View Filing Data

Trade receivables, net of allowances of $0.2 and $0.1 million at March 31, 2019 and December 31, 2018

$ 124.9

$ 232.1

752.8

865.5

Inventories

197.9

164.7

Assets from risk management activities

75.9

115.3

Other current assets

29.5

41.3

Total current assets

1,181.0

1,418.9

Property, plant and equipment

18,189.3

17,220.7

Accumulated depreciation and amortization

(4,485.9)

(4,292.3)

Property, plant and equipment, net

13,703.4

12,928.4

Intangible assets, net

1,940.2

1,983.2

Goodwill, net

46.6

Long-term assets from risk management activities

23.1

34.1

Investments in unconsolidated affiliates

605.9

490.5

Other long-term assets

69.0

36.5

Total assets

17,569.2

16,938.2

Current liabilities:

Accounts payable and accrued liabilities

1,680.2

1,737.3

Liabilities from risk management activities

43.3

33.6

Current debt obligations

^[1]

318.1

1,027.9

Total current liabilities

2,041.6

2,798.8

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

7,118.5

5,632.4

Long-term liabilities from risk management activities

9.4

3.1

Deferred income taxes, net

507.6

525.2

Other long-term liabilities

301.2

262.2

Contingencies (see Note 18)

0.0

Targa Resources Corp. stockholders' equity:

Common stock value

0.2

0.0

Additional paid-in capital

5,925.7

6,154.9

Retained earnings (deficit)

(169.3)

(130.4)

Accumulated other comprehensive income (loss)

48.9

94.3

Treasury stock, at cost (895,410 shares as of March 31, 2019 and 665,753 shares as of December 31, 2018)

(49.2)

(39.6)

Total Targa Resources Corp. stockholders' equity

5,756.3

6,079.4

Noncontrolling interests

1,581.0

1,391.4

Total owners' equity

7,337.3

7,470.8

Total liabilities, Series A Preferred Stock and owners' equity

17,569.2

16,938.2

Series A Preferred Stock [Member]

Current liabilities:

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

$ 253.6

$ 245.7

[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.

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Trade receivables, allowances	$ 0.2	$ 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)	233,370,416	232,456,283
Common stock, shares outstanding (in shares)	232,475,006	231,790,530
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	98,800,000	98,800,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	895,410	665,753
Series A Preferred Stock [Member]
LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY
Preferred Series A Liquidation Stock Percentage	9.50%	9.50%
Preferred Stock, Liquidation Preference Per Share	$ 1,000	$ 1,000
Preferred Stock, Shares Authorized	1,200,000	1,200,000
Preferred Stock, Shares Issued	965,100	965,100
Preferred Stock, Shares Outstanding	965,100	965,100

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 2,299.4	$ 2,455.6
Costs and expenses:
Product purchases	1,726.0	1,941.0
Operating expenses	190.2	173.2
Depreciation and amortization expense	237.4	198.1
General and administrative expense	81.1	56.7
Other operating (income) expense	3.4	0.3
Income (loss) from operations	61.3	86.3
Other income (expense):
Interest income (expense), net	(80.6)	16.1
Equity earnings (loss)	2.8	1.5
Gain (loss) from financing activities	(1.4)
Change in contingent considerations	(9.7)	(56.1)
Income (loss) before income taxes	(27.6)	47.8
Income tax (expense) benefit	2.9	(8.9)
Net income (loss)	(24.7)	38.9
Less: Net income (loss) attributable to noncontrolling interests	14.2	16.0
Net income (loss) attributable to Targa Resources Corp.	(38.9)	22.9
Dividends on Series A Preferred Stock	22.9	22.9
Deemed dividends on Series A Preferred Stock	7.9	7.0
Net income (loss) attributable to common shareholders	$ (69.7)	$ (7.0)
Net income (loss) per common share - basic	$ (0.30)	$ (0.03)
Net income (loss) per common share - diluted	$ (0.30)	$ (0.03)
Weighted average shares outstanding - basic	232.2	218.7
Weighted average shares outstanding - diluted	232.2	218.7
Sales of Commodities [Member]
Revenues:
Total revenues	$ 1,976.5	$ 2,173.7
Fees from Midstream Services [Member]
Revenues:
Total revenues	$ 322.9	$ 281.9

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income (loss)	$ (24.7)	$ 38.9
Commodity hedging contracts:
Other comprehensive income (loss), pre-tax	(60.1)	91.3
Other comprehensive income (loss), related income tax	14.7	(21.8)
Other comprehensive income (loss), after tax	(45.4)	69.5
Comprehensive income (loss)	(70.1)	108.4
Less: Comprehensive income (loss) attributable to noncontrolling interests	14.2	16.0
Comprehensive income (loss) attributable to Targa Resources Corp.	(84.3)	92.4
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	(38.8)	64.6
Change in fair value, related income tax	9.5	(15.4)
Change in fair value, after tax	(29.3)	49.2
Settlements reclassified to revenues, pre-tax	(21.3)	26.7
Settlements reclassified to revenues, related income tax	5.2	(6.4)
Settlements reclassified to revenues, after tax	$ (16.1)	$ 20.3

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Shares [Member]	Noncontrolling Interests [Member]	Series A Preferred Stock [Member]
Balance at Dec. 31, 2017	$ 6,756.0	$ 0.2	$ 6,302.8	$ (77.2)	$ (29.9)	$ (35.6)	$ 595.7
Balance (in shares) at Dec. 31, 2017		217,567				586
Series A Preferred Stock at Dec. 31, 2017								$ 216.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of accounting standard adoption	5.2			5.2	(5.2)
Compensation on equity grants	13.2		13.2
Distribution equivalent rights	(3.3)		(3.3)
Shares issued under compensation program (in shares)		51
Shares and units tendered for tax withholding obligations	(0.4)					$ (0.4)
Shares and units tendered for tax withholding obligations (in shares)		(8)				8
Issuance of common stock	57.7		57.7
Issuance of common stock (in shares)		1,163
Exercise of warrants - shares settled		59
Series A Preferred Stock dividends
Dividends - $23.75 per share	(22.9)			(22.9)
Dividends in excess of retained earnings			(22.9)	22.9
Deemed dividends - accretion of beneficial conversion feature	(7.0)		(7.0)					7.0
Common stock dividends
Dividends - $0.91 per share	(199.3)			(199.3)
Dividends in excess of retained earnings			(199.3)	199.3
Distributions to noncontrolling interests	(19.3)						(19.3)
Contributions from noncontrolling interests	280.1						280.1
Acquisition of related party	1.2						1.2
Other comprehensive income (loss)	69.5				69.5
Net income (loss)	38.9			22.9			16.0
Balance at Mar. 31, 2018	6,964.4	$ 0.2	6,141.2	(49.1)	34.4	$ (36.0)	873.7
Balance (in shares) at Mar. 31, 2018		218,832				594
Series A Preferred Stock at Mar. 31, 2018								223.5
Balance at Dec. 31, 2018	7,470.8	$ 0.2	6,154.9	(130.4)	94.3	$ (39.6)	1,391.4
Balance (in shares) at Dec. 31, 2018		231,791				666
Series A Preferred Stock at Dec. 31, 2018								245.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	16.5		16.5
Distribution equivalent rights	(3.6)		(3.6)
Shares issued under compensation program (in shares)		913
Shares and units tendered for tax withholding obligations	(9.6)					$ (9.6)
Shares and units tendered for tax withholding obligations (in shares)		(229)				229
Series A Preferred Stock dividends
Dividends - $23.75 per share	(22.9)			(22.9)
Dividends in excess of retained earnings			(22.9)	22.9
Deemed dividends - accretion of beneficial conversion feature	(7.9)		(7.9)					7.9
Common stock dividends
Dividends - $0.91 per share	(211.3)			(211.3)
Dividends in excess of retained earnings			(211.3)	211.3
Distributions to noncontrolling interests	(21.4)						(21.4)
Contributions from noncontrolling interests	196.8						196.8
Other comprehensive income (loss)	(45.4)				(45.4)
Net income (loss)	(24.7)			(38.9)			14.2
Balance at Mar. 31, 2019	$ 7,337.3	$ 0.2	$ 5,925.7	$ (169.3)	$ 48.9	$ (49.2)	$ 1,581.0
Balance (in shares) at Mar. 31, 2019		232,475				895
Series A Preferred Stock at Mar. 31, 2019								$ 253.6

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Preferred stock dividends, per share	$ 23.75	$ 23.75
Common stock dividends, per share	$ 0.91	$ 0.91

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net income (loss)	$ (24.7)	$ 38.9
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	2.6	2.7
Compensation on equity grants	16.5	13.2
Depreciation and amortization expense	237.4	198.1
Accretion of asset retirement obligations	1.0	0.9
Increase (decrease) in redemption value of mandatorily redeemable preferred interests		(72.5)
Deferred income tax expense (benefit)	(2.9)	8.9
Equity (earnings) loss of unconsolidated affiliates	(2.8)	(1.5)
Distributions of earnings received from unconsolidated affiliates	4.8	4.2
Risk management activities	7.2	10.9
(Gain) loss on sale or disposition of assets	3.2	(0.1)
(Gain) loss from financing activities	1.4
Change in contingent considerations	9.7	56.1
Changes in operating assets and liabilities, net of business acquisitions:
Receivables and other assets	78.2	123.7
Inventories	(60.6)	110.2
Accounts payable and other liabilities	36.6	(139.3)
Net cash provided by operating activities	307.6	354.4
Cash flows from investing activities
Outlays for property, plant and equipment	(943.3)	(595.9)
Proceeds from sale of assets	0.5
Investments in unconsolidated affiliates	(117.4)	(88.0)
Return of capital from unconsolidated affiliates		1.5
Other, net	(9.0)	5.1
Net cash used in investing activities	(1,069.2)	(677.3)
Debt obligations:
Proceeds from borrowings under credit facilities	765.0	640.0
Repayments of credit facilities	(795.0)	(280.0)
Proceeds from borrowings under accounts receivable securitization facility	378.0
Repayments of accounts receivable securitization facility	(350.4)	(50.0)
Proceeds from issuance of senior notes	1,500.0
Redemption of senior notes	(749.4)
Principal payments of finance leases	(2.7)
Proceeds from issuance of common stock		58.1
Costs incurred in connection with financing arrangements	(12.8)	(0.4)
Repurchase of shares and units under compensation plans	(9.6)	(0.4)
Contributions from noncontrolling interests	196.8	280.1
Distributions to noncontrolling interests	(18.6)	(16.5)
Distributions to Partnership unitholders	(2.8)	(2.8)
Dividends paid to common and Series A preferred shareholders	(244.1)	(222.6)
Net cash provided by financing activities	654.4	405.5
Net change in cash and cash equivalents	(107.2)	82.6
Cash and cash equivalents, beginning of period	232.1	137.2
Cash and cash equivalents, end of period	$ 124.9	$ 219.8

Organization and Operations

3 Months Ended

Mar. 31, 2019

Organization [Abstract]

Organization and Operations

Note 1 — Organization and Operations

Our Organization

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

Our Operations

The Company is primarily engaged in the business of:

•

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

•

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

•

gathering, storing, terminaling and selling crude oil.

See Note 21 – 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

3 Months Ended

Mar. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Note 2 — Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by GAAP. Therefore, this information should be read in conjunction with our consolidated financial statements and notes contained in our Annual Report. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim periods reported. 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. Operating results for the three months ended March 31, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

Note 3 — Significant Accounting Policies

The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report. Other than the updates noted below, there were no significant updates or revisions to our accounting policies during the three months ended March 31, 2019.

Recent Accounting Pronouncements

Recently adopted accounting pronouncements

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). The amendments in this update supersede the leases guidance in Topic 840. We adopted Topic 842 on January 1, 2019 by applying the optional transition method in ASU-2018-11, which permits an entity to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The adoption of Topic 842 did not result in a cumulative effect adjustment to retained earnings on January 1, 2019. As part of the adoption of Topic 842, we recognized a net right-of-use asset of $74.6 million (net of $16.3 million of lease incentives/deferred rent) and lease liability of $90.9 million. Other practical expedients we elected include:

•

The package for transition relief, which among other things, allows us to carry forward the historical lease classification;

•

The land easements transition, which allows us to carry forward our historical accounting treatment for land easements prior to the effective date of the new leases standard and evaluate under Topic 842 only new or modified land easements on or after January 1, 2019;

•

The short-term lease election, which allows us to elect by all asset classes not to record on the balance sheet a lease whose initial term is twelve months or less;

•

The election to not separate non-lease components from lease components for all the asset classes in our current lease portfolio, where Targa is the lessee; and

•

The election to not separate non-lease components from lease components for gathering, processing and storage assets, where Targa is the lessor. Based on our election, we determined the non-lease component in certain of these arrangements is the predominant component, and therefore, account for the arrangements under ASC 606.

We recognize the following for all leases (with the exception of short-term leases) at the commencement date:

•

A lease liability, which is a lessee’s obligation to make lease payments arising from a lease.

•

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.

We determine if an arrangement is or contains a lease at inception. Leases with an initial term of twelve months or less are considered short-term leases, which are excluded from the balance sheet. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of future lease payments over the lease term. The right-of-use asset also includes any lease prepayments and excludes lease incentives. As most of the Company’s leases do not provide an implicit interest rate, we use our incremental borrowing rate as the discount rate to compute the present value of our lease liability. The discount rate applied is determined based on information available on the date of adoption for all leases existing as of that date, and on the date of lease commencement for all subsequent leases.

Our lease arrangements may include variable lease payments based on an index or market rate or may be based on performance. For variable lease payments based on an index or market rate, we estimate and apply a rate based on information available at the commencement date. Variable lease payments based on performance are excluded from the calculation of the right-of-use asset and lease liability, and are recognized in our Consolidated Statements of Operations when the contingency underlying such variable lease payments is resolved. Our lease terms may include options to extend or terminate the lease. Such options are included in the measurement of our right-of-use asset and liability, provided we determine that we are reasonably certain to exercise the option.

See Note 11 – Leases for additional details.

Recently issued accounting pronouncements not yet adopted

Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The amendments in this update require customers in a cloud computing arrangement that is a service contract to assess related implementation costs for capitalization using the same approach as implementation costs associated with internal-use software. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. Entities may apply the amendments using a retrospective or prospective transition method. The amendments will be effective for Targa in the first quarter of 2020. We currently plan to apply the prospective transition method and do not expect a material impact on our Consolidated Financial Statements.

Divestitures

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Divestitures

Note 4 — Divestitures

Subsequent Event

Train 7 Joint Venture

In February 2019, we announced an extension of Grand Prix from Southern Oklahoma to the STACK region of Central Oklahoma where it will connect with the Williams Companies, Inc. (“Williams”) Bluestem Pipeline and link the Conway, Kansas, and Mont Belvieu, Texas, NGL markets. In connection with this project, Williams has committed significant volumes to us that we will transport on Grand Prix and fractionate at our Mont Belvieu facilities. Williams also had an initial option to purchase a 20% equity interest in one of our recently announced 110 MBbl/d fractionation trains (Train 7 or Train 8) in Mont Belvieu. Williams exercised its option to acquire a 20% equity interest in Train 7 and subsequently executed a joint venture agreement with us in the second quarter of 2019. Certain fractionation-related infrastructure for Train 7, including storage caverns and brine handling, will be funded and owned 100% by Targa.

Sale of Interest in Targa Badlands LLC

On April 3, 2019, we closed on the sale of a 45% interest in Targa Badlands LLC, the entity that holds substantially all of our assets in North Dakota, to funds managed by GSO Capital Partners and Blackstone Tactical Opportunities (collectively, “Blackstone”) for $1.6 billion in cash. We used the net cash proceeds to repay debt and for general corporate purposes, including funding our growth capital program. We continue to be the operator of Targa Badlands LLC and hold majority governance rights. Future growth capital of Targa Badlands LLC is expected to be funded on a pro rata ownership basis. Targa Badlands LLC will pay a minimum quarterly distribution (“MQD”) to Blackstone and Targa, with Blackstone having a priority right on such MQDs. Additionally, Blackstone’s capital contributions would have a liquidation preference upon a sale of Targa Badlands LLC. We will continue to present Targa Badlands LLC on a consolidated basis in our consolidated financial statements.

Inventories

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Note 5 — Inventories

	March 31, 2019		December 31, 2018
Commodities	$	176.4	$	151.1
Materials and supplies		21.5		13.6
	$	197.9	$	164.7

Property, Plant and Equipment and Intangible Assets

3 Months Ended

Mar. 31, 2019

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 6 — Property, Plant and Equipment and Intangible Assets

	March 31, 2019			December 31, 2018			Estimated Useful Lives (In Years)
Gathering systems	$	8,427.6		$	7,547.9		5 to 20
Processing and fractionation facilities		4,294.1			4,007.7		5 to 25
Terminaling and storage facilities		1,173.0			1,138.7		5 to 25
Transportation assets		1,016.8			445.1		10 to 25
Other property, plant and equipment		398.9			334.5		3 to 25
Land		149.3			144.3		—
Construction in progress		2,688.7			3,602.5		—
Finance lease right-of-use assets		40.9			—
Property, plant and equipment		18,189.3			17,220.7
Accumulated depreciation and amortization		(4,485.9	)		(4,292.3	)
Property, plant and equipment, net	$	13,703.4		$	12,928.4

Intangible assets	$	2,736.6		$	2,736.6		10 to 20
Accumulated amortization		(796.4	)		(753.4	)
Intangible assets, net	$	1,940.2		$	1,983.2

During the preparation of the Company's consolidated financial statements for the three months ended March 31, 2019, the Company identified an error related to depreciation expense on certain assets that should have been placed in-service during 2018. The Company does not believe this error is material to its previously issued historical consolidated financial statements for any of the periods impacted and accordingly, has not adjusted the historical financial statements. The Company has recorded the cumulative impact of the adjustment in the three months ended March 31, 2019. This adjustment resulted in a one-time $12.5 million overstatement of depreciation expense during the three months ended March 31, 2019.

During the three months ended March 31, 2019 and 2018, depreciation expense was $194.4 million and $152.4 million.

Intangible Assets

Intangible assets consist of customer contracts and customer relationships acquired in prior business combinations. The fair value of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers. We are amortizing these assets over lives ranging from 10 to 20 years using a method that closely reflects the cash flow pattern underlying their valuation, or the straight-line method, if a reliably determinable pattern of amortization could not be identified.

The estimated annual amortization expense for intangible assets is approximately $171.6 million, $159.4 million, $149.5 million, $141.2 million and $136.0 million for each of the years 2019 through 2023.

The changes in our intangible assets are as follows:

Balance at December 31, 2018	$	1,983.2
Amortization		(43.0	)
Balance at March 31, 2019	$	1,940.2

- Definition

The entire disclosure for intangible assets and long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Investments in Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2019

Equity Method Investments And Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

Note 7 – Investments in Unconsolidated Affiliates

Our investments in unconsolidated affiliates consist of the following:

•

a 38.8% non-operated ownership interest in Gulf Coast Fractionators LP (“GCF”);

•

two non-operated joint ventures in South Texas: a 75% interest in T2 LaSalle Gathering Company L.L.C. (“T2 LaSalle”), a gas gathering company, and a 50% interest in T2 Eagle Ford Gathering Company L.L.C. (“T2 Eagle Ford”), a gas gathering company, (together the “T2 Joint Ventures”) ;

•

a 50 % operated ownership interest in Cayenne Pipeline, LLC, a joint venture with American Midstream LLC that owns a 62-mile gas pipeline to an NGL pipeline, which connects the VESCO plant in Venice, Louisiana to the Enterprise Products Operating LLC (“Enterprise”) pipeline at Toca, Louisiana, for delivery to Enterprise’s Norco Fractionator (the “Cayenne Joint Venture”) ;

•

a 25% non-operated ownership interest in Gulf Coast Express Pipeline LLC (“GCX”) ;

•

a 50% operated ownership interest in Little Missouri 4 LLC (the “Little Missouri 4 Joint Venture”), a joint venture to construct a new 200 MMcf/d natural gas processing plant at Targa’s existing Little Missouri facility; and

•

a 10% non-operated ownership interest in Delaware Basin Residue, LLC (the “Agua Blanca Joint Venture”) , a joint venture with affiliates of First Infrastructure Capital Advisors LLC and Markwest Energy Partners, L.P. in the Agua Blanca pipeline .

Investments in GCF, the Cayenne Joint Venture, GCX and the Agua Blanca Joint Venture are included in the total assets of our Logistics and Marketing segment. Investments in the T2 Joint Ventures and the Little Missouri 4 Joint Venture are included in the total assets of our Gathering and Processing segment. See Note 21 – Segment Information for more information regarding our segment assets.

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.

The T2 Joint Ventures were formed to provide services for the benefit of their joint interest owners and have capacity lease agreements with their joint interest owners, which cover costs of operations (excluding depreciation and amortization). On April 1, 2019, we assumed the operatorship of the T2 Joint Ventures.

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

	Balance at December 31, 2018		Equity Earnings (Loss)			Cash Distributions			Contributions		Balance at March 31, 2019
GCF	$	40.3	$	4.3		$	(2.2	)	$	—	$	42.4
T2 LaSalle (1)		49.3		(1.5	)		—			—		47.8
T2 Eagle Ford (1)		99.0		(2.4	)		—			—		96.6
Cayenne		16.6		1.9			(2.6	)		—		15.9
GCX (2)		211.6		0.6			—			110.4		322.6
Little Missouri 4		67.3		—			—			7.0		74.3
Agua Blanca		6.4		(0.1	)		—			—		6.3
Total	$	490.5	$	2.8		$	(4.8	)	$	117.4	$	605.9

(1)

As of March 31, 2019, $24.3 million of unamortized excess fair value over the T2 LaSalle and T2 Eagle Ford capital accounts remained. These basis differences, which are attributable to the underlying depreciable tangible gathering assets, are being amortized on a straight-line basis as components of equity earnings over the estimated 20-year useful lives of the underlying assets.

(2)	Our 25% interest in GCX is owned by Targa GCX Pipeline LLC (“GCX DevCo JV”), of which we own a 20% interest. GCX DevCo JV is accounted for on a consolidated basis in our consolidated financial statements.

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2019

Payables And Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Note 8 — Accounts Payable and Accrued Liabilities

	March 31, 2019		December 31, 2018
Commodities	$	779.3	$	721.9
Other goods and services		388.0		478.6
Interest		91.6		79.9
Income and other taxes		40.5		47.7
Permian Acquisition contingent consideration		317.9		308.2
Compensation and benefits		26.5		57.3
Preferred Series A dividends payable		22.9		22.9
Other		13.5		20.8
	$	1,680.2	$	1,737.3

Accounts payable and accrued liabilities includes $29.3 million and $52.6 million of liabilities to creditors to whom we have issued checks that remained outstanding as of March 31, 2019 and December 31, 2018.

Permian Acquisition Contingent Consideration

As a result of a 2017 acquisition of certain gas gathering and processing and crude gathering assets in the Permian Basin (the “Permian Acquisition”), we have included the related contingent consideration in accounts payable and accrued liabilities as of March 31, 2019, and December 31, 2018. The Permian Acquisition contingent consideration represents the second earn-out payment, which will be paid in May 2019, and is derived on a multiple of realized gross margin during the earn-out period from contracts that existed on March 1, 2017, in accordance with the terms of the purchase and sale agreements. The first potential earn-out payment would have occurred in May 2018 and expired with no required payment.

Changes in the value of the contingent consideration liability have been included in Other income (expense). For the period from December 31, 2018 to March 31, 2019, the value of the contingent consideration increased by $9.7 million, primarily attributable to the elimination of discounting and an increase in actual gross margin through the end of the earn-out period. During the three months ended March 31, 2018, we recognized $56.0 million of expense in Other income (expense) related to the change in fair value of the contingent consideration.

See Note 17 – Fair Value Measurements for additional discussion of the fair value methodology.

Debt Obligations

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt Obligations

Note 9 — Debt Obligations

	March 31, 2019			December 31, 2018
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due December 2019 (2)	$	307.6		$	280.0
Senior unsecured notes, 4⅛% fixed rate, due November 2019		—			749.4
		307.6			1,029.4
Debt issuance costs, net of amortization		—			(1.5	)
Finance lease liabilities		10.5			—
Current debt obligations		318.1			1,027.9

Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due June 2023 (3)		435.0			435.0
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due June 2023 (4)		670.0			700.0
Senior unsecured notes:
5¼% fixed rate, due May 2023		559.6			559.6
4¼% fixed rate, due November 2023		583.9			583.9
6¾% fixed rate, due March 2024		580.1			580.1
5⅛% fixed rate, due February 2025		500.0			500.0
5⅞% fixed rate, due April 2026		1,000.0			1,000.0
5⅜% fixed rate, due February 2027		500.0			500.0
6½% fixed rate, due July 2027		750.0			—
5% fixed rate, due January 2028		750.0			750.0
6⅞% fixed rate, due January 2029		750.0			—
TPL notes, 4¾% fixed rate, due November 2021 (5)		6.5			6.5
TPL notes, 5⅞% fixed rate, due August 2023 (5)		48.1			48.1
Unamortized premium		0.3			0.3
		7,133.5			5,663.5
Debt issuance costs, net of amortization		(42.7	)		(31.1	)
Finance lease liabilities		27.7			—
Long-term debt		7,118.5			5,632.4
Total debt obligations	$	7,436.6		$	6,660.3
Irrevocable standby letters of credit:
Letters of credit outstanding under the TRC Senior secured credit facility (3)	$	—		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility (4)		69.8			79.5
	$	69.8		$	79.5

(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.

(2)	As of March 31, 2019, the Partnership had $337.6 million of qualifying receivables under its $400.0 million accounts receivable securitization facility, resulting in availability of $30.0 million.

(3)	As of March 31, 2019, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million.

(4)	As of March 31, 2019, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,460.2 million.

(5)	“TPL” refers to Targa Pipeline Partners LP.

The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the three months ended March 31, 2019:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC Revolver	4.2% - 4.3%	4.3%
TRP Revolver	3.8% - 4.3%	4.1%
Partnership's accounts receivable securitization facility	3.4%	3.4%

Compliance with Debt Covenants

As of March 31, 2019, we were in compliance with the covenants contained in our various debt agreements.

Senior Unsecured Notes Issuances

In January 2019, the Partnership issued $750.0 million of 6½% Senior Notes due July 2027 and $750.0 million of 6⅞% Senior Notes due January 2029, resulting in total net proceeds of $1,487.3 million. The net proceeds from the offerings were used to redeem in full the Partnership’s outstanding 4⅛% Senior Notes due 2019 with the remainder used for general partnership purposes, which included repaying borrowings under the Partnership’s credit facilities.

Debt Extinguishment

In February 2019, the Partnership redeemed in full its outstanding 4 ⅛ % Senior Notes due 2019 at par value plus accrued interest through the redemption date . The redemption resulted in a non-cash loss to write-off $1.4 million of unamortized debt issuance costs, which is included in Gain (loss) from financing activities in the Consolidated Statements of Operations.

Other Long-term Liabilities

3 Months Ended

Mar. 31, 2019

Other Liabilities Noncurrent [Abstract]

Other Long-term Liabilities

Note 10 — Other Long-term Liabilities

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

	March 31, 2019		December 31, 2018
Asset retirement obligations	$	63.9	$	55.5
Deferred revenue		174.6		175.5
Operating lease liabilities		47.8		—
Other liabilities		14.9		31.2
Total long-term liabilities	$	301.2	$	262.2

Asset Retirement Obligations

Our asset retirement obligations (“ARO”) primarily relate to certain gas gathering pipelines, processing facilities and transportation assets.

Deferred Revenue

We have certain long-term contractual arrangements for which we have received consideration that we are not yet able to recognize as revenue. The resulting deferred revenue will be recognized once all conditions for revenue recognition have been met.

Deferred revenue includes $129.0 million of payments received from Vitol Americas Corp. (“Vitol”) (formerly known as Noble Americas Corp.), a subsidiary of Vitol US Holding Co., in 2016, 2017, and 2018 as part of an agreement (the “Splitter Agreement”) related to the construction and operation of a crude oil and condensate splitter. In December 2018, Vitol elected to terminate the Splitter Agreement. The Splitter Agreement provides that the first three annual payments are ours if Vitol elects to terminate, which Vitol disputes. The timing of revenue recognition related to the Splitter Agreement deferred revenue is currently dependent upon resolution of the dispute with Vitol. Deferred revenue also includes nonmonetary consideration received in a 2015 amendment to a gas gathering and processing agreement and consideration received for other construction activities of facilities connected to our systems.

The following table shows the changes in deferred revenue:

Balance at December 31, 2018	$	175.5
Additions		—
Revenue recognized		(0.9	)
Balance at March 31, 2019	$	174.6

Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases

Note 11 – Leases

We have non-cancellable operating leases primarily associated with our office facilities, rail assets, land, and storage and terminal assets. We have finance leases primarily associated with our tractors and vehicles. Our leases have remaining lease terms of 1 to 11 years, some of which include options to extend the lease term for up to 20 years.

The balances of right-of-use assets and liabilities of finance leases and operating leases, and their locations on our Consolidated Balance Sheets are as follows:

	Balance Sheet Location	March 31, 2019
Right-of-use assets
Operating leases, gross	Other long-term assets	$	35.6
Finance leases, gross	Property, plant and equipment		40.9

Lease liabilities
Current:
Operating leases	Accounts payable and accrued liabilities	$	2.7
Finance leases	Current debt obligations		10.5
Non-current:
Operating leases	Other long-term liabilities		47.8
Finance leases	Long-term debt		27.7

Operating lease costs and short-term lease costs are included in Operating expenses or General and administrative expense in our Consolidated Statements of Operations, depending on the nature of the leases. Finance lease costs are included in Depreciation and amortization expense and Interest income (expense) in our Consolidated Statements of Operations. The components of lease expense were as follows:

	Three Months Ended March 31, 2019
Lease cost
Operating lease cost	$	2.3
Short-term lease cost		7.6
Variable lease cost		1.2
Finance lease cost
Amortization of right-of-use assets		3.1
Interest expense		0.4
Total lease cost	$	14.6

Other supplemental information related to our leases are as follows:

	Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	2.0
Operating cash flows for finance leases		0.4
Financing cash flows for finance leases		2.7

The weighted-average remaining lease terms for operating leases and finance leases are 8 years and 3 years, respectively. The weighted-average discount rates for operating leases and finance leases are 4.0% and 3.9%, respectively.

The following table presents the maturities of our lease liabilities under non-cancellable leases as of March 31, 2019:

	Operating Leases			Finance Leases
Future Minimum Lease Payments Beginning After March 31,
2019	$	4.7		$	11.8
2020		8.9			11.0
2021		9.0			9.2
2022		8.0			8.2
2023		6.2			1.0
Thereafter		23.5			—
Total undiscounted cash flows		60.3			41.2
Less imputed interest		(9.8	)		(3.0	)
Total lease liabilities	$	50.5		$	38.2

The following table presents future minimum payments under non-cancellable leases as of December 31, 2018:

	Leases
2019	$	20.9
2020		20.2
2021		18.5
2022		16.5
2023		9.8
Thereafter		24.9
Total payments	$	110.8

Preferred Stock

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Preferred Stock

Note 12 – Preferred Stock

Preferred Stock Dividends

As of March 31, 2019, we have accrued cumulative preferred dividends of $22.9 million on our Series A Preferred Stock (“Series A Preferred”), which will be paid on May 14, 2019. During the three months ended March 31, 2019, we paid $22.9 million of dividends to preferred shareholders, and recorded deemed dividends of $7.9 million attributable to accretion of the preferred discount resulting from the beneficial conversion feature accounting. Such accretion is included in the book value of the Series A Preferred.

Common Stock and Related Matters

3 Months Ended

Mar. 31, 2019

Class Of Stock Disclosures [Abstract]

Common Stock and Related Matters

Note 13 — Common Stock and Related Matters

Common Stock Dividends

The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2019:

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)			Dividends Declared per Share of Common Stock
(In millions, except per share amounts)
March 31, 2019	May 15, 2019	$		215.2	$		211.5	$		3.7	$		0.91000
December 31, 2018	February 15, 2019			215.2			211.2			4.0			0.91000

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

Partnership Units and Related Matters

3 Months Ended

Mar. 31, 2019

Partners Capital [Abstract]

Partnership Units and Related Matters

Note 14 — Partnership Units and Related Matters

Distributions

We are entitled to receive all Partnership distributions from available cash on the Partnership’s common units after payment of preferred unit distributions each quarter.

The following table details the distributions declared and paid by the Partnership for the three months ended March 31, 2019:

Three Months Ended

Date Paid

Total Distributions

Distributions to

Targa Resources Corp.

March 31, 2019

April 5, 2019

437.8

435.0

December 31, 2018

February 13, 2019

241.3

238.5

Contributions

All capital contributions to the Partnership continue to be allocated 98% to the limited partner and 2% to the general partner; however, no units will be issued for those contributions. During the three months ended March 31, 2019, we did not make contributions to the Partnership.

Preferred Units

The Partnership’s issued and outstanding Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Preferred Units”) rank senior to the Partnership’s common units with respect to the distribution rights. 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 are payable out of amounts legally available 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 Partnership paid $2.8 million of distributions to the holders of Preferred Units (“Preferred Unitholders”) for the three months ended March 31, 2019. The Preferred Units are reported as noncontrolling interests in our financial statements.

Subsequent Event

In April 2019, 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 that will be paid on May 15, 2019.

- 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

3 Months Ended

Mar. 31, 2019

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:

	Three Months Ended March 31,
	2019			2018
Net income (loss)	$	(24.7	)	$	38.9
Less: Net income attributable to noncontrolling interests		14.2			16.0
Less: Dividends on preferred stock		30.8			29.9
Net income attributable to common shareholders for basic earnings per share	$	(69.7	)	$	(7.0	)

Weighted average shares outstanding - basic		232.2			218.7

Net income available per common share - basic	$	(0.30	)	$	(0.03	)

Weighted average shares outstanding		232.2			218.7
Weighted average shares outstanding - diluted		232.2			218.7

Net income available per common share - diluted	$	(0.30	)	$	(0.03	)

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

	Three Months Ended March 31,
	2019		2018
Unvested restricted stock awards		1.3		1.6
Series A Preferred Stock (1)		46.5		46.5

___________________________________________________________________________________________

( 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 in year seven and 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.

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2019

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 entered into derivative instruments to hedge the commodity price risks associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Marketing segment and (iii) natural gas transportation basis risk in our Logistics and Marketing segment. The hedge positions associated with (i) and (ii) above will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity prices and are designated 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 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.

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 March 31, 2019, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2019		2020		2021		2022		2023
Natural Gas	Swaps	MMBtu/d		175,364		79,930		52,055		-		-
Natural Gas	Basis Swaps	MMBtu/d		111,100		189,119		166,658		150,000		95,000
NGL	Swaps	Bbl/d		17,903		13,267		3,676		-		-
NGL	Futures	Bbl/d		9,735		4,645		-		-		-
NGL	Options	Bbl/d		410		-		-		-		-
Condensate	Swaps	Bbl/d		4,266		2,390		1,404		-		-
Condensate	Options	Bbl/d		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 value of our derivative instruments and their location on 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 March 31, 2019				Fair Value as of December 31, 2018
	Balance Sheet	Derivative		Derivative		Derivative		Derivative
	Location	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	72.5	$	25.2	$	112.5	$	18.9
	Long-term		20.4		3.1		31.6		1.5
Total derivatives designated as hedging instruments		$	92.9	$	28.3	$	144.1	$	20.4
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	3.4	$	18.1	$	2.8	$	14.7
	Long-term		2.7		6.3		2.5		1.6
Total derivatives not designated as hedging instruments		$	6.1	$	24.4	$	5.3	$	16.3
Total current position		$	75.9	$	43.3	$	115.3	$	33.6
Total long-term position			23.1		9.4		34.1		3.1
Total derivatives		$	99.0	$	52.7	$	149.4	$	36.7

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

		Gross Presentation								Pro Forma Net Presentation
March 31, 2019		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	69.0	$	(42.0	)	$	(7.3	)	$	43.5	$	(23.8	)
	Counterparties without offsetting positions - assets		6.9		-			-			6.9		-
	Counterparties without offsetting positions - liabilities		-		(1.3	)		-			-		(1.3	)
			75.9		(43.3	)		(7.3	)		50.4		(25.1	)
Long Term Position
	Counterparties with offsetting positions or collateral		19.0		(9.1	)		-			13.5		(3.6	)
	Counterparties without offsetting positions - assets		4.1		-			-			4.1		-
	Counterparties without offsetting positions - liabilities		-		(0.3	)		-			-		(0.3	)
			23.1		(9.4	)		-			17.6		(3.9	)
Total Derivatives
	Counterparties with offsetting positions or collateral		88.0		(51.1	)		(7.3	)		57.0		(27.4	)
	Counterparties without offsetting positions - assets		11.0		-			-			11.0		-
	Counterparties without offsetting positions - liabilities		-		(1.6	)		-			-		(1.6	)
		$	99.0	$	(52.7	)	$	(7.3	)	$	68.0	$	(29.0	)

		Gross Presentation								Pro Forma Net Presentation
December 31, 2018		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	100.0	$	(33.6	)	$	(14.2	)	$	70.0	$	(17.8	)
	Counterparties without offsetting positions - assets		15.3		-			-			15.3		-
	Counterparties without offsetting positions - liabilities		-		-			-			-		-
			115.3		(33.6	)		(14.2	)		85.3		(17.8	)
Long Term Position
	Counterparties with offsetting positions or collateral		8.9		(3.1	)		-			5.9		(0.1	)
	Counterparties without offsetting positions - assets		25.2		-			-			25.2		-
	Counterparties without offsetting positions - liabilities		-		-			-			-		-
			34.1		(3.1	)		-			31.1		(0.1	)
Total Derivatives
	Counterparties with offsetting positions or collateral		108.9		(36.7	)		(14.2	)		75.9		(17.9	)
	Counterparties without offsetting positions - assets		40.5		-			-			40.5		-
	Counterparties without offsetting positions - liabilities		-		-			-			-		-
		$	149.4	$	(36.7	)	$	(14.2	)	$	116.4	$	(17.9	)

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 value 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 asset of $46.3 million as of March 31, 2019. The estimated fair value is net of an adjustment for credit risk based on the default probabilities 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 for the periods indicated:

	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow	Three Months Ended March 31,
Hedging Relationships	2019			2018
Commodity contracts	$	(38.8	)	$	64.6

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Three Months Ended March 31,
Location of Gain (Loss)	2019		2018
Revenues	$	21.3	$	(26.7	)

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

	Location of Gain	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Three Months Ended March 31,
as Hedging Instruments	Derivatives	2019			2018
Commodity contracts	Revenue	$	(9.5	)	$	(10.8	)

Based on valuations as of March 31, 2019, we expect to reclassify commodity hedge-related deferred gains of $64.6 million included in accumulated other comprehensive income into earnings before income taxes through the end of 2021, with $47.3 million of gains to be reclassified over the next twelve months.

See Note 17 – Fair Value Measurements and Note 21 – Segment Information for additional disclosures related to derivative instruments and hedging activities.

Fair Value Measurements

3 Months Ended

Mar. 31, 2019

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 on our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost on 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 March 31, 2019, a net asset position of $46.3 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 $40.1 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 $129.2 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

•

The Partnership’s senior unsecured notes are based on quoted market prices derived from trades of the debt.

Contingent consideration liabilities related to business acquisitions are carried at fair value until the end of the related earn-out period.

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 on our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments:

	March 31, 2019
	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)	$	97.2	$	97.2	$	—	$	93.3	$	3.9
Liabilities from commodity derivative contracts (1)		50.9		50.9		—		50.5		0.4
TPL contingent consideration (2)		2.4		2.4		—		—		2.4
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		124.9		124.9		—		—		—
TRC Revolver		435.0		435.0		—		435.0		—
TRP Revolver		670.0		670.0		—		670.0		—
Partnership's Senior unsecured notes		6,028.5		6,268.9		—		6,268.9		—
Partnership's accounts receivable securitization facility		307.6		307.6		—		307.6		—

	December 31, 2018
	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)	$	144.4	$	144.4	$	—	$	137.5	$	6.9
Liabilities from commodity derivative contracts (1)		31.7		31.7		—		31.3		0.4
Permian Acquisition contingent consideration (3)		308.2		308.2		—		—		308.2
TPL contingent consideration (2)		2.4		2.4		—		—		2.4
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		232.1		232.1		—		—		—
TRC Revolver		435.0		435.0		—		435.0		—
TRP Revolver		700.0		700.0		—		700.0		—
Partnership's Senior unsecured notes		5,277.9		5,088.9		—		5,088.9		—
Partnership's accounts receivable securitization facility		280.0		280.0		—		280.0		—

(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)	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.

( 3 )

We have a contingent consideration liability related to the Permian Acquisition, which was carried at fair value as of December 31, 2018. See Note 8 – Accounts Payable and Accrued Liabilities.

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

We reported certain of our swaps and option contracts at fair value using Level 3 inputs due to such derivatives not having observable market prices or implied volatilities 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 March 31, 2019, we had 13 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 Permian Acquisition contingent consideration as of December 31, 2018, was determined using a Monte Carlo simulation model. Significant inputs used in the fair value measurement include expected gross margin (calculated in accordance with the terms of the purchase and sale agreements), term of the earn-out period, risk adjusted discount rate and volatility associated with the underlying assets. The Permian Acquisition contingent consideration earn-out period ended on February 28, 2019. The first earn-out payment due in May 2018 expired with no required payment. The second earn-out payment will be paid in May 2019 and is derived on a multiple of realized gross margin during the earn-out period from contracts that existed on March 1, 2017, in accordance with the terms of the purchase and sale agreements. As such, the carrying value of the Permian Acquisition contingent consideration as of March 31, 2019, approximates fair value, as with our other accounts payables. See Note 8 – Accounts Payable and Accrued Liabilities for additional discussion of the Permian Acquisition contingent consideration.

The fair value of the TPL contingent consideration was determined using a probability-based model measuring the likelihood of meeting certain volumetric measures. The inputs for both models are not observable; therefore, the entire valuations of the contingent considerations are categorized in Level 3. Changes in the fair value of these liabilities are included in Other income (expense) in our 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)			Consideration
Balance, December 31, 2018		$	6.5		$	(310.6	)
	Completion of Permian Acquisition contingent consideration earn-out period		-			308.2
	Unrealized gain/(loss) included in OCI		(3.1	)		-
Balance, March 31, 2019		$	3.4		$	(2.4	)

- 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 + Details

Contingencies

3 Months Ended

Mar. 31, 2019

Loss Contingency [Abstract]

Contingencies

Note 18 – Contingencies

Legal Proceedings

We and the Partnership are parties to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business. We and the Partnership are also parties to various proceedings with governmental environmental agencies in 2019, including but not limited to the Environmental Protection Agency, Texas Commission on Environmental Quality, Oklahoma Department of Environmental Quality, New Mexico Environment Department, Louisiana Department of Environmental Quality and North Dakota Department of Environmental Quality, which assert penalties for alleged violations of environmental regulations, including air emissions, discharges into the environment and reporting deficiencies, related to events that have arisen at certain of our facilities in the ordinary course of our business.

On February 26, 2019, the U.S. Environmental Protection Agency Region 8 and Targa Badlands LLC entered into a Final Order and Consent Agreement in connection with Targa Badlands LLC’s alleged violation of Subpart ZZZZ of the National Emission Standards for Hazardous Air Pollutants at its Junction Compressor Station in McKenzie County, North Dakota. The Consent Agreement imposed a $220,000 civil penalty and requires certain compliance improvements.

Revenue

3 Months Ended

Mar. 31, 2019

Revenue From Contract With Customer [Abstract]

Revenue

Note 19 – Revenue

Fixed consideration allocated to remaining performance obligations

The following table includes the estimated minimum revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments and for which a guaranteed amount of revenue can be calculated . These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements.

		2019				2020				2021 and after
Fixed consideration to be recognized as of March 31, 2019		$	394.3			$	463.0			$	3,327.5

In accordance with the optional exemptions that we elected to apply, the amounts presented in the table above exclude variable consideration for which the allocation exception is met and consideration associated with performance obligations of short-term contracts. In addition, consideration from contracts for which we recognize revenue at the amount that we have the right to invoice for services performed is also excluded from the table above, with the exception of any fixed consideration attributable to such contracts. The nature of the performance obligations for which the consideration has been excluded is consistent with the performance obligations described within our revenue recognition accounting policy; the estimated remaining duration of such contracts primarily ranges from 1 to 20 years. In addition, variability exists in the consideration excluded due to the unknown quantity and composition of volumes to be serviced or sold as well as fluctuations in the market price of commodities to be received as consideration or sold over the applicable remaining contract terms. Such variability is resolved at the end of each future month or quarter.

For disclosures related to disaggregated revenue, see Note 21 – Segment Information.

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2019

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 20 - Supplemental Cash Flow Information

	Three Months Ended March 31,
	2019			2018
Cash:
Interest paid, net of capitalized interest (1)	$	66.1		$	42.8
Income taxes paid, net of refunds		0.3			—
Non-cash investing activities:
Deadstock commodity inventory transferred to property, plant and equipment	$	17.5			1.7
Impact of capital expenditure accruals on property, plant and equipment		(38.8	)		(22.3	)
Transfers from materials and supplies inventory to property, plant and equipment		1.1			0.4
Contribution of property, plant and equipment to investments in unconsolidated affiliates		—			16.0
Change in ARO liability and property, plant and equipment		7.4			2.1
Non-cash financing activities:
Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements	$	3.6		$	3.3
Accretion of deemed dividends on Series A Preferred Stock		7.9			7.0
Impact of accounting standard adoption recorded in retained earnings		—			5.2
Non-cash balance sheet movements related to acquisition of related party:
Noncontrolling interest	$	—		$	1.2
Lease liabilities arising from recognition of right-of-use assets:
Operating lease	$	0.4		$	—
Finance lease		1.5			—

(1)	Interest capitalized on major projects was $18.9 million and $9.6 million for the three months ended March 31, 2019 and 2018.

Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

Note 21 — Segment Information

We operate in two primary segments: (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.

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 (including the Midland and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota; and the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico.

Our Logistics and Marketing segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as storing, fractionating, terminaling, transporting and marketing of NGLs and NGL products, including services to LPG exporters; storing and terminaling of refined petroleum products and crude oil and certain natural gas supply and marketing activities in support of our other businesses. The Logistics and Marketing segment includes the Grand Prix pipeline, which is currently under construction with certain segments of the pipeline currently in operation. The associated assets are generally connected to and supplied in part by our Gathering and Processing segment and, except for the pipeline projects and smaller terminals, are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

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

Reportable segment information is shown in the following tables:

	Three Months Ended March 31, 2019
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	247.6	$	1,726.8	$	2.1	$	—		$	1,976.5
Fees from midstream services		199.9		123.0		—		—			322.9
		447.5		1,849.8		2.1		—			2,299.4
Intersegment revenues
Sales of commodities		822.8		38.4		—		(861.2	)		—
Fees from midstream services		1.9		5.5		—		(7.4	)		—
		824.7		43.9		—		(868.6	)		—
Revenues	$	1,272.2	$	1,893.7	$	2.1	$	(868.6	)	$	2,299.4
Operating margin	$	229.0	$	152.1	$	2.1	$	—		$	383.2
Other financial information:
Total assets (1)	$	11,713.9	$	5,644.9	$	87.9	$	122.5		$	17,569.2
Goodwill	$	46.6	$	—	$	—	$	—		$	46.6
Capital expenditures	$	417.8	$	470.9	$	—	$	16.9		$	905.6

__________________________________________________________________________________________

(1)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

	Three Months Ended March 31, 2018
	Gathering and Processing		Logistics and Marketing		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	265.2	$	1,926.3	$	(17.8	)	$	—		$	2,173.7
Fees from midstream services		161.3		120.6		—			—			281.9
		426.5		2,046.9		(17.8	)		—			2,455.6
Intersegment revenues
Sales of commodities		866.5		55.7		—			(922.2	)		—
Fees from midstream services		1.9		6.9		—			(8.8	)		—
		868.4		62.6		—			(931.0	)		—
Revenues	$	1,294.9	$	2,109.5	$	(17.8	)	$	(931.0	)	$	2,455.6
Operating margin	$	220.8	$	138.4	$	(17.8	)	$	—		$	341.4
Other financial information:
Total assets (1)	$	10,908.5	$	3,595.1	$	103.0		$	146.6		$	14,753.2
Goodwill	$	256.6	$	—	$	—		$	—		$	256.6
Capital expenditures	$	273.2	$	251.0	$	—		$	33.8		$	558.0

__________________________________________________________________________________________

(1)	Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

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

	Three Months Ended March 31,
	2019			2018
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	411.3		$	470.1
NGL		1,408.1			1,607.3
Condensate and crude oil		137.7			86.9
Petroleum products		7.6			48.2
		1,964.7			2,212.5
Non-customer revenue:
Derivative activities - Hedge		21.3			(28.0	)
Derivative activities - Non-hedge (1)		(9.5	)		(10.8	)
		11.8			(38.8	)
Total sales of commodities		1,976.5			2,173.7

Fees from midstream services:
Revenue recognized from contracts with customers:
NGL transportation and services		36.2			41.1
Storage, terminaling and export		79.6			78.2
Gathering and processing		194.5			152.1
Other		12.6			10.5

Total fees from midstream services		322.9			281.9

Total revenues	$	2,299.4		$	2,455.6

__________________________________________________________________________________________

(1)	Represents derivative activities that are not designated as hedging instruments under ASC 815.

The following table shows a reconciliation of reportable segment operating margin to income (loss) before income taxes for the periods presented:

	Three Months Ended March 31,
	2019			2018
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Gathering and Processing operating margin	$	229.0		$	220.8
Logistics and Marketing operating margin		152.1			138.4
Other operating margin		2.1			(17.8	)
Depreciation and amortization expense		(237.4	)		(198.1	)
General and administrative expense		(81.1	)		(56.7	)
Interest income (expense), net		(80.6	)		16.1
Change in contingent considerations		(9.7	)		(56.1	)
Other, net		(2.0	)		1.2
Income (loss) before income taxes	$	(27.6	)	$	47.8

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2019
Income Tax Disclosure [Abstract]
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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Recently adopted accounting pronouncements

Leases

•

The package for transition relief, which among other things, allows us to carry forward the historical lease classification;

•

The short-term lease election, which allows us to elect by all asset classes not to record on the balance sheet a lease whose initial term is twelve months or less;

•

The election to not separate non-lease components from lease components for all the asset classes in our current lease portfolio, where Targa is the lessee; and

•

We recognize the following for all leases (with the exception of short-term leases) at the commencement date:

•

A lease liability, which is a lessee’s obligation to make lease payments arising from a lease.

•

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.

See Note 11 – Leases for additional details.

Recently issued accounting pronouncements not yet adopted

Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract

Inventories (Tables)

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Components of Inventories

	March 31, 2019		December 31, 2018
Commodities	$	176.4	$	151.1
Materials and supplies		21.5		13.6
	$	197.9	$	164.7

- 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)

3 Months Ended

Mar. 31, 2019

Property Plant And Equipment And Intangible Assets [Abstract]

Property Plant and Equipment and Intangible Assets

	March 31, 2019			December 31, 2018			Estimated Useful Lives (In Years)
Gathering systems	$	8,427.6		$	7,547.9		5 to 20
Processing and fractionation facilities		4,294.1			4,007.7		5 to 25
Terminaling and storage facilities		1,173.0			1,138.7		5 to 25
Transportation assets		1,016.8			445.1		10 to 25
Other property, plant and equipment		398.9			334.5		3 to 25
Land		149.3			144.3		—
Construction in progress		2,688.7			3,602.5		—
Finance lease right-of-use assets		40.9			—
Property, plant and equipment		18,189.3			17,220.7
Accumulated depreciation and amortization		(4,485.9	)		(4,292.3	)
Property, plant and equipment, net	$	13,703.4		$	12,928.4

Intangible assets	$	2,736.6		$	2,736.6		10 to 20
Accumulated amortization		(796.4	)		(753.4	)
Intangible assets, net	$	1,940.2		$	1,983.2

Schedule of Changes in Intangible Assets

The changes in our intangible assets are as follows:

Balance at December 31, 2018	$	1,983.2
Amortization		(43.0	)
Balance at March 31, 2019	$	1,940.2

- Definition

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

+ References + Details

Investments in Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2019

Equity Method Investments And Joint Ventures [Abstract]

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

	Balance at December 31, 2018		Equity Earnings (Loss)			Cash Distributions			Contributions		Balance at March 31, 2019
GCF	$	40.3	$	4.3		$	(2.2	)	$	—	$	42.4
T2 LaSalle (1)		49.3		(1.5	)		—			—		47.8
T2 Eagle Ford (1)		99.0		(2.4	)		—			—		96.6
Cayenne		16.6		1.9			(2.6	)		—		15.9
GCX (2)		211.6		0.6			—			110.4		322.6
Little Missouri 4		67.3		—			—			7.0		74.3
Agua Blanca		6.4		(0.1	)		—			—		6.3
Total	$	490.5	$	2.8		$	(4.8	)	$	117.4	$	605.9

(1)

(2)	Our 25% interest in GCX is owned by Targa GCX Pipeline LLC (“GCX DevCo JV”), of which we own a 20% interest. GCX DevCo JV is accounted for on a consolidated basis in our consolidated financial statements.

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Payables And Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

	March 31, 2019		December 31, 2018
Commodities	$	779.3	$	721.9
Other goods and services		388.0		478.6
Interest		91.6		79.9
Income and other taxes		40.5		47.7
Permian Acquisition contingent consideration		317.9		308.2
Compensation and benefits		26.5		57.3
Preferred Series A dividends payable		22.9		22.9
Other		13.5		20.8
	$	1,680.2	$	1,737.3

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

	March 31, 2019			December 31, 2018
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due December 2019 (2)	$	307.6		$	280.0
Senior unsecured notes, 4⅛% fixed rate, due November 2019		—			749.4
		307.6			1,029.4
Debt issuance costs, net of amortization		—			(1.5	)
Finance lease liabilities		10.5			—
Current debt obligations		318.1			1,027.9

Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due June 2023 (3)		435.0			435.0
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due June 2023 (4)		670.0			700.0
Senior unsecured notes:
5¼% fixed rate, due May 2023		559.6			559.6
4¼% fixed rate, due November 2023		583.9			583.9
6¾% fixed rate, due March 2024		580.1			580.1
5⅛% fixed rate, due February 2025		500.0			500.0
5⅞% fixed rate, due April 2026		1,000.0			1,000.0
5⅜% fixed rate, due February 2027		500.0			500.0
6½% fixed rate, due July 2027		750.0			—
5% fixed rate, due January 2028		750.0			750.0
6⅞% fixed rate, due January 2029		750.0			—
TPL notes, 4¾% fixed rate, due November 2021 (5)		6.5			6.5
TPL notes, 5⅞% fixed rate, due August 2023 (5)		48.1			48.1
Unamortized premium		0.3			0.3
		7,133.5			5,663.5
Debt issuance costs, net of amortization		(42.7	)		(31.1	)
Finance lease liabilities		27.7			—
Long-term debt		7,118.5			5,632.4
Total debt obligations	$	7,436.6		$	6,660.3
Irrevocable standby letters of credit:
Letters of credit outstanding under the TRC Senior secured credit facility (3)	$	—		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility (4)		69.8			79.5
	$	69.8		$	79.5

(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.

(2)	As of March 31, 2019, the Partnership had $337.6 million of qualifying receivables under its $400.0 million accounts receivable securitization facility, resulting in availability of $30.0 million.

(3)	As of March 31, 2019, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million.

(4)	As of March 31, 2019, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,460.2 million.

(5)	“TPL” refers to Targa Pipeline Partners LP.

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

The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the three months ended March 31, 2019:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC Revolver	4.2% - 4.3%	4.3%
TRP Revolver	3.8% - 4.3%	4.1%
Partnership's accounts receivable securitization facility	3.4%	3.4%

Other Long-term Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Other Liabilities Noncurrent [Abstract]

Schedule of Other Long-term Liabilities

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

	March 31, 2019		December 31, 2018
Asset retirement obligations	$	63.9	$	55.5
Deferred revenue		174.6		175.5
Operating lease liabilities		47.8		—
Other liabilities		14.9		31.2
Total long-term liabilities	$	301.2	$	262.2

Changes In Deferred revenue

The following table shows the changes in deferred revenue:

Balance at December 31, 2018	$	175.5
Additions		—
Revenue recognized		(0.9	)
Balance at March 31, 2019	$	174.6

Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Summary of Balances of Right of Use Assets and Liabilities of Finance Leases and Operating Leases

The balances of right-of-use assets and liabilities of finance leases and operating leases, and their locations on our Consolidated Balance Sheets are as follows:

	Balance Sheet Location	March 31, 2019
Right-of-use assets
Operating leases, gross	Other long-term assets	$	35.6
Finance leases, gross	Property, plant and equipment		40.9

Lease liabilities
Current:
Operating leases	Accounts payable and accrued liabilities	$	2.7
Finance leases	Current debt obligations		10.5
Non-current:
Operating leases	Other long-term liabilities		47.8
Finance leases	Long-term debt		27.7

Summary of Components of Lease Expense

	Three Months Ended March 31, 2019
Lease cost
Operating lease cost	$	2.3
Short-term lease cost		7.6
Variable lease cost		1.2
Finance lease cost
Amortization of right-of-use assets		3.1
Interest expense		0.4
Total lease cost	$	14.6

Summary of Other Supplemental Information Related to Leases

Other supplemental information related to our leases are as follows:

	Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	2.0
Operating cash flows for finance leases		0.4
Financing cash flows for finance leases		2.7

Summary of Maturities of Lease Liabilities Under Non-cancellable Leases

The following table presents the maturities of our lease liabilities under non-cancellable leases as of March 31, 2019:

	Operating Leases			Finance Leases
Future Minimum Lease Payments Beginning After March 31,
2019	$	4.7		$	11.8
2020		8.9			11.0
2021		9.0			9.2
2022		8.0			8.2
2023		6.2			1.0
Thereafter		23.5			—
Total undiscounted cash flows		60.3			41.2
Less imputed interest		(9.8	)		(3.0	)
Total lease liabilities	$	50.5		$	38.2

Summary of Future Minimum Payments under Non-cancellable Leases

The following table presents future minimum payments under non-cancellable leases as of December 31, 2018:

	Leases
2019	$	20.9
2020		20.2
2021		18.5
2022		16.5
2023		9.8
Thereafter		24.9
Total payments	$	110.8

Common Stock and Related Matters (Tables)

3 Months Ended

Mar. 31, 2019

Class Of Stock Disclosures [Abstract]

Dividends Declared and/or Paid

The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2019:

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)			Dividends Declared per Share of Common Stock
(In millions, except per share amounts)
March 31, 2019	May 15, 2019	$		215.2	$		211.5	$		3.7	$		0.91000
December 31, 2018	February 15, 2019			215.2			211.2			4.0			0.91000

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

Partnership Units and Related Matters (Tables)

3 Months Ended

Mar. 31, 2019

Partners Capital [Abstract]

Schedule of Distributions

The following table details the distributions declared and paid by the Partnership for the three months ended March 31, 2019:

Three Months Ended

Date Paid

Total Distributions

Distributions to

Targa Resources Corp.

March 31, 2019

April 5, 2019

437.8

435.0

December 31, 2018

February 13, 2019

241.3

238.5

- Definition

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

+ References + Details

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

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

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

	Three Months Ended March 31,
	2019			2018
Net income (loss)	$	(24.7	)	$	38.9
Less: Net income attributable to noncontrolling interests		14.2			16.0
Less: Dividends on preferred stock		30.8			29.9
Net income attributable to common shareholders for basic earnings per share	$	(69.7	)	$	(7.0	)

Weighted average shares outstanding - basic		232.2			218.7

Net income available per common share - basic	$	(0.30	)	$	(0.03	)

Weighted average shares outstanding		232.2			218.7
Weighted average shares outstanding - diluted		232.2			218.7

Net income available per common share - diluted	$	(0.30	)	$	(0.03	)

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

	Three Months Ended March 31,
	2019		2018
Unvested restricted stock awards		1.3		1.6
Series A Preferred Stock (1)		46.5		46.5

( 1 )

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At March 31, 2019, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2019		2020		2021		2022		2023
Natural Gas	Swaps	MMBtu/d		175,364		79,930		52,055		-		-
Natural Gas	Basis Swaps	MMBtu/d		111,100		189,119		166,658		150,000		95,000
NGL	Swaps	Bbl/d		17,903		13,267		3,676		-		-
NGL	Futures	Bbl/d		9,735		4,645		-		-		-
NGL	Options	Bbl/d		410		-		-		-		-
Condensate	Swaps	Bbl/d		4,266		2,390		1,404		-		-
Condensate	Options	Bbl/d		590		-		-		-		-

Fair Value of Derivative Instruments

The following schedules reflect the fair value of our derivative instruments and their location on 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 March 31, 2019				Fair Value as of December 31, 2018
	Balance Sheet	Derivative		Derivative		Derivative		Derivative
	Location	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	72.5	$	25.2	$	112.5	$	18.9
	Long-term		20.4		3.1		31.6		1.5
Total derivatives designated as hedging instruments		$	92.9	$	28.3	$	144.1	$	20.4
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	3.4	$	18.1	$	2.8	$	14.7
	Long-term		2.7		6.3		2.5		1.6
Total derivatives not designated as hedging instruments		$	6.1	$	24.4	$	5.3	$	16.3
Total current position		$	75.9	$	43.3	$	115.3	$	33.6
Total long-term position			23.1		9.4		34.1		3.1
Total derivatives		$	99.0	$	52.7	$	149.4	$	36.7

Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet

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

		Gross Presentation								Pro Forma Net Presentation
March 31, 2019		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	69.0	$	(42.0	)	$	(7.3	)	$	43.5	$	(23.8	)
	Counterparties without offsetting positions - assets		6.9		-			-			6.9		-
	Counterparties without offsetting positions - liabilities		-		(1.3	)		-			-		(1.3	)
			75.9		(43.3	)		(7.3	)		50.4		(25.1	)
Long Term Position
	Counterparties with offsetting positions or collateral		19.0		(9.1	)		-			13.5		(3.6	)
	Counterparties without offsetting positions - assets		4.1		-			-			4.1		-
	Counterparties without offsetting positions - liabilities		-		(0.3	)		-			-		(0.3	)
			23.1		(9.4	)		-			17.6		(3.9	)
Total Derivatives
	Counterparties with offsetting positions or collateral		88.0		(51.1	)		(7.3	)		57.0		(27.4	)
	Counterparties without offsetting positions - assets		11.0		-			-			11.0		-
	Counterparties without offsetting positions - liabilities		-		(1.6	)		-			-		(1.6	)
		$	99.0	$	(52.7	)	$	(7.3	)	$	68.0	$	(29.0	)

		Gross Presentation								Pro Forma Net Presentation
December 31, 2018		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	100.0	$	(33.6	)	$	(14.2	)	$	70.0	$	(17.8	)
	Counterparties without offsetting positions - assets		15.3		-			-			15.3		-
	Counterparties without offsetting positions - liabilities		-		-			-			-		-
			115.3		(33.6	)		(14.2	)		85.3		(17.8	)
Long Term Position
	Counterparties with offsetting positions or collateral		8.9		(3.1	)		-			5.9		(0.1	)
	Counterparties without offsetting positions - assets		25.2		-			-			25.2		-
	Counterparties without offsetting positions - liabilities		-		-			-			-		-
			34.1		(3.1	)		-			31.1		(0.1	)
Total Derivatives
	Counterparties with offsetting positions or collateral		108.9		(36.7	)		(14.2	)		75.9		(17.9	)
	Counterparties without offsetting positions - assets		40.5		-			-			40.5		-
	Counterparties without offsetting positions - liabilities		-		-			-			-		-
		$	149.4	$	(36.7	)	$	(14.2	)	$	116.4	$	(17.9	)

Amounts Recorded in Other Comprehensive Income OCI and Amounts Reclassified from OCI to Revenue

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

	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow	Three Months Ended March 31,
Hedging Relationships	2019			2018
Commodity contracts	$	(38.8	)	$	64.6

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Three Months Ended March 31,
Location of Gain (Loss)	2019		2018
Revenues	$	21.3	$	(26.7	)

Gain (Loss) Recognized in Income on Derivatives

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

	Location of Gain	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Three Months Ended March 31,
as Hedging Instruments	Derivatives	2019			2018
Commodity contracts	Revenue	$	(9.5	)	$	(10.8	)

- Definition

Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References + Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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

	March 31, 2019
	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)	$	97.2	$	97.2	$	—	$	93.3	$	3.9
Liabilities from commodity derivative contracts (1)		50.9		50.9		—		50.5		0.4
TPL contingent consideration (2)		2.4		2.4		—		—		2.4
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		124.9		124.9		—		—		—
TRC Revolver		435.0		435.0		—		435.0		—
TRP Revolver		670.0		670.0		—		670.0		—
Partnership's Senior unsecured notes		6,028.5		6,268.9		—		6,268.9		—
Partnership's accounts receivable securitization facility		307.6		307.6		—		307.6		—

	December 31, 2018
	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)	$	144.4	$	144.4	$	—	$	137.5	$	6.9
Liabilities from commodity derivative contracts (1)		31.7		31.7		—		31.3		0.4
Permian Acquisition contingent consideration (3)		308.2		308.2		—		—		308.2
TPL contingent consideration (2)		2.4		2.4		—		—		2.4
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		232.1		232.1		—		—		—
TRC Revolver		435.0		435.0		—		435.0		—
TRP Revolver		700.0		700.0		—		700.0		—
Partnership's Senior unsecured notes		5,277.9		5,088.9		—		5,088.9		—
Partnership's accounts receivable securitization facility		280.0		280.0		—		280.0		—

(1)

(2)	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.

( 3 )

We have a contingent consideration liability related to the Permian Acquisition, which was carried at fair value as of December 31, 2018. See Note 8 – Accounts Payable and Accrued Liabilities.

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)			Consideration
Balance, December 31, 2018		$	6.5		$	(310.6	)
	Completion of Permian Acquisition contingent consideration earn-out period		-			308.2
	Unrealized gain/(loss) included in OCI		(3.1	)		-
Balance, March 31, 2019		$	3.4		$	(2.4	)

- 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 + 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

Revenue (Tables)

3 Months Ended

Mar. 31, 2019

Revenue From Contract With Customer [Abstract]

Summary of Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations

		2019				2020				2021 and after
Fixed consideration to be recognized as of March 31, 2019		$	394.3			$	463.0			$	3,327.5

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2019

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

	Three Months Ended March 31,
	2019			2018
Cash:
Interest paid, net of capitalized interest (1)	$	66.1		$	42.8
Income taxes paid, net of refunds		0.3			—
Non-cash investing activities:
Deadstock commodity inventory transferred to property, plant and equipment	$	17.5			1.7
Impact of capital expenditure accruals on property, plant and equipment		(38.8	)		(22.3	)
Transfers from materials and supplies inventory to property, plant and equipment		1.1			0.4
Contribution of property, plant and equipment to investments in unconsolidated affiliates		—			16.0
Change in ARO liability and property, plant and equipment		7.4			2.1
Non-cash financing activities:
Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements	$	3.6		$	3.3
Accretion of deemed dividends on Series A Preferred Stock		7.9			7.0
Impact of accounting standard adoption recorded in retained earnings		—			5.2
Non-cash balance sheet movements related to acquisition of related party:
Noncontrolling interest	$	—		$	1.2
Lease liabilities arising from recognition of right-of-use assets:
Operating lease	$	0.4		$	—
Finance lease		1.5			—

(1)	Interest capitalized on major projects was $18.9 million and $9.6 million for the three months ended March 31, 2019 and 2018.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information is shown in the following tables:

	Three Months Ended March 31, 2019
	Gathering and Processing		Logistics and Marketing		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	247.6	$	1,726.8	$	2.1	$	—		$	1,976.5
Fees from midstream services		199.9		123.0		—		—			322.9
		447.5		1,849.8		2.1		—			2,299.4
Intersegment revenues
Sales of commodities		822.8		38.4		—		(861.2	)		—
Fees from midstream services		1.9		5.5		—		(7.4	)		—
		824.7		43.9		—		(868.6	)		—
Revenues	$	1,272.2	$	1,893.7	$	2.1	$	(868.6	)	$	2,299.4
Operating margin	$	229.0	$	152.1	$	2.1	$	—		$	383.2
Other financial information:
Total assets (1)	$	11,713.9	$	5,644.9	$	87.9	$	122.5		$	17,569.2
Goodwill	$	46.6	$	—	$	—	$	—		$	46.6
Capital expenditures	$	417.8	$	470.9	$	—	$	16.9		$	905.6

__________________________________________________________________________________________

(1)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

	Three Months Ended March 31, 2018
	Gathering and Processing		Logistics and Marketing		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	265.2	$	1,926.3	$	(17.8	)	$	—		$	2,173.7
Fees from midstream services		161.3		120.6		—			—			281.9
		426.5		2,046.9		(17.8	)		—			2,455.6
Intersegment revenues
Sales of commodities		866.5		55.7		—			(922.2	)		—
Fees from midstream services		1.9		6.9		—			(8.8	)		—
		868.4		62.6		—			(931.0	)		—
Revenues	$	1,294.9	$	2,109.5	$	(17.8	)	$	(931.0	)	$	2,455.6
Operating margin	$	220.8	$	138.4	$	(17.8	)	$	—		$	341.4
Other financial information:
Total assets (1)	$	10,908.5	$	3,595.1	$	103.0		$	146.6		$	14,753.2
Goodwill	$	256.6	$	—	$	—		$	—		$	256.6
Capital expenditures	$	273.2	$	251.0	$	—		$	33.8		$	558.0

__________________________________________________________________________________________

(1)	Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Revenues Disaggregated by Product and Service

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

	Three Months Ended March 31,
	2019			2018
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	411.3		$	470.1
NGL		1,408.1			1,607.3
Condensate and crude oil		137.7			86.9
Petroleum products		7.6			48.2
		1,964.7			2,212.5
Non-customer revenue:
Derivative activities - Hedge		21.3			(28.0	)
Derivative activities - Non-hedge (1)		(9.5	)		(10.8	)
		11.8			(38.8	)
Total sales of commodities		1,976.5			2,173.7

Fees from midstream services:
Revenue recognized from contracts with customers:
NGL transportation and services		36.2			41.1
Storage, terminaling and export		79.6			78.2
Gathering and processing		194.5			152.1
Other		12.6			10.5

Total fees from midstream services		322.9			281.9

Total revenues	$	2,299.4		$	2,455.6

__________________________________________________________________________________________

(1)	Represents derivative activities that are not designated as hedging instruments under ASC 815.

Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes

The following table shows a reconciliation of reportable segment operating margin to income (loss) before income taxes for the periods presented:

	Three Months Ended March 31,
	2019			2018
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Gathering and Processing operating margin	$	229.0		$	220.8
Logistics and Marketing operating margin		152.1			138.4
Other operating margin		2.1			(17.8	)
Depreciation and amortization expense		(237.4	)		(198.1	)
General and administrative expense		(81.1	)		(56.7	)
Interest income (expense), net		(80.6	)		16.1
Change in contingent considerations		(9.7	)		(56.1	)
Other, net		(2.0	)		1.2
Income (loss) before income taxes	$	(27.6	)	$	47.8

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

+ Details

Significant Accounting Policies (Details) - Accounting Standards Update 2016-02 [Member]	Jan. 01, 2019 USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Effect on retained earnings	$ 0
Net right-of-use asset	74,600,000
Lease incentives and deferred rent	16,300,000
Lease liability	$ 90,900,000

Divestitures - Additional Information (Details) $ in Billions	1 Months Ended
	Feb. 28, 2019 MBbls / d	Apr. 03, 2019 USD ($)
Subsequent Event [Member] \| Badlands [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Subsidiary ownership interest sale percentage		45.00%
Consideration received on sale of interest on subsidiary \| $		$ 1.6
Train 7 Joint Venture [Member] \| Fractionation Related Infrastructure [Member] \| Targa Resources Corp [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Option to purchase equity interest percentage	100.00%
Train 7 Joint Venture [Member] \| Train 7 Or Train 8 [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Option to purchase equity interest percentage	20.00%
Fractionation train capacity \| MBbls / d	110
Train 7 Joint Venture [Member] \| Train 7 [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Option to purchase equity interest percentage	20.00%

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Commodities	$ 176.4	$ 151.1
Materials and supplies	21.5	13.6
Inventories, net	$ 197.9	$ 164.7

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 18,189.3	$ 17,220.7
Accumulated depreciation and amortization	(4,485.9)	(4,292.3)
Property, plant and equipment, net	13,703.4	12,928.4
Intangible assets	2,736.6	2,736.6
Accumulated amortization	(796.4)	(753.4)
Intangible assets, net	$ 1,940.2	1,983.2
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 8,427.6	7,547.9
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	$ 4,294.1	4,007.7
Processing and Fractionation Facilities [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Processing and Fractionation Facilities [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Terminaling and Storage Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,173.0	1,138.7
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	$ 1,016.8	445.1
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	$ 398.9	334.5
Other Property, Plant and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Other Property, Plant and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 149.3	144.3
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,688.7	$ 3,602.5
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 40.9

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 194.4	$ 152.4
Estimated amortization expense for intangible assets [Abstract]
2019	171.6
2020	159.4
2021	149.5
2022	141.2
2023	$ 136.0
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Cumulative Impact of Adjustment [Member]
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 12.5

Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Finite Lived Intangible Assets Roll Forward
Beginning of period	$ 1,983.2
Amortization	(43.0)
End of period	$ 1,940.2

- Definition

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

+ References + Details

Investments in Unconsolidated Affiliates - Additional Information (Details) - Targa Resources Partners LP [Member]	3 Months Ended
	Mar. 31, 2019 MMcf / d JointVenture mi
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 \| JointVenture	2
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%
Cayenne Joint Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%
Gas pipeline owns \| mi	62
GCX [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	25.00%
Little Missouri 4 [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%
Processing capacity \| MMcf / d	200
Agua Blanca [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	10.00%

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Schedule Of Equity Method Investments [Line Items]

$ 490.5

2.8

$ 1.5

605.9

Targa Resources Partners LP [Member]

Schedule Of Equity Method Investments [Line Items]

490.5

2.8

Cash Distributions

(4.8)

Contributions

117.4

605.9

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

Schedule Of Equity Method Investments [Line Items]

40.3

4.3

Cash Distributions

(2.2)

42.4

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

Schedule Of Equity Method Investments [Line Items]

^[1]

49.3

^[1]

(1.5)

^[1]

47.8

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

Schedule Of Equity Method Investments [Line Items]

^[1]

99.0

^[1]

(2.4)

^[1]

96.6

Targa Resources Partners LP [Member] | Cayenne Joint Venture [Member]

Schedule Of Equity Method Investments [Line Items]

16.6

1.9

Cash Distributions

(2.6)

15.9

Targa Resources Partners LP [Member] | GCX [Member]

Schedule Of Equity Method Investments [Line Items]

^[2]

211.6

^[2]

0.6

Contributions

^[2]

110.4

^[2]

322.6

Targa Resources Partners LP [Member] | Little Missouri 4 [Member]

Schedule Of Equity Method Investments [Line Items]

67.3

Contributions

7.0

74.3

Targa Resources Partners LP [Member] | Agua Blanca [Member]

Schedule Of Equity Method Investments [Line Items]

6.4

(0.1)

$ 6.3

[1]	As of March 31, 2019, $24.3 million of unamortized excess fair value over the T2 LaSalle and T2 Eagle Ford capital accounts remained. These basis differences, which are attributable to the underlying depreciable tangible gathering assets, are being amortized on a straight-line basis as components of equity earnings over the estimated 20-year useful lives of the underlying assets.
[2]	Our 25% interest in GCX is owned by Targa GCX Pipeline LLC (“GCX DevCo JV”), of which we own a 20% interest. GCX DevCo JV is accounted for on a consolidated basis in our consolidated financial statements.

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
GCX [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	25.00%
Targa Resources Partners LP [Member] \| T2 Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Unamortized excess fair value	$ 25.0
Preliminary estimated useful lives of the underlying assets	20 years
GCX DevCo JV [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	20.00%

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Components of accounts payable and accrued liabilities [Abstract]
Commodities	$ 779.3	$ 721.9
Other goods and services	388.0	478.6
Interest	91.6	79.9
Income and other taxes	40.5	47.7
Compensation and benefits	26.5	57.3
Preferred Series A dividends payable	22.9	22.9
Other	13.5	20.8
Accounts payable and accrued liabilities	1,680.2	1,737.3
Permian Acquisition [Member]
Components of accounts payable and accrued liabilities [Abstract]
Permian Acquisition contingent consideration	$ 317.9	$ 308.2

Accounts Payable and Accrued Liabilities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Accounts Payable And Accrued Liabilities [Line Items]
Outstanding checks	$ 29,300,000		$ 52,600,000
Change in contingent considerations	9,700,000	$ 56,100,000
Permian Acquisition [Member]
Accounts Payable And Accrued Liabilities [Line Items]
Fair value of first potential earn-out payment	0
Change in contingent considerations	$ 9,700,000	$ 56,000,000

- Definition

Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement.

+ References + Details

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

Mar. 31, 2019

Dec. 31, 2018

Current Obligations of the Partnership [Abstract]

Accounts receivable securitization facility, due December 2019

^[1],[2]

$ 307.6

$ 280.0

Current debt

^[2]

307.6

1,029.4

Debt issuance costs, net of amortization

^[2]

0.0

(1.5)

Finance lease liabilities

^[2]

10.5

0.0

Current debt obligations

^[2]

318.1

1,027.9

TRP Senior Secured Revolving Credit Facility due June 2023 [Member] | Targa Resources Partners LP [Member]

7,118.5

5,632.4

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

7,133.5

5,663.5

Debt issuance costs, net of amortization

(42.7)

(31.1)

Finance lease liabilities

27.7

0.0

Total debt obligations

7,436.6

6,660.3

Letters of credit outstanding

69.8

79.5

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

^[2],[3]

670.0

700.0

Current Obligations of the Partnership [Abstract]

Long-term debt, current

^[1],[2]

0.0

749.4

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

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

^[2]

559.6

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

^[2]

583.9

Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member] | Targa Resources Partners LP [Member]

^[2]

580.1

Senior Unsecured Notes [Member] | Senior Unsecured 5 1/8% Notes due February 2025 [Member] | Targa Resources Partners LP [Member]

^[2]

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 5 7/8% Notes due April 2026 [Member] | Targa Resources Partners LP [Member]

^[2]

500.0

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

^[2]

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 6½% Senior Notes due July 2027 [Member] | Targa Resources Partners LP [Member]

^[2]

500.0

Senior Unsecured Notes [Member] | Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member] | Targa Resources Partners LP [Member]

^[2]

750.0

0.0

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

^[2]

750.0

0.0

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

^[2]

6.5

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

^[2]

48.1

Unamortized premium

0.3

Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due June 2023 [Member]

Letters of credit outstanding

^[4]

0.0

Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due June 2023 [Member] | Targa Resources Partners LP [Member]

^[4]

435.0

Letters of credit outstanding

^[3]

$ 69.8

$ 79.5

[1]	As of March 31, 2019, the Partnership had $337.6 million of qualifying receivables under its $400.0 million accounts receivable securitization facility, resulting in availability of $30.0 million.
[2]	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.
[3]	As of March 31, 2019, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,460.2 million
[4]	As of March 31, 2019, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million.

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($)

1 Months Ended

3 Months Ended

Jan. 31, 2019

Mar. 31, 2019

Dec. 31, 2018

Proceeds from borrowings under accounts receivable securitization facility

$ 378,000,000

Accounts receivable securitization facility

^[1],[2]

307,600,000

$ 280,000,000

Senior Unsecured 6½% Senior Notes due July 2027 [Member]

Jul. 31, 2027

6.50%

Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member]

Jan. 31, 2029

6.875%

Accounts Receivable Securitization Facility [Member]

Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due June 2023 [Member]

Proceeds from borrowings under accounts receivable securitization facility

337,600,000

Accounts receivable securitization facility

400,000,000

Remaining borrowing capacity

$ 30,000,000

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

Jun. 01, 2023

Remaining borrowing capacity

$ 235,000,000

Maximum borrowing capacity

$ 670,000,000

Nov. 15, 2021

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

4.75%

Aug. 01, 2023

Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility Due December 2018 [Member]

5.875%

Targa Resources Partners LP [Member] | Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due June 2023 [Member]

Dec. 31, 2019

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

Jun. 01, 2023

Remaining borrowing capacity

$ 1,460,200,000

Maximum borrowing capacity

$ 2,200,000,000

Nov. 30, 2019

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5 7/8% Notes due April 2026 [Member]

4.125%

Apr. 30, 2026

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

5.875%

May 01, 2023

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member]

5.25%

Jan. 31, 2028

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

5.00%

Nov. 15, 2023

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6½% Senior Notes due July 2027 [Member]

4.25%

Jul. 31, 2027

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

6.50%

Mar. 15, 2024

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5 1/8% Notes due February 2025 [Member]

6.75%

Feb. 28, 2025

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member]

5.125%

Jan. 31, 2029

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

6.875%

Feb. 28, 2027

Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]

5.375%

[1]	As of March 31, 2019, the Partnership had $337.6 million of qualifying receivables under its $400.0 million accounts receivable securitization facility, resulting in availability of $30.0 million.
[2]	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Mar. 31, 2019
TRC Revolver [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	4.30%
TRP Revolver [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	4.10%
Targa Resources Partners LP [Member] \| Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	3.40%
Weighted average interest rate incurred	3.40%
Minimum [Member] \| TRC Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.20%
Minimum [Member] \| TRP Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	3.80%
Maximum [Member] \| TRC Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.30%
Maximum [Member] \| TRP Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.30%

- Definition

Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.

+ References + Details

Debt Obligations - Additional Information (Details) $ in Millions	1 Months Ended
	Jan. 31, 2019 USD ($)
Targa Resources Partners LP [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	4.125%
Write off debt issuance cost	$ 1.4
Senior Unsecured 6½% Senior Notes due July 2027 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 750.0
Interest rate on fixed rate debt	6.50%
Maturity date	Jul. 31, 2027
Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 750.0
Interest rate on fixed rate debt	6.875%
Maturity date	Jan. 31, 2029
Senior Unsecured, 6½% Senior Notes due July 2027 and 6⅞% Senior Notes due January 2029 [Member]
Debt Instrument [Line Items]
Net proceeds from private placement of notes	$ 1,487.3
Senior Unsecured 4 1/8% notes due November 2019 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	4.125%

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Other Liabilities Noncurrent [Abstract]
Asset retirement obligations	$ 63.9	$ 55.5
Deferred revenue	174.6	175.5
Operating lease liabilities	47.8
Other liabilities	14.9	31.2
Total long-term liabilities	$ 301.2	$ 262.2

- Definition

Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable.

+ 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

Other Long-term Liabilities - Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Dec. 27, 2015
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 174.6	$ 175.5
Channelview Splitter [Member]
Deferred Revenue and Other [Abstract]
Deferred revenue			$ 129.0

- Definition

Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable.

+ References + Details

Other Long-term Liabilities - Changes in Deferred Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Changes in deferred revenue [Roll Forward]
Balance at December 31, 2018	$ 175.5
Revenue recognized	(0.9)
Balance at March 31, 2019	$ 174.6

- Definition

Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable.

+ References + Details

Leases - Additional Information (Details)	Mar. 31, 2019
Lessee Lease Description [Line Items]
Weighted-average remaining lease terms for operating leases	8 years
Weighted-average remaining lease terms for finance leases	3 years
Weighted-average discount rates for operating leases	4.00%
Weighted-average discount rates for finance leases	3.90%
Minimum [Member]
Lessee Lease Description [Line Items]
Remaining lease terms	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Remaining lease terms	11 years
Options to extend lease term	20 years

- Definition

Weighted average remaining lease term for finance lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.

+ References + Details

- Definition

Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.

+ References + Details

Leases - Summary of Balances of Right of Use Assets and Liabilities of Finance Leases and Operating Leases (Details) - USD ($)
$ in Millions

Mar. 31, 2019

Dec. 31, 2018

Right-of-use assets

Operating leases, gross

$ 35.6

us-gaap:OtherAssetsNoncurrent

Finance leases, gross

$ 40.9

Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]

us-gaap:PropertyPlantAndEquipmentGross

Current:

Operating leases

$ 2.7

Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]

us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent

Finance leases

^[1]

$ 10.5

$ 0.0

Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]

us-gaap:LiabilitiesCurrent

Non-current:

Operating leases

$ 47.8

Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]

us-gaap:OtherLiabilitiesNoncurrent

Finance leases

$ 27.7

$ 0.0

Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]

us-gaap:LiabilitiesNoncurrent

[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.

Leases - Summary of Components of Lease Expense (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Lease cost
Operating lease cost	$ 2.3
Short-term lease cost	7.6
Variable lease cost	1.2
Finance lease cost
Amortization of right-of-use assets	3.1
Interest expense	0.4
Total lease cost	$ 14.6

- Definition

Amount of interest expense on finance lease liability.

+ References + Details

- Definition

Amount of amortization expense attributable to right-of-use asset from finance lease.

+ References + Details

- Definition

Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability.

+ References + Details

Leases - Summary of Other Supplemental Information Related to Leases (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 2.0
Operating cash flows for finance leases	0.4
Financing cash flows for finance leases	$ 2.7

Leases - Summary of Maturities of Lease Liabilities Under Non-cancellable Leases (Details) $ in Millions	Mar. 31, 2019 USD ($)
Future Minimum Lease Payments - Operating Leases
2019	$ 4.7
2020	8.9
2021	9.0
2022	8.0
2023	6.2
Thereafter	23.5
Total undiscounted cash flows	60.3
Less imputed interest	(9.8)
Total lease liabilities	50.5
Future Minimum Lease Payments - Finance Leases
2019	11.8
2020	11.0
2021	9.2
2022	8.2
2023	1.0
Total undiscounted cash flows	41.2
Less imputed interest	(3.0)
Total lease liabilities	$ 38.2

Leases - Summary of Future Minimum Payments under Non-cancellable Leases (Details) $ in Millions	Dec. 31, 2018 USD ($)
Future non-cancelable commitments related to certain contractual obligations for each of the next five fiscal years and in aggregate thereafter [Abstract]
2019	$ 20.9
2020	20.2
2021	18.5
2022	16.5
2023	9.8
Thereafter	24.9
Total payments	$ 110.8

- Definition

Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References + Details

- Definition

Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

- Definition

Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

- Definition

Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

- Definition

Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

- Definition

Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

- Definition

Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.

+ References + Details

Preferred Stock - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Equity [Abstract]
Preferred Series A dividends payable	$ 22.9		$ 22.9
Preferred stock dividend paid	$ 22.9
Accrued preferred dividends payable date	May 14, 2019
Deemed dividends on Series A Preferred Stock	$ 7.9	$ 7.0

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Dividends Payable [Line Items]

Accrued preferred dividends payable date

May 14, 2019

Dividends Declared per Share of Common Stock

$ 0.91

Dividend Declared, Q1 2019 [Member]

Dividends Payable [Line Items]

Accrued preferred dividends payable date

May 15, 2019

Total Common Dividends Declared

$ 215.2

Amount of Common Dividends Paid or To Be Paid

211.5

Accrued Dividends

^[1]

$ 3.7

Dividends Declared per Share of Common Stock

$ 0.91000

Dividend Declared, Q4 2018 [Member]

Dividends Payable [Line Items]

Accrued preferred dividends payable date

Feb. 15, 2019

Total Common Dividends Declared

$ 215.2

Amount of Common Dividends Paid or To Be Paid

211.2

Accrued Dividends

^[1]

$ 4.0

Dividends Declared per Share of Common Stock

$ 0.91000

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

- Definition

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

+ References + Details

Partnership Units and Related Matters - Summary of Distributions Declared and Paid by the Partnership (Details) - Distributions Paid [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Distributions Made To Members Or Limited Partners [Abstract]
Distributions payable date	Apr. 05, 2019	Feb. 13, 2019
Total Distributions	$ 437.8	$ 241.3
Distributions to Targa Resources Corp.	$ 435.0	$ 238.5

- Definition

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

+ References + Details

Partnership Units and Related Matters - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended
	Apr. 30, 2019	Oct. 31, 2015	Mar. 31, 2019	Mar. 31, 2018
Limited Partners Capital Account [Line Items]
Capital contributions to partnership			$ 0
Preferred unit, issued		5,000,000
Distributions from partnership			2,800,000	$ 2,800,000
Subsequent Event [Member]
Limited Partners Capital Account [Line Items]
Distributions declaration month	2019-04
Distribution declared	$ 0.1875
Distributions from partnership	$ 900,000
Distributions payable date	May 15, 2019
Series A Preferred Units due November 1, 2020 [Member] \| London Interbank Offered Rate (LIBOR)
Limited Partners Capital Account [Line Items]
Percentage of variable interest rate for distribution on preferred units upon maturity		7.71%
Series A Preferred Units [Member]
Limited Partners Capital Account [Line Items]
Preferred unit, dividend interest rate		9.00%
Series A Cumulative Redeemable Perpetual Preferred Units [Member]
Limited Partners Capital Account [Line Items]
Distribution to preferred unitholders			$ 2,800,000
Holders of Limited Partner Interests [Member]
Limited Partners Capital Account [Line Items]
Limited partner capital contribution allocation percentage			98.00%
Targa Resources Genaral Partner LLC [Member]
Limited Partners Capital Account [Line Items]
General partner capital contribution allocation percentage			2.00%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ (24.7)	$ 38.9
Less: Net income attributable to noncontrolling interests	14.2	16.0
Less: Dividends on preferred stock	30.8	29.9
Net income (loss) attributable to common shareholders	$ (69.7)	$ (7.0)
Weighted average shares outstanding - basic (in shares)	232.2	218.7
Net income available per common share - basic (in dollars per share)	$ (0.30)	$ (0.03)
Weighted average shares outstanding - basic (in shares)	232.2	218.7
Weighted average shares outstanding - diluted (in shares)	232.2	218.7
Net income available per common share - diluted (in dollars per share)	$ (0.30)	$ (0.03)

- Definition

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

+ References

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+ 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

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+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

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

+ References

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+ Details

- Definition

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

+ References + Details

- Definition

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

+ References + Details

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Unvested Restricted Stock Awards [Member]

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

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

1.3

1.6

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]

46.5

[1]

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]	3 Months Ended
	Mar. 31, 2019
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 in year seven and thereafter	5.00%

Derivative Instruments and Hedging Activities, Fair Value Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative assets, Current	$ 75.9	$ 115.3
Derivative assets, Long-term	23.1	34.1
Derivative assets	99.0	149.4
Derivative liabilities	52.7	36.7
Derivative liabilities, Current	43.3	33.6
Derivative liabilities, Long-term	9.4	3.1
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	92.9	144.1
Derivative liabilities	28.3	20.4
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	25.2	18.9
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	3.1	1.5
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	72.5	112.5
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	20.4	31.6
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	6.1	5.3
Derivative liabilities	24.4	16.3
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	18.1	14.7
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	6.3	1.6
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	3.4	2.8
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	$ 2.7	$ 2.5

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivative Asset [Abstract]
Gross asset	$ 99.0	$ 149.4
Derivative assets	99.0	149.4
Pro forma net presentation, asset, total	68.0	116.4
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	88.0	108.9
Pro forma net presentation, asset	57.0	75.9
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	11.0	40.5
Pro forma net presentation, asset, total	11.0	40.5
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	75.9	115.3
Pro forma net presentation, asset, current	50.4	85.3
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	69.0	100.0
Pro forma net presentation, asset	43.5	70.0
Current Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	6.9	15.3
Pro forma net presentation, asset, current	6.9	15.3
Long-Term Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	23.1	34.1
Pro forma net presentation, asset, noncurrent	17.6	31.1
Long-Term Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	19.0	8.9
Pro forma net presentation, asset	13.5	5.9
Long-Term Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	4.1	25.2
Pro forma net presentation, asset, noncurrent	$ 4.1	$ 25.2

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivative Liability [Abstract]
Gross liability	$ (52.7)	$ (36.7)
Pro forma net presentation, liability, total	(29.0)	(17.9)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(51.1)	(36.7)
Pro forma net presentation, liability, total	(27.4)	(17.9)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(1.6)
Pro forma net presentation, liability, total	(1.6)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(43.3)	(33.6)
Pro forma net presentation, liability, current	(25.1)	(17.8)
Current Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(42.0)	(33.6)
Pro forma net presentation, liability, current	(23.8)	(17.8)
Current Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(1.3)
Pro forma net presentation, liability, current	(1.3)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(9.4)	(3.1)
Pro forma net presentation, liability, noncurrent	(3.9)	(0.1)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(9.1)	(3.1)
Pro forma net presentation, liability, noncurrent	(3.6)	$ (0.1)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(0.3)
Pro forma net presentation, liability, noncurrent	$ (0.3)

- Definition

Fair value of liability associated with financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset.

+ References + Details

- Definition

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

+ References + Details

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivative Asset [Abstract]
Gross collateral	$ (7.3)	$ (14.2)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	(7.3)	(14.2)
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	(7.3)	(14.2)
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ (7.3)	$ (14.2)

Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions	Mar. 31, 2019 USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimated fair value of derivative instruments, net asset	$ 46.3
Amount expected to reclassify commodity hedge related deferred gains to earnings before income taxes	64.6
Amount of deferred gains to be reclassified into earnings before income taxes over next twelve months	$ 47.3

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ 21.3	$ (26.7)
Commodity Contracts [Member] \| Revenues [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(9.5)	(10.8)
Cash Flow Hedging [Member] \| Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ (38.8)	$ 64.6

- 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

Amount before tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).

+ References + Details

Fair Value Measurements - Additional Information (Details) $ in Millions	Mar. 31, 2019 USD ($) Swap
Fair Value Disclosures [Abstract]
Estimated fair value of derivative instruments, net asset	$ 46.3
Derivative fair value of net liability if commodity price increases by 10 percent	40.1
Derivative fair value of net asset if commodity price decreases by 10 percent	$ 129.2
Number of natural gas basis swaps categorized as Level 3 \| Swap	13

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

Mar. 31, 2019

Dec. 31, 2018

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

$ 68.0

$ 116.4

29.0

17.9

Carrying Value [Member]

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

^[1]

97.2

144.4

^[1]

50.9

31.7

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

124.9

232.1

Carrying Value [Member] | TRC Revolver [Member]

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

435.0

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]

670.0

700.0

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

307.6

280.0

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

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

6,028.5

5,277.9

Fair Value [Member]

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

^[1]

97.2

144.4

^[1]

50.9

31.7

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

124.9

232.1

Fair Value [Member] | Level 1 [Member]

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

^[1]

0.0

^[1]

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]

93.3

137.5

^[1]

50.5

31.3

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]

3.9

6.9

^[1]

0.4

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]

435.0

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]

435.0

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] | TRP Revolver [Member]

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

670.0

700.0

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]

670.0

700.0

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]

307.6

280.0

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]

307.6

280.0

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]

6,268.9

5,088.9

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]

6,268.9

5,088.9

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

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

0.0

Targa Pipeline Partners LP [Member] | Carrying Value [Member]

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

^[2]

2.4

Targa Pipeline Partners LP [Member] | Fair Value [Member]

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

^[2]

2.4

Targa Pipeline Partners LP [Member] | Fair Value [Member] | Level 1 [Member]

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

^[2]

0.0

Targa Pipeline Partners LP [Member] | Fair Value [Member] | Level 2 [Member]

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

^[2]

0.0

Targa Pipeline Partners LP [Member] | Fair Value [Member] | Level 3 [Member]

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

^[2]

$ 2.4

2.4

Outrigger Permian Acquisition | Carrying Value [Member]

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

^[3]

308.2

Outrigger Permian Acquisition | Fair Value [Member]

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

^[3]

308.2

Outrigger Permian Acquisition | Fair Value [Member] | Level 1 [Member]

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

^[3]

0.0

Outrigger Permian Acquisition | Fair Value [Member] | Level 2 [Member]

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

^[3]

0.0

Outrigger Permian Acquisition | Fair Value [Member] | Level 3 [Member]

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

Contribution of property, plant and equipment to investments in unconsolidated affiliates

^[3]

$ 308.2

[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]	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.
[3]	We have a contingent consideration liability related to the Permian Acquisition, which was carried at fair value as of December 31, 2018. See Note 8 – Accounts Payable and Accrued Liabilities.

Fair Value Measurements - Changes in Fair Value of Financial Instruments Classified as Level 3 (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Contingent Consideration [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Balance, beginning of period	$ (310.6)
Unrealized gain/(loss) included in OCI	0.0
Balance, end of period	(2.4)
Permian Acquisition [Member] \| Contingent Consideration [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Completion of contingent consideration earn-out period	308.2
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	6.5
Unrealized gain/(loss) included in OCI	(3.1)
Balance, end of period	3.4
Commodity Derivative Contracts Asset/(Liability) [Member] \| Permian Acquisition [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Completion of contingent consideration earn-out period	$ 0.0

Contingencies - Additional Information (Details)	Feb. 26, 2019 USD ($)
Environment Proceeding [Member] \| Compliance Improvements [Member]
Loss Contingencies [Line Items]
Contingencies penalty amount	$ 220,000

- Definition

Amount of damages paid to the plaintiff in the legal matter.

+ References + Details

Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed Price Contract [Member] $ in Millions	Mar. 31, 2019 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 394.3
Estimated remaining duration of contracts	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 463.0
Estimated remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 3,327.5
Estimated remaining duration of contracts

Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01	Mar. 31, 2019
Minimum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Estimated remaining duration of contracts	1 year
Maximum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Estimated remaining duration of contracts	20 years

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Cash:

Interest paid, net of capitalized interest

^[1]

$ 66.1

$ 42.8

Income taxes paid, net of refunds

0.3

Non-cash investing activities:

Deadstock commodity inventory transferred to property, plant and equipment

17.5

1.7

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

1.1

0.4

16.0

Change in ARO liability and property, plant and equipment

7.4

2.1

Non-cash financing activities:

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

3.6

3.3

Accretion of deemed dividends on Series A Preferred Stock

7.9

7.0

Impact of accounting standard adoption recorded in retained earnings

5.2

Non-cash balance sheet movements related to acquisition of related party:

Noncontrolling interest

1.2

Lease liabilities arising from recognition of right-of-use assets:

Operating lease

0.4

Finance lease

1.5

Retained Earnings [Member]

Non-cash investing activities:

Impact of capital expenditure accruals on property, plant and equipment

$ (38.8)

(22.3)

Non-cash financing activities:

Impact of accounting standard adoption recorded in retained earnings

$ 5.2

[1]	Interest capitalized on major projects was $18.9 million and $9.6 million for the three months ended March 31, 2019 and 2018.

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 18.9	$ 9.6

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2019 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Revenues and Operating Margin (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Revenues	$ 2,299.4	$ 2,455.6
Operating margin	383.2	341.4
Sales of Commodities [Member]
Revenues:
Revenues	1,976.5	2,173.7
Fees from Midstream Services [Member]
Revenues:
Revenues	322.9	281.9
Gathering and Processing [Member]
Revenues:
Revenues	1,272.2	1,294.9
Operating margin	229.0	220.8
Logistics and Marketing [Member]
Revenues:
Revenues	1,893.7	2,109.5
Operating margin	152.1	138.4
Other Segment [Member]
Revenues:
Revenues	2.1	(17.8)
Operating margin	2.1	(17.8)
Corporate and Eliminations [Member]
Revenues:
Revenues	(868.6)	(931.0)
Operating Segments [Member]
Revenues:
Revenues	2,299.4	2,455.6
Operating Segments [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	1,976.5	2,173.7
Operating Segments [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	322.9	281.9
Operating Segments [Member] \| Gathering and Processing [Member]
Revenues:
Revenues	447.5	426.5
Operating Segments [Member] \| Gathering and Processing [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	247.6	265.2
Operating Segments [Member] \| Gathering and Processing [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	199.9	161.3
Operating Segments [Member] \| Logistics and Marketing [Member]
Revenues:
Revenues	1,849.8	2,046.9
Operating Segments [Member] \| Logistics and Marketing [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	1,726.8	1,926.3
Operating Segments [Member] \| Logistics and Marketing [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	123.0	120.6
Operating Segments [Member] \| Other Segment [Member]
Revenues:
Revenues	2.1	(17.8)
Operating Segments [Member] \| Other Segment [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	2.1	(17.8)
Intersegment Eliminations [Member] \| Gathering and Processing [Member]
Revenues:
Revenues	824.7	868.4
Intersegment Eliminations [Member] \| Gathering and Processing [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	822.8	866.5
Intersegment Eliminations [Member] \| Gathering and Processing [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	1.9	1.9
Intersegment Eliminations [Member] \| Logistics and Marketing [Member]
Revenues:
Revenues	43.9	62.6
Intersegment Eliminations [Member] \| Logistics and Marketing [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	38.4	55.7
Intersegment Eliminations [Member] \| Logistics and Marketing [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	5.5	6.9
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member]
Revenues:
Revenues	(868.6)	(931.0)
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	(861.2)	(922.2)
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	$ (7.4)	$ (8.8)

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2018

Total assets

$ 17,569.2

$ 16,938.2

Goodwill

46.6

$ 46.6

905.6

$ 558.0

Operating Segments [Member]

Total assets

^[1]

17,569.2

14,753.2

Goodwill

46.6

256.6

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

Total assets

^[1]

11,713.9

10,908.5

Goodwill

46.6

256.6

417.8

273.2

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

Total assets

^[1]

5,644.9

3,595.1

470.9

251.0

Operating Segments [Member] | Other Segment [Member]

Total assets

^[1]

87.9

103.0

Operating Segments [Member] | Corporate and Eliminations [Member]

Total assets

^[1]

122.5

146.6

$ 16.9

$ 33.8

[1]	Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References + Details

Segment Information - Summary of Consolidated Revenues Disaggregated by Product and Service (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

$ 1,964.7

$ 2,212.5

Non-customer revenue

11.8

(38.8)

2,299.4

2,455.6

Derivative Activities - Hedge [Member]

Non-customer revenue

21.3

(28.0)

Derivative Activities - Non-hedge [Member]

Non-customer revenue

^[1]

(9.5)

(10.8)

Natural Gas [Member]

411.3

470.1

NGL [Member]

1,408.1

1,607.3

Condensate and Crude Oil [Member]

137.7

86.9

Petroleum Products [Member]

7.6

48.2

Gathering and Processing Fees [Member]

194.5

152.1

Sales of Commodities [Member]

1,976.5

2,173.7

Other [Member]

12.6

10.5

NGL Transportation and Services [Member]

36.2

41.1

Storage Terminaling and Export [Member]

79.6

78.2

Fees from Midstream Services [Member]