0000950170-23-017657 | 10-Q | XBRL Viewer

Product purchases and fuel

$ 4,520.5

$ 4,959.1

Costs and expenses:

3,019.0

4,204.1

Operating expenses

258.2

183.5

Depreciation and amortization expense

324.8

209.1

General and administrative expense

82.4

67.1

Other operating (income) expense

(0.6)

(0.5)

Income (loss) from operations

836.7

295.8

Other income (expense):

Interest expense, net

(168.0)

(93.6)

Equity earnings (loss)

(0.2)

5.6

Gain (loss) from financing activities

(15.8)

Other, net

(3.0)

(0.5)

Income (loss) before income taxes

665.5

191.5

Income tax (expense) benefit

(110.3)

(22.9)

Net income (loss)

555.2

168.6

Less: Net income (loss) attributable to noncontrolling interests

58.2

80.6

Net income (loss) attributable to Targa Resources Corp.

497.0

88.0

Premium on repurchase of noncontrolling interests, net of tax

^[1]

490.7

53.1

Dividends on Series A Preferred Stock

21.8

Net income (loss) attributable to common shareholders

$ 6.3

$ 13.1

Net income (loss) per common share - basic

$ 0.03

$ 0.06

Net income (loss) per common share - diluted

$ 0.03

$ 0.06

Weighted average shares outstanding - basic

226.4

228.5

Weighted average shares outstanding - diluted

229.3

232.4

Sales of Commodities [Member]

Revenues:

Fees from Midstream Services [Member]

$ 4,025.0

$ 4,566.2

Revenues:

Organization and Operations

$ 495.5

$ 392.9

[1]	Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income (loss)	$ 555.2	$ 168.6
Commodity hedging contracts:
Other comprehensive income (loss), pre-tax	38.7	(241.4)
Other comprehensive income (loss), related income tax	(8.6)	53.9
Other comprehensive income (loss), after tax	30.1	(187.5)
Comprehensive income (loss)	585.3	(18.9)
Less: Comprehensive income (loss) attributable to noncontrolling interests	58.2	80.6
Comprehensive income (loss) attributable to Targa Resources Corp.	527.1	(99.5)
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	83.9	(387.1)
Change in fair value, related income tax	(18.6)	86.6
Change in fair value, after tax	65.3	(300.5)
Settlements reclassified to revenues, pre-tax	(45.2)	145.7
Settlements reclassified to revenues, related income tax	10.0	(32.7)
Settlements reclassified to revenues, after tax	$ (35.2)	$ 113.0

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Shares [Member]	Noncontrolling Interests [Member]	Series A Preferred Stock [Member]
Balance at Dec. 31, 2021	$ 5,178.7	$ 0.2	$ 4,268.9	$ (1,822.3)	$ (230.9)	$ (204.1)	$ 3,166.9
Balance (in shares) at Dec. 31, 2021		228,221,000				7,884,000
Series A Preferred Stock at Dec. 31, 2021								$ 749.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	13.5		13.5
Dividend equivalent rights	(1.7)		(1.7)
Shares issued under compensation program (in shares)		1,095,000
Shares tendered for tax withholding obligations	(22.5)					$ (22.5)
Shares tendered for tax withholding obligations (in shares)		(397,000)				397,000
Repurchases of common stock	$ (49.7)					$ (49.7)
Repurchases of common stock (in shares)	(737,799)	(738,000)				738,000
Series A Preferred Stock dividends
Preferred stock dividends	$ (21.8)			(21.8)
Dividends in excess of retained earnings			(21.8)	21.8
Common stock dividends
Common stock dividends	(80.0)			(80.0)
Dividends in excess of retained earnings			(80.0)	80.0
Distributions to noncontrolling interests	(72.2)						(72.2)
Contributions from noncontrolling interests	2.9						2.9
Repurchase of noncontrolling interests, net of tax	(911.0)		(53.1)				(857.9)
Other comprehensive income (loss)	(187.5)				(187.5)
Net income (loss)	168.6			88.0			80.6
Balance at Mar. 31, 2022	4,017.3	$ 0.2	4,125.8	(1,734.3)	(418.4)	$ (276.3)	2,320.3
Balance (in shares) at Mar. 31, 2022		228,181,000				9,019,000
Series A Preferred Stock at Mar. 31, 2022								749.7
Balance at Dec. 31, 2022	4,982.2	$ 0.2	3,702.3	(626.8)	54.7	$ (464.7)	2,316.5
Balance (in shares) at Dec. 31, 2022		226,042,000				11,897,000
Series A Preferred Stock at Dec. 31, 2022								0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	15.0		15.0
Dividend equivalent rights	(1.3)		(1.3)
Shares issued under compensation program (in shares)		1,267,000
Shares tendered for tax withholding obligations	(33.8)					$ (33.8)
Shares tendered for tax withholding obligations (in shares)		(449,000)				449,000
Repurchases of common stock	$ (52.0)					$ (52.0)
Repurchases of common stock (in shares)	(724,140)	(724,000)				724,000
Common stock dividends
Common stock dividends	$ (79.3)			(79.3)
Dividends in excess of retained earnings			(79.3)	79.3
Distributions to noncontrolling interests	(56.1)						(56.1)
Contributions from noncontrolling interests	0.2						0.2
Repurchase of noncontrolling interests, net of tax	(948.0)		(490.7)				(457.3)
Other comprehensive income (loss)	30.1				30.1
Net income (loss)	555.2			497.0			58.2
Balance at Mar. 31, 2023	$ 4,412.2	$ 0.2	$ 3,146.0	$ (129.8)	$ 84.8	$ (550.5)	$ 1,861.5
Balance (in shares) at Mar. 31, 2023		226,136,000				13,070,000
Series A Preferred Stock at Mar. 31, 2023								$ 0.0

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Parenthetical)	3 Months Ended
	Mar. 31, 2022 $ / shares
Statement Of Stockholders Equity [Abstract]
Preferred stock dividends, per share	$ 23.75
Common stock dividends, per share	$ 0.35

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income (loss)	$ 555.2	$ 168.6
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	3.2	2.4
Compensation on equity grants	15.0	13.5
Depreciation and amortization expense	324.8	209.1
(Gain) loss on sale or disposition of assets	(1.5)	(1.0)
Write-downs of assets	0.9	0.5
Accretion of asset retirement obligations	1.6	1.1
Deferred income tax expense (benefit)	106.0	21.1
Equity (earnings) loss of unconsolidated affiliates	0.2	(5.6)
Distributions of earnings received from unconsolidated affiliates	1.4	6.0
Risk management activities	(175.7)	178.2
(Gain) loss from financing activities		15.8
Changes in operating assets and liabilities, net of acquisitions:
Receivables and other assets	440.8	(216.2)
Inventories	237.5	55.9
Accounts payable, accrued liabilities and other liabilities	(292.7)	362.8
Interest payable	(46.9)	(64.0)
Net cash provided by operating activities	1,169.8	748.2
Cash flows from investing activities
Outlays for property, plant and equipment	(475.7)	(204.4)
Proceeds from sale of assets	0.2	1.0
Investments in unconsolidated affiliates	(6.2)	(0.4)
Return of capital from unconsolidated affiliates	1.2	6.8
Other, net	(0.3)	0.0
Net cash provided by (used in) investing activities	(480.8)	(197.0)
Debt obligations:
Proceeds from borrowings under credit facilities	0.0	1,805.0
Repayments of credit facilities	(290.0)	(810.0)
Proceeds from borrowings of commercial paper notes	14,526.8	0.0
Repayments of commercial paper notes	(15,230.5)	0.0
Proceeds from borrowings under accounts receivable securitization facility	0.0	250.0
Repayments of accounts receivable securitization facility	(96.0)	(130.0)
Proceeds from issuance of senior notes	1,717.1	0.0
Redemption of senior notes	0.0	(480.7)
Principal payments of finance leases	(9.4)	(3.2)
Costs incurred in connection with financing arrangements	(4.1)	(10.9)
Repurchase of shares	(85.8)	(72.2)
Contributions from noncontrolling interests	0.2	2.9
Distributions to noncontrolling interests	(47.3)	(90.4)
Repurchase of noncontrolling interests	(1,091.9)	(926.3)
Dividends paid to common and Series A Preferred shareholders	(85.3)	(108.0)
Net cash provided by (used in) financing activities	(696.2)	(573.8)
Net change in cash and cash equivalents	(7.2)	(22.6)
Cash and cash equivalents, beginning of period	219.0	158.5
Cash and cash equivalents, end of period	$ 211.8	$ 135.9

Organization and Operations

3 Months Ended

Mar. 31, 2023

Organization [Abstract]

Note 1 — Organization and Operations

Our Organization

Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic midstream infrastructure assets.

In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company,” “Targa” or “TRGP” are intended to mean our consolidated business and operations. TRGP 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”. Targa consolidated the Partnership and its subsidiaries under GAAP, and prepared the accompanying consolidated financial statements under the rules and regulations of the SEC. Targa’s consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are:

•

the inclusion of the TRGP senior revolving credit facility and term loan facility;

•

the inclusion of the TRGP senior notes;

•

the inclusion of the TRGP commercial paper notes;

•

the inclusion of Series A Preferred Stock (“Series A Preferred”) prior to full redemption in May 2022; and

•

the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes.

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 16 – Segment Information for certain financial information regarding our business segments.

Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Note 2 — Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by GAAP. Therefore, this information should be read in conjunction with our consolidated financial statements and notes contained in our Annual Report. The information furnished herein reflects all adjustments that are, in the opinion of management, of a normal recurring nature and considered necessary for a fair statement of the results of the interim periods reported. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current year presentation. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Note 3 — Significant Accounting Policies

The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report. Other than the updates noted below, there were no significant updates or revisions to our accounting policies during the three months ended March 31, 2023.

Recently Adopted Accounting Pronouncements

Supplier Finance Programs

In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). Amendments in this update require annual and interim disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. These amendments do not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. These amendments are effective for fiscal years beginning after December 15, 2022, except for the rollforward requirements, which are effective for fiscal years beginning after December 15, 2023. We maintain a supply chain finance program that allows participating suppliers to request early payment from a third-party financial institution of invoices that we confirm as valid. Under this program, we make payments to the third-party financial institution monthly. We adopted the amendments on January 1, 2023, with no material impact on our consolidated financial statements.

Joint Ventures, Divestitures and Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Joint Ventures, Divestitures and Acquisitions

Note 4 – Acquisitions and Divestitures

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 NGL Pipeline (“Grand Prix”), Gulf Coast Express Pipeline (“GCX”) and a 110 MBbl/d fractionator in Mont Belvieu, Texas (“Train 6”). For a four-year period beginning on the date that all three projects commenced commercial operations, we had the option to acquire all or part of Stonepeak’s interests in the DevCo JVs (the “DevCo JV Call Right”). The purchase price payable for such partial or full interests was based on a predetermined fixed return or multiple on invested capital, including distributions received by Stonepeak from the DevCo JVs.

In January 2022, we exercised the DevCo JV Call Right and closed on the purchase of all of Stonepeak’s interests in the DevCo JVs for $926.3 million (the “DevCo JV Repurchase”). Following the DevCo JV Repurchase, we owned a 75% interest in the Permian region to Mont Belvieu segment of Grand Prix through Grand Prix Pipeline LLC (the “Grand Prix Joint Venture”) (prior to the Grand Prix Transaction, as defined below), a 100% interest in Train 6 and a 25% equity interest in GCX (prior to the sale of Targa GCX Pipeline LLC in February 2022 to a third party, with payment received in full in May 2022). The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the redemption price in excess of the carrying amount, net of tax, was $53.1 million, which was accounted for as a premium on repurchase of noncontrolling interests, and resulted in a reduction to Net income (loss) attributable to common shareholders. In addition, the DevCo JV Repurchase resulted in an $857.9 million reduction of Noncontrolling interests on our Consolidated Balance Sheets.

In January 2023, we completed the acquisition of Blackstone Energy Partners’ 25% interest in the Grand Prix Joint Venture (the “Grand Prix Transaction”) for aggregate consideration of $1.05 billion in cash and a final closing adjustment of $41.9 million. Following the closing of the Grand Prix Transaction, we own 100% of the interest in Grand Prix. The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the redemption price in excess of the carrying amount, net of tax, was $490.7 million, which was accounted for as a premium on repurchase of noncontrolling interests, and resulted in a reduction to Net income (loss) attributable to common shareholders. In addition, the Grand Prix Transaction resulted in a $457.3 million reduction of Noncontrolling interests on our Consolidated Balance Sheets.

Property, Plant and Equipment and Intangible Assets

3 Months Ended

Mar. 31, 2023

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 5 — Property, Plant and Equipment and Intangible Assets


	March 31, 2023			December 31, 2022			Estimated Useful Lives (In Years)
Gathering systems	$	10,518.6		$	10,403.1		5 to 20
Processing and fractionation facilities		7,590.3			7,421.2		5 to 25
Terminaling and storage facilities		1,346.7			1,341.6		5 to 25
Transportation assets		2,989.1			2,919.3		10 to 50
Other property, plant and equipment		395.0			387.6		3 to 50
Land		173.3			163.3		—
Construction in progress		1,085.1			1,011.0		—
Finance lease right-of-use assets		284.3			266.1		5 to 14
Property, plant and equipment		24,382.4			23,913.2
Accumulated depreciation, amortization and impairment		(9,912.4	)		(9,698.6	)
Property, plant and equipment, net	$	14,470.0		$	14,214.6

Intangible assets		4,379.7			4,379.7		10 to 20
Accumulated amortization and impairment		(1,741.1	)		(1,645.1	)
Intangible assets, net	$	2,638.6		$	2,734.6

During the three months ended March 31, 2023 and 2022, depreciation expense was $228.8 million and $181.1 million, respectively.

Intangible Assets

Intangible assets consist of customer relationships and customer contracts acquired in prior business combinations. The fair values of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers.

The estimated annual amortization expense for intangible assets is approximately $384.0 million, $373.2 million, $326.0 million, $279.8 million and $252.2 million for each of the years 2023 through 2027, respectively.

The changes in our intangible assets are as follows:


	March 31, 2023
Balance at beginning of period	$	2,734.6
Amortization		(96.0	)
Balance at end of period	$	2,638.6

Debt Obligations

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt Obligations

Note 6 — Debt Obligations


	March 31, 2023			December 31, 2022
Current:
Partnership accounts receivable securitization facility, due September 2023 (1)	$	704.0		$	800.0
Finance lease liabilities		35.0			34.3
Current debt obligations		739.0			834.3

Long-term:
Term loan facility, variable rate, due July 2025		1,500.0			1,500.0
TRGP senior revolving credit facility, variable rate, due February 2027 (2)		305.0			1,298.7
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027		750.0			750.0
4.200% fixed rate, due February 2033		750.0			750.0
6.125% fixed rate, due March 2033 (3)		900.0			—
4.950% fixed rate, due April 2052		750.0			750.0
6.250% fixed rate, due July 2052		500.0			500.0
6.500% fixed rate, due February 2053 (3)		850.0			—
Unamortized discount		(41.0	)		(8.4	)
Senior unsecured notes issued by the Partnership: (4)
6.500% fixed rate, due July 2027		705.2			705.2
5.000% fixed rate, due January 2028		700.3			700.3
6.875% fixed rate, due January 2029		679.3			679.3
5.500% fixed rate, due March 2030		949.6			949.6
4.875% fixed rate, due February 2031		1,000.0			1,000.0
4.000% fixed rate, due January 2032		1,000.0			1,000.0
		11,298.4			10,574.7
Debt issuance costs, net of amortization		(67.7	)		(65.6	)
Finance lease liabilities		208.9			193.0
Long-term debt		11,439.6			10,702.1
Total debt obligations	$	12,178.6		$	11,536.4
Irrevocable standby letters of credit: (2)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	33.2		$	33.2
	$	33.2		$	33.2

(1)

The Partnership's accounts receivable securitization facility (the “Securitization Facility”) provides up to $800 million of borrowing capacity. As of March 31, 2023, the Partnership had $704.0 million of qualifying receivables.

(2)

We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our $2.75 billion TRGP senior revolving credit facility (the “TRGP Revolver”) equal to the aggregate amount outstanding under the Commercial Paper Program. As of March 31, 2023, the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $305.0 million borrowings outstanding, resulting in approximately $2.4 billion of available liquidity, after accounting for outstanding letters of credit.

(3)

In January 2023, we completed an underwritten public offering of (i) $900.0 million aggregate principal amount of our 6.125% Senior Notes due 2033 (the “6.125% Notes”) and (ii) $850.0 million aggregate principal amount of our 6.500% Senior Notes due 2053 (the “6.500% Notes”), resulting in net proceeds of approximately $1.7 billion.

(4)

We guarantee all of the Partnership’s outstanding senior unsecured notes.

The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the three months ended March 31, 2023:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	5.2% - 5.9%	5.4%
Securitization Facility	5.2% - 5.4%	5.3%
Term Loan Facility	5.8% - 6.3%	6.0%

Compliance with Debt Covenants

As of March 31, 2023, we were in compliance with the covenants contained in our various debt agreements.

In February 2022, we and certain of our subsidiaries entered into a parent guarantee whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of all of the obligations of the Partnership and Targa Resources Partners Finance Corporation (together with the Partnership, the “Partnership Issuers”) under the respective indentures governing the Partnership Issuers’ senior unsecured notes. As of March 31, 2023, $5.0 billion of the Partnership Issuers’ senior unsecured notes was outstanding.

Debt Obligations

Commercial Paper Program

In 2022, we established the Commercial Paper Program. Under the terms of the Commercial Paper Program, we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. Amounts available under the Commercial Paper Program may be issued, repaid and re-issued from time to time, with the maximum aggregate face or principal amount outstanding at any one time not to exceed $2.75 billion. We maintain a minimum available borrowing capacity under the TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program as support. The Commercial Paper Program is guaranteed by each subsidiary that guarantees the TRGP Revolver. The commercial paper notes are presented in Long-term debt on our Consolidated Balance Sheets.

Senior Unsecured Notes Issuances

In January 2023, we completed an underwritten public offering of the 6.125% Notes and the 6.500% Notes, resulting in net proceeds of approximately $1.7 billion. The 6.125% Notes and the 6.500% Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The 6.125% Notes and the 6.500% Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Fifth Supplemental Indenture, dated as of January 3, 2023, among us, each subsidiary guarantor and U.S. Bank Trust Company, National Association, as trustee. We used a portion of the net proceeds from the issuance to fund the Grand Prix Transaction and the remaining proceeds for general corporate purposes, including to reduce borrowings under the TRGP Revolver and the Commercial Paper Program.

In the future, we or the Partnership may redeem, purchase or exchange certain of our and the Partnership’s outstanding debt through redemption calls, cash purchases and/or exchanges for other debt, in open market purchases, privately negotiated transactions or otherwise. Such calls, 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.

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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Other Liabilities Noncurrent [Abstract]

Other Long-term Liabilities

3 Months Ended

Mar. 31, 2023

Other Long-term Liabilities

Note 7 — Other Long-term Liabilities

Other long-term liabilities are comprised of the following:


	March 31, 2023		December 31, 2022
Deferred revenue	$	204.5	$	198.8
Asset retirement obligations		99.7		97.9
Operating lease liabilities		27.2		28.6
Other liabilities		15.0		15.9
Total other long-term liabilities	$	346.4	$	341.2

Deferred Revenue

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

Deferred revenue as of March 31, 2023 and December 31, 2022, was $204.5 million and $198.8 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., 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 on the outcome of current litigation with Vitol. See Note 12 – Contingencies.

Deferred revenue includes nonmonetary consideration received in a 2015 amendment to a gas gathering and processing agreement and consideration received for other construction activities of facilities connected to our systems. Deferred revenue also includes contributions in aid of construction received from customers for which revenue is recognized over the expected contract term.

Common Stock and Related Matters

3 Months Ended

Mar. 31, 2023

Class Of Stock Disclosures [Abstract]

Common Stock and Related Matters

Note 8 — Common Stock and Related Matters

Common Share Repurchase Program

In October 2020, our board of directors approved a share repurchase program (the “2020 Share Repurchase Program”) for the repurchase of up to $500.0 million of our outstanding common stock. In May 2023, our board of directors approved a new share repurchase program (the “2023 Share Repurchase Program” and, together with the 2020 Share Repurchase Program, the “Share Repurchase Programs”) for the repurchase of up to $1.0 billion of our outstanding common stock. We may discontinue either Share Repurchase Program at any time and are not obligated to repurchase any specific dollar amount or number of shares thereunder.

For the three months ended March 31, 2023, we repurchased 724,140 shares of our common stock at a weighted average per share price of $71.82 for a total net cost of $52.0 million. For the three months ended March 31, 2022, we repurchased 737,799 shares of our common stock at a weighted average per share price of $67.37 for a total net cost of $49.7 million. As of March 31, 2023, there was $91.8 million remaining under the 2020 Share Repurchase Program.

Common Stock Dividends

In April 2023, we declared an increase to our common dividend to $0.50 per common share or $2.00 per common share annualized effective for the first quarter of 2023.

The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2023:


Three Months Ended	Date Paid or To Be Paid		Total Common Dividends Declared			Amount of Common Dividends Paid or To Be Paid			Accrued Dividends (1)			Dividends Declared per Share of Common Stock
(In millions, except per share amounts)
March 31, 2023	May 15, 2023	$		114.7	$		113.0	$		1.7	$		0.50000
December 31, 2022	February 15, 2023			80.5			79.3			1.2			0.35000

(1)

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

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

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Earnings per Common Share

Earnings per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Note 9 — 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:


	Three Months Ended March 31,
	2023		2022
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.	$	497.0	$	88.0
Less: Premium on repurchase of noncontrolling interests, net of tax (1)		490.7		53.1
Less: Dividends on Series A Preferred Stock (2)		—		21.8
Net income (loss) attributable to common shareholders for basic earnings per share	$	6.3	$	13.1

Weighted average shares outstanding - basic		226.4		228.5
Dilutive effect of unvested stock awards		2.9		3.9
Weighted average shares outstanding - diluted		229.3		232.4

Net income (loss) available per common share - basic	$	0.03	$	0.06
Net income (loss) available per common share - diluted	$	0.03	$	0.06

(1)

Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures.

(2)

The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5% premium to the liquidation preference subsequent to March 16, 2022. In May 2022, we redeemed all of our issued and outstanding Series A Preferred.

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


	Three Months Ended March 31,
	2023		2022
Unvested restricted stock awards		0.1		0.1
Series A Preferred (1)		—		44.3

(1)

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 10 — 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 March 31, 2023, the notional volumes of our commodity derivative contracts were:


Commodity	Instrument	Unit	2023		2024		2025		2026		2027
Natural Gas	Swaps	MMBtu/d		161,545		105,377		39,366		—		—
Natural Gas	Basis Swaps	MMBtu/d		609,255		328,298		256,658		102,500		25,000
NGL	Swaps	Bbl/d		41,286		24,699		11,941		—		—
NGL	Futures	Bbl/d		6,909		2,437		—		—		—
Condensate	Swaps	Bbl/d		6,273		3,832		2,053		—		—

Our derivative contracts are subject to netting arrangements that permit our contracting subsidiaries to net cash settle offsetting asset and liability positions with the same counterparty within the same Targa entity. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements.

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


		Fair Value as of March 31, 2023					Fair Value as of December 31, 2022
	Balance Sheet	Derivative		Derivative			Derivative		Derivative
	Location	Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	134.9	$	(57.9	)	$	158.7	$	(93.8	)
	Long-term		33.7		(8.8	)		24.2		(30.9	)
Total derivatives designated as hedging instruments		$	168.6	$	(66.7	)	$	182.9	$	(124.7	)
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	11.6	$	(98.7	)	$	21.2	$	(226.3	)
	Long-term		2.5		(53.6	)		0.3		(109.2	)
Total derivatives not designated as hedging instruments		$	14.1	$	(152.3	)	$	21.5	$	(335.5	)
Total current position		$	146.5	$	(156.6	)	$	179.9	$	(320.1	)
Total long-term position			36.2		(62.4	)		24.5		(140.1	)
Total derivatives		$	182.7	$	(219.0	)	$	204.4	$	(460.2	)

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


		Gross Presentation							Pro Forma Net Presentation
March 31, 2023		Asset		Liability			Collateral		Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	132.2	$	(154.2	)	$	1.8	$	55.7	$	(75.9	)
	Counterparties without offsetting positions - assets		14.3		—			—		14.3		—
	Counterparties without offsetting positions - liabilities		—		(2.4	)		—		—		(2.4	)
			146.5		(156.6	)		1.8		70.0		(78.3	)
Long-Term Position
	Counterparties with offsetting positions or collateral		33.4		(62.4	)		10.9		10.6		(28.7	)
	Counterparties without offsetting positions - assets		2.8		—			—		2.8		—
	Counterparties without offsetting positions - liabilities		—		—			—		—		—
			36.2		(62.4	)		10.9		13.4		(28.7	)
Total Derivatives
	Counterparties with offsetting positions or collateral		165.6		(216.6	)		12.7		66.3		(104.6	)
	Counterparties without offsetting positions - assets		17.1		—			—		17.1		—
	Counterparties without offsetting positions - liabilities		—		(2.4	)		—		—		(2.4	)
		$	182.7	$	(219.0	)	$	12.7	$	83.4	$	(107.0	)

		Gross Presentation							Pro Forma Net Presentation
December 31, 2022		Asset		Liability			Collateral		Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	162.2	$	(316.7	)	$	12.2	$	27.2	$	(169.5	)
	Counterparties without offsetting positions - assets		17.7		—			—		17.7		—
	Counterparties without offsetting positions - liabilities		—		(3.4	)		—		—		(3.4	)
			179.9		(320.1	)		12.2		44.9		(172.9	)
Long-Term Position
	Counterparties with offsetting positions or collateral		24.5		(137.4	)		22.4		7.3		(97.8	)
	Counterparties without offsetting positions - assets		—		—			—		—		—
	Counterparties without offsetting positions - liabilities		—		(2.7	)		—		—		(2.7	)
			24.5		(140.1	)		22.4		7.3		(100.5	)
Total Derivatives
	Counterparties with offsetting positions or collateral		186.7		(454.1	)		34.6		34.5		(267.3	)
	Counterparties without offsetting positions - assets		17.7		—			—		17.7		—
	Counterparties without offsetting positions - liabilities		—		(6.1	)		—		—		(6.1	)
		$	204.4	$	(460.2	)	$	34.6	$	52.2	$	(273.4	)

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 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. Our derivative instruments other than our futures contracts are executed under International Swaps and Derivatives Association (“ISDA”) agreements, which govern the key terms with our counterparties. Our ISDA agreements contain credit-risk related contingent features. Following the release of the collateral securing our TRGP Revolver, our derivative positions are no longer secured. As of March 31, 2023, we have outstanding net derivative positions that contain credit-risk related contingent features that are in a net liability position of $103.3 million. We have not been required to post any collateral related to these positions due to our credit rating. If our credit rating was to be downgraded one notch below investment grade by both Moody’s Investors Service, Inc. and Standard & Poor’s Financial Services LLC, as defined in our ISDAs, we estimate that as of March 31, 2023, we would not be required to post collateral to certain counterparties per the terms of our ISDAs.

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 $36.3 million as of March 31, 2023. The estimated fair value is net of an adjustment for credit risk based on the default probabilities as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. Our futures contracts that are cleared through an exchange are margined daily and do not require any credit adjustment.

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


	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow	Three Months Ended March 31,
Hedging Relationships	2023		2022
Commodity contracts	$	83.9	$	(387.1	)


	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Three Months Ended March 31,
Location of Gain (Loss)	2023		2022
Revenues	$	45.2	$	(145.7	)

Based on valuations as of March 31, 2023, we expect to reclassify commodity hedge-related deferred gains of $102.0 million included in accumulated other comprehensive income (loss) into earnings before income taxes through the end of 2025, with $75.2 million of gains 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 three months ended March 31, 2023, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward prices, as compared to our positions.


	Location of Gain (Loss)	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Three Months Ended March 31,
as Hedging Instruments	Derivatives	2023		2022
Commodity contracts	Revenue	$	178.0	$	(177.0	)

See Note 11 – Fair Value Measurements and Note 16 – Segment Information for additional disclosures related to derivative instruments and hedging activities.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 11 — 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 are reported at fair value on our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost on our Consolidated Balance Sheets. The following are additional qualitative and quantitative disclosures regarding fair value measurements of financial instruments.

Fair Value of Derivative Financial Instruments

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

The fair values of our derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. The financial position of these derivatives at March 31, 2023, a net liability position of $36.3 million, reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive or pay in the future on our derivative contracts. If forward pricing on natural gas, NGLs and crude oil were to increase by 10%, the result would be a fair value reflecting a net liability of $184.4 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 $112.0 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 TRGP Revolver, commercial paper notes, Securitization Facility and Term Loan Facility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market rates; and

•

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

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 (i) financial instruments measurements included on our Consolidated Balance Sheets at fair value, and (ii) supplemental fair value disclosures for other financial instruments:


	March 31, 2023
	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)	$	182.0	$	182.0	$	—	$	182.0	$	—
Liabilities from commodity derivative contracts (1)		218.3		218.3		—		218.3		—
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		211.8		211.8		—		—		—
TRGP Revolver and Commercial Paper Program		305.0		305.0		—		305.0		—
TRGP Senior unsecured notes		4,459.0		4,298.8		—		4,298.8		—
Term Loan Facility		1,500.0		1,500.0		—		1,500.0		—
Partnership's Senior unsecured notes		5,034.4		4,849.8		—		4,849.8		—
Securitization Facility		704.0		704.0		—		704.0		—


	December 31, 2022
	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)	$	201.6	$	201.6	$	—	$	201.6	$	—
Liabilities from commodity derivative contracts (1)		457.4		457.4		—		457.4		—
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		219.0		219.0		—		—		—
TRGP Revolver and Commercial Paper Program		1,298.7		1,298.7		—		1,298.7		—
TRGP Senior unsecured notes		2,741.6		2,452.6		—		2,452.6		—
Term Loan Facility		1,500.0		1,500.0		—		1,500.0		—
Partnership's Senior unsecured notes		5,034.4		4,711.3		—		4,711.3		—
Securitization Facility		800.0		800.0		—		800.0		—

(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 10 – 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.

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

We report 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. As of March 31, 2023 and December 31, 2022, we had no derivative contracts categorized as Level 3.

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.

Revenue From Contract With Customer [Abstract]

Contingencies

3 Months Ended

Mar. 31, 2023

Loss Contingency [Abstract]

Contingencies

Note 12 — 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.

On December 26, 2018, Vitol filed a lawsuit in the 80th District Court of Harris County (the “District Court”), Texas against Targa Channelview LLC, then a subsidiary of the Company (“Targa Channelview”), seeking recovery of $129.0 million in payments made to Targa Channelview, additional monetary damages, attorneys’ fees and costs. Vitol alleges that Targa Channelview breached the Splitter Agreement, which provided for Targa Channelview to construct a crude oil and condensate splitter (the “Splitter”) adjacent to a barge dock owned by Targa Channelview to provide services contemplated by the Splitter Agreement. In January 2018, Vitol acquired Noble Americas Corp. and on December 23, 2018, Vitol voluntarily elected to terminate the Splitter Agreement claiming that Targa Channelview failed to timely achieve start-up of the Splitter. Vitol’s lawsuit also alleges Targa Channelview made a series of misrepresentations about the capability of the barge dock that would service crude oil and condensate volumes to be processed by the Splitter and Splitter products. Vitol seeks return of $129.0 million in payments made to Targa Channelview prior to the start-up of the Splitter, as well as additional damages. On the same date that Vitol filed its lawsuit, Targa Channelview filed a lawsuit against Vitol seeking a judicial determination that Vitol’s sole and exclusive remedy was Vitol’s voluntarily termination of the Splitter Agreement and, as a result, Vitol was not entitled to the return of any prior payments under the Splitter Agreement or other damages as alleged. Targa also seeks recovery of its attorneys’ fees and costs in the lawsuit.

On October 15, 2020, the District Court awarded Vitol $129.0 million (plus interest) following a bench trial. In addition, the District Court awarded Vitol $10.5 million in damages for losses and demurrage on crude oil that Vitol purchased for start-up efforts. The Company appealed the award in the Fourteenth Court of Appeals in Houston, Texas. In October 2020, we sold Targa Channelview but, under the agreements governing the sale, we retained the liabilities associated with the Vitol proceedings. On September 13, 2022, the Fourteenth Court of Appeals upheld the trial court’s judgment in part with regard to the return of Vitol’s prior payments, but modified the judgment to delete Vitol’s ability to recover any damages related to losses or demurrage on crude oil. We have filed a petition for review with the Supreme Court of Texas, and the appeal remains pending. The cumulative amount of interest on the award through March 31, 2023, if accrued, would have been approximately $45.8 million.

Revenue

3 Months Ended

Mar. 31, 2023

Revenue

Note 13 — 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 16 years.


	2023		2024		2025 and after
Fixed consideration to be recognized as of March 31, 2023	$	346.6	$	457.9	$	2,238.3

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 disclosures related to disaggregated revenue, see Note 16 – 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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Reference 4: 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 10: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 14 — Income Taxes

We record income taxes using an estimated annual effective tax rate and recognize specific events discretely as they occur. We recorded income tax expense of $110.3 million and $22.9 million during the three months ended March 31, 2023 and 2022, respectively. Our effective tax rate for the three months ended March 31, 2023 is lower than the U.S. corporate statutory rate of 21% primarily due to the release of a portion of our state valuation allowances in addition to income allocated to noncontrolling interests that is not taxable. The effective tax rate for the three months ended March 31, 2022 was lower than the U.S. corporate statutory rate of 21% primarily due to the release of a portion of our federal valuation allowances in addition to income allocated to noncontrolling interests that is not taxable to the Company.

We regularly evaluate the realizable tax benefits of deferred tax assets and record a valuation allowance, if required, based on an estimate of the amount of deferred tax assets that we believe does not meet the more-likely-than-not criteria of being realized. As of March 31, 2023, our valuation allowance was $13.4 million, a decrease of $23.5 million from December 31, 2022. After the change in valuation allowance, we have a net deferred tax liability of $298.3 million.

We are subject to tax in the U.S. and various state jurisdictions. Additionally, we are subject to periodic audits and reviews by U.S. federal and state taxing authorities. As of March 31, 2023, Internal Revenue Service (“IRS”) examinations are currently in process for the 2019 and 2020 taxable years of certain wholly-owned and consolidated subsidiaries that are treated as partnerships for U.S. federal income tax purposes. We are responding to information requests from the IRS with respect to these audits. We are not aware of any potential audit findings that would give rise to adjustments to taxable income and do not anticipate material changes related to these audits.

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.

Reference 1: 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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Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Information

Note 15 — Supplemental Cash Flow Information


	Three Months Ended March 31,
	2023			2022
Cash:
Interest paid, net of capitalized interest (1)	$	211.6		$	151.3
Income taxes (received) paid, net		0.1			(0.2	)
Non-cash investing activities:
Impact of capital expenditure accruals on property, plant and equipment, net		(21.4	)		(41.9	)
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests	$	8.8		$	(18.2	)

(1)

Interest capitalized on major projects was $6.7 million and $2.4 million for the three months ended March 31, 2023 and 2022.

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

Note 16 — 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.

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

Reportable segment information is shown in the following tables:


	Three Months Ended March 31, 2023
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	287.9	$	3,561.3	$	175.8	$	—		$	4,025.0
Fees from midstream services		320.4		175.1		—		—			495.5
		608.3		3,736.4		175.8		—			4,520.5
Intersegment revenues
Sales of commodities		1,347.0		78.2		—		(1,425.2	)		—
Fees from midstream services		0.5		10.8		—		(11.3	)		—
		1,347.5		89.0		—		(1,436.5	)		—
Revenues	$	1,955.8	$	3,825.4	$	175.8	$	(1,436.5	)	$	4,520.5
Operating margin (1)	$	538.4	$	529.1	$	175.8
Other financial information:
Total assets (2)	$	12,199.9	$	6,558.4	$	4.2	$	263.0		$	19,025.5
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	269.5	$	176.6	$	—	$	8.2		$	454.3


	Three Months Ended March 31, 2022
	Gathering and Processing		Logistics and Transportation		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	134.6	$	4,609.9	$	(178.3	)	$	—		$	4,566.2
Fees from midstream services		210.4		182.5		—			—			392.9
		345.0		4,792.4		(178.3	)		—			4,959.1
Intersegment revenues
Sales of commodities		2,030.6		124.3		—			(2,154.9	)		—
Fees from midstream services		0.3		10.8		—			(11.1	)		—
		2,030.9		135.1		—			(2,166.0	)		—
Revenues	$	2,375.9	$	4,927.5	$	(178.3	)	$	(2,166.0	)	$	4,959.1
Operating margin (1)	$	397.6	$	352.1	$	(178.3	)
Other financial information:
Total assets (2)	$	7,932.2	$	7,214.8	$	1.6		$	146.8		$	15,295.4
Goodwill	$	45.2	$	—	$	—		$	—		$	45.2
Capital expenditures	$	133.0	$	25.2	$	—		$	4.3		$	162.5

(1)

Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.

(2)

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

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


	Three Months Ended March 31,
	2023		2022
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	816.1	$	964.3
NGL		2,864.5		3,806.5
Condensate and crude oil		121.2		118.1
		3,801.8		4,888.9
Non-customer revenue:
Derivative activities - Hedge		45.2		(145.7	)
Derivative activities - Non-hedge (1)		178.0		(177.0	)
		223.2		(322.7	)
Total sales of commodities		4,025.0		4,566.2

Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		315.5		206.0
NGL transportation, fractionation and services		56.1		65.8
Storage, terminaling and export		108.8		100.9
Other		15.1		20.2
Total fees from midstream services		495.5		392.9

Total revenues	$	4,520.5	$	4,959.1

(1)

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

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


	Three Months Ended March 31,
	2023			2022
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Gathering and Processing operating margin	$	538.4		$	397.6
Logistics and Transportation operating margin		529.1			352.1
Other operating margin		175.8			(178.3	)
Depreciation and amortization expense		(324.8	)		(209.1	)
General and administrative expense		(82.4	)		(67.1	)
Other operating income (expense)		0.6			0.5
Interest expense, net		(168.0	)		(93.6	)
Equity earnings (loss)		(0.2	)		5.6
Gain (loss) from financing activities		—			(15.8	)
Other, net		(3.0	)		(0.4	)
Income (loss) before income taxes	$	665.5		$	191.5

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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-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

Recently issued accounting pronouncements not yet adopted

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Supplier Finance Programs

Property, Plant and Equipment and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Property Plant And Equipment And Intangible Assets [Abstract]

Property Plant and Equipment and Intangible Assets


	March 31, 2023			December 31, 2022			Estimated Useful Lives (In Years)
Gathering systems	$	10,518.6		$	10,403.1		5 to 20
Processing and fractionation facilities		7,590.3			7,421.2		5 to 25
Terminaling and storage facilities		1,346.7			1,341.6		5 to 25
Transportation assets		2,989.1			2,919.3		10 to 50
Other property, plant and equipment		395.0			387.6		3 to 50
Land		173.3			163.3		—
Construction in progress		1,085.1			1,011.0		—
Finance lease right-of-use assets		284.3			266.1		5 to 14
Property, plant and equipment		24,382.4			23,913.2
Accumulated depreciation, amortization and impairment		(9,912.4	)		(9,698.6	)
Property, plant and equipment, net	$	14,470.0		$	14,214.6

Intangible assets		4,379.7			4,379.7		10 to 20
Accumulated amortization and impairment		(1,741.1	)		(1,645.1	)
Intangible assets, net	$	2,638.6		$	2,734.6

Schedule of Changes in Intangible Assets

The changes in our intangible assets are as follows:


	March 31, 2023
Balance at beginning of period	$	2,734.6
Amortization		(96.0	)
Balance at end of period	$	2,638.6

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Debt


	March 31, 2023			December 31, 2022
Current:
Partnership accounts receivable securitization facility, due September 2023 (1)	$	704.0		$	800.0
Finance lease liabilities		35.0			34.3
Current debt obligations		739.0			834.3

Long-term:
Term loan facility, variable rate, due July 2025		1,500.0			1,500.0
TRGP senior revolving credit facility, variable rate, due February 2027 (2)		305.0			1,298.7
Senior unsecured notes issued by TRGP:
5.200% fixed rate, due July 2027		750.0			750.0
4.200% fixed rate, due February 2033		750.0			750.0
6.125% fixed rate, due March 2033 (3)		900.0			—
4.950% fixed rate, due April 2052		750.0			750.0
6.250% fixed rate, due July 2052		500.0			500.0
6.500% fixed rate, due February 2053 (3)		850.0			—
Unamortized discount		(41.0	)		(8.4	)
Senior unsecured notes issued by the Partnership: (4)
6.500% fixed rate, due July 2027		705.2			705.2
5.000% fixed rate, due January 2028		700.3			700.3
6.875% fixed rate, due January 2029		679.3			679.3
5.500% fixed rate, due March 2030		949.6			949.6
4.875% fixed rate, due February 2031		1,000.0			1,000.0
4.000% fixed rate, due January 2032		1,000.0			1,000.0
		11,298.4			10,574.7
Debt issuance costs, net of amortization		(67.7	)		(65.6	)
Finance lease liabilities		208.9			193.0
Long-term debt		11,439.6			10,702.1
Total debt obligations	$	12,178.6		$	11,536.4
Irrevocable standby letters of credit: (2)
Letters of credit outstanding under the TRGP senior revolving credit facility	$	33.2		$	33.2
	$	33.2		$	33.2

(1)

(2)

(3)

(4)

We guarantee all of the Partnership’s outstanding senior unsecured notes.

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 three months ended March 31, 2023:


	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program	5.2% - 5.9%	5.4%
Securitization Facility	5.2% - 5.4%	5.3%
Term Loan Facility	5.8% - 6.3%	6.0%

Other Long-term Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Other Liabilities Noncurrent [Abstract]

Schedule of Other Long-term Liabilities

Other long-term liabilities are comprised of the following:


	March 31, 2023		December 31, 2022
Deferred revenue	$	204.5	$	198.8
Asset retirement obligations		99.7		97.9
Operating lease liabilities		27.2		28.6
Other liabilities		15.0		15.9
Total other long-term liabilities	$	346.4	$	341.2

Common Stock and Related Matters (Tables)

3 Months Ended

Mar. 31, 2023

Class Of Stock Disclosures [Abstract]

Dividends Declared and/or Paid

The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2023:


Three Months Ended	Date Paid or To Be Paid		Total Common Dividends Declared			Amount of Common Dividends Paid or To Be Paid			Accrued Dividends (1)			Dividends Declared per Share of Common Stock
(In millions, except per share amounts)
March 31, 2023	May 15, 2023	$		114.7	$		113.0	$		1.7	$		0.50000
December 31, 2022	February 15, 2023			80.5			79.3			1.2			0.35000

(1)

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

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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

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


	Three Months Ended March 31,
	2023		2022
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.	$	497.0	$	88.0
Less: Premium on repurchase of noncontrolling interests, net of tax (1)		490.7		53.1
Less: Dividends on Series A Preferred Stock (2)		—		21.8
Net income (loss) attributable to common shareholders for basic earnings per share	$	6.3	$	13.1

Weighted average shares outstanding - basic		226.4		228.5
Dilutive effect of unvested stock awards		2.9		3.9
Weighted average shares outstanding - diluted		229.3		232.4

Net income (loss) available per common share - basic	$	0.03	$	0.06
Net income (loss) available per common share - diluted	$	0.03	$	0.06

Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures.

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


	Three Months Ended March 31,
	2023		2022
Unvested restricted stock awards		0.1		0.1
Series A Preferred (1)		—		44.3

(1)

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At March 31, 2023, the notional volumes of our commodity derivative contracts were:


Commodity	Instrument	Unit	2023		2024		2025		2026		2027
Natural Gas	Swaps	MMBtu/d		161,545		105,377		39,366		—		—
Natural Gas	Basis Swaps	MMBtu/d		609,255		328,298		256,658		102,500		25,000
NGL	Swaps	Bbl/d		41,286		24,699		11,941		—		—
NGL	Futures	Bbl/d		6,909		2,437		—		—		—
Condensate	Swaps	Bbl/d		6,273		3,832		2,053		—		—

Fair Values of Derivative Instruments


		Fair Value as of March 31, 2023					Fair Value as of December 31, 2022
	Balance Sheet	Derivative		Derivative			Derivative		Derivative
	Location	Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	134.9	$	(57.9	)	$	158.7	$	(93.8	)
	Long-term		33.7		(8.8	)		24.2		(30.9	)
Total derivatives designated as hedging instruments		$	168.6	$	(66.7	)	$	182.9	$	(124.7	)
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	11.6	$	(98.7	)	$	21.2	$	(226.3	)
	Long-term		2.5		(53.6	)		0.3		(109.2	)
Total derivatives not designated as hedging instruments		$	14.1	$	(152.3	)	$	21.5	$	(335.5	)
Total current position		$	146.5	$	(156.6	)	$	179.9	$	(320.1	)
Total long-term position			36.2		(62.4	)		24.5		(140.1	)
Total derivatives		$	182.7	$	(219.0	)	$	204.4	$	(460.2	)

Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet

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


		Gross Presentation							Pro Forma Net Presentation
March 31, 2023		Asset		Liability			Collateral		Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	132.2	$	(154.2	)	$	1.8	$	55.7	$	(75.9	)
	Counterparties without offsetting positions - assets		14.3		—			—		14.3		—
	Counterparties without offsetting positions - liabilities		—		(2.4	)		—		—		(2.4	)
			146.5		(156.6	)		1.8		70.0		(78.3	)
Long-Term Position
	Counterparties with offsetting positions or collateral		33.4		(62.4	)		10.9		10.6		(28.7	)
	Counterparties without offsetting positions - assets		2.8		—			—		2.8		—
	Counterparties without offsetting positions - liabilities		—		—			—		—		—
			36.2		(62.4	)		10.9		13.4		(28.7	)
Total Derivatives
	Counterparties with offsetting positions or collateral		165.6		(216.6	)		12.7		66.3		(104.6	)
	Counterparties without offsetting positions - assets		17.1		—			—		17.1		—
	Counterparties without offsetting positions - liabilities		—		(2.4	)		—		—		(2.4	)
		$	182.7	$	(219.0	)	$	12.7	$	83.4	$	(107.0	)

		Gross Presentation							Pro Forma Net Presentation
December 31, 2022		Asset		Liability			Collateral		Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	162.2	$	(316.7	)	$	12.2	$	27.2	$	(169.5	)
	Counterparties without offsetting positions - assets		17.7		—			—		17.7		—
	Counterparties without offsetting positions - liabilities		—		(3.4	)		—		—		(3.4	)
			179.9		(320.1	)		12.2		44.9		(172.9	)
Long-Term Position
	Counterparties with offsetting positions or collateral		24.5		(137.4	)		22.4		7.3		(97.8	)
	Counterparties without offsetting positions - assets		—		—			—		—		—
	Counterparties without offsetting positions - liabilities		—		(2.7	)		—		—		(2.7	)
			24.5		(140.1	)		22.4		7.3		(100.5	)
Total Derivatives
	Counterparties with offsetting positions or collateral		186.7		(454.1	)		34.6		34.5		(267.3	)
	Counterparties without offsetting positions - assets		17.7		—			—		17.7		—
	Counterparties without offsetting positions - liabilities		—		(6.1	)		—		—		(6.1	)
		$	204.4	$	(460.2	)	$	34.6	$	52.2	$	(273.4	)

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

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


	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow	Three Months Ended March 31,
Hedging Relationships	2023		2022
Commodity contracts	$	83.9	$	(387.1	)


	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Three Months Ended March 31,
Location of Gain (Loss)	2023		2022
Revenues	$	45.2	$	(145.7	)

Gain (Loss) Recognized in Income on Derivatives

The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three months ended March 31, 2023, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward prices, as compared to our positions.


	Location of Gain (Loss)	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Three Months Ended March 31,
as Hedging Instruments	Derivatives	2023		2022
Commodity contracts	Revenue	$	178.0	$	(177.0	)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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


	March 31, 2023
	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)	$	182.0	$	182.0	$	—	$	182.0	$	—
Liabilities from commodity derivative contracts (1)		218.3		218.3		—		218.3		—
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		211.8		211.8		—		—		—
TRGP Revolver and Commercial Paper Program		305.0		305.0		—		305.0		—
TRGP Senior unsecured notes		4,459.0		4,298.8		—		4,298.8		—
Term Loan Facility		1,500.0		1,500.0		—		1,500.0		—
Partnership's Senior unsecured notes		5,034.4		4,849.8		—		4,849.8		—
Securitization Facility		704.0		704.0		—		704.0		—


	December 31, 2022
	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)	$	201.6	$	201.6	$	—	$	201.6	$	—
Liabilities from commodity derivative contracts (1)		457.4		457.4		—		457.4		—
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		219.0		219.0		—		—		—
TRGP Revolver and Commercial Paper Program		1,298.7		1,298.7		—		1,298.7		—
TRGP Senior unsecured notes		2,741.6		2,452.6		—		2,452.6		—
Term Loan Facility		1,500.0		1,500.0		—		1,500.0		—
Partnership's Senior unsecured notes		5,034.4		4,711.3		—		4,711.3		—
Securitization Facility		800.0		800.0		—		800.0		—

(1)

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue From Contract With Customer [Abstract]

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


	2023		2024		2025 and after
Fixed consideration to be recognized as of March 31, 2023	$	346.6	$	457.9	$	2,238.3

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	Three Months Ended March 31,
	2023			2022
Cash:
Interest paid, net of capitalized interest (1)	$	211.6		$	151.3
Income taxes (received) paid, net		0.1			(0.2	)
Non-cash investing activities:
Impact of capital expenditure accruals on property, plant and equipment, net		(21.4	)		(41.9	)
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests	$	8.8		$	(18.2	)

(1)

Interest capitalized on major projects was $6.7 million and $2.4 million for the three months ended March 31, 2023 and 2022.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information is shown in the following tables:


	Three Months Ended March 31, 2023
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	287.9	$	3,561.3	$	175.8	$	—		$	4,025.0
Fees from midstream services		320.4		175.1		—		—			495.5
		608.3		3,736.4		175.8		—			4,520.5
Intersegment revenues
Sales of commodities		1,347.0		78.2		—		(1,425.2	)		—
Fees from midstream services		0.5		10.8		—		(11.3	)		—
		1,347.5		89.0		—		(1,436.5	)		—
Revenues	$	1,955.8	$	3,825.4	$	175.8	$	(1,436.5	)	$	4,520.5
Operating margin (1)	$	538.4	$	529.1	$	175.8
Other financial information:
Total assets (2)	$	12,199.9	$	6,558.4	$	4.2	$	263.0		$	19,025.5
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	269.5	$	176.6	$	—	$	8.2		$	454.3


	Three Months Ended March 31, 2022
	Gathering and Processing		Logistics and Transportation		Other			Corporate and Eliminations			Total
Revenues
Sales of commodities	$	134.6	$	4,609.9	$	(178.3	)	$	—		$	4,566.2
Fees from midstream services		210.4		182.5		—			—			392.9
		345.0		4,792.4		(178.3	)		—			4,959.1
Intersegment revenues
Sales of commodities		2,030.6		124.3		—			(2,154.9	)		—
Fees from midstream services		0.3		10.8		—			(11.1	)		—
		2,030.9		135.1		—			(2,166.0	)		—
Revenues	$	2,375.9	$	4,927.5	$	(178.3	)	$	(2,166.0	)	$	4,959.1
Operating margin (1)	$	397.6	$	352.1	$	(178.3	)
Other financial information:
Total assets (2)	$	7,932.2	$	7,214.8	$	1.6		$	146.8		$	15,295.4
Goodwill	$	45.2	$	—	$	—		$	—		$	45.2
Capital expenditures	$	133.0	$	25.2	$	—		$	4.3		$	162.5

(1)

Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.

(2)

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

Revenues Disaggregated by Product and Service

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


	Three Months Ended March 31,
	2023		2022
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	816.1	$	964.3
NGL		2,864.5		3,806.5
Condensate and crude oil		121.2		118.1
		3,801.8		4,888.9
Non-customer revenue:
Derivative activities - Hedge		45.2		(145.7	)
Derivative activities - Non-hedge (1)		178.0		(177.0	)
		223.2		(322.7	)
Total sales of commodities		4,025.0		4,566.2

Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		315.5		206.0
NGL transportation, fractionation and services		56.1		65.8
Storage, terminaling and export		108.8		100.9
Other		15.1		20.2
Total fees from midstream services		495.5		392.9

Total revenues	$	4,520.5	$	4,959.1

(1)

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

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

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


	Three Months Ended March 31,
	2023			2022
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Gathering and Processing operating margin	$	538.4		$	397.6
Logistics and Transportation operating margin		529.1			352.1
Other operating margin		175.8			(178.3	)
Depreciation and amortization expense		(324.8	)		(209.1	)
General and administrative expense		(82.4	)		(67.1	)
Other operating income (expense)		0.6			0.5
Interest expense, net		(168.0	)		(93.6	)
Equity earnings (loss)		(0.2	)		5.6
Gain (loss) from financing activities		—			(15.8	)
Other, net		(3.0	)		(0.4	)
Income (loss) before income taxes	$	665.5		$	191.5

Acquisitions and Divestitures - Additional Information Joint Ventures (Details)
$ in Millions

1 Months Ended

3 Months Ended

Feb. 06, 2018

JointVenture

Jan. 31, 2023

USD ($)

Jan. 31, 2022

USD ($)

Mar. 31, 2023

USD ($)

Mar. 31, 2022

USD ($)

Premium on repurchase of noncontrolling interests, net of tax

Repurchase of interest

$ 1,091.9

$ 926.3

^[1]

490.7

$ 53.1

Blackstone Energy Partners [Member]

Ownership interest in assets

100.00%

Ownership interest

25.00%

Business acquisition, purchase price

$ 1,050.0

Business Acquisition Purchase Price Closing Adjustment

41.9

Premium on repurchase of noncontrolling interests, net of tax

490.7

Cash paid for purchase of noncontrolling interests

$ 457.3

DevCo JV Repurchase [Member]

Premium on repurchase of noncontrolling interests, net of tax

Repurchase of interest

$ 926.3

53.1

Cash paid for purchase of noncontrolling interests

$ 857.9

DevCo JV Repurchase [Member] | Grand Prix Joint Venture [Member]

Train 6 [Member] | DevCo JV Repurchase [Member]

Ownership interest

75.00%

Ownership interest in assets

100.00%

GCX DevCo JV [Member] | DevCo JV Repurchase [Member]

Stonepeak Infrastructure Partners [Member] | GCX DevCo JV [Member]

Ownership interest

25.00%

Number of development joint ventures | JointVenture

Train 6 DevCo JV [Member] | Train 6 [Member] | Mont Belvieu, Texas [Member]

Ownership interest in assets

110.00%

[1]	Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 24,382.4	$ 23,913.2
Accumulated depreciation, amortization and impairment	(9,912.4)	(9,698.6)
Property, plant and equipment, net	14,470.0	14,214.6
Intangible assets	4,379.7	4,379.7
Accumulated amortization and impairment	(1,741.1)	(1,645.1)
Intangible assets, net	$ 2,638.6	2,734.6
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	$ 10,518.6	10,403.1
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	$ 7,590.3	7,421.2
Processing and Fractionation Facilities [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Processing and Fractionation Facilities [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Terminaling and Storage Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,346.7	1,341.6
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	$ 2,989.1	2,919.3
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	$ 395.0	387.6
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	$ 173.3	163.3
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,085.1	1,011.0
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 284.3	$ 266.1
Finance Lease Right-of-Use Assets [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Finance Lease Right-of-Use Assets [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	14 years

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property Plant And Equipment And Intangible Assets [Abstract]
Depreciation expense	$ 228.8	$ 181.1
Estimated amortization expense for intangible assets [Abstract]
2023	384.0
2024	373.2
2025	326.0
2026	279.8
2027	$ 252.2

Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Finite Lived Intangible Assets [Roll Forward]
Beginning of period	$ 2,734.6
Amortization	(96.0)
End of period	$ 2,638.6

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period	$ 131.3
Equity earnings (loss)	(0.2)	$ 5.6
Balance at end of period	$ 134.7

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

Mar. 31, 2023

Dec. 31, 2022

Current:

Partnership accounts receivable securitization facility, due September 2023

^[1]

$ 704.0

$ 800.0

Finance lease liabilities

35.0

34.3

Current debt obligations

739.0

834.3

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

11,298.4

10,574.7

Debt issuance costs, net of amortization

(67.7)

(65.6)

Finance lease liabilities

208.9

193.0

Letters of credit outstanding

11,439.6

10,702.1

Total debt obligations

12,178.6

11,536.4

33.2

Senior Unsecured Notes [Member]

Senior Unsecured Notes [Member] | Senior Unsecured 5.200% fixed rate, due July 2027 [Member]

Unamortized discount

(41.0)

(8.4)

Senior Unsecured Notes [Member] | Senior Unsecured 5.200% fixed rate, due July 2027 [Member] | Targa Resources Partners LP [Member]

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.200% Notes due February 2033 [Member]

^[2]

705.2

Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, Due March 2033 [Member]

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 4.950% Notes due April 2052 [Member]

^[3]

900.0

0.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.250% fixed rate, due July 2052 [Member]

750.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, Due February 2053 [Member]

500.0

Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member] | Targa Resources Partners LP [Member]

^[3]

850.0

0.0

Senior Unsecured Notes [Member] | Senior Unsecured 6.875% Senior Notes due January 2029 [Member] | Targa Resources Partners LP [Member]

^[2]

700.3

Senior Unsecured Notes [Member] | Senior Unsecured 5.500% Notes due March 2030 [Member] | Targa Resources Partners LP [Member]

^[2]

679.3

Senior Unsecured Notes [Member] | Senior Unsecured of 4.875% Senior Notes due February 2031 [Member] | Targa Resources Partners LP [Member]

^[2]

949.6

Senior Unsecured Notes [Member] | Senior Unsecured of 4.000% Senior Notes due January 2032 [Member] | Targa Resources Partners LP [Member]

^[2]

1,000.0

Term Loan Facility, Variable Rate, due July 2025

^[2]

1,000.0

Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2027 [Member]

1,500.0

Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2027 [Member] | Targa Resources Partners LP [Member]

^[4]

305.0

1,298.7

Letters of credit outstanding

^[4]

$ 33.2

[1]	The Partnership's accounts receivable securitization facility (the “Securitization Facility”) provides up to $800 million of borrowing capacity. As of March 31, 2023, the Partnership had $704.0 million of qualifying receivables.
[2]	We guarantee all of the Partnership’s outstanding senior unsecured notes.
[3]	In January 2023, we completed an underwritten public offering of (i) $900.0 million aggregate principal amount of our 6.125% Senior Notes due 2033 (the “6.125% Notes”) and (ii) $850.0 million aggregate principal amount of our 6.500% Senior Notes due 2053 (the “6.500% Notes”), resulting in net proceeds of approximately $1.7 billion.
[4]	We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our $2.75 billion TRGP senior revolving credit facility (the “TRGP Revolver”) equal to the aggregate amount outstanding under the Commercial Paper Program. As of March 31, 2023, the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $305.0 million borrowings outstanding, resulting in approximately $2.4 billion of available liquidity, after accounting for outstanding letters of credit.

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

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 31, 2023

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Proceeds from borrowings under accounts receivable securitization facility

$ 0

$ 250,000,000.0

Partnership accounts receivable securitization facility, due September 2023

^[1]

704,000,000.0

$ 800,000,000.0

Commercial Paper Program [Member]

Aggregate principal amount issued

2,750,000,000

Accounts Receivable Securitization Facility [Member]

Proceeds from borrowings under accounts receivable securitization facility

704,000,000.0

Term Loan Facility, Variable Rate, due July 2025

$ 800,000,000

Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2027 [Member]

Jul. 31, 2025

Feb. 28, 2027

Revolving Credit Facility [Member] | Commercial Paper Program [Member]

$ 0

Revolving Credit Facility [Member] | Letter of Credit [Member]

305,000,000.0

Senior Unsecured Notes [Member]

$ 2,400,000,000

Net proceeds from senior notes

$ 1,700,000,000

Senior Unsecured Notes [Member] | Senior Unsecured 4.200% Notes due February 2033 [Member]

Feb. 28, 2033

Feb. 28, 2023

Senior Unsecured Notes [Member] | Senior Unsecured 6.125% Fixed Rate, Due March 2033 [Member]

4.20%

Mar. 31, 2033

Aggregate principal amount issued

6.125%

$ 900,000,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 5.200% fixed rate, due July 2027 [Member]

Jul. 31, 2027

Senior Unsecured Notes [Member] | Senior Unsecured 4.950% Notes due April 2052 [Member]

5.20%

Apr. 30, 2052

Senior Unsecured Notes [Member] | Senior Unsecured 6.250% fixed rate, due July 2052 [Member]

4.95%

Jul. 31, 2052

Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Fixed Rate, Due February 2053 [Member]

6.25%

Feb. 28, 2053

Aggregate principal amount issued

6.50%

$ 850,000,000.0

Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility, due September 2023 [Member]

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.200% fixed rate, due July 2027 [Member]

Sep. 30, 2023

Jul. 31, 2027

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member]

6.50%

Jan. 31, 2028

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6.875% Senior Notes due January 2029 [Member]

5.00%

Jan. 31, 2029

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.500% Notes due March 2030 [Member]

6.875%

Mar. 31, 2030

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4.000% Senior Notes due January 2032 [Member]

5.50%

Jan. 31, 2032

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4.875% Senior Notes due February 2031 [Member]

4.00%

Feb. 28, 2031

4.875%

[1]	The Partnership's accounts receivable securitization facility (the “Securitization Facility”) provides up to $800 million of borrowing capacity. As of March 31, 2023, the Partnership had $704.0 million of qualifying receivables.

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Mar. 31, 2023
TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	5.40%
Targa Resources Partners LP [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	6.00%
Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	5.30%
Minimum [Member] \| TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.20%
Minimum [Member] \| Targa Resources Partners LP [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.80%
Minimum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.20%
Maximum [Member] \| TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.90%
Maximum [Member] \| Targa Resources Partners LP [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	6.30%
Maximum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	5.40%

Debt Obligations - Compliance with Debt Covenants - Additional Information (Details) $ in Billions	Mar. 31, 2023 USD ($)
Senior Unsecured Notes [Member] \| Targa Resources Partners LP and Targa Resources Partners Finance Corporation "TRP Issuers" [Member]
Debt Instrument [Line Items]
Senior unsecured notes	$ 5.0

Debt Obligations - Commercial Paper Program - Additional Information (Details) - Commercial Paper Program [Member]	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Amount outstanding	$ 2,750,000,000
Agreement description	Under the terms of the Commercial Paper Program, we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year.

Identification of the lender and information about a contractual promise to repay a short-term or long-term obligation, which includes borrowings under lines of credit, notes payable, commercial paper, bonds payable, debentures, and other contractual obligations for payment. This may include rationale for entering into the arrangement, significant terms of the arrangement, which may include amount, repayment terms, priority, collateral required, debt covenants, borrowing capacity, call features, participation rights, conversion provisions, sinking-fund requirements, voting rights, basis for conversion if convertible and remarketing provisions. The description may be provided for individual debt instruments, rational groupings of debt instruments, or by debt in total.

Dividends Declared per Share of Common Stock

Debt Obligations - Senior Unsecured Notes Issuance - Additional Information (Details) - Senior Unsecured Notes [Member] - USD ($) $ in Billions	1 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net proceeds from private placement of notes	$ 1.7
Senior Unsecured 6.125% Fixed Rate, Due March 2033 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	6.125%	6.125%	6.125%
Senior Unsecured 6.500% Fixed Rate, Due February 2053 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	6.50%	6.50%	6.50%

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities Noncurrent [Abstract]
Deferred revenue	$ 204.5	$ 198.8
Asset retirement obligations	99.7	97.9
Operating lease liabilities	27.2	28.6
Other liabilities	15.0	15.9
Total long-term liabilities	$ 346.4	$ 341.2

Other Long-term Liabilities - Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 204.5	$ 198.8
Channelview Splitter [Member]
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 129.0

Common Stock and Related Matters - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Oct. 31, 2020
Class Of Stock [Line Items]
Stock repurchase program, authorized amount		$ 1,000.0		$ 500.0
Repurchases of common stock (in shares)		724,140	737,799
Weighted average price per share		$ 71.82	$ 67.37
Repurchase of common shares, Value		$ 52.0	$ 49.7
Remaining share repurchase amount		$ 91.8
Common stock dividends, per share		$ 0.35	$ 0.35
Common stock annualized dividends, per share		$ 2.00
Subsequent Event [Member]
Class Of Stock [Line Items]
Common stock dividends, per share	$ 0.50

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

3 Months Ended

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Dividends Payable [Line Items]

$ 0.35

Dividend Declared [Member]

Dividends Payable [Line Items]

Accrued preferred dividends payable date

May 15, 2023

Feb. 15, 2023

Total Common Dividends Declared

$ 114.7

$ 80.5

Amount of Common Dividends Paid or To Be Paid

113.0

79.3

Accrued Dividends

^[1]

$ 1.7

$ 1.2

Dividends Declared per Share of Common Stock

$ 0.50000

$ 0.35000

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

Earnings per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Earnings Per Common Share [Line Items]

Net income (loss) attributable to Targa Resources Corp.

$ 497.0

$ 88.0

Less: Premium on repurchase of noncontrolling interests, net of tax

^[1]

490.7

53.1

Net income (loss) attributable to common shareholders

$ 6.3

$ 13.1

Weighted average shares outstanding - basic

226.4

228.5

Dilutive effect of unvested stock awards

2.9

3.9

Weighted average shares outstanding - diluted (in shares)

229.3

232.4

Net income (loss) per common share - basic

$ 0.03

$ 0.06

Net income (loss) per common share - diluted

$ 0.03

$ 0.06

Series A Preferred Stock [Member]

Earnings Per Common Share [Line Items]

Less: Dividends on Series A Preferred Stock

^[2]

$ 21.8

[1]	Represents premium paid on the Grand Prix Transaction and the DevCo JV Repurchase. See Note 4 – Acquisitions and Divestitures
[2]	The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5% premium to the liquidation preference subsequent to March 16, 2022. In May 2022, we redeemed all of our issued and outstanding Series A Preferred.

Earnings per Common Share - (Parenthetical) (Details) - Series A Preferred Stock [Member]		3 Months Ended
	Mar. 17, 2022	Mar. 31, 2023
Earnings Per Common Share [Line Items]
Preferred stock redemption premium percentage	5.00%
Preferred stock liquidation preference date		Mar. 16, 2022

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)	0.1	0.1
Series A Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)		44.3

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Parenthetical) (Details) - Series A Preferred Stock [Member]		3 Months Ended
	Mar. 17, 2022	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred stock redemption premium percentage	5.00%
Preferred stock liquidation preference date		Mar. 16, 2022

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 182.7	$ 204.4
Derivative assets	146.5	179.9
Derivative assets	36.2	24.5
Derivative liabilities	(219.0)	(460.2)
Derivative liabilities	(156.6)	(320.1)
Derivative liabilities	(62.4)	(140.1)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	168.6	182.9
Derivative liabilities	(66.7)	(124.7)
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	134.9	158.7
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Other Long-term Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	33.7	24.2
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(57.9)	(93.8)
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(8.8)	(30.9)
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	14.1	21.5
Derivative liabilities	(152.3)	(335.5)
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	11.6	21.2
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Other Long-term Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	2.5	0.3
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(98.7)	(226.3)
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (53.6)	$ (109.2)

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Asset [Abstract]
Derivative assets	$ 182.7	$ 204.4
Pro forma net presentation, asset, current	$ 70.0	$ 44.9
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Assets from risk management activities	Assets from risk management activities
Pro forma net presentation, asset, noncurrent	$ 13.4	$ 7.3
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term assets from risk management activities	Long-term assets from risk management activities
Pro forma net presentation, asset, total	$ 83.4	$ 52.2
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	165.6	186.7
Pro forma net presentation, asset	66.3	34.5
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	17.1	17.7
Pro forma net presentation, asset, current	17.1	17.7
Pro forma net presentation, asset, total	14.3	17.7
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Derivative assets	146.5	179.9
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	132.2	162.2
Pro forma net presentation, asset	55.7	27.2
Current Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	14.3	17.7
Other Long-term Assets [Member]
Derivative Asset [Abstract]
Derivative assets	36.2	24.5
Other Long-term Assets [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Derivative assets	33.4	24.5
Pro forma net presentation, asset	10.6	$ 7.3
Other Long-term Assets [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Derivative assets	2.8
Pro forma net presentation, asset	$ 2.8

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Liability [Abstract]
Gross liability	$ (219.0)	$ (460.2)
Pro forma net presentation, liability, current	$ (78.3)	$ (172.9)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Derivative Liability Before Effects Of Master Netting Arrangements Current	Derivative Liability Before Effects Of Master Netting Arrangements Current
Pro forma net presentation, liability, noncurrent	$ (28.7)	$ (100.5)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent	Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
Pro forma net presentation, liability, total	$ (107.0)	$ (273.4)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(216.6)	(454.1)
Pro forma net presentation, liability, current	(75.9)	(169.5)
Pro forma net presentation, liability, noncurrent	(28.7)	(97.8)
Pro forma net presentation, liability, total	(104.6)	(267.3)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability		(6.1)
Pro forma net presentation, liability, current	(2.4)	(3.4)
Pro forma net presentation, liability, noncurrent	(2.4)	(2.7)
Pro forma net presentation, liability, total		(6.1)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(156.6)	(320.1)
Current Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(154.2)	(316.7)
Current Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(2.4)	(3.4)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(62.4)	(140.1)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(62.4)	(137.4)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	$ (2.4)	$ (2.7)

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Asset [Abstract]
Gross collateral	$ 12.7	$ 34.6
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	12.7	34.6
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	1.8	12.2
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	1.8	12.2
Other Long-term Assets [Member]
Derivative Asset [Abstract]
Gross collateral	10.9	22.4
Other Long-term Assets [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ 10.9	$ 22.4

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative liability	$ 107.0	$ 273.4
Estimated fair value of derivative instruments, net liability	(36.3)
Amount expected to reclassify commodity hedge related deferred gains to earnings before income taxes	102.0
Amount of deferred gains to be reclassified into earnings before income taxes over next twelve months	75.2
Credit Risk [Member]
Derivative [Line Items]
Derivative liability	$ 103.3

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ 45.2	$ (145.7)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues
Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ (45.2)	$ 145.7
Commodity Contracts [Member] \| Revenues [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	178.0	(177.0)
Cash Flow Hedging [Member] \| Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ 83.9	$ (387.1)

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) Derivative	Dec. 31, 2022 Derivative
Fair Value Disclosures [Abstract]
Estimated fair value of derivative instruments, net liability	$ 36.3
Derivative fair value of net liability if commodity price increases by 10 percent	(184.4)
Derivative fair value of net liability if commodity price decreases by 10 percent	$ (112.0)
Derivative contract categorized as Level 3 \| Derivative	0	0

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

Mar. 31, 2023

Dec. 31, 2022

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

Derivative Asset, Statement of Financial Position [Extensible Enumeration]

$ 83.4

$ 52.2

Assets

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

$ 107.0

$ 273.4

Liabilities Current

Carrying Value [Member]

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

^[1]

$ 182.0

$ 201.6

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

^[1]

218.3

457.4

Carrying Value [Member] | TRGP Revolver and Commercial Paper Program [Member]

211.8

219.0

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

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

305.0

1,298.7

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

Carrying Value [Member] | Term Loan Facility [Member]

4,459.0

2,741.6

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

Carrying Value [Member] | Securitization Facility [Member]

1,500.0

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

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

704.0

800.0

Fair Value [Member]

^[1]

182.0

201.6

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

^[1]

218.3

457.4

Fair Value [Member] | Level 1 [Member]

211.8

219.0

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]

182.0

201.6

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

^[1]

218.3

457.4

Fair Value [Member] | Level 3 [Member]

0.0

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] | TRGP Revolver and Commercial Paper Program [Member]

0.0

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

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 1 [Member]

305.0

1,298.7

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

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 2 [Member]

0.0

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

Fair Value [Member] | TRGP Revolver and Commercial Paper Program [Member] | Level 3 [Member]

305.0

1,298.7

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

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

0.0

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

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

4,298.8

2,452.6

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

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

0.0

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

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

4,298.8

2,452.6

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

Fair Value [Member] | Term Loan Facility [Member]

0.0

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

Fair Value [Member] | Term Loan Facility [Member] | Level 1 [Member]

1,500.0

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

Fair Value [Member] | Term Loan Facility [Member] | Level 2 [Member]

0.0

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

Fair Value [Member] | Term Loan Facility [Member] | Level 3 [Member]

1,500.0

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

Fair Value [Member] | Securitization Facility [Member]

0.0

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

Fair Value [Member] | Securitization Facility [Member] | Level 1 [Member]

704.0

800.0

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

Fair Value [Member] | Securitization Facility [Member] | Level 2 [Member]

0.0

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

Fair Value [Member] | Securitization Facility [Member] | Level 3 [Member]

704.0

800.0

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

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

0.0

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

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

5,034.4

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

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

4,849.8

4,711.3

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

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

0.0

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

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

4,849.8

4,711.3

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

$ 0.0

[1]

Contingencies - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended
	Oct. 15, 2020	Dec. 26, 2018	Mar. 31, 2023
Loss Contingencies [Line Items]
Cumulative interest on award			$ 45.8
Vitol [Member]
Loss Contingencies [Line Items]
Recovery seeking	$ 129.0	$ 129.0
Damages awarded	$ 10.5
Lawsuit filing date		December 26, 2018
Award date	October 15, 2020

Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01	Mar. 31, 2023
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	16 years

Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed Price Contract [Member] $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 346.6
Remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 457.9
Remaining duration of contracts	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 2,238.3
Remaining duration of contracts

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 110.3	$ 22.9
U.S. statutory rate	21.00%	21.00%
Tax-effected valuation allowance	$ 13.4
Increase (decrease) in valuation allowance	23.5
Net deferred tax liability	$ 298.3

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

Interest paid, net of capitalized interest

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Cash:

^[1]

$ 211.6

$ 151.3

Income taxes (received) paid, net

0.1

(0.2)

Non-cash financing activities:

Changes in accrued distributions to noncontrolling interests

8.8

(18.2)

Retained Earnings [Member]

Non-cash investing activities:

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

$ (21.4)

$ (41.9)

[1]	Interest capitalized on major projects was $6.7 million and $2.4 million for the three months ended March 31, 2023 and 2022.

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 6.7	$ 2.4

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Revenues and Operating Margin (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Revenues:

Sales of Commodities [Member]

$ 4,520.5

$ 4,959.1

Revenues:

Fees from Midstream Services [Member]

4,025.0

4,566.2

Revenues:

Gathering and Processing [Member]

495.5

392.9

Revenues:

1,955.8

2,375.9

Logistics and Transportation [Member]

^[1]

538.4

397.6

Revenues:

3,825.4

4,927.5

^[1]

529.1

352.1

Other [Member]

Revenues:

175.8

(178.3)

Corporate and Eliminations [Member]

^[1]

175.8

(178.3)

Revenues:

Operating Segments [Member]

(1,436.5)

(2,166.0)

Revenues:

Operating Segments [Member] | Sales of Commodities [Member]

4,520.5

4,959.1

Revenues:

Operating Segments [Member] | Fees from Midstream Services [Member]

4,025.0

4,566.2

Revenues:

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

495.5

392.9

Revenues:

Operating Segments [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]

608.3

345.0

Revenues:

Operating Segments [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]

287.9

134.6

Revenues:

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

320.4

210.4

Revenues:

Operating Segments [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]

3,736.4

4,792.4

Revenues:

Operating Segments [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]

3,561.3

4,609.9

Revenues:

Operating Segments [Member] | Other [Member]

175.1

182.5

Revenues:

Operating Segments [Member] | Other [Member] | Sales of Commodities [Member]

175.8

(178.3)

Revenues:

Intersegment Eliminations [Member] | Gathering and Processing [Member]

175.8

(178.3)

Revenues:

Intersegment Eliminations [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]

1,347.5

2,030.9

Revenues:

Intersegment Eliminations [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]

1,347.0

2,030.6

Revenues:

Intersegment Eliminations [Member] | Logistics and Transportation [Member]

0.5

0.3

Revenues:

Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]

89.0

135.1

Revenues:

Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]

78.2

124.3

Revenues:

Intersegment Eliminations [Member] | Corporate and Eliminations [Member]

10.8

Revenues:

Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Sales of Commodities [Member]

(1,436.5)

(2,166.0)

Revenues:

Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Fees from Midstream Services [Member]

(1,425.2)

(2,154.9)

Revenues:

$ (11.3)

$ (11.1)

[1]	Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Operating Segments [Member]

$ 19,025.5

$ 19,560.0

^[1]

19,025.5

$ 15,295.4

Goodwill

45.2

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

454.3

162.5

^[1]

12,199.9

7,932.2

Goodwill

45.2

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

269.5

133.0

^[1]

6,558.4

7,214.8

Operating Segments [Member] | Other [Member]

176.6

25.2

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

4.2

1.6

^[1]

^[1]

263.0

146.8

$ 8.2

$ 4.3

[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
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

$ 3,801.8

$ 4,888.9

Non-customer revenue

223.2

(322.7)

Derivative Activities - Hedge [Member]

4,520.5

4,959.1

Derivative Activities - Non-hedge [Member]

Non-customer revenue

45.2

(145.7)

Non-customer revenue

^[1]

178.0

(177.0)

Natural Gas [Member]

816.1

964.3

NGL [Member]

Condensate and Crude Oil [Member]

2,864.5

3,806.5

Gathering And Processing Fees

121.2

118.1

Sales of Commodities [Member]

315.5

206.0

4,025.0

4,566.2

Other [Member]

NGL Transportation, Fractionation and Services [Member]

15.1

20.2

Storage Terminaling and Export [Member]

56.1

65.8

Fees from Midstream Services [Member]

108.8

100.9

495.5

392.9

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

$ 495.5

$ 392.9

[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

Mar. 31, 2023

Mar. 31, 2022

Depreciation and amortization expense

$ (324.8)

$ (209.1)

General and administrative expense

(82.4)

(67.1)

Other operating income (expense)

0.6

0.5

Interest expense, net

(168.0)

(93.6)

Equity earnings (loss)

(0.2)

5.6

Gain (loss) from financing activities

(15.8)

Other, net

(3.0)

(0.4)

Income (loss) before income taxes

665.5

191.5

Gathering and Processing [Member]

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

Logistics and Transportation [Member]

^[1]

538.4

397.6

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]

529.1

352.1

Other [Member]