Targa Resources Partners (NGLS-PA) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Targa Resources Partners LP
Trading Symbol	NGLS
Entity Central Index Key	1,379,661
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 71.7	$ 68
Trade receivables, net of allowances of $0.1 and $0.9 million at March 31, 2017 and December 31, 2016	536.1	673.2
Inventories	75.5	137.7
Assets from risk management activities	23.9	16.8
Other current assets	26.9	31.5
Total current assets	734.1	927.2
Property, plant and equipment	12,950.2	12,511.9
Accumulated depreciation	(2,986.8)	(2,821)
Property, plant and equipment, net	9,963.4	9,690.9
Intangible assets, net	2,238.8	1,654
Goodwill, net	369	210
Long-term assets from risk management activities	21.6	5.1
Investments in unconsolidated affiliates	227	240.8
Other long-term assets	15.9	16.9
Total assets	13,569.8	12,744.9
Current liabilities:
Accounts payable and accrued liabilities	819.5	773.9
Accounts payable to Targa Resources Corp.	46.5	61
Liabilities from risk management activities	22.2	49.1
Current maturities of debt	534.9	275
Total current liabilities	1,423.1	1,159
Long-term debt	3,778.3	4,177
Long-term liabilities from risk management activities	7.9	26.1
Deferred income taxes, net	26.4	26.9
Other long-term liabilities	676.4	205.3
Contingencies (see Note 16)
Owners' equity:
Series A preferred limited partners (5,000,000 and 5,000,000 units issued and 5,000,000 and 5,000,000 outstanding as of March 31, 2017 and December 31, 2016)	120.6	120.6
Common limited partners (275,168,410 and 275,168,410 units issued and 275,168,410 and 275,168,410 outstanding as of March 31, 2017 and December 31, 2016)	6,360.9	5,939.9
General partner (5,629,136 and 5,629,136 units issued and 5,629,136 and 5,629,136 outstanding as of March 31, 2017 and December 31, 2016)	805.3	796.7
Accumulated other comprehensive income (loss)	10.5	(61.8)
Partners' Capital	7,297.3	6,795.4
Noncontrolling interests in subsidiaries	360.4	355.2
Total owners' equity	7,657.7	7,150.6
Total liabilities and owners' equity	$ 13,569.8	$ 12,744.9

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Trade receivables, allowances	$ 0.1	$ 0.9
Owners' equity:
Common limited partners units issued (in units)	275,168,410	275,168,410
Common limited partners units outstanding (in units)	275,168,410	275,168,410
General partner units issued (in units)	5,629,136	5,629,136
General partner units outstanding (in units)	5,629,136	5,629,136
Series A Preferred Limited Partner Units [Member]
Owners' equity:
Series A preferred limited partners units issued (in units)	5,000,000	5,000,000
Series A preferred limited partners units outstanding (in units)	5,000,000	5,000,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Sales of commodities	$ 1,858.1	$ 1,171
Fees from midstream services	254.5	271.4
Total revenues	2,112.6	1,442.4
Costs and expenses:
Product purchases	1,654.2	1,011
Operating expenses	151.9	132
Depreciation and amortization expense	191.1	193.5
General and administrative expense	45.5	43.4
Goodwill impairment	0	24
Other operating (income) expense	16.2	1
Income from operations	53.7	37.5
Other income (expense):
Interest expense, net	(58.6)	(46.9)
Equity earnings (loss)	(12.6)	(4.8)
Gain from financing activities	0	24.7
Other	(8.5)	(0.1)
Income (loss) before income taxes	(26)	10.4
Income tax (expense) benefit	4.7	0.2
Net income (loss)	(21.3)	10.6
Less: Net income attributable to noncontrolling interests	6	3
Net income (loss) attributable to Targa Resources Partners LP	(27.3)	7.6
Net income attributable to preferred limited partners	2.8	2.8
Net income (loss) attributable to general partner	(0.6)	14.7
Net income (loss) attributable to common limited partners	(29.5)	(9.9)
Net income (loss) attributable to Targa Resources Partners LP	$ (27.3)	$ 7.6

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss)	$ (21.3)	$ 10.6
Other comprehensive income (loss):
Other comprehensive income (loss)	72.3	(17.5)
Comprehensive income (loss)	51	(6.9)
Less: Comprehensive income attributable to noncontrolling interests	6	3
Comprehensive income (loss) attributable to Targa Resources Partners LP	45	(9.9)
Commodity Contracts [Member]
Other comprehensive income (loss):
Settlements reclassified to revenues	6.1	(24.2)
Change in fair value	$ 66.2	$ 6.7

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Limited Partner Preferred [Member]	Limited Partners Common [Member]	General Partner Units [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Units [Member]	Non-controlling Interests [Member]
Balance at Dec. 31, 2015	$ 6,902.9	$ 120.6	$ 4,550.4	$ 1,735.3	$ 86.8	$ (10.3)	$ 420.1
Balance (in units) at Dec. 31, 2015		5,000	184,871	3,773		212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	2.2	$ 0	$ 2.2	$ 0	0	$ 0	0
Compensation on equity grants (in units)		0	0	0		0
Distribution equivalent rights	(0.2)	$ 0	$ (0.2)	$ 0	0	$ 0	0
Issuance of common units under compensation program	0	$ 0	$ 0	$ 0	0	$ 0	0
Issuance of common units under compensation program (in units)		0	30	0		0
Units tendered for tax withholding obligations	(0.1)	$ 0	$ 0	$ 0	0	$ (0.1)	0
Units tendered for tax withholding obligations (in units)		0	(1)	0		1
Cancellation of treasury units			$ (10.2)	$ (0.2)		$ 10.4
Cancellation of treasury units (in units)		0	0	0		(213)
Contributions from Targa Resources Corp.	801	$ 0	$ 785	$ 16	0	$ 0	0
Contributions from Targa Resources Corp. (in units)		0	45,103	921		0
Distributions to noncontrolling interests	(2.1)	$ 0	$ 0	$ 0	0	$ 0	(2.1)
Contributions from noncontrolling interests	6	0	0	0	0	0	6
Other comprehensive income (loss)	(17.5)	0	0	0	(17.5)	0	0
Net income (loss)	10.6	2.8	(9.9)	14.7	0	0	3
Distributions	(203.2)	(2.8)	(152.5)	(47.9)	0	0	0
Balance at Mar. 31, 2016	7,499.6	$ 120.6	$ 5,164.8	$ 1,717.9	69.3	$ 0	427
Balance (in units) at Mar. 31, 2016		5,000	230,003	4,694		0
Balance at Dec. 31, 2016	7,150.6	$ 120.6	$ 5,939.9	$ 796.7	(61.8)	$ 0	355.2
Balance (in units) at Dec. 31, 2016		5,000	275,168	5,629		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from Targa Resources Corp.	655	$ 0	$ 641.9	$ 13.1	0	$ 0	0
Contributions from Targa Resources Corp. (in units)		0	0	0		0
Distributions to noncontrolling interests	(9.7)	$ 0	$ 0	$ 0	0	$ 0	(9.7)
Contributions from noncontrolling interests	8.9	0	0	0	0	0	8.9
Other comprehensive income (loss)	72.3	0	0	0	72.3	0	0
Net income (loss)	(21.3)	2.8	(29.5)	(0.6)	0	0	6
Distributions	(198.1)	(2.8)	(191.4)	(3.9)	0	0	0
Balance at Mar. 31, 2017	$ 7,657.7	$ 120.6	$ 6,360.9	$ 805.3	$ 10.5	$ 0	$ 360.4
Balance (in units) at Mar. 31, 2017		5,000	275,168	5,629		0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income (loss)		$ (21,300,000)	$ 10,600,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense		2,400,000	3,400,000
Compensation on equity grants		0	2,200,000
Depreciation and amortization expense		191,100,000	193,500,000
Goodwill impairment		0	24,000,000
Accretion of asset retirement obligations		1,300,000	1,100,000
Increase (decrease) in redemption value of mandatorily redeemable preferred interests		2,500,000	(18,500,000)
Deferred income tax expense (benefit)		(500,000)	(6,600,000)
Equity (earnings) loss of unconsolidated affiliates		12,600,000	4,800,000
Distributions of earnings received from unconsolidated affiliates		2,700,000	0
Risk management activities		8,500,000	4,400,000
(Gain) loss on sale or disposition of assets	[1]	16,100,000	900,000
(Gain) loss from financing activities		0	(24,700,000)
Change in contingent considerations		3,300,000	0
Changes in operating assets and liabilities, net of business acquisitions:
Receivables and other assets		140,600,000	99,300,000
Inventories		53,700,000	62,100,000
Accounts payable and other liabilities		(99,800,000)	(114,500,000)
Net cash provided by operating activities		313,200,000	242,000,000
Cash flows from investing activities
Outlays for property, plant and equipment		(144,200,000)	(190,100,000)
Outlays for business acquisition, net of cash acquired		(480,800,000)	0
Investments in unconsolidated affiliates		(500,000)	0
Return of capital from unconsolidated affiliates		0	3,400,000
Other, net		0	(1,300,000)
Net cash used in investing activities		(625,500,000)	(188,000,000)
Debt obligations:
Proceeds from borrowings under credit facility		480,000,000	425,000,000
Repayments of credit facility		(630,000,000)	(705,000,000)
Proceeds from borrowings under accounts receivable securitization facility		75,000,000	5,700,000
Repayments of accounts receivable securitization facility		(65,000,000)	(75,000,000)
Redemption of senior notes		0	(330,600,000)
Costs incurred in connection with financing arrangements		(100,000)	(7,500,000)
Repurchase of common units under compensation plans		0	(100,000)
Contributions from general partner		13,100,000	16,000,000
Contributions from TRC		641,900,000	785,000,000
Contributions from noncontrolling interests		8,900,000	6,000,000
Distributions to noncontrolling interests		(9,700,000)	(2,100,000)
Distributions to unitholders		(198,100,000)	(203,200,000)
Payments of distribution equivalent rights		0	(300,000)
Net cash provided by (used in) financing activities		316,000,000	(86,100,000)
Net change in cash and cash equivalents		3,700,000	(32,100,000)
Cash and cash equivalents, beginning of period		68,000,000	135,400,000
Cash and cash equivalents, end of period		$ 71,700,000	$ 103,300,000
[1]	Comprised primarily of a $16.1 million loss in 2017 due to the reduction in the carrying value of our ownership interest in VGS in connection with the April 4, 2017 sale

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2017
Limited Liability Company Or Limited Partnership Business Organization And Operations [Abstract]
Organization and Operations	Note 1 — Organization and Operations Our Organization Targa Resources Partners LP is a Delaware limited partnership formed in October 2006 by our parent, Targa Resources Corp. (“Targa” or “TRC” or the “Company” or “Parent”). In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “TRP,” or the “Partnership” are intended to mean the business and operations of Targa Resources Partners LP and its consolidated subsidiaries. On February 17, 2016, TRC completed the previously announced transactions contemplated pursuant to the Agreement and Plan of Merger (the “TRC/TRP Merger Agreement”, and such transactions, the “TRC/TRP Merger”), by and among us, Targa Resources GP LLC (our “general partner” or “TRP GP”), TRC and Spartan Merger Sub LLC, a subsidiary of TRC (“Merger Sub”), pursuant to which TRC acquired indirectly all of our outstanding common units that TRC and its subsidiaries did not already own. Upon the terms and conditions set forth in the TRC/TRP Merger Agreement, Merger Sub merged with and into TRP with TRP continuing as the surviving entity and as a subsidiary of TRC. As a result of the TRC/TRP Merger, TRC owns all of our outstanding common units. At the effective time of the TRC/TRP Merger, each outstanding TRP common unit not owned by TRC or its subsidiaries was converted into the right to receive 0.62 $0.001 Pursuant to the TRC/TRP Merger Agreement, TRC has agreed to cause our common units to be delisted from the New York Stock Exchange (“NYSE”) and deregistered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a result of the completion of the TRC/TRP Merger, our common units are no longer publicly traded. The 5,000,000 9.00% On October 19, 2016, we executed the Third Amended and Restated Agreement of Limited Partnership of Targa Resources Partners LP (the “Third A&R Partnership Agreement”), which became effective as of December 1, 2016. The Third A&R Partnership Agreement amendments include among other things (i) eliminating the incentive distribution rights (“IDRs”) held by the general partner, and related distribution and allocation provisions, (ii) eliminating the Special General Partner Interest (the “Special GP Interest” as defined in the Third A&R Partnership Agreement) held by the general partner, (iii) providing the ability to declare monthly distributions in addition to quarterly distributions, (iv) modifying certain provisions relating to distributions from available cash, (v) eliminating the Class B Unit (as defined in the Third A&R Partnership Agreement) provisions and (vi) changes to the Third A&R Partnership Agreement to reflect the passage of time and to remove provisions that are no longer applicable. Our Operations We are engaged in the business of: • gathering, compressing, treating, processing and selling natural gas; • storing, fractionating, treating, transporting and selling NGLs and NGL products, including services to LPG exporters; • gathering, storing and terminaling crude oil; and • storing, terminaling and selling refined petroleum products. See Note 19 – Segment Information for certain financial information regarding our business segments. The employees supporting our operations are employed by Targa. Our consolidated financial statements include the direct costs of Targa employees deployed to our operating segments, as well as an allocation of costs associated with our usage of Targa’s centralized general and administrative services.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Note 2 — Basis of Presentation We have prepared these unaudited consolidated financial statements in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. While we derived the year-end balance sheet data from audited financial statements, this interim report does not include all disclosures required by GAAP for annual periods. These unaudited consolidated financial statements and other information included in this Quarterly Report should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report. The unaudited consolidated financial statements for the three months ended March 31, 2017 and 2016 include all adjustments that we believe are necessary for a fair statement of the results for interim periods. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods may have been reclassified to conform to the current year presentation. Our financial results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the full year.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	Note 3 — Significant Accounting Policies Accounting Policy Updates The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report. There were no significant updates or revisions to our policies during the three months ended March 31, 2017, except as noted below. Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition Other Assets and Deferred Costs – Contracts with Customers With the issuance in August 2015 of ASU 2015-14 , Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers We expect to adopt this new revenue recognition standard on January 1, 2018, presenting a cumulative effect adjustment in the period the standard is adopted. We also anticipate electing the practical expedient to apply the guidance retrospectively to only those contracts that are not completed contracts at the date of initial application. We have disaggregated contracts within our two segments and are in the process of reviewing contracts and transaction types with counterparties in order to evaluate how the new standard would impact our current revenue recognition and disclosure policies upon adoption. In addition, we are also evaluating whether certain contracts within our gathering and processing segment create relationships with counterparties akin to suppliers or involve significant sharing of risks that would exclude such contracts from the scope of Topic 606. Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) We expect to adopt the amendments in the first quarter of 2019 and are currently evaluating the impacts of the amendments to our consolidated financial statements and accounting practices for leases. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Cash Flow Classification In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) Recognition of Intra-Entity Transfers of Assets Other than Inventory In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory Business Combinations In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business Goodwill Impairment In January 2017, FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Other Income In February 2017, FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) The amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect of the amendment on our consolidated financial statements.

Business Acquisitions and Dives

Business Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Business Acquisitions and Divestitures	Note 4 – Business Acquisitions and Divestitures 2017 Acquisition Permian Acquisition On March 1, 2017, we completed the purchase of 100% of the membership interests of Outrigger Delaware Operating, LLC, Outrigger Southern Delaware Operating, LLC (together “New Delaware”) and Outrigger Midland Operating, LLC (“New Midland” and together with New Delaware, the “Permian Acquisition”). We paid $484.1 million in cash at closing on March 1, 2017, and will pay $90.0 million within 90 days of closing (collectively, the “initial purchase price”). Contributions from TRC were used to fund the cash portion of the Permian Acquisition purchase price. Subject to certain performance-linked measures and other conditions, additional cash of up to $935.0 million may be payable to the sellers of New Delaware and New Midland in potential earn-out payments that may occur in 2018 and 2019. The potential earn-out payments will be based upon a multiple of realized gross margin from contracts that existed on March 1, 2017. New Delaware’s gas gathering and processing and crude gathering assets are located in Loving, Winkler, Pecos and Ward counties in Texas. The operations are backed by producer dedications of more than 145,000 acres under long-term, largely fee-based contracts, with an average weighted contract life of 14 years. The New Delaware assets include 70 MMcf/d of processing capacity. Currently, there is 40,000 Bbl/d of crude gathering capacity on the New Delaware system. Since March 1, 2017, financial and statistical data of New Delaware have been included in Sand Hills operations. New Midland’s gas gathering and processing and crude gathering assets are located in Howard, Martin and Borden counties in Texas. The operations are backed by producer dedications of more than 105,000 acres under long-term, largely fee-based contracts, with an average weighted contract life of 13 years. The New Midland assets include 10 MMcf/d of processing capacity. Currently, there is 40,000 Bbl/d of crude gathering capacity on the New Midland system. Since March 1, 2017, financial and statistical data of New Midland have been included in SAOU operations. New Delaware’s gas gathering and processing assets were connected to our Sand Hills system in the first quarter of 2017 and we expect that New Midland’s gas gathering and processing assets will be connected to our existing WestTX system during 2017. We believe connecting the acquired assets to our legacy Permian footprint creates operational and capital synergies, and will afford enhanced flexibility in serving our producer customers. The acquired businesses contributed revenues of $8.1 million and a net loss of $2.6 million to us for the period from March 1, 2017 to March 31, 2017, and are reported in our Gathering and Processing segment. As of March 31, 2017, we had incurred $5.1 million of acquisition-related costs. These expenses are included in Other expense in our Consolidated Statements of Operations for the three months ended March 31, 2017. Pro Forma Impact of Permian Acquisition on Consolidated Statement of Operations The following summarized unaudited pro forma Consolidated Statement of Operations information for the three months ended March 31, 2017 and March 31, 2016 assumes that the Permian Acquisition occurred as of January 1, 2016. We prepared the following summarized unaudited pro forma financial results for comparative purposes only. The summarized unaudited pro forma information may not be indicative of the results that would have occurred had we completed this acquisition as of January 1, 2016, or that would be attained in the future. March 31, 2017 March 31, 2016 Pro Forma Pro Forma Revenues $ 2,126.7 $ 1,445.0 Net income (loss) (22.7 ) (7.5 ) The pro forma consolidated results of operations amounts have been calculated after applying our accounting policies, and making the following adjustments to the unaudited results of the acquired businesses for the periods indicated: • Reflect the amortization expense resulting from the preliminary estimate of the fair value of intangible assets recognized as part of the Permian Acquisition. For the purposes of preparing the pro forma adjustments we have assumed a 15-year life using the straight-line method. The amortization method and lives for the Permian Acquisition intangibles will be reviewed and possibly revised as we finalize the valuations. • Reflect the change in depreciation expense resulting from the difference between the historical balances of the Permian Acquisition’s property, plant and equipment, net, and the preliminary estimate of the fair value of property, plant and equipment acquired. • Exclude $5.1 million of acquisition-related costs incurred as of March 31, 2017 from pro forma net income for the three months ended March 31, 2017. Pro forma net income for the three months ended March 31, 2016 was adjusted to include those charges. The following table summarizes the consideration transferred to acquire New Delaware and New Midland: Fair Value of Consideration Transferred: Cash paid, net of cash acquired (1) $ 480.8 Purchase consideration payable (2) 90.0 Contingent consideration 461.6 Total $ 1,032.4 (1) Net of cash acquired of $3.3 million. (2) The payable will be settled in cash within 90 days from March 1, 2017. We accounted for the Permian Acquisition as an acquisition of a business under purchase accounting rules. The assets acquired and liabilities assumed related to the Permian Acquisition were recorded at their fair values as of the closing date of March 1, 2017. The fair values below are preliminary and subject to revisions pending the completion of the valuation and other post-closing adjustments. These and other estimates are subject to change as additional information becomes available and is assessed by us, and agreement is reached on the respective final settlement statements. The preliminary fair value of the assets acquired and liabilities assumed at the acquisition date is shown below: Fair value determination: March 1, 2017 Trade and other current receivables, net $ 6.5 Other current assets 0.6 Property, plant and equipment 255.4 Intangible assets 625.6 Current liabilities (14.3 ) Other long-term liabilities (0.4 ) Total identifiable net assets 873.4 Goodwill 159.0 Total fair value of consideration transferred $ 1,032.4 Under the acquisition method of accounting, the assets acquired and liabilities assumed are recognized at their estimated fair values, with any excess of the purchase price over the estimated fair value of the identifiable net assets acquired recorded as goodwill . operational and capital synergies. The preliminary fair value of assets acquired included trade receivables of $6.5 million, all of which was expected to be collectible. The valuation of the acquired assets and liabilities was prepared using fair value methods and assumptions including projections of future production volumes and cash flows, benchmark analysis of comparable public companies, expectations regarding customer contracts and relationships, and other management estimates. The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs, as defined in Note 14 – Fair Value Measurements. These inputs require significant judgments and estimates at the time of valuation. Contingent Consideration A contingent consideration liability arising from potential earn-out payments in connection with the Permian Acquisition has been recognized at its preliminary fair value. We agreed to pay up to an additional $935.0 million in potential earn-out payments that may occur in 2018 and 2019. The preliminary acquisition date fair value of the potential earn-out payments of $461.6 million was recorded within other long-term liabilities on our Consolidated Balance Sheets. Subsequent changes in the fair value of this liability, excluding any measurement period adjustments of the acquisition date fair value, are included in earnings. During the three months ended March 31, 2017, we recognized $3.2 million as Other expense related to the change in fair value of the contingent consideration. See Note 14 – Fair Value Measurements for additional discussion of the fair value methodology. 2017 Divestiture Sale of Venice Gathering System, L.L.C. Through our 76.8% ownership interest in Venice Energy Services Company, L.L.C. (“VESCO”), we have operated the Venice gas plant and the Venice gathering system. On April 4, 2017, VESCO entered into a purchase and sale agreement with Rosefield Pipeline Company, LLC, an affiliate of Venice Gathering System, L.L.C. (“VGS”) a Delaware limited liability company engaged in the business of transporting natural gas in interstate commerce, under authorization granted by and subject to the jurisdiction of the Federal Energy Regulatory Commission (“FERC”), Additionally, the VGS asset retirement obligations (“ARO”) were assumed by the buyer. VGS owns and operates a natural gas gathering system in the Gulf of Mexico. Historically, VGS has been reported in our Gathering and Processing segment. After the sale of VGS, we continue to operate the Venice gas plant through our ownership in VESCO. Targa Midstream Services LLC will continue to operate the Venice gathering system for up to four months after closing pursuant to a Transition Services Agreement with VGS. The sale of VGS closed on April 4, 2017, and as a result, we recognized a loss of $16.1 million in our Consolidated Statements of Operations as part of Other operating (income) expense to impair our basis in the VGS assets to its fair value.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories	Note 5 — Inventories March 31, 2017 December 31, 2016 Commodities $ 65.1 $ 126.9 Materials and supplies 10.4 10.8 $ 75.5 $ 137.7

Property, Plant and Equipment a

Property, Plant and Equipment and Intangible Assets	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment And Intangible Assets [Abstract]
Property, Plant and Equipment and Intangible Assets	Note 6 — Property, Plant and Equipment and Intangible Assets Property, Plant and Equipment March 31, 2017 December 31, 2016 Estimated Useful Lives (In Years) Gathering systems $ 6,777.7 $ 6,626.9 5 to 20 Processing and fractionation facilities 3,500.4 3,383.6 5 to 25 Terminaling and storage facilities 1,231.7 1,205.0 5 to 25 Transportation assets 427.9 451.4 10 to 25 Other property, plant and equipment 280.4 274.0 3 to 25 Land 121.5 121.2 — Construction in progress 610.6 449.8 — Property, plant and equipment 12,950.2 12,511.9 Accumulated depreciation (2,986.8 ) (2,821.0 ) Property, plant and equipment, net $ 9,963.4 $ 9,690.9 Intangible assets $ 2,662.2 $ 2,036.6 15 to 20 Accumulated amortization (423.4 ) (382.6 ) Intangible assets, net $ 2,238.8 $ 1,654.0 Intangible Assets Intangible assets consist of customer contracts and customer relationships acquired in the Permian Acquisition in 2017, the mergers with Atlas Energy L.P. and Atlas Pipeline Partners L.P. in 2015 (collectively, the “Atlas mergers”) and our Badlands acquisition in 2012. The fair values of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Key valuation assumptions include probability of contracts under negotiation, renewals of existing contracts, economic incentives to retain customers, past and future volumes, current and future capacity of the gathering system, pricing volatility and the discount rate. The intangible assets acquired in the Permian Acquisition were recorded at a preliminary fair value of $625.6 million pending completion of final valuations. For the purposes of preparing the accompanying financial statements (which include one month of amortization of these intangible assets), we are amortizing these intangible assets over a 15-year life using the straight-line method. The amortization method and lives for the Permian Acquisition intangibles will be reviewed and possibly revised as we finalize the valuations over the upcoming months. The intangible assets acquired in the Atlas mergers are being amortized over a 20-year life using the straight-line method, as a reliably determinable pattern of amortization could not be identified. Amortization expense attributable to our intangible assets related to the Badlands acquisition is recorded using a method that closely reflects the cash flow pattern underlying their intangible asset valuation over a 20-year life. The estimated annual amortization expense for intangible assets, including the provisional Permian valuations and straight-line treatment is approximately $184.2 million, $177.4 million, $166.4 million, $154.2 million and $144.3 million for each of the years 2017 through 2021. The changes in our intangible assets are as follows: Balance at December 31, 2016 $ 1,654.0 Additions from Permian Acquisition 625.6 Amortization (40.8 ) Balance at March 31, 2017 $ 2,238.8

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	Note 7 – Goodwill As described in Note 3 – Significant Accounting Policies, we evaluate goodwill for impairment at least annually on November 30, or more frequently if we believe necessary based on events or changes in circumstances. During the first quarter of 2016, we finalized our 2015 impairment assessment and recorded additional impairment expense of $24.0 million on our Consolidated Statement of Operations. The impairment of goodwill was primarily due to the effects of lower commodity prices, and a higher cost of capital for companies in our industry compared to conditions in February 2015 when we acquired Atlas. Changes in the net book value of our goodwill are as follows: WestTX SouthTX Permian Total Balance at December 31, 2016, net $ 174.7 $ 35.3 $ — $ 210.0 Permian Acquisition, March 1, 2017 (preliminary valuation) — — 159.0 159.0 Balance at March 31, 2017, net $ 174.7 $ 35.3 $ 159.0 $ 369.0

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2017
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Affiliates	Note 8 – Investments in Unconsolidated Affiliates Our unconsolidated investments consist of a 38.8% non-operated ownership interest in Gulf Coast Fractionators LP (“GCF”) and three non-operated joint ventures in South Texas acquired in the Atlas mergers in 2015: a 75% interest in T2 LaSalle, a gas gathering company; a 50% interest in T2 Eagle Ford, a gas gathering company; and a 50% interest in T2 EF Cogen (“Cogen”), which owns a cogeneration facility, (together the “T2 Joint Ventures”). The T2 Joint Ventures were formed to provide services for the benefit of the joint interest owners. The T2 LaSalle and T2 Eagle Ford gathering companies have capacity lease agreements with the joint interest owners, which cover their costs of operations (excluding depreciation and amortization). The terms of these joint venture agreements do not afford us the degree of control required for consolidating them in our consolidated financial statements, but do afford us the significant influence required to employ the equity method of accounting. Our maximum exposure to loss as a result of our involvement with the T2 Joint Ventures includes our equity investment, any additional capital contribution commitments and our share of any operating expenses incurred by the T2 Joint Ventures. The following table shows the activity related to our investments in unconsolidated affiliates: GCF T2 LaSalle T2 Eagle Ford T2 EF Cogen Total Balance at December 31, 2016 $ 46.1 $ 58.6 $ 118.6 $ 17.5 $ 240.8 Equity earnings (loss) 3.7 (1.1 ) (2.7 ) (12.5 ) (12.6 ) Cash distributions (1) (2.7 ) — — — (2.7 ) Contributions for expansion projects (2) — 0.3 1.1 0.1 1.5 Balance at March 31, 2017 $ 47.1 $ 57.8 $ 117.0 $ 5.1 $ 227.0 (1) During the three months ended March 31, 2017, there were no distributions received in excess of our share of cumulative earnings. Such excess distributions are considered a return of capital and disclosed in cash flows from investing activities in the Consolidated Statements of Cash Flows in the period in which they occur. (2) Includes a $1.0 million contribution of property, plant and equipment to T2 Eagle Ford. Our equity loss for the three months ended March 31, 2017 includes the effect of an impairment in the carrying value of our investment in T2 EF Cogen. As a result of the decrease in current and expected future utilization of the underlying cogeneration assets, we have determined that factors indicate that a decrease in the value of our investment has occurred that is other than temporary. As a result of this evaluation, we have recorded an impairment loss of approximately $12.0 million, which represents our proportionate share (50%) of an impairment charge recorded by the joint venture, as well as the impairment of the unamortized excess fair value resulting from the Atlas mergers. The carrying values of the T2 gathering joint ventures include the effects of the Atlas mergers purchase accounting, which determined fair values for the joint ventures as of the date of acquisition. As of March 31, 2017, $30.1 million of unamortized excess fair value over the T2 Joint Ventures capital accounts remained. These basis differences, which are attributable to the underlying depreciable tangible gathering assets, are being amortized on a straight-line basis as components of equity earnings over the estimated 20 year useful lives of the underlying assets.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Payables And Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Note 9 — Accounts Payable and Accrued Liabilities March 31, 2017 December 31, 2016 Commodities $ 511.9 $ 574.5 Other goods and services 120.7 113.4 Purchase consideration payable 90.0 - Interest 51.5 52.2 Income and other taxes 22.5 19.1 Other 22.9 14.7 $ 819.5 $ 773.9 Accounts payable and accrued liabilities includes $27.2 million and $30.2 million of liabilities to creditors to whom we have issued checks that remain outstanding as of March 31, 2017 and December 31, 2016.

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt Obligations	Note 10 — Debt Obligations March 31, 2017 December 31, 2016 Current: Accounts receivable securitization facility, due December 2017 $ 285.0 $ 275.0 Senior unsecured notes, 5% fixed rate, due January 2018 250.5 — 535.5 275.0 Debt issuance costs, net of amortization (0.6 ) — Current maturities of debt 534.9 275.0 Long-term: Senior secured revolving credit facility, variable rate, due October 2020 (1) — 150.0 Senior unsecured notes: 5% fixed rate, due January 2018 — 250.5 4 ⅛ 749.4 749.4 6 ⅜ 278.7 278.7 5 ¼ 559.6 559.6 4¼% fixed rate, due November 2023 583.9 583.9 6¾% fixed rate, due March 2024 580.1 580.1 5⅛ % fixed rate, due February 2025 500.0 500.0 5⅜ % fixed rate, due February 2027 500.0 500.0 TPL notes, 4¾% fixed rate, due November 2021 (2) 6.5 6.5 TPL notes, 5⅞% fixed rate, due August 2023 (2) 48.1 48.1 Unamortized premium 0.5 0.5 3,806.8 4,207.3 Debt issuance costs, net of amortization (28.5 ) (30.3 ) Long-term debt 3,778.3 4,177.0 Total debt obligations $ 4,313.2 $ 4,452.0 Irrevocable standby letters of credit outstanding $ 15.8 $ 13.2 (1) As of March 31, 2017, availability under our $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,584.2 million. (2) Targa Pipeline Partners, L.P. (“TPL”) notes are not guaranteed by us. 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, 2017: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRP Revolver 3.0% - 5.3% 3.2% Accounts receivable securitization facility 1.8% 1.8% Compliance with Debt Covenants As of March 31, 2017, we were in compliance with the covenants contained in our various debt agreements. Securitization Facility On February 23, 2017, we amended the accounts receivable securitization facility (“Securitization Facility”) to increase the facility size from $275.0 million to $350.0 million. As of March 31, 2017, there was $285.0 million outstanding under the Securitization Facility.

Other Long-term Liabilities

Other Long-term Liabilities	3 Months Ended
	Mar. 31, 2017
Other Liabilities Noncurrent [Abstract]
Other Long-term Liabilities	Note 11 — Other Long-term Liabilities Other long-term liabilities are comprised of the following obligations: March 31, 2017 December 31, 2016 Asset retirement obligations $ 67.5 $ 64.1 Mandatorily redeemable preferred interests 71.9 68.5 Deferred revenue 69.0 69.8 Permian Acquisition contingent consideration 464.8 - Other liabilities 3.2 2.9 Total long-term liabilities $ 676.4 $ 205.3 Asset Retirement Obligations Our ARO primarily relate to certain gas gathering pipelines and processing facilities. The changes in our ARO are as follows: Balance at December 31, 2016 $ 64.1 Additions (1) 0.4 Change in cash flow estimate 1.7 Accretion expense 1.3 Balance at March 31, 2017 $ 67.5 _____________________________________________________________________________________________________________________________________________________________ (1) Amount reflects AROs assumed from the Permian Acquisition Mandatorily Redeemable Preferred Interests Our consolidated financial statements include our interest in two joint ventures that, separately, own a 100% interest in the WestOK natural gas gathering and processing system and a 72.8% undivided interest in the WestTX natural gas gathering and processing system. Our partner in the joint ventures holds preferred interests in each joint venture that are redeemable: (i) at our or our partner’s election, on or after July 27, 2022; and (ii) mandatorily, in July 2037. For reporting purposes under GAAP, an estimate of our partner’s interest in each joint venture is required to be recorded as if the redemption had occurred on the reporting date. Because redemption will not be required until at least 2022, the actual value of our partner’s allocable share of each joint venture’s assets at the time of redemption may differ from our estimate of redemption value as of March 31, 2017. The following table shows the changes attributable to mandatorily redeemable preferred interests: Balance at December 31, 2016 $ 68.5 Income attributable to mandatorily redeemable preferred interests 0.9 Change in estimated redemption value included in interest expense 2.5 Balance at March 31, 2017 $ 71.9 Deferred Revenue We have certain long-term contractual arrangements under which we have received consideration, but which require future performance by Targa. These arrangements result in deferred revenue, which will be recognized over the periods that performance will be provided. Deferred revenue includes consideration received related to the construction and operation of a crude oil and condensate splitter. On December 27, 2015, Targa Terminals LLC and Noble Americas Corp., a subsidiary of Noble Group Ltd., entered into a long-term, fee-based agreement (“Splitter Agreement”) under which we will build and operate a 35,000 barrel per day crude oil and condensate splitter at our Channelview Terminal on the Houston Ship Channel (“Channelview Splitter”) and provide approximately 730,000 barrels of storage capacity. The Channelview Splitter will have the capability to split approximately 35,000 barrels per day of crude oil and condensate into its various components, including naphtha, kerosene, gas oil, jet fuel, and liquefied petroleum gas and will provide segregated storage for the crude, condensate and components. The Channelview Splitter project is expected to be completed by the first half of 2018, and has an estimated total cost of approximately $140.0 million. The first annual advance payment due under the Splitter Agreement was received in October 2016 and has been recorded as deferred revenue, as the Splitter Agreement Deferred revenue also includes consideration received in a 2015 amendment (the “gas contract amendment”) to a gas gathering and processing agreement. We measured the estimated fair value of the assets transferred to us using significant other observable inputs representative of a Level 2 fair value measurement. Because the gas contract amendment will require future performance by Targa, we have recorded the consideration received as deferred revenue. The deferred revenue related to this amendment is being recognized on a straight-line basis through the end of the agreement’s term in 2030. Deferred revenue also includes consideration received for other construction activities of facilities connected to our systems. The deferred revenue related to these other construction activities will be recognized over the periods that future performance will be provided, which extend through 2023. The following table shows the components of deferred revenue: March 31, 2017 December 31, 2016 Splitter agreement $ 43.0 $ 43.0 Gas contract amendment 19.3 19.7 Other deferred revenue 6.7 7.1 Total deferred revenue $ 69.0 $ 69.8 The following table shows the changes in deferred revenue: Balance at December 31, 2016 $ 69.8 Additions - Revenue recognized (0.8 ) Balance at March 31, 2017 $ 69.0 Contingent Consideration A contingent consideration liability arising from potential earn-out payments in connection with the Permian Acquisition has been recognized at its preliminary fair value. We agreed to pay up to an additional $935.0 million in potential earn-out payments that may occur in 2018 and 2019. The first potential earn-out payment would occur in May 2018. The preliminary acquisition date fair value of the potential earn-out payments of $461.6 million was recorded within other long-term liabilities on our Consolidated Balance Sheets. Subsequent changes in the fair value of this liability, excluding any measurement period adjustments of the acquisition date fair value, are included in earnings. For the one month ended March 31, 2017, we had an increase in the fair value of this liability of $3.2 million, bringing the Permian Acquisition contingent consideration to $464.8 million as of March 31, 2017. See Note 17 – Fair Value Measurements for additional discussion of the fair value methodology.

Partnership Units and Related M

Partnership Units and Related Matters	3 Months Ended
	Mar. 31, 2017
Partners Capital [Abstract]
Partnership Units and Related Matters	Note 12 — Partnership Units and Related Matters Distributions As a result of the TRC/TRP Merger, TRC is entitled to receive all available Partnership distributions after payment of preferred distributions each quarter. We have discretion under the Third A&R Partnership Agreement S ee Note 1 – Organization and Operations. The following details the distributions declared or paid by us during the three months ended March 31, 2017: Three Months Date Paid Total Distributions Targa Ended Or to Be Paid Distributions Corp. March 31, 2017 May 11, 2017 $ 209.6 $ 206.8 December 31, 2016 February 10, 2017 198.1 195.3 Contributions Subsequent to December 1, 2016, the effective date of the Third A&R Partnership Agreement, no units will be issued for capital contributions to us, but all capital contributions will continue to be allocated 98% to the limited partner and 2% to the general partner. During three months ended March 31, 2017, TRC made total capital contributions to us of $655.0 million. Preferred Units In October 2015, we completed an offering of 5,000,000 Preferred Units at a price of $25.00 per unit. The Preferred Units are listed on the NYSE under the symbol “NGLS PRA.” Distributions on our Preferred Units are cumulative from the date of original issue in October 2015 and are payable monthly in arrears on the 15th day of each month of each year, when, as and if declared by the board of directors of our general partner. Distributions on our Preferred Units are payable out of amounts legally available at a rate equal to 9.0% per annum. On and after November 1, 2020, distributions on our Preferred Units will accumulate at an annual floating rate equal to the one-month LIBOR plus a spread of 7.71%. We paid $2.8 million of distributions to the holders of preferred units (“Preferred Unitholders”) during the three months ended March 31, 2017. The Preferred Units are reported as noncontrolling interests in our financial statements. Subsequent Event In April 2017, the board of directors of our general partner declared a cash distribution of $0.1875 per Preferred Unit, resulting in approximately $0.9 million in distributions which will be paid on May 15, 2017.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Note 13 — Derivative Instruments and Hedging Activities The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have hedged the commodity prices associated with a portion of our expected (i) natural gas equity volumes in our Gathering and Processing segment and (ii) NGL and condensate equity volumes predominately in our Gathering and Processing segment that result from percent-of-proceeds processing arrangements. These hedge positions will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity prices. We have designated these derivative contracts as cash flow hedges for accounting purposes. The hedges generally match the NGL product composition and the NGL delivery points of our physical equity volumes. Our natural gas hedges are a mixture of specific gas delivery points and Henry Hub. The NGL hedges may be transacted as specific NGL hedges or as baskets of ethane, propane, normal butane, isobutane and natural gasoline based upon our expected equity NGL composition. We believe this approach avoids uncorrelated risks resulting from employing hedges on crude oil or other petroleum products as “proxy” hedges of NGL prices. Our natural gas and NGL hedges are settled using published index prices for delivery at various locations. We hedge a portion of our condensate equity volumes using crude oil hedges that are based on the NYMEX futures contracts for West Texas Intermediate light, sweet crude, which approximates the prices received for condensate. This exposes us to a market differential risk if the NYMEX futures do not move in exact parity with the sales price of our underlying condensate equity volumes. As part of the Atlas mergers, outstanding TPL derivative contracts with a fair value of $102.1 million as of February 27, 2015 (the “acquisition date”), were novated to us and included in the acquisition date fair value of assets acquired. We received derivative settlements of $3.0 million for the three months ended March 31, 2017 and $8.7 million for the three months ended March 31, 2016, related to these novated contracts. From the acquisition date through March 31, 2017, we have received derivative settlements of $97.6 million. The remainder of the novated contracts will settle by the end of 2017. The "off-market" nature of these acquired derivatives can introduce a degree of ineffectiveness for accounting purposes due to an embedded financing element representing the amount that would be paid or received as of the acquisition date to settle the derivative contract. The resulting ineffectiveness can either potentially disqualify the derivative contract in its entirety for hedge accounting or alternatively affect the amount of unrealized gains or losses on qualifying derivatives that can be deferred from inclusion in periodic net income. Additionally, we recorded ineffectiveness losses of less than $0.1 million for the three months ended March 31, 2016, related to otherwise qualifying TPL derivatives, which are primarily natural gas swaps. There were no ineffectiveness losses on these derivatives for the three months ended March 31, 2017. We also enter into derivative instruments to help manage other short-term commodity-related business risks. We have not designated these derivatives as hedges and record changes in fair value and cash settlements to revenues. At March 31, 2017, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2017 2018 2019 Natural Gas Swaps MMBtu/d 141,960 100,500 61,383 Natural Gas Basis Swaps MMBtu/d 95,963 1,103 - Natural Gas Futures MMBtu/d - 1,103 - Natural Gas Options MMBtu/d 22,900 9,486 - NGL Swaps Bbl/d 14,143 6,658 5,339 NGL Futures Bbl/d 5,702 1,288 - NGL Options Bbl/d 1,647 1,676 - Condensate Swaps Bbl/d 2,690 2,190 1,063 Condensate Options Bbl/d 1,380 691 590 Our derivative contracts are subject to netting arrangements that permit our contracting subsidiaries to net cash settle offsetting asset and liability positions with the same counterparty within the same Targa entity. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements. The following schedules reflect the fair values of our derivative instruments and their location in our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: Fair Value as of March 31, 2017 Fair Value as of December 31, 2016 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 23.6 $ 20.8 $ 16.7 $ 48.6 Long-term 21.6 7.9 5.1 26.1 Total derivatives designated as hedging instruments $ 45.2 $ 28.7 $ 21.8 $ 74.7 Derivatives not designated as hedging instruments Commodity contracts Current $ 0.3 $ 1.4 $ 0.1 $ 0.5 Total derivatives not designated as hedging instruments $ 0.3 $ 1.4 $ 0.1 $ 0.5 Total current position $ 23.9 $ 22.2 $ 16.8 $ 49.1 Total long-term position 21.6 7.9 5.1 26.1 Total derivatives $ 45.5 $ 30.1 $ 21.9 $ 75.2 The pro forma impact of reporting derivatives in our Consolidated Balance Sheets on a net basis is as follows: Gross Presentation Pro forma net presentation March 31, 2017 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 23.8 $ (20.8 ) $ 0.1 $ 10.8 $ (7.7 ) Counterparties without offsetting positions - assets 0.1 - - 0.1 - Counterparties without offsetting positions - liabilities - (1.4 ) - - (1.4 ) 23.9 (22.2 ) 0.1 10.9 (9.1 ) Long Term Position Counterparties with offsetting positions or collateral 21.3 (6.6 ) - 16.7 (2.0 ) Counterparties without offsetting positions - assets 0.3 - - 0.3 - Counterparties without offsetting positions - liabilities - (1.3 ) - - (1.3 ) 21.6 (7.9 ) - 17.0 (3.3 ) Total Derivatives Counterparties with offsetting positions or collateral 45.1 (27.4 ) 0.1 27.5 (9.7 ) Counterparties without offsetting positions - assets 0.4 - - 0.4 - Counterparties without offsetting positions - liabilities - (2.7 ) - - (2.7 ) $ 45.5 $ (30.1 ) $ 0.1 $ 27.9 $ (12.4 ) Gross Presentation Pro forma net presentation December 31, 2016 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 16.8 $ (46.1 ) $ 7.0 $ 5.7 $ (28.0 ) Counterparties without offsetting positions - assets - - - - - Counterparties without offsetting positions - liabilities - (3.0 ) - - (3.0 ) 16.8 (49.1 ) 7.0 5.7 (31.0 ) Long Term Position Counterparties with offsetting positions or collateral 5.1 (18.7 ) - - (13.6 ) Counterparties without offsetting positions - assets - - - - - Counterparties without offsetting positions - liabilities - (7.4 ) - - (7.4 ) 5.1 (26.1 ) - - (21.0 ) Total Derivatives Counterparties with offsetting positions or collateral 21.9 (64.8 ) 7.0 5.7 (41.6 ) Counterparties without offsetting positions - assets - - - - - Counterparties without offsetting positions - liabilities - (10.4 ) - - (10.4 ) $ 21.9 $ (75.2 ) $ 7.0 $ 5.7 $ (52.0 ) Our payment obligations in connection with a majority of these hedging transactions are secured by a first priority lien in the collateral securing the TRP Revolver that ranks equal in right of payment with liens granted in favor of our senior secured lenders. Some of our hedges are futures contracts executed through a broker that clears the hedges through an exchange. We maintain a margin deposit with the broker in an amount sufficient enough to cover the fair value of our open futures positions. The margin deposit is considered collateral, which is located within other current assets on our Consolidated Balance Sheets and is not offset against the fair values of our derivative instruments. The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net asset of $15.4 million as of March 31, 2017. The estimated fair value is net of an adjustment for credit risk based on the default probabilities by year as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. Our futures contracts that are cleared through an exchange are margined daily and do not require any credit adjustment. The following tables reflect amounts recorded in Other Comprehensive Income and amounts reclassified from OCI to revenue and expense for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Derivatives in Cash Flow Three Months Ended March 31, Hedging Relationships 2017 2016 Commodity contracts $ 66.2 $ 6.7 Gain (Loss) Reclassified from OCI into Income (Effective Portion) Three Months Ended March 31, Location of Gain (Loss) 2017 2016 Revenues $ (6.1 ) $ 24.2 Our consolidated earnings are also affected by the use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on the balance sheet and through earnings rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. Location of Gain Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended March 31, as Hedging Instruments Derivatives 2017 2016 Commodity contracts Revenue $ (0.8 ) $ 1.8 Based on valuations as of March 31, 2017, we expect to reclassify commodity hedge related deferred gains of $10.8 million included in accumulated other comprehensive income into earnings before income taxes through the end of 2019, with $2.6 million of losses to be reclassified over the next twelve months. See Note 14 – Fair Value Measurements for additional disclosures related to derivative instruments and hedging activities.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 14 — Fair Value Measurements Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments and contingent consideration related to business acquisitions are reported at fair value in our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost in our Consolidated Balance Sheets. The following are additional qualitative and quantitative disclosures regarding fair value measurements of financial instruments. Fair Value of Derivative Financial Instruments Our derivative instruments consist of financially settled commodity swaps, futures, option contracts and fixed-price forward commodity contracts with certain counterparties. We determine the fair value of our derivative contracts using present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. We have consistently applied these valuation techniques in all periods presented and we believe we have obtained the most accurate information available for the types of derivative contracts we hold. The fair values of our derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. The financial position of these derivatives at March 31, 2017, a net asset position of $15.4 million, reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive or pay in the future on our derivative contracts. If forward pricing on natural gas, NGLs and crude oil were to increase by 10%, the result would be a fair value reflecting a net liability of $47.5 million, ignoring an adjustment for counterparty credit risk. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net asset of $79.0 million, ignoring an adjustment for counterparty credit risk. Fair Value of Other Financial Instruments Due to their cash or near-cash nature, the carrying value of other financial instruments included in working capital (i.e., cash and cash equivalents, accounts receivable, accounts payable) approximates their fair value. Long-term debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. We determined the supplemental fair value disclosures for our long-term debt as follows: • The TRP Revolver and the accounts receivable securitization facility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market rates; and • Senior unsecured notes are based on quoted market prices derived from trades of the debt. Contingent consideration liabilities related to business acquisitions are carried at fair value. Fair Value Hierarchy We categorize the inputs to the fair value measurements of financial assets and liabilities at each balance sheet reporting date using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value: • Level 1 – observable inputs such as quoted prices in active markets; • Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and • Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions. The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included in our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: March 31, 2017 Fair Value Carrying 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) $ 37.7 $ 37.7 $ — $ 35.7 $ 2.0 Liabilities from commodity derivative contracts (1) 22.1 22.1 — 20.8 1.3 Permian Acquisition contingent consideration (2) 464.8 464.8 — — 464.8 TPL contingent consideration (3) 2.7 2.7 — — 2.7 Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 71.7 71.7 — — — TRP Revolver — — — — — Senior unsecured notes 4,057.3 4,169.1 — 4,169.1 — Accounts receivable securitization facility 285.0 285.0 — 285.0 — December 31, 2016 Fair Value Carrying Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: Assets from commodity derivative contracts (1) $ 21.0 $ 21.0 $ — $ 19.6 $ 1.4 Liabilities from commodity derivative contracts (1) 74.2 74.2 — 69.3 4.9 TPL contingent consideration (3) 2.6 2.6 — — 2.6 Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 68.0 68.0 — — — TRP Revolver 150.0 150.0 — 150.0 — Senior unsecured notes 4,057.3 4,101.6 — 4,101.6 — Accounts receivable securitization facility 275.0 275.0 — 275.0 — (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 13 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes. (2) We have a contingent consideration liability related to the Permian Acquisition. See Note 4 – Business Acquisitions and Divestitures. (3) We have a contingent consideration liability for TPL’s previous acquisition of a gas gathering system and related assets, which are carried at fair value. Additional Information Regarding Level 3 Fair Value Measurements Included in Our Consolidated Balance Sheets We reported certain of our swaps and option contracts at fair value using Level 3 inputs due to such derivatives not having observable implied volatilities or market prices for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations whose contract length extends into unobservable periods. The fair value of these swaps is determined using a discounted cash flow valuation technique based on a forward commodity basis curve. For these derivatives, the primary input to the valuation model is the forward commodity basis curve, which is based on observable or public data sources and extrapolated when observable prices are not available. As of March 31, 2017, we had 17 commodity swap and option contracts categorized as Level 3. The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives are (i) the forward natural gas liquids pricing curves, for which a significant portion of the derivative’s term is beyond available forward pricing and (ii) implied volatilities, which are unobservable as a result of inactive natural gas liquids options trading. The change in the fair value of Level 3 derivatives associated with a 10% change in the forward basis curve where prices are not observable is immaterial. The fair value of the Permian Acquisition contingent consideration was determined using a Monte-Carlo simulation model. Significant inputs used in the fair value measurement include expected gross margin (calculated in accordance with the terms of the purchase and sale agreements), term of the earn-out period, risk adjusted discount rate and volatility associated with the underlying assets. A significant decrease in expected gross margin during the earn-out period, or significant increase in the discount rate or volatility would result in a lower fair value estimate. The fair value of the TPL contingent consideration was determined using a probability-based model measuring the likelihood of meeting certain volumetric measures. The inputs for both models are not observable; therefore, the entire valuations of the contingent considerations are categorized in Level 3. Changes in the fair value of these liabilities are included in Other income (expense) on the Consolidated Statements of Operations. The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: Commodity Derivative Contracts Contingent Asset/(Liability) Liability Balance, December 31, 2016 $ (3.6 ) $ (2.6 ) Change in fair value of TPL contingent consideration - (0.1 ) Fair value of Permian Acquisition contingent consideration (1) - (464.8 ) New Level 3 derivative instruments (0.1 ) - Transfers out of Level 3 (2) 1.6 - Settlements included in Revenue 0.2 - Unrealized gain/(loss) included in OCI 2.6 - Balance, March 31, 2017 $ 0.7 $ (467.5 ) (1) Represents the March 31, 2017 balance of the contingent consideration that arose as part of the Permian Acquisition in Q1 2017. See Note 4 – Business Acquisitions and Divestitures for discussion of the initial fair value. (2) Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

Related Party Transactions - Ta

Related Party Transactions - Targa	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions - Targa	Note 15 — Related Party Transactions - Targa Relationship with Targa We do not have any employees. Targa provides operational, general and administrative and other services to us associated with our existing assets and assets acquired from third parties. Targa performs centralized corporate functions for us, such as legal, accounting, treasury, insurance, risk management, health, safety and environmental, information technology, human resources, credit, payroll, internal audit, taxes, engineering and marketing. Our Partnership Agreement governs the reimbursement of costs incurred by Targa on behalf of us. Targa charges us for all the direct costs of the employees assigned to our operations, as well as all general and administrative support costs other than (1) costs attributable to Targa’s status as a separate reporting company and (2) costs of Targa providing management and support services to certain unaffiliated spun-off entities. We generally reimburse Targa monthly for cost allocations to the extent that Targa has made a cash outlay. The following table summarizes transactions with Targa. Management believes these transactions are executed on terms that are fair and reasonable. Three Months Ended March 31, 2017 2016 Targa billings of payroll and related costs included in operating expense $ 47.0 $ 40.2 Targa allocation of general and administrative expense 42.0 39.9 Cash distributions to Targa based on IDR, GP and common unit ownership (1) 195.3 61.4 Cash contributions from Targa related to limited partner ownership (2) 641.9 785.0 Cash contributions from Targa to maintain its 2% general partner ownership 13.1 16.0 _______________________ (1) As a result of the Third A&R Partnership Agreement, 2017 cash distributions to Targa are only based on GP and common unit ownership. (2) The 2016 cash contributions from Targa related to limited partner ownership were contributed for the issuance of common units. The 2017 cash contributions from Targa related to limited partner ownership were allocated 98% to the limited partnership and 2% to GP. See Note 12 – Partnership Units and Related Matters.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
Loss Contingency [Abstract]
Contingencies	Note 16 – Contingencies Legal Proceedings Environmental Proceedings On June 18, 2015, the New Mexico Environment Department’s Air Quality Bureau issued a Notice of Violation to Targa Midstream Services LLC for alleged violations of air emissions regulations related to emissions events that occurred at the Monument Gas Plant between June 2014 and December 2014. The Monument Gas Plant is owned by Versado Gas Processors, L.L.C., which was a joint venture in which we owned a 63% interest until October 31, 2016, when we acquired the remaining 37% membership interest from Chevron U.S.A Inc. On January 31, 2017, Targa Midstream Services LLC executed a settlement agreement with the New Mexico Environment Department which resolved the matter for a civil penalty in the amount of $29,223. We are also a party to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business.

Other Operating (Income) Expens

Other Operating (Income) Expense	3 Months Ended
	Mar. 31, 2017
Other Income And Expenses [Abstract]
Other Operating (Income) Expense	Note 17 – Other Operating (Income) Expense Other operating (income) expense is comprised of the following: Three Months Ended March 31, 2017 2016 (Gain) loss on sale or disposal of assets (1) $ 16.1 $ 0.9 Miscellaneous business tax 0.1 0.1 $ 16.2 $ 1.0 (1) Comprised primarily of a $16.1 million loss in 2017 due to the reduction in the carrying value of our ownership interest in VGS in connection with the April 4, 2017 sale.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 18 — Supplemental Cash Flow Information Three Months Ended March 31, 2017 2016 Cash: Interest paid, net of capitalized interest (1) $ 53.5 $ 77.3 Income taxes paid, net of refunds (0.1 ) 1.1 Non-cash investing activities: Deadstock commodity inventory transferred to property, plant and equipment $ 8.3 $ 16.9 Impact of capital expenditure accruals on property, plant and equipment 30.0 13.7 Transfers from materials and supplies inventory to property, plant and equipment 0.4 0.5 Contribution of property, plant and equipment to investment in unconsolidated affiliates. 1.0 — Change in ARO liability and property, plant and equipment due to revised cash flow estimate 1.7 (9.1 ) Non-cash balance sheet movements related to the Permian Acquisition: Contingent consideration recorded at the acquisition date $ 461.6 $ — Purchase consideration payable recorded for the Permian Acquisition 90.0 — Non-cash financing activities: Cancellation of treasury units $ — $ (10.2 ) Accrued distributions on unvested equity awards under share compensation arrangements — 0.2 _____________ (1) Interest capitalized on major projects was $1.7 million and $4.8 million for the three months ended March 31, 2017 and 2016.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	Note 19 — Segment Information We operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Marketing (also referred to as the Downstream Business). Our Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting NGLs and removing impurities; and assets used for crude oil gathering and terminaling. The Gathering and Processing segment's assets are located in the Permian Basin of West Texas and Southeast New Mexico; the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma and South Central Kansas; the Williston Basin in North Dakota and in the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico. Our Logistics and Marketing segment includes all the activities necessary to convert mixed NGLs into NGL products and provides certain value added services such as storing, terminaling, distributing and marketing of NGLs, the storage and terminaling of refined petroleum products and crude oil and certain natural gas supply and marketing activities in support of our other businesses including services to LPG exporters. It also includes certain natural gas supply and marketing activities in support of our other operations, as well as transporting natural gas and NGLs. Logistics and Marketing operations are generally connected to and supplied in part by our Gathering and Processing segment and are predominantly located in Mont Belvieu and Galena Park, Texas; Lake Charles, Louisiana and Tacoma, Washington. Other contains the results (including any hedge ineffectiveness) of commodity derivative activities included in operating margin. and mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. Elimination of inter-segment transactions are reflected in the corporate and eliminations column. Reportable segment information is shown in the following tables: Three Months Ended March 31, 2017 Gathering and Processing Logistics and Marketing Other Corporate and Eliminations Total Revenues Sales of commodities $ 166.7 $ 1,692.4 $ (1.0 ) $ — $ 1,858.1 Fees from midstream services 118.2 136.3 — — 254.5 284.9 1,828.7 (1.0 ) — 2,112.6 Intersegment revenues Sales of commodities 713.0 75.4 — (788.4 ) — Fees from midstream services 1.9 7.0 — (8.9 ) — 714.9 82.4 — (797.3 ) — Revenues $ 999.8 $ 1,911.1 $ (1.0 ) $ (797.3 ) $ 2,112.6 Operating margin $ 177.4 $ 130.1 $ (1.0 ) $ — $ 306.5 Other financial information: Total assets (1) $ 10,780.4 $ 2,687.2 $ 44.8 $ 57.4 $ 13,569.8 Goodwill $ 369.0 $ — $ — $ — $ 369.0 Capital expenditures $ 139.2 $ 34.6 $ — $ 0.8 $ 174.6 (1) Corporate assets at the segment level primarily include cash, prepaids and debt issuance costs for our TRP Revolver. Three Months Ended March 31, 2016 Gathering and Processing Logistics and Marketing Other Corporate and Eliminations Total Revenues Sales of commodities $ 110.3 $ 1,033.9 $ 26.8 $ — $ 1,171.0 Fees from midstream services 115.8 155.6 — — 271.4 226.1 1,189.5 26.8 — 1,442.4 Intersegment revenues Sales of commodities 412.6 47.3 — (459.9 ) — Fees from midstream services 2.1 4.1 — (6.2 ) — 414.7 51.4 — (466.1 ) — Revenues $ 640.8 $ 1,240.9 $ 26.8 $ (466.1 ) $ 1,442.4 Operating margin $ 115.6 $ 157.0 $ 26.8 $ — $ 299.4 Other financial information: Total assets (1) $ 10,219.0 $ 2,501.0 $ 105.7 $ 42.9 $ 12,868.6 Goodwill $ 393.0 $ — $ — $ — $ 393.0 Capital expenditures $ 103.0 $ 73.1 $ — $ 0.8 $ 176.9 (1) Corporate assets at the segment level primarily include cash, prepaids and debt issuance costs for our TRP Revolver. The following table shows our consolidated revenues by product and service for the periods presented: Three Months Ended March 31, 2017 2016 Sales of commodities: Natural gas $ 480.9 $ 326.9 NGL 1,314.9 785.8 Condensate 43.6 22.2 Petroleum products 19.8 9.6 Derivative activities (1.1 ) 26.5 1,858.1 1,171.0 Fees from midstream services: Fractionating and treating 31.0 30.2 Storage, terminaling, transportation and export 99.7 118.4 Gathering and processing 107.7 105.0 Other 16.1 17.8 254.5 271.4 Total revenues $ 2,112.6 $ 1,442.4 The following table shows a reconciliation of operating margin to net income (loss) for the periods presented: Three Months Ended March 31, 2017 2016 Reconciliation of operating margin to net income (loss): Operating margin $ 306.5 $ 299.4 Depreciation and amortization expenses (191.1 ) (193.5 ) General and administrative expenses (45.5 ) (43.4 ) Goodwill impairment - (24.0 ) Interest expense, net (58.6 ) (46.9 ) Other, net (37.3 ) 18.8 Income tax (expense) benefit 4.7 0.2 Net income (loss) $ (21.3 ) $ 10.6

Significant Accounting Polici27

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Accounting Policy Updates	Accounting Policy Updates The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report. There were no significant updates or revisions to our policies during the three months ended March 31, 2017, except as noted below.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition Other Assets and Deferred Costs – Contracts with Customers With the issuance in August 2015 of ASU 2015-14 , Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers We expect to adopt this new revenue recognition standard on January 1, 2018, presenting a cumulative effect adjustment in the period the standard is adopted. We also anticipate electing the practical expedient to apply the guidance retrospectively to only those contracts that are not completed contracts at the date of initial application. We have disaggregated contracts within our two segments and are in the process of reviewing contracts and transaction types with counterparties in order to evaluate how the new standard would impact our current revenue recognition and disclosure policies upon adoption. In addition, we are also evaluating whether certain contracts within our gathering and processing segment create relationships with counterparties akin to suppliers or involve significant sharing of risks that would exclude such contracts from the scope of Topic 606. Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) We expect to adopt the amendments in the first quarter of 2019 and are currently evaluating the impacts of the amendments to our consolidated financial statements and accounting practices for leases. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Cash Flow Classification In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) Recognition of Intra-Entity Transfers of Assets Other than Inventory In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory Business Combinations In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business Goodwill Impairment In January 2017, FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Other Income In February 2017, FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) The amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect of the amendment on our consolidated financial statements.

Business Acquisitions and Div28

Business Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Pro Forma Consolidated Information of Operations	The following summarized unaudited pro forma Consolidated Statement of Operations information for the three months ended March 31, 2017 and March 31, 2016 assumes that the Permian Acquisition occurred as of January 1, 2016. We prepared the following summarized unaudited pro forma financial results for comparative purposes only. The summarized unaudited pro forma information may not be indicative of the results that would have occurred had we completed this acquisition as of January 1, 2016, or that would be attained in the future. March 31, 2017 March 31, 2016 Pro Forma Pro Forma Revenues $ 2,126.7 $ 1,445.0 Net income (loss) (22.7 ) (7.5 )
Consideration Transferred to Acquire Permian Delaware Assets and Permian Midland Assets	The following table summarizes the consideration transferred to acquire New Delaware and New Midland: Fair Value of Consideration Transferred: Cash paid, net of cash acquired (1) $ 480.8 Purchase consideration payable (2) 90.0 Contingent consideration 461.6 Total $ 1,032.4 (1) Net of cash acquired of $3.3 million. (2) The payable will be settled in cash within 90 days from March 1, 2017.
Fair Value of the Assets and Liabilities Assumed at Acquisition Date	The preliminary fair value of the assets acquired and liabilities assumed at the acquisition date is shown below: Fair value determination: March 1, 2017 Trade and other current receivables, net $ 6.5 Other current assets 0.6 Property, plant and equipment 255.4 Intangible assets 625.6 Current liabilities (14.3 ) Other long-term liabilities (0.4 ) Total identifiable net assets 873.4 Goodwill 159.0 Total fair value of consideration transferred $ 1,032.4

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Components of Inventories	March 31, 2017 December 31, 2016 Commodities $ 65.1 $ 126.9 Materials and supplies 10.4 10.8 $ 75.5 $ 137.7

Property, Plant and Equipment30

Property, Plant and Equipment and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment And Intangible Assets [Abstract]
Property, Plant and Equipment and Intangible Assets	March 31, 2017 December 31, 2016 Estimated Useful Lives (In Years) Gathering systems $ 6,777.7 $ 6,626.9 5 to 20 Processing and fractionation facilities 3,500.4 3,383.6 5 to 25 Terminaling and storage facilities 1,231.7 1,205.0 5 to 25 Transportation assets 427.9 451.4 10 to 25 Other property, plant and equipment 280.4 274.0 3 to 25 Land 121.5 121.2 — Construction in progress 610.6 449.8 — Property, plant and equipment 12,950.2 12,511.9 Accumulated depreciation (2,986.8 ) (2,821.0 ) Property, plant and equipment, net $ 9,963.4 $ 9,690.9 Intangible assets $ 2,662.2 $ 2,036.6 15 to 20 Accumulated amortization (423.4 ) (382.6 ) Intangible assets, net $ 2,238.8 $ 1,654.0
Schedule of Changes in Intangible Assets	The changes in our intangible assets are as follows: Balance at December 31, 2016 $ 1,654.0 Additions from Permian Acquisition 625.6 Amortization (40.8 ) Balance at March 31, 2017 $ 2,238.8

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Changes in Net Book Value of Goodwill	Changes in the net book value of our goodwill are as follows: WestTX SouthTX Permian Total Balance at December 31, 2016, net $ 174.7 $ 35.3 $ — $ 210.0 Permian Acquisition, March 1, 2017 (preliminary valuation) — — 159.0 159.0 Balance at March 31, 2017, net $ 174.7 $ 35.3 $ 159.0 $ 369.0

Investments in Unconsolidated32

Investments in Unconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2017
Equity Method Investments And Joint Ventures [Abstract]
Activity Related to Partnership's Investment in Unconsolidated Affiliate	The following table shows the activity related to our investments in unconsolidated affiliates: GCF T2 LaSalle T2 Eagle Ford T2 EF Cogen Total Balance at December 31, 2016 $ 46.1 $ 58.6 $ 118.6 $ 17.5 $ 240.8 Equity earnings (loss) 3.7 (1.1 ) (2.7 ) (12.5 ) (12.6 ) Cash distributions (1) (2.7 ) — — — (2.7 ) Contributions for expansion projects (2) — 0.3 1.1 0.1 1.5 Balance at March 31, 2017 $ 47.1 $ 57.8 $ 117.0 $ 5.1 $ 227.0 (1) During the three months ended March 31, 2017, there were no distributions received in excess of our share of cumulative earnings. Such excess distributions are considered a return of capital and disclosed in cash flows from investing activities in the Consolidated Statements of Cash Flows in the period in which they occur. (2) Includes a $1.0 million contribution of property, plant and equipment to T2 Eagle Ford.

Accounts Payable and Accrued 33

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Payables And Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	March 31, 2017 December 31, 2016 Commodities $ 511.9 $ 574.5 Other goods and services 120.7 113.4 Purchase consideration payable 90.0 - Interest 51.5 52.2 Income and other taxes 22.5 19.1 Other 22.9 14.7 $ 819.5 $ 773.9

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	March 31, 2017 December 31, 2016 Current: Accounts receivable securitization facility, due December 2017 $ 285.0 $ 275.0 Senior unsecured notes, 5% fixed rate, due January 2018 250.5 — 535.5 275.0 Debt issuance costs, net of amortization (0.6 ) — Current maturities of debt 534.9 275.0 Long-term: Senior secured revolving credit facility, variable rate, due October 2020 (1) — 150.0 Senior unsecured notes: 5% fixed rate, due January 2018 — 250.5 4 ⅛ 749.4 749.4 6 ⅜ 278.7 278.7 5 ¼ 559.6 559.6 4¼% fixed rate, due November 2023 583.9 583.9 6¾% fixed rate, due March 2024 580.1 580.1 5⅛ % fixed rate, due February 2025 500.0 500.0 5⅜ % fixed rate, due February 2027 500.0 500.0 TPL notes, 4¾% fixed rate, due November 2021 (2) 6.5 6.5 TPL notes, 5⅞% fixed rate, due August 2023 (2) 48.1 48.1 Unamortized premium 0.5 0.5 3,806.8 4,207.3 Debt issuance costs, net of amortization (28.5 ) (30.3 ) Long-term debt 3,778.3 4,177.0 Total debt obligations $ 4,313.2 $ 4,452.0 Irrevocable standby letters of credit outstanding $ 15.8 $ 13.2 (1) As of March 31, 2017, availability under our $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,584.2 million. (2) Targa Pipeline Partners, L.P. (“TPL”) notes are not guaranteed by us.
Interest Rates 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, 2017: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRP Revolver 3.0% - 5.3% 3.2% Accounts receivable securitization facility 1.8% 1.8%

Other Long-term Liabilities (Ta

Other Long-term Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Other Liabilities Noncurrent [Abstract]
Other Long-term Liabilities	Other long-term liabilities are comprised of the following obligations: March 31, 2017 December 31, 2016 Asset retirement obligations $ 67.5 $ 64.1 Mandatorily redeemable preferred interests 71.9 68.5 Deferred revenue 69.0 69.8 Permian Acquisition contingent consideration 464.8 - Other liabilities 3.2 2.9 Total long-term liabilities $ 676.4 $ 205.3
Changes in Aggregate Asset Retirement Obligations	The changes in our ARO are as follows Balance at December 31, 2016 $ 64.1 Additions (1) 0.4 Change in cash flow estimate 1.7 Accretion expense 1.3 Balance at March 31, 2017 $ 67.5 _____________________________________________________________________________________________________________________________________________________________ (1) Amount reflects AROs assumed from the Permian Acquisition
Schedule of Changes Attributable to Mandatorily Redeemable Preferred Interests	The following table shows the changes attributable to mandatorily redeemable preferred interests: Balance at December 31, 2016 $ 68.5 Income attributable to mandatorily redeemable preferred interests 0.9 Change in estimated redemption value included in interest expense 2.5 Balance at March 31, 2017 $ 71.9
Components of Deferred Revenue	The following table shows the components of deferred revenue: March 31, 2017 December 31, 2016 Splitter agreement $ 43.0 $ 43.0 Gas contract amendment 19.3 19.7 Other deferred revenue 6.7 7.1 Total deferred revenue $ 69.0 $ 69.8
Changes in Deferred Revenue	The following table shows the changes in deferred revenue: Balance at December 31, 2016 $ 69.8 Additions - Revenue recognized (0.8 ) Balance at March 31, 2017 $ 69.0

Partnership Units and Related36

Partnership Units and Related Matters (Tables)	3 Months Ended
	Mar. 31, 2017
Partners Capital [Abstract]
Schedule of Distributions	The following details the distributions declared or paid by us during the three months ended March 31, 2017: Three Months Date Paid Total Distributions Targa Ended Or to Be Paid Distributions Corp. March 31, 2017 May 11, 2017 $ 209.6 $ 206.8 December 31, 2016 February 10, 2017 198.1 195.3

Derivative Instruments and He37

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Notional Volume of Commodity Hedges	At March 31, 2017, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2017 2018 2019 Natural Gas Swaps MMBtu/d 141,960 100,500 61,383 Natural Gas Basis Swaps MMBtu/d 95,963 1,103 - Natural Gas Futures MMBtu/d - 1,103 - Natural Gas Options MMBtu/d 22,900 9,486 - NGL Swaps Bbl/d 14,143 6,658 5,339 NGL Futures Bbl/d 5,702 1,288 - NGL Options Bbl/d 1,647 1,676 - Condensate Swaps Bbl/d 2,690 2,190 1,063 Condensate Options Bbl/d 1,380 691 590
Fair Values of Derivative Instruments	The following schedules reflect the fair values of our derivative instruments and their location in our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: Fair Value as of March 31, 2017 Fair Value as of December 31, 2016 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 23.6 $ 20.8 $ 16.7 $ 48.6 Long-term 21.6 7.9 5.1 26.1 Total derivatives designated as hedging instruments $ 45.2 $ 28.7 $ 21.8 $ 74.7 Derivatives not designated as hedging instruments Commodity contracts Current $ 0.3 $ 1.4 $ 0.1 $ 0.5 Total derivatives not designated as hedging instruments $ 0.3 $ 1.4 $ 0.1 $ 0.5 Total current position $ 23.9 $ 22.2 $ 16.8 $ 49.1 Total long-term position 21.6 7.9 5.1 26.1 Total derivatives $ 45.5 $ 30.1 $ 21.9 $ 75.2
Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet	The pro forma impact of reporting derivatives in our Consolidated Balance Sheets on a net basis is as follows: Gross Presentation Pro forma net presentation March 31, 2017 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 23.8 $ (20.8 ) $ 0.1 $ 10.8 $ (7.7 ) Counterparties without offsetting positions - assets 0.1 - - 0.1 - Counterparties without offsetting positions - liabilities - (1.4 ) - - (1.4 ) 23.9 (22.2 ) 0.1 10.9 (9.1 ) Long Term Position Counterparties with offsetting positions or collateral 21.3 (6.6 ) - 16.7 (2.0 ) Counterparties without offsetting positions - assets 0.3 - - 0.3 - Counterparties without offsetting positions - liabilities - (1.3 ) - - (1.3 ) 21.6 (7.9 ) - 17.0 (3.3 ) Total Derivatives Counterparties with offsetting positions or collateral 45.1 (27.4 ) 0.1 27.5 (9.7 ) Counterparties without offsetting positions - assets 0.4 - - 0.4 - Counterparties without offsetting positions - liabilities - (2.7 ) - - (2.7 ) $ 45.5 $ (30.1 ) $ 0.1 $ 27.9 $ (12.4 ) Gross Presentation Pro forma net presentation December 31, 2016 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 16.8 $ (46.1 ) $ 7.0 $ 5.7 $ (28.0 ) Counterparties without offsetting positions - assets - - - - - Counterparties without offsetting positions - liabilities - (3.0 ) - - (3.0 ) 16.8 (49.1 ) 7.0 5.7 (31.0 ) Long Term Position Counterparties with offsetting positions or collateral 5.1 (18.7 ) - - (13.6 ) Counterparties without offsetting positions - assets - - - - - Counterparties without offsetting positions - liabilities - (7.4 ) - - (7.4 ) 5.1 (26.1 ) - - (21.0 ) Total Derivatives Counterparties with offsetting positions or collateral 21.9 (64.8 ) 7.0 5.7 (41.6 ) Counterparties without offsetting positions - assets - - - - - Counterparties without offsetting positions - liabilities - (10.4 ) - - (10.4 ) $ 21.9 $ (75.2 ) $ 7.0 $ 5.7 $ (52.0 )
Amounts Recorded in Other Comprehensive Income and Amounts Reclassified from OCI to Revenue and Expense	The following tables reflect amounts recorded in Other Comprehensive Income and amounts reclassified from OCI to revenue and expense for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Derivatives in Cash Flow Three Months Ended March 31, Hedging Relationships 2017 2016 Commodity contracts $ 66.2 $ 6.7 Gain (Loss) Reclassified from OCI into Income (Effective Portion) Three Months Ended March 31, Location of Gain (Loss) 2017 2016 Revenues $ (6.1 ) $ 24.2
Gain (Loss) Recognized in Income on Derivatives	The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. Location of Gain Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended March 31, as Hedging Instruments Derivatives 2017 2016 Commodity contracts Revenue $ (0.8 ) $ 1.8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Breakdown by Fair Value Hierarchy Category for Financial Instruments Included in Consolidated Balance Sheets	The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included in our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: March 31, 2017 Fair Value Carrying 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) $ 37.7 $ 37.7 $ — $ 35.7 $ 2.0 Liabilities from commodity derivative contracts (1) 22.1 22.1 — 20.8 1.3 Permian Acquisition contingent consideration (2) 464.8 464.8 — — 464.8 TPL contingent consideration (3) 2.7 2.7 — — 2.7 Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 71.7 71.7 — — — TRP Revolver — — — — — Senior unsecured notes 4,057.3 4,169.1 — 4,169.1 — Accounts receivable securitization facility 285.0 285.0 — 285.0 — December 31, 2016 Fair Value Carrying Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: Assets from commodity derivative contracts (1) $ 21.0 $ 21.0 $ — $ 19.6 $ 1.4 Liabilities from commodity derivative contracts (1) 74.2 74.2 — 69.3 4.9 TPL contingent consideration (3) 2.6 2.6 — — 2.6 Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 68.0 68.0 — — — TRP Revolver 150.0 150.0 — 150.0 — Senior unsecured notes 4,057.3 4,101.6 — 4,101.6 — Accounts receivable securitization facility 275.0 275.0 — 275.0 — (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 13 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes. (2) We have a contingent consideration liability related to the Permian Acquisition. See Note 4 – Business Acquisitions and Divestitures. (3) We have a contingent consideration liability for TPL’s previous acquisition of a gas gathering system and related assets, which are carried at fair value.
Reconciliation of Changes in Fair Value of Financial Instruments Classified as Level 3	The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: Commodity Derivative Contracts Contingent Asset/(Liability) Liability Balance, December 31, 2016 $ (3.6 ) $ (2.6 ) Change in fair value of TPL contingent consideration - (0.1 ) Fair value of Permian Acquisition contingent consideration (1) - (464.8 ) New Level 3 derivative instruments (0.1 ) - Transfers out of Level 3 (2) 1.6 - Settlements included in Revenue 0.2 - Unrealized gain/(loss) included in OCI 2.6 - Balance, March 31, 2017 $ 0.7 $ (467.5 ) (1) Represents the March 31, 2017 balance of the contingent consideration that arose as part of the Permian Acquisition in Q1 2017. See Note 4 – Business Acquisitions and Divestitures for discussion of the initial fair value. (2) Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

Related Party Transactions - 39

Related Party Transactions - Targa (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Summary of Transactions with Affiliates	The following table summarizes transactions with Targa. Management believes these transactions are executed on terms that are fair and reasonable. Three Months Ended March 31, 2017 2016 Targa billings of payroll and related costs included in operating expense $ 47.0 $ 40.2 Targa allocation of general and administrative expense 42.0 39.9 Cash distributions to Targa based on IDR, GP and common unit ownership (1) 195.3 61.4 Cash contributions from Targa related to limited partner ownership (2) 641.9 785.0 Cash contributions from Targa to maintain its 2% general partner ownership 13.1 16.0 _______________________ (1) As a result of the Third A&R Partnership Agreement, 2017 cash distributions to Targa are only based on GP and common unit ownership. (2) The 2016 cash contributions from Targa related to limited partner ownership were contributed for the issuance of common units. The 2017 cash contributions from Targa related to limited partner ownership were allocated 98% to the limited partnership and 2% to GP. See Note 12 – Partnership Units and Related Matters.

Other Operating (Income) Expe40

Other Operating (Income) Expense (Tables)	3 Months Ended
	Mar. 31, 2017
Other Income And Expenses [Abstract]
Other Operating (Income) Expense	Other operating (income) expense is comprised of the following: Three Months Ended March 31, 2017 2016 (Gain) loss on sale or disposal of assets (1) $ 16.1 $ 0.9 Miscellaneous business tax 0.1 0.1 $ 16.2 $ 1.0 (1) Comprised primarily of a $16.1 million loss in 2017 due to the reduction in the carrying value of our ownership interest in VGS in connection with the April 4, 2017 sale.

Supplemental Cash Flow Inform41

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Three Months Ended March 31, 2017 2016 Cash: Interest paid, net of capitalized interest (1) $ 53.5 $ 77.3 Income taxes paid, net of refunds (0.1 ) 1.1 Non-cash investing activities: Deadstock commodity inventory transferred to property, plant and equipment $ 8.3 $ 16.9 Impact of capital expenditure accruals on property, plant and equipment 30.0 13.7 Transfers from materials and supplies inventory to property, plant and equipment 0.4 0.5 Contribution of property, plant and equipment to investment in unconsolidated affiliates. 1.0 — Change in ARO liability and property, plant and equipment due to revised cash flow estimate 1.7 (9.1 ) Non-cash balance sheet movements related to the Permian Acquisition: Contingent consideration recorded at the acquisition date $ 461.6 $ — Purchase consideration payable recorded for the Permian Acquisition 90.0 — Non-cash financing activities: Cancellation of treasury units $ — $ (10.2 ) Accrued distributions on unvested equity awards under share compensation arrangements — 0.2 _____________ (1) Interest capitalized on major projects was $1.7 million and $4.8 million for the three months ended March 31, 2017 and 2016.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Information by Segment	Reportable segment information is shown in the following tables: Three Months Ended March 31, 2017 Gathering and Processing Logistics and Marketing Other Corporate and Eliminations Total Revenues Sales of commodities $ 166.7 $ 1,692.4 $ (1.0 ) $ — $ 1,858.1 Fees from midstream services 118.2 136.3 — — 254.5 284.9 1,828.7 (1.0 ) — 2,112.6 Intersegment revenues Sales of commodities 713.0 75.4 — (788.4 ) — Fees from midstream services 1.9 7.0 — (8.9 ) — 714.9 82.4 — (797.3 ) — Revenues $ 999.8 $ 1,911.1 $ (1.0 ) $ (797.3 ) $ 2,112.6 Operating margin $ 177.4 $ 130.1 $ (1.0 ) $ — $ 306.5 Other financial information: Total assets (1) $ 10,780.4 $ 2,687.2 $ 44.8 $ 57.4 $ 13,569.8 Goodwill $ 369.0 $ — $ — $ — $ 369.0 Capital expenditures $ 139.2 $ 34.6 $ — $ 0.8 $ 174.6 (1) Corporate assets at the segment level primarily include cash, prepaids and debt issuance costs for our TRP Revolver. Three Months Ended March 31, 2016 Gathering and Processing Logistics and Marketing Other Corporate and Eliminations Total Revenues Sales of commodities $ 110.3 $ 1,033.9 $ 26.8 $ — $ 1,171.0 Fees from midstream services 115.8 155.6 — — 271.4 226.1 1,189.5 26.8 — 1,442.4 Intersegment revenues Sales of commodities 412.6 47.3 — (459.9 ) — Fees from midstream services 2.1 4.1 — (6.2 ) — 414.7 51.4 — (466.1 ) — Revenues $ 640.8 $ 1,240.9 $ 26.8 $ (466.1 ) $ 1,442.4 Operating margin $ 115.6 $ 157.0 $ 26.8 $ — $ 299.4 Other financial information: Total assets (1) $ 10,219.0 $ 2,501.0 $ 105.7 $ 42.9 $ 12,868.6 Goodwill $ 393.0 $ — $ — $ — $ 393.0 Capital expenditures $ 103.0 $ 73.1 $ — $ 0.8 $ 176.9 (1) Corporate assets at the segment level primarily include cash, prepaids and debt issuance costs for our TRP Revolver.
Revenues by Product and Service	The following table shows our consolidated revenues by product and service for the periods presented: Three Months Ended March 31, 2017 2016 Sales of commodities: Natural gas $ 480.9 $ 326.9 NGL 1,314.9 785.8 Condensate 43.6 22.2 Petroleum products 19.8 9.6 Derivative activities (1.1 ) 26.5 1,858.1 1,171.0 Fees from midstream services: Fractionating and treating 31.0 30.2 Storage, terminaling, transportation and export 99.7 118.4 Gathering and processing 107.7 105.0 Other 16.1 17.8 254.5 271.4 Total revenues $ 2,112.6 $ 1,442.4
Reconciliation of Operating Margin to Net Income (Loss)	The following table shows a reconciliation of operating margin to net income (loss) for the periods presented: Three Months Ended March 31, 2017 2016 Reconciliation of operating margin to net income (loss): Operating margin $ 306.5 $ 299.4 Depreciation and amortization expenses (191.1 ) (193.5 ) General and administrative expenses (45.5 ) (43.4 ) Goodwill impairment - (24.0 ) Interest expense, net (58.6 ) (46.9 ) Other, net (37.3 ) 18.8 Income tax (expense) benefit 4.7 0.2 Net income (loss) $ (21.3 ) $ 10.6

Organization and Operations (De

Organization and Operations (Details)	Feb. 17, 2016$ / shares	Mar. 31, 2017shares	Dec. 31, 2016shares
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Conversion ratio in stock-for-unit transaction	0.62
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Series A Cumulative Redeemable Perpetual Preferred Units [Member]
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Preferred units issued (in units) | shares		5,000,000	5,000,000
Preferred units dividend percentage		9.00%

Business Acquisitions and Div44

Business Acquisitions and Divestitures - Additional Information (Details)	Mar. 01, 2017USD ($)aMMcfbbl	Mar. 31, 2017USD ($)	Mar. 31, 2017USD ($)
Permian Acquisition [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Cash payments related to acquisition	$ 484,100,000
Acquired debt and all other assumed liabilities included purchase consideration	90,000,000
Revenues from acquired businesses		$ 8,100,000
Net loss from acquired businesses		$ (2,600,000)
Acquisition-related expenses			$ 5,100,000
Permian Acquisition [Member] | Maximum [Member]
Business Acquisition [Line Items]
Additional cash that may be paid based on potential earn-out payment	$ 935,000,000
New Delaware [Member]
Business Acquisition [Line Items]
Average weighted contract life	14 years
Gas processing capacity | MMcf	70
Crude gathering capacity | bbl	40,000
New Delaware [Member] | Minimum [Member]
Business Acquisition [Line Items]
Area of gas gathering and processing and crude gathering assets | a	145,000
New Midland [Member]
Business Acquisition [Line Items]
Average weighted contract life	13 years
Gas processing capacity | MMcf	10
Crude gathering capacity | bbl	40,000
New Midland [Member] | Minimum [Member]
Business Acquisition [Line Items]
Area of gas gathering and processing and crude gathering assets | a	105,000

Business Acquisitions and Div45

Business Acquisitions and Divestitures - Pro Forma Impact of Permian Acquisition on Consolidated Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pro forma consolidated results of operations [Abstract]
Estimated useful life	20 years
Permian Acquisition [Member]
Pro forma consolidated results of operations [Abstract]
Revenues	$ 2,126.7	$ 1,445
Net income (loss)	$ (22.7)	$ (7.5)
Estimated useful life	15 years
Acquisition-related costs	$ 5.1

Business Acquisitions and Div46

Business Acquisitions and Divestitures - Fair Value of Consideration Transferred (Details) - USD ($) $ in Millions		Mar. 01, 2017	Mar. 31, 2017	Mar. 31, 2016
Fair Value of Consideration Transferred by Targa [Abstract]
Cash paid, net of cash acquired			$ 480.8	$ 0
Purchase consideration payable			90
Permian Acquisition [Member]
Fair Value of Consideration Transferred by Targa [Abstract]
Purchase consideration payable			$ 90
Total fair value of consideration transferred		$ 1,032.4
Targa Resources Corp [Member] | Permian Acquisition [Member]
Fair Value of Consideration Transferred by Targa [Abstract]
Cash paid, net of cash acquired	[1]	480.8
Purchase consideration payable	[2]	90
Contingent consideration		461.6
Total fair value of consideration transferred		$ 1,032.4
[1]	Net of cash acquired of $3.3 million.
[2]	The payable will be settled in cash within 90 days from March 1, 2017.

Business Acquisitions and Div47

Business Acquisitions and Divestitures - Fair Value of Consideration Transferred (Parenthetical)(Details) - Permian Acquisition [Member] - Targa Resources Corp [Member] $ in Millions	Mar. 01, 2017USD ($)
Fair Value of Consideration Transferred by Targa [Abstract]
Cash acquired from acquisition	$ 3.3
Business combination purchase consideration, cash payment period	90 days
Business combination purchase consideration cash payment effective date	Mar. 1, 2017

Business Acquisitions and Div48

Business Acquisitions and Divestitures - Fair Value of the Assets and Liabilities Assumed at Acquisition Date (Details) - USD ($) $ in Millions	Mar. 31, 2017	Mar. 01, 2017	Dec. 31, 2016
Fair value determination [Abstract]
Goodwill	$ 369	$ 159	$ 210
Permian Acquisition [Member]
Fair value determination [Abstract]
Trade and other current receivables, net		6.5
Other current assets		0.6
Property, plant and equipment		255.4
Intangible assets		625.6
Current liabilities		(14.3)
Other long-term liabilities		(0.4)
Total identifiable net assets		873.4
Goodwill		159
Total fair value of consideration transferred		$ 1,032.4

Business Acquisitions and Div49

Business Acquisitions and Divestitures - Additional Information Pro Forma Impact of Permian Acquisition on Consolidated Statement of Operations (Details) - USD ($) $ in Millions	Mar. 31, 2017	Mar. 01, 2017	Dec. 31, 2016
Fair value determination [Abstract]
Goodwill	$ 369	$ 159	$ 210
Measurement-period adjustments to preliminary acquisition date fair values [Abstract]
Trade receivables, preliminary fair value		$ 6.5

Business Acquisitions and Div50

Business Acquisitions and Divestitures - Additional Information Contingent Liability (Details) - Permian Acquisition [Member] - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 01, 2017
Business Acquisition [Line Items]
Potential earn-out payments acquisition date preliminary fair value	$ 461,600,000	$ 461,600,000
Other expense related to change in fair value of contingent consideration	3,200,000	3,200,000
Maximum [Member]
Business Acquisition [Line Items]
Additional cash that may be paid based on potential earn-out payment			$ 935,000,000
Other Long-term Liabilities [Member]
Business Acquisition [Line Items]
Potential earn-out payments acquisition date preliminary fair value	$ 461,600,000	$ 461,600,000	$ 461,600,000

Business Acquisitions and Div51

Business Acquisitions and Divestitures - Additional Information 2017 Divestiture (Details) - USD ($) $ in Millions	Apr. 04, 2017	Mar. 31, 2017
Venice Gathering System, L.L.C. [Member]
Business Acquisition [Line Items]
Loss from sale of divestiture of businesses		$ (16.1)
Venice Gathering System, L.L.C. [Member] | Disposal Group, Not Discontinued Operations [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Subsidiary ownership interest sale percentage	100.00%
Proceeds from divestiture of businesses	$ 0.4
Venice Energy Services Company, L.L.C. [Member]
Business Acquisition [Line Items]
Ownership interest		76.80%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Commodities	$ 65.1	$ 126.9
Materials and supplies	10.4	10.8
Total inventory	$ 75.5	$ 137.7

Property, Plant and Equipment53

Property, Plant and Equipment and Intangible Assets, Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 12,950.2	$ 12,511.9
Accumulated depreciation	(2,986.8)	(2,821)
Property, plant and equipment, net	9,963.4	9,690.9
Intangible assets	2,662.2	2,036.6
Accumulated amortization	(423.4)	(382.6)
Intangible assets, net	$ 2,238.8	1,654
Estimated useful life	20 years
Additions from acquisition	$ 625.6
Permian Acquisition [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	15 years
Badlands [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	20 years
Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	15 years
Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	20 years
Gathering Systems [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 6,777.7	6,626.9
Gathering Systems [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Gathering Systems [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	20 years
Processing and Fractionation Facilities [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 3,500.4	3,383.6
Processing and Fractionation Facilities [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Processing and Fractionation Facilities [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	25 years
Terminaling and Storage Facilities [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 1,231.7	1,205
Terminaling and Storage Facilities [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Terminaling and Storage Facilities [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	25 years
Transportation Assets [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 427.9	451.4
Transportation Assets [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	10 years
Transportation Assets [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	25 years
Other Property, Plant and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 280.4	274
Other Property, Plant and Equipment [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Other Property, Plant and Equipment [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	25 years
Land [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 121.5	121.2
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 610.6	$ 449.8

Property, Plant and Equipment54

Property, Plant and Equipment and Intangible Assets, Intangible Assets (Details) $ in Millions	Mar. 31, 2017USD ($)
Estimated amortization expense for intangible assets [Abstract]
2,017	$ 184.2
2,018	177.4
2,019	166.4
2,020	154.2
2,021	$ 144.3

Property, Plant and Equipment55

Property, Plant and Equipment and Intangible Assets, Schedule of Changes in Intangible Assets(Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Intangible Assets, net [Roll Forward]
Balance at December 31, 2016	$ 1,654
Additions from Permian Acquisition	625.6
Amortization	(40.8)
Balance at March 31, 2017	$ 2,238.8

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 24

Goodwill - Changes in Net Book

Goodwill - Changes in Net Book Value of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 210
Permian Acquisition, March 1, 2017 (preliminary valuation)	159
Ending balance	369
WestTX [Member]
Goodwill [Roll Forward]
Beginning balance	174.7
Ending balance	174.7
SouthTX [Member]
Goodwill [Roll Forward]
Beginning balance	35.3
Ending balance	35.3
Permian [Member]
Goodwill [Roll Forward]
Permian Acquisition, March 1, 2017 (preliminary valuation)	159
Ending balance	$ 159

Investments in Unconsolidated58

Investments in Unconsolidated Affiliates - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)JointVenture
Gulf Coast Fractionators LP [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	38.80%
T2 Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Number of non-operated joint ventures acquired in Atlas mergers | JointVenture	3
Unamortized excess fair value	$ 30.1
Preliminary estimated useful lives of the underlying assets	20 years
T2 La Salle [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	75.00%
T2 Eagle Ford [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%
T2 EF Cogen [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%
Impairment loss	$ 12

Investments in Unconsolidated59

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period		$ 240.8
Equity earnings (loss)		(12.6)	$ (4.8)
Cash distributions	[1]	(2.7)
Contributions for expansion projects	[2]	1.5
Balance at end of period		227
Gulf Coast Fractionators LP [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period		46.1
Equity earnings (loss)		3.7
Cash distributions	[1]	(2.7)
Contributions for expansion projects	[2]	0
Balance at end of period		47.1
T2 La Salle [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period		58.6
Equity earnings (loss)		(1.1)
Cash distributions	[1]	0
Contributions for expansion projects	[2]	0.3
Balance at end of period		57.8
T2 Eagle Ford [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period		118.6
Equity earnings (loss)		(2.7)
Cash distributions	[1]	0
Contributions for expansion projects	[2]	1.1
Balance at end of period		117
T2 EF Cogen [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period		17.5
Equity earnings (loss)		(12.5)
Cash distributions	[1]	0
Contributions for expansion projects	[2]	0.1
Balance at end of period		$ 5.1
[1]	During the three months ended March 31, 2017, there were no distributions received in excess of our share of cumulative earnings.
[2]	Includes a $1.0 million contribution of property, plant and equipment to T2 Eagle Ford.

Investments in Unconsolidated60

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Parenthetical) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule Of Equity Method Investments [Line Items]
Return of capital from unconsolidated affiliate	$ 0	$ 3,400,000
Contribution of property, plant and equipment to investment in unconsolidated affiliates	1,000,000
T2 Eagle Ford [Member]
Schedule Of Equity Method Investments [Line Items]
Contribution of property, plant and equipment to investment in unconsolidated affiliates	$ 1,000,000

Accounts Payable and Accrued 61

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Components of accounts payable and accrued liabilities [Abstract]
Commodities	$ 511.9	$ 574.5
Other goods and services	120.7	113.4
Purchase consideration payable	90
Interest	51.5	52.2
Income and other taxes	22.5	19.1
Other	22.9	14.7
Accounts payable and accrued liabilities	$ 819.5	$ 773.9

Accounts Payable and Accrued 62

Accounts Payable and Accrued Liabilities - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Payables And Accruals [Abstract]
Outstanding checks	$ 27.2	$ 30.2

Debt Obligations (Details)

Debt Obligations (Details) - USD ($) $ in Millions		Mar. 31, 2017	Dec. 31, 2016
Current:
Current debt		$ 535.5	$ 275
Debt issuance costs, net of amortization		(0.6)
Current maturities of debt		534.9	275
Long-term [Abstract]
Long-term debt		3,778.3	4,177
Long-term debt including unamortized premium (discount)		3,806.8	4,207.3
Total debt obligations		4,313.2	4,452
Debt issuance costs, net of amortization		(28.5)	(30.3)
Irrevocable standby letters of credit outstanding		15.8	13.2
Senior Unsecured 5% Notes due January 2018 [Member]
Current:
Current unsecured debt		250.5
Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2018 [Member]
Long-term [Abstract]
Long-term debt			250.5
Senior Unsecured Notes [Member] | Senior Unsecured 4 1/8% Notes due November 2019 [Member]
Long-term [Abstract]
Long-term debt		749.4	749.4
Senior Unsecured Notes [Member] | Senior Unsecured 6 3/8% Notes due August 2022 [Member]
Long-term [Abstract]
Long-term debt		278.7	278.7
Senior Unsecured Notes [Member] | Senior Unsecured 5 1/4% Notes due May 2023 [Member]
Long-term [Abstract]
Long-term debt		559.6	559.6
Senior Unsecured Notes [Member] | Senior Unsecured 4 1/4% Notes due November 2023 [Member]
Long-term [Abstract]
Long-term debt		583.9	583.9
Senior Unsecured Notes [Member] | Senior Unsecured 6 3/4% Notes due March 2024 [Member]
Long-term [Abstract]
Long-term debt		580.1	580.1
Senior Unsecured Notes [Member] | Senior Unsecured 5 1/8% Notes due February 2025 [Member]
Long-term [Abstract]
Long-term debt		500	500
Senior Unsecured Notes [Member] | Senior Unsecured 5 3/8% Notes due February 2027 [Member]
Long-term [Abstract]
Long-term debt		500	500
Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 4 3/4% Notes due November 2021 [Member]
Long-term [Abstract]
Long-term debt	[1]	6.5	6.5
Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member]
Long-term [Abstract]
Long-term debt	[1]	48.1	48.1
Unamortized premium		0.5	0.5
Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility, Variable Rate, due October 2020 [Member]
Long-term [Abstract]
Long-term debt	[2]		150
Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility Due December 2017 [Member]
Current:
Accounts receivable securitization facility, due December 2017		$ 285	$ 275
[1]	Targa Pipeline Partners, L.P. (“TPL”) notes are not guaranteed by us.
[2]	As of March 31, 2017, availability under our $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,584.2 million.

Debt Obligations (Parenthetical

Debt Obligations (Parenthetical) (Details) - USD ($)		3 Months Ended
		Mar. 31, 2017	Feb. 23, 2017	Dec. 31, 2016
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 350,000,000	$ 275,000,000
Accounts Receivable Securitization Facility Due December 2017 [Member] | Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Maturity date		Dec. 31, 2017
Senior Unsecured 5% Notes due January 2018 [Member] | Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Maturity date		Jan. 15, 2018
Interest rate on fixed rate debt		5.00%
Senior Unsecured 4 1/8% Notes due November 2019 [Member] | Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Maturity date		Nov. 15, 2019
Interest rate on fixed rate debt		4.125%
Senior Unsecured 6 3/8% Notes due August 2022 [Member] | Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Maturity date		Aug. 1, 2022
Interest rate on fixed rate debt		6.375%
Senior Unsecured 5 1/4% Notes due May 2023 [Member] | Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Maturity date		May 1, 2023
Interest rate on fixed rate debt		5.25%
Senior Unsecured 4 1/4% Notes due November 2023 [Member] | Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Maturity date		Nov. 15, 2023
Interest rate on fixed rate debt		4.25%
Senior Unsecured 6 3/4% Notes due March 2024 [Member] | Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Maturity date		Mar. 15, 2024
Interest rate on fixed rate debt		6.75%
Senior Unsecured 5 1/8% Notes due February 2025 [Member] | Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Maturity date		Feb. 28, 2025
Interest rate on fixed rate debt		5.125%
Senior Unsecured 5 3/8% Notes due February 2027 [Member] | Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Maturity date		Feb. 28, 2027
Interest rate on fixed rate debt		5.375%
Senior Unsecured 4 3/4% Notes due November 2021 [Member] | Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member]
Debt Instrument [Line Items]
Maturity date	[1]	Nov. 15, 2021
Interest rate on fixed rate debt	[1]	4.75%
Senior Unsecured 5 7/8% Notes due August 2023 [Member] | Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member]
Debt Instrument [Line Items]
Maturity date	[1]	Aug. 1, 2023
Interest rate on fixed rate debt	[1]	5.875%
Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility, Variable Rate, due October 2020 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,600,000,000
Remaining borrowing capacity		$ 1,584,200,000
Maturity date	[2]	Oct. 31, 2020
[1]	Targa Pipeline Partners, L.P. (“TPL”) notes are not guaranteed by us.
[2]	As of March 31, 2017, availability under our $1.6 billion senior secured revolving credit facility (“TRP Revolver”) was $1,584.2 million.

Debt Obligations, Interest Rate

Debt Obligations, Interest Rates on Variable-Rate Debt Obligations (Details)	Mar. 31, 2017
Accounts Receivable Securitization Facility [Member]
Range of interest rates and weighted average interest rate [Abstract]
Range of interest rates incurred	1.80%
Weighted average interest rate incurred	1.80%
TRP Revolver [Member]
Range of interest rates and weighted average interest rate [Abstract]
Weighted average interest rate incurred	3.20%
TRP Revolver [Member] | Minimum [Member]
Range of interest rates and weighted average interest rate [Abstract]
Range of interest rates incurred	3.00%
TRP Revolver [Member] | Maximum [Member]
Range of interest rates and weighted average interest rate [Abstract]
Range of interest rates incurred	5.30%

Debt Obligations - Additional I

Debt Obligations - Additional Information (Details) - Accounts Receivable Securitization Facility [Member] - USD ($)	Mar. 31, 2017	Feb. 23, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 350,000,000	$ 275,000,000
Outstanding securitization facility	$ 285,000,000

Other Long-term Liabilities - S

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities Noncurrent [Line Items]
Asset retirement obligations	$ 67.5	$ 64.1
Mandatorily redeemable preferred interests	71.9	68.5
Deferred revenue	69	69.8
Other liabilities	3.2	2.9
Total long-term liabilities	676.4	$ 205.3
Permian Acquisition [Member]
Other Liabilities Noncurrent [Line Items]
Permian Acquisition contingent consideration	$ 464.8

Other Long-term Liabilities - C

Other Long-term Liabilities - Changes in Aggregate Asset Retirement Obligations (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at December 31, 2016		$ 64.1
Additions	[1]	0.4
Change in cash flow estimate		1.7	$ (9.1)
Accretion expense		1.3	$ 1.1
Balance at March 31, 2017		$ 67.5
[1]	Amount reflects AROs assumed from the Permian Acquisition

Other Long-term Liabilities, Ma

Other Long-term Liabilities, Mandatorily Redeemable Preferred Interests (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)JointVenture	Mar. 31, 2016USD ($)
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Balance at December 31, 2016	$ 68.5
Change in estimated redemption value included in interest expense	(2.5)	$ 18.5
Balance at March 31, 2017	71.9
Mandatorily Redeemable Preferred Interests [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Balance at December 31, 2016	68.5
Income attributable to mandatorily redeemable preferred interests	0.9
Change in estimated redemption value included in interest expense	2.5
Balance at March 31, 2017	$ 71.9
Mandatorily Redeemable Preferred Interests [Member] | Joint Ventures [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Number of joint ventures | JointVenture	2
Mandatorily Redeemable Preferred Interests [Member] | WestOK [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Ownership interest	100.00%
Mandatorily Redeemable Preferred Interests [Member] | WestTX [Member]
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract]
Ownership interest	72.80%

Other Long-term Liabilities, De

Other Long-term Liabilities, Deferred Revenue (Details) - Channelview Splitter [Member] $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)	Dec. 27, 2015bbl
Deferred Revenue [Abstract]
Crude oil and Condensate split operation per day		35,000
Storage capacity of Channelview Terminal		730,000
Channelview Splitter capability to split crude oil and condensate barrel per day		35,000
Channelview Splitter project expected completion period	2018-06
Channelview Splitter project estimated total cost | $	$ 140
Annual deferred revenue payments receivable through 2022 | $	$ 43
Deferred revenue recognition period over Splitter Agreement start-up period	2,018
Deferred revenue recognition period over Splitter Agreement end period	2,025

Other Long-term Liabilities, Co

Other Long-term Liabilities, Components Of Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 69	$ 69.8
Other Deferred Revenue [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	6.7	7.1
Gas Contract Amendment [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	19.3	19.7
Channelview Splitter [Member]
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 43	$ 43

Other Long-term Liabilities, Ch

Other Long-term Liabilities, Changes In Deferred Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Other Liabilities Noncurrent [Abstract]
Balance at December 31, 2016	$ 69.8
Revenue recognized	(0.8)
Balance at March 31, 2017	$ 69

Other Long-term Liabilities, 73

Other Long-term Liabilities, Contingent Consideration (Details) - Permian Acquisition [Member] - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 01, 2017
Business Acquisition Contingent Consideration [Line Items]
Potential earn-out payments acquisition date preliminary fair value	$ 461,600,000	$ 461,600,000
Increase in fair value of contingent liability	3,200,000	3,200,000
Permian Acquisition contingent consideration	464,800,000	464,800,000
Maximum [Member]
Business Acquisition Contingent Consideration [Line Items]
Additional cash paid in potential earn-out payment		935,000,000
Other Long-term Liabilities [Member]
Business Acquisition Contingent Consideration [Line Items]
Potential earn-out payments acquisition date preliminary fair value	$ 461,600,000	$ 461,600,000	$ 461,600,000

Partnership Units and Related74

Partnership Units and Related Matters, Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Distributions declared and/or paid by the Partnership [Abstract]
Total Distributions		$ 198.1		$ 203.2
Subsequent Event [Member] | Preferred Unit [Member]
Distributions declared and/or paid by the Partnership [Abstract]
Date of declaration for cash distribution	2017-04
Cash distribution declared per unit (in dollars per share)	$ 0.1875
Distributions to preferred unit holders	$ 0.9
Cash distribution to be paid	May 15, 2017
Distributions Declared or Paid [Member]
Distributions declared and/or paid by the Partnership [Abstract]
Date Paid or to be Paid		May 11, 2017	Feb. 10, 2017
Total Distributions		$ 209.6	$ 198.1
Distributions to Targa Resources Corp.		$ 206.8	$ 195.3

Partnership Units and Related75

Partnership Units and Related Matters - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2015	Mar. 31, 2017	Mar. 31, 2016
Limited Partners Capital Account [Line Items]
Contributions from Targa Resources Corp.		$ 655	$ 801
Distribution to holders of preferred units		$ 2.8
Series A Preferred Units [Member]
Limited Partners Capital Account [Line Items]
Series A preferred limited partners units issued (in units)	5,000,000
Preferred stock, par value (in dollar per share)	$ 25
Series A Preferred Units due November 1, 2020 [Member]
Limited Partners Capital Account [Line Items]
Preferred units distribution percentage	9.00%
Series A Preferred Units due November 1, 2020 [Member] | London Interbank Offered Rate (LIBOR)
Limited Partners Capital Account [Line Items]
Percentage of variable interest rate for distribution on preferred units upon maturity	7.71%
TRC/TRP Merger
Limited Partners Capital Account [Line Items]
Percentage of capital contribution towards partner's interest maintained		98.00%
Percentage of general partner's interest maintained		2.00%
TRC/TRP Merger | Targa Resources Corp [Member]
Limited Partners Capital Account [Line Items]
Contributions from Targa Resources Corp.		$ 655

Derivative Instruments and He76

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)	3 Months Ended		25 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Feb. 27, 2015
Derivative [Line Items]
Estimated fair value of derivative instruments, net asset	$ 15,400,000		$ 15,400,000
Amount expected to reclassify commodity hedge related deferred gains to earnings before income taxes	10,800,000		10,800,000
Amount of deferred losses to be reclassified into earnings before income taxes over next twelve months	2,600,000		2,600,000
Targa Pipeline Partners LP [Member]
Derivative [Line Items]
Fair value of derivative assets				$ 102,100,000
Fair value of derivative contracts received as component of derivative contract settlement	3,000,000	$ 8,700,000	$ 97,600,000
Ineffectiveness losses	$ 0
Targa Pipeline Partners LP [Member] | Maximum [Member]
Derivative [Line Items]
Ineffectiveness losses		$ 100,000

Derivative Instruments and He77

Derivative Instruments and Hedging Activities - Notional Volumes Of The Partnership's Commodity Derivative Contracts (Details)	3 Months Ended
	Mar. 31, 2017MMBTUbbl
Year 2017 [Member] | Swaps [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	2,690
Year 2017 [Member] | Swaps [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	141,960
Year 2017 [Member] | Swaps [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	14,143
Year 2017 [Member] | Basis Swaps [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	95,963
Year 2017 [Member] | Future | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	0
Year 2017 [Member] | Future | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	5,702
Year 2017 [Member] | Options [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	1,380
Year 2017 [Member] | Options [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	22,900
Year 2017 [Member] | Options [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	1,647
Year 2018 [Member] | Swaps [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	2,190
Year 2018 [Member] | Swaps [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	100,500
Year 2018 [Member] | Swaps [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	6,658
Year 2018 [Member] | Basis Swaps [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	1,103
Year 2018 [Member] | Future | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	1,103
Year 2018 [Member] | Future | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	1,288
Year 2018 [Member] | Options [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	691
Year 2018 [Member] | Options [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	9,486
Year 2018 [Member] | Options [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	1,676
Year 2019 [Member] | Swaps [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	1,063
Year 2019 [Member] | Swaps [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	61,383
Year 2019 [Member] | Swaps [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	5,339
Year 2019 [Member] | Basis Swaps [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	0
Year 2019 [Member] | Future | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	0
Year 2019 [Member] | Future | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Year 2019 [Member] | Options [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	590
Year 2019 [Member] | Options [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	0
Year 2019 [Member] | Options [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0

Derivative Instruments and He78

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative assets	$ 45.5	$ 21.9
Derivative liabilities	30.1	75.2
Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	23.9	16.8
Long-term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	21.6	5.1
Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	22.2	49.1
Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	7.9	26.1
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	45.2	21.8
Derivative liabilities	28.7	74.7
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	23.6	16.7
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	21.6	5.1
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	20.8	48.6
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	7.9	26.1
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0.3	0.1
Derivative liabilities	1.4	0.5
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0.3	0.1
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 1.4	$ 0.5

Derivative Instruments and He79

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Assets (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative Asset [Abstract]
Gross asset	$ 45.5	$ 21.9
Pro forma net presentation, asset, total	27.9	5.7
Counterparties with Offsetting Position or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	45.1	21.9
Pro forma net presentation, asset	27.5	5.7
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	0.4
Pro forma net presentation, asset	0.4
Current Position [Member]
Derivative Asset [Abstract]
Gross asset	23.9	16.8
Pro forma net presentation, asset, current	10.9	5.7
Current Position [Member] | Counterparties with Offsetting Position or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	23.8	16.8
Pro forma net presentation, asset	10.8	5.7
Current Position [Member] | Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	0.1
Pro forma net presentation, asset	0.1
Long-term Position [Member]
Derivative Asset [Abstract]
Gross asset	21.6	5.1
Pro forma net presentation, asset, noncurrent	17
Long-term Position [Member] | Counterparties with Offsetting Position or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	21.3	$ 5.1
Pro forma net presentation, asset	16.7
Long-term Position [Member] | Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	$ 0.3

Derivative Instruments and He80

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative Liability [Abstract]
Gross liability	$ (30.1)	$ (75.2)
Pro forma net presentation, liability, total	(12.4)	(52)
Counterparties with Offsetting Position or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(27.4)	(64.8)
Pro forma net presentation, liability, total	(9.7)	(41.6)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(2.7)	(10.4)
Pro forma net presentation, liability, total	(2.7)	(10.4)
Current Position [Member]
Derivative Liability [Abstract]
Gross liability	(22.2)	(49.1)
Pro forma net presentation, liability, current	(9.1)	(31)
Current Position [Member] | Counterparties with Offsetting Position or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(20.8)	(46.1)
Pro forma net presentation, liability, current	(7.7)	(28)
Current Position [Member] | Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(1.4)	(3)
Pro forma net presentation, liability, current	(1.4)	(3)
Long-term Position [Member]
Derivative Liability [Abstract]
Gross liability	(7.9)	(26.1)
Pro forma net presentation, liability, noncurrent	(3.3)	(21)
Long-term Position [Member] | Counterparties with Offsetting Position or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(6.6)	(18.7)
Pro forma net presentation, liability, noncurrent	(2)	(13.6)
Long-term Position [Member] | Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(1.3)	(7.4)
Pro forma net presentation, liability, noncurrent	$ (1.3)	$ (7.4)

Derivative Instruments and He81

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative Asset [Abstract]
Gross collateral	$ 0.1	$ 7
Counterparties with Offsetting Position or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	0.1	7
Current Position [Member]
Derivative Asset [Abstract]
Gross collateral	0.1	7
Current Position [Member] | Counterparties with Offsetting Position or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ 0.1	$ 7

Derivative Instruments and He82

Derivative Instruments and Hedging Activities, Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from OCI into Income (Effective Portion)	$ (6.1)	$ 24.2
Commodity Contracts [Member] | Revenues [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(0.8)	1.8
Cash Flow Hedging [Member] | Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)	$ 66.2	$ 6.7

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	Mar. 31, 2017USD ($)Swap
Fair Value Disclosures [Abstract]
Derivatives financial instruments, fair value, net	$ 15.4
Derivative fair value of net liability if commodity price increases by 10 percent	47.5
Derivative fair value of net asset if commodity price decreases by 10 percent	$ 79
Number of natural gas basis swaps categorized as Level 3 | Swap	17

Fair Value Measurements, Breakd

Fair Value Measurements, Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($) $ in Millions		Mar. 31, 2017	Dec. 31, 2016
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Assets from commodity derivative contracts		$ 27.9	$ 5.7
Liabilities from commodity derivative contracts		12.4	52
Carrying Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Assets from commodity derivative contracts	[1]	37.7	21
Liabilities from commodity derivative contracts	[1]	22.1	74.2
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]
Cash and cash equivalents		71.7	68
Accounts receivable securitization facility		285	275
Carrying Value [Member] | Permian Acquisition [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Additional cash that may be paid based on potential earn-out payment	[2]	464.8
Carrying Value [Member] | TRP Revolver [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]
Long-term debt			150
Carrying Value [Member] | Targa Pipeline Partners LP [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Additional cash that may be paid based on potential earn-out payment	[3]	2.7	2.6
Carrying Value [Member] | Senior Unsecured Notes [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]
Long-term debt		4,057.3	4,057.3
Fair Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Assets from commodity derivative contracts	[1]	37.7	21
Liabilities from commodity derivative contracts	[1]	22.1	74.2
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]
Cash and cash equivalents		71.7	68
Accounts receivable securitization facility		285	275
Fair Value [Member] | Permian Acquisition [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Additional cash that may be paid based on potential earn-out payment	[2]	464.8
Fair Value [Member] | TRP Revolver [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]
Long-term debt			150
Fair Value [Member] | Targa Pipeline Partners LP [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Additional cash that may be paid based on potential earn-out payment	[3]	2.7	2.6
Fair Value [Member] | Senior Unsecured Notes [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]
Long-term debt		4,169.1	4,101.6
Fair Value [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Assets from commodity derivative contracts	[1]	35.7	19.6
Liabilities from commodity derivative contracts	[1]	20.8	69.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]
Accounts receivable securitization facility		285	275
Fair Value [Member] | Level 2 [Member] | TRP Revolver [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]
Long-term debt			150
Fair Value [Member] | Level 2 [Member] | Senior Unsecured Notes [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]
Long-term debt		4,169.1	4,101.6
Fair Value [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Assets from commodity derivative contracts	[1]	2	1.4
Liabilities from commodity derivative contracts	[1]	1.3	4.9
Fair Value [Member] | Level 3 [Member] | Permian Acquisition [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Additional cash that may be paid based on potential earn-out payment	[2]	464.8
Fair Value [Member] | Level 3 [Member] | Targa Pipeline Partners LP [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]
Additional cash that may be paid based on potential earn-out payment	[3]	$ 2.7	$ 2.6
[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 13 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes.
[2]	We have a contingent consideration liability related to the Permian Acquisition. See Note 4 – Business Acquisitions and Divestitures.
[3]	We have a contingent consideration liability for TPL’s previous acquisition of a gas gathering system and related assets, which are carried at fair value.

Fair Value Measurements, Change

Fair Value Measurements, Changes in Fair Value of Financial Instruments Classified as Level 3 (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Contingent Liability [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Balance, beginning of period	$ (2.6)
New Level 3 derivative instruments	0
Transfers out of Level 3	0	[1]
Settlements included in Revenue	0
Unrealized gain/(loss) included in OCI	0
Balance, end of period	(467.5)
Targa Pipeline Partners LP [Member] | Contingent Liability [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Change in fair value of contingent consideration	(0.1)
Permian Acquisition [Member] | Contingent Liability [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Change in fair value of contingent consideration	(464.8)	[2]
Commodity Derivative Contracts Asset/(Liability) [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Balance, beginning of period	(3.6)
New Level 3 derivative instruments	(0.1)
Transfers out of Level 3	1.6	[1]
Settlements included in Revenue	0.2
Unrealized gain/(loss) included in OCI	2.6
Balance, end of period	0.7
Commodity Derivative Contracts Asset/(Liability) [Member] | Targa Pipeline Partners LP [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Change in fair value of contingent consideration	0
Commodity Derivative Contracts Asset/(Liability) [Member] | Permian Acquisition [Member]
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Change in fair value of contingent consideration	$ 0	[2]
[1]	Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.
[2]	Represents the March 31, 2017 balance of the contingent consideration that arose as part of the Permian Acquisition in Q1 2017. See Note 4 – Business Acquisitions and Divestitures for discussion of the initial fair value.

Related Party Transactions - 86

Related Party Transactions - Targa (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Summary of transactions with Targa [Abstract]
Cash contributions from Targa related to limited partner ownership		$ 641.9	$ 785
Targa Resources Corp. [Member]
Summary of transactions with Targa [Abstract]
Targa billings of payroll and related costs included in operating expense		47	40.2
Targa allocation of general and administrative expense		42	39.9
Cash distributions to Targa based on IDR, GP and common unit ownership	[1]	195.3	61.4
Cash contributions from Targa related to limited partner ownership	[2]	641.9	785
Contributions from Targa Resources Corp		$ 13.1	$ 16
Percentage of general partner's interest maintained		2.00%
[1]	As a result of the Third A&R Partnership Agreement, 2017 cash distributions to Targa are only based on GP and common unit ownership.
[2]	The 2016 cash contributions from Targa related to limited partner ownership were contributed for the issuance of common units. The 2017 cash contributions from Targa related to limited partner ownership were allocated 98% to the limited partnership and 2% to GP. See Note 12 – Partnership Units and Related Matters.

Related Party Transactions - 87

Related Party Transactions - Targa (Parenthetical) (Details) - Targa Resources Corp. [Member]	3 Months Ended
	Mar. 31, 2017
Related Party Transaction [Line Items]
Percentage of capital contribution towards partner's interest maintained	98.00%
Percentage of general partner's interest maintained	2.00%
Third A&R Partnership Agreement [Member]
Related Party Transaction [Line Items]
Percentage of general partner's interest maintained	2.00%

Contingencies (Details)

Contingencies (Details) - Environment Proceeding [Member] - USD ($)	Jan. 31, 2017	Oct. 31, 2016	Jun. 18, 2015
Versado Gas Processors L L C
Loss Contingencies [Line Items]
Ownership interest in joint venture			63.00%
Business Acquisition, Percentage of Voting Interests Acquired		37.00%
New Mexico Environment Department [Member]
Loss Contingencies [Line Items]
Litigation settlement amount	$ 29,223

Other Operating (Income) Expe89

Other Operating (Income) Expense (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Other Income And Expenses [Abstract]
(Gain) loss on sale or disposal of assets	[1]	$ 16.1	$ 0.9
Miscellaneous business tax		0.1	0.1
Total other operating (income) expense		$ 16.2	$ 1
[1]	Comprised primarily of a $16.1 million loss in 2017 due to the reduction in the carrying value of our ownership interest in VGS in connection with the April 4, 2017 sale

Other Operating (Income) Expe90

Other Operating (Income) Expense (Parenthetical) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Other Operating Income Expense [Line Items]
Loss on sale or disposal of assets	[1]	$ (16.1)	$ (0.9)
VGS [Member] | Disposal Group, Not Discontinued Operations [Member]
Other Operating Income Expense [Line Items]
Loss on sale or disposal of assets		$ (16.1)
[1]	Comprised primarily of a $16.1 million loss in 2017 due to the reduction in the carrying value of our ownership interest in VGS in connection with the April 4, 2017 sale

Supplemental Cash Flow Inform91

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Cash [Abstract]
Interest paid, net of capitalized interest	[1]	$ 53.5	$ 77.3
Income taxes paid, net of refunds		(0.1)	1.1
Non-cash investing activities [Abstract]
Deadstock commodity inventory transferred to property, plant and equipment		8.3	16.9
Impact of capital expenditure accruals on property, plant and equipment		30	13.7
Transfers from materials and supplies inventory to property, plant and equipment		0.4	0.5
Contribution of property, plant and equipment to investment in unconsolidated affiliates		1
Change in ARO liability and property, plant and equipment due to revised cash flow estimate		1.7	(9.1)
Non-cash balance sheet movements related to the Permian Acquisition:
Purchase consideration payable recorded for the Permian Acquisition		90
Non-cash financing activities [Abstract]
Accrued distributions on unvested equity awards under share compensation arrangements		0	0.2
Permian Acquisition [Member]
Non-cash balance sheet movements related to the Permian Acquisition:
Contingent consideration recorded at the acquisition date		461.6
Purchase consideration payable recorded for the Permian Acquisition		$ 90
Limited Partners Common [Member]
Non-cash financing activities [Abstract]
Cancellation of treasury units			$ (10.2)
[1]	Interest capitalized on major projects was $1.7 million and $4.8 million for the three months ended March 31, 2017 and 2016.

Supplemental Cash Flow Inform92

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 1.7	$ 4.8

Segment Information, Revenues a

Segment Information, Revenues and Operating Margin (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)Segment	Mar. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of segments | Segment	2
Revenues [Abstract]
Sales of commodities	$ 1,858.1	$ 1,171
Fees from midstream services	254.5	271.4
Revenues	2,112.6	1,442.4
Operating margin	306.5	299.4
Gathering and Processing [Member]
Revenues [Abstract]
Revenues	999.8	640.8
Operating margin	177.4	115.6
Logistics and Marketing [Member]
Revenues [Abstract]
Revenues	1,911.1	1,240.9
Operating margin	130.1	157
Other [Member]
Revenues [Abstract]
Revenues	(1)	26.8
Operating margin	(1)	26.8
Corporate and Elimination [Member]
Revenues [Abstract]
Revenues	(797.3)	(466.1)
Operating Segments [Member]
Revenues [Abstract]
Sales of commodities	1,858.1	1,171
Fees from midstream services	254.5	271.4
Revenues	2,112.6	1,442.4
Operating Segments [Member] | Gathering and Processing [Member]
Revenues [Abstract]
Sales of commodities	166.7	110.3
Fees from midstream services	118.2	115.8
Revenues	284.9	226.1
Operating Segments [Member] | Logistics and Marketing [Member]
Revenues [Abstract]
Sales of commodities	1,692.4	1,033.9
Fees from midstream services	136.3	155.6
Revenues	1,828.7	1,189.5
Operating Segments [Member] | Other [Member]
Revenues [Abstract]
Sales of commodities	(1)	26.8
Revenues	(1)	26.8
Intersegment Eliminations [Member] | Gathering and Processing [Member]
Revenues [Abstract]
Sales of commodities	713	412.6
Fees from midstream services	1.9	2.1
Revenues	714.9	414.7
Intersegment Eliminations [Member] | Logistics and Marketing [Member]
Revenues [Abstract]
Sales of commodities	75.4	47.3
Fees from midstream services	7	4.1
Revenues	82.4	51.4
Intersegment Eliminations [Member] | Corporate and Elimination [Member]
Revenues [Abstract]
Sales of commodities	(788.4)	(459.9)
Fees from midstream services	(8.9)	(6.2)
Revenues	$ (797.3)	$ (466.1)

Segment Information, Other Fina

Segment Information, Other Financial Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Mar. 01, 2017	Dec. 31, 2016
Other financial information [Abstract]
Total assets		$ 13,569.8			$ 12,744.9
Goodwill		369		$ 159	$ 210
Operating Segments [Member]
Other financial information [Abstract]
Total assets	[1]	13,569.8	$ 12,868.6
Goodwill		369	393
Capital expenditures		174.6	176.9
Gathering and Processing [Member] | Operating Segments [Member]
Other financial information [Abstract]
Total assets	[1]	10,780.4	10,219
Goodwill		369	393
Capital expenditures		139.2	103
Logistics and Marketing [Member] | Operating Segments [Member]
Other financial information [Abstract]
Total assets	[1]	2,687.2	2,501
Capital expenditures		34.6	73.1
Other [Member] | Operating Segments [Member]
Other financial information [Abstract]
Total assets	[1]	44.8	105.7
Corporate and Elimination [Member] | Operating Segments [Member]
Other financial information [Abstract]
Total assets	[1]	57.4	42.9
Capital expenditures		$ 0.8	$ 0.8
[1]	Corporate assets at the segment level primarily include cash, prepaids and debt issuance costs for our TRP Revolver.

Segment Information, Revenues b

Segment Information, Revenues by Product and Service (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue from External Customer [Line Items]
Sales of commodities	$ 1,858.1	$ 1,171
Fees from midstream services	254.5	271.4
Total revenues	2,112.6	1,442.4
Natural Gas [Member]
Revenue from External Customer [Line Items]
Sales of commodities	480.9	326.9
NGL [Member]
Revenue from External Customer [Line Items]
Sales of commodities	1,314.9	785.8
Condensate [Member]
Revenue from External Customer [Line Items]
Sales of commodities	43.6	22.2
Petroleum Products [Member]
Revenue from External Customer [Line Items]
Sales of commodities	19.8	9.6
Derivative Activities [Member]
Revenue from External Customer [Line Items]
Sales of commodities	(1.1)	26.5
Fractionating and Treating [Member]
Revenue from External Customer [Line Items]
Fees from midstream services	31	30.2
Storage, Terminaling, Transportation and Export [Member]
Revenue from External Customer [Line Items]
Fees from midstream services	99.7	118.4
Gathering and Processing [Member]
Revenue from External Customer [Line Items]
Fees from midstream services	107.7	105
Other [Member]
Revenue from External Customer [Line Items]
Fees from midstream services	$ 16.1	$ 17.8

Segment Information, Reconcilia

Segment Information, Reconciliation of Operating Margin to Net Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of operating margin to net income (loss):
Operating margin	$ 306.5	$ 299.4
Depreciation and amortization expenses	(191.1)	(193.5)
General and administrative expenses	(45.5)	(43.4)
Goodwill impairment	0	(24)
Interest expense, net	(58.6)	(46.9)
Other, net	(37.3)	18.8
Income tax (expense) benefit	4.7	0.2
Net income (loss)	$ (21.3)	$ 10.6