0001564590-21-006640 | 10-K | XBRL Viewer

Changes in operating assets and liabilities, net of business acquisitions:

(0.3)

8.7

(8.8)

Receivables and other assets

(25.6)

(24.7)

(6.2)

Inventories

(27.7)

(45.0)

(13.9)

Accounts payable, accrued liabilities and other liabilities

105.7

35.0

31.6

Interest payable

6.9

45.8

25.6

Net cash provided by operating activities

1,744.5

1,389.8

1,144.0

Cash flows from investing activities

Outlays for property, plant and equipment

(951.6)

(2,877.8)

(3,114.8)

Proceeds from sale of business and assets

198.7

14.8

256.9

Investments in unconsolidated affiliates

(2.7)

(266.8)

(282.0)

Proceeds from sale of equity-method investment

70.3

Return of capital from unconsolidated affiliates

13.2

3.5

5.5

Other, net

4.3

(15.9)

(12.5)

Net cash used in investing activities

(738.1)

(3,071.9)

(3,146.9)

Debt obligations:

Proceeds from borrowings under credit facilities

2,195.0

3,100.0

2,235.0

Repayments of credit facilities

(1,795.0)

(3,800.0)

(1,555.0)

Proceeds from borrowings under accounts receivable securitization facility

576.4

944.2

546.6

Repayments of accounts receivable securitization facility

(596.4)

(854.2)

(616.6)

Proceeds from issuance of senior notes

1,000.0

2,500.0

1,000.0

Redemption of senior notes

(1,390.6)

(749.4)

Principal payments of finance leases

(12.4)

(11.5)

Proceeds from issuance of common stock

689.0

Costs incurred in connection with financing arrangements

(9.9)

(35.5)

(24.7)

Payment of contingent consideration

(317.1)

Repurchase of shares and units

(97.4)

(13.9)

(4.0)

Sale of ownership interests in subsidiaries

1,619.7

Purchase of noncontrolling interests in subsidiary

(0.1)

Contributions from noncontrolling interests

41.5

555.3

817.9

Redemption of Preferred Units

(125.0)

Distributions to noncontrolling interests

(439.2)

(191.7)

(70.7)

Partial repurchase of Series A Preferred Stock

(45.8)

Distributions to Partnership unitholders

(11.7)

(11.3)

Dividends paid to common and Series A preferred shareholders

(384.2)

(953.5)

(908.3)

Net cash provided by (used in) financing activities

(1,094.7)

1,781.1

2,097.8

Net change in cash and cash equivalents

(88.3)

99.0

94.9

Cash and cash equivalents, beginning of period

331.1

232.1

137.2

Cash and cash equivalents, end of period

$ 242.8

$ 331.1

$ 232.1

[1]	Related to the write-down of certain assets to their recoverable amounts.

Organization and Operations

12 Months Ended

Dec. 31, 2020

Organization [Abstract]

Organization and Operations

Note 1 — Organization and Operations

Our Organization

Targa Resources Corp. (“TRC”) is a publicly traded Delaware corporation formed in October 2005. Our common stock is listed on the New York Stock Exchange under the symbol “TRGP.” In this Annual Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations. TRC controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership” or “TRP.”

Our Operations

The Company is primarily engaged in the business of:

•

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

•

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

•

gathering, storing, terminaling and purchasing and selling crude oil.

See Note 26 – Segment Information for certain financial information regarding our business segments.

Basis of Presentation

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Note 2 — Basis of Presentation

These accompanying financial statements and related notes present our consolidated financial position as of December 31, 2020 and 2019, and the results of operations, comprehensive income, cash flows, and changes in owners’ equity for the years ended December 31, 2020, 2019 and 2018.

We have prepared these consolidated financial statements in accordance with GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods may have been reclassified to conform to the current year presentation.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

Note 3 — Significant Accounting Policies

Consolidation Policy

Our consolidated financial statements include the accounts of all entities that we control and our proportionate interest in the accounts of certain gas gathering and processing facilities in which we own an undivided interest and are responsible for our proportionate share of the costs and expenses of the facilities. Third party ownership interests in our controlled subsidiaries are presented as noncontrolling interests within the equity section of our Consolidated Balance Sheets. In our Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income, noncontrolling interests reflects the attribution of results to third-party investors. All intercompany balances and transactions have been eliminated in consolidation.

We apply the equity method of accounting to investments over which we exercise significant influence over the operating and financial policies of our investee, but do not exercise control. We evaluate our equity investments for impairment when evidence indicates the carrying amount of our investment is no longer recoverable. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the equity method investee to sustain an earnings capacity that would justify the carrying amount of the investment. When the estimated fair value of an equity investment is less than its carrying value and the loss in value is determined to be other than temporary, we recognize the excess of the carrying value over the estimated fair value as a non-cash pre-tax impairment loss within equity earnings (loss) in our Consolidated Statements of Operations.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Estimates and judgments are based on information available at the time such estimates and judgments are made. Changes in facts and circumstances may result in revised estimates and actual results could differ materially from those estimates. Estimates and judgments are used in, among other things, (1) estimating unbilled revenues, product purchases and operating and general and administrative cost accruals, (2) developing fair value assumptions, including estimates of future cash flows and discount rates, (3) analyzing long-lived assets for possible impairment, (4) estimating the useful lives of assets, (5) estimating contingencies, guarantees and indemnifications and (6) estimating redemption value of mandatorily redeemable preferred interests.

Cash and Cash Equivalents

Cash and cash equivalents include all cash on hand, demand deposits, and short-term, highly liquid investments that are readily convertible into cash, and have original maturities of three months or less.

Allowance for Doubtful Accounts

Estimated losses on accounts receivable are provided through an allowance for doubtful accounts. We estimate the allowance for doubtful accounts through various procedures, including extensive review of our trade receivable balances by counterparty, assessing economic events and conditions, our historical experience with counterparties, the counterparty’s financial condition and the amount and age of past due accounts.

We continuously evaluate our ability to collect amounts owed to us. Receivables are considered past due if full payment is not received by the contractual due date. Our evaluation procedures also include performing account reconciliations, dispute resolution and payment confirmation.

As the financial condition of any counterparty changes, circumstances develop or additional information becomes available, adjustments to our allowance may be required.

Inventories

Our inventories consist primarily of NGL product inventories, which are valued at the lower of cost or net realizable value, using the average cost method. Most NGL product inventories turn over monthly, but some inventory, primarily propane, is acquired and held during the year to meet anticipated heating season requirements of our customers. Commodity inventories that are not physically or contractually available for sale under normal operations (“deadstock”) are included in Property, Plant and Equipment. Our commodity-based inventory was $178.9 million and $156.5 million as of December 31, 2020 and 2019, respectively.

Product Exchanges

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

Gas Processing Imbalances

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

Derivative Instruments

We utilize derivative instruments to manage the volatility of our cash flows due to fluctuating energy commodity prices. For balance sheet classification purposes, we analyze the fair values of the derivative instruments on a contract by contract basis and report the related fair values and any related collateral by counterparty on a gross basis. Cash flows from derivative instruments designated as hedges are recognized in the same financial statement line item as the cash flows from the respective item being hedged.

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

We record all derivative instruments at fair value with the exception of those that we apply the normal purchases and normal sales election.

The table below summarizes the accounting treatment for our derivative instruments, and the impact on our consolidated financial statements:


Recognition and Measurement
Derivative Treatment	Balance Sheet	Income Statement
Normal Purchases and Normal Sales	Fair value not recorded	Earnings recognized when volumes are physically delivered or received
Mark-to-Market	Recorded at fair value	Change in fair value recognized currently in earnings
Cash Flow Hedge	Recorded at fair value with changes in fair value deferred in Accumulated Other Comprehensive Income ("AOCI")	The gain/loss on the derivative instrument is reclassified out of AOCI into earnings when the forecasted transaction occurs

We will discontinue hedge accounting on a prospective basis when a hedge instrument is terminated, ceases to be highly effective or the forecasted transaction is no longer probable to occur. Gains and losses deferred in AOCI related to cash flow hedges for which hedge accounting has been discontinued remain deferred until the forecasted transaction occurs. If it is probable that a hedged forecasted transaction will not occur, deferred gains or losses on the hedging instrument are reclassified to earnings immediately.

Property, Plant and Equipment

Property, plant and equipment is recorded at acquisition cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The determination of the useful lives of property, plant and equipment requires us to make various assumptions, including our expected use of the asset and the supply of and demand for hydrocarbons in the markets served, normal wear and tear of the facilities, and the extent and frequency of maintenance programs. Upon disposition or retirement of property, plant and equipment, any gain or loss is recorded to operations.

Expenditures for routine maintenance and repairs are expensed as incurred. Expenditures to refurbish an asset that increases its existing service potential or prevents environmental contamination are capitalized and depreciated over the remaining useful life of the asset or major asset component. Certain costs directly related to the construction of assets, including internal labor costs, interest and engineering costs, are capitalized.

Impairment of Long-Lived Assets

We evaluate long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate our carrying amount of an asset may not be recoverable, including changes to our estimates that could have an impact on our assessment of asset recoverability. Asset recoverability is measured by comparing the carrying value of the asset or asset group with its expected future pre-tax undiscounted cash flows. Individual assets are grouped at the lowest level for which the related identifiable cash flows are largely independent of the cash flows of other assets and liabilities. These cash flow estimates require us to make judgments and assumptions related to operating and cash flow results, economic obsolescence, the business climate, contractual, legal and other factors.

If the carrying amount exceeds the expected future undiscounted cash flows, we recognize a non-cash pre-tax impairment loss equal to the excess of net book value over fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. The estimated cash flows used to assess recoverability of our long-lived assets and measure fair value of our asset groups are derived from current business plans, which are developed using near-term price and volume projections reflective of the current environment and management's projections for long-term average prices and volumes. In addition to near and long-term price assumptions, other key assumptions include volume projections, operating costs, timing of incurring such costs, and the use of an appropriate terminal value and discount rate. Any changes we make to these projections and assumptions could result in significant revisions to our evaluation of recoverability of our long-lived assets and the recognition of additional impairments. We believe our estimates and models used to determine fair value are similar to what a market participant would use.

Goodwill

Goodwill is a residual intangible asset that results when the cost of an acquisition exceeds the fair value of the net identifiable assets of the acquired business. Goodwill is not subject to amortization but is tested for impairment at least annually. This test requires us to attribute goodwill to an appropriate reporting unit, which is an operating segment or one level below an operating segment (also known as a component). We evaluate goodwill for impairment on November 30 of each year, or whenever impairment indicators are present. Prior to us conducting the goodwill impairment test, we complete a review of the carrying values of our long-lived assets, including property, plant and equipment and other intangible assets. If it is determined that the carrying values are not recoverable, we reduce the carrying values of the long-lived assets pursuant to our policy on property, plant and equipment.

As part of our goodwill impairment test, we may first assess qualitative factors to determine if the quantitative goodwill impairment test is necessary. If we choose to bypass this qualitative assessment or determine that a goodwill impairment test is required, our annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount (including attributed goodwill). We recognize an impairment loss in our Consolidated Statements of Operations and a corresponding reduction of goodwill on our Consolidated Balance Sheets for the amount by which the carrying amount exceeds the reporting unit’s fair value. The goodwill impairment loss will not exceed the total amount of goodwill allocated to that reporting unit. Additionally, when measuring goodwill, we consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit, if applicable.

Intangible Assets

Our intangible assets include producer dedications under long-term contracts and customer relationships associated with business and asset acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. We amortize the costs of our assets in a manner that closely resembles the expected benefit pattern of the intangible assets or on a straight-line basis, where such pattern is not readily determinable, over the periods in which we benefit from services provided to customers.

Asset Retirement Obligations

Asset retirement obligations (“AROs”) are legal obligations associated with the retirement of tangible long-lived assets that result from their acquisition, construction, development and/or normal operation. We record a liability and increase the basis in the underlying asset for the present value of each expected asset retirement obligation (“ARO”) when there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction.

Our obligations are estimated based on discounted cash flow estimates. Over time, the ARO liability is accreted to its present value as a period cost and the capitalized amount is depreciated over the asset’s respective useful life. At least annually, we review the projected timing and amount of asset retirement obligations and reflect revisions as an increase or decrease in the carrying amount of the liability and the basis in the underlying asset. Upon settlement, we will recognize any difference between the recorded amount and the actual settlement cost as a gain or loss.

Debt Issuance Costs

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

Accounts Receivable Securitization Facility

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

Environmental Liabilities and Other Loss Contingencies

We accrue a liability for loss contingencies, including environmental remediation costs arising from claims, assessments, litigation, fines, penalties and other sources, when the loss is probable and reasonably estimable.

Income Taxes

We file many income tax returns with the United States Department of the Treasury, as well as numerous states. We are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax payable and related tax expense, together with assessing temporary differences resulting from differing treatment of certain items, such as depreciation, for tax and accounting purposes. These differences can result in deferred tax assets and liabilities, which are reported on a net basis by jurisdiction within our Consolidated Balance Sheets. We report these timing differences based on statutory tax rates applicable to the scheduled timing difference reversal periods.

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

Dividends

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

Mandatorily Redeemable Preferred Interests

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

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

The joint ventures, collectively, hold $1.9 billion face value in notes receivable from our partner, which are due July 2042. The interest rate payable under the notes receivable is a variable LIBOR-based rate. For the years ended December 31, 2020, 2019 and 2018, interest earned on the notes receivable of $9.1 million, $10.2 million, and $9.7 million, exclusive of the priority return payable to our partner, is reflected within Interest expense, net in our Consolidated Statements of Operations. We have accounted for the notes receivable at fair value. Upon redemption: (i) the distributable value of our partner’s interest in each joint venture is required to be adjusted by mutual agreement or under a valuation procedure outlined in each joint venture agreement based, among other things, on changes in the market value of the joint venture’s assets allocable to our partner (including the value of the notes receivable); and (ii) the parties are obligated to set off the value of the notes receivable from our partner against the value of our partner’s interest in the applicable joint venture. For reporting purposes under GAAP, an estimate of our partner’s interest in each joint venture is required to be recorded as if the redemption had occurred on the reporting date. Because redemption will not be required until at least 2022, the actual value of our partner’s allocable share of each joint venture’s assets at the time of redemption may differ from our estimate of redemption value as of December 31, 2020.

In February 2018, the parties amended the agreements governing each joint venture to: (i) increase the priority return for capital contributions made on or after January 1, 2017; and (ii) add a non-consent feature effective with respect to certain capital projects undertaken on or after January 1, 2017. During the year ended December 31, 2018, the decrease in estimated redemption value of the mandatorily redeemable preferred interests of $72.1 million is primarily attributable to the amendments. Income attributable to mandatorily redeemable preferred interests totaled $4.1 million during the year ended December 31, 2018. The mandatorily redeemable preferred interests had no estimated redemption value as of December 31, 2020 and 2019.

Comprehensive Income

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

Revenue Recognition

Our operating revenues are primarily derived from the following activities:

•

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

•

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

•

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

We have multiple types of contracts with commercial counterparties and many of these contracts contain embedded fees with settlement provisions that deduct these fees from the sales price paid by Targa in exchange for commodities. The commercial relationship of the counterparty in such contracts is inherently one of a supplier, rather than a customer, and therefore, such contracts are excluded from the provisions of the revenue recognition guidance in Topic 606, Revenue from Contracts with Customers. Any cash inflows or fees that are realized on these supply type contracts are reported as a reduction of Product purchases.

Our revenues, therefore, are measured based on consideration specified in a contract with parties designated as customers. We recognize revenue when we satisfy a performance obligation by transferring control over a commodity or service to a customer. Sales and other taxes we collect, that are both imposed on and concurrent with revenue-producing activities, are excluded from revenues.

We generally report sales revenues on a gross basis in our Consolidated Statements of Operations, as we typically act as the principal in the transactions where we receive and control commodities. However, buy-sell transactions that involve purchases and sales of inventory with the same counterparty, which are legally contingent or in contemplation of one another, as well as other instances where we do not control the commodities, but rather are acting as an agent to the supplier, are reported as a single revenue transaction on a combined net basis.

Our commodity sales contracts typically contain multiple performance obligations, whereby each distinct unit of commodity to be transferred to the customer is a separate performance obligation. Under such contracts, revenue is recognized at the point in time each unit is transferred to the customer because the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the commodity at that time. In certain instances, it may be determinable that the customer receives and consumes the benefits of each unit as it is transferred. Under such contracts, we have a single performance obligation comprised of a series of distinct units of commodity; and in such instance, revenue is recognized over time using the units delivered output method, as each distinct unit is transferred to the customer. Our commodity sales contracts are typically priced at a market index, but may also be set at a fixed price. When our sales are priced at a market index, we apply the allocation exception for variable consideration and allocate the market price to each distinct unit when it is transferred to the customer. The fixed price in our commodity sales contracts generally represents the standalone selling price, and therefore, when each distinct unit is transferred to the customer, we recognize revenue at the fixed price.

Our service contracts typically contain a single performance obligation. The underlying activities performed by us are considered inputs to an integrated service and not separable because such activities in combination are required to successfully transfer the single overall service that the customer has contracted for and expects to receive. Therefore, the underlying activities in such contracts are not considered to be distinct services. However, in certain instances, the customer may contract for additional distinct services and therefore additional performance obligations may exist. In such instances, the transaction price is allocated to the multiple performance obligations based on their relative standalone selling prices. The performance obligation(s) in our service contracts is a series of distinct days of the applicable service over the life of the contract (fundamentally a stand-ready service), whereby we recognize revenue over time using an output method of progress based on the passage of time (i.e., each day of service). This output method is appropriate because it directly relates to the value of service transferred to the customer to date, relative to the remaining days of service promised under the contract.

The transaction price for our service contracts is typically comprised of variable consideration, which is primarily dependent on the volume and composition of the commodities delivered and serviced. The variable consideration is generally commensurate with our efforts to perform the service and the terms of the variable payments relate specifically to our efforts to satisfy each day of distinct service. Therefore, the variable consideration is typically not estimated at contract inception, but rather the allocation exception for variable consideration is applied, whereby the variable consideration is allocated to each day of service and recognized as revenue when each day of service is provided. When we are entitled to noncash consideration in the form of commodities, the variability related to the form of consideration (market price) and reasons other than form (volume and composition) are interrelated to the service, and therefore, we measure the noncash consideration at the point in time when the volume, mix and market price related to the commodities retained in-kind are known. This results in the recognition of revenue based on the market price of the commodity when the service is performed. In addition, if the transaction price includes a fixed component (i.e., a fixed capacity reservation fee), the fixed component is recognized ratably on a straight line basis over the contract term, as each day of service has elapsed, which is consistent with the output method of progress selected for the performance obligation.

Our customers are typically billed on a monthly basis, or earlier, if final delivery and sale of commodities is made prior to month-end, and payment is typically due within 10 to 30 days. As a practical matter, we define the unit of account for revenue recognition purposes based on the passage of time ranging from one month to one quarter, rather than each day. This is because the financial reporting outcome is the same regardless of whether each day or month/quarter is treated as the distinct service in the series. That is, at the end of each month or quarter, the variability associated with the amount of consideration for which we are entitled to, is resolved, and can be included in that month or quarter’s revenue.

We have certain long-term contractual arrangements under which we have received consideration, but for which all conditions for revenue recognition have not been met. These arrangements result in deferred revenue, which will be recognized over the periods that performance will be provided.

Significant Judgments

Certain provisions of our service contracts (i.e., tiered price structures) require further assessment to determine if the allocation exception for variable consideration is met. If the allocation exception is not met, we estimate the total consideration that we expect to be entitled to for the applicable term of the contract, based on projections of future activity. In such instance, revenue is recognized using an output method of progress based on the volume of commodities serviced during the reporting period. Our estimate of total consideration is reassessed each reporting period until contract completion.

For contracts with minimum volume commitments, we generally expect the customer to meet the commitment. However, such contracts are reassessed throughout the term of the commitment, and if we no longer expect the customer to meet the commitment, the allocation exception for variable consideration would not be met. That is, from that point onwards, an allocation based on the applicable fee applied to the volumes serviced does not depict the amount of consideration which we expect to be entitled to, in exchange for the service. In such instance, revenue will be recognized up to the minimum volume commitment in proportion to the days of service elapsed and the remaining duration of the commitment.

Contract Assets

We classify our contract assets as receivables because we generally have an unconditional right to payment for the commodities sold or services performed at the end of reporting period.

Share-Based Compensation

We award share-based compensation to employees, directors and non-management directors in the form of restricted stock, restricted stock units and performance share units. Compensation expense on our equity-classified awards is recorded at grant-date fair value. Compensation expense on liability-classified awards is initially recorded at grant-date fair value, and re-measured subsequently at each reporting date through the settlement period. Compensation expense is recognized in general and administrative expense over the requisite service period of each award, and forfeitures are recognized as they occur. We may purchase a portion of the shares issued to satisfy employees’ tax withholding obligations on vested awards. These shares are recorded in treasury stock, at cost, and cash paid is classified as a financing activity on the statement of cash flows. All excess tax benefits and tax deficiencies related to share-based compensation are recognized as income tax benefit or expense in the income statement, with the tax effects of exercised or vested awards treated as discrete items in the reporting period which they occur. Excess tax benefits are classified as an operating activity.

Earnings per Share

Basic earnings (loss) per common share (“EPS”) is based on the sum of the weighted-average number of common shares outstanding and vested restricted stock, restricted stock units and performance share units. Diluted EPS includes any dilutive effect of preferred stock, unvested restricted stock, restricted stock units and performance share units. The dilutive effect is calculated through the application of i) the if-converted method for convertible preferred stock, and ii) the treasury stock method for unvested stock awards.

Leases

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.

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

Convertible Debt and Equity Instruments

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in this update simplify the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and embedded conversion features that can be recognized separately from the primary contract. These amendments also enhance transparency and improve disclosures for convertible instruments and earnings per share guidance. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2021, with early adoption permitted. This update permits the use of either the modified retrospective or full retrospective method of adoption.

We plan to early adopt this guidance on January 1, 2021 using the modified retrospective method. The primary effect of adoption will result in the carrying value of the Series A Preferred Stock being reflected at $742.9 million, which is the allocated amount based on the initial relative fair value allocation of net proceeds at issuance (prior to the allocation to the beneficial conversion feature) of $787.1 million, less the carrying value of the portion repurchased in December 2020 (refer to Note 13 – Preferred Stock). The adoption will not have an impact on retained earnings (deficit) and on a go-forward basis, there will be no further accretion of the discount attributable to the beneficial conversion feature as a deemed dividend. The other aspects of this guidance are not expected to have a material effect on our consolidated financial statements.

Joint Ventures and Divestitures

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Joint Ventures and Divestitures

Note 4 – Joint Ventures and Divestitures

Joint Ventures

Little Missouri 4 Joint Venture

In January 2018, we formed a 50/50 joint venture in Little Missouri 4 LLC (“Little Missouri 4”) with Hess Midstream Partners LP to construct a new 200 MMcf/d natural gas processing plant (“LM4 Plant”) at Targa’s existing Little Missouri facility. Little Missouri 4 began operations in the third quarter of 2019. Targa is the operator of the LM4 Plant. See Note 7 – Investments in Unconsolidated Affiliates for activity related to Little Missouri 4.

DevCo Joint Ventures

In February 2018, we formed three development joint ventures (“DevCo JVs”) with investment vehicles affiliated with Stonepeak Infrastructure Partners (“Stonepeak”) to fund portions of Grand Prix pipeline (“Grand Prix”), Gulf Coast Express Pipeline (“GCX Pipeline”) and an approximately 100 MBbl/d fractionator in Mont Belvieu, Texas (“Train 6”). Stonepeak owns a 95% interest in the Grand Prix DevCo JV, which owns a 20% interest in the Grand Prix Pipeline LLC (the “Grand Prix Joint Venture”) (which does not include the extensions into Southern Oklahoma and Central Oklahoma). Stonepeak owns an 80% interest in both Targa GCX Pipeline LLC (“GCX DevCo JV”), which owns our 25% interest in GCX, and Targa Train 6 LLC (“Train 6 DevCo JV”), which owns a 100% interest in the fractionation train. The Train 6 DevCo JV does not include certain fractionation-related infrastructure such as brine and storage, which were funded and are owned 100% by us. We hold the remaining interests in the DevCo JVs as well as control the management and operation of Grand Prix and Train 6.

The following diagram displays the ownership structure of the DevCo JVs:

For a four-year period beginning on the date that all three projects commenced commercial operations, we have the option to acquire all or part of Stonepeak’s interests in the DevCo JVs. We may acquire up to 50% of Stonepeak’s invested capital in multiple increments with a minimum of $100 million, and Stonepeak’s remaining 50% interest in a single final purchase. The purchase price payable for such partial or full interests is based on a predetermined fixed return or multiple on invested capital, including distributions received by Stonepeak from the DevCo JVs. Targa controls the management of the DevCo JVs unless and until Targa declines to exercise its option to acquire Stonepeak's interests. Train 6 began operations in the second quarter of 2019. Grand Prix began full service in the third quarter of 2019. GCX Pipeline was placed in service late in the third quarter of 2019.

We hold a controlling interest in each of the DevCo JVs, as we have the majority voting interest and the supermajority voting provisions of the joint venture agreements do not represent substantive participating rights and are protective in nature to Stonepeak. As a result, we have consolidated each of the DevCo JVs in our financial statements. We continue to account for the Grand Prix Joint Venture on a consolidated basis in our consolidated financial statements, and continue to account for GCX as an equity method investment as disclosed in Note 7 – Investments in Unconsolidated Affiliates.

Carnero Joint Venture

In May 2018, we merged our 50% interests in the Carnero gathering and Carnero processing joint ventures with Sanchez Midstream Partners LP’s respective 50% interests in the Carnero gathering and Carnero processing joint ventures, which own the high-pressure Carnero gathering line and Raptor natural gas processing plant, to form an expanded 50/50 joint venture in South Texas (the “Carnero Joint Venture”). We operate the gas gathering and processing facilities in the joint venture. The Carnero Joint Venture is a consolidated subsidiary and its financial results are presented on a gross basis in our reported financials.

Divestitures

Sale of Inland Marine Barges Business

In May 2018, we sold our inland marine barge business, which was included in our Logistics and Transportation segment, to a third party for $69.3 million. As a result of the sale, we recognized a gain of $48.1 million in our Consolidated Statements of Operations for the year ended December 31, 2018 as part of Other operating (income) expense. The sale of this business is included in our Logistics and Transportation segment and does not qualify for reporting as discontinued operations as it did not represent a strategic shift that would have a major effect on our operations and financial results.

Sale of Refined Products and Crude Oil Storage and Terminaling Facilities

In September 2018, we executed agreements to sell our Downstream refined products and crude oil storage and terminaling facilities in Tacoma, Washington, and Baltimore, Maryland, to a third party for approximately $165 million. The sale closed on October 31, 2018 and resulted in a loss of $59.1 million included within Other operating (income) expense in our Consolidated Statements of Operations. We used the proceeds to repay debt and to fund a portion of our growth capital program. The sale of these businesses is included in our Logistics and Transportation segment and does not qualify for reporting as discontinued operations as it did not represent a strategic shift that would have a major effect on our operations and financial results.

Sale of Versado Gathering System

In December 2018, we exchanged a portion of our Versado gathering system, located primarily in Yoakum County, Texas, and Lea County, New Mexico, and associated contracts and assets, with a third party for consideration that includes 1) a gathering system located primarily in Lea County, New Mexico, and associated contracts and assets, 2) an initial cash payment and 3) deferred payments due semi-annually beginning on June 30, 2019, through December 31, 2022. We later agreed to accept a lump sum payment from the third party in October 2019 to satisfy the third party’s payment obligations. The acquired gathering system has been integrated into the Versado gathering system. Due to the significant monetary portion of the consideration received, the exchange of these assets was accounted for as a derecognition of nonfinancial assets, and a gain of $44.4 million was recognized in our Consolidated Statements of Operations for the year ended December 31, 2018 as part of Other operating (income) expense. The gain was calculated as the difference between the fair value of the consideration received, including the fair value of acquired gathering system, less our book basis of the assets transferred.

Sale of Interest in Train 7

In February 2019, we announced an extension of the 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 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, were funded and are owned 100% by Targa. We present Train 7 on a consolidated basis in our consolidated financial statements.

Sale of Interest in Targa Badlands LLC

In April 2019, we closed on the sale of a 45% interest in Targa Badlands LLC (“Targa Badlands”), the entity that holds substantially all of the assets previously wholly owned by Targa in North Dakota, to funds managed by GSO Capital Partners and Blackstone Tactical Opportunities (collectively, “GSO”) 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. Future growth capital of Targa Badlands is expected to be funded on a pro rata ownership basis. Targa Badlands pays a minimum quarterly distribution (“MQD”) to GSO and Targa, with GSO having a priority right on such MQDs. Once GSO receives funds sufficient to meet a predetermined fixed return on their invested capital, their interest will convert to a 7.5% equity interest in Targa Badlands, and it will no longer have a priority right on MQDs. Additionally, upon a sale of Targa Badlands, GSO’s capital contributions would have a liquidation preference equal to a predetermined fixed return on their invested capital.

After the seventh anniversary of the closing date or upon the occurrence of certain triggering events, we have the option to acquire all of GSO’s interest in Targa Badlands for a purchase price payable to GSO based on their liquidation preference after taking into account all prior distributions to GSO, plus a set percentage on a multiple of the trailing twelve-month EBITDA of Targa Badlands. Targa will continue to control the management of Targa Badlands pending the occurrence of certain triggering events, including if GSO has not received funds sufficient to meet its liquidation preference and Targa has not exercised its purchase right to acquire GSO’s interest by April 3, 2029.

We continue to be the operator of Targa Badlands and hold majority governance rights. As a result, we continue to present Targa Badlands on a consolidated basis in our consolidated financial statements and GSO’s contributions are reflected as noncontrolling interests. The sale of interest in Targa Badlands is included in our Gathering and Processing segment. Targa Badlands is a discrete entity and the assets and credit of Targa Badlands are not available to satisfy the debts and other obligations of Targa or its other subsidiaries.

Sale of Delaware Crude System

In January 2020, we closed on the sale of our Delaware crude system for approximately $134 million, which was effective December 1, 2019. As a result of the sale, we recognized a loss of $59.5 million included within Other operating (income) expense in our Consolidated Statements of Operations for the year ended December 31, 2019. The Delaware crude system is included in our Gathering and Processing segment and does not qualify for reporting as a discontinued operation as its divestiture did not represent a strategic shift that would have a major effect on our operations and financial results.

Sale of Assets in Channelview, Texas

In October 2020, we closed on the sale of our assets in Channelview, Texas for approximately $58 million. As a result of the sale, we recognized a loss of $58.3 million included within Other operating (income) expense in our Consolidated Statements of Operations to reduce the carrying value of our assets to their recoverable amounts. The sale of the assets is included in our Logistics and Transportation segment and does not qualify for reporting as a discontinued operation, as its divestiture did not represent a strategic shift that would have a major effect on our operations or financial results.

Property, Plant and Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 5 — Property, Plant and Equipment and Intangible Assets

Property, Plant and Equipment

	December 31, 2020			December 31, 2019			Estimated Useful Lives (In Years)
Gathering systems	$	9,216.1		$	8,976.8		5 to 20
Processing and fractionation facilities		6,276.8			5,143.0		5 to 25
Terminaling and storage facilities		1,555.1			1,495.5		5 to 25
Transportation assets		2,567.7			2,292.4		10 to 50
Other property, plant and equipment		32.4			184.1		3 to 50
Land		160.8			159.7		—
Construction in progress		324.3			1,576.5		—
Finance lease right-of-use assets		51.8			48.8
Property, plant and equipment		20,185.0			19,876.8
Accumulated depreciation, amortization and impairment		(8,011.4	)		(5,328.3	)
Property, plant and equipment, net	$	12,173.6		$	14,548.5

Intangible assets	$	2,643.5		$	2,643.5		10 to 20
Accumulated amortization and impairment		(1,261.1	)		(908.5	)
Intangible assets, net	$	1,382.4		$	1,735.0

During the preparation of the Company's 2020 consolidated financial statements, the Company identified certain gathering pipelines that should not have had value ascribed to them as part of a prior acquisition as these assets were inactive. 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 wrote these assets down in 2020 and recognized a non-cash loss of $32.4 million in Other operating (income) expense in our Consolidated Statements of Operations.

During the preparation of the Company's first quarter 2019 consolidated financial statements, 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 recorded the cumulative impact of a one-time $12.5 million overstatement of depreciation expense during the first quarter of 2019.

For each of the years ended December 31, 2020, 2019, and 2018 depreciation expense was $721.1 million, $800.0 million and $633.3 million.

Impairments of Long-Lived Assets

We review and evaluate our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the related carrying amount of such assets may not be recoverable, including changes to our estimates that could have an impact on our assessment of asset recoverability.

During the first quarter of 2020, global commodity prices declined due to factors that significantly impacted both demand and supply. As the COVID-19 pandemic spread, causing travel and other restrictions to be implemented globally, the demand for commodities declined. Additionally, the supply shock late in the first quarter from certain major oil producing nations increasing production also significantly contributed to the sharp drop in commodity prices. The drop in commodity prices resulted in prompt reactions from some domestic producers, including significantly reducing capital budgets and resultant drilling activity and shutting-in production. As a result, we determined that indicators of impairment existed for certain asset groups reported primarily within our Gathering and Processing segment, and recorded non-cash pre-tax impairments of $2,442.8 million primarily associated with the partial impairment of certain gas processing facilities and gathering systems associated with our Central operations and full impairment of our Coastal operations. Our first quarter impairment assessment forecasted continuing decline in natural gas production across the Mid-Continent and Gulf of Mexico regions. The carrying value adjustments are included in Impairment of long-lived assets in our Consolidated Statements of Operations.

While commodity prices remain low relative to historical levels and uncertainties associated with the impacts of COVID-19 continue, production from wells that were previously shut-in during the first half of 2020 across our operating areas has largely resumed. There were no indicators of impairment identified during the remainder of 2020.

In the fourth quarter of 2019, we recorded a non-cash pre-tax impairment charge of $225.3 million for the partial impairment of certain gas processing facilities and gathering systems associated with our Central and Coastal operations in our Gathering and Processing segment. The impairment was a result of our assessment that forecasted undiscounted future net cash flows from operations, while positive, will not be sufficient to recover the existing total net book value of the underlying assets. Underlying our assessment was the expected continuing decline in natural gas production across the Barnett Shale in North Texas and Gulf of Mexico due to a sustained low commodity price environment.

For both the 2020 and 2019 impairment assessments discussed above, we determined fair value through the use of discounted estimated cash flows to measure the impairment loss for each asset group for which undiscounted future net cash flows were not sufficient to recover the net book value. The estimated cash flows used to assess recoverability of our long-lived assets and measure fair value of our asset groups are derived from current business plans, which are developed using near-term price and volume projections reflective of the current environment and management's projections for long-term average prices and volumes. In addition to near and long-term price assumptions, other key assumptions include volume projections, operating costs, timing of incurring such costs, and the use of an appropriate terminal value and discount rate. We believe our estimates and models used to determine fair value are similar to what a market participant would use.

The fair value measurement of our long-lived assets was based, in part, on significant inputs not observable in the market (as discussed above) and thus represents a Level 3 measurement. The significant unobservable inputs used include discount rates and determination of terminal values. We utilized a weighted average discount rate of 14.0% and 8.5% when deriving the fair value of the asset groups impaired during the first quarter of 2020 and the fourth quarter of 2019, respectively. The weighted average discount rate and terminal values reflect management’s best estimate of inputs a market participant would utilize.

We may identify additional triggering events in the future, which will require additional evaluations of the recoverability of the carrying value of our long-lived assets and may result in future impairments.

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.

As a result of the triggering events and analysis described above, in the first quarter of 2020, we recognized a non-cash pre-tax impairment loss associated with certain intangible customer relationships for which undiscounted future net cash flows were not sufficient to recover the net book value.

For each of the years ended December 31, 2020, 2019, and 2018 amortization expense for our intangible assets was $144.0 million, $171.6 million and $182.6 million. The estimated annual amortization expense for intangible assets is approximately $130.9 million, $122.7 million, $117.5 million, $113.7 million and $110.6 million for each of the years 2021 through 2025. As of December 31, 2020, the weighted average amortization period for our intangible assets was approximately 13 years.

The changes in our intangible assets are as follows:

	December 31, 2020			December 31, 2019
Balance at beginning of period	$	1,735.0		$	1,983.2
Held for sale assets		—			(76.6	)
Impairment		(208.6	)		—
Amortization		(144.0	)		(171.6	)
Balance at end of period	$	1,382.4		$	1,735.0

Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Equity Method Investments And Joint Ventures [Abstract]

Note 6 – Goodwill

We recognized goodwill of approximately $46.6 million related to the March 1, 2017 acquisition of gas gathering and processing and crude oil gathering assets in the Permian Basin, which was initially attributed to the New Midland and New Delaware reporting units in our Gathering and Processing segment. The reporting units were further aggregated into the Permian Midland and Permian Delaware reporting units as of December 31, 2020.

At December 31, 2020, we had $45.2 million of goodwill included in Other long-term assets on the Consolidated Balance Sheets. Changes in the net amounts of our goodwill are as follows:

	New Midland			New Delaware			Delaware Supersystem			Permian Midland		Permian Delaware		Total
Balance as of December 31, 2018:
Goodwill	$	23.2		$	23.4		$	—		$	—	$	—	$	46.6
Accumulated impairment losses		—			—			—			—		—		—
Net		23.2			23.4			—			—		—		46.6

Impairment		—			—			—			—		—		—
Reporting unit aggregation (1)		—			(23.4	)		23.4			—		—		—

Balance as of December 31, 2019:
Goodwill		23.2			—			23.4			—		—		46.6
Goodwill allocated to held for sale assets		—			—			(1.4	)		—		—		(1.4	)
Accumulated impairment losses		—			—			—			—		—		—
Net		23.2			—			22.0			—		—		45.2

Impairment		—			—			—			—		—		—
Reporting unit aggregation (2)		(23.2	)		—			(22.0	)		23.2		22.0		—

Balance as of December 31, 2020:
Goodwill		—			—			—			23.2		22.0		45.2
Accumulated impairment losses		—			—			—			—		—		—
Net	$	—		$	—		$	—		$	23.2	$	22.0	$	45.2

(1)

In 2019, we began aggregating the results of Delaware Supersystem activity, including New Delaware. Discrete financial information for New Delaware is no longer available and management now reviews aggregate Delaware Supersystem operating results.

(2)

In 2020, as a result of the high degree of operational integration of our Permian gathering and processing assets and management’s increased focus and review of combined operating results within our Permian Midland and Permian Delaware regions, we further aggregated our New Midland and Permian Supersystem reporting units into the Permian Midland and Permian Delaware reporting units, respectively.

The future cash flows and resulting fair values of these reporting units are sensitive to changes in crude oil, natural gas and NGL prices. The direct and indirect effects of significant declines in commodity prices from the date of acquisition would likely cause the fair values of these reporting units to fall below their carrying values, and could result in an impairment of goodwill.

As described in Note 3 – Significant Accounting Policies, we evaluate goodwill for impairment at least annually on November 30, or more frequently if we believe necessary based on events or changes in circumstances. For our 2020 annual evaluation, we performed a qualitative assessment, which indicated that it is not more likely than not that the fair values of the Permian Midland and Permian Delaware reporting units were less than their carrying amounts, and therefore, a quantitative goodwill impairment test was not necessary. Our qualitative assessment considered, among other things, the overall financial performance and future outlook of the Permian Midland and Permian Delaware reporting units, industry and market considerations, and other relevant entity specific events. We did not record any goodwill impairment charges for the year ended December 31, 2019, as the fair values of the respective reporting units exceeded their carrying values. While no impairment was recorded, a portion of goodwill attributable to the former Permian Supersystem reporting unit was allocated to held for sale assets, which were subsequently sold in January 2020.

Our 2018 annual evaluation of goodwill for impairment was completed in the fourth quarter of 2018. Due to the impact of lower forecasted commodity prices and a reduction in forecasted volumes as a result of changes in producers’ drilling activity, we recorded impairment expense of $210.0 million in our Consolidated Statements of Operations, representing the impairment of the remaining goodwill attributable to our acquisition of Atlas Energy L.P. and Atlas Pipeline Partners L.P. in 2015 (the “Atlas Merger”).

Our annual quantitative evaluations in 2019 and 2018 utilized an income approach including a terminal value to estimate the fair values of our reporting units based on a DCF analysis. The future cash flows for our reporting units are based on our estimates, at that time, of future revenues, income from operations and other factors, such as working capital and timing of capital expenditures. We take into account current and expected industry and market conditions, including commodity pricing and volumetric forecasts in the basins in which the reporting units operate. The discount rates used in our DCF analysis are based on a weighted average cost of capital determined from relevant market comparisons.

The fair value measurements utilized for the evaluation of goodwill for impairment are based on inputs that are not observable in the market and therefore represent Level 3 inputs, as defined in Note 16 – Fair Value Measurements. These inputs require significant judgments and estimates at the time of valuation.

Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2020

Investments in Unconsolidated Affiliates

Note 7 – Investments in Unconsolidated Affiliates

Our investments in unconsolidated affiliates consist of the following:

Gathering and Processing Segment

•

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

•

a 50% operated ownership interest in Little Missouri 4.

Logistics and Transportation Segment

•

a 25% non-operated ownership interest in GCX;

•

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

•

a 50% operated ownership interest in Cayenne.

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.

See Note 4 – Joint Ventures and Divestitures for further discussion of GCX and Little Missouri 4.

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

	Balance at December 31, 2017		Equity Earnings (Loss)			Cash Distributions (1)			Acquisition (Disposition)			Contributions (2)		Balance at December 31, 2018
GCX (3)	$	—	$	0.8		$	—		$	—		$	210.8	$	211.6
Little Missouri 4		—		—			(8.0	)		—			75.3		67.3
T2 Eagle Ford		109.2		(10.2	)		—			—			—		99.0
T2 LaSalle		54.1		(4.9	)		—			—			0.1		49.3
GCF		45.8		16.8			(22.3	)		—			—		40.3
Cayenne		8.6		6.4			(4.0	)		—			5.6		16.6
T2 EF Cogen		3.9		(1.8	)		—			(2.1	)		—		—
Agua Blanca		—		0.2			—			3.5			2.7		6.4
Total	$	221.6	$	7.3		$	(34.3	)	$	1.4		$	294.5	$	490.5

	Balance at December 31, 2018		Equity Earnings (Loss)			Cash Distributions			Disposition			Contributions		Balance at December 31, 2019
GCX (3)	$	211.6	$	27.7		$	(25.3	)	$	—		$	233.5	$	447.5
Little Missouri 4		67.3		3.4			—			—			33.0		103.7
T2 Eagle Ford		99.0		(9.4	)		—			—			—		89.6
T2 LaSalle		49.3		(4.5	)		—			—			—		44.8
GCF		40.3		16.1			(19.2	)		—			—		37.2
Cayenne		16.6		7.2			(8.2	)		—			0.3		15.9
Agua Blanca		6.4		(1.5	)		(0.4	)		(4.5	)		—		—
Total	$	490.5	$	39.0		$	(53.1	)	$	(4.5	)	$	266.8	$	738.7

	Balance at December 31, 2019		Equity Earnings (Loss)			Cash Distributions			Disposition			Contributions		Balance at December 31, 2020
GCX (3)	$	447.5	$	66.3		$	(81.3	)	$	—		$	2.7	$	435.2
Little Missouri 4		103.7		10.8			(9.8	)		—			—		104.7
T2 Eagle Ford (4)		89.6		(8.9	)		(0.9	)		—			—		79.8
T2 LaSalle (4)		44.8		(4.8	)		(0.4	)		—			—		39.6
GCF (5)		37.2		2.9			(1.6	)		—			—		38.5
Cayenne		15.9		6.3			(6.0	)		—			—		16.2
Total	$	738.7	$	72.6		$	(100.0	)	$	—		$	2.7	$	714.0

(1)	Includes an $8.0 million distribution from Little Missouri 4 as a reimbursement of pre-formation expenditures.

(2)	Includes a $16.0 million initial contribution of property, plant and equipment to Little Missouri 4.

(3)	As discussed in Note 4 –Joint Ventures and Divestitures, our 25% interest in GCX is owned by 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.

(4)

The carrying values of the T2 Joint Ventures include the effects of the Atlas Merger purchase accounting, which determined fair values for the joint ventures as of the date of acquisition. As of December 31, 2020, $21.6 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.

(5)	Targa will assume operatorship of GCF in the first half of 2021.

Effective December 31, 2018: (i) we conveyed our 50% ownership interest in T2 EF Cogen to our joint venture partner and received a distribution of certain assets from the joint venture; and, (ii) we were named as operator of the T2 Joint Ventures. On April 1, 2019, we assumed the operatorship of the T2 Joint Ventures.

During 2019, we closed on the sale of an equity-method investment for $73.8 million, of which $3.5 million contingent consideration was received in January 2020. As a result of the sale, we recognized a gain of $69.3 million reported in Gain (loss) from sale of equity-method investment.

Debt Obligations

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt Obligations

Note 8 — Debt Obligations

	December 31, 2020			December 31, 2019
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due April 2021 (2)	$	350.0		$	370.0
TPL notes, 4¾% fixed rate, due November 2021 (5)		6.5			—
		356.5			370.0
Debt issuance costs, net of amortization		—			—
Finance lease liabilities		12.1			12.2
Current debt obligations		368.6			382.2

Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due June 2023 (3)		555.0			435.0
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due June 2023 (4)		280.0			—
Senior unsecured notes:
5¼% fixed rate, due May 2023		—			559.6
4¼% fixed rate, due November 2023		583.9			583.9
6¾% fixed rate, due March 2024		—			580.1
5⅛% fixed rate, due February 2025		481.0			500.0
5⅞% fixed rate, due April 2026		963.2			1,000.0
5⅜% fixed rate, due February 2027		468.1			500.0
5% fixed rate, due January 2028		700.3			750.0
6½% fixed rate, due July 2027		705.2			750.0
6⅞% fixed rate, due January 2029		679.3			750.0
5½% fixed rate, due March 2030		949.6			1,000.0
4⅞% fixed rate, due February 2031		1,000.0			—
TPL notes, 4¾% fixed rate, due November 2021 (5)		—			6.5
TPL notes, 5⅞% fixed rate, due August 2023 (5)		48.1			48.1
Unamortized premium		0.2			0.3
		7,413.9			7,463.5
Debt issuance costs, net of amortization		(45.5	)		(49.1	)
Finance lease liabilities		18.7			25.8
Long-term debt		7,387.1			7,440.2
Total debt obligations	$	7,755.7		$	7,822.4
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)		44.4			88.2
	$	44.4		$	88.2

(1)	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.

(2)	As of December 31, 2020, the Partnership had $350.0 million of qualifying receivables under its $350.0 million Securitization Facility, resulting in zero availability.

(3)	As of December 31, 2020, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $115.0 million.

(4)	As of December 31, 2020, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,875.6 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 our variable-rate debt obligations during the year ended December 31, 2020:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC Revolver	1.9% - 3.5%	2.3%
TRP Revolver	1.9% - 6.0%	2.2%
Partnership's Securitization Facility	1.5% - 2.7%	2.0%

Compliance with Debt Covenants

As of December 31, 2020, we were in compliance with the covenants contained in our various debt agreements.

Debt Obligations

TRC Credit Agreement

The TRC Revolver, which has a maturity date of June 2023, provides available commitments up to $670.0 million and allows us to request up to $200.0 million in additional commitments. The TRC Revolver bears interest costs that are dependent on the consolidated leverage ratio of non-Partnership consolidated funded indebtedness to consolidated Adjusted EBITDA, as defined in the TRC Revolver.

We are required to pay a commitment fee ranging from 0.375% to 0.5% (dependent upon the Company’s consolidated leverage ratio) on the daily average unused portion of the TRC Revolver. Loans under the TRC Revolver bear interest at either a base rate or LIBOR (at our option) plus (i) for revolving loans, a margin of 0.75% to 1.75% (in the case of base rate loans) or 1.75% to 2.75% (in the case of LIBOR loans), in each case based on our consolidated leverage ratio and (ii) for term loans, 3.75% (in the case of base rate loans) or 4.75% (in the case of LIBOR loans).

The TRC Revolver is secured by a pledge of the Company’s equity interests in the Partnership and requires us to maintain a consolidated leverage ratio (the ratio of consolidated funded non-partnership indebtedness to consolidated Adjusted EBITDA) of no more than 4.00 to 1.00 for each fiscal quarter. The TRC Revolver restricts our ability to pay dividends to shareholders if, on a pro forma basis after giving effect to such dividend, (a) any default or event of default has occurred and is continuing or (b) we are not in compliance with our consolidated leverage ratio as of the last day of the most recent test period. In addition, it includes various covenants that may limit, among other things, our ability to incur indebtedness, grant liens, make investments, repay or amend the terms of certain other indebtedness, merge or consolidate, sell assets, and engage in transactions with affiliates.

The Partnership’s Revolving Credit Facility

The TRP Revolver, which has a maturity date of June 2023, provides available commitments up to $2.2 billion and allows the Partnership to request up to $500.0 million in additional commitments.

The TRP Revolver provides for certain changes to occur upon the Partnership receiving an investment grade credit rating from Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P”), including the release of the security interests in all collateral at the request of the Partnership.

The TRP Revolver bears interest, at the Partnership’s option, either at the base rate or the Eurodollar rate. The base rate is equal to the highest of: (i) Bank of America’s prime rate; (ii) the federal funds rate plus 0.5%; or (iii) the one-month LIBOR rate plus 1.0%, plus an applicable margin (a) before the collateral release date, ranging from 0.25% to 1.25% dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated Adjusted EBITDA and (b) upon and after the collateral release date, ranging from 0.125% to 0.75% dependent on the Partnership’s non-credit-enhanced senior unsecured long-term debt ratings. The Eurodollar rate is equal to LIBOR rate plus an applicable margin (i) before the collateral release date, ranging from 1.25% to 2.25% dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated Adjusted EBITDA and (ii) upon and after the collateral release date, ranging from 1.125% to 1.75% dependent on the Partnership’s non-credit-enhanced senior unsecured long-term debt ratings.

The Partnership is required to pay a commitment fee equal to an applicable rate ranging from (a) before the collateral release date, 0.25% to 0.375% (dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated Adjusted EBITDA) and (b) upon and after the collateral release date, 0.125% to 0.35% (dependent on the Partnership’s non-credit-enhanced senior unsecured long-term debt ratings), in each case, times the actual daily average unused portion of the TRP Revolver. Additionally, issued and undrawn letters of credit bear interest at an applicable margin (i) before the collateral release date, ranging from 1.25% to 2.25% dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated Adjusted EBITDA and (ii) upon and after the collateral release date, ranging from 1.125% to 1.75% dependent on the Partnership’s non-credit-enhanced senior unsecured long-term debt ratings.

The TRP Revolver is collateralized by a pledge of assets and equity from certain of the Partnership’s subsidiaries. Borrowings are guaranteed by the Partnership’s restricted subsidiaries.

The TRP Revolver requires the Partnership to maintain a total leverage ratio (the ratio of consolidated indebtedness to the Partnership’s consolidated Adjusted EBITDA, in each case as defined in the TRP Revolver), determined as of the last day of each quarter for the four-fiscal quarter period ending on the date of determination, of no more than (a) before the collateral release date, 5.50 to 1.00 and (b) upon and after the collateral release date, 5.25 to 1.00 (or 5.50 to 1.00 during a specified acquisition period).

The TRP Revolver also requires the Partnership to maintain an interest coverage ratio of no less than 2.25 to 1.00 determined as of the last day of each quarter for the four-fiscal quarter period ending on the date of determination. For any four-fiscal quarter period during which a material acquisition or disposition occurs, the total leverage ratio and interest coverage ratio will be determined on a pro forma basis as though such event had occurred as of the first day of such four-fiscal quarter period.

The TRP Revolver restricts the Partnership’s ability to make distributions of available cash to unitholders if a default or an event of default (as defined in the TRP Revolver) exists or would result from such distribution. In addition, the TRP Revolver contains various covenants that may limit, among other things, the Partnership’s ability to incur indebtedness, grant liens, make investments, repay or amend the terms of certain other indebtedness, merge or consolidate, sell assets, and engage in transactions with affiliates (in each case, subject to the Partnership’s right to incur indebtedness or grant liens in connection with, and convey accounts receivable as part of, a permitted receivables financing, the aggregate principal of which shall not exceed $400,000,000).

On June 7, 2019, the Partnership entered into the First Amendment to the TRP Revolver (the “First Amendment”). The First Amendment, among other things, amended the TRP Revolver to (a) increase the maximum percentage of Consolidated EBITDA attributable to Material Project EBITDA Adjustments from 20% to 30% solely for the fiscal periods from and including the fiscal period ending June 30, 2019 until and including the fiscal period ending June 30, 2020, after which time the maximum percentage of Consolidated EBITDA attributable to Material Project EBITDA Adjustments shall revert to 20% of Consolidated EBITDA and (b) include in the calculation of Consolidated EBITDA for a period certain cash distributions received by the Partnership (or and of its consolidated restricted subsidiaries) from unrestricted subsidiaries (or entities that are not subsidiaries) after the end of such period but on or prior to the date that TRP calculates Consolidated EBITDA for such period.

The Partnership’s Accounts Receivable Securitization Facility

In the second quarter of 2020, we amended the Securitization Facility to decrease the facility size from $400.0 million to $250.0 million and extend the facility termination date to April 21, 2021. Subsequently, in the fourth quarter of 2020, we amended the Partnership’s Securitization Facility to increase the facility size to $350.0 million to more closely align with the borrowing base availability under the Securitization Facility. As of December 31, 2020, total funding under the Securitization Facility was $350.0 million.

The Securitization Facility provides up to $350.0 million of borrowing capacity at LIBOR market index rates plus a margin through April 21, 2021. Under the Securitization Facility, certain Partnership subsidiaries sell or contribute certain qualifying receivables, without recourse, to another of its consolidated subsidiaries (Targa Receivables LLC or “TRLLC”), a special purpose consolidated subsidiary created for the sole purpose of the Securitization Facility. TRLLC, in turn, sells an undivided percentage ownership in the eligible receivables to third-party financial institutions. Sold or contributed receivables up to the amount of the outstanding debt under the Securitization Facility are not available to satisfy the claims of the creditors of the selling or contributing subsidiaries or the Partnership. Any excess receivables are eligible to satisfy the claims.

The Partnership’s Senior Unsecured Notes

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

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

The Partnership may redeem the senior unsecured notes, in whole or in part, at any time prior to their maturity at a redemption price equal to the principal amount plus an applicable make-whole premium, plus accrued and unpaid interest and liquidation damages, if any, to the redemption date, as specified in the indenture of each series.

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

The Partnership may also redeem all or part of each of the series of senior unsecured notes on or after the redemption dates as specified in the indenture of each series at the redemption prices as specified in the indenture of each series plus accrued and unpaid interest to the redemption date and liquidation damages, if any, on the notes redeemed.

Senior Unsecured Notes Issuances

In April 2018, the Partnership issued $1.0 billion aggregate principal amount of 5⅞% senior notes due April 2026. The Partnership used net proceeds of $991.9 million after costs from this offering to repay borrowings under the TRP Revolver and for general partnership purposes.

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 $1,486.6 million. The net proceeds from the issuance were used to redeem in full the Partnership’s outstanding 4⅛% Senior Notes due 2019 at par value plus accrued interest through the redemption date, with the remainder used for general partnership purposes, which included repayment of borrowings under the TRP Revolver.

In November 2019, the Partnership issued $1.0 billion aggregate principal amount of 5½% Senior Notes due March 2030, resulting in net proceeds of $990.8 million. The net proceeds from the issuance were used to repay borrowings under the TRP Revolver and for general partnership purposes.

In August 2020, the Partnership issued $1.0 billion aggregate principal amount of 4⅞% Senior Notes due 2031 (the “August 2020 Offering”), resulting in net proceeds of approximately $991 million. The 4⅞% Senior Notes due 2031 have substantially similar terms and covenants as our other series of Senior Notes. A portion of the net proceeds from the issuance were used to fund the concurrent cash tender offer (the “August Tender Offer”) of the Partnership’s 6¾% Senior Notes due 2024 (the “6¾% Notes”) and redeem any 6¾% Notes that remained outstanding after consummation of the August Tender Offer, with the remainder used for repayment of borrowings under the TRP Revolver. See “Debt Extinguishments and Repurchases” for further details of the August Tender Offer.

Subsequent Event

In February 2021, the Partnership issued $1.0 billion aggregate principal amount of 4% Senior Notes due 2032 (the “January 2021 Offering”), resulting in net proceeds of approximately $992 million. The 4% Senior Notes due 2032 have substantially similar terms and covenants as our other series of Senior Notes. A portion of the net proceeds from the issuance were used to fund the concurrent cash tender offer (the “January Tender Offer”) and subsequent redemption payment for the Partnership’s 5⅛% Senior Notes due 2025 (the “5⅛% Notes”) , with the remainder used for repayment of borrowings under the TRP Revolver and TRC Revolver.

Additionally, TPL issued notices of redemption for all of the outstanding TPL 4¾% Senior Notes due 2021 and TPL 5⅞% Senior Notes due 2023. These notes will be redeemed on February 22, 2021 with available liquidity under the TRP Revolver.

May 2019 Shelf Registration

Our universal shelf registration statement on Form S-3 filed in May 2016 (the “May 2016 Shelf”) expired in May 2019. Accordingly, in May 2019, we filed with the SEC a universal shelf registration statement on Form S-3 that registers the issuance and sale of certain debt and equity securities from time to time in one or more offerings (the “May 2019 Shelf”). The May 2019 Shelf will expire in May 2022. See Note 12 – Common Stock and Related Matters.

Debt Repurchases & Extinguishments

In February 2019, the Partnership redeemed in full its outstanding 4⅛% 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.

During the first half of 2020, the Partnership repurchased a portion of its outstanding senior notes on the open market, paying $239.8 million plus accrued interest to repurchase $303.3 million of the notes. As a result, we recorded a gain due to debt extinguishment of $61.1 million, comprised of $63.5 million discounts and a write-off of $2.4 million in related debt issuance costs.

Concurrent with the August 2020 Offering, the Partnership commenced the August Tender Offer to purchase for cash, subject to certain terms and conditions, any and all of our outstanding 6¾% Notes. We accepted for purchase all the notes that were validly tendered as of the early tender date, which totaled $262.1 million. Subsequent to the closing of the August Tender Offer in August 2020, the Partnership redeemed the 6¾% Notes for the remaining note balance of $318.0 million (the “2024 Note Redemption”). As a result of the August Tender Offer and the 2024 Note Redemption, we recorded a loss due to debt extinguishment of $13.7 million comprised of $11.1 million premiums paid and a write-off of $2.6 million of debt issuance costs.

In November 2020, the Partnership redeemed the $559.6 million remaining balance of its 5¼% Senior Notes due 2023. As a result, we recorded a loss due to debt extinguishment of $1.8 million related to a write-off of debt issuance costs.

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

Debt Repurchases and Extinguishments Summary

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

	2020			2019			2018
Discount (premium) over face value paid upon redemption:
Partnership 6¾% Senior Notes due 2024	$	(11.1	)	$	—		$	—
Partnership 5⅛% Senior Notes due 2025		4.4			—			—
Partnership 5⅞% Senior Notes due 2026		7.1			—			—
Partnership 5⅜% Senior Notes due 2027		5.3			—			—
Partnership 5% Senior Notes due 2028		11.7			—			—
Partnership 6½% Senior Notes due 2027		9.3			—			—
Partnership 6⅞% Senior Notes due 2029		15.5			—			—
Partnership 5½% Senior Notes due 2030		10.2			—			—
Write-off of debt issuance costs:
TRP Revolver		—			—			(1.3	)
TRC Revolver		—			—			(0.7	)
Partnership 5¼% Senior Notes due 2023		(1.8	)		—			—
Partnership 6¾% Senior Notes due 2024		(2.6	)		—			—
Partnership 5⅛% Senior Notes due 2025		(0.1	)		—			—
Partnership 5⅞% Senior Notes due 2026		(0.2	)		—			—
Partnership 5⅜% Senior Notes due 2027		(0.2	)		—			—
Partnership 5% Senior Notes due 2028		(0.4	)		—			—
Partnership 6½% Senior Notes due 2027		(0.4	)		—			—
Partnership 6⅞% Senior Notes due 2029		(0.6	)		—			—
Partnership 5½% Senior Notes due 2030		(0.5	)		—			—
Partnership 4⅛% Senior Notes due 2019		—			(1.4	)		—
Gain (loss) from financing activities	$	45.6		$	(1.4	)	$	(2.0	)

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2020, for the next five years, and in total thereafter:

	Scheduled Maturities of Debt
	Total		2021		2022		2023		2024		2025		After 2025

TRC Revolver	$	555.0	$	—	$	—	$	555.0	$	—	$	—	$	—
TRP Revolver		280.0		—		—		280.0		—		—		—
Partnership's Senior unsecured notes		6,585.4		6.5		—		632.0		—		481.0		5,465.9
Partnership's Securitization Facility		350.0		350.0		—		—		—		—		—
Total	$	7,770.4	$	356.5	$	—	$	1,467.0	$	—	$	481.0	$	5,465.9

Other Long-term Liabilities

12 Months Ended

Dec. 31, 2020

Other Liabilities Noncurrent [Abstract]

Other Long-term Liabilities

Note 9 — Other Long-term Liabilities

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

	December 31, 2020		December 31, 2019
Deferred revenue	$	168.5	$	172.0
Asset retirement obligations		68.3		66.3
Operating lease liabilities		46.2		47.2
Other liabilities		26.1		20.1
Total long-term liabilities	$	309.1	$	305.6

Asset Retirement Obligations

Our ARO primarily relate to certain gas gathering pipelines and processing facilities and NGL pipelines. The changes in our ARO are as follows:

	2020			2019
Beginning of period	$	66.3		$	55.5
Additions (1)		—			11.8
Change in cash flow estimate		(1.8	)		(5.1	)
Accretion expense		3.6			4.7
Retirement of ARO		0.2			(0.6	)
End of period	$	68.3		$	66.3

(1)	Amount reflects additions of ARO related to the commencement of operations of Grand Prix.

Deferred Revenue

Deferred revenue for the years ended December 31, 2020 and 2019, was $168.5 million and $172.0 million, respectively, which 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. The payments were received 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 dependent upon resolution of the dispute with Vitol.

Deferred revenue also includes nonmonetary consideration received in a 2015 amendment (the “gas contract amendment”) to a gas gathering and processing agreement. We measured the estimated fair value of the gathering assets transferred to us using significant other observable inputs representative of a Level 2 fair value measurement. In December 2017, we received monetary consideration to further amend the terms of the gas gathering and processing agreement. The deferred revenue related to these amendments is being recognized on a straight-line basis through the end of the agreement’s term in 2035.

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

For the years ended December 31, 2020, 2019 and 2018, we recognized approximately $3.8 million, $3.9 million and $3.9 million of revenue for these transactions, respectively.

The following table shows the components of deferred revenue:

	December 31, 2020		December 31, 2019
Splitter agreement	$	129.0	$	129.0
Gas contract amendment		37.3		39.8
Other deferred revenue		2.2		3.2
Total deferred revenue	$	168.5	$	172.0

The following table shows the changes in deferred revenue:

	2020			2019
Balance at beginning of period	$	172.0		$	175.5
Additions		0.3			0.4
Revenue recognized		(3.8	)		(3.9	)
Balance at end of period	$	168.5		$	172.0

Leases

12 Months Ended

Dec. 31, 2020

Class Of Stock Disclosures [Abstract]

Leases

Note 10 – 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 9 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:

		Year Ended December 31,
	Balance Sheet Location	2020		2019
Right-of-use assets
Operating leases, gross	Other long-term assets	$	52.7	$	42.0
Finance leases, gross	Property, plant and equipment		51.8		48.8

Lease liabilities
Current:
Operating leases	Accrued liabilities	$	12.0	$	7.8
Finance leases	Current debt obligations		12.1		12.2
Non-current:
Operating leases	Other long-term liabilities	$	46.2	$	47.2
Finance leases	Long-term debt		18.7		25.8

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:

	Year Ended December 31,
	2020		2019
Lease cost
Operating lease cost	$	11.6	$	9.9
Short-term lease cost		20.7		30.0
Variable lease cost		5.5		6.7
Finance lease cost
Amortization of right-of-use assets		13.6		13.1
Interest expense		1.4		1.6
Total lease cost	$	52.8	$	61.3

During the year ended December 31, 2018, total operating leases expense incurred was $56.0 million, which includes short-term leases for compressors and equipment.

Other supplemental information related to our leases are as follows:

	Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	12.3	$	8.7
Operating cash flows for finance leases		1.4		1.6
Financing cash flows for finance leases		12.4		11.5

The weighted-average remaining lease terms for operating leases and finance leases are 6 years and 3 years, respectively. The weighted-average discount rates for operating leases and finance leases are 4.0% and 3.8%, respectively.

The following table presents the maturities of our lease liabilities under non-cancellable leases as of December 31, 2020:

	Operating Leases			Finance Leases
Future Minimum Lease Payments Beginning After December 31,
2020	$	14.1		$	13.0
2021		13.3			11.6
2022		11.5			6.0
2023		7.1			1.5
2024		4.2			0.3
Thereafter		15.5			—
Total undiscounted cash flows		65.7			32.4
Less imputed interest		(7.5	)		(1.6	)
Total lease liabilities	$	58.2		$	30.8

Preferred Stock

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Preferred Stock

Note 11 – Preferred Stock

Preferred Stock and Detachable Warrants

Our Series A Preferred Stock (“Series A Preferred”) has a liquidation value of $1,000 per share and bears a cumulative 9.5% fixed dividend payable quarterly 45 days after the end of each fiscal quarter. The Series A Preferred has no mandatory redemption date, but is redeemable at our election in year six for a 10% premium to the liquidation preference and for a 5% premium to the liquidation preference thereafter. If the Series A Preferred is not redeemed by the end of year twelve, the investors have the right to convert the Series A Preferred into TRC common stock at an exercise price of $20.77, which represented a 10% premium over the ten-day volume weighted average price (“VWAP”) prior to the February 18, 2016 signing date ($18.88) of the Purchase Agreement underlying the first of two tranches of Series A Preferred sold to investors in a private placement in the first quarter of 2016. If the investors do not elect to convert their Series A Preferred into TRC common stock, Targa has a right after year twelve to force conversion, but only if the VWAP for the ten preceding trading days is greater than 120% of the conversion price. A change of control provision could result in forced redemption, at the option of the investor, if the Series A Preferred could not otherwise remain outstanding or be replaced with a “substantially equivalent security.” The change of control premium to the liquidation preference on the redemption is 10% in years four through six and 5% thereafter.

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

•

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

•

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

•

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

•

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

•

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

The Series A Preferred does not qualify as a liability instrument because it is not mandatorily redeemable. However, as SEC Regulation S-X, Rule 5-02-27 does not permit a probability assessment for a change of control provision, our Series A Preferred must be presented as mezzanine equity between liabilities and shareholders’ equity on our Consolidated Balance Sheets because a change of control event, although not considered probable, could force the Company to redeem the Series A Preferred. A maximum of 44,260,953 common shares would be issued upon conversion of the Series A Preferred.

The Series A Preferred had detachable warrants (the “Warrants”) with a seven-year term and were exercisable beginning on September 16, 2016. The Warrants were issued in two series: Series A Warrants exercisable into a maximum number of 13,550,004 shares of our common stock with an exercise price of $18.88 and 6,533,727 Series B Warrants with an exercise price of $25.11. The Warrants could have been net settled in cash or shares of common stock at the Company’s option. The portion of proceeds allocated to the Series A and Series B Warrants was recorded as additional paid-in capital. All Warrants had been exercised as of the end of the first quarter of 2018. See Note 12 – Common Stock and Related Matters for further information regarding the exercise of Warrants.

Beneficial Conversion Feature

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

We have the right to redeem the Series A Preferred beginning after year five. As such, we can effectively mitigate or limit the Series A Preferred Holders’ ability to benefit from their conversion right after year twelve by paying either a $91.9 million (10%) redemption premium in year six or a $46.0 million (5%) redemption premium in years seven through twelve. In either case, the redemption premium would be significantly less than the $614.4 million BCF required to be recognized under GAAP.

Preferred Stock Dividends

As of December 31, 2020, we have accrued cumulative preferred dividends of $22.9 million, which were paid on February 12, 2021. During the year ended December 31, 2020, 2019 and 2018, we paid $92.7 million, $91.7 million and $91.7 million of dividends at a rate of $23.75 per share each quarter to preferred shareholders, and recorded deemed dividends of $39.2 million, $33.1 million and $29.2 million attributable to accretion of the preferred discount resulting from the BCF accounting described above. Such accretion is included in the book value of the Series A Preferred Stock.

Preferred Stock Partial Redemption

In December 2020, we repurchased 45,800 shares of our Series A Preferred Stock at $1,000 per share (the “Liquidation Preference”), plus an amount equal to all unpaid dividends through the repurchase date. The repurchase was executed at a discount relative to the redemption price of $1,100 per share (the Liquidation Preference multiplied by 110%), which becomes effective March 16, 2021. The difference between the consideration paid (including unpaid dividends of $1.1 million) and the net carrying value of the shares repurchased was $2.7 million, which was recorded as an addition to preferred stock dividends for the year ended December 31, 2020.

Common Stock and Related Matters

12 Months Ended

Dec. 31, 2020

Common Stock and Related Matters

Note 12 — Common Stock and Related Matters

Public Offerings of Common Stock

On May 9, 2017, we entered into an equity distribution agreement under the May 2016 Shelf (the “May 2017 EDA”), pursuant to which we may sell through our sales agents, at our option, up to an aggregated amount of $750.0 million of our common stock (“2017 ATM Program”). For the year ended December 31, 2018, we issued 7,527,902 shares of common stock under the May 2017 EDA, receiving net proceeds of $364.9 million.

On September 20, 2018, we entered into an equity distribution agreement under the May 2016 Shelf (the “September 2018 EDA”), pursuant to which we may sell through our sales agents, at our option, up to an aggregated amount of $750.0 million of our common stock (“2018 ATM Program”).

In May 2019, we filed (i) the May 2019 Shelf, (ii) a new prospectus supplement to continue the 2017 ATM Program and (iii) a new prospectus supplement to continue the 2018 ATM Program.

During 2019 and 2020, no shares of common stock were issued under either the May 2017 EDA or the September 2018 EDA. As a result, we have $382.1 million and $750.0 million remaining under the May 2017 EDA and September 2018 EDA, respectively, as of December 31, 2020.

Warrants

19,983,843 Warrants were exercised and net settled for 11,336,856 shares of common stock in 2016, and the remaining 99,888 Warrants were exercised and net settled for 58,814 shares of common stock in the first quarter of 2018.

Common Stock Dividends

The following table details the dividends declared and/or paid by us to common shareholders for the years ended December 31, 2020, 2019 and 2018:

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)
2020
December 31, 2020	February 16, 2021	$		23.3	$		22.9	$		0.4	$		0.10000
September 30, 2020	November 16, 2020			23.8			23.3			0.5			0.10000
June 30, 2020	August 17, 2020			23.7			23.3			0.4			0.10000
March 31, 2020	May 15, 2020			23.7			23.3			0.4			0.10000

2019

December 31, 2019	February 18, 2020	$		216.0	$		212.0	$		4.0	$		0.91000
September 30, 2019	November 15, 2019			215.5			211.8			3.7			0.91000
June 30, 2019	August 15, 2019			215.1			211.5			3.6			0.91000
March 31, 2019	May 15, 2019			215.2			211.5			3.7			0.91000

2018
December 31, 2018	February 15, 2019	$		215.2	$		211.2	$		4.0	$		0.91000
September 30, 2018	November 15, 2018			212.5			208.6			3.9			0.91000
June 30, 2018	August 15, 2018			208.9			205.2			3.7			0.91000
March 31, 2018	May 16, 2018			203.1			199.7			3.4			0.91000

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

Partnership Units and Related Matters

12 Months Ended

Dec. 31, 2020

Partners Capital [Abstract]

Partnership Units and Related Matters

Note 13 — 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 any preferred unit distributions each quarter.

The following details the distributions declared or paid by the Partnership during 2020, 2019 and 2018:

Three Months Ended	Date Paid or To Be Paid		Total Distributions		Distributions to Targa Resources Corp.
(In millions, except per share amounts)
2020
December 31, 2020	February 11, 2021	$		54.3	$	47.6
September 30, 2020	November 13, 2020			51.7		48.9
June 30, 2020	August 13, 2020			51.7		48.9
March 31, 2020	May 13, 2020			53.1		50.3
2019
December 31, 2019	February 13, 2020	$		241.9	$	239.1
September 30, 2019	November 13, 2019			242.1		239.3
June 30, 2019	August 13, 2019			242.4		239.6
March 31, 2019	April 5, 2019			437.8		435.0
2018
December 31, 2018	February 13, 2019	$		241.3	$	238.5
September 30, 2018	November 13, 2018			237.6		234.8
June 30, 2018	August 13, 2018			234.0		231.2
March 31, 2018	May 11, 2018			229.7		226.9

Contributions

All capital contributions to the Partnership are allocated 98% to the limited partner and 2% to the general partner; however, no units will be issued for those contributions. For the years ended December 31, 2020, 2019 and 2018, we made total capital contributions to the Partnership of $50.0 million, $200.0 million and $600.0 million.

Preferred Units

In December 2020, the Partnership redeemed all of its 5,000,000 issued and outstanding Preferred Units at a redemption price of $25.00 per unit, plus an amount equal to all unpaid distributions up to the date of redemption. The difference between the consideration paid (including unpaid distributions of $0.5 million) and the net carrying value of the units redeemed was $4.9 million, which was recorded as an increase to Net income (loss) attributable to noncontrolling interests for the year ended December 31, 2020. The Preferred Units were reported as noncontrolling interests in our financial statements and were previously listed on the NYSE under the symbol “NGLS/PA” and are no longer traded following the redemption.

The Partnership paid total distributions of $15.1 million in 2020 and $11.3 million each year in 2019 and 2018 to the Preferred Unitholders.

Earnings per Common Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings per Common Share

Note 14 — Earnings per Common Share

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

	Year Ended December 31,
	2020			2019			2018
Net income (loss) attributable to Targa Resources Corp.	$	(1,553.9	)	$	(209.2	)	$	1.6
Less: Dividends on Series A Preferred Stock (1)		91.7			91.7			91.7
Less: Deemed dividends on Series A Preferred Stock (2)		39.2			33.1			29.2
Net income (loss) attributable to common shareholders for basic earnings per share	$	(1,684.8	)	$	(334.0	)	$	(119.3	)

Weighted average shares outstanding - basic		232.2			232.5			224.2
Dilutive effect of unvested stock awards (3)		—			—			—
Weighted average shares outstanding - diluted		232.2			232.5			224.2

Net income (loss) available per common share - basic and diluted	$	(7.26	)	$	(1.44	)	$	(0.53	)

(1)

Includes $1.1 million attributable to the dividends paid upon the partial repurchase of Series A Preferred Stock in December 2020.

(2)

Includes $1.6 million attributable to the partial repurchase of Series A Preferred Stock in December 2020. Refer to Note 11 – Preferred Stock.

(3)

For all periods presented above, all unvested restricted stock awards, unvested performance stock units, and Series A Preferred Stock were antidilutive because a net loss existed for those respective periods.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 15 — Derivative Instruments and Hedging Activities

The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have 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 Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation 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 primarily 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 and take advantage of market opportunities. We have not designated these derivatives as hedges and record changes in fair value and cash settlements to revenues as current income.

At December 31, 2020, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2021		2022		2023		2024		2025
Natural Gas	Swaps	MMBtu/d		169,516		100,856		42,176		-		-
Natural Gas	Basis Swaps	MMBtu/d		520,619		295,390		250,000		90,000		5,000
NGL	Swaps	Bbl/d		31,447		19,683		5,241		-		-
NGL	Futures	Bbl/d		20,959		-		-		-		-
Condensate	Swaps	Bbl/d		5,040		2,625		889		-		-

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 December 31, 2020				Fair Value as of December 31, 2019
	Balance Sheet	Derivative		Derivative		Derivative		Derivative
	Location	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	24.2	$	140.2	$	102.1	$	11.6
	Long-term		5.1		43.4		33.7		6.4
Total derivatives designated as hedging instruments		$	29.3	$	183.6	$	135.8	$	18.0
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	61.3	$	2.4	$	1.2	$	92.5
	Long-term		44.2		-		1.8		34.4
Total derivatives not designated as hedging instruments		$	105.5	$	2.4	$	3.0	$	126.9
Total current position		$	85.5	$	142.6	$	103.3	$	104.1
Total long-term position			49.3		43.4		35.5		40.8
Total derivatives		$	134.8	$	186.0	$	138.8	$	144.9

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
December 31, 2020		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	81.1	$	(142.0	)	$	29.8		$	15.7	$	(46.8	)
	Counterparties without offsetting positions - assets		4.4		-			-			4.4		-
	Counterparties without offsetting positions - liabilities		-		(0.6	)		-			-		(0.6	)
			85.5		(142.6	)		29.8			20.1		(47.4	)
Long Term Position
	Counterparties with offsetting positions or collateral		37.8		(42.5	)		-			14.6		(19.3	)
	Counterparties without offsetting positions - assets		11.5		-			-			11.5		-
	Counterparties without offsetting positions - liabilities		-		(0.9	)		-			-		(0.9	)
			49.3		(43.4	)		-			26.1		(20.2	)
Total Derivatives
	Counterparties with offsetting positions or collateral		118.9		(184.5	)		29.8			30.3		(66.1	)
	Counterparties without offsetting positions - assets		15.9		-			-			15.9		-
	Counterparties without offsetting positions - liabilities		-		(1.5	)		-			-		(1.5	)
		$	134.8	$	(186.0	)	$	29.8		$	46.2	$	(67.6	)

		Gross Presentation								Pro Forma Net Presentation
December 31, 2019		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	99.8	$	(85.0	)	$	(4.9	)	$	56.0	$	(46.1	)
	Counterparties without offsetting positions - assets		3.5		-			-			3.5		-
	Counterparties without offsetting positions - liabilities		-		(19.1	)		-			-		(19.1	)
			103.3		(104.1	)		(4.9	)		59.5		(65.2	)
Long Term Position
	Counterparties with offsetting positions or collateral		33.3		(40.5	)		-			18.1		(25.3	)
	Counterparties without offsetting positions - assets		2.2		-			-			2.2		-
	Counterparties without offsetting positions - liabilities		-		(0.3	)		-			-		(0.3	)
			35.5		(40.8	)		-			20.3		(25.6	)
Total Derivatives
	Counterparties with offsetting positions or collateral		133.1		(125.5	)		(4.9	)		74.1		(71.4	)
	Counterparties without offsetting positions - assets		5.7		-			-			5.7		-
	Counterparties without offsetting positions - liabilities		-		(19.4	)		-			-		(19.4	)
		$	138.8	$	(144.9	)	$	(4.9	)	$	79.8	$	(90.8	)

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 brokers that clear the hedges through an exchange. We maintain a margin deposit with the brokers 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 liability of $51.2 million as of December 31, 2020. 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:

Derivatives in Cash Flow	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Hedging Relationships	2020			2019		2018
Commodity contracts	$	(218.3	)	$	135.6	$	132.5

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
Location of Gain (Loss)	2020			2019		2018
Revenues	$	90.8		$	138.0	$	(38.4	)

Based on valuations as of December 31, 2020, we expect to reclassify commodity hedge related deferred losses of ($155.5) million included in accumulated other comprehensive income into earnings before income taxes through the end of 2023, with ($116.8) million of losses to be reclassified over the next twelve months.

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. For the year ended December 31, 2020, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward basis prices, as compared to our hedged positions.

Derivatives Not Designated	Location of Gain Recognized in	Gain (Loss) Recognized in Income on Derivatives
as Hedging Instruments	Income on Derivatives	2020		2019			2018
Commodity contracts	Revenue	$	206.1	$	(142.1	)	$	(32.5	)

See Note 16 – Fair Value Measurements and Note 26 – Segment Information for additional disclosures related to derivative instruments and hedging activities.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 16 — Fair Value Measurements

Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments and contingent consideration related to business acquisitions are reported at fair value 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 December 31, 2020, a net liability position of $51.2 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 ($158.5) million. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net asset of $56.4 million.

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 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:

	December 31, 2020
	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)	$	134.8	$	134.8	$	—	$	134.8	$	—
Liabilities from commodity derivative contracts (1)		186.0		186.0		—		185.8		0.2
TPL contingent consideration (2)		2.0		2.0		—		—		2.0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		242.8		242.8		—		—		—
TRC Revolver		555.0		555.0		—		555.0		—
TRP Revolver		280.0		280.0		—		280.0		—
Partnership's Senior unsecured notes		6,585.4		7,036.8		—		7,036.8		—
Partnership's Securitization Facility		350.0		350.0		—		350.0		—

	December 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)	$	136.5	$	136.5	$	—	$	136.2	$	0.3
Liabilities from commodity derivative contracts (1)		142.6		142.6		—		142.0		0.6
TPL contingent consideration (2)		2.3		2.3		—		—		2.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		331.1		331.1		—		—		—
TRC Revolver		435.0		435.0		—		435.0		—
TRP Revolver		—		—		—		—		—
Partnership's Senior unsecured notes		7,028.5		7,376.9		—		7,376.9		—
Partnership's Securitization Facility		370.0		370.0		—		370.0		—

(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 15 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes.

(2)	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.

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.

The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives were (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 was immaterial. As of December 31, 2020, we had one commodity swap and option contract categorized as Level 3.

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 are not observable; therefore, the entire valuation of the contingent consideration is categorized in 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, 2019	$	(0.3	)	$	(2.3	)
Change in fair value of TPL contingent consideration		—			0.3
New Level 3 derivative instruments		(0.2	)		—
Transfers out of Level 3 (1)		0.3			—
Balance, December 31, 2020	$	(0.2	)	$	(2.0	)

(1)	Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Nonfinancial assets and liabilities, such as long-lived assets, are measured at fair value on a nonrecurring basis upon impairment. During the year ended December 31, 2020, we recorded non-cash pre-tax impairments of $2,442.8 million. The impairment charge is primarily associated with the partial impairment of certain gas processing facilities and gathering systems associated with our Central operations and full impairment of our Coastal operations. During the year ended December 31, 2019, we recorded non-cash pre-tax impairments of $225.3 million. The impairment charge is primarily associated with the partial impairment of certain gas processing facilities and gathering systems associated with our Central and Coastal operations. For disclosures related to valuation techniques, see Note 5 – Property, Plant and Equipment and Intangible Assets.

The techniques described above may produce a fair value calculation that may not be indicative or reflective of future fair values. Furthermore, while we believe our valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial and nonfinancial assets and liabilities could result in a different fair value measurement at the reporting date.

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.

Related Party Transactions

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Note 17 — Related Party Transactions

Transactions with Unconsolidated Affiliates

The following table summarizes transactions with unconsolidated affiliates:

	GCF			T2 Joint Ventures			Cayenne			GCX			Little Missouri 4			Agua Blanca			Total
2020:
Revenues	$	0.4		$	4.5		$	—		$	0.6		$	12.6		$	—		$	18.1
Product purchases		—			—			(5.9	)		(68.0	)		—			—			(73.9	)
Operating expenses		(16.0	)		(1.2	)		(0.2	)		—			(2.2	)		—			(19.6	)
General and administrative expenses		—			—			—			—			(0.8	)		—			(0.8	)
2019:
Revenues	$	0.3		$	3.7		$	—		$	0.8		$	6.3		$	—		$	11.1
Product purchases		(7.9	)		—			(7.9	)		(24.7	)		—			—			(40.5	)
Operating expenses		—			(2.0	)		(0.2	)		—			—			(1.2	)		(3.4	)
General and administrative expenses		—			—			—			—			(0.3	)		—			(0.3	)
2018:
Revenues	$	0.3		$	5.2		$	—		$	0.1		$	—		$	—		$	5.6
Product purchases		(5.1	)		(0.6	)		(7.2	)		(1.2	)		—			—			(14.1	)
Operating expenses		—			(3.6	)		—			—			—			—			(3.6	)

Relationship with Targa Resources Partners LP

We provide general and administrative and other services to the Partnership, associated with the Partnership’s existing assets and assets acquired from third parties. The Partnership Agreement between the Partnership and us, as general partner of the Partnership, governs the reimbursement of costs incurred on behalf of the Partnership.

The employees supporting the Partnership’s operations are our employees. The Partnership reimburses us for the payment of certain operating expenses, including compensation and benefits of operating personnel assigned to the Partnership’s assets, and for the provision of various general and administrative services for the benefit of the Partnership. We perform centralized corporate functions for the Partnership, such as legal, accounting, treasury, insurance, risk management, health, safety and environmental, information technology, human resources, credit, payroll, internal audit, taxes, engineering and marketing. Since October 1, 2010, after the final conveyance of assets by us to the Partnership, substantially all of our general and administrative costs have been and will continue to be allocated to the Partnership, other than (1) costs attributable to our status as a separate reporting company and (2) until March 2018, our costs of providing management and support services to certain unaffiliated spun-off entities.

Relationship with Sajet Resources LLC

In December 2010, immediately prior to Targa’s initial public offering, Sajet Resources LLC (“Sajet”) was spun-off from Targa. At the time, Rene Joyce, James Whalen and Joe Bob Perkins, directors of Targa, were also directors of Sajet. Joe Bob Perkins, James Whalen, Michael Heim, Jeffrey McParland, Paul Chung, and Matthew Meloy, executive officers of Targa at the time, were also executive officers of Sajet. The current directors of Sajet are Matthew Meloy, Jennifer Kneale, Regina Gregory and Scott Rogan. The current executive officers of Sajet are Matthew Meloy, Robert Muraro, Jennifer Kneale, Regina Gregory and Julie Boushka. The primary assets of Sajet are real property. Sajet also holds (i) an ownership interest in Floridian Natural Gas Storage Company, LLC through a December 2016 merger with Tesla Resources LLC and (ii) an ownership interest in Allied CNG Ventures LLC. Former holders of our pre-IPO common equity, including certain of our current and former executives, managers and directors collectively own an 18% interest in Sajet. We provided general and administrative services to Sajet and were reimbursed for these amounts at our actual cost. Fees for services provided to Sajet totaled less than $0.1 million in January and February of 2018.

In March 2018, we acquired the 82% interest in Sajet that was held by Warburg Pincus sponsored funds for $5.0 million in cash (the “Warburg Funds Transaction”) and extinguished Sajet’s third-party debt in exchange for a promissory note from Sajet of $9.9 million. Minority shareholders had the right to join the transaction and sell up to 100% of their membership interests in Sajet to us at substantially the same terms and price as the Warburg Funds Transaction (the “Tag-Along Rights”). Minority shareholders who currently hold, or formerly held, executive positions at Targa, and minority shareholders who are board members of Targa, agreed not to exercise their Tag-Along Rights resulting from the Warburg Funds Transaction. Certain minority shareholders chose to sell interests totaling 1.6% for approximately $0.1 million in April 2018.

We hold three outstanding promissory notes from Sajet in the amounts of $9.9 million, $0.5 million and $0.2 million. The interest rate on each of the promissory notes accrues at the prime rate plus six percent per annum. Since March 2018, Sajet has been accounted for on a consolidated basis in our consolidated financial statements.

Commitments

12 Months Ended

Dec. 31, 2020

Significant Risks and Uncertainties

Commitments

Note 18 — Commitments

Future non-cancelable commitments related to certain contractual obligations are presented below for each of the next five fiscal years and in aggregate thereafter:

	In Aggregate		2021		2022		2023		2024		2025		Thereafter
Land sites and rights of way (1)	$	187.2	$	4.0	$	4.3	$	4.3	$	4.6	$	6.1	$	163.9

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

Total expenses incurred under the above non-cancelable commitments were:

	2020				2019				2018
Land sites and rights of way	$	6.5			$	6.1			$	6.1

Contingencies

12 Months Ended

Dec. 31, 2020

Loss Contingency [Abstract]

Contingencies

Note 19 – 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, including, but not limited to the U.S. 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 monetary sanctions 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.

Significant Risks and Uncertainties

12 Months Ended

Dec. 31, 2020

Risks And Uncertainties [Abstract]

Note 20 – Significant Risks and Uncertainties

Nature of Our Operations in Midstream Energy Industry

We operate in the midstream energy industry. Our business activities include gathering, processing, transporting, fractionating, storing, purchasing and selling natural gas, NGLs and crude oil. Our results of operations, cash flows and financial condition may be affected by changes in the commodity prices of these hydrocarbon products and changes in the relative price levels among these hydrocarbon products. In general, the prices of natural gas, NGLs, condensate and other hydrocarbon products are subject to fluctuations in response to changes in supply, market uncertainty and a variety of additional factors that are beyond our control, including pandemics (like COVID-19) and other public health crises.

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

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

Our principal market risks are exposure to changes in commodity prices, particularly to the prices of natural gas, NGLs and crude oil, and changes in interest rates.

Commodity Price Risk

A portion of our revenues are derived from percent-of-proceeds contracts under which we receive a portion of the proceeds from the sale of commodities as payment for services. The prices of natural gas, NGLs and crude oil are subject to fluctuations in response to changes in supply, demand, market uncertainty and a variety of additional factors beyond our control. In response to these price risks, we monitor NGL inventory levels in order to mitigate losses related to downward price exposure.

Additionally, in an effort to reduce the variability of our cash flows, we have entered into derivative financial instruments to hedge the commodity price associated with a significant portion of our expected natural gas, NGL and condensate equity volumes, future commodity purchases and sales, and transportation basis risk. Historically, these transactions have included both swaps and purchased puts (or floors) and calls (or caps) to hedge additional expected equity commodity volumes without creating volumetric risk. We hedge a higher percentage of our expected equity volumes in the earlier future periods. We also enter into commodity financial instruments in conjunction with marketing opportunities available to us in the operations of our logistics and transportation assets. With swaps, we typically receive an agreed upon fixed price for a specified notional quantity and pay the hedge counterparty a floating price for that same quantity based upon published index prices. Since we receive from our customers substantially the same floating index price from the sale of the underlying physical commodity, these transactions are designed to effectively lock-in the agreed fixed price in advance for the volumes hedged. In order to avoid having a greater volume hedged than actual equity volumes, we limit our use of swaps to hedge the prices of less than our expected equity volumes. Our commodity hedges may expose us to the risk of financial loss in certain circumstances.

We also enter into commodity price hedging transactions using futures contracts on futures exchanges. Exchange traded futures are subject to exchange margin requirements, so we may have to increase our cash deposit due to a rise in natural gas, NGL and crude oil prices.

COVID-19 and Current Market Conditions

During 2020, as the COVID-19 pandemic spread and travel and other restrictions were implemented globally, the prices of and demand for commodities declined substantially, and commodity prices remain weak relative to historical levels and continue to remain volatile. While uncertainties associated with the impacts of COVID-19 continue, energy demand and commodity prices have begun to recover compared to the first half of 2020. The pace and scope of recovery is uncertain at this time and may extend beyond 2021, and our business could be adversely affected. As there is significant uncertainty around the breadth and duration of the disruptions to global energy markets related to the pandemic, we are unable to determine the extent that these events could materially impact our future financial position, operations and/or cash flows.

Counterparty Risk – Credit and Concentration

Derivative Counterparty Risk

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

We have master netting provisions in the International Swap Dealers Association agreements with our derivative counterparties. These netting provisions allow us to net settle asset and liability positions with the same counterparties, which reduced our maximum loss due to counterparty credit risk by $44.2 million as of December 31, 2020. The range of losses attributable to our individual counterparties would be between $0.8 million and $17.5 million, depending on the counterparty in default.

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

Customer Credit Risk

We extend credit to customers and other parties in the normal course of business. We have established various procedures to manage our credit exposure, including initial credit approvals, credit limits and terms, letters of credit, and rights of offset. We also use prepayments and guarantees to limit credit risk to ensure that our established credit criteria are met. Our allowance for doubtful accounts was $0.1 million as of December 31, 2020 and $0.0 million as of December 31, 2019.

Significant Commercial Relationship

During the years ended December 31, 2020, 2019 and 2018, sales of commodities and fees from midstream services provided to Petredec (Europe) Limited comprised approximately 11%, 12% and 15% of our consolidated revenues.

Interest Rate Risk

We are exposed to changes in interest rates, primarily as a result of variable rate borrowings under the TRC Revolver, the TRP Revolver and the Securitization Facility.

Casualty or Other Risks

We maintain coverage in various insurance programs, which provides us with property damage, business interruption and other coverages which are customary for the nature and scope of our operations. Management believes that we have adequate insurance coverage, although insurance may not cover every type of interruption that might occur. As a result of insurance market conditions, premiums and deductibles may change overtime, and in some instances, certain insurance may become unavailable, or available for only reduced amounts of coverage. As a result, we may not be able to renew existing insurance policies or procure other desirable insurance on commercially reasonable terms, if at all.

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

Revenue

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue

Note 21 – Revenue

Fixed consideration allocated to remaining performance obligations

The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period, and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, 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, with remaining contract terms ranging from 1 to 19 years.

		2021				2022				2023 and after
Fixed consideration to be recognized as of December 31, 2020		$	515.6			$	440.8			$	2,603.7

Based on the optional exemptions that we elected to apply, the amounts presented in the table above exclude remaining performance obligations for (i) variable consideration for which the allocation exception is met and (ii) contracts with an original expected duration of one year or less.

For additional information on our revenue recognition policy, see Note 3 – Significant Accounting Policies. For disclosures related to disaggregated revenue, see Note 26 – Segment Information.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Other Income And Expenses [Abstract]

Other Operating (Income) Expense

12 Months Ended

Dec. 31, 2020

Other Operating (Income) Expense

Note 22 – Other Operating (Income) Expense

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

	Year Ended December 31,
	2020		2019		2018
(Gain) loss on sale or disposition of business and assets	$	58.4	$	71.1	$	(0.1	)
Write-down of assets (1)		55.6		17.9		—
Other		2.6		0.2		3.6
	$	116.6	$	89.2	$	3.5

(1)	Related to the write-down of certain assets to their recoverable amounts.

The (Gain) loss on sale or disposition of business and assets is comprised of the following:

	Year Ended December 31,
	2020		2019		2018
Channelview asset sale	$	58.3	$	—	$	—
Delaware crude system		—		59.5		—
Sale of inland marine barge business		—		—		(48.1	)
Exchange of a portion of Versado gathering system		—		—		(44.4	)
Sale of storage and terminaling facilities		—		—		59.1
Disposal of benzene treating unit		—		—		20.5
Other		0.1		11.6		12.8
	$	58.4	$	71.1	$	(0.1	)

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 23 – Income Taxes

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

	2020			2019			2018
Current expense (benefit)	$	(15.4	)	$	—		$	—
Deferred expense (benefit)		(232.7	)		(87.9	)		5.5
Total income tax expense (benefit)	$	(248.1	)	$	(87.9	)	$	5.5

Our deferred income tax assets and liabilities at December 31, 2020 and 2019 consist of differences related to the timing of recognition of certain types of costs as follows:

	2020			2019
Deferred tax assets:
Net operating loss	$	1,573.5		$	1,235.6
Other	—				2.3
Deferred tax assets before valuation allowance		1,573.5			1,237.9
Valuation allowance		(196.5	)		(2.3	)
Deferred tax assets		1,377.0			1,235.6
Deferred tax liabilities:
Investments (1)		(1,519.4	)		(1,647.7	)
Property, plant, and equipment		(4.0	)		(15.6	)
Other		(5.7	)		(6.5	)
Deferred tax liabilities		(1,529.1	)		(1,669.8	)
Net deferred tax asset (liability)	$	(152.1	)	$	(434.2	)

Net deferred tax asset (liability)
Federal	$	(148.3	)	$	(363.5	)
Foreign		0.6			0.6
State		(4.4	)		(71.3	)
Long-term deferred tax liability, net	$	(152.1	)	$	(434.2	)

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

On December 22, 2017, the U.S. government enacted comprehensive tax legislation referred to as the Tax Cuts and Jobs Act (the “Tax Act”), which significantly changed United States corporate income tax laws beginning, generally, in 2018. These changes included, among others, (1) a permanent reduction of the United States corporate income tax rate from a top marginal rate of 35% to a flat rate of 21%; (2) elimination of the corporate alternative minimum tax ("AMT"); (3) immediate deductions for certain new investments instead of deductions for depreciation expense over time, (4) limitation on the tax deduction for interest expense to 30% of adjusted taxable income; (5) limitation of the deduction for net operating losses to 80% of current year taxable income and elimination of net operating loss carrybacks; and (6) elimination of many business deductions and credits, including the domestic production activities deduction, and the deduction for entertainment expenditures.

The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. We included provisional impacts of the Tax Act in the fourth quarter of 2017. We completed the accounting for the 2017 provisional items in 2018 as outlined below:

•

We reclassified $4.2 million of AMT credits from deferred tax assets to long term assets. We expect to receive this amount as a refund in 2019 - 2021.

•

The Tax Act reduced the corporate tax rate to 21%, effective January 1, 2018. We recorded a provisional deferred tax benefit of $269.5 million for the year ended December 31, 2017.

•

In the year ended December 31, 2017, we recorded a provisional tax depreciation expense of $1.9 billion which did not include full expensing of all qualifying capital expenditures. In the year ended December 31, 2018, we completed our analysis of capital expenditures that qualify for bonus expensing and recorded an additional tax depreciation expense of $286.4 million.

•

Congress enacted several modifications to the compensation deduction limitation for covered employees under IRC Section 162(m). The modifications do not apply to compensation agreements entered into on or before November 2, 2017. Targa’s covered employees’ compensation is attributable to compensation agreements entered into on or before November 2, 2017. Consequently, we determined the Act’s modifications do not impact Targa’s covered employees’ compensation agreements, and we did not record any adjustments.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted. The CARES Act provides corporate taxpayers an expanded five-year net operating loss carryback period for losses earned in tax years 2018 through 2020. Additionally, the CARES Act allows corporate taxpayers to request an immediate refund of alternative minimum tax credits. We requested a cash refund from the Internal Revenue Service (“IRS”) of approximately $44 million related to the CARES Act provisions and received the refund in the second quarter of 2020.

As of December 31, 2020, we have total net operating loss carryforwards of $6.6 billion, $1.7 billion of which will expire between 2036 and 2037. The remaining $4.9 billion net operating loss will not expire, but is limited to offset 80% of taxable income per year. We established a pre-tax valuation allowance of $924.8 million against our deferred tax assets, primarily due to the tax consequences of the impairment of long-lived assets. See Note 5 – Property Plant and Equipment and Intangible Assets.

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

Income tax reconciliation:	2020			2019			2018
Income (loss) before income taxes	$	(1,573.1	)	$	(46.7	)	$	65.9
Less: Net income attributable to noncontrolling interest		(228.9	)		(250.4	)		(58.8	)
Income attributable to TRC before income taxes		(1,802.0	)		(297.1	)		7.1
Federal statutory income tax rate		21	%		21	%		21	%
Provision for federal income taxes		(378.4	)		(62.4	)		1.5
Valuation allowance		194.2			—			—
State income taxes, net of federal tax benefit		(51.2	)		(5.8	)		2.5
State rate re-measurement		—			(14.4	)		—
CARES Act NOL carryback		(16.9	)		—			—
Permanent adjustments		4.5			(6.3	)		—
Other, net		(0.3	)		1.0			1.5
Income tax provision (benefit)	$	(248.1	)	$	(87.9	)	$	5.5

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

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

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Information

Note 24 - Supplemental Cash Flow Information

	Year Ended December 31,
	2020			2019			2018
Cash:
Interest paid, net of capitalized interest (1)	$	374.1		$	287.7		$	217.2
Income taxes received, net of payments		43.7			(1.9	)		(0.5	)
Non-cash investing activities:
Deadstock commodity inventory transferred to property, plant and equipment	$	5.3		$	21.8		$	49.0
Impact of capital expenditure accruals on property, plant and equipment, net		(226.9	)		(194.4	)		216.2
Transfers from materials and supplies inventory to property, plant and equipment		2.1			25.1			12.7
Contribution of property, plant and equipment to investments in unconsolidated affiliates		—			—			16.0
Change in ARO liability and property, plant and equipment due to revised cash flow estimate and additions		(1.8	)		6.7			1.8
Property, plant and equipment received in asset exchange		—			—			24.1
Receivable for asset exchange		—			—			15.0
Asset received related to conveyance of ownership interest in investment in unconsolidated affiliate		—			—			3.0
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests	$	(5.2	)	$	91.7		$	—
Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements		5.4			14.2			13.7
Accretion of deemed dividends on Series A Preferred Stock		37.6			33.1			29.2
Transfer within additional paid-in capital for exercise of Warrants		—			—			0.9
Impact of accounting standard adoption recorded in retained earnings		—			—			5.2
Non-cash balance sheet movements related to assets held for sale (See Note 4 - Joint Ventures, Acquisitions and Divestitures):
Trade receivables	$	—		$	6.9		$	—
Intangible assets, net accumulated amortization and estimated loss on sale		—			52.1			—
Goodwill		—			1.4			—
Property, plant and equipment, net of accumulated depreciation and estimated loss on sale		—			77.3			—
Accounts payable and accrued liabilities		—			6.2			—
Other long-term obligations		—			0.2			—
Lease liabilities arising from recognition of right-of-use assets:
Operating lease	$	13.2		$	6.9		$	—
Finance lease		6.0			10.1			—

(1)	Interest capitalized on major projects was $33.0 million, $61.8 million and $46.3 million for the years ended December 31, 2020, 2019 and 2018.

Compensation Plans

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Compensation Plans

Note 25 – Compensation Plans

2010 TRC Stock Incentive Plan

In December 2010, we adopted the Targa Resources Corp. 2010 Stock Incentive Plan for employees, consultants and non-employee directors of the Company. In May 2017, the 2010 TRC Plan was amended and restated (the “2010 TRC Plan”). Total authorized shares of common stock under the plan is 15,000,000, comprised of 5,000,000 shares originally available and an additional 10,000,000 shares that became available in May 2017. The 2010 TRC Plan allows for the grant of (i) incentive stock options qualified as such under U.S. federal income tax laws (“Incentive Options”), (ii) stock options that do not qualify as incentive options (“Non-statutory Options,” and together with Incentive Options, “Options”), (iii) stock appreciation rights granted in conjunction with Options or Phantom Stock Awards, (iv) restricted stock awards, (v) phantom stock awards, (vi) bonus stock awards, (vii) performance unit awards, or (viii) any combination of such awards (collectively referred to as “Awards”).

Unless otherwise specified, the compensation costs for the awards listed below were recognized as expenses over related vesting periods based on the grant-date fair values, reduced by forfeitures incurred.

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

Director Grants – The committee awarded our common stock to our outside directors. In 2020, 2019 and 2018, we issued 31,621, 25,344 and 16,955 shares of director grants with the weighted average grant-date fair value of $39.85, $42.83 and $51.21, respectively.

Restricted Stock Units Awards – Restricted Stock Units (“RSUs”) are similar to restricted stock, except that shares of common stock are not issued until the RSUs vest. The vesting periods generally vary from one year to six years. In 2020, 2019 and 2018, we issued 1,299,592, 1,042,344 and 1,393,812 shares of RSUs with the weighted average grant-date fair value of $24.64, $39.95 and $51.71. The 2020, 2019 and 2018 issuances include 16,134, 85,547 and 275,076 shares of RSUs for our retention program. These shares will vest in October 2022.

Restricted Stock Units in Lieu of Bonus – In 2020, 2019 and 2018, we granted 81,336, 95,687 and 112,438 shares of RSUs in lieu of cash bonuses for our executives at the weighted average grant-date fair value of $41.39, $42.83 and $51.09. These awards will cliff vest over one to three years.

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

	Number of shares			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2019		3,392,061		$	48.79
Granted		1,331,213			27.12
Forfeited		(82,310	)		43.85
Vested		(805,108	)		48.97
Outstanding at December 31, 2020		3,835,856			40.81

Performance Share Units

During 2020, 2019 and 2018, we granted 291,365, 261,245 and 182,849 performance share units (“PSUs”) to executive management for the 2020, 2019 and 2018 compensation cycle that will vest/have vested in January 2023, January 2022 and January 2021. The PSUs granted under the 2010 TRC Plan are three-year equity-settled awards linked to the performance of shares of our common stock. The awards also include dividend equivalent rights (“DERs”) that are based on the notional dividends accumulated during the vesting period.

The vesting of the PSUs is dependent on the satisfaction of a combination of certain service-related conditions and the Company’s total shareholder return (“TSR”) relative to the TSR of the members of a specified comparator group of publicly-traded midstream companies (the “LTIP Peer Group”) measured over designated periods. For the PSUs granted in 2018 and 2019, the TSR performance factor is determined by the Committee at the end of the overall performance period based on relative performance over the designated weighting periods as follows: (i) 25% based on annual relative TSR for the first year; (ii) 25% based on annual relative TSR for the second year; (iii) 25% based on annual relative TSR for the third year; and (iv) the remaining 25% based on cumulative three-year relative TSR over the entirety of the performance period. For the PSUs granted in 2020, the TSR performance factor is determined by the Committee based on relative TSR over a cumulative three-year performance period.

With respect to the PSUs granted in 2018 and 2019, the weighting period(s), the Committee determines a guideline performance percentage, which could range from 0% to 250%, based upon the Company’s relative TSR performance for the applicable period. The TSR performance factor will be calculated by averaging the guideline performance percentage for each weighting period, and the average percentage may then be decreased or increased by the Committee at its discretion. With respect to the three year performance period of the PSUs granted in 2020, the Committee determines a guideline performance percentage for the performance period and the percentage may then be decreased or increased by the Committee at its discretion. The grantee will become vested in a number of PSUs equal to the target number awarded multiplied by the TSR performance factor, and vested PSUs will be settled by the issuance of Company common stock. The value of dividend equivalent rights will be paid in cash when the awards vest.

Compensation cost for equity-settled PSUs was recognized as an expense over the performance period based on fair value at the grant date. The compensation cost will be reduced if forfeitures occur. Fair value was calculated using a simulated share price that incorporates peer ranking. DERs associated with equity-settled PSUs were accrued over the performance period as a reduction of owners’ equity. We evaluated the grant date fair value using a Monte Carlo simulation model and historical volatility assumption with an expected term of three years. The expected volatilities were 73% - 128% for PSUs granted in 2020, 32% - 37% for PSUs granted in 2019 and 29% - 53% for PSUs granted in 2018.

The following table summarizes the PSUs under the 2010 TRC Plan in shares and in dollars for the years indicated.

	Number of shares			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2019		528,719		$	76.56
Granted		291,365			69.70
Vested		(101,030	)		99.71
Outstanding at December 31, 2020		719,054			70.53

Cash-settled Awards

During 2019 and 2018, we issued 7,836 and 69,042 shares of cash-settled awards for our retention program. These awards are liability awards and vest each quarter for one year. The fair value of the awards is evaluated based on the average of TRC stock prices for the last ten trading days at the end of each quarter. All cash-settled awards vested in 2019. Payments for the cash-settled awards are classified within operating activities in the Consolidated Statements of Cash Flows.

TRC Equity Compensation Plan

In connection with the TRC/TRP Merger, we adopted and assumed the Partnership’s Long-term Incentive Plan and outstanding awards thereunder, and amended and restated the plan and renamed it the Targa Resources Corp. Equity Compensation Plan (the “Plan”). We no longer make grants under the Plan, which terminated in February 2017, because the number of shares reserved under the Equity Compensation Plan have been substantially exhausted. As of the year ended December 31, 2020, no RSUs remain outstanding under this Plan.

TRC Long Term Incentive Plan

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

During 2018, the remaining 112,550 shares of cash-settled awards vested and we paid $6.9 million related to those awards.

Stock compensation expense under our plans totaled $66.3 million, $61.8 million, and $59.0 million for the years ended December 31, 2020, 2019, and 2018. As of December 31, 2020, we have $79.0 million of unrecognized compensation expense associated with share-based awards and an approximate remaining weighted average vesting periods of 1.9 years related to our various compensation plans.

The fair values of share-based awards vested in 2020, 2019 and 2018 were $62.7 million, $55.4 million and $18.8 million. Cash dividends paid for the vested awards were $9.4 million, $15.0 million and $3.5 million for 2020, 2019 and 2018.

In relation to our equity compensation plans, we recognized $2.0 million of tax deficiencies for the year ended December 31, 2020, $7.7 million in windfall tax benefits for the year ended December 31, 2019, and $0.7 million of tax deficiencies for the year ended December 31, 2018.

Subsequent Events

In January 2021, the Compensation Committee made the following awards under the 2010 TRC Plan.

•

63,907 shares of restricted stock to our outside directors that will vest in January 2022.

•

288,983 shares of RSUs to executive management for the 2021 compensation cycle that will vest in January 2024.

•

288,983 shares of PSUs to executive management for the 2021 compensation cycle that will vest in January 2024.

In January 2021, 29,472 shares of director grants vested with no shares withheld to satisfy tax withholding obligations.

In January 2021, 296,121 shares of 2017 PSUs vested with 104,357 shares withheld to satisfy tax withholding obligations.

In January 2021, 517,026 shares of RSUs vested with 180,304 shares withheld to satisfy tax withholding obligations.

Targa 401(k) Plan

We have a 401(k) plan whereby we match 100% of up to 5% of an employee’s contribution (subject to certain limitations in the plan). We also contribute an amount equal to 3% of each employee’s eligible compensation to the plan as a retirement contribution and may make additional contributions at our sole discretion. All Targa contributions are made 100% in cash. As part of our cost reduction measures in response to the COVID-19 pandemic, we temporarily suspended our matching contributions in the second quarter of 2020, and reinstated such contributions on January 1, 2021. We made contributions to the 401(k) plan totaling $16.2 million, $23.7 million and $19.5 million during 2020, 2019, and 2018.

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

Note 26 — Segment Information

We operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Transportation (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.

In the fourth quarter of 2019, we made the following changes to the presentation of our reportable segments:

•

Renamed the Logistics and Marketing segment as Logistics and Transportation. The updated name better describes the business composition and activity of the segment given the recent completion of Grand Prix. The change in naming convention did not impact previously reported results for the segment. This segment is also referred to as the Downstream Business.

•

Due to changes in how our executive team evaluates segment performance, results of commodity derivative activities related to our equity volume hedges that are designated as accounting hedges are now reported in the Gathering and Processing segment. These hedge activities were previously reported in Other. Our prior period segment information has been updated to reflect the change. There was no impact to our Consolidated Statements of Operations.

Our Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment's assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central 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 (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico.

Our Logistics and Transportation 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 transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of our other businesses. The Logistics and Transportation segment also includes Grand Prix, which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our downstream facilities in Mont Belvieu, Texas, as well as our equity interest in GCX, a natural gas pipeline connecting the Waha hub in West Texas and other receipt points, including many of our Midland Basin processing facilities, to Agua Dulce in South Texas and other delivery points. The associated assets, including these pipelines, are generally connected to and supplied in part by our Gathering and Processing segment and, except for the pipelines and smaller terminals, are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

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

Reportable segment information is shown in the following tables:

	Year Ended December 31, 2020
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	659.9	$	6,281.4	$	229.7	$	—		$	7,171.0
Fees from midstream services		487.2		602.1		—		—			1,089.3
		1,147.1		6,883.5		229.7		—			8,260.3
Intersegment revenues
Sales of commodities		2,173.2		205.9		—		(2,379.1	)		—
Fees from midstream services		6.5		31.5		—		(38.0	)		—
		2,179.7		237.4		—		(2,417.1	)		—
Revenues	$	3,326.8	$	7,120.9	$	229.7	$	(2,417.1	)	$	8,260.3
Operating margin	$	1,017.7	$	1,128.0	$	229.7	$	—		$	2,375.4
Other financial information:
Total assets (1)	$	8,743.5	$	6,860.0	$	86.3	$	185.9		$	15,875.7
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	293.9	$	414.0	$	—	$	18.9		$	726.8

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

	Year Ended December 31, 2019
	Gathering and Processing		Logistics and Transportation		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	1,101.6	$	6,406.1	$	(113.9	)	$	—		$	7,393.8
Fees from midstream services		728.0		549.3		—			—			1,277.3
		1,829.6		6,955.4		(113.9	)		—			8,671.1
Intersegment revenues
Sales of commodities		2,628.4		132.2		—			(2,760.6	)		—
Fees from midstream services		7.4		28.7		—			(36.1	)		—
		2,635.8		160.9		—			(2,796.7	)		—
Revenues	$	4,465.4	$	7,116.3	$	(113.9	)	$	(2,796.7	)	$	8,671.1
Operating margin	$	1,006.4	$	867.2	$	(113.9	)	$	—		$	1,759.7
Other financial information:
Total assets (1)	$	11,929.8	$	6,741.8	$	1.0		$	142.5		$	18,815.1
Goodwill	$	45.2	$	—	$	—		$	—		$	45.2
Capital expenditures	$	1,273.3	$	1,412.2	$	—		$	23.0		$	2,708.5

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

	Year Ended December 31, 2018
	Gathering and Processing		Logistics and Transportation		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	1,228.2	$	8,058.4	$	(7.9	)	$	—		$	9,278.7
Fees from midstream services		715.6		489.7		—			—			1,205.3
		1,943.8		8,548.1		(7.9	)		—			10,484.0
Intersegment revenues
Sales of commodities		3,636.0		317.1		—			(3,953.1	)		—
Fees from midstream services		7.2		30.8		—			(38.0	)		—
		3,643.2		347.9		—			(3,991.1	)		—
Revenues	$	5,587.0	$	8,896.0	$	(7.9	)	$	(3,991.1	)	$	10,484.0
Operating margin	$	939.2	$	592.5	$	(7.9	)	$	—		$	1,523.8
Other financial information:
Total assets (1)	$	11,602.7	$	5,180.6	$	3.2		$	151.7		$	16,938.2
Goodwill	$	46.6	$	—	$	—		$	—		$	46.6
Capital expenditures	$	1,548.6	$	1,767.0	$	—		$	12.1		$	3,327.7

(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:

	2020		2019			2018
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	1,359.0	$	1,321.7		$	1,810.0
NGL		5,181.3		5,233.8			6,886.9
Condensate and crude oil		264.0		716.1			457.9
Petroleum products		69.8		126.3			196.1
		6,874.1		7,397.9			9,350.9
Non-customer revenue:
Derivative activities - Hedge		90.8		138.0			(39.7	)
Derivative activities - Non-hedge (1)		206.1		(142.1	)		(32.5	)
		296.9		(4.1	)		(72.2	)
Total sales of commodities		7,171.0		7,393.8			9,278.7

Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		476.0		722.4			698.1
NGL transportation, fractionation and services		163.1		169.4			154.6
Storage, terminaling and export		401.9		356.4			313.0
Other		48.3		29.1			39.6
Total fees from midstream services		1,089.3		1,277.3			1,205.3

Total revenues	$	8,260.3	$	8,671.1		$	10,484.0

(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:

	2020			2019			2018
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Gathering and Processing operating margin	$	1,017.7		$	1,006.4		$	939.2
Logistics and Transportation operating margin		1,128.0			867.2			592.5
Other operating margin		229.7			(113.9	)		(7.9	)
Depreciation and amortization expense		(865.1	)		(971.6	)		(815.9	)
General and administrative expense		(254.6	)		(280.7	)		(256.9	)
Impairment of long-lived assets		(2,442.8	)		(225.3	)		—
Impairment of goodwill		—			—			(210.0	)
Interest expense, net		(391.3	)		(337.8	)		(185.8	)
Equity earnings (loss)		72.6			39.0			7.3
Gain (loss) on sale or disposition of business and assets		(58.4	)		(71.1	)		0.1
Write-down of assets		(55.6	)		(17.9	)		—
Gain (loss) from financing activities		45.6			(1.4	)		(2.0	)
Gain (loss) from sale of equity-method investment		—			69.3			—
Change in contingent considerations		0.3			(8.7	)		8.8
Other, net		0.8			(0.2	)		(3.5	)
Income (loss) before income taxes	$	(1,573.1	)	$	(46.7	)	$	65.9

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

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Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Parent Only Financial Statements

12 Months Ended

Dec. 31, 2020

Condensed Parent Only Financial Statements

Note 27 — Condensed Parent Only Financial Statements

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

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

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

TARGA RESOURCES CORP.
PARENT ONLY
CONDENSED BALANCE SHEETS

	December 31,
	2020		2019
ASSETS
Investment in consolidated subsidiaries	$	3,507.2	$	5,643.4
Deferred income taxes		59.7		53.8
Debt issuance costs		2.9		4.0
Other long-term assets		9.4		9.8
Total assets	$	3,579.2	$	5,711.0

LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY
Accrued current liabilities	$	30.5	$	31.6
Long-term debt		555.0		435.0
Other long-term liabilities		38.4		44.8

Contingencies

Series A Preferred 9.5% Stock, net of discount		301.4		278.8
Targa Resources Corp. stockholders' equity		2,653.9		4,920.8
Total liabilities, Series A Preferred Stock and owners' equity	$	3,579.2	$	5,711.0

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

	Year Ended December 31,
	2020			2019			2018
Equity in net income (loss) of consolidated subsidiaries	$	(1,534.9	)	$	(186.2	)	$	27.4
General and administrative expense		(12.4	)		(13.1	)		(16.1	)
Income (loss) from operations		(1,547.3	)		(199.3	)		11.3
Other income (expense):
Loss on debt extinguishment		—			—			(0.7	)
Interest expense		(12.5	)		(17.0	)		(15.8	)
Income (loss) before income taxes		(1,559.8	)		(216.3	)		(5.2	)
Deferred income tax (expense) benefit		5.9			7.1			6.8
Net income (loss) attributable to Targa Resources Corp.		(1,553.9	)		(209.2	)		1.6
Other comprehensive income (loss)		(234.3	)		(1.8	)		129.4
Total comprehensive income (loss)	$	(1,788.2	)	$	(211.0	)	$	131.0

Dividends on Series A Preferred Stock		91.7			91.7			91.7
Deemed dividends on Series A Preferred Stock		39.2			33.1			29.2
Net income (loss) attributable to common shareholders		(1,684.8	)		(334.0	)		(119.3	)
Net income (loss) attributable to Targa Resources Corp.	$	(1,553.9	)	$	(209.2	)	$	1.6

TARGA RESOURCES CORP.
PARENT ONLY
CONDENSED STATEMENTS OF CASH FLOWS
		Year Ended December 31,
		2020			2019			2018
	Net cash provided by operating activities	$	(193.9	)	$	48.3		$	55.2

Cash flows from investing activities
	Advances to consolidated subsidiaries		214.1			(222.5	)		(714.5	)
	Distributions from consolidated subsidiaries (1)		387.2			1,152.4			891.1
	Net cash provided by (used in) investing activities		601.3			929.9			176.6

Cash flows from financing activities
	Proceeds from long-term debt borrowings		155.0			(450.0	)		365.0
	Repayments of long-term debt		(35.0	)		450.0			(365.0	)
	Costs incurred in connection with financing arrangements		—			—			(8.5	)
	Transaction costs incurred related to sale of ownership interests		—			(10.8	)		—
	Proceeds from issuance of common stock, preferred stock and warrants		—			—			689.0
	Repurchase of common stock		(97.4	)		(13.9	)		(4.0	)
	Dividends paid to common and preferred shareholders		(384.2	)		(953.5	)		(908.3	)
	Partial repurchase of Series A Preferred Stock		(45.8	)		—			—
	Net cash provided by (used in) financing activities		(407.4	)		(978.2	)		(231.8	)

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

_____________

(1) Amounts reflect distributions from consolidated subsidiaries in excess of earnings. Total distributions from consolidated subsidiaries were $387.2 million, $1,152.4 million and $918.5 million for the years ended December 31, 2020, 2019 and 2018.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Consolidation Policy

Use of Estimates

Cash and Cash Equivalents

Allowance for Doubtful Accounts

As the financial condition of any counterparty changes, circumstances develop or additional information becomes available, adjustments to our allowance may be required.

Inventories

Product Exchanges

Gas Processing Imbalances

Derivative Instruments

We record all derivative instruments at fair value with the exception of those that we apply the normal purchases and normal sales election.

The table below summarizes the accounting treatment for our derivative instruments, and the impact on our consolidated financial statements:


Recognition and Measurement
Derivative Treatment	Balance Sheet	Income Statement
Normal Purchases and Normal Sales	Fair value not recorded	Earnings recognized when volumes are physically delivered or received
Mark-to-Market	Recorded at fair value	Change in fair value recognized currently in earnings
Cash Flow Hedge	Recorded at fair value with changes in fair value deferred in Accumulated Other Comprehensive Income ("AOCI")	The gain/loss on the derivative instrument is reclassified out of AOCI into earnings when the forecasted transaction occurs

Property, Plant and Equipment

Impairment of Long-Lived Assets

Asset Retirement Obligations

Intangible Assets

Debt Issuance Costs

Accounts Receivable Securitization Facility

Environmental Liabilities and Other Loss Contingencies

Income Taxes

Dividends

Mandatorily Redeemable Preferred Interests

Comprehensive Income

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

Revenue Recognition

Our operating revenues are primarily derived from the following activities:

•

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

•

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

•

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

Significant Judgments

Contract Assets

We classify our contract assets as receivables because we generally have an unconditional right to payment for the commodities sold or services performed at the end of reporting period.

Share-Based Compensation

Earnings per Share

Leases

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.

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

Convertible Debt and Equity Instruments

Property, Plant and Equipment and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment And Intangible Assets [Abstract]

Property Plant and Equipment and Intangible Assets

Property, Plant and Equipment

	December 31, 2020			December 31, 2019			Estimated Useful Lives (In Years)
Gathering systems	$	9,216.1		$	8,976.8		5 to 20
Processing and fractionation facilities		6,276.8			5,143.0		5 to 25
Terminaling and storage facilities		1,555.1			1,495.5		5 to 25
Transportation assets		2,567.7			2,292.4		10 to 50
Other property, plant and equipment		32.4			184.1		3 to 50
Land		160.8			159.7		—
Construction in progress		324.3			1,576.5		—
Finance lease right-of-use assets		51.8			48.8
Property, plant and equipment		20,185.0			19,876.8
Accumulated depreciation, amortization and impairment		(8,011.4	)		(5,328.3	)
Property, plant and equipment, net	$	12,173.6		$	14,548.5

Intangible assets	$	2,643.5		$	2,643.5		10 to 20
Accumulated amortization and impairment		(1,261.1	)		(908.5	)
Intangible assets, net	$	1,382.4		$	1,735.0

Schedule of Changes in Intangible Assets

The changes in our intangible assets are as follows:

	December 31, 2020			December 31, 2019
Balance at beginning of period	$	1,735.0		$	1,983.2
Held for sale assets		—			(76.6	)
Impairment		(208.6	)		—
Amortization		(144.0	)		(171.6	)
Balance at end of period	$	1,382.4		$	1,735.0

Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Changes in Net Amounts of Goodwill

At December 31, 2020, we had $45.2 million of goodwill included in Other long-term assets on the Consolidated Balance Sheets. Changes in the net amounts of our goodwill are as follows:

	New Midland			New Delaware			Delaware Supersystem			Permian Midland		Permian Delaware		Total
Balance as of December 31, 2018:
Goodwill	$	23.2		$	23.4		$	—		$	—	$	—	$	46.6
Accumulated impairment losses		—			—			—			—		—		—
Net		23.2			23.4			—			—		—		46.6

Impairment		—			—			—			—		—		—
Reporting unit aggregation (1)		—			(23.4	)		23.4			—		—		—

Balance as of December 31, 2019:
Goodwill		23.2			—			23.4			—		—		46.6
Goodwill allocated to held for sale assets		—			—			(1.4	)		—		—		(1.4	)
Accumulated impairment losses		—			—			—			—		—		—
Net		23.2			—			22.0			—		—		45.2

Impairment		—			—			—			—		—		—
Reporting unit aggregation (2)		(23.2	)		—			(22.0	)		23.2		22.0		—

Balance as of December 31, 2020:
Goodwill		—			—			—			23.2		22.0		45.2
Accumulated impairment losses		—			—			—			—		—		—
Net	$	—		$	—		$	—		$	23.2	$	22.0	$	45.2

(1)

(2)

Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments And Joint Ventures [Abstract]

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

	Balance at December 31, 2017		Equity Earnings (Loss)			Cash Distributions (1)			Acquisition (Disposition)			Contributions (2)		Balance at December 31, 2018
GCX (3)	$	—	$	0.8		$	—		$	—		$	210.8	$	211.6
Little Missouri 4		—		—			(8.0	)		—			75.3		67.3
T2 Eagle Ford		109.2		(10.2	)		—			—			—		99.0
T2 LaSalle		54.1		(4.9	)		—			—			0.1		49.3
GCF		45.8		16.8			(22.3	)		—			—		40.3
Cayenne		8.6		6.4			(4.0	)		—			5.6		16.6
T2 EF Cogen		3.9		(1.8	)		—			(2.1	)		—		—
Agua Blanca		—		0.2			—			3.5			2.7		6.4
Total	$	221.6	$	7.3		$	(34.3	)	$	1.4		$	294.5	$	490.5

	Balance at December 31, 2018		Equity Earnings (Loss)			Cash Distributions			Disposition			Contributions		Balance at December 31, 2019
GCX (3)	$	211.6	$	27.7		$	(25.3	)	$	—		$	233.5	$	447.5
Little Missouri 4		67.3		3.4			—			—			33.0		103.7
T2 Eagle Ford		99.0		(9.4	)		—			—			—		89.6
T2 LaSalle		49.3		(4.5	)		—			—			—		44.8
GCF		40.3		16.1			(19.2	)		—			—		37.2
Cayenne		16.6		7.2			(8.2	)		—			0.3		15.9
Agua Blanca		6.4		(1.5	)		(0.4	)		(4.5	)		—		—
Total	$	490.5	$	39.0		$	(53.1	)	$	(4.5	)	$	266.8	$	738.7

	Balance at December 31, 2019		Equity Earnings (Loss)			Cash Distributions			Disposition			Contributions		Balance at December 31, 2020
GCX (3)	$	447.5	$	66.3		$	(81.3	)	$	—		$	2.7	$	435.2
Little Missouri 4		103.7		10.8			(9.8	)		—			—		104.7
T2 Eagle Ford (4)		89.6		(8.9	)		(0.9	)		—			—		79.8
T2 LaSalle (4)		44.8		(4.8	)		(0.4	)		—			—		39.6
GCF (5)		37.2		2.9			(1.6	)		—			—		38.5
Cayenne		15.9		6.3			(6.0	)		—			—		16.2
Total	$	738.7	$	72.6		$	(100.0	)	$	—		$	2.7	$	714.0

(1)	Includes an $8.0 million distribution from Little Missouri 4 as a reimbursement of pre-formation expenditures.

(2)	Includes a $16.0 million initial contribution of property, plant and equipment to Little Missouri 4.

(3)	As discussed in Note 4 –Joint Ventures and Divestitures, our 25% interest in GCX is owned by 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.

(4)

(5)	Targa will assume operatorship of GCF in the first half of 2021.

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

	December 31, 2020			December 31, 2019
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due April 2021 (2)	$	350.0		$	370.0
TPL notes, 4¾% fixed rate, due November 2021 (5)		6.5			—
		356.5			370.0
Debt issuance costs, net of amortization		—			—
Finance lease liabilities		12.1			12.2
Current debt obligations		368.6			382.2

Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due June 2023 (3)		555.0			435.0
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due June 2023 (4)		280.0			—
Senior unsecured notes:
5¼% fixed rate, due May 2023		—			559.6
4¼% fixed rate, due November 2023		583.9			583.9
6¾% fixed rate, due March 2024		—			580.1
5⅛% fixed rate, due February 2025		481.0			500.0
5⅞% fixed rate, due April 2026		963.2			1,000.0
5⅜% fixed rate, due February 2027		468.1			500.0
5% fixed rate, due January 2028		700.3			750.0
6½% fixed rate, due July 2027		705.2			750.0
6⅞% fixed rate, due January 2029		679.3			750.0
5½% fixed rate, due March 2030		949.6			1,000.0
4⅞% fixed rate, due February 2031		1,000.0			—
TPL notes, 4¾% fixed rate, due November 2021 (5)		—			6.5
TPL notes, 5⅞% fixed rate, due August 2023 (5)		48.1			48.1
Unamortized premium		0.2			0.3
		7,413.9			7,463.5
Debt issuance costs, net of amortization		(45.5	)		(49.1	)
Finance lease liabilities		18.7			25.8
Long-term debt		7,387.1			7,440.2
Total debt obligations	$	7,755.7		$	7,822.4
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)		44.4			88.2
	$	44.4		$	88.2

(1)	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.

(2)	As of December 31, 2020, the Partnership had $350.0 million of qualifying receivables under its $350.0 million Securitization Facility, resulting in zero availability.

(3)	As of December 31, 2020, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $115.0 million.

(4)	As of December 31, 2020, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,875.6 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 our variable-rate debt obligations during the year ended December 31, 2020:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC Revolver	1.9% - 3.5%	2.3%
TRP Revolver	1.9% - 6.0%	2.2%
Partnership's Securitization Facility	1.5% - 2.7%	2.0%

Results of Tender Offers

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

	2020			2019			2018
Discount (premium) over face value paid upon redemption:
Partnership 6¾% Senior Notes due 2024	$	(11.1	)	$	—		$	—
Partnership 5⅛% Senior Notes due 2025		4.4			—			—
Partnership 5⅞% Senior Notes due 2026		7.1			—			—
Partnership 5⅜% Senior Notes due 2027		5.3			—			—
Partnership 5% Senior Notes due 2028		11.7			—			—
Partnership 6½% Senior Notes due 2027		9.3			—			—
Partnership 6⅞% Senior Notes due 2029		15.5			—			—
Partnership 5½% Senior Notes due 2030		10.2			—			—
Write-off of debt issuance costs:
TRP Revolver		—			—			(1.3	)
TRC Revolver		—			—			(0.7	)
Partnership 5¼% Senior Notes due 2023		(1.8	)		—			—
Partnership 6¾% Senior Notes due 2024		(2.6	)		—			—
Partnership 5⅛% Senior Notes due 2025		(0.1	)		—			—
Partnership 5⅞% Senior Notes due 2026		(0.2	)		—			—
Partnership 5⅜% Senior Notes due 2027		(0.2	)		—			—
Partnership 5% Senior Notes due 2028		(0.4	)		—			—
Partnership 6½% Senior Notes due 2027		(0.4	)		—			—
Partnership 6⅞% Senior Notes due 2029		(0.6	)		—			—
Partnership 5½% Senior Notes due 2030		(0.5	)		—			—
Partnership 4⅛% Senior Notes due 2019		—			(1.4	)		—
Gain (loss) from financing activities	$	45.6		$	(1.4	)	$	(2.0	)

Schedule of Contractual Maturities of Outstanding Debt Obligations

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2020, for the next five years, and in total thereafter:

	Scheduled Maturities of Debt
	Total		2021		2022		2023		2024		2025		After 2025

TRC Revolver	$	555.0	$	—	$	—	$	555.0	$	—	$	—	$	—
TRP Revolver		280.0		—		—		280.0		—		—		—
Partnership's Senior unsecured notes		6,585.4		6.5		—		632.0		—		481.0		5,465.9
Partnership's Securitization Facility		350.0		350.0		—		—		—		—		—
Total	$	7,770.4	$	356.5	$	—	$	1,467.0	$	—	$	481.0	$	5,465.9

Future non-cancelable commitments related to certain contractual obligations are presented below for each of the next five fiscal years and in aggregate thereafter:

	In Aggregate		2021		2022		2023		2024		2025		Thereafter
Land sites and rights of way (1)	$	187.2	$	4.0	$	4.3	$	4.3	$	4.6	$	6.1	$	163.9

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

Other Long-term Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other Liabilities Noncurrent [Abstract]

Schedule of Other Long-term Liabilities

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

	December 31, 2020		December 31, 2019
Deferred revenue	$	168.5	$	172.0
Asset retirement obligations		68.3		66.3
Operating lease liabilities		46.2		47.2
Other liabilities		26.1		20.1
Total long-term liabilities	$	309.1	$	305.6

Changes in Aggregate Asset Retirement Obligations

The changes in our ARO are as follows:

	2020			2019
Beginning of period	$	66.3		$	55.5
Additions (1)		—			11.8
Change in cash flow estimate		(1.8	)		(5.1	)
Accretion expense		3.6			4.7
Retirement of ARO		0.2			(0.6	)
End of period	$	68.3		$	66.3

(1)	Amount reflects additions of ARO related to the commencement of operations of Grand Prix.

Components of deferred revenue

The following table shows the components of deferred revenue:

	December 31, 2020		December 31, 2019
Splitter agreement	$	129.0	$	129.0
Gas contract amendment		37.3		39.8
Other deferred revenue		2.2		3.2
Total deferred revenue	$	168.5	$	172.0

Changes in Deferred revenue

The following table shows the changes in deferred revenue:

	2020			2019
Balance at beginning of period	$	172.0		$	175.5
Additions		0.3			0.4
Revenue recognized		(3.8	)		(3.9	)
Balance at end of period	$	168.5		$	172.0

Leases (Tables)

12 Months Ended

Dec. 31, 2020

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:

		Year Ended December 31,
	Balance Sheet Location	2020		2019
Right-of-use assets
Operating leases, gross	Other long-term assets	$	52.7	$	42.0
Finance leases, gross	Property, plant and equipment		51.8		48.8

Lease liabilities
Current:
Operating leases	Accrued liabilities	$	12.0	$	7.8
Finance leases	Current debt obligations		12.1		12.2
Non-current:
Operating leases	Other long-term liabilities	$	46.2	$	47.2
Finance leases	Long-term debt		18.7		25.8

Summary of Components of Lease Expense

	Year Ended December 31,
	2020		2019
Lease cost
Operating lease cost	$	11.6	$	9.9
Short-term lease cost		20.7		30.0
Variable lease cost		5.5		6.7
Finance lease cost
Amortization of right-of-use assets		13.6		13.1
Interest expense		1.4		1.6
Total lease cost	$	52.8	$	61.3

Summary of Other Supplemental Information Related to Leases

During the year ended December 31, 2018, total operating leases expense incurred was $56.0 million, which includes short-term leases for compressors and equipment.

Other supplemental information related to our leases are as follows:

	Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	12.3	$	8.7
Operating cash flows for finance leases		1.4		1.6
Financing cash flows for finance leases		12.4		11.5

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 December 31, 2020:

	Operating Leases			Finance Leases
Future Minimum Lease Payments Beginning After December 31,
2020	$	14.1		$	13.0
2021		13.3			11.6
2022		11.5			6.0
2023		7.1			1.5
2024		4.2			0.3
Thereafter		15.5			—
Total undiscounted cash flows		65.7			32.4
Less imputed interest		(7.5	)		(1.6	)
Total lease liabilities	$	58.2		$	30.8

Common Stock and Related Matters (Tables)

12 Months Ended

Dec. 31, 2020

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 years ended December 31, 2020, 2019 and 2018:

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)
2020
December 31, 2020	February 16, 2021	$		23.3	$		22.9	$		0.4	$		0.10000
September 30, 2020	November 16, 2020			23.8			23.3			0.5			0.10000
June 30, 2020	August 17, 2020			23.7			23.3			0.4			0.10000
March 31, 2020	May 15, 2020			23.7			23.3			0.4			0.10000

2019

December 31, 2019	February 18, 2020	$		216.0	$		212.0	$		4.0	$		0.91000
September 30, 2019	November 15, 2019			215.5			211.8			3.7			0.91000
June 30, 2019	August 15, 2019			215.1			211.5			3.6			0.91000
March 31, 2019	May 15, 2019			215.2			211.5			3.7			0.91000

2018
December 31, 2018	February 15, 2019	$		215.2	$		211.2	$		4.0	$		0.91000
September 30, 2018	November 15, 2018			212.5			208.6			3.9			0.91000
June 30, 2018	August 15, 2018			208.9			205.2			3.7			0.91000
March 31, 2018	May 16, 2018			203.1			199.7			3.4			0.91000

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

Partnership Units and Related Matters (Tables)

12 Months Ended

Dec. 31, 2020

Partners Capital [Abstract]

Schedule of Distributions

The following details the distributions declared or paid by the Partnership during 2020, 2019 and 2018:

Three Months Ended	Date Paid or To Be Paid		Total Distributions		Distributions to Targa Resources Corp.
(In millions, except per share amounts)
2020
December 31, 2020	February 11, 2021	$		54.3	$	47.6
September 30, 2020	November 13, 2020			51.7		48.9
June 30, 2020	August 13, 2020			51.7		48.9
March 31, 2020	May 13, 2020			53.1		50.3
2019
December 31, 2019	February 13, 2020	$		241.9	$	239.1
September 30, 2019	November 13, 2019			242.1		239.3
June 30, 2019	August 13, 2019			242.4		239.6
March 31, 2019	April 5, 2019			437.8		435.0
2018
December 31, 2018	February 13, 2019	$		241.3	$	238.5
September 30, 2018	November 13, 2018			237.6		234.8
June 30, 2018	August 13, 2018			234.0		231.2
March 31, 2018	May 11, 2018			229.7		226.9

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

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

	Year Ended December 31,
	2020			2019			2018
Net income (loss) attributable to Targa Resources Corp.	$	(1,553.9	)	$	(209.2	)	$	1.6
Less: Dividends on Series A Preferred Stock (1)		91.7			91.7			91.7
Less: Deemed dividends on Series A Preferred Stock (2)		39.2			33.1			29.2
Net income (loss) attributable to common shareholders for basic earnings per share	$	(1,684.8	)	$	(334.0	)	$	(119.3	)

Weighted average shares outstanding - basic		232.2			232.5			224.2
Dilutive effect of unvested stock awards (3)		—			—			—
Weighted average shares outstanding - diluted		232.2			232.5			224.2

Net income (loss) available per common share - basic and diluted	$	(7.26	)	$	(1.44	)	$	(0.53	)

(1)

Includes $1.1 million attributable to the dividends paid upon the partial repurchase of Series A Preferred Stock in December 2020.

(2)

Includes $1.6 million attributable to the partial repurchase of Series A Preferred Stock in December 2020. Refer to Note 11 – Preferred Stock.

(3)

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At December 31, 2020, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2021		2022		2023		2024		2025
Natural Gas	Swaps	MMBtu/d		169,516		100,856		42,176		-		-
Natural Gas	Basis Swaps	MMBtu/d		520,619		295,390		250,000		90,000		5,000
NGL	Swaps	Bbl/d		31,447		19,683		5,241		-		-
NGL	Futures	Bbl/d		20,959		-		-		-		-
Condensate	Swaps	Bbl/d		5,040		2,625		889		-		-

Fair Values 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 December 31, 2020				Fair Value as of December 31, 2019
	Balance Sheet	Derivative		Derivative		Derivative		Derivative
	Location	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	24.2	$	140.2	$	102.1	$	11.6
	Long-term		5.1		43.4		33.7		6.4
Total derivatives designated as hedging instruments		$	29.3	$	183.6	$	135.8	$	18.0
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	61.3	$	2.4	$	1.2	$	92.5
	Long-term		44.2		-		1.8		34.4
Total derivatives not designated as hedging instruments		$	105.5	$	2.4	$	3.0	$	126.9
Total current position		$	85.5	$	142.6	$	103.3	$	104.1
Total long-term position			49.3		43.4		35.5		40.8
Total derivatives		$	134.8	$	186.0	$	138.8	$	144.9

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
December 31, 2020		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	81.1	$	(142.0	)	$	29.8		$	15.7	$	(46.8	)
	Counterparties without offsetting positions - assets		4.4		-			-			4.4		-
	Counterparties without offsetting positions - liabilities		-		(0.6	)		-			-		(0.6	)
			85.5		(142.6	)		29.8			20.1		(47.4	)
Long Term Position
	Counterparties with offsetting positions or collateral		37.8		(42.5	)		-			14.6		(19.3	)
	Counterparties without offsetting positions - assets		11.5		-			-			11.5		-
	Counterparties without offsetting positions - liabilities		-		(0.9	)		-			-		(0.9	)
			49.3		(43.4	)		-			26.1		(20.2	)
Total Derivatives
	Counterparties with offsetting positions or collateral		118.9		(184.5	)		29.8			30.3		(66.1	)
	Counterparties without offsetting positions - assets		15.9		-			-			15.9		-
	Counterparties without offsetting positions - liabilities		-		(1.5	)		-			-		(1.5	)
		$	134.8	$	(186.0	)	$	29.8		$	46.2	$	(67.6	)

		Gross Presentation								Pro Forma Net Presentation
December 31, 2019		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	99.8	$	(85.0	)	$	(4.9	)	$	56.0	$	(46.1	)
	Counterparties without offsetting positions - assets		3.5		-			-			3.5		-
	Counterparties without offsetting positions - liabilities		-		(19.1	)		-			-		(19.1	)
			103.3		(104.1	)		(4.9	)		59.5		(65.2	)
Long Term Position
	Counterparties with offsetting positions or collateral		33.3		(40.5	)		-			18.1		(25.3	)
	Counterparties without offsetting positions - assets		2.2		-			-			2.2		-
	Counterparties without offsetting positions - liabilities		-		(0.3	)		-			-		(0.3	)
			35.5		(40.8	)		-			20.3		(25.6	)
Total Derivatives
	Counterparties with offsetting positions or collateral		133.1		(125.5	)		(4.9	)		74.1		(71.4	)
	Counterparties without offsetting positions - assets		5.7		-			-			5.7		-
	Counterparties without offsetting positions - liabilities		-		(19.4	)		-			-		(19.4	)
		$	138.8	$	(144.9	)	$	(4.9	)	$	79.8	$	(90.8	)

Amounts Recorded in Other Comprehensive Income 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:

Derivatives in Cash Flow	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Hedging Relationships	2020			2019		2018
Commodity contracts	$	(218.3	)	$	135.6	$	132.5

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
Location of Gain (Loss)	2020			2019		2018
Revenues	$	90.8		$	138.0	$	(38.4	)

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. For the year ended December 31, 2020, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward basis prices, as compared to our hedged positions.

Derivatives Not Designated	Location of Gain Recognized in	Gain (Loss) Recognized in Income on Derivatives
as Hedging Instruments	Income on Derivatives	2020		2019			2018
Commodity contracts	Revenue	$	206.1	$	(142.1	)	$	(32.5	)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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

	December 31, 2020
	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)	$	134.8	$	134.8	$	—	$	134.8	$	—
Liabilities from commodity derivative contracts (1)		186.0		186.0		—		185.8		0.2
TPL contingent consideration (2)		2.0		2.0		—		—		2.0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		242.8		242.8		—		—		—
TRC Revolver		555.0		555.0		—		555.0		—
TRP Revolver		280.0		280.0		—		280.0		—
Partnership's Senior unsecured notes		6,585.4		7,036.8		—		7,036.8		—
Partnership's Securitization Facility		350.0		350.0		—		350.0		—

	December 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)	$	136.5	$	136.5	$	—	$	136.2	$	0.3
Liabilities from commodity derivative contracts (1)		142.6		142.6		—		142.0		0.6
TPL contingent consideration (2)		2.3		2.3		—		—		2.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		331.1		331.1		—		—		—
TRC Revolver		435.0		435.0		—		435.0		—
TRP Revolver		—		—		—		—		—
Partnership's Senior unsecured notes		7,028.5		7,376.9		—		7,376.9		—
Partnership's Securitization Facility		370.0		370.0		—		370.0		—

(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.

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, 2019	$	(0.3	)	$	(2.3	)
Change in fair value of TPL contingent consideration		—			0.3
New Level 3 derivative instruments		(0.2	)		—
Transfers out of Level 3 (1)		0.3			—
Balance, December 31, 2020	$	(0.2	)	$	(2.0	)

(1)	Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Transactions with Unconsolidated Affiliates

The following table summarizes transactions with unconsolidated affiliates:

	GCF			T2 Joint Ventures			Cayenne			GCX			Little Missouri 4			Agua Blanca			Total
2020:
Revenues	$	0.4		$	4.5		$	—		$	0.6		$	12.6		$	—		$	18.1
Product purchases		—			—			(5.9	)		(68.0	)		—			—			(73.9	)
Operating expenses		(16.0	)		(1.2	)		(0.2	)		—			(2.2	)		—			(19.6	)
General and administrative expenses		—			—			—			—			(0.8	)		—			(0.8	)
2019:
Revenues	$	0.3		$	3.7		$	—		$	0.8		$	6.3		$	—		$	11.1
Product purchases		(7.9	)		—			(7.9	)		(24.7	)		—			—			(40.5	)
Operating expenses		—			(2.0	)		(0.2	)		—			—			(1.2	)		(3.4	)
General and administrative expenses		—			—			—			—			(0.3	)		—			(0.3	)
2018:
Revenues	$	0.3		$	5.2		$	—		$	0.1		$	—		$	—		$	5.6
Product purchases		(5.1	)		(0.6	)		(7.2	)		(1.2	)		—			—			(14.1	)
Operating expenses		—			(3.6	)		—			—			—			—			(3.6	)

Commitments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Contractual Maturities of Outstanding Debt Obligations

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2020, for the next five years, and in total thereafter:

	Scheduled Maturities of Debt
	Total		2021		2022		2023		2024		2025		After 2025

TRC Revolver	$	555.0	$	—	$	—	$	555.0	$	—	$	—	$	—
TRP Revolver		280.0		—		—		280.0		—		—		—
Partnership's Senior unsecured notes		6,585.4		6.5		—		632.0		—		481.0		5,465.9
Partnership's Securitization Facility		350.0		350.0		—		—		—		—		—
Total	$	7,770.4	$	356.5	$	—	$	1,467.0	$	—	$	481.0	$	5,465.9

Future non-cancelable commitments related to certain contractual obligations are presented below for each of the next five fiscal years and in aggregate thereafter:

	In Aggregate		2021		2022		2023		2024		2025		Thereafter
Land sites and rights of way (1)	$	187.2	$	4.0	$	4.3	$	4.3	$	4.6	$	6.1	$	163.9

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

Total Expenses on Non-Cancelable Commitments

Total expenses incurred under the above non-cancelable commitments were:

	2020				2019				2018
Land sites and rights of way	$	6.5			$	6.1			$	6.1

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

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

		2021				2022				2023 and after
Fixed consideration to be recognized as of December 31, 2020		$	515.6			$	440.8			$	2,603.7

Other Operating (Income) Expense (Tables)

12 Months Ended

Dec. 31, 2020

Other Income And Expenses [Abstract]

Other Operating (Income) Expense

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

	Year Ended December 31,
	2020		2019		2018
(Gain) loss on sale or disposition of business and assets	$	58.4	$	71.1	$	(0.1	)
Write-down of assets (1)		55.6		17.9		—
Other		2.6		0.2		3.6
	$	116.6	$	89.2	$	3.5

(1)	Related to the write-down of certain assets to their recoverable amounts.

Summary of (Gain) Loss on Sale or Disposition of Business and Assets

The (Gain) loss on sale or disposition of business and assets is comprised of the following:

	Year Ended December 31,
	2020		2019		2018
Channelview asset sale	$	58.3	$	—	$	—
Delaware crude system		—		59.5		—
Sale of inland marine barge business		—		—		(48.1	)
Exchange of a portion of Versado gathering system		—		—		(44.4	)
Sale of storage and terminaling facilities		—		—		59.1
Disposal of benzene treating unit		—		—		20.5
Other		0.1		11.6		12.8
	$	58.4	$	71.1	$	(0.1	)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Components of Federal and State Income Tax Provisions

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

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

	2020			2019			2018
Current expense (benefit)	$	(15.4	)	$	—		$	—
Deferred expense (benefit)		(232.7	)		(87.9	)		5.5
Total income tax expense (benefit)	$	(248.1	)	$	(87.9	)	$	5.5

Deferred Tax Assets and Liabilities

Our deferred income tax assets and liabilities at December 31, 2020 and 2019 consist of differences related to the timing of recognition of certain types of costs as follows:

	2020			2019
Deferred tax assets:
Net operating loss	$	1,573.5		$	1,235.6
Other	—				2.3
Deferred tax assets before valuation allowance		1,573.5			1,237.9
Valuation allowance		(196.5	)		(2.3	)
Deferred tax assets		1,377.0			1,235.6
Deferred tax liabilities:
Investments (1)		(1,519.4	)		(1,647.7	)
Property, plant, and equipment		(4.0	)		(15.6	)
Other		(5.7	)		(6.5	)
Deferred tax liabilities		(1,529.1	)		(1,669.8	)
Net deferred tax asset (liability)	$	(152.1	)	$	(434.2	)

Net deferred tax asset (liability)
Federal	$	(148.3	)	$	(363.5	)
Foreign		0.6			0.6
State		(4.4	)		(71.3	)
Long-term deferred tax liability, net	$	(152.1	)	$	(434.2	)

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

Reconciliation of Income Tax Provision (Benefit)

Income tax reconciliation:	2020			2019			2018
Income (loss) before income taxes	$	(1,573.1	)	$	(46.7	)	$	65.9
Less: Net income attributable to noncontrolling interest		(228.9	)		(250.4	)		(58.8	)
Income attributable to TRC before income taxes		(1,802.0	)		(297.1	)		7.1
Federal statutory income tax rate		21	%		21	%		21	%
Provision for federal income taxes		(378.4	)		(62.4	)		1.5
Valuation allowance		194.2			—			—
State income taxes, net of federal tax benefit		(51.2	)		(5.8	)		2.5
State rate re-measurement		—			(14.4	)		—
CARES Act NOL carryback		(16.9	)		—			—
Permanent adjustments		4.5			(6.3	)		—
Other, net		(0.3	)		1.0			1.5
Income tax provision (benefit)	$	(248.1	)	$	(87.9	)	$	5.5

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

	Year Ended December 31,
	2020			2019			2018
Cash:
Interest paid, net of capitalized interest (1)	$	374.1		$	287.7		$	217.2
Income taxes received, net of payments		43.7			(1.9	)		(0.5	)
Non-cash investing activities:
Deadstock commodity inventory transferred to property, plant and equipment	$	5.3		$	21.8		$	49.0
Impact of capital expenditure accruals on property, plant and equipment, net		(226.9	)		(194.4	)		216.2
Transfers from materials and supplies inventory to property, plant and equipment		2.1			25.1			12.7
Contribution of property, plant and equipment to investments in unconsolidated affiliates		—			—			16.0
Change in ARO liability and property, plant and equipment due to revised cash flow estimate and additions		(1.8	)		6.7			1.8
Property, plant and equipment received in asset exchange		—			—			24.1
Receivable for asset exchange		—			—			15.0
Asset received related to conveyance of ownership interest in investment in unconsolidated affiliate		—			—			3.0
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests	$	(5.2	)	$	91.7		$	—
Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements		5.4			14.2			13.7
Accretion of deemed dividends on Series A Preferred Stock		37.6			33.1			29.2
Transfer within additional paid-in capital for exercise of Warrants		—			—			0.9
Impact of accounting standard adoption recorded in retained earnings		—			—			5.2
Non-cash balance sheet movements related to assets held for sale (See Note 4 - Joint Ventures, Acquisitions and Divestitures):
Trade receivables	$	—		$	6.9		$	—
Intangible assets, net accumulated amortization and estimated loss on sale		—			52.1			—
Goodwill		—			1.4			—
Property, plant and equipment, net of accumulated depreciation and estimated loss on sale		—			77.3			—
Accounts payable and accrued liabilities		—			6.2			—
Other long-term obligations		—			0.2			—
Lease liabilities arising from recognition of right-of-use assets:
Operating lease	$	13.2		$	6.9		$	—
Finance lease		6.0			10.1			—

(1)	Interest capitalized on major projects was $33.0 million, $61.8 million and $46.3 million for the years ended December 31, 2020, 2019 and 2018.

Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2020

Restricted Stock Units (RSUs) [Member]

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

Summary of Restricted Stock Awards

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

	Number of shares			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2019		3,392,061		$	48.79
Granted		1,331,213			27.12
Forfeited		(82,310	)		43.85
Vested		(805,108	)		48.97
Outstanding at December 31, 2020		3,835,856			40.81

PSUs [Member]

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

Summary of Restricted Stock Units

The following table summarizes the PSUs under the 2010 TRC Plan in shares and in dollars for the years indicated.

	Number of shares			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2019		528,719		$	76.56
Granted		291,365			69.70
Vested		(101,030	)		99.71
Outstanding at December 31, 2020		719,054			70.53

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information is shown in the following tables:

	Year Ended December 31, 2020
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	659.9	$	6,281.4	$	229.7	$	—		$	7,171.0
Fees from midstream services		487.2		602.1		—		—			1,089.3
		1,147.1		6,883.5		229.7		—			8,260.3
Intersegment revenues
Sales of commodities		2,173.2		205.9		—		(2,379.1	)		—
Fees from midstream services		6.5		31.5		—		(38.0	)		—
		2,179.7		237.4		—		(2,417.1	)		—
Revenues	$	3,326.8	$	7,120.9	$	229.7	$	(2,417.1	)	$	8,260.3
Operating margin	$	1,017.7	$	1,128.0	$	229.7	$	—		$	2,375.4
Other financial information:
Total assets (1)	$	8,743.5	$	6,860.0	$	86.3	$	185.9		$	15,875.7
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	293.9	$	414.0	$	—	$	18.9		$	726.8

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

	Year Ended December 31, 2019
	Gathering and Processing		Logistics and Transportation		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	1,101.6	$	6,406.1	$	(113.9	)	$	—		$	7,393.8
Fees from midstream services		728.0		549.3		—			—			1,277.3
		1,829.6		6,955.4		(113.9	)		—			8,671.1
Intersegment revenues
Sales of commodities		2,628.4		132.2		—			(2,760.6	)		—
Fees from midstream services		7.4		28.7		—			(36.1	)		—
		2,635.8		160.9		—			(2,796.7	)		—
Revenues	$	4,465.4	$	7,116.3	$	(113.9	)	$	(2,796.7	)	$	8,671.1
Operating margin	$	1,006.4	$	867.2	$	(113.9	)	$	—		$	1,759.7
Other financial information:
Total assets (1)	$	11,929.8	$	6,741.8	$	1.0		$	142.5		$	18,815.1
Goodwill	$	45.2	$	—	$	—		$	—		$	45.2
Capital expenditures	$	1,273.3	$	1,412.2	$	—		$	23.0		$	2,708.5

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

	Year Ended December 31, 2018
	Gathering and Processing		Logistics and Transportation		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	1,228.2	$	8,058.4	$	(7.9	)	$	—		$	9,278.7
Fees from midstream services		715.6		489.7		—			—			1,205.3
		1,943.8		8,548.1		(7.9	)		—			10,484.0
Intersegment revenues
Sales of commodities		3,636.0		317.1		—			(3,953.1	)		—
Fees from midstream services		7.2		30.8		—			(38.0	)		—
		3,643.2		347.9		—			(3,991.1	)		—
Revenues	$	5,587.0	$	8,896.0	$	(7.9	)	$	(3,991.1	)	$	10,484.0
Operating margin	$	939.2	$	592.5	$	(7.9	)	$	—		$	1,523.8
Other financial information:
Total assets (1)	$	11,602.7	$	5,180.6	$	3.2		$	151.7		$	16,938.2
Goodwill	$	46.6	$	—	$	—		$	—		$	46.6
Capital expenditures	$	1,548.6	$	1,767.0	$	—		$	12.1		$	3,327.7

(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:

	2020		2019			2018
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	1,359.0	$	1,321.7		$	1,810.0
NGL		5,181.3		5,233.8			6,886.9
Condensate and crude oil		264.0		716.1			457.9
Petroleum products		69.8		126.3			196.1
		6,874.1		7,397.9			9,350.9
Non-customer revenue:
Derivative activities - Hedge		90.8		138.0			(39.7	)
Derivative activities - Non-hedge (1)		206.1		(142.1	)		(32.5	)
		296.9		(4.1	)		(72.2	)
Total sales of commodities		7,171.0		7,393.8			9,278.7

Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		476.0		722.4			698.1
NGL transportation, fractionation and services		163.1		169.4			154.6
Storage, terminaling and export		401.9		356.4			313.0
Other		48.3		29.1			39.6
Total fees from midstream services		1,089.3		1,277.3			1,205.3

Total revenues	$	8,260.3	$	8,671.1		$	10,484.0

(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:

	2020			2019			2018
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Gathering and Processing operating margin	$	1,017.7		$	1,006.4		$	939.2
Logistics and Transportation operating margin		1,128.0			867.2			592.5
Other operating margin		229.7			(113.9	)		(7.9	)
Depreciation and amortization expense		(865.1	)		(971.6	)		(815.9	)
General and administrative expense		(254.6	)		(280.7	)		(256.9	)
Impairment of long-lived assets		(2,442.8	)		(225.3	)		—
Impairment of goodwill		—			—			(210.0	)
Interest expense, net		(391.3	)		(337.8	)		(185.8	)
Equity earnings (loss)		72.6			39.0			7.3
Gain (loss) on sale or disposition of business and assets		(58.4	)		(71.1	)		0.1
Write-down of assets		(55.6	)		(17.9	)		—
Gain (loss) from financing activities		45.6			(1.4	)		(2.0	)
Gain (loss) from sale of equity-method investment		—			69.3			—
Change in contingent considerations		0.3			(8.7	)		8.8
Other, net		0.8			(0.2	)		(3.5	)
Income (loss) before income taxes	$	(1,573.1	)	$	(46.7	)	$	65.9

Condensed Parent Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements

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

TARGA RESOURCES CORP.
PARENT ONLY
CONDENSED BALANCE SHEETS

	December 31,
	2020		2019
ASSETS
Investment in consolidated subsidiaries	$	3,507.2	$	5,643.4
Deferred income taxes		59.7		53.8
Debt issuance costs		2.9		4.0
Other long-term assets		9.4		9.8
Total assets	$	3,579.2	$	5,711.0

LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY
Accrued current liabilities	$	30.5	$	31.6
Long-term debt		555.0		435.0
Other long-term liabilities		38.4		44.8

Contingencies

Series A Preferred 9.5% Stock, net of discount		301.4		278.8
Targa Resources Corp. stockholders' equity		2,653.9		4,920.8
Total liabilities, Series A Preferred Stock and owners' equity	$	3,579.2	$	5,711.0

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

	Year Ended December 31,
	2020			2019			2018
Equity in net income (loss) of consolidated subsidiaries	$	(1,534.9	)	$	(186.2	)	$	27.4
General and administrative expense		(12.4	)		(13.1	)		(16.1	)
Income (loss) from operations		(1,547.3	)		(199.3	)		11.3
Other income (expense):
Loss on debt extinguishment		—			—			(0.7	)
Interest expense		(12.5	)		(17.0	)		(15.8	)
Income (loss) before income taxes		(1,559.8	)		(216.3	)		(5.2	)
Deferred income tax (expense) benefit		5.9			7.1			6.8
Net income (loss) attributable to Targa Resources Corp.		(1,553.9	)		(209.2	)		1.6
Other comprehensive income (loss)		(234.3	)		(1.8	)		129.4
Total comprehensive income (loss)	$	(1,788.2	)	$	(211.0	)	$	131.0

Dividends on Series A Preferred Stock		91.7			91.7			91.7
Deemed dividends on Series A Preferred Stock		39.2			33.1			29.2
Net income (loss) attributable to common shareholders		(1,684.8	)		(334.0	)		(119.3	)
Net income (loss) attributable to Targa Resources Corp.	$	(1,553.9	)	$	(209.2	)	$	1.6

TARGA RESOURCES CORP.
PARENT ONLY
CONDENSED STATEMENTS OF CASH FLOWS
		Year Ended December 31,
		2020			2019			2018
	Net cash provided by operating activities	$	(193.9	)	$	48.3		$	55.2

Cash flows from investing activities
	Advances to consolidated subsidiaries		214.1			(222.5	)		(714.5	)
	Distributions from consolidated subsidiaries (1)		387.2			1,152.4			891.1
	Net cash provided by (used in) investing activities		601.3			929.9			176.6

Cash flows from financing activities
	Proceeds from long-term debt borrowings		155.0			(450.0	)		365.0
	Repayments of long-term debt		(35.0	)		450.0			(365.0	)
	Costs incurred in connection with financing arrangements		—			—			(8.5	)
	Transaction costs incurred related to sale of ownership interests		—			(10.8	)		—
	Proceeds from issuance of common stock, preferred stock and warrants		—			—			689.0
	Repurchase of common stock		(97.4	)		(13.9	)		(4.0	)
	Dividends paid to common and preferred shareholders		(384.2	)		(953.5	)		(908.3	)
	Partial repurchase of Series A Preferred Stock		(45.8	)		—			—
	Net cash provided by (used in) financing activities		(407.4	)		(978.2	)		(231.8	)

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

_____________

Significant Accounting Policies (Details)		12 Months Ended
Significant Accounting Policies (Details)	Jan. 01, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Feb. 28, 2021 JointVenture	Dec. 31, 2017 USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Commodity-based inventory		$ 178,900,000	$ 156,500,000
Interest expense, net		(391,300,000)	(337,800,000)	$ (185,800,000)
Decrease in estimated redemption value included in interest (income) expense, net				72,100,000
Income attributable to mandatorily redeemable preferred interests		4,900,000		4,100,000
Series A Preferred Stock [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Carrying value		$ 301,400,000	278,800,000			$ 216,500,000
Subsequent Event [Member] \| New Accounting Pronouncement Early Adoption Effect [Member] \| Series A Preferred Stock [Member] \| ASU 2020-06 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Carrying value	$ 742,900,000
Preferred stock, net proceeds at issuance	$ 787,100,000
Minimum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Payment of commodities due period		10 days
Maximum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Payment of commodities due period		30 days
Mandatorily Redeemable Preferred Interests [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Estimated redemption value		$ 0	0
Mandatorily Redeemable Preferred Interests [Member] \| West OK [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest					100.00%
Mandatorily Redeemable Preferred Interests [Member] \| West TX [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Ownership interest					72.80%
Mandatorily Redeemable Preferred Interests [Member] \| Joint Ventures [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Number of joint ventures \| JointVenture					2
Notes receivable, face amount		$ 1,900,000,000
Notes receivable, due date		Jul. 31, 2042
Interest expense, net		$ 9,100,000	$ 10,200,000	$ 9,700,000

Joint Ventures and Divestitures - Additional Information Joint Ventures (Details) $ in Millions		1 Months Ended
	Feb. 06, 2018 USD ($) MBbls / d JointVenture	Jan. 31, 2018 MMcf / d	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 31, 2018
Business Acquisition [Line Items]
Fractionation-related infrastructure funded and owned percentage	100.00%
Carnero Joint Venture [Member] \| TEXAS
Business Acquisition [Line Items]
Ownership interest						50.00%
DevCo JVs [Member] \| Stonepeak Infrastructure Partners [Member]
Business Acquisition [Line Items]
Option to acquire interest, minimum capital increments \| $	$ 100
Option to acquire, percentage of single final purchase	50.00%
DevCo JVs [Member] \| Stonepeak Infrastructure Partners [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Percentage of option to purchase equity stake	50.00%
Stonepeak Infrastructure Partners [Member] \| GCX DevCo JV [Member]
Business Acquisition [Line Items]
Number of development joint ventures \| JointVenture	3
Ownership interest	80.00%
Stonepeak Infrastructure Partners [Member] \| Train 6 DevCo JV [Member]
Business Acquisition [Line Items]
Ownership interest	80.00%
Stonepeak Infrastructure Partners [Member] \| Grand Prix DevCo JV [Member]
Business Acquisition [Line Items]
Ownership interest	95.00%
GCX DevCo JV [Member]
Business Acquisition [Line Items]
Ownership interest			20.00%	20.00%	20.00%
GCX DevCo JV [Member] \| GCX [Member]
Business Acquisition [Line Items]
Ownership interest	25.00%		25.00%	25.00%	25.00%
Grand Prix DevCo JV [Member] \| Grand Prix Joint Venture [Member]
Business Acquisition [Line Items]
Ownership interest	20.00%
Train 6 [Member] \| Mont Belvieu, Texas [Member]
Business Acquisition [Line Items]
Capacity of pipeline \| MBbls / d	100
Train 6 [Member] \| Train 6 DevCo JV [Member] \| Mont Belvieu, Texas [Member]
Business Acquisition [Line Items]
Ownership interest in assets	100.00%
Hess Midstream Partners LP [Member] \| LM4 Plant [Member]
Business Acquisition [Line Items]
Ownership interest		50.00%
Processing capacity \| MMcf / d		200

Joint Ventures and Divestitures - Additional Information Divestitures (Details) - USD ($) $ in Millions		1 Months Ended				12 Months Ended
	Sep. 30, 2018	Oct. 31, 2020	Apr. 30, 2019	Feb. 28, 2019	May 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 01, 2019	Feb. 06, 2018
Assets And Liabilities Held For Sale [Line Items]
(Gain) loss on sale or disposition of business and assets						$ 58.4	$ 71.1	$ (0.1)
Fractionation-related infrastructure funded and owned percentage										100.00%
Sale price of Delaware crude system									$ 134.0
Proceeds from sale of business and assets						$ 198.7	14.8	256.9
Train 7 Joint Venture [Member] \| Fractionation Related Infrastructure [Member] \| Targa Resources Corp [Member]
Assets And Liabilities Held For Sale [Line Items]
Fractionation-related infrastructure funded and owned percentage				100.00%
Versado Gathering System [Member]
Assets And Liabilities Held For Sale [Line Items]
(Gain) loss on sale or disposition of business and assets								(44.4)
Other Operating Income (Expense) [Member]
Assets And Liabilities Held For Sale [Line Items]
Gain (loss) on sale or disposal of assets							$ (59.5)
Targa Badlands LLC [Member]
Assets And Liabilities Held For Sale [Line Items]
Option to purchase equity interest percentage			7.50%
Subsidiary ownership interest sale percentage			45.00%
Consideration received on sale of interest on subsidiary			$ 1,600.0
Channelview, Texas [Member]
Assets And Liabilities Held For Sale [Line Items]
Proceeds from sale of business and assets		$ 58.0
Channelview, Texas [Member] \| Other Operating Income (Expense) [Member]
Assets And Liabilities Held For Sale [Line Items]
(Gain) loss on sale or disposition of business and assets		$ 58.3
Refined Products And Crude Oil Storage And Terminaling Facilities [Member] \| Tacoma, Washington and Baltimore, Maryland [Member]
Assets And Liabilities Held For Sale [Line Items]
Proceeds from sale of property	$ 165.0
Refined Products And Crude Oil Storage And Terminaling Facilities [Member] \| Tacoma, Washington and Baltimore, Maryland [Member] \| Other Operating Income (Expense) [Member]
Assets And Liabilities Held For Sale [Line Items]
Gain (loss) on sale or disposal of assets	$ (59.1)
Train 7 [Member]
Assets And Liabilities Held For Sale [Line Items]
Option to purchase equity interest percentage				20.00%
Logistics and Transportation [Member]
Assets And Liabilities Held For Sale [Line Items]
Proceeds from sale of property					$ 69.3
Gain Loss On Sale Of Business								$ 48.1

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 20,185.0	$ 19,876.8
Accumulated depreciation, amortization and impairment	(8,011.4)	(5,328.3)
Property, plant and equipment, net	12,173.6	14,548.5
Intangible assets	2,643.5	2,643.5
Accumulated amortization and impairment	(1,261.1)	(908.5)
Intangible assets, net	$ 1,382.4	1,735.0	$ 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	$ 9,216.1	8,976.8
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	$ 6,276.8	5,143.0
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	$ 1,555.1	1,495.5
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	$ 2,567.7	2,292.4
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	50 years
Other Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 32.4	184.1
Other Property, Plant and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Other Property, Plant and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 160.8	159.7
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	324.3	1,576.5
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 51.8	$ 48.8

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense				$ 721.1	$ 800.0	$ 633.3
Non-cash pre-tax impairments	$ 2,442.8			2,442.8	225.3
Write-down/impairment charge of assets		$ 225.3		2,442.8	$ 225.3
Weighted average discount rate percentage	14.00%	8.50%			8.50%
Estimated amortization expense for intangible assets [Abstract]
Amortization				144.0	$ 171.6	$ 182.6
2021				130.9
2022				122.7
2023				117.5
2024				113.7
2025				$ 110.6
Weighted average amortization period, intangible assets				13 years
Restatement Adjustment [Member]
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 12.5
Other Operating Income (Expense) [Member]
Property, Plant and Equipment [Line Items]
Non-cash loss recognized from assets written off				$ 32.4

Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite Lived Intangible Assets Roll Forward
Balance at beginning of period	$ 1,735.0	$ 1,983.2
Held for sale assets		(76.6)
Impairment	(208.6)
Amortization	(144.0)	(171.6)	$ (182.6)
Balance at end of period	$ 1,382.4	$ 1,735.0	$ 1,983.2

Goodwill - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
Goodwill - Additional Information (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Mar. 01, 2017
Goodwill [Line Items]
Goodwill	$ 46,600,000	$ 45,200,000	$ 46,600,000	$ 45,200,000
Goodwill impairment	$ 210,000,000.0		$ 210,000,000.0
Other Long-term Assets [Member]
Goodwill [Line Items]
Goodwill				$ 45,200,000
Acquisition of Gas Gathering and Processing and Crude Oil Gathering Assets in Permian Basin [Member]
Goodwill [Line Items]
Goodwill					$ 46,600,000
Former Permian Supersystem [Member]
Goodwill [Line Items]
Goodwill impairment		$ 0

Goodwill - Changes in Net Amounts of Goodwill (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2018

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Goodwill allocated to held for sale assets

$ 46.6

$ 45.2

$ 46.6

(1.4)

46.6

45.2

46.6

Impairment

(210.0)

New Midland [Member]

23.2

23.2

^[1]

(23.2)

New Delaware [Member]

23.4

$ 23.4

Delaware Supersystem [Member]

^[2]

(23.4)

Goodwill allocated to held for sale assets

23.4

(1.4)

22.0

(22.0)

^[1]

$ 23.4

^[2]

Permian Midland [Member]

23.2

23.2

Permian Delaware [Member]

^[1]

23.2

22.0

22.0

Schedule Of Equity Method Investments [Line Items]

^[1]

$ 22.0

[1]

[2]

Investments in Unconsolidated Affiliates - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2020 JointVenture	Jan. 31, 2020 USD ($)	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Sale price of equity-method investment	$ 73.8
Gain on sale of equity-method investment	$ 69.3
Business combination, contingent consideration, liability, current			$ 3.5
Targa Resources Partners LP [Member] \| Gulf Coast Fractionators LP [Member] \| Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest		38.80%
Targa Resources Partners LP [Member] \| T2 Joint Ventures [Member] \| Gathering and Processing [Member]
Schedule Of Equity Method Investments [Line Items]
Number of operated joint ventures \| JointVenture		2
Targa Resources Partners LP [Member] \| T2 LaSalle [Member] \| Gathering and Processing [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest		75.00%
Targa Resources Partners LP [Member] \| T2 Eagle Ford [Member] \| Gathering and Processing [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest		50.00%
Targa Resources Partners LP [Member] \| Cayenne Joint Venture [Member] \| Gathering and Processing [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest		50.00%
Targa Resources Partners LP [Member] \| GCX [Member] \| Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest		25.00%
Targa Resources Partners LP [Member] \| Little Missouri 4 [Member] \| Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest		50.00%
Targa Resources Partners LP [Member] \| T2 EF Cogen [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest				50.00%

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ 738.7

72.6

$ 39.0

$ 7.3

Targa Resources Partners LP [Member]

714.0

738.7

Schedule Of Equity Method Investments [Line Items]

738.7

490.5

221.6

72.6

39.0

7.3

Acquisition (Disposition)

(100.0)

(53.1)

(34.3)

^[1]

(4.5)

1.4

2.7

266.8

294.5

^[2]

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

714.0

738.7

490.5

Schedule Of Equity Method Investments [Line Items]

37.2

^[3]

40.3

45.8

2.9

^[3]

16.1

16.8

(1.6)

^[3]

(19.2)

(22.3)

^[1]

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

38.5

^[3]

37.2

^[3]

40.3

Schedule Of Equity Method Investments [Line Items]

44.8

^[4]

49.3

54.1

(4.8)

^[4]

(4.5)

(4.9)

^[4]

(0.4)

^[2]

0.1

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

39.6

^[4]

44.8

^[4]

49.3

Schedule Of Equity Method Investments [Line Items]

89.6

^[4]

99.0

109.2

(8.9)

^[4]

(9.4)

(10.2)

^[4]

(0.9)

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

79.8

^[4]

89.6

^[4]

99.0

Schedule Of Equity Method Investments [Line Items]

3.9

Acquisition (Disposition)

(1.8)

(2.1)

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

Schedule Of Equity Method Investments [Line Items]

15.9

16.6

8.6

6.3

7.2

6.4

(6.0)

(8.2)

(4.0)

^[1]

0.3

5.6

^[2]

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

16.2

15.9

16.6

Schedule Of Equity Method Investments [Line Items]

^[5]

447.5

211.6

^[5]

66.3

27.7

0.8

^[5]

(81.3)

(25.3)

^[5]

2.7

233.5

210.8

^[2]

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

^[5]

435.2

447.5

211.6

Schedule Of Equity Method Investments [Line Items]

103.7

67.3

10.8

3.4

(9.8)

(8.0)

^[1]

33.0

75.3

^[2]

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

$ 104.7

103.7

67.3

Schedule Of Equity Method Investments [Line Items]

6.4

(1.5)

0.2

Acquisition (Disposition)

(0.4)

$ (4.5)

3.5

^[2]

2.7

Current Obligations of the Partnership [Abstract]

$ 6.4

[1]	Includes an $8.0 million distribution from Little Missouri 4 as a reimbursement of pre-formation expenditures
[2]	Includes a $16.0 million initial contribution of property, plant and equipment to Little Missouri 4
[3]	Targa will assume operatorship of GCF in the first half of 2021.
[4]	The carrying values of the T2 Joint Ventures include the effects of the Atlas Merger purchase accounting, which determined fair values for the joint ventures as of the date of acquisition. As of December 31, 2020, $21.6 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.
[5]	As discussed in Note 4 –Joint Ventures and Divestitures, our 25% interest in GCX is owned by 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) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 06, 2018
Schedule Of Equity Method Investments [Line Items]
Return of capital from unconsolidated affiliate	$ 13.2	$ 3.5	$ 5.5
Contribution of property, plant and equipment to investment in unconsolidated affiliates			16.0
Targa Resources Partners LP [Member] \| Little Missouri 4 [Member]
Schedule Of Equity Method Investments [Line Items]
Return of capital from unconsolidated affiliate			$ 8.0
Targa Resources Partners LP [Member] \| T2 LaSalle and T2 Eagle Ford [Member]
Schedule Of Equity Method Investments [Line Items]
Unamortized excess fair value	$ 21.6
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%	20.00%	20.00%
GCX DevCo JV [Member] \| GCX [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	25.00%	25.00%	25.00%	25.00%

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

Dec. 31, 2020

Dec. 31, 2019

Accounts receivable securitization facility, due April 2021

^[1],[2]

$ 350.0

$ 370.0

Current debt

^[1]

356.5

370.0

Debt issuance costs, net of amortization

0.0

Finance lease liabilities

12.1

12.2

Current debt obligations

368.6

382.2

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

7,413.9

7,463.5

Debt issuance costs, net of amortization

(45.5)

(49.1)

Finance lease liabilities

18.7

25.8

Letters of credit outstanding

7,387.1

7,440.2

Total debt obligations

7,755.7

7,822.4

44.4

88.2

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

Targa Pipeline Partners LP [Member]

^[1],[3]

280.0

0.0

Current Obligations of the Partnership [Abstract]

Long-term debt, current

^[1],[4]

6.5

0.0

Senior Unsecured Notes [Member] | Senior Unsecured 5¼% Notes due May 2023 [Member] | Targa Resources Partners LP [Member]

Senior Unsecured Notes [Member] | Senior Unsecured 4¼% Notes due November 2023 [Member] | Targa Resources Partners LP [Member]

^[1]

0.0

559.6

Senior Unsecured Notes [Member] | Senior Unsecured 6¾% Notes due March 2024 [Member] | Targa Resources Partners LP [Member]

^[1]

583.9

Senior Unsecured Notes [Member] | Senior Unsecured 5⅛% Notes due February 2025 [Member] | Targa Resources Partners LP [Member]

^[1]

0.0

580.1

Senior Unsecured Notes [Member] | Senior Unsecured 5⅞% Notes due April 2026 [Member] | Targa Resources Partners LP [Member]

^[1]

481.0

500.0

Senior Unsecured Notes [Member] | Senior Unsecured 5⅜% Notes due February 2027 [Member] | Targa Resources Partners LP [Member]

^[1]

963.2

1,000.0

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

^[1]

468.1

500.0

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

^[1]

700.3

750.0

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

^[1]

705.2

750.0

Senior Unsecured Notes [Member] | Senior Unsecured of 5½% Senior Notes due March 2030 [Member] | Targa Resources Partners LP [Member]

^[1]

679.3

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 4⅞% Notes due February 2031 [Member] | Targa Resources Partners LP [Member]

^[1]

949.6

1,000.0

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

^[1]

1,000.0

0.0

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

^[4]

0.0

6.5

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

^[4]

48.1

Unamortized premium

0.2

0.3

Letters of credit outstanding

^[5]

0.0

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

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

^[5]

555.0

435.0

Letters of credit outstanding

^[3]

$ 44.4

$ 88.2

[1]	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.
[2]	As of December 31, 2020, the Partnership had $350.0 million of qualifying receivables under its $350.0 million Securitization Facility, resulting in zero availability.
[3]	As of December 31, 2020, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,875.6 million.
[4]	TPL” refers to Targa Pipeline Partners LP.
[5]	As of December 31, 2020, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $115.0 million.

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

1 Months Ended

3 Months Ended

12 Months Ended

Nov. 30, 2019

Jan. 31, 2019

Apr. 30, 2018

Jun. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Nov. 30, 2020

Sep. 01, 2020

Aug. 31, 2020

Mar. 31, 2020

Proceeds from borrowings under accounts receivable securitization facility

$ 576,400,000

$ 944,200,000

$ 546,600,000

Accounts receivable securitization facility, due April 2021

^[1],[2]

$ 350,000,000.0

$ 370,000,000.0

Accounts Receivable Securitization Facility [Member]

Proceeds from borrowings under accounts receivable securitization facility

Apr. 21, 2021

$ 350,000,000.0

Accounts receivable securitization facility, due April 2021

350,000,000.0

Remaining borrowing capacity

Maximum borrowing capacity

$ 250,000,000.0

$ 350,000,000.0

$ 400,000,000.0

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

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

Jun. 30, 2023

Remaining borrowing capacity

$ 115,000,000.0

Maximum borrowing capacity

$ 670,000,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 5¼% Notes due May 2023 [Member]

Senior Unsecured Notes [Member] | Senior Unsecured 6¾% Notes due March 2024 [Member]

5.25%

Senior Unsecured Notes [Member] | Senior Unsecured 5⅞% Notes due April 2026 [Member]

6.75%

Apr. 30, 2026

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

5.875%

Jul. 31, 2027

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

6.50%

Jan. 31, 2029

Senior Unsecured Notes [Member] | Senior Unsecured 4⅞% Notes due February 2031 [Member]

6.875%

Senior Unsecured Notes [Member] | Senior Unsecured of 5½% Senior Notes due March 2030 [Member]

4.875%

Mar. 31, 2030

Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility Due April 2021 [Member]

5.50%

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

Apr. 30, 2021

Remaining borrowing capacity

Jun. 30, 2023

$ 1,875,600,000

Maximum borrowing capacity

$ 2,200,000,000

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5¼% Notes due May 2023 [Member]

May 31, 2023

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 4¼% Notes due November 2023 [Member]

5.25%

Nov. 30, 2023

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6¾% Notes due March 2024 [Member]

4.25%

Mar. 31, 2024

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5⅛% Notes due February 2025 [Member]

6.75%

Feb. 28, 2025

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5⅞% Notes due April 2026 [Member]

5.125%

Apr. 30, 2026

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5⅜% Notes due February 2027 [Member]

5.875%

Feb. 28, 2027

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

5.375%

Jul. 31, 2027

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

6.50%

Jan. 31, 2028

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

5.00%

Jan. 31, 2029

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 4⅞% Notes due February 2031 [Member]

6.875%

Feb. 28, 2031

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 5½% Senior Notes due March 2030 [Member]

4.875%

Mar. 31, 2030

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

5.50%

Nov. 30, 2021

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

4.75%

Aug. 31, 2023

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

5.875%

Nov. 30, 2021

4.75%

[1]	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.
[2]	As of December 31, 2020, the Partnership had $350.0 million of qualifying receivables under its $350.0 million Securitization Facility, resulting in zero availability.

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Dec. 31, 2020
TRC Revolver [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	2.30%
TRP Revolver [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	2.20%
Targa Resources Partners LP [Member] \| Securitization Facility
Debt Instrument [Line Items]
Weighted average interest rate incurred	2.00%
Minimum [Member] \| TRC Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.90%
Minimum [Member] \| TRP Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.90%
Minimum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility
Debt Instrument [Line Items]
Range of interest rates incurred	1.50%
Maximum [Member] \| TRC Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	3.50%
Maximum [Member] \| TRP Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	6.00%
Maximum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility
Debt Instrument [Line Items]
Range of interest rates incurred	2.70%

Debt Obligations - TRC Revolving Credit Agreement - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2017
TRC Revolver [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 670,000,000.0
Line Of Credit Additional Commitment Increase Available Upon Request	200,000,000.0
Leverage ratio for each fiscal quarter in first year		4.00
Leverage ratio for each fiscal quarter thereafter		1.00
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 670,000,000.0
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.375%
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage ratio for term loans	4.75%
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| London Interbank Offered Rate (LIBOR) \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage ratio for revolving loans	1.75%
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| London Interbank Offered Rate (LIBOR) \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage ratio for revolving loans	2.75%
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| Base Rate [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage ratio for term loans	3.75%
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| Base Rate [Member] \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage ratio for revolving loans	0.75%
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] \| Base Rate [Member] \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage ratio for revolving loans	1.75%

Debt Obligations - Partnership's Revolving Credit Facility - Additional Information (Details) - TRP Revolver [Member]			1 Months Ended	12 Months Ended
	Jul. 01, 2020	Feb. 17, 2016	Jun. 29, 2019	Dec. 31, 2020 USD ($)	Jun. 30, 2020
Debt Instrument [Line Items]
Maturity date				Jun. 30, 2023
Maximum borrowing capacity				$ 2,200,000,000
Line Of Credit Additional Commitment Increase Available Upon Request				$ 500,000,000.0
First Amendment [Member]
Debt Instrument [Line Items]
Maximum percentage of consolidated EBITDA	20.00%		20.00%		30.00%
Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Minimum [Member]
Debt Instrument [Line Items]
Commitment fee percentage				0.25%
Leverage ratio before collateral release date				1.00
Leverage ratio upon and after collateral release date		1.00		1.00
Interest coverage ratio				1.00
Minimum [Member] \| Letters of Credit [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt				1.25%
Minimum [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Commitment fee percentage				0.125%
Minimum [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] \| Letters of Credit [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt				1.125%
Minimum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Minimum [Member] \| Base Rate [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.125%
Minimum [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Minimum [Member] \| Eurodollar [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				1.125%
Maximum [Member]
Debt Instrument [Line Items]
Commitment fee percentage				0.375%
Leverage ratio before collateral release date				5.50
Leverage ratio upon and after collateral release date		5.50		5.25
Interest coverage ratio				2.25
Aggregate principal amount issued				$ 400,000,000
Maximum [Member] \| Letters of Credit [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt				2.25%
Maximum [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Commitment fee percentage				0.35%
Maximum [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] \| Letters of Credit [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt				1.75%
Maximum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Maximum [Member] \| Base Rate [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.75%
Maximum [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Maximum [Member] \| Eurodollar [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%

Debt Obligations - Partnership's Accounts Receivable Securitization Facility - Additional Information (Details) - Accounts Receivable Securitization Facility [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250.0	$ 350.0	$ 400.0
Termination date	Apr. 21, 2021	Apr. 21, 2021
Outstanding securitization facility		$ 350.0

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

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Debt Obligations - The Partnership's Senior Unsecured Notes - Additional Information (Details) - Senior Unsecured Notes [Member]	12 Months Ended
	Dec. 31, 2020
Debt Instrument [Line Items]
Maximum percentage of aggregate principal amount of debt redeemable by the Partnership with equity offerings	35.00%
Redemption condition, minimum percentage of aggregate principal amount outstanding immediately after occurrence of redemption	65.00%
Redemption condition, maximum number of days from date of closing of equity offerings	180 days

Debt Obligations - Senior Unsecured Notes Issuances - Additional Information (Details) - Senior Unsecured Notes [Member] - USD ($) $ in Millions	1 Months Ended					12 Months Ended
	Feb. 28, 2021	Aug. 31, 2020	Nov. 30, 2019	Jan. 31, 2019	Apr. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Sep. 01, 2020
Senior Unsecured 5⅞% Notes due April 2026 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued					$ 1,000.0
Interest rate on fixed rate debt					5.875%
Maturity date					Apr. 30, 2026
Net proceeds from private placement of notes					$ 991.9
Senior Unsecured 5⅞% Notes due April 2026 [Member] \| Targa Resources Partners LP [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt						5.875%	5.875%
Maturity date						Apr. 30, 2026	Apr. 30, 2026
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
Net proceeds from private placement of notes				$ 1,486.6
Senior Unsecured 6½% Senior Notes due July 2027 [Member] \| Targa Resources Partners LP [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt						6.50%	6.50%
Maturity date						Jul. 31, 2027	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 of 6⅞% Senior Notes due January 2029 [Member] \| Targa Resources Partners LP [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt						6.875%	6.875%
Maturity date						Jan. 31, 2029	Jan. 31, 2029
Senior Unsecured 4 1/8% notes due November 2019 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt				4.125%
Senior Unsecured of 5½% Senior Notes due March 2030 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued			$ 1,000.0
Interest rate on fixed rate debt			5.50%
Maturity date			Mar. 31, 2030
Net proceeds from private placement of notes			$ 990.8
Senior Unsecured of 5½% Senior Notes due March 2030 [Member] \| Targa Resources Partners LP [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt						5.50%	5.50%
Maturity date						Mar. 31, 2030	Mar. 31, 2030
Senior Unsecured 4⅞% Notes due February 2031 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued		$ 1,000.0
Interest rate on fixed rate debt		4.875%
Net proceeds from private placement of notes		$ 991.0
Senior Unsecured 4⅞% Notes due February 2031 [Member] \| Targa Resources Partners LP [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt						4.875%	4.875%
Maturity date						Feb. 28, 2031	Feb. 28, 2031
Senior Unsecured 6¾% Notes due March 2024 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		6.75%						6.75%
Senior Unsecured 6¾% Notes due March 2024 [Member] \| Targa Resources Partners LP [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt						6.75%	6.75%
Maturity date						Mar. 31, 2024	Mar. 31, 2024
Senior Unsecured of 4% Senior Notes due 2032 [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 1,000.0
Interest rate on fixed rate debt	4.00%
Net proceeds from private placement of notes	$ 992.0
Senior Unsecured 5⅛% Notes due 2025 [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	5.125%
Senior Unsecured 4 3/4% Notes due November 2021 [Member] \| Targa Resources Partners LP [Member] \| Targa Pipeline Partners LP [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt						4.75%	4.75%
Maturity date						Nov. 30, 2021	Nov. 30, 2021
Senior Unsecured 4 3/4% Notes due November 2021 [Member] \| Targa Resources Partners LP [Member] \| Targa Pipeline Partners LP [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	4.75%
Senior Unsecured 5 7/8% Notes due August 2023 [Member] \| Targa Resources Partners LP [Member] \| Targa Pipeline Partners LP [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt						5.875%	5.875%
Maturity date						Aug. 31, 2023	Aug. 31, 2023
Senior Unsecured 5 7/8% Notes due August 2023 [Member] \| Targa Resources Partners LP [Member] \| Targa Pipeline Partners LP [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	5.875%

Debt Obligations - Debt Repurchases & Extinguishments - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended		6 Months Ended	12 Months Ended
	Sep. 01, 2020	Nov. 30, 2020	Feb. 28, 2019	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Aug. 31, 2020	Jan. 31, 2019
Debt Instrument [Line Items]
Write-off debt issuance cost				$ 2.4
Debt repurchased, payment				239.8
Debt repurchased, book value				303.3
Gain (loss) from financing activities				61.1	$ 45.6	$ (1.4)	$ (2.0)
Debt repurchased, gain				$ 63.5	$ 45.6	$ (1.4)	$ (2.0)
Senior Unsecured 6¾% Notes due March 2024 [Member]
Debt Instrument [Line Items]
Write-off debt issuance cost	$ 2.6
Face amount of notes redeemed	318.0							$ 262.1
Loss due to debt extinguishments	13.7
Premium Paid	$ 11.1
Senior Unsecured 5¼% Notes due May 2023 [Member]
Debt Instrument [Line Items]
Face amount of notes redeemed		$ 559.6
Loss due to debt extinguishments		$ 1.8
Senior Unsecured Notes [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt									4.125%
Senior Unsecured Notes [Member] \| Senior Unsecured 6¾% Notes due March 2024 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	6.75%							6.75%
Senior Unsecured Notes [Member] \| Senior Unsecured 5¼% Notes due May 2023 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		5.25%
Partnership Issuers [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 4 1/8% notes due November 2019 [Member]
Debt Instrument [Line Items]
Redemption price, percentage of face value			4.125%
Maturity year			2019
Write-off debt issuance cost			$ 1.4

Debt Obligations - Debt Repurchases Summary (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Write-off of debt issuance costs	$ (2.4)
Gain (loss) from financing activities	$ 63.5	$ 45.6	$ (1.4)	$ (2.0)
Senior Unsecured Notes [Member] \| TRC Revolver [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs		0.0	0.0	(0.7)
Senior Unsecured Notes [Member] \| TRP Revolver [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs		0.0	0.0	(1.3)
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 6¾% Senior Notes due 2024 [Member]
Debt Instrument [Line Items]
Premium over face value paid upon redemption		(11.1)	0.0	0.0
Write-off of debt issuance costs		(2.6)	0.0	0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 5⅛% Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Discount over face value paid upon redemption		4.4	0.0	0.0
Write-off of debt issuance costs		(0.1)	0.0	0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 5⅞% Senior Notes due 2026 [Member]
Debt Instrument [Line Items]
Discount over face value paid upon redemption		7.1	0.0	0.0
Write-off of debt issuance costs		(0.2)	0.0	0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 5⅜% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Discount over face value paid upon redemption		5.3	0.0	0.0
Write-off of debt issuance costs		(0.2)	0.0	0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 5% Senior Notes due 2028 [Member]
Debt Instrument [Line Items]
Discount over face value paid upon redemption		11.7	0.0	0.0
Write-off of debt issuance costs		(0.4)	0.0	0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 6½% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Discount over face value paid upon redemption		9.3	0.0	0.0
Write-off of debt issuance costs		(0.4)	0.0	0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 6⅞% Senior Notes due 2029 [Member]
Debt Instrument [Line Items]
Discount over face value paid upon redemption		15.5	0.0	0.0
Write-off of debt issuance costs		(0.6)	0.0	0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 5½% Senior Notes due 2030 [Member]
Debt Instrument [Line Items]
Discount over face value paid upon redemption		10.2	0.0	0.0
Write-off of debt issuance costs		(0.5)	0.0	0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 5¼% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs		(1.8)	0.0	0.0
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Partnership 4⅛% Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Write-off of debt issuance costs		$ 0.0	$ (1.4)	$ 0.0

Debt Obligations - Schedule of Contractual Maturities of Debt Obligations (Details) $ in Millions	Dec. 31, 2020 USD ($)
Contractual Obligation [Line Items]
Total	$ 7,770.4
2021	356.5
2022	0.0
2023	1,467.0
2024	0.0
2025	481.0
After 2025	5,465.9
Securitization Facility \| Targa Resources Partners LP [Member]
Contractual Obligation [Line Items]
Total	350.0
2021	350.0
2022	0.0
2023	0.0
2024	0.0
2025	0.0
After 2025	0.0
Senior Unsecured Notes [Member] \| Targa Resources Partners LP [Member]
Contractual Obligation [Line Items]
Total	6,585.4
2021	6.5
2022	0.0
2023	632.0
2024	0.0
2025	481.0
After 2025	5,465.9
TRC Revolver [Member]
Contractual Obligation [Line Items]
Total	555.0
2021	0.0
2022	0.0
2023	555.0
2024	0.0
2025	0.0
After 2025	0.0
TRP Revolver [Member]
Contractual Obligation [Line Items]
Total	280.0
2021	0.0
2022	0.0
2023	280.0
2024	0.0
2025	0.0
After 2025	$ 0.0

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities Noncurrent [Abstract]
Deferred revenue	$ 168.5	$ 172.0	$ 175.5
Asset retirement obligations	68.3	66.3	$ 55.5
Operating lease liabilities	46.2	47.2
Other liabilities	26.1	20.1
Total long-term liabilities	$ 309.1	$ 305.6

Other Long-term Liabilities - Changes in Aggregate Asset Retirement Obligations (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Beginning of period

$ 66.3

$ 55.5

Additions

^[1]

11.8

Change in cash flow estimate

(1.8)

(5.1)

Accretion expense

3.6

4.7

$ 3.7

Retirement of ARO

0.2

(0.6)

End of period

$ 68.3

$ 66.3

$ 55.5

[1]	Amount reflects additions of ARO related to the commencement of operations of Grand Prix.

Other Long-term Liabilities - Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 168.5	$ 172.0	$ 175.5
Deferred revenue recognized related to gas gathering and processing agreement	$ 3.8	$ 3.9	3.9
Channelview Splitter [Member]
Deferred Revenue and Other [Abstract]
Deferred revenue			$ 129.0

Other Long-term Liabilities - Components of Deferred Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 168.5	$ 172.0	$ 175.5
Splitter Agreement [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	129.0	129.0
Gas Contract Amendment [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	37.3	39.8
Other Deferred Revenue [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 2.2	$ 3.2

Other Long-term Liabilities - Changes in Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities Noncurrent [Abstract]
Balance at beginning of period	$ 172.0	$ 175.5
Additions	0.3	0.4
Revenue recognized	(3.8)	(3.9)	$ (3.9)
Balance at end of period	$ 168.5	$ 172.0	$ 175.5

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020
Lessee Lease Description [Line Items]
Weighted-average remaining lease terms for operating leases		6 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		3.80%
Compressors and Equipment [Member]
Lessee Lease Description [Line Items]
Operating Lease, Expense	$ 56.0
Minimum [Member]
Lessee Lease Description [Line Items]
Remaining lease terms		1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Remaining lease terms		9 years
Options to extend lease term		20 years

Leases - Summary of Balances of Right of Use Assets and Liabilities of Finance Leases and Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Right-of-use assets
Operating leases, gross	$ 52.7	$ 42.0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Finance leases, gross	$ 51.8	$ 48.8
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentGross	us-gaap:PropertyPlantAndEquipmentGross
Current:
Operating leases	$ 12.0	$ 7.8
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Finance leases	$ 12.1	$ 12.2
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LiabilitiesCurrent	us-gaap:LiabilitiesCurrent
Non-current:
Operating leases	$ 46.2	$ 47.2
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Finance leases	$ 18.7	$ 25.8
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LiabilitiesNoncurrent	us-gaap:LiabilitiesNoncurrent

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lease cost
Operating lease cost	$ 11.6	$ 9.9
Short-term lease cost	20.7	30.0
Variable lease cost	5.5	6.7
Finance lease cost
Amortization of right-of-use assets	13.6	13.1
Interest expense	1.4	1.6
Total lease cost	$ 52.8	$ 61.3

Leases - Summary of Other Supplemental Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 12.3	$ 8.7
Operating cash flows for finance leases	1.4	1.6
Financing cash flows for finance leases	$ 12.4	$ 11.5

Leases - Summary of Maturities of Lease Liabilities Under Non-cancellable Leases (Details) $ in Millions	Dec. 31, 2020 USD ($)
Future Minimum Lease Payments - Operating Leases
2020	$ 14.1
2021	13.3
2022	11.5
2023	7.1
2024	4.2
Thereafter	15.5
Total undiscounted cash flows	65.7
Less imputed interest	(7.5)
Total lease liabilities	$ 58.2
Operating Lease, Liability, Statement of Financial Position [Extensible List]	trgp:OperatingLeaseLiabilityMember
Future Minimum Lease Payments - Finance Leases
2020	$ 13.0
2021	11.6
2022	6.0
2023	1.5
2024	0.3
Total undiscounted cash flows	32.4
Less imputed interest	(1.6)
Total lease liabilities	$ 30.8

Preferred Stock - Additional Information (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

$ / shares

Mar. 31, 2016

Tranche

Dec. 31, 2020

USD ($)

$ / shares

Dec. 31, 2019

USD ($)

$ / shares

Dec. 31, 2018

USD ($)

Number of tranches sold to investors | Tranche

Term of preferred stock warrants

7 years

Accounting Conversion Price Of Convertible Preferred Stock | $ / shares

$ 17.02

Conversion price of preferred stock into common stock | $ / shares

$ 20.77

Preferred Series A dividends payable

$ 22,900,000

Preferred stock dividend paid

$ 92,700,000

$ 91,700,000

Deemed dividends on Series A Preferred Stock

Feb. 12, 2021

$ 39,200,000

$ 33,100,000

29,200,000

Preferred stock dividend per share | $ / shares

$ 23.75

Net carrying value of shares repurchased

$ 91,500,000

Series A Warrants [Member]

Preferred stock, shares issued to investors | shares

13,550,004

Exercise price of warrants | $ / shares

$ 18.88

Series B Warrants [Member]

Preferred stock, shares issued to investors | shares

6,533,727

Exercise price of warrants | $ / shares

$ 25.11

Series A Preferred Stock [Member]

Preferred stock, liquidation per share | $ / shares

$ 1,000

Preferred stock, percentage of dividend

9.50%

Preferred stock dividend payment terms

fixed dividend payable quarterly 45 days after the end of each fiscal quarter

Preferred stock redemption premium percentage in sixth year

10.00%

Preferred stock redemption premium percentage in sixth year and thereafter

5.00%

Preferred stock redemption premium percentage in twelfth year

10.00%

Volume Weighted Average Share Price | $ / shares

$ 18.88

Preferred stock redemption premium percentage in twelfth year and thereafter

120.00%

Stock conversion, description

If the investors do not elect to convert their Series A Preferred into TRC common stock, Targa has a right after year twelve to force conversion, but only if the VWAP for the ten preceding trading days is greater than 120% of the conversion price

Preferred stock premium change in year four through six

10.00%

Preferred stock premium change in year six and thereafter

5.00%

Maximum number of common share would be issued upon conversion of preferred share | shares

44,260,953

Preferred stock, shares issued to investors | shares

919,300

965,100

Deemed dividends on Series A Preferred Stock

^[1]

$ 39,200,000

$ 33,100,000

$ 29,200,000

Repurchases of common stock (in shares) | shares

45,800

Preferred Stock, redemption price | $ / shares

$ 1,100

Preferred Stock, liquidation preference multiplied percentage

110.00%

Unpaid dividends

$ 1,100,000

Net carrying value of shares repurchased

2,700,000

Series A Preferred Stock [Member] | 10% Redemption Premium

Preferred stock conversion redemption premium percentage in sixth year

10.00%

Benefit from conversion right by redemption premium

$ 91,900,000

Series A Preferred Stock [Member] | 5% Redemption Premium

Benefit from conversion right by redemption premium

$ 46,000,000.0

Preferred stock conversion redemption premium percentage in year seven through twelve year

5.00%

Series A Preferred Stock [Member] | Maximum [Member]

Incurrence of indebtedness other than stipulated fixed charge coverage

$ 2,750,000,000

[1]	Includes $1.6 million attributable to the partial repurchase of Series A Preferred Stock in December 2020. Refer to Note 11 – Preferred Stock.

Common Stock and Related Matters - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2016	Sep. 20, 2018	Mar. 31, 2018	May 09, 2017
Securities Financing Transaction [Line Items]
Proceeds from issuance of common stock			$ 689,000,000.0
Warrants exercised (in shares)				19,983,843
Warrants remaining						99,888
Common Stock [Member]
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)			13,844,000
Exercise of warrants - share settled (in shares)				11,336,856		58,814
2017 ATM Program [Member]
Securities Financing Transaction [Line Items]
Amount of common stock authorized under equity distribution agreement							$ 750,000,000.0
Equity Distribution Agreement May 2017 [Member]
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)	0	0	7,527,902
Proceeds from issuance of common stock			$ 364,900,000
Amount of common stock authorized under equity distribution agreement	$ 382,100,000
2018 ATM Program [Member]
Securities Financing Transaction [Line Items]
Amount of common stock authorized under equity distribution agreement					$ 750,000,000.0
Equity Distribution Agreement September 2018 [Member]
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)	0	0
Amount of common stock authorized under equity distribution agreement	$ 750,000,000.0

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Feb. 12, 2021

Dividend Declared, Q4 2020 [Member]

$ 1.21

$ 3.64

Feb. 16, 2021

$ 23.3

22.9

^[1]

$ 0.4

Dividend Declared, Q3 2020 [Member]

$ 0.10000

Nov. 16, 2020

$ 23.8

23.3

^[1]

$ 0.5

Dividend Declared, Q2 2020 [Member]

$ 0.10000

Aug. 17, 2020

$ 23.7

23.3

^[1]

$ 0.4

Dividend Declared, Q1 2020 [Member]

$ 0.10000

May 15, 2020

$ 23.7

23.3

^[1]

$ 0.4

Dividend Declared, Q4 2019 [Member]

$ 0.10000

Feb. 18, 2020

$ 216.0

212.0

^[1]

$ 4.0

Dividend Declared, Q3 2019 [Member]

$ 0.91000

Nov. 15, 2019

$ 215.5

211.8

^[1]

$ 3.7

Dividend Declared, Q2 2019 [Member]

$ 0.91000

Aug. 15, 2019

$ 215.1

211.5

^[1]

$ 3.6

Dividend Declared, Q1 2019 [Member]

$ 0.91000

May 15, 2019

$ 215.2

211.5

^[1]

$ 3.7

Dividend Declared, Q4 2018 [Member]

$ 0.91000

Feb. 15, 2019

$ 215.2

211.2

^[1]

$ 4.0

Dividend Declared, Q3 2018 [Member]

$ 0.91000

Nov. 15, 2018

$ 212.5

208.6

^[1]

$ 3.9

Dividend Declared, Q2 2018 [Member]

$ 0.91000

Aug. 15, 2018

$ 208.9

205.2

^[1]

$ 3.7

Dividend Declared, Q1 2018 [Member]

$ 0.91000

May 16, 2018

$ 203.1

199.7

^[1]

$ 3.4

Earnings Per Common Share [Line Items]

$ 0.91000

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

Partnership Units and Related Matters - Summary of Distributions Declared or Paid by the Partnership (Details) - Distributions Paid [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Distributions Made To Members Or Limited Partners [Abstract]
Distributions payable date	Feb. 11, 2021	Nov. 13, 2020	Aug. 13, 2020	May 13, 2020	Feb. 13, 2020	Nov. 13, 2019	Aug. 13, 2019	Apr. 05, 2019	Feb. 13, 2019	Nov. 13, 2018	Aug. 13, 2018	May 11, 2018
Total Distributions	$ 54.3	$ 51.7	$ 51.7	$ 53.1	$ 241.9	$ 242.1	$ 242.4	$ 437.8	$ 241.3	$ 237.6	$ 234.0	$ 229.7
Distributions to Targa Resources Corp.	$ 47.6	$ 48.9	$ 48.9	$ 50.3	$ 239.1	$ 239.3	$ 239.6	$ 435.0	$ 238.5	$ 234.8	$ 231.2	$ 226.9

Partnership Units and Related Matters - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Limited Partners Capital Account [Line Items]
Capital contributions to partnership		$ 50.0	$ 200.0	$ 600.0
Number of units, redeemed	5,000,000
Redemption price per unit	$ 25.00	$ 25.00
Unpaid distributions	$ 0.5
Income attributable to mandatorily redeemable preferred interests		$ 4.9		4.1
Distribution to preferred unitholders		$ 15.1	$ 11.3	$ 11.3
Holders of Limited Partner Interests [Member]
Limited Partners Capital Account [Line Items]
Limited partner capital contribution allocation percentage		98.00%
Targa Resources General 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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Net income (loss) attributable to Targa Resources Corp.

$ (1,553.9)

$ (209.2)

$ 1.6

Less: Deemed dividends on Series A Preferred Stock

39.2

33.1

29.2

Net income (loss) attributable to common shareholders

$ (1,684.8)

$ (334.0)

$ (119.3)

Weighted average shares outstanding - basic (in shares)

232.2

232.5

224.2

Weighted average shares outstanding - diluted (in shares)

232.2

232.5

224.2

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

$ (7.26)

$ (1.44)

$ (0.53)

Series A Preferred Stock [Member]

Earnings Per Common Share [Line Items]

Less: Dividends on Series A Preferred Stock

^[1]

$ 91.7

Less: Deemed dividends on Series A Preferred Stock

^[2]

$ 39.2

$ 33.1

$ 29.2

[1]	Includes $1.1 million attributable to the dividends paid upon the partial repurchase of Series A Preferred Stock in December 2020.
[2]	Includes $1.6 million attributable to the partial repurchase of Series A Preferred Stock in December 2020. Refer to Note 11 – Preferred Stock.

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

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Earnings per Common Share (Parenthetical) (Details) - Series A Preferred Stock [Member] $ in Millions	1 Months Ended
	Dec. 31, 2020 USD ($)
Earnings Per Common Share [Line Items]
Dividends paid upon partial repurchase of shares	$ 1.1
Deemed dividend on partial repurchase of shares	$ 1.6

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative assets	$ 134.8	$ 138.8
Derivative assets	85.5	103.3
Derivative assets	49.3	35.5
Derivative assets	49.3	35.5
Derivative liabilities	186.0	144.9
Derivative liabilities	142.6	104.1
Derivative liabilities	43.4	40.8
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	29.3	135.8
Derivative liabilities	183.6	18.0
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	24.2	102.1
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	5.1	33.7
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	140.2	11.6
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	43.4	6.4
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	105.5	3.0
Derivative liabilities	2.4	126.9
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	61.3	1.2
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	44.2	1.8
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 2.4	92.5
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities		$ 34.4

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative Asset [Abstract]
Gross asset	$ 134.8	$ 138.8
Gross asset	134.8	138.8
Pro forma net presentation, asset, total	46.2	79.8
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	118.9	133.1
Pro forma net presentation, asset	30.3	74.1
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	15.9	5.7
Pro forma net presentation, asset, total	15.9	5.7
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	85.5	103.3
Pro forma net presentation, asset, current	20.1	59.5
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	81.1	99.8
Pro forma net presentation, asset	15.7	56.0
Current Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	4.4	3.5
Pro forma net presentation, asset, current	4.4	3.5
Long-Term Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	49.3	35.5
Pro forma net presentation, asset, noncurrent	26.1	20.3
Long-Term Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	37.8	33.3
Pro forma net presentation, asset	14.6	18.1
Long-Term Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	11.5	2.2
Pro forma net presentation, asset, noncurrent	$ 11.5	$ 2.2

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative Liability [Abstract]
Gross liability	$ (186.0)	$ (144.9)
Pro forma net presentation, liability, total	(67.6)	(90.8)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(184.5)	(125.5)
Pro forma net presentation, liability, total	(66.1)	(71.4)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(1.5)	(19.4)
Pro forma net presentation, liability, total	(1.5)	(19.4)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(142.6)	(104.1)
Pro forma net presentation, liability, current	(47.4)	(65.2)
Current Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(142.0)	(85.0)
Pro forma net presentation, liability, current	(46.8)	(46.1)
Current Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(0.6)	(19.1)
Pro forma net presentation, liability, current	(0.6)	(19.1)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(43.4)	(40.8)
Pro forma net presentation, liability, noncurrent	(20.2)	(25.6)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(42.5)	(40.5)
Pro forma net presentation, liability, noncurrent	(19.3)	(25.3)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(0.9)	(0.3)
Pro forma net presentation, liability, noncurrent	$ (0.9)	$ (0.3)

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative Asset [Abstract]
Gross collateral	$ 29.8	$ (4.9)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	29.8	(4.9)
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	29.8	(4.9)
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ 29.8	$ (4.9)

Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions	Dec. 31, 2020 USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimated fair value of derivative instruments, net liability	$ 51.2
Amount expected to reclassify commodity hedge related deferred losses to earnings before income taxes	(155.5)
Amount of deferred gains to be reclassified into earnings before income taxes over next twelve months	$ (116.8)

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ 90.8	$ 138.0	$ (38.4)
Commodity Contracts [Member] \| Revenues [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	206.1	(142.1)	(32.5)
Cash Flow Hedging [Member] \| Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ (218.3)	$ 135.6	$ 132.5

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) Swap	Dec. 31, 2019 USD ($)
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated fair value of derivative instruments, net liability		$ 51.2
Derivative fair value of net liability if commodity price increases by 10 percent		(158.5)
Derivative fair value of net asset if commodity price decreases by 10 percent		$ 56.4
Number of natural gas basis swaps categorized as Level 3 \| Swap		1
Non-cash pre-tax impairments	$ 225.3	$ 2,442.8	$ 225.3

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

Dec. 31, 2020

Dec. 31, 2019

$ 46.2

$ 79.8

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

67.6

90.8

Carrying Value [Member]

^[1]

134.8

136.5

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

^[1]

186.0

142.6

Carrying Value [Member] | TRC Revolver [Member]

242.8

331.1

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Carrying Value [Member] | TRP Revolver [Member]

555.0

435.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

280.0

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

350.0

370.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

6,585.4

7,028.5

Fair Value [Member]

^[1]

134.8

136.5

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

^[1]

186.0

142.6

Fair Value [Member] | Level 1 [Member]

242.8

331.1

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

^[1]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

^[1]

0.0

Fair Value [Member] | Level 2 [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

^[1]

134.8

136.2

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

^[1]

185.8

142.0

Fair Value [Member] | Level 3 [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

^[1]

0.0

0.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

^[1]

0.2

0.6

Fair Value [Member] | TRC Revolver [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

555.0

435.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

555.0

435.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Fair Value [Member] | TRP Revolver [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

280.0

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

280.0

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

350.0

370.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

350.0

370.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

7,036.8

7,376.9

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

7,036.8

7,376.9

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

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

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

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

^[2]

2.0

2.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

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

^[2]

2.0

2.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

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

^[2]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

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

^[2]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

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

^[2]

$ 2.0

$ 2.3

[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

Fair Value Measurements - Changes in Fair Value of Financial Instruments Classified as Level 3 (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Contingent Consideration [Member]

$ (0.3)

$ 8.7

$ (8.8)

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

Balance, beginning of period

(2.3)

New Level 3 derivative instruments

0.0

Transfers out of Level 3

^[1]

0.0

Balance, end of period

(2.0)

(2.3)

Targa Pipeline Partners LP [Member] | Contingent Consideration [Member]

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

Commodity Derivative Contracts Asset/(Liability) [Member]

0.3

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

Balance, beginning of period

(0.3)

New Level 3 derivative instruments

(0.2)

Transfers out of Level 3

^[1]

0.3

Balance, end of period

$ (0.2)

$ (0.3)

[1]	Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

Related Party Transactions - Summary of Transactions with Unconsolidated Affiliates (Details) - Targa Resources Partners LP [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Revenues	$ 18.1	$ 11.1	$ 5.6
Product purchases	(73.9)	(40.5)	(14.1)
Operating expenses	(19.6)	(3.4)	(3.6)
General and administrative expenses	(0.8)	(0.3)
Gulf Coast Fractionators LP [Member]
Related Party Transaction [Line Items]
Revenues	0.4	0.3	0.3
Product purchases		(7.9)	(5.1)
Operating expenses	(16.0)
T2 Joint Ventures [Member]
Related Party Transaction [Line Items]
Revenues	4.5	3.7	5.2
Product purchases			(0.6)
Operating expenses	(1.2)	(2.0)	(3.6)
Cayenne [Member]
Related Party Transaction [Line Items]
Product purchases	(5.9)	(7.9)	(7.2)
Operating expenses	(0.2)	(0.2)
GCX [Member]
Related Party Transaction [Line Items]
Revenues	0.6	0.8	0.1
Product purchases	(68.0)	(24.7)	$ (1.2)
Little Missouri 4 [Member]
Related Party Transaction [Line Items]
Revenues	12.6	6.3
Operating expenses	(2.2)
General and administrative expenses	$ (0.8)	(0.3)
Agua Blanca [Member]
Related Party Transaction [Line Items]
Operating expenses		$ (1.2)

Related Party Transactions - Additional Information (Details) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) PromissoryNote	Apr. 30, 2018 USD ($)	Feb. 28, 2018 USD ($)	Jan. 31, 2018 USD ($)
SAJET Resources LLC [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Ownership interest	100.00%
Former Holders of Pre-IPO Common Equity Including Current and Former Executives Managers and Directors [Member] \| SAJET Resources LLC [Member]
Related Party Transaction [Line Items]
Collective own interest rate					18.00%
SAJET Resources LLC [Member]
Related Party Transaction [Line Items]
Extinguishment of debt in exchange for promissory note	$ 9.9
Minority shareholders interest sold			1.60%
Minority shareholders interest amount			$ 0.1
Number of outstanding promissory notes \| PromissoryNote		3
SAJET Resources LLC [Member] \| Promissory Note One [Member]
Related Party Transaction [Line Items]
Promissory notes outstanding		$ 9.9
Basis spread on variable rate		6.00%
Variable rate basis		prime rate
SAJET Resources LLC [Member] \| Promissory Note Two [Member]
Related Party Transaction [Line Items]
Promissory notes outstanding		$ 0.2
Basis spread on variable rate		6.00%
Variable rate basis		prime rate
SAJET Resources LLC [Member] \| Promissory Note Three [Member]
Related Party Transaction [Line Items]
Promissory notes outstanding		$ 0.5
Basis spread on variable rate		6.00%
Variable rate basis		prime rate
SAJET Resources LLC [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Amount charged to related parties for service.				$ 0.1	$ 0.1
Warburg Funds Transaction [Member]
Related Party Transaction [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	82.00%
Cash payments related to acquisition	$ 5.0

Commitments (Details) - Land Sites and Rights-of-Way [Member] - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Future non-cancelable commitments related to certain contractual obligations for each of the next five fiscal years and in aggregate thereafter [Abstract]

In Aggregate

^[1]

$ 187.2

2021

^[1]

4.0

2022

^[1]

4.3

2023

^[1]

4.3

2024

^[1]

4.6

2025

^[1]

6.1

Thereafter

^[1]

163.9

Total expenses on non-cancelable commitments

$ 6.5

$ 6.1

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

Significant Risks and Uncertainties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Reduction of maximum loss due to counterparty credit risk by master netting provision	$ 44.2
Allowance for doubtful accounts	$ 0.1	$ 0.0
Commercial Relationship [Member] \| Consolidated Revenues [Member]
Concentration Risk [Line Items]
Percentage of consolidated revenues	11.00%	12.00%	15.00%
Maximum [Member]
Concentration Risk [Line Items]
Potential loss attributable to individual counterparties	$ 17.5
Minimum [Member]
Concentration Risk [Line Items]
Potential loss attributable to individual counterparties	$ 0.8

Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01	Dec. 31, 2020
Minimum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining duration of contracts	1 year
Maximum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining duration of contracts	19 years

Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed Price Contract [Member] $ in Millions	Dec. 31, 2020 USD ($)
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	$ 515.6
Remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 440.8
Remaining duration of contracts	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 2,603.7
Remaining duration of contracts

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Other Income And Expenses [Abstract]

(Gain) loss on sale or disposition of business and assets

$ 58.4

$ 71.1

$ (0.1)

Write-downs of assets

^[1]

55.6

17.9

Other

2.6

0.2

3.6

Total other operating (income) expense

$ 116.6

$ 89.2

$ 3.5

[1]	Related to the write-down of certain assets to their recoverable amounts.

Other Operating (Income) Expense - Summary of (Gain) Loss on Sale or Disposition of Business and Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Operating Income Expense [Line Items]
Total (gain) loss on sale or disposition of business and assets	$ 58.4	$ 71.1	$ (0.1)
Channelview [Member]
Other Operating Income Expense [Line Items]
Total (gain) loss on sale or disposition of business and assets	58.3
Inland Marine Barge Business [Member]
Other Operating Income Expense [Line Items]
Total (gain) loss on sale or disposition of business and assets			(48.1)
Delaware Crude System [Member]
Other Operating Income Expense [Line Items]
Total (gain) loss on sale or disposition of business and assets		59.5
Versado Gathering System [Member]
Other Operating Income Expense [Line Items]
Total (gain) loss on sale or disposition of business and assets			(44.4)
Storage and Terminaling Facilities [Member]
Other Operating Income Expense [Line Items]
Total (gain) loss on sale or disposition of business and assets			59.1
Benzene Treating Unit [Member]
Other Operating Income Expense [Line Items]
Total (gain) loss on sale or disposition of business and assets			20.5
Other [Member]
Other Operating Income Expense [Line Items]
Total (gain) loss on sale or disposition of business and assets	$ 0.1	$ 11.6	$ 12.8

Income Taxes - Components of Federal and State Income Tax Provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income tax (expense) benefit:
Current expense (benefit)	$ (15.4)	$ 0.0	$ 0.0
Deferred expense (benefit)	(232.7)	(87.9)	5.5
Total income tax expense (benefit)	$ (248.1)	$ (87.9)	$ 5.5

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

Deferred tax assets before valuation allowance

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

Dec. 31, 2020

Dec. 31, 2019

Deferred tax assets:

Net operating loss

$ 1,573.5

$ 1,235.6

Other

0.0

2.3

1,573.5

1,237.9

Valuation allowance

(196.5)

(2.3)

Deferred tax assets

1,377.0

1,235.6

Deferred tax liabilities:

Investments

^[1]

(1,519.4)

(1,647.7)

Property, plant, and equipment

(4.0)

(15.6)

Other

(5.7)

(6.5)

Deferred tax liabilities

(1,529.1)

(1,669.8)

Net deferred tax asset (liability)

(152.1)

(434.2)

Net deferred tax asset (liability)

Federal

(148.3)

(363.5)

Foreign

0.6

State

(4.4)

(71.3)

Net deferred tax asset (liability)

$ (152.1)

$ (434.2)

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

Income Taxes - Additional Information (Details) - USD ($)		3 Months Ended	12 Months Ended
	Mar. 27, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Tax basis statutory rate			21.00%	21.00%	21.00%	35.00%
Percentage of tax deduction for interest expense to adjusted taxable income			30.00%
Percentage of tax deduction for net operating loss to current year taxable income			80.00%
Reclassification of alternative minimum tax credits from deferred tax assets to long term assets			$ 4,200,000
Provisional deferred tax benefit						$ 269,500,000
Provisional tax depreciation expense						$ 1,900,000,000
Additional tax depreciation expense					$ 286,400,000
Total net operating loss carryforwards			$ 6,600,000,000
Maximum percentage of taxable income allowed to offset by net operating loss carryforwards per year			80.00%
Deferred tax assets pre-tax valuation allowance			$ 924,800,000
Uncertain tax reserves			0
Expire Between 2036 and 2037 [Member]
Operating Loss Carryforwards [Line Items]
Total net operating loss carryforwards			1,700,000,000
No Expiration Period [Member]
Operating Loss Carryforwards [Line Items]
Total net operating loss carryforwards			$ 4,900,000,000
CARES Act [Member]
Operating Loss Carryforwards [Line Items]
CARES Act, tax period description			The CARES Act provides corporate taxpayers an expanded five-year net operating loss carryback period for losses earned in tax years 2018 through 2020.
CARES Act [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards [Line Items]
CARES Act, provisions	$ 44,000,000
Income taxes refund received, alternative minimum tax, CARES Act		$ 44,000,000
CARES Act [Member] \| Tax Years 2018 through 2020 [Member]
Operating Loss Carryforwards [Line Items]
CARES Act, expanded net operating loss carryback period for losses earned	5 years
Maximum [Member]
Operating Loss Carryforwards [Line Items]
Tax effects measurement period under tax act			1 year
Operating loss carryforwards expiry date			Dec. 31, 2037
Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expiry date			Dec. 31, 2036

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income tax reconciliation:
Income (loss) before income taxes	$ (1,573.1)	$ (46.7)	$ 65.9
Less: Net income attributable to noncontrolling interest	(228.9)	(250.4)	(58.8)
Income attributable to TRC before income taxes	$ (1,802.0)	$ (297.1)	$ 7.1
Federal statutory income tax rate	21.00%	21.00%	21.00%	35.00%
Provision for federal income taxes	$ (378.4)	$ (62.4)	$ 1.5
Valuation allowance	194.2	0.0	0.0
State income taxes, net of federal tax benefit	(51.2)	(5.8)	2.5
State rate re-measurement	0.0	(14.4)	0.0
CARES Act NOL carryback	(16.9)	0.0	0.0
Permanent adjustments	4.5	(6.3)	0.0
Other, net	(0.3)	1.0	1.5
Total income tax expense (benefit)	$ (248.1)	$ (87.9)	$ 5.5

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Cash:

Interest paid, net of capitalized interest

^[1]

$ 374.1

$ 287.7

$ 217.2

Income taxes received, net of payments

43.7

(1.9)

(0.5)

Non-cash investing activities:

Deadstock commodity inventory transferred to property, plant and equipment

5.3

21.8

49.0

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

2.1

25.1

12.7

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

16.0

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

(1.8)

6.7

1.8

Property, plant and equipment received in asset exchange

24.1

Receivable for asset exchange

15.0

Asset received related to conveyance of ownership interest in investment in unconsolidated affiliate

3.0

Non-cash financing activities:

Changes in accrued distributions to noncontrolling interests

(5.2)

91.7

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

5.4

14.2

13.7

Accretion of deemed dividends on Series A Preferred Stock

37.6

33.1

29.2

Transfer within additional paid-in capital for exercise of Warrants

0.9

Impact of accounting standard adoption recorded in retained earnings

5.2

Non-cash balance sheet movements related to assets held for sale (See Note 4 - Joint Ventures, Acquisitions and Divestitures):

Trade receivables

6.9

Intangible assets, net accumulated amortization and estimated loss on sale

52.1

Property, plant and equipment, net of accumulated depreciation and estimated loss on sale

1.4

77.3

Accounts payable and accrued liabilities

6.2

Other long-term obligations

0.2

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

Operating lease

13.2

6.9

Finance lease

6.0

10.1

Retained Earnings [Member]

Non-cash investing activities:

Impact of capital expenditure accruals on property, plant and equipment, net

$ (226.9)

$ (194.4)

$ 216.2

[1]	Interest capitalized on major projects was $33.0 million, $61.8 million and $46.3 million for the years ended December 31, 2020, 2019 and 2018.

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 33.0	$ 61.8	$ 46.3

Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash settled for awards				$ 6.9
Stock compensation expense		$ 66.3	$ 61.8	59.0
Unrecognized compensation expense		$ 79.0
Remaining weighted average vesting periods of unrecognized compensation expenses		1 year 10 months 24 days
Employer matching contribution percent		100.00%
Defined Contribution Plan, Plan Name [Extensible List]		trgp:FourZeroOneKPlanMember
Percentage of employees' gross pay for which employer contributes matching contribution		5.00%
Percentage of additional contribution per employee made by employer		3.00%
Percentage of contributions made in cash		100.00%
Contributions to defined contribution plan		$ 16.2	23.7	19.5
Accounting Standard Update 2016-09 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tax deficiencies of dividends on share-based compensation recognized as income tax expenses		$ 2.0		$ 0.7
Accounting Standard Update 2016-09 [Member] \| Windfall Tax Benefit [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tax deficiencies of dividends on share-based compensation recognized as income tax expenses			$ 7.7
Director Grants [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash-settled awards vested	29,472
Shares withheld to satisfy tax withholding obligations	0
Restricted Stock Units (RSUs) [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash-settled awards vested	517,026
Shares withheld to satisfy tax withholding obligations	180,304
PSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum		73.00%	32.00%	29.00%
Expected volatility, maximum		128.00%	37.00%	53.00%
PSUs [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash-settled awards vested	296,121
Shares withheld to satisfy tax withholding obligations	104,357
Cash-Settled Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash-settled awards vested				112,550
2010 TRC Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of units authorized (in shares)					15,000,000
Total number of units available (in shares)					5,000,000
Total number of additional units available (in shares)					10,000,000
Fair values of share-based awards vested		$ 62.7	$ 55.4	$ 18.8
Cash dividends paid for the vested awards		$ 9.4	$ 15.0	$ 3.5
2010 TRC Stock Incentive Plan [Member] \| Director Grants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		31,621	25,344	16,955
Granted (in dollars per shares)		$ 39.85	$ 42.83	$ 51.21
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		1,299,592	1,042,344	1,393,812
Granted (in dollars per shares)		$ 24.64	$ 39.95	$ 51.71
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| New retention program [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		16,134	85,547	275,076
Vesting date of awards		2022-10
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Third Year [Member] \| 2020 Compensation Cycle [Member] \| Executive Management \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	288,983
Vesting date of awards	2024-01
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of awards		1 year
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of awards		6 years
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock Units In Lieu Of Bonus [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		81,336	95,687	112,438
Granted (in dollars per shares)		$ 41.39	$ 42.83	$ 51.09
Vesting period of awards		3 years
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		291,365
Granted (in dollars per shares)		$ 69.70
Vesting period of awards		3 years
Expected term of grant date fair value		3 years
Outstanding (in shares)		719,054	528,719
Cash-settled awards vested		101,030
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| 2020 Compensation Cycle [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		291,365
Vesting date of awards		2023-01
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| 2019 Compensation Cycle [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)			261,245
Vesting date of awards			2022-01
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| 2018 Compensation Cycle [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)				182,849
Vesting date of awards				2021-01
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| 2020 Compensation Cycle [Member] \| Executive Management \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	288,983
Vesting date of awards	2024-01
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| First Year [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage		25.00%
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| Second Year [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage		25.00%
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| Third Year [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage		25.00%
2010 TRC Stock Incentive Plan [Member] \| PSUs [Member] \| Entirety of Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting percentage		25.00%
2010 TRC Stock Incentive Plan [Member] \| PSU’s Granted in 2018 and 2019 [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Guideline performance percentage based on total shareholder return		0.00%
2010 TRC Stock Incentive Plan [Member] \| PSU’s Granted in 2018 and 2019 [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Guideline performance percentage based on total shareholder return		250.00%
2010 TRC Stock Incentive Plan [Member] \| Cash Settled Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		7,836	69,042
Vesting period of awards		1 year
2010 TRC Stock Incentive Plan [Member] \| Restricted Stock [Member] \| Outside Directors [Member] \| Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	63,907
Vesting date of awards	2022-01
TRC Equity Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Termination date		Feb. 28, 2017
TRC Equity Compensation Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding (in shares)		0

Compensation Plans - 2010 TRC Stock Incentive Plan (Details) - 2010 TRC Stock Incentive Plan [Member] - Restricted Stock and Restricted Stock Units [Member]	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Nonvested, number of shares [Roll Forward]
Outstanding, beginning of period (in shares) \| shares	3,392,061
Granted (in shares) \| shares	1,331,213
Forfeited (in shares) \| shares	(82,310)
Vested (in shares) \| shares	(805,108)
Outstanding, end of period (in shares) \| shares	3,835,856
Weighted-average grant-date fair value [Roll Forward]
Outstanding, beginning period (in dollars per share) \| $ / shares	$ 48.79
Granted (in dollars per shares) \| $ / shares	27.12
Forfeited (in dollars per share) \| $ / shares	43.85
Vested (in dollars per share) \| $ / shares	48.97
Outstanding, end of period (in dollars per share) \| $ / shares	$ 40.81

Compensation Plans - Summary of PSUs Under 2010 TRC Stock Incentive Plan (Details) - 2010 TRC Stock Incentive Plan [Member] - PSUs [Member]	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Nonvested, number of shares [Roll Forward]
Outstanding, beginning of period (in shares) \| shares	528,719
Granted (in shares) \| shares	291,365
Vested (in shares) \| shares	(101,030)
Outstanding, end of period (in shares) \| shares	719,054
Weighted-average grant-date fair value [Roll Forward]
Outstanding, beginning period (in dollars per share) \| $ / shares	$ 76.56
Granted (in dollars per shares) \| $ / shares	69.70
Vested (in dollars per share) \| $ / shares	99.71
Outstanding, end of period (in dollars per share) \| $ / shares	$ 70.53

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2020 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Revenues and Operating Margin (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Revenues	$ 8,260.3	$ 8,671.1	$ 10,484.0
Operating margin	2,375.4	1,759.7	1,523.8
Sales of Commodities [Member]
Revenues:
Revenues	7,171.0	7,393.8	9,278.7
Fees from Midstream Services [Member]
Revenues:
Revenues	1,089.3	1,277.3	1,205.3
Gathering and Processing [Member]
Revenues:
Revenues	3,326.8	4,465.4	5,587.0
Operating margin	1,017.7	1,006.4	939.2
Logistics and Transportation [Member]
Revenues:
Revenues	7,120.9	7,116.3	8,896.0
Operating margin	1,128.0	867.2	592.5
Other [Member]
Revenues:
Revenues	229.7	(113.9)	(7.9)
Operating margin	229.7	(113.9)	(7.9)
Corporate and Eliminations [Member]
Revenues:
Revenues	(2,417.1)	(2,796.7)	(3,991.1)
Operating Segments [Member]
Revenues:
Revenues	8,260.3	8,671.1	10,484.0
Operating Segments [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	7,171.0	7,393.8	9,278.7
Operating Segments [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	1,089.3	1,277.3	1,205.3
Operating Segments [Member] \| Gathering and Processing [Member]
Revenues:
Revenues	1,147.1	1,829.6	1,943.8
Operating Segments [Member] \| Gathering and Processing [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	659.9	1,101.6	1,228.2
Operating Segments [Member] \| Gathering and Processing [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	487.2	728.0	715.6
Operating Segments [Member] \| Logistics and Transportation [Member]
Revenues:
Revenues	6,883.5	6,955.4	8,548.1
Operating Segments [Member] \| Logistics and Transportation [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	6,281.4	6,406.1	8,058.4
Operating Segments [Member] \| Logistics and Transportation [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	602.1	549.3	489.7
Operating Segments [Member] \| Other [Member]
Revenues:
Revenues	229.7	(113.9)	(7.9)
Operating Segments [Member] \| Other [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	229.7	(113.9)	(7.9)
Intersegment Eliminations [Member] \| Gathering and Processing [Member]
Revenues:
Revenues	2,179.7	2,635.8	3,643.2
Intersegment Eliminations [Member] \| Gathering and Processing [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	2,173.2	2,628.4	3,636.0
Intersegment Eliminations [Member] \| Gathering and Processing [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	6.5	7.4	7.2
Intersegment Eliminations [Member] \| Logistics and Transportation [Member]
Revenues:
Revenues	237.4	160.9	347.9
Intersegment Eliminations [Member] \| Logistics and Transportation [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	205.9	132.2	317.1
Intersegment Eliminations [Member] \| Logistics and Transportation [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	31.5	28.7	30.8
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member]
Revenues:
Revenues	(2,417.1)	(2,796.7)	(3,991.1)
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	(2,379.1)	(2,760.6)	(3,953.1)
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	$ (38.0)	$ (36.1)	$ (38.0)

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ 15,875.7

$ 18,815.1

Operating Segments [Member]

45.2

$ 46.6

^[1]

15,875.7

18,815.1

16,938.2

45.2

46.6

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

726.8

2,708.5

3,327.7

^[1]

8,743.5

11,929.8

11,602.7

45.2

46.6

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

293.9

1,273.3

1,548.6

^[1]

6,860.0

6,741.8

5,180.6

Operating Segments [Member] | Other [Member]

414.0

1,412.2

1,767.0

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

^[1]

86.3

1.0

3.2

^[1]

185.9

142.5

151.7

$ 18.9

$ 23.0

$ 12.1

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

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Derivative Activities - Hedge [Member]

$ 6,874.1

$ 7,397.9

$ 9,350.9

Non-customer revenue

296.9

(4.1)

(72.2)

Total revenues

8,260.3

8,671.1

10,484.0

Derivative Activities - Non-hedge [Member]

Non-customer revenue

90.8

138.0

(39.7)

Non-customer revenue

^[1]

206.1

(142.1)

(32.5)

Natural Gas [Member]

1,359.0

1,321.7

1,810.0

NGL [Member]

Condensate and Crude Oil [Member]

5,181.3

5,233.8

6,886.9

Petroleum Products [Member]

264.0

716.1

457.9

Sales of Commodities [Member]

69.8

126.3

196.1

NGL Transportation, Fractionation and Services [Member]

Total revenues

7,171.0

7,393.8

9,278.7

Storage Terminaling and Export [Member]

163.1

169.4

154.6

Gathering and Processing [Member]

401.9

356.4

313.0

476.0

722.4

698.1

Other [Member]

Fees from Midstream Services [Member]

48.3

29.1

39.6

Reconciliation of reportable segment operating margin to income (loss) before income taxes:

1,089.3

1,277.3

1,205.3

Total revenues

$ 1,089.3

$ 1,277.3

$ 1,205.3

[1]	Represents derivative activities that are not designated as hedging instruments under ASC 815.

Segment Information - Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2018

Jun. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Depreciation and amortization expense

$ 2,375.4

$ 1,759.7

$ 1,523.8

(865.1)

(971.6)

(815.9)

General and administrative expense

(254.6)

(280.7)

(256.9)

Impairment of long-lived assets

$ (2,442.8)

(2,442.8)

(225.3)

Impairment of goodwill

$ (210.0)

(210.0)

Interest expense, net

(391.3)

(337.8)

(185.8)

Gain (loss) on sale or disposition of business and assets

72.6

39.0

7.3

(58.4)

(71.1)

0.1

Write-down of assets

^[1]

(55.6)

(17.9)

Gain (loss) from financing activities

$ 61.1

45.6

(1.4)

(2.0)

Gain (loss) from sale of equity-method investment

69.3

Income (loss) before income taxes

0.3

(8.7)

8.8

Other, net

0.8

(0.2)

(3.5)

(1,573.1)

(46.7)

65.9

Gathering and Processing [Member]

Reconciliation of reportable segment operating margin to income (loss) before income taxes:

Logistics and Transportation [Member]

1,017.7

1,006.4

939.2

Reconciliation of reportable segment operating margin to income (loss) before income taxes:

Reconciliation of reportable segment operating margin to income (loss) before income taxes:

1,128.0

867.2

592.5

Other [Member]