abstract]
Outstanding Note Balance Prior to Tender Offers	400.0
Amount Tendered	393.5
Premium Paid	5.9
Accrued Interest Paid	5.3
Total Tender Offer Payments	$ 404.7
Tendered percentage	98.38%
Note Balance After Tender Offers	$ 6.5
Senior Unsecured 5 7/8% Notes due August 2023 [Member]
Results of tender offers [Abstract]
Outstanding Note Balance Prior to Tender Offers	650.0
Amount Tendered	601.9
Premium Paid	8.7
Accrued Interest Paid	2.6
Total Tender Offer Payments	$ 613.2
Tendered percentage	92.60%
Note Balance After Tender Offers	$ 48.1

Debt Obligations, Exchange Offer and Consent Solicitation - Additional Information (Details) - Senior Unsecured 6 5/8% Notes due October 2020 [Member] - Targa Pipeline Partners LP [Member] - USD ($) $ in Millions		12 Months Ended
	Apr. 27, 2015	Dec. 31, 2016	May 31, 2015
Targa Resources Partners LP [Member]
Debt Instrument [Line Items]
Tendered percentage	96.30%
Costs associated with exchange offer		$ 0.7
Partnership Issuers [Member]
Debt Instrument [Line Items]
Aggregate principal amount outstanding			$ 342.1
Unamortized premium			$ 5.6

- Definition

+ References + Details

Debt Obligations, Debt Repurchases Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
(Gain) loss from financing activities	$ 48.2	$ 10.1	$ 12.4
Write-off of debt issuance costs	3.5	0.1
Loss from financing activities	48.2	10.1	12.4
Partnership 5% Senior Notes [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs	2.1
Partnership 6⅞% Senior Notes [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs	0.1
Partnership 6⅜% Senior Notes [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs	0.2
Partnership 5¼% Senior Notes [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs	0.2	0.1
Partnership 4¼% Senior Notes [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs	0.3
Partnership 6¾% Senior Notes [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs	0.2
Partnership 4⅛% Senior Notes [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs	0.4
Senior Unsecured Notes [Member] \| TRC Term Loan, variable rate [Member]
Debt Instrument [Line Items]
Recognition of unamortized discount and premium		4.7
Write-off of debt issuance costs		8.2
Senior Unsecured Notes [Member] \| TRP Revolver [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs	0.9
Senior Unsecured Notes [Member] \| Targa Pipeline Partners LP [Member] \| 6⅝% Senior Notes [Member]
Debt Instrument [Line Items]
Premium over face value paid upon redemption	0.4
Recognition of unamortized discount and premium	(0.2)
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
(Gain) loss from financing activities		(0.1)
Write-off of debt issuance costs		3.6
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 5% Senior Notes [Member]
Debt Instrument [Line Items]
Premium over face value paid upon redemption	16.9
(Gain) loss from financing activities	1.8
Write-off of debt issuance costs	4.2
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 6⅞% Senior Notes [Member]
Debt Instrument [Line Items]
Premium over face value paid upon redemption	18.0
Recognition of unamortized discount and premium	19.5
(Gain) loss from financing activities	(0.8)
Write-off of debt issuance costs	4.9
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| 6⅝% Senior Notes [Member]
Debt Instrument [Line Items]
Premium over face value paid upon redemption	11.5
Recognition of unamortized discount and premium	(4.3)
(Gain) loss from financing activities	(2.8)
Loss from financing with Exchange Offer		0.7
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 7⅞% Senior Notes [Member]
Debt Instrument [Line Items]
Premium over face value paid upon redemption			9.9
Write-off of debt issuance costs			$ 2.5
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 6⅜% Senior Notes [Member]
Debt Instrument [Line Items]
(Gain) loss from financing activities	(2.6)
Write-off of debt issuance costs	0.2
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 5¼% Senior Notes [Member]
Debt Instrument [Line Items]
(Gain) loss from financing activities	(4.0)	(3.3)
Write-off of debt issuance costs	0.2	0.1
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 4¼% Senior Notes [Member]
Debt Instrument [Line Items]
(Gain) loss from financing activities	(7.7)	$ (0.3)
Write-off of debt issuance costs	0.3
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 6¾% Senior Notes [Member]
Debt Instrument [Line Items]
(Gain) loss from financing activities	(2.4)
Write-off of debt issuance costs	0.2
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 4⅛% Senior Notes [Member]
Debt Instrument [Line Items]
(Gain) loss from financing activities	(6.4)
Write-off of debt issuance costs	$ 0.4

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Liabilities Noncurrent [Abstract]
Asset retirement obligations	$ 64.6	$ 70.4	$ 57.3
Mandatorily redeemable preferred interests	68.5	82.9
Deferred revenue	69.8	27.7	$ 4.1
Other liabilities	12.2	5.9
Total long-term liabilities	$ 215.1	$ 186.9

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

Obligations not otherwise itemized or categorized in the footnotes to the financial statements that are expected to be paid after one year (or the normal operating cycle, if longer), from the balance sheet date.

+ 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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Changes in aggregate asset retirement obligations [Roll Forward]
Beginning of period	$ 70.4	$ 57.3
Fair value of ARO acquired with APL merger		4.0
Change in cash flow estimate	(9.1)	3.8	$ 2.1
Accretion expense	4.6	5.3	4.5
Retirement of ARO	(1.3)
End of period	$ 64.6	$ 70.4	$ 57.3

- 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	12 Months Ended
	Dec. 31, 2016 USD ($) JointVenture	Dec. 31, 2015 USD ($)
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Beginning of period	$ 82.9
Change in estimated redemption value included in interest expense	(15.2)	$ (30.6)
End of period	$ 68.5	82.9
Mandatorily Redeemable Noncontrolling Interests [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Number of joint ventures \| JointVenture	2
Beginning of period	$ 82.9
Acquired mandatorily redeemable preferred interests		109.3
Income attributable to mandatorily redeemable preferred interests	0.8	2.8
Change in estimated redemption value included in interest expense	(15.2)	(30.6)
Other activity, net		1.4
End of period	$ 68.5	82.9
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
Notes receivable, face amount	$ 1,900.0
Notes receivable, due date	Jul. 31, 2024
Interest earned on notes receivable, net	$ 10.5	$ 8.9

Other Long-term Liabilities, Deferred Revenue (Details) $ in Millions		12 Months Ended
	Dec. 27, 2015 USD ($) bbl	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Deferred Revenue and Other [Abstract]
Deferred revenue recognized related to gas gathering and processing agreement		$ 3.1	$ 2.7	$ 0.1
Crude and condensate splitter, barrel per day \| bbl	35,000
Storage capacity of Channelview Terminal \| bbl	730,000
Splitter estimated cost	$ 140.0
Annual deferred revenue payments receivable through 2022		$ 43.0

Other Long-term Liabilities, Components of Deferred Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Component Of Deferred Revenue [Line Items]
Total deferred revenue	$ 69.8	$ 27.7	$ 4.1
Splitter Agreement [Member]
Component Of Deferred Revenue [Line Items]
Total deferred revenue	43.0
Gas Contract Amendment [Member]
Component Of Deferred Revenue [Line Items]
Total deferred revenue	19.7	21.1
Other Deferred Revenue [Member]
Component Of Deferred Revenue [Line Items]
Total deferred revenue	$ 7.1	$ 6.6

- Definition

+ References + Details

Other Long-term Liabilities - Changes in Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Changes in deferred revenue [Roll Forward]
Beginning of period	$ 27.7	$ 4.1
Additions	45.2	26.3
Revenue recognized	(3.1)	(2.7)	$ (0.1)
End of period	$ 69.8	$ 27.7	$ 4.1

- Definition

+ References + Details

- Definition

Amount of deferred revenue recognized for transactions arising during the current reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an Entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References + Details

Preferred Stock - Additional Information (Details)	3 Months Ended	12 Months Ended
Preferred Stock - Additional Information (Details)	Mar. 31, 2016 USD ($) Tranche shares	Dec. 31, 2016 USD ($) $ / shares shares
Class Of Stock [Line Items]
Number of tranches sold to investors \| Tranche	2
Gross proceeds	$ 994,100,000	$ 994,100,000
Term of preferred stock warrants		7 years
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		$ 969,300,000
Transaction fees		24,800,000
Allocation to BCF		$ (614,400,000)
Accounting Conversion Price Of Convertible Preferred Stock \| $ / shares		$ 17.02
Conversion price of preferred stock into common stock \| $ / shares		$ 20.77
Accrued cumulative preferred dividend		$ 22,900,000
Preferred stock dividend paid		$ 49,700,000
Accrued preferred dividends payable date		Feb. 14, 2017
Deemed dividends on Series A preferred stock		$ 18,200,000
Maximum [Member]
Class Of Stock [Line Items]
Conversion of warrant into preferred stock \| shares		20,083,731
Series A Warrants [Member]
Class Of Stock [Line Items]
Preferred stock, shares issued to investors \| shares		13,550,004
Exercise price of warrants \| $ / shares		$ 18.88
Net Proceeds- Initial Relative Fair Value Allocation		$ 135,700,000
Series B Warrants [Member]
Class Of Stock [Line Items]
Preferred stock, shares issued to investors \| shares		6,533,727
Exercise price of warrants \| $ / shares		$ 25.11
Net Proceeds- Initial Relative Fair Value Allocation		$ 46,500,000
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares issued to investors \| shares		1,200,000
Preferred stock, liquidation per share \| $ / shares		$ 1,000
Preferred stock, percentage of dividend		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		$ 178,100,000
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		$ 787,100,000
Allocation to BCF		$ 614,400,000
Series A Preferred Stock [Member] \| 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		$ 96,500,000
Series A Preferred Stock [Member] \| 5% Redemption Premium
Class Of Stock [Line Items]
Benefit from conversion right by redemption premium		$ 48,300,000
Preferred stock conversion redemption premium percentage in year seven through twelve year		5.00%
Series A Preferred Stock [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Incurrence of indebtedness other than stipulated fixed charge coverage		$ 2,750,000,000
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 [Member]
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	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2016
Class Of Stock [Line Items]
Proceeds from issuance of preferred stock and warrants	$ 994.1	$ 994.1
Transaction fees		(24.8)
Net Proceeds- Initial Relative Fair Value Allocation		969.3
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		135.7
Per balance sheet upon issuance		135.7
Series B Warrants [Member]
Class Of Stock [Line Items]
Net Proceeds- Initial Relative Fair Value Allocation		46.5
Per balance sheet upon issuance		46.5
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Net Proceeds- Initial Relative Fair Value Allocation		787.1
Allocation to BCF		(614.4)
Per balance sheet upon issuance		$ 172.7

Common Stock and Related Matters - Additional Information (Details) - USD ($)				1 Months Ended		12 Months Ended
	Jan. 26, 2017	Feb. 17, 2016	Feb. 27, 2015	Dec. 31, 2016	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	May 31, 2016
Securities Financing Transaction [Line Items]
Closing market price of common share (in dollars per share)			$ 99.58
Proceeds from issuance of common stock						$ 577,300,000	$ 336,800,000
Amount contributed to maintain general partner ownership percentage							$ 6,500,000	$ 8,400,000
Percentage of general partner's interest maintained						2.00%	2.00%	2.00%
Number of shares issued in exchange of common units for common shares to the third party (in shares)		104,525,775
Subsequent Event [Member]
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)	9,200,000
Shares issued price	$ 57.65
Proceeds from issuance of common stock	$ 524,100,000
Equity Distribution Agreement May 2016 [Member]
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)						11,074,266
Proceeds from issuance of common stock						$ 494,000,000
Amount of common stock authorized under equity distribution agreement									$ 500,000,000
Equity distribution agreement remaining amount terminated				$ 2,200,000
Equity Distribution Agreement December 2016 [Member]
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)						1,487,100
Proceeds from issuance of common stock						$ 78,700,000
Amount of common stock authorized under equity distribution agreement				750,000,000		750,000,000
Remaining amount of common stock available under equity distribution agreement				$ 670,500,000		$ 670,500,000
Common Stock [Member]
Securities Financing Transaction [Line Items]
Total issuance of common shares (in shares)						104,526,000
Issuance of common stock (in shares)					3,250,000	12,562,000	3,738,000
Shares issued price					$ 91.00
Proceeds from issuance of common stock					$ 292,800,000
Number of additional shares sold in public offering (in shares)					487,500
Proceeds from issuance of common stock					$ 43,900,000
Amount contributed to maintain general partner ownership percentage					$ 52,400,000
Percentage of general partner's interest maintained					2.00%
Atlas Energy [Member]
Securities Financing Transaction [Line Items]
Total issuance of common shares (in shares)			10,126,532
Common units acquired			$ 1,000,000,000
Closing market price of common share (in dollars per share)			$ 99.58
Initial purchase price			$ 1,600,000,000
Atlas Energy [Member] \| Restricted Stock Units (RSUs) [Member]
Securities Financing Transaction [Line Items]
Total issuance of common shares (in shares)			81,740
Outrigger Permian Acquisition [Member] \| Subsequent Event [Member]
Securities Financing Transaction [Line Items]
Initial purchase price	$ 565,000,000

Common Stock and Related Matters - Activity Related to Detachable Warrants Issued as Part of Series A Preferred Offering and Net settled in Either Common Shares or Cash at Option (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) $ / shares shares
Class Of Warrant Or Right [Line Items]
Cash Settled \| $	$ 0
Shares of Common Stock Issued [Member]
Class Of Warrant Or Right [Line Items]
Exercise of warrants - share settled (in shares)	11,336,856
Series A Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants outstanding beginning balance	0
Issued and exercisable to common stock	13,550,004
Exercised	(13,482,612)
Warrants outstanding ending balance	67,392
Exercise prices \| $ / shares	$ 18.88
Weighted average stock price at exercise dates \| $ / shares	$ 48.47
Series B Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants outstanding beginning balance	0
Issued and exercisable to common stock	6,533,727
Exercised	(6,501,231)
Warrants outstanding ending balance	32,496
Exercise prices \| $ / shares	$ 25.11
Weighted average stock price at exercise dates \| $ / shares	$ 48.51

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

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Feb. 14, 2017

Dividend Declared, Q4 2016 [Member]

Feb. 15, 2017

$ 178.3

176.5

^[1]

$ 1.8

$ 0.91000

Dividend Declared, Q3 2016 [Member]

Nov. 15, 2016

$ 166.4

164.6

^[1]

$ 1.8

$ 0.91000

Dividend Declared, Q2 2016 [Member]

Aug. 15, 2016

$ 153.1

151.6

^[1]

$ 1.5

$ 0.91000

Dividend Declared, Q1 2016 [Member]

May 16, 2016

$ 147.8

146.1

^[1]

$ 1.7

$ 0.91000

Dividend Declared, Q4 2015 [Member]

Feb. 09, 2016

$ 51.7

51.0

^[1]

$ 0.7

$ 0.91000

Dividend Declared, Q3 2015 [Member]

Nov. 16, 2015

$ 51.3

51.0

^[1]

$ 0.3

$ 0.91000

Dividend Declared, Q2 2015 [Member]

Aug. 17, 2015

$ 49.2

49.0

^[1]

$ 0.2

$ 0.87500

Dividend Declared, Q1 2015 [Member]

May 18, 2015

$ 46.6

46.4

^[1]

$ 0.2

$ 0.83000

Dividend Declared, Q4 2014 [Member]

Feb. 17, 2015

$ 32.8

32.6

^[1]

$ 0.2

$ 0.77500

Dividend Declared, Q3 2014 [Member]

Nov. 17, 2014

$ 31.0

30.8

^[1]

$ 0.2

$ 0.73250

Dividend Declared, Q2 2014 [Member]

Aug. 15, 2014

$ 29.2

29.0

^[1]

$ 0.2

$ 0.69000

Dividend Declared, Q1 2014 [Member]

May 16, 2014

$ 27.4

27.2

^[1]

$ 0.2

Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)

$ 0.64750

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

Partnership Units and Related Matters - Additional Information (Details)			1 Months Ended						3 Months Ended					12 Months Ended
	Feb. 17, 2016 shares	Feb. 27, 2015 shares	Feb. 28, 2017 USD ($) $ / shares	Jan. 31, 2017 USD ($) $ / shares	Dec. 31, 2016 USD ($) $ / shares shares	Oct. 31, 2015 USD ($) $ / shares shares	Mar. 31, 2015 USD ($)	Feb. 28, 2015 USD ($) shares	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) $ / shares shares	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) Distribution $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) shares	Dec. 02, 2016 shares	May 31, 2015 USD ($)	May 31, 2014 USD ($)
Limited Partners Capital Account [Line Items]
Issuance of common units (in units) \| shares					58,621,036					7,377,380				58,621,036	7,377,380
Amount contributed to maintain general partner ownership percentage \| $															$ 6,500,000	$ 8,400,000
Ownership interest in Partnership by general partner														2.00%	2.00%	2.00%
Net proceeds from sale of common units \| $															$ 316,100,000
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) \| shares	104,525,775
General Partner unit in exchange for the elimination of the IDRs and Special GP Interest \| shares					1,196,346									1,196,346
Capital contributions to partnership \| $					$ 190,000,000									$ 1,381,000,000
Partners Capital Account Contributions for which common and general partner units were issued \| $														$ 1,191,000,000
Limited partner capital contribution allocation percentage														98.00%
General partner capital contribution allocation percentage														2.00%
Preferred unit, issued \| shares						5,000,000
Preferred stock, par value (in dollar per share) \| $ / shares					$ 0.001					$ 0.001				$ 0.001	$ 0.001
Distributions from partnership \| $														$ 150,300,000	$ 500,400,000	$ 339,800,000
Subsequent Event [Member]
Limited Partners Capital Account [Line Items]
Distributions declaration month				2017-01
Distribution declared \| $ / shares				$ 0.1875
Distributions from partnership \| $				$ 900,000
Distributions payable date				Feb. 15, 2017
Scenario Forecast [Member]
Limited Partners Capital Account [Line Items]
Distributions declaration month			2017-02
Distribution declared \| $ / shares			$ 0.1875
Distributions from partnership \| $			$ 900,000
Distributions payable date			Mar. 15, 2017
Series A Cumulative Redeemable Perpetual Preferred Units [Member]
Limited Partners Capital Account [Line Items]
Preferred unit, dividend interest rate														9.00%
Preferred units, outstanding \| shares					5,000,000									5,000,000
Distribution to preferred unitholders \| $														$ 11,300,000	1,500,000
General Partner Units [Member] \| IDRs [Member]
Limited Partners Capital Account [Line Items]
General Partner unit in exchange for the elimination of the IDRs and Special GP Interest \| shares																	424,590
General Partner Units [Member] \| Special GP Interest [Member]
Limited Partners Capital Account [Line Items]
General Partner unit in exchange for the elimination of the IDRs and Special GP Interest \| shares																	234,739
Equity Distribution Agreement May 2015 [Member]
Limited Partners Capital Account [Line Items]
Amount of common units authorized under equity distribution agreement \| $																		$ 1,000,000,000
Capacity remaining available under shelf agreement \| $										$ 835,600,000					835,600,000
Equity Distribution Agreement May 2014 [Member]
Limited Partners Capital Account [Line Items]
Capacity remaining available under shelf agreement \| $										4,200,000					$ 4,200,000
Equity Distribution Agreement [Member]
Limited Partners Capital Account [Line Items]
Issuance of common units (in units) \| shares					0									0
April 2013 Shelf [Member] \| Series A Preferred Units [Member]
Limited Partners Capital Account [Line Items]
Preferred unit, issued \| shares						4,400,000
Preferred stock, par value (in dollar per share) \| $ / shares						$ 25.00
Number of additional preferred units sold in public offering (in shares) \| shares						600,000
Net proceeds received after costs \| $						$ 121,100,000
Preferred unit, dividend interest rate						9.00%
Atlas Pipeline Partners [Member]
Limited Partners Capital Account [Line Items]
Amount contributed to maintain general partner ownership percentage \| $							$ 52,400,000	$ 52,400,000
Ownership interest in Partnership by general partner							2.00%	2.00%
Reallocation of IDR payments to common unitholders \| $										$ 9,375,000	$ 9,375,000	$ 9,375,000	$ 9,375,000
Number of quarterly distributions that will be reduced \| Distribution														16
Atlas Pipeline Partners [Member] \| Distribution Rights First Quarter for 2016 [Member]
Limited Partners Capital Account [Line Items]
Reallocation of IDR payments to common unitholders \| $									$ 6,250,000
Atlas Energy [Member]
Limited Partners Capital Account [Line Items]
Acquisition of TRP noncontrolling common interests, net of acquisition costs and deferred income taxes (in shares) \| shares		10,126,532
Targa Resources Partners LP [Member]
Limited Partners Capital Account [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) \| \| shares	168,590,009
Common Units [Member] \| IDRs [Member]
Limited Partners Capital Account [Line Items]
Issuance of common units (in units) \| shares																	20,380,286
Common Units [Member] \| Special GP Interest [Member]
Limited Partners Capital Account [Line Items]
Issuance of common units (in units) \| shares																	11,267,485
Common Units [Member] \| Atlas Energy [Member]
Limited Partners Capital Account [Line Items]
Acquisition of TRP noncontrolling common interests, net of acquisition costs and deferred income taxes (in shares) \| shares								3,363,935
Common Units [Member] \| Targa Resources Partners LP [Member] \| Atlas Pipeline Partners [Member]
Limited Partners Capital Account [Line Items]
Acquisition of TRP noncontrolling common interests, net of acquisition costs and deferred income taxes (in shares) \| shares								58,614,157
Series A Preferred Units due November 1, 2020 [Member] \| LIBOR [Member]
Limited Partners Capital Account [Line Items]
Percentage of variable interest rate for distribution on preferred units upon maturity						7.71%
Equity Distribution Agreement May 2014 [Member]
Limited Partners Capital Account [Line Items]
Amount of common units authorized under equity distribution agreement \| $																			$ 400,000,000
Issuance of common units (in units) \| shares																7,175,096
Proceeds from issuance of common stock \| $																$ 408,400,000
Commissions to sales agents, maximum																1.00%

Partnership Units and Related Matters - Summary of Distributions Declared or Paid by the Partnership (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Distributions Declared [Member]
Distributions declared or paid by the Partnership [Abstract]
Distributions payable date	Feb. 10, 2017
Total Distributions	$ 198.1
Distributions to Targa Resources Corp.	$ 195.3
Distributions Paid [Member]
Distributions declared or paid by the Partnership [Abstract]
Distributions payable date		Nov. 11, 2016	Aug. 11, 2016	May 12, 2016	Feb. 09, 2016	Nov. 13, 2015	Aug. 14, 2015	May 15, 2015	Feb. 13, 2015	Nov. 14, 2014	Aug. 14, 2014	May 15, 2014
Total Distributions		$ 194.7	$ 181.7	$ 157.6	$ 200.4	$ 200.4	$ 200.4	$ 193.9	$ 137.4	$ 130.9	$ 125.7	$ 121.3
Distributions to Targa Resources Corp.		$ 191.9	$ 178.9	$ 154.8	$ 61.4	$ 61.4	$ 61.4	$ 59.0	$ 51.6	$ 48.9	$ 46.3	$ 44.0

- Definition

Date of distribution for distribution of cash or unit to limited partner of limited partnership (LP), in CCYY-MM-DD format.

+ References + Details

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income	$ (140.6)	$ (3.2)	$ (14.6)	$ (0.7)	$ (231.9)	$ 20.8	$ 23.8	$ 35.9	$ (159.1)	$ (151.4)	$ 423.0
Net income (loss) attributable to noncontrolling interests									28.2	(209.7)	320.7
Less: Dividends on preferred stock									90.8
Net income (loss) attributable to common shareholders	$ (179.6)	$ (39.4)	$ (52.6)	$ (6.5)	$ 27.0	$ 12.7	$ 15.2	$ 3.4	$ (278.1)	$ 58.3	$ 102.3
Weighted average shares outstanding - basic (in shares)									154.4	53.5	42.0
Net income available per common share - basic (in dollars per share)	$ (1.18)	$ (0.23)	$ (0.33)	$ (0.06)	$ 0.48	$ 0.23	$ 0.27	$ 0.07	$ (1.80)	$ 1.09	$ 2.44
Weighted average shares outstanding - basic (in shares)									154.4	53.5	42.0
Dilutive effect of unvested stock awards (in shares)									0.0	0.1	0.1
Weighted average shares outstanding - diluted (in shares)									154.4	53.6	42.1
Net income available per common share - diluted (in dollars per share)	$ (1.18)	$ (0.23)	$ (0.33)	$ (0.06)	$ 0.48	$ 0.23	$ 0.27	$ 0.07	$ (1.80)	$ 1.09	$ 2.43

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Details) - shares
shares in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Unvested Restricted Stock Awards [Member]

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

0.6

0.1

0.0

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)

5.8

0.0

Series A Preferred 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)

^[1]

36.9

0.0

[1]

- 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

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Parenthetical) (Details) - Series A Preferred Stock [Member]	12 Months Ended
	Dec. 31, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred stock redemption premium percentage in sixth year	10.00%
Preferred stock redemption premium percentage after sixth year	5.00%

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Feb. 27, 2015
Derivative Line [Items]
Fair value of derivative assets			$ 102,100,000
Pro forma net presentation, liability	$ 53,300,000
Reclassification of commodity hedge related deferred losses	60,700,000
Reclassification of accumulated other comprehensive income into earnings before income taxes	39,700,000
Targa Resources Partners LP [Member] \| Atlas Pipeline Partners [Member]
Derivative Line [Items]
Fair value of derivative assets			$ 102,100,000
Fair value of derivative contracts received as component of derivative contract settlement	26,600,000	$ 67,900,000
Ineffectiveness losses	$ 0	$ (900,000)

- 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	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative assets	$ 16.8	$ 92.2
Derivative assets	5.1	34.9
Derivative assets	21.9	127.1
Derivative liabilities	75.2	7.6
Derivative liabilities	49.1	5.2
Derivative liabilities	26.1	2.4
Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	49.1	5.2
Long-Term Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	26.1	2.4
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	21.8	127.0
Derivative liabilities	74.7	4.5
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	48.6	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	26.1	2.4
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	16.7	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	5.1	34.9
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	0.5	3.1
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	0.5	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	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	$ 0.1

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Derivative Asset [Abstract]
Gross asset	$ 21.9
Gross liability	(64.8)
Gross collateral	7.0
Derivative assets	21.9	$ 127.1
Pro forma net presentation, asset	(53.3)
Pro forma net presentation, asset, total	5.7	119.5
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset		121.1
Gross liability		(7.6)
Pro forma net presentation, asset	5.7
Pro forma net presentation, asset, total		113.5
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset		6.0
Pro forma net presentation, asset, total		6.0
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	16.8	92.2
Gross collateral	7.0
Pro forma net presentation, asset, current	5.7	87.0
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	16.8	86.9
Gross liability	(46.1)	(5.2)
Gross collateral	7.0
Pro forma net presentation, asset	5.7	81.7
Current Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset		5.3
Pro forma net presentation, asset, current		5.3
Long-Term Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	5.1	34.9
Pro forma net presentation, asset, noncurrent		32.5
Long-Term Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	5.1	34.2
Gross liability	$ (18.7)	(2.4)
Pro forma net presentation, asset, noncurrent		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	Dec. 31, 2016	Dec. 31, 2015
Derivative Liability [Abstract]
Gross liability	$ (75.2)	$ (7.6)
Pro forma net presentation, liability, total	(52.0)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(10.4)
Pro forma net presentation, liability, total	(10.4)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Pro forma net presentation, liability, total	(41.6)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(49.1)	(5.2)
Pro forma net presentation, liability, current	(31.0)
Current Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(3.0)
Pro forma net presentation, liability, current	(3.0)
Current Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Pro forma net presentation, liability, current	(28.0)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(26.1)	$ (2.4)
Pro forma net presentation, liability, noncurrent	(21.0)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(7.4)
Pro forma net presentation, liability, noncurrent	(7.4)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Pro forma net presentation, liability, noncurrent	$ (13.6)

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ 45.0	$ 86.3	$ (6.6)
Interest Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)			(2.4)
Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	45.0	86.3	(4.2)
Commodity Contracts [Member] \| Revenues [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	0.9	(5.7)	(5.5)
Cash Flow Hedging [Member] \| Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ (103.6)	$ 112.7	$ 59.7

- 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

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) Swap
Fair Value Measurements [Abstract]
Derivative financial instruments, fair value, net	$ 53,300,000
Derivative fair value of net liability if commodity price increases by 10 percent	107,400,000
Derivative fair value of net asset if commodity price decreases by 10 percent	$ 14,900,000
Number of natural gas basis swaps categorized as Level 3 \| Swap	17
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

Dec. 31, 2016

Dec. 31, 2015

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

$ 5.7

$ 119.5

52.0

Carrying Value [Member]

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

^[1]

21.0

127.1

^[1]

74.2

7.6

^[2]

2.6

3.0

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

73.5

140.2

Carrying Value [Member] | TRC Revolver [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]

157.8

157.5

Carrying Value [Member] | TRP Revolver [Member]

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

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

150.0

280.0

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

275.0

219.3

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

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

4,057.3

4,884.0

Fair Value [Member]

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

^[1]

21.0

127.1

^[1]

74.2

7.6

^[2]

2.6

3.0

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

73.5

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]

19.6

123.1

^[1]

69.3

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]

1.4

4.0

^[1]

4.9

0.3

^[2]

2.6

3.0

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

0.0

Fair Value [Member] | TRC Revolver [Member]

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

275.0

440.0

Fair Value [Member] | TRC Revolver [Member] | Level 1 [Member]

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

0.0

Fair Value [Member] | TRC Revolver [Member] | Level 2 [Member]

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

275.0

440.0

Fair Value [Member] | TRC Revolver [Member] | Level 3 [Member]

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]

158.4

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]

158.4

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] | TRP Revolver [Member]

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

150.0

280.0

Fair Value [Member] | TRP Revolver [Member] | Level 1 [Member]

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

0.0

Fair Value [Member] | TRP Revolver [Member] | Level 2 [Member]

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

150.0

280.0

Fair Value [Member] | TRP Revolver [Member] | Level 3 [Member]

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]

275.0

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]

275.0

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]

4,101.6

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]

4,101.6

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]

Total expenses on lease obligations including short-term leases of compressors and equipment

$ 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	12 Months Ended
	Dec. 31, 2016 USD ($)
Contingent Liability [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Balance, beginning of period	$ (3.0)
Change in fair value of TPL contingent consideration	0.4
New Level 3 instruments	0.0
Settlements included in Revenue	0.0
Unrealized gain/(loss) included in OCI	0.0
Balance, end of period	(2.6)
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
Change in fair value of TPL contingent consideration	0.0
New Level 3 instruments	0.9
Settlements included in Revenue	0.2
Unrealized gain/(loss) included in OCI	(8.4)
Balance, end of period	$ (3.6)

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Gulf Coast Fractionators LP [Member]
Related Party Transaction [Line Items]
Revenues from transactions with related party	$ 0.4	$ 0.5	$ 0.8
Costs and expenses from transactions with related party	3.2	5.8	7.6
T2 Eagle Ford [Member]
Related Party Transaction [Line Items]
Revenues from transactions with related party	4.6	4.4
Costs and expenses from transactions with related party	3.2	3.0
Cost of sales attributable to related party	2.6	4.0
Amount charged to related parties for service.	0.2	0.4
T2 EF Cogen [Member]
Related Party Transaction [Line Items]
Revenues from transactions with related party	0.6	1.4
Amount charged to related parties for service.		0.1
T2 LaSalle [Member]
Related Party Transaction [Line Items]
Costs and expenses from transactions with related party	0.8	1.3
SAJET Resources LLC [Member]
Related Party Transaction [Line Items]
Amount charged to related parties for service.	0.5	1.1	1.4
Tesla Resources LLC [Member]
Related Party Transaction [Line Items]
Amount charged to related parties for service.	$ 0.1	$ 0.2	$ 0.2

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

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

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

In Aggregate

$ 52.1

2017

18.6

2018

13.6

2019

8.5

2020

6.5

2021

4.9

53.3

$ 50.2

$ 31.8

Operating Leases [Member]

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

In Aggregate

^[1]

37.9

2017

^[1]

15.4

2018

^[1]

10.8

2019

^[1]

5.7

2020

^[1]

3.8

2021

^[1]

2.2

Total expenses on lease obligations including short-term leases of compressors and equipment

^[2]

48.9

46.0

27.7

Land Site Lease and Right-of-Way [Member]

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

In Aggregate

^[3]

14.2

2017

^[3]

3.2

2018

^[3]

2.8

2019

^[3]

2.8

2020

^[3]

2.7

2021

^[3]

2.7

Total expenses on lease obligations including short-term leases of compressors and equipment

$ 4.4

$ 4.2

$ 4.1

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

Contingencies - Additional Information (Details)	Dec. 16, 2015 Plaintiff	Jun. 18, 2015 USD ($)	Dec. 31, 2016	Oct. 31, 2016
Loss Contingencies [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired				37.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage			63.00%
State Court Lawsuit [Member]
Loss Contingencies [Line Items]
Number of plaintiffs \| Plaintiff	2
Environment Proceeding [Member]
Loss Contingencies [Line Items]
Litigation settlement amount \| $		$ 29,223

Significant Risks and Uncertainties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Concentration Risk [Line Items]
Reduction of maximum loss due to counterparty credit risk by master netting provision	$ 21.9
Allowance for doubtful accounts	$ 0.9	$ 0.1
Targa Resources Partners LP [Member] \| Consolidated Product Purchases [Member] \| ONEOK Hydrocarbon LP [Member]
Summary of activity affecting allowance for bad debts [Roll Forward]
Concentration risk percentage	11.00%	12.00%
Targa Resources Partners LP [Member] \| Consolidated Product Purchases [Member] \| DCP NGL Services LLC [Member]
Summary of activity affecting allowance for bad debts [Roll Forward]
Concentration risk percentage	11.00%
Minimum [Member]
Concentration Risk [Line Items]
Potential loss attributable to individual counterparties	$ 1.3
Maximum [Member]
Concentration Risk [Line Items]
Potential loss attributable to individual counterparties	$ 3.8

Other Operating (Income) Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Income And Expenses [Abstract]
(Gain) loss on sale or disposition of assets	$ 6.1	$ (8.0)	$ (4.8)
Casualty (gain) loss		(0.2)	0.1
Miscellaneous business tax	0.5	0.5	0.4
Other		0.6	1.3
Total other operating (income) expense	$ 6.6	$ (7.1)	$ (3.0)

Income Taxes - Components of Federal and State Income Tax Provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income tax (expense) benefit:
Current expense (benefit)	$ (62.8)	$ 15.0	$ 72.4
Deferred expense (benefit)	(37.8)	24.6	(4.4)
Total income tax expense (benefit)	$ (100.6)	$ 39.6	$ 68.0

- Definition

Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.

+ References + Details

- Definition

Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66902209&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=63044130

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions

Dec. 31, 2016

Dec. 31, 2015

Deferred tax assets:

Net operating loss

$ 101.2

$ 19.8

Tax credits

3.9

0.0

Other

3.5

Deferred tax assets before valuation allowance

108.6

23.3

Valuation allowance

(3.5)

Deferred tax assets

105.1

19.8

Deferred tax liabilities:

Investments

^[1]

(1,002.6)

(114.3)

Property, plant, and equipment

(25.3)

(61.5)

Debt-related

(6.1)

(10.0)

Other

(12.3)

(11.8)

Deferred tax liabilities

(1,046.3)

(197.6)

Net deferred tax asset (liability)

(941.2)

(177.8)

Net deferred tax liability

Federal

(833.2)

(144.5)

Foreign

0.6

State

(108.6)

(33.9)

Net deferred tax asset (liability)

(941.2)

(177.8)

Balance sheet classification of deferred tax assets (liabilities)

Long-term liability

$ (941.2)

$ (177.8)

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

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Tax basis statutory rate	35.00%	35.00%	35.00%
Net operating loss carryforwards	$ 232,500,000
Operating loss carryforwards expiry date	Dec. 31, 2036
Deferred tax assets relate to drop down transactions	$ 3,500,000
Valuation allowance	3,500,000	$ 3,500,000
Deferred tax assets, alternative minimum tax credit	3,900,000
Uncertain tax reserves	0
TPL Arkoma, Inc [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 51,300,000
TPL Arkoma, Inc [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiry date	Dec. 31, 2029
TPL Arkoma, Inc [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiry date	Dec. 31, 2036
Targa Resources Partners LP [Member]
Operating Loss Carryforwards [Line Items]
Transferred stock with a fair market value	$ 1,800,000,000
Liabilities assumed	5,400,000,000
Initial purchase price	7,300,000,000
Investment deferred tax liability	865,000,000
Deferred tax liabilities computed over book basis	4,100,000,000
Deferred tax liabilities excess over tax basis	$ 1,800,000,000
Tax basis statutory rate	37.34%

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income tax reconciliation:
Income (loss) before income taxes	$ (259.7)	$ (111.8)	$ 491.0
Less: Net income attributable to noncontrolling interest	(28.2)	209.7	(320.7)
Less: TPL Arkoma, Inc. income to TRC	0.8	0.5	0.0
Less: Income taxes included in noncontrolling interest	0.0	(0.6)	(4.2)
Income attributable to TRC (excluding TPL Arkoma, Inc.) before income taxes	(287.1)	97.8	166.1
Income from TPL Arkoma, Inc.	(0.8)	(7.6)	0.0
Income attributable to TRC and TPL Arkoma, Inc. before income taxes	$ (287.9)	$ 90.2	$ 166.1
Federal statutory income tax rate	35.00%	35.00%	35.00%
Provision for federal income taxes	$ (100.8)	$ 31.6	$ 58.1
State income taxes, net of federal tax benefit	(6.1)	3.5	6.7
Amortization of deferred charge on 2010 transactions	4.7	4.7	4.7
Other, net	1.6	(0.2)	(1.5)
Total income tax expense (benefit)	$ (100.6)	$ 39.6	$ 68.0

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

12 Months Ended

Feb. 27, 2015

^[2]

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Cash:

Interest paid, net of capitalized interest

^[1]

$ 282.0

$ 214.1

$ 133.8

Income taxes paid, net of refunds

(10.6)

12.6

73.4

Non-cash investing activities:

Deadstock commodity inventory transferred to property, plant and equipment

17.4

1.2

14.8

Impact of capital expenditure accruals on property, plant and equipment

27.6

43.8

19.0

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

2.4

3.7

4.6

Change in ARO liability and property, plant and equipment due to revised cash flow estimate

(9.1)

3.8

2.1

Deferred revenue related to property, plant and equipment received under contract amendment

22.6

Non-cash financing activities:

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

8.7

1.6

$ 0.6

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

342.1

Change of accrued distributions of preferred units

0.9

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

18.2

Transfer within additional paid-in capital for exercise of Warrants

181.5

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

Prepaid transaction costs reclassified in the additional paid-in capital

4.5

Issuance of common stock

0.1

Additional paid-in capital

3,207.5

Accumulated other comprehensive income

55.8

Noncontrolling interests

(4,119.7)

Deferred tax liability

856.3

Non-cash balance sheet movements related to the purchase of noncontrolling interests in subsidiary (see Note 4 - Business Acquisitions) :

Additional paid-in capital

65.0

Noncontrolling interests

$ (65.0)

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

$ 745.7

1,574.4

$ 5,024.2

[1]	Interest capitalized on major projects was $8.3 million, $13.2 million and $16.1 million for 2016, 2015 and 2014.
[2]	Net of cash acquired of $40.8 million.

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Interest capitalized on major projects	$ 8.3	$ 13.2	$ 16.1
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 Pipeline 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%

Compensation Plans - Additional Information (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 14, 2017 $ / shares shares	Feb. 17, 2016 USD ($) shares	Jan. 31, 2017 shares	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion ratio in stock-for-unit transaction		0.62
Compensation costs \| $					$ 41.2	$ 22.8	$ 25.4
Weighted average recognition period for unrecognized compensation cost					2 years 3 months 18 days
Unrecognized compensation expenses \| $					$ 44.8
Employer matching contribution percent					100.00%
Percentage of employees' gross pay for which employer contributes matching contribution					5.00%
Percentage of additional contribution per employee made by employer					3.00%
Percentage of contributions made in cash					100.00%
Contributions to defined contribution plan \| $					$ 14.4	$ 13.8	$ 10.5
Accounting Standard Update 2016-09
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tax deficiency of dividends on share-based compensation recognized as income tax expense \| $					$ 0.5
Phantom Unit Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding shares before conversion		349,541
Converted outstanding shares		216,561
Phantom Unit Awards [Member] \| Vesting Term One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term					4 years
Vesting percentage original term					25.00%
Phantom Unit Awards [Member] \| Vesting Term Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term					3 years
Vesting percentage original term					33.00%
Equity-Settled Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding shares before conversion		675,745
Converted outstanding shares		418,906
Equity-Settled Performance Units [Member] \| General and Administrative Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation costs \| $		$ 3.9
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in dollars per shares) \| $ / shares					$ 74.01
Vesting period of original term					3 years
Granted (in shares)					331,282
Outstanding shares before conversion					700,402
Vested (in dollars per share) \| $ / shares					$ 62.23
Vested (in shares)					245,862
Restricted Stock Units (RSUs) [Member] \| Non Executives Cash Bonus [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)					310,809
Cash-Settled Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation costs \| $				$ 4.8
Cash-Settled Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding shares before conversion					189,295	451,990
Converted outstanding shares		279,964
Weighted average recognition period for unrecognized compensation cost					1 year 3 months 18 days
Vested (in shares)					85,492
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
Targa Resources Partners LP [Member] \| Performance Units [Member] \| Award Granted in December 2013 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period					3 years
Targa Resources Partners LP [Member] \| Performance Units [Member] \| Award Granted in December 2013 [Member] \| Vesting Term One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period					2 years
Targa Resources Partners LP [Member] \| Performance Units [Member] \| Award Granted in December 2013 [Member] \| Vesting Term Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period					3 years
Targa Resources Partners LP [Member] \| Performance Units [Member] \| Award Granted in December 2013 [Member] \| Vesting Term Three [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period					4 years
Targa Resources Partners LP [Member] \| Phantom Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in dollars per shares) \| $ / shares						$ 36.87
Granted (in shares)						25,162
Targa Resources Partners LP [Member] \| Phantom Units [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term					1 year
Targa Resources Partners LP [Member] \| Phantom Units [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term					5 years
Targa Resources Partners LP [Member] \| Phantom Unit Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in dollars per shares) \| $ / shares						$ 43.82
Granted (in shares)						629,231
Repayment period of cash distribution					60 days
Targa Resources Partners LP [Member] \| Phantom Unit Awards [Member] \| Vesting Term One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term					4 years
Vesting percentage original term					25.00%
Targa Resources Partners LP [Member] \| Phantom Unit Awards [Member] \| Vesting Term Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term					3 years
Vesting percentage original term					33.00%
Targa Resources Partners LP [Member] \| Cash-Settled Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Liability award		451,990
TRC Equity Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Termination date					Feb. 07, 2017
Partnership Long-term Incentive Plan [Member] \| Targa Resources Partners LP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of units authorized (in shares)					1,680,000
Partnership Long-term Incentive Plan [Member] \| Targa Resources Partners LP [Member] \| Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in dollars per shares) \| $ / shares						$ 34.48	$ 57.19
Director Grants And Incentive Plan [Member] \| Director Grants [Member] \| Non-Management Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in dollars per shares) \| $ / shares					$ 10.11	$ 44.67	$ 50.29
Vested in Period, Fair Value \| $					$ 0.3	$ 0.5	$ 0.4
TRC Long-term Incentive Plan [Member] \| Cash-Settled Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Converted outstanding shares		279,964
Cash settled for awards \| $					4.8	7.8	14.7
2010 TRC Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested in Period, Fair Value \| $					$ 19.8	$ 31.8	$ 20.1
2010 TRC Stock Incentive Plan [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchased (in shares)	6,990
Stock repurchase price (in dollars per share) \| $ / shares	$ 57.95
2010 TRC Stock Incentive Plan [Member] \| Outside Directors [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)			13,818
2010 TRC Stock Incentive Plan [Member] \| Performance Units [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term			3 years
2010 TRC Stock Incentive Plan [Member] \| Performance Units [Member] \| Subsequent Event [Member] \| 2017 Compensation Cycle [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)			113,901
Vesting date			Dec. 31, 2019
2010 TRC Stock Incentive Plan [Member] \| Performance Units [Member] \| Minimum [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Guideline performance percentage based on total shareholder return			0.00%
2010 TRC Stock Incentive Plan [Member] \| Performance Units [Member] \| Maximum [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Guideline performance percentage based on total shareholder return			250.00%
2010 TRC Stock Incentive Plan [Member] \| Performance Units [Member] \| First Year [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage			25.00%
2010 TRC Stock Incentive Plan [Member] \| Performance Units [Member] \| Second Year [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage			25.00%
2010 TRC Stock Incentive Plan [Member] \| Performance Units [Member] \| Third Year [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage			25.00%
2010 TRC Stock Incentive Plan [Member] \| Performance Units [Member] \| Entirety of Performance Period [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage			25.00%
2010 TRC Stock Incentive Plan [Member] \| Director Grants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)					24,234	6,429	5,165
Vested (in dollars per share) \| $ / shares					$ 16.45	$ 86.49	$ 87.45
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in dollars per shares) \| $ / shares					$ 27.87	$ 83.54	$ 112.89
Granted (in shares)					1,129,705	140,477	54,357
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested (in shares)	22,017
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term					1 year
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term					5 years
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of units authorized (in shares)					5,000,000
Recognized tax benefits \| $						$ 1.1	$ 1.0
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)			491,000
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock [Member] \| Subsequent Event [Member] \| 2017 Compensation Cycle [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term			3 years
Granted (in shares)			114,301
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock [Member] \| Two Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of original term					1 year
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock [Member] \| January 2021 [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage			30.00%
Vesting date of awards			2021-01
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock [Member] \| January 2020 [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage			30.00%
Vesting date of awards			2020-01
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock [Member] \| January 2023 [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage			40.00%
Vesting date of awards			2023-01
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock In Lieu Of Salary [Member] \| Two Executives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in dollars per shares) \| $ / shares					$ 41.43
Granted (in shares)					32,267
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock In Lieu Of Bonus [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in dollars per shares) \| $ / shares					$ 26.34
Vesting period of original term					3 years
Granted (in shares)					153,252

Compensation Plans - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2016 $ / shares shares
Nonvested, number of shares [Roll Forward]
Outstanding, beginning of period (in shares) \| shares
Converted (in shares) \| shares	635,467
Granted (in shares) \| shares	331,282
Forfeited (in shares) \| shares	(20,485)
Vested (in shares) \| shares	(245,862)
Outstanding, end of period (in shares) \| shares	700,402
Weighted-average grant-date fair value [Roll Forward]
Outstanding, beginning period (in dollars per share) \| $ / shares
Converted (in dollars per share) \| $ / shares	$ 73.68
Granted (in dollars per shares) \| $ / shares	74.01
Forfeited (in dollars per share) \| $ / shares	26.38
Vested (in dollars per share) \| $ / shares	62.23
Outstanding, end of period (in dollars per share) \| $ / shares	$ 51.52

Compensation Plans - TRC LTIP, Cash-Settled Restricted Stock Units (Details) - Cash-Settled Restricted Stock Units [Member] - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 17, 2016
Nonvested, number of shares [Roll Forward]
Outstanding, beginning of period (in shares)	451,990
Converted outstanding shares		279,964
Vested (in shares)	(85,492)
Forfeited (in shares)	(5,177)
Outstanding, end of period (in shares)	189,295
Calculated fair market value as of period end	$ 12,348,763
Current liability	4,143,373
Long-term liability	3,565,135
Liability as of year end	7,708,508
To be recognized in future periods	$ 4,640,255
2013 Long-term Incentive Plan [Member]
Nonvested, number of shares [Roll Forward]
Outstanding, beginning of period (in shares)	139,700
Converted outstanding shares		86,538
Vested (in shares)	(85,492)
Forfeited (in shares)	(1,046)
2014 Long-term Incentive Plan [Member]
Nonvested, number of shares [Roll Forward]
Outstanding, beginning of period (in shares)	119,900
Converted outstanding shares		74,248
Forfeited (in shares)	(1,269)
Outstanding, end of period (in shares)	72,979
Calculated fair market value as of period end	$ 4,992,974
Current liability	4,143,373
Liability as of year end	4,143,373
To be recognized in future periods	$ 849,601
Vesting date	Jun. 30, 2017
2015 Long-term Incentive Plan [Member]
Nonvested, number of shares [Roll Forward]
Outstanding, beginning of period (in shares)	192,390
Converted outstanding shares		119,178
Forfeited (in shares)	(2,862)
Outstanding, end of period (in shares)	116,316
Calculated fair market value as of period end	$ 7,355,790
Long-term liability	3,565,135
Liability as of year end	3,565,135
To be recognized in future periods	$ 3,790,655
Vesting date	Jun. 30, 2018

Compensation Plans - 2010 TRC Stock Incentive Plan (Details) - 2010 TRC Stock Incentive Plan [Member] - Restricted Stock and Restricted Stock Units [Member]	12 Months Ended
	Dec. 31, 2016 $ / shares shares
Nonvested, number of shares [Roll Forward]
Outstanding, beginning of period (in shares) \| shares	313,362
Granted (in shares) \| shares	1,186,206
Forfeited (in shares) \| shares	(14,989)
Vested (in shares) \| shares	(116,329)
Outstanding, end of period (in shares) \| shares	1,368,250
Outstanding, beginning period (in dollars per share) \| $ / shares	$ 85.70
Granted (in dollars per shares) \| $ / shares	28.00
Forfeited (in dollars per share) \| $ / shares	75.17
Vested (in dollars per share) \| $ / shares	58.55
Outstanding, end of period (in dollars per share) \| $ / shares	$ 38.10

Segment Information - Additional Information (Details) - Segment	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Number of segments	2
Previous Reportable Segments [Member] \| Gathering and Processing [Member]
Segment Reporting Information [Line Items]
Number of reportable segments		2
Previous Reportable Segments [Member] \| 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								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Sales of commodities									$ 5,626.8	$ 5,465.4	$ 7,595.2
Fees from midstream services									1,064.1	1,193.2	1,021.3
Revenues	$ 2,012.6	$ 1,652.3	$ 1,583.6	$ 1,442.4	$ 1,647.4	$ 1,632.1	$ 1,699.4	$ 1,679.7	6,690.9	6,658.6	8,616.5
Operating margin									1,214.3	1,281.0	1,136.5
Gathering and Processing [Member]
Revenues
Revenues									3,240.7	3,047.5	2,851.1
Operating margin									577.1	515.1	449.9
Logistics and Marketing [Member]
Revenues
Revenues									5,794.5	4,888.6	8,215.2
Operating margin									574.4	681.7	694.7
Other Segment [Member]
Revenues
Revenues									62.9	84.2	(8.0)
Operating margin									62.9	84.2	(8.0)
Splitter Agreement [Member]
Revenues
Revenues									(2,407.2)	(1,361.7)	(2,441.8)
Operating margin									(0.1)		(0.1)
Operating Segments [Member]
Revenues
Sales of commodities									5,626.8	5,465.4	7,595.2
Fees from midstream services									1,064.1	1,193.2	1,021.3
Revenues									6,690.9	6,658.6	8,616.5
Operating Segments [Member] \| Gathering and Processing [Member]
Revenues
Sales of commodities									621.9	1,485.4	552.4
Fees from midstream services									486.6	427.1	224.7
Revenues									1,108.5	1,912.5	777.1
Operating Segments [Member] \| Logistics and Marketing [Member]
Revenues
Sales of commodities									4,942.0	3,895.8	7,050.8
Fees from midstream services									577.5	766.1	796.6
Revenues									5,519.5	4,661.9	7,847.4
Operating Segments [Member] \| Other Segment [Member]
Revenues
Sales of commodities									62.9	84.2	(8.0)
Revenues									62.9	84.2	(8.0)
Intersegment Eliminations [Member] \| Gathering and Processing [Member]
Revenues
Sales of commodities									2,124.4	1,126.3	2,068.8
Fees from midstream services									7.8	8.7	5.2
Revenues									2,132.2	1,135.0	2,074.0
Intersegment Eliminations [Member] \| Logistics and Marketing [Member]
Revenues
Sales of commodities									251.5	208.9	339.3
Fees from midstream services									23.5	17.8	28.5
Revenues									275.0	226.7	367.8
Intersegment Eliminations [Member] \| Splitter Agreement [Member]
Revenues
Sales of commodities									(2,375.9)	(1,335.2)	(2,408.1)
Fees from midstream services									(31.3)	(26.5)	(33.7)
Revenues									$ (2,407.2)	$ (1,361.7)	$ (2,441.8)

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

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Mar. 31, 2016

Feb. 27, 2015

Total assets

^[1]

$ 12,871.2

$ 13,211.0

$ 6,423.5

Goodwill, net

210.0

417.0

0.0

$ 393.0

$ 707.0

592.1

777.2

747.8

5,024.2

$ 5,024.2

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

Total assets

^[1]

9,800.6

10,391.9

3,776.2

Goodwill, net

210.0

417.0

402.5

496.3

437.1

5,024.2

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

Total assets

^[1]

2,868.7

2,567.1

2,476.1

185.3

272.0

304.6

Operating Segments [Member] | Other Segment [Member]

Total assets

^[1]

21.8

127.1

60.2

Operating Segments [Member] | Corporate and Other

Total assets

^[1]

180.1

124.9

111.0

$ 4.3

$ 8.9

$ 6.1

[1]	Corporate assets at the segment level primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Segment Information - Summary of Consolidated Revenues by Product and Service (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue from External Customer [Line Items]
Sales of commodities									$ 5,626.8	$ 5,465.4	$ 7,595.2
Fees from midstream services									1,064.1	1,193.2	1,021.3
Total revenues	$ 2,012.6	$ 1,652.3	$ 1,583.6	$ 1,442.4	$ 1,647.4	$ 1,632.1	$ 1,699.4	$ 1,679.7	6,690.9	6,658.6	8,616.5
Natural Gas Sales [Member]
Revenue from External Customer [Line Items]
Sales of commodities									1,584.5	1,578.6	1,414.1
NGL Sales [Member]
Revenue from External Customer [Line Items]
Sales of commodities									3,777.3	3,558.3	5,960.1
Condensate Sales [Member]
Revenue from External Customer [Line Items]
Sales of commodities									133.9	142.4	134.3
Petroleum Products [Member]
Revenue from External Customer [Line Items]
Sales of commodities									68.2	101.6	96.3
Derivative Activities [Member]
Revenue from External Customer [Line Items]
Sales of commodities									62.9	84.5	(9.6)
Fractionating and Treating Fees [Member]
Revenue from External Customer [Line Items]
Fees from midstream services									126.2	209.0	208.9
Storage, Terminaling, Transportation and Export Fees [Member]
Revenue from External Customer [Line Items]
Fees from midstream services									420.0	506.2	548.1
Gathering and Processing Fees [Member]
Revenue from External Customer [Line Items]
Fees from midstream services									445.0	393.7	196.9
Other [Member]
Revenue from External Customer [Line Items]
Fees from midstream services									$ 72.9	$ 84.3	$ 67.4

Segment Information - Reconciliation of Operating Margin to Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of operating margin to net income (loss):
Operating margin									$ 1,214.3	$ 1,281.0	$ 1,136.5
Depreciation and amortization expenses									(757.7)	(677.1)	(351.0)
General and administrative expenses									(187.2)	(161.7)	(148.0)
Goodwill impairment	$ (183.0)			$ (24.0)	$ (290.0)				(207.0)	(290.0)	0.0
Interest expense, net									(254.2)	(231.9)	(147.1)
Other, net									(67.9)	(32.1)	0.6
Income tax (expense) benefit									100.6	(39.6)	(68.0)
Net income (loss)	$ (140.6)	$ (3.2)	$ (14.6)	$ (0.7)	$ (231.9)	$ 20.8	$ 23.8	$ 35.9	$ (159.1)	$ (151.4)	$ 423.0

- Definition

+ References + Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=65897068&loc=SL4591552-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=68079674&loc=SL4569616-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=64809438&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=65897068&loc=SL4591551-111686

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=64809438&loc=SL4573702-111684

+ Details

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Selected Quarterly Financial Information [Abstract]

Revenues

$ 2,012.6

$ 1,652.3

$ 1,583.6

$ 1,442.4

$ 1,647.4

$ 1,632.1

$ 1,699.4

$ 1,679.7

$ 6,690.9

$ 6,658.6

$ 8,616.5

Gross margin

468.6

429.6

438.4

431.4

459.8

468.8

471.3

421.1

1,768.0

1,821.0

Income (loss) from operations

(97.6)

^[1],[2]

51.6

^[1],[2]

66.3

^[1],[2]

35.5

^[1],[2]

(206.9)

^[3],[4]

115.3

^[3],[4]

112.4

^[3],[4]

138.5

^[3],[4]

55.8

^[1],[2]

159.3

^[3],[4]

640.5

(140.6)

(3.2)

(14.6)

(0.7)

(231.9)

20.8

23.8

35.9

(159.1)

(151.4)

423.0

Net income (loss) attributable to common shareholders

$ (179.6)

$ (39.4)

$ (52.6)

$ (6.5)

$ 27.0

$ 12.7

$ 15.2

$ 3.4

$ (278.1)

$ 58.3

$ 102.3

Net income (loss) per common share - basic

$ (1.18)

$ (0.23)

$ (0.33)

$ (0.06)

$ 0.48

$ 0.23

$ 0.27

$ 0.07

$ (1.80)

$ 1.09

$ 2.44

Net income (loss) per common share - diluted

$ (1.18)

$ (0.23)

$ (0.33)

$ (0.06)

$ 0.48

$ 0.23

$ 0.27

$ 0.07

$ (1.80)

$ 1.09

$ 2.43

[1]	Includes a goodwill impairment of $183.0 million in the fourth quarter of 2016. See Note 7 – Goodwill.
[2]	Includes an additional goodwill impairment of $24.0 million in the first quarter of 2016. See Note 7 – Goodwill.
[3]	Includes $32.6 million of impairment losses in the fourth quarter of 2015. See Note 6 – Property, Plant and Equipment and Intangible Assets.
[4]	Includes a provisional goodwill impairment of $290.0 million in the fourth quarter of 2015. See Note 7 – Goodwill

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=65016374&loc=d3e4984-109258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

- Definition

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

+ References + Details

- Definition

Revenue related to midstream and downstream gas activities. May include the following: gathering from wells, processing to remove impurities, storage, transmission, and the sale of natural gas and related products.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Selected Quarterly Financial Data (Unaudited) (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]
Impairment loss			$ 32.6		$ 32.6	$ 3.2
Goodwill impairment	$ 183.0	$ 24.0	$ 290.0	$ 207.0	$ 290.0	$ 0.0

- Definition

+ References + Details

- Definition

The expense recorded to reduce the value of oil and gas assets consisting of proved properties and unproved properties as the estimate of future successful production from these properties is reduced.

+ References + Details

Condensed Parent Only Financial Statements, Condensed Balance Sheets (Details) - USD ($)
$ in Millions

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

ASSETS

Other long-term assets

$ 63.5

$ 67.4

Total assets

^[1]

12,871.2

13,211.0

$ 6,423.5

LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY

4,606.0

5,718.8

Other long-term liabilities

215.1

186.9

Contingencies

0.0

Targa Resources Corp. stockholders' equity

5,248.6

1,461.4

Total liabilities, Series A Preferred Stock and owners' equity

12,871.2

13,211.0

Parent Company [Member]

ASSETS

Investment in consolidated subsidiaries

5,840.2

1,999.4

Deferred income taxes

54.5

43.7

Debt issuance costs

6.5

8.6

Other long-term assets

4.5

Total assets

5,901.2

2,056.2

LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY

Accrued current liabilities

23.6

1.2

429.0

593.1

Other long-term liabilities

9.2

0.5

Contingencies

Series A Preferred 9.5% Stock, net of discount

190.8

Targa Resources Corp. stockholders' equity

5,248.6

1,461.4

Total liabilities, Series A Preferred Stock and owners' equity

$ 5,901.2

$ 2,056.2

[1]	Corporate assets at the segment level primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Condensed Parent Only Financial Statements, Condensed Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

CONDENSED STATEMENT OF OPERATIONS [Abstract]

$ (14.3)

$ (2.5)

$ 18.0

General and administrative expenses

(187.2)

(161.7)

(148.0)

Income from operations

$ (97.6)

^[1],[2]

$ 51.6

^[1],[2]

$ 66.3

^[1],[2]

$ 35.5

^[1],[2]

$ (206.9)

^[3],[4]

$ 115.3

^[3],[4]

$ 112.4

^[3],[4]

$ 138.5

^[3],[4]

55.8

^[1],[2]

159.3

^[3],[4]

640.5

Other income (expense):

Other

1.2

(26.6)

(8.0)

Income (loss) before income taxes

(259.7)

(111.8)

491.0

Deferred income tax (expense) benefit

37.8

(24.6)

4.4

Net income (loss) attributable to Targa Resources Corp.

(187.3)

58.3

102.3

(99.8)

0.9

5.3

Comprehensive income (loss) attributable to Targa Resources Corp.

(287.1)

59.2

107.6

Dividends on Series A preferred stock

72.6

Deemed dividends

18.2

Net income (loss) attributable to common shareholders

$ (179.6)

$ (39.4)

$ (52.6)

$ (6.5)

$ 27.0

$ 12.7

$ 15.2

$ 3.4

(278.1)

58.3

102.3

Parent Company [Member]

CONDENSED STATEMENT OF OPERATIONS [Abstract]

(167.3)

87.6

109.8

General and administrative expenses

(10.0)

(8.0)

(8.3)

Income from operations

(177.3)

79.6

101.5

Other income (expense):

Loss on extinguishment of debt

(12.9)

Interest expense

(20.8)

(24.2)

(3.2)

Income (loss) before income taxes

(198.1)

42.5

98.3

Deferred income tax (expense) benefit

10.8

15.8

4.0

Net income (loss) attributable to Targa Resources Corp.

(187.3)

58.3

102.3