Targa Resources (TRGP) 10-Q3 Nov 222022 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Entity Registrant Name	TARGA RESOURCES CORP.
Trading Symbol	TRGP
Entity Central Index Key	0001389170
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		226,375,387
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Tax Identification Number	20-3701075
Entity File Number	001-34991
Entity Address, Address Line One	811 Louisiana St
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	584-1000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 192.9	$ 158.5
Trade receivables, net of allowances of $2.2 million and $0.1 million at September 30, 2022 and December 31, 2021	1,534.9	1,331.9
Inventories	471.3	153.4
Assets from risk management activities	185.8	43.1
Other current assets	112.4	82.9
Total current assets	2,497.3	1,769.8
Property, plant and equipment, net	13,716.4	11,667.7
Intangible assets, net	2,839.7	1,094.8
Long-term assets from risk management activities	50.2	7.7
Investments in unconsolidated affiliates	136.4	586.5
Other long-term assets	149.9	81.7
Total assets	19,389.9	15,208.2
Current liabilities:
Accounts payable	1,806.4	1,402.3
Accrued liabilities	293.7	272.2
Distributions payable	25.2	64.5
Interest payable	100.9	138.5
Liabilities from risk management activities	401	258.2
Current debt obligations	766.5	162.8
Total current liabilities	3,393.7	2,298.5
Long-term debt	10,431.3	6,434.4
Long-term liabilities from risk management activities	165.1	109.3
Deferred income taxes, net	301.4	136
Other long-term liabilities	367	301.6
Contingencies (see Note 14)	0	0
Targa Resources Corp. stockholders' equity:
Common stock ($0.001 par value, 450,000,000 shares authorized as of September 30, 2022 and December 31, 2021)	0.2	0.2
Preferred stock ($0.001 par value, after designation of Series A Preferred Stock: 98,800,000 shares authorized, zero shares issued and outstanding)	0	0
Additional paid-in capital	3,767.8	4,268.9
Retained earnings (deficit)	(944.8)	(1,822.3)
Accumulated other comprehensive income (loss)	(6.7)	(230.9)
Treasury stock, at cost (11,426,758 shares as of September 30, 2022 and 7,884,171 shares as of December 31, 2021)	(432)	(204.1)
Total Targa Resources Corp. stockholders' equity	2,384.5	2,011.8
Noncontrolling interests	2,346.9	3,166.9
Total owners' equity	4,731.4	5,178.7
Total liabilities, Series A Preferred Stock and owners' equity	19,389.9	15,208.2
Series A Preferred Stock
Current liabilities:
Series A Preferred 9.5% Stock, $1,000 per share liquidation preference (1,200,000 shares authorized, zero and 919,300 shares issued and outstanding as of September 30, 2022 and December 31, 2021), net of discount (see Note 9)	$ 0	$ 749.7

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Trade receivables, allowances	$ 2.2	$ 0.1
Targa Resources Corp. stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	237,684,682	236,105,293
Common stock, shares outstanding (in shares)	226,257,924	228,221,122
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	98,800,000	98,800,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	11,426,758	7,884,171
Series A Preferred Stock
LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY
Preferred Series A Liquidation Stock Percentage	9.50%	9.50%
Preferred Stock, Liquidation Preference Per Share	$ 1,000	$ 1,000
Preferred Stock, Shares Authorized	1,200,000	1,200,000
Preferred Stock, Shares Issued	0	919,300
Preferred Stock, Shares Outstanding	0	919,300

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total revenues	$ 5,360.1	$ 4,459.7	$ 16,375	$ 11,508.2
Costs and expenses:
Product purchases and fuel	4,306.3	3,614.7	13,557.8	9,159.8
Operating expenses	261.3	189.4	660.6	545.3
Depreciation and amortization expense	287.2	222.8	766.2	650.9
General and administrative expense	79.1	67.3	217.2	192.4
Other operating (income) expense	(3.8)	(1)	(4.4)	3.4
Income (loss) from operations	430	366.5	1,177.6	956.4
Other income (expense):
Interest expense, net	(125.8)	(91)	(300.5)	(284.2)
Equity earnings (loss)	1.7	14.3	8.7	38.9
Gain (loss) from financing activities			(49.6)	(16.6)
Gain (loss) from sale of equity method investment			435.9
Other, net	(14.6)	0.2	(14.6)	0.3
Income (loss) before income taxes	291.3	290	1,257.5	694.8
Income tax (expense) benefit	(12)	(2)	(122)	(23.5)
Net income (loss)	279.3	288	1,135.5	671.3
Less: Net income (loss) attributable to noncontrolling interests	86.2	105.8	258	286.5
Net income (loss) attributable to Targa Resources Corp.	193.1	182.2	877.5	384.8
Premium on repurchase of noncontrolling interests, net of tax			53.1
Dividends on Series A Preferred Stock		21.8	30	65.5
Deemed dividends on Series A Preferred Stock			215.5
Net income (loss) attributable to common shareholders	$ 193.1	$ 160.4	$ 578.9	$ 319.3
Net income (loss) per common share - basic	$ 0.85	$ 0.70	$ 2.54	$ 1.40
Net income (loss) per common share - diluted	$ 0.84	$ 0.66	$ 2.50	$ 1.38
Weighted average shares outstanding - basic	226.6	228.8	227.6	228.6
Weighted average shares outstanding - diluted	230.3	276.4	231.5	231.6
Sales of Commodities [Member]
Revenues:
Total revenues	$ 4,800.3	$ 4,118.1	$ 14,990.7	$ 10,577.3
Fees from Midstream Services [Member]
Revenues:
Total revenues	$ 559.8	$ 341.6	$ 1,384.3	$ 930.9

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income (loss)	$ 279.3	$ 288	$ 1,135.5	$ 671.3
Commodity hedging contracts:
Other comprehensive income (loss), pre-tax	347.1	(194.3)	288.5	(395.1)
Other comprehensive income (loss), related income tax	(77.4)	46.6	(64.3)	94.8
Other comprehensive income (loss), after tax	269.7	(147.7)	224.2	(300.3)
Comprehensive income (loss)	549	140.3	1,359.7	371
Less: Comprehensive income (loss) attributable to noncontrolling interests	86.2	105.8	258	286.5
Comprehensive income (loss) attributable to Targa Resources Corp.	462.8	34.5	1,101.7	84.5
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	225.4	(294.7)	(136.7)	(698.9)
Change in fair value, related income tax	(50.4)	71.2	30.5	167.1
Change in fair value, after tax	175	(223.5)	(106.2)	(531.8)
Settlements reclassified to revenues, pre-tax	121.7	100.4	425.2	303.8
Settlements reclassified to revenues, related income tax	(27)	(24.6)	(94.8)	(72.3)
Settlements reclassified to revenues, after tax	$ 94.7	$ 75.8	$ 330.4	$ 231.5

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK - USD ($) shares in Thousands, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Shares [Member]	Noncontrolling Interests [Member]	Series A Preferred Stock	Series A Preferred Stock Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Dec. 31, 2020	$ 5,903.2	$ (448.3)	$ 0.2	$ 4,839.9	$ (448.3)	$ (1,893.5)	$ (141.8)	$ (150.9)	$ 3,249.3		$ 448.3
Balance (in shares) at Dec. 31, 2020			228,062					6,731
Series A Preferred Stock at Dec. 31, 2020										$ 301.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	44.6			44.6
Distribution equivalent rights	(2.4)			(2.4)
Shares issued under compensation program (in shares)			1,294
Shares tendered for tax withholding obligations	(13.1)							$ (13.1)
Shares tendered for tax withholding obligations (in shares)			(393)					393
Series A Preferred Stock dividends
Preferred stock dividends	(65.5)					(65.5)
Dividends in excess of retained earnings				(65.5)		65.5
Common stock dividends
Common stock dividends	(68.6)					(68.6)
Dividends in excess of retained earnings				(68.6)		68.6
Distributions to noncontrolling interests	(334.2)								(334.2)
Contributions from noncontrolling interests	13.2								13.2
Other comprehensive income (loss)	(300.3)						(300.3)
Net income (loss)	671.3					384.8			286.5
Balance at Sep. 30, 2021	5,399.9		$ 0.2	4,299.7		(1,508.7)	(442.1)	$ (164)	3,214.8
Balance (in shares) at Sep. 30, 2021			228,963					7,124
Series A Preferred Stock at Sep. 30, 2021										749.7
Balance at Dec. 31, 2020	5,903.2	$ (448.3)	$ 0.2	4,839.9	$ (448.3)	(1,893.5)	(141.8)	$ (150.9)	3,249.3		$ 448.3
Balance at Jun. 30, 2021	5,396.5		$ 0.2	4,330.8		(1,690.9)	(294.4)	$ (159.5)	3,210.3
Balance (in shares) at Jun. 30, 2021			228,655					7,016
Series A Preferred Stock at Jun. 30, 2021										749.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	14.7			14.7
Distribution equivalent rights	(1.1)			(1.1)
Shares issued under compensation program (in shares)			416
Shares tendered for tax withholding obligations	(4.5)							$ (4.5)
Shares tendered for tax withholding obligations (in shares)			(108)					108
Series A Preferred Stock dividends
Preferred stock dividends	(21.8)					(21.8)
Dividends in excess of retained earnings				(21.8)		21.8
Common stock dividends
Common stock dividends	(22.9)					(22.9)
Dividends in excess of retained earnings				(22.9)		22.9
Distributions to noncontrolling interests	(110.4)								(110.4)
Contributions from noncontrolling interests	9.1								9.1
Other comprehensive income (loss)	(147.7)						(147.7)
Net income (loss)	288					182.2			105.8
Balance at Sep. 30, 2021	5,399.9		$ 0.2	4,299.7		(1,508.7)	(442.1)	$ (164)	3,214.8
Balance (in shares) at Sep. 30, 2021			228,963					7,124
Series A Preferred Stock at Sep. 30, 2021										749.7
Balance at Jun. 30, 2021	5,396.5		$ 0.2	4,330.8		(1,690.9)	(294.4)	$ (159.5)	3,210.3
Balance at Dec. 31, 2021	5,178.7		$ 0.2	4,268.9		(1,822.3)	(230.9)	$ (204.1)	3,166.9
Balance (in shares) at Dec. 31, 2021			228,221					7,884
Series A Preferred Stock at Dec. 31, 2021										749.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	41.8			41.8
Distribution equivalent rights	(5.2)			(5.2)
Shares issued under compensation program (in shares)			1,580
Shares tendered for tax withholding obligations	(31.1)							$ (31.1)
Shares tendered for tax withholding obligations (in shares)			(526)					526
Repurchases of common stock	(196.8)							$ (196.8)
Repurchases of common stock (in shares)			(3,017)					3,017
Series A Preferred Stock dividends
Preferred stock dividends	(30)					(30)
Dividends in excess of retained earnings				(30)		30
Deemed dividends - repurchase of Series A Preferred Stock	(215.5)			(215.5)
Common stock dividends
Common stock dividends	(239.1)					(239.1)
Dividends in excess of retained earnings				(239.1)		239.1
Redemption of Series A preferred Stock										(749.7)
Distributions to noncontrolling interests	(234)								(234)
Contributions from noncontrolling interests	13.9								13.9
Repurchase of noncontrolling interests, net of tax	(911)			(53.1)					(857.9)
Other comprehensive income (loss)	224.2						224.2
Net income (loss)	1,135.5					877.5			258
Balance at Sep. 30, 2022	4,731.4		$ 0.2	3,767.8		(944.8)	(6.7)	$ (432)	2,346.9
Balance (in shares) at Sep. 30, 2022			226,258					11,427
Series A Preferred Stock at Sep. 30, 2022										0
Balance at Dec. 31, 2021	5,178.7		$ 0.2	4,268.9		(1,822.3)	(230.9)	$ (204.1)	3,166.9
Balance at Jun. 30, 2022	4,400.9		$ 0.2	3,834.4		(1,137.9)	(276.4)	$ (350.4)	2,331
Balance (in shares) at Jun. 30, 2022			227,062					10,142
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	14.4			14.4
Distribution equivalent rights	(1.7)			(1.7)
Shares issued under compensation program (in shares)			481
Shares tendered for tax withholding obligations	(8.6)							$ (8.6)
Shares tendered for tax withholding obligations (in shares)			(128)					128
Repurchases of common stock	(73)							$ (73)
Repurchases of common stock (in shares)			(1,157)					1,157
Series A Preferred Stock dividends
Dividends in excess of retained earnings				(79.3)		79.3
Common stock dividends
Common stock dividends	(79.3)					(79.3)
Distributions to noncontrolling interests	(75.2)								(75.2)
Contributions from noncontrolling interests	4.9								4.9
Other comprehensive income (loss)	269.7						269.7
Net income (loss)	279.3					193.1			86.2
Balance at Sep. 30, 2022	4,731.4		$ 0.2	3,767.8		(944.8)	(6.7)	$ (432)	2,346.9
Balance (in shares) at Sep. 30, 2022			226,258					11,427
Series A Preferred Stock at Sep. 30, 2022										$ 0
Balance at Jun. 30, 2022	$ 4,400.9		$ 0.2	$ 3,834.4		$ (1,137.9)	$ (276.4)	$ (350.4)	$ 2,331

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement Of Stockholders Equity [Abstract]
Preferred stock dividends, per share	$ 23.75	$ 47.50	$ 71.25
Common stock dividends, per share	$ 0.10	$ 1.05	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income (loss)	$ 1,135.5	$ 671.3
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	7.2	7.8
Compensation on equity grants	41.8	44.6
Depreciation and amortization expense	766.2	650.9
(Gain) loss on sale or disposition of assets	(8.1)	(1.7)
Write-downs of assets	3.7	5
Accretion of asset retirement obligations	3.5	3
Deferred income tax expense (benefit)	116.4	21.5
Equity (earnings) loss of unconsolidated affiliates	(8.7)	(38.9)
Distributions of earnings received from unconsolidated affiliates	11	64.5
Risk management activities	295	55.6
(Gain) loss from financing activities	49.6	16.6
(Gain) loss from sale of equity method investment	(435.9)
Changes in operating assets and liabilities, net of acquisitions:
Receivables and other assets	79.4	(359.8)
Inventories	(320.5)	(128)
Accounts payable, accrued liabilities and other liabilities	144.8	839.1
Interest payable	(37.6)	(52.7)
Net cash provided by operating activities	1,843.3	1,798.8
Cash flows from investing activities
Outlays for property, plant and equipment	(815.4)	(321.6)
Outlays for business acquisition, net of cash acquired	(3,514.8)
Outlays for asset acquisition, net of cash acquired	(203.7)
Proceeds from sale of assets	18.3	7.9
Investments in unconsolidated affiliates	(1.5)	(0.6)
Proceeds from sale of equity method investment	857
Return of capital from unconsolidated affiliates	12.5	14.5
Other, net		0.2
Net cash provided by (used in) investing activities	(3,647.6)	(299.6)
Debt obligations:
Proceeds from borrowings under credit facilities	5,305	620
Repayments of credit facilities	(4,755)	(1,455)
Proceeds from borrowings of commercial paper notes	8,584.8
Repayments of commercial paper notes	(7,952.8)
Proceeds from borrowings under term loan facility	1,500
Proceeds from borrowings under accounts receivable securitization facility	1,180	570
Repayments of accounts receivable securitization facility	(580)	(580)
Proceeds from issuance of senior notes	2,741.4	1,000
Redemption of senior notes	(1,473.2)	(1,132)
Principal payments of finance leases	(10.8)	(9.4)
Costs incurred in connection with financing arrangements	(44.4)	(9.6)
Repurchase of shares	(227.9)	(13.1)
Contributions from noncontrolling interests	13.9	13.2
Distributions to noncontrolling interests	(252)	(377.3)
Repurchase of noncontrolling interests	(926.3)
Redemption of Series A Preferred Stock	(965.2)
Dividends paid to common and Series A Preferred shareholders	(298.8)	(140.2)
Net cash provided by (used in) financing activities	1,838.7	(1,513.4)
Net change in cash and cash equivalents	34.4	(14.2)
Cash and cash equivalents, beginning of period	158.5	242.8
Cash and cash equivalents, end of period	$ 192.9	$ 228.6

Organization and Operations

Organization and Operations	9 Months Ended
Organization and Operations	Sep. 30, 2022
Organization [Abstract]
Organization and Operations	Note 1 — Organizati on and Operations Our Organization Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic midstream infrastructure assets. In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company,” “Targa” or “TRGP” are intended to mean our consolidated business and operations. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership”. Targa consolidated the Partnership and its subsidiaries under GAAP, and prepared accompanying consolidated financial statements under the rules and regulations of the SEC. Targa’s consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are: • the inclusion of the TRGP senior revolving credit facility and term loan facility; • the inclusion of the TRGP senior notes; • the inclusion of the TRGP commercial paper notes; • the inclusion of Series A Preferred Stock (“Series A Preferred”); and • the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes. Our Operations The Company is primarily engaged in the business of: • gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; • transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and • gathering, storing, terminaling, and purchasing and selling crude oil. See Note 18 – Segment Information for certain financial information regarding our business segments.

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Note 2 — Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by GAAP. Therefore, this information should be read in conjunction with our consolidated financial statements and notes contained in our Annual Report. The information furnished herein reflects all adjustments that are, in the opinion of management, of a normal recurring nature and considered necessary for a fair statement of the results of the interim periods reported. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current year presentation. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Note 3 — Significant Accounting Policies The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report. Other than the updates noted below, there were no significant updates or revisions to our accounting policies during the nine months ended September 30, 2022. Recently issued accounting pronouncements not yet adopted Supplier Finance Programs In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50) . Amendments in this update require annual and interim disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. These amendments do not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. These amendments are effective for fiscal years beginning after December 15, 2022, except for the rollforward requirements, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the effect of these amendments on our consolidated financial statements. Recently Adopted Accounting Pronouncements Revenue Contract Assets and Liabilities Acquired in a Business Combination In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . Amendments in this update require application of Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606") to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2022, with early adoption permitted. However, an entity that elects to early adopt must apply the amendments to all business combinations that occurred during the fiscal year that includes the interim period. We early adopted the amendments on April 1, 2022 and have applied them to business combinations in 2022 and thereafter. We applied the amendments to the Delaware Basin Acquisition, as defined in Note 4 – Joint Ventures, Acquisitions and Divestitures, by recognizing contract liabilities from contracts with customers in accordance with ASC 606.

Joint Ventures, Divestitures an

Joint Ventures, Divestitures and Acquisitions	9 Months Ended
Joint Ventures, Divestitures and Acquisitions	Sep. 30, 2022
Business Combinations [Abstract]
Joint Ventures, Divestitures and Acquisitions	Note 4 – Joint Ventur es, Acquisitions and Divestitures DevCo Joint Ventures In February 2018, we formed three development joint ventures (“DevCo JVs”) with investment vehicles affiliated with Stonepeak Infrastructure Partners (“Stonepeak”) to fund portions of Grand Prix NGL Pipeline (“Grand Prix”), Gulf Coast Express Pipeline (“GCX”) and an approximately 110 MBbl/d fractionator in Mont Belvieu, Texas (“Train 6”). For a four-year period beginning on the date that all three projects commenced commercial operations, we had the option to acquire all or part of Stonepeak’s interests in the DevCo JVs (the “DevCo JV Call Right”). The purchase price payable for such partial or full interests was based on a predetermined fixed return or multiple on invested capital, including distributions received by Stonepeak from the DevCo JVs. In January 2022, we exercised the DevCo JV Call Right and closed on the purchase of all of Stonepeak’s interests in the DevCo JVs for $ 926.3 million (the “DevCo JV Repurchase”). Following the DevCo JV Repurchase, we own a 75 % interest in Grand Prix Pipeline LLC, a 100 % interest in Train 6 and owned a 25 % equity interest in GCX, prior to the GCX Sale (as defined below) in February 2022. The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the redemption price in excess of the carrying amount, net of tax was $ 53.1 million, which was accounted for as a premium on repurchase of noncontrolling interests, and resulted in a reduction to Net income (loss) attributable to common shareholders. In addition, the DevCo JV Repurchase resulted in an $ 857.9 million reduction of Noncontrolling interests on our Consolidated Balance Sheets. Acquisitions South Texas Acquisition In April 2022, we completed the acquisition of Southcross Energy Operating LLC and its subsidiaries (“Southcross”) for a purchase price of $ 201.9 million (the “South Texas Acquisition”), subject to customary closing adjustments. We expect to make a final closing adjustment payment of approximately $ 1.5 million in the fourth quarter of 2022. We acquired a portfolio of complementary midstream infrastructure assets and associated contracts that have been integrated into our SouthTX Gathering and Processing operations, including the remaining interests in the two operated joint ventures in South Texas that we previously held as investments in unconsolidated affiliates and have been prospectively consolidated beginning in the second quarter of 2022. We accounted for the purchase as an asset acquisition and have capitalized $ 1.8 million of acquisition-related costs and assumed liabilities of $ 1.8 million as components of the cost of assets acquired. We allocated $ 28.1 million to our purchase of Southcross’ interest in the two operated joint ventures for purposes of consolidation and $ 169.7 million, $ 3.9 million and $ 5.3 million of the residual cost to property, plant and equipment, current assets and liabilities, net and other non-current assets, respectively. Delaware Basin Acquisition On July 29, 2022, we completed the acquisition of all of the interests in Lucid Energy Delaware, LLC (“Lucid”) from Riverstone Holdings LLC and Goldman Sachs Asset Management for approximately $ 3.5 billion in cash (the “Delaware Basin Acquisition”), subject to customary closing adjustments. We funded the acquisition with (i) $ 1.5 billion in proceeds drawn under our Term Loan Agreement with Mizuho Bank, Ltd. (“Mizuho”) as the Administrative Agent and a lender, and other lenders party thereto (the “Term Loan Facility”), (ii) $ 750.0 million in aggregate principal amount of our 5.200 % Senior Notes due 2027 (the “ 5.200 % Notes”) and $ 500.0 million in aggregate principal amount of our 6.250 % Senior Notes due 2052 (the “ 6.250 % Notes”) pursuant to an underwritten public offering that closed in July 2022 and (iii) $ 800.0 million drawn on our $ 2.75 billion TRGP revolving credit facility (the “TRGP Revolver”). We recorded $ 16.9 million of debt issuance costs related to the Term Loan Facility, the 5.200 % Notes and the 6.250 % Notes in our Consolidated Balance Sheets. See Note 7 – Debt Obligations for further details on our financing activities. The assets acquired in the Delaware Basin Acquisition provide natural gas gathering, treating, and processing services in the Delaware Basin, through owning and operating approximately 1,050 miles of natural gas pipelines and approximately 1.4 billion cubic feet per day (“Bcf/d”) of cryogenic natural gas processing capacity primarily in Eddy and Lea counties of New Mexico. The Delaware Basin Acquisition assets increase our footprint in the Delaware Basin and are integrated into our Permian Delaware operations. The Delaware Basin Acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations , which requires, among other things, assets acquired and liabilities assumed to be recorded at their fair value on the acquisition date. The preliminary allocation of the purchase price, which is subject to certain adjustments, was based upon preliminary valuations from estimates and assumptions that management believes are reasonable; however, management’s estimates and assumptions are subject to change upon the completion of the final valuations or as information necessary to complete the fair value analysis is obtained. The valuation of the acquired assets and liabilities was prepared using fair value methods and assumptions, including projections of future production volumes, commodity prices, and other cash flows, market-participant assumptions (e.g., discount rate and exit multiple), expectations regarding customer contracts and relationships, tangible asset replacement costs, 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 13 – Fair Value Measurements. These inputs require judgments and estimates at the time of valuation. We are in the process of finalizing valuations related to property, plant and equipment and identifiable intangible assets. The final valuation will be completed no later than one year from the acquisition date. The following table summarizes the preliminary fair values assigned to assets acquired and liabilities assumed (in millions): Cash and cash equivalents $ 9.9 Trade receivables, net of allowances (1) 210.2 Other current assets 6.5 Property, plant and equipment, net 1,678.8 Intangible assets, net 1,881.6 Other long-term assets 57.3 Current liabilities ( 237.3 ) Other long-term liabilities ( 100.8 ) Purchase price $ 3,506.2 (1) The fair value of the assets acquired includes trade receivables of $ 210.2 million. The gross amount due under contract was $ 212.9 million, of which $ 2.7 million was expected to be uncollectible. Trade receivables, net of allowances, excludes $ 18.5 million that was due from Targa. We reflected this settlement of a preexisting relationship as a reduction of the purchase price in accordance with ASC 805. The preliminary value of property, plant and equipment is determined using the cost approach and is primarily comprised of Gathering and Processing assets that will be depreciated on a straight-line basis over an estimated weighted-average useful life of 20 years. The associated useful lives of property, plant and equipment were based on the period over which the assets are expected to contribute directly or indirectly to our future cash flows. The preliminary value of intangible assets is comprised of customer relationships, which represent estimated value of long-term contracts with customers, that will be amortized in a manner that closely resembles the expected benefit pattern of the intangible assets over an estimated useful life of 14 years . The associated useful lives of intangible assets were based on the period over which the assets are expected to contribute directly or indirectly to our future cash flows. The results of operations attributable to the assets and liabilities acquired in the Delaware Basin Acquisition have been included in our consolidated financial statements as part of our Permian Delaware operations in our Gathering and Processing segment since the date of the acquisition. Revenue and Net Income attributable to the assets acquired for the period August 1, 2022 through September 30, 2022 were $ 104.0 million and $ 4.7 million, respectively. As of September 30, 2022 , we had incurred $ 14.3 million of acquisition-related costs. Unaudited Pro Forma Financial Information The following unaudited pro forma summary presents the consolidated results of operations for the three and nine months ended September 30, 2022 and 2021 as if the Delaware Basin Acquisition had occurred on January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of our results of operations that would have occurred had the transaction been consummated at the beginning of the period presented, nor is it necessarily indicative of future results. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues $ 5,391.1 $ 4,595.2 $ 16,604.0 $ 11,869.4 Net income (loss) 288.2 242.4 1,087.9 514.9 The summarized unaudited pro forma information has been calculated after applying our accounting policies and reflects adjustments for the following: • Reflects depreciation and amortization based on the preliminary fair values of property, plant and equipment and intangible assets, respectively. Property, plant and equipment are depreciated utilizing a straight-line approach. Intangible assets are amortized in a manner that closely resembles their expected benefit pattern; • Excludes $ 14.3 million of acquisition-related costs incurred as of September 30, 2022 from pro forma net income for the three and nine months ended September 30, 2022. Pro forma net income for the three and nine months ended September 30, 2021 was adjusted to include those costs ; • Excludes the impact of operations previously sold by Lucid, prior to Targa’s acquisition of Lucid; • Excludes the impact of historical activity between Targa and Lucid, prior to Targa’s acquisition of Lucid; • Excludes general and administrative expense related to Lucid’s former parent company, which Targa did not acquire; • Excludes amortization of interest expense and debt issuance costs associated with Lucid’s debt, which was not assumed by Targa; • Includes interest expense and debt issuance cost amortization associated with Targa’s borrowings to finance the Delaware Basin Acquisition; and • Reflects the income tax effects of the above pro forma adjustments. Divestitures In May 2022, we completed the sale of Targa GCX Pipeline LLC to a third party for $ 857.0 million (the “GCX Sale”). As a result of the GCX Sale, we recognized a gain of $ 435.9 million in Gain (loss) from sale of equity method investment in our Consolidated Statements of Operations in the second quarter of 2022. See Note 6 – Investments in Unconsolidated Affiliates for further discussion on South Texas Acquisition and GCX Sale.

Property, Plant and Equipment a

Property, Plant and Equipment and Intangible Assets	9 Months Ended
Property, Plant and Equipment and Intangible Assets	Sep. 30, 2022
Property Plant And Equipment And Intangible Assets [Abstract]
Property, Plant and Equipment and Intangible Assets	Note 5 — Property, Plant and Equipment and Intangible Assets September 30, 2022 December 31, 2021 Estimated Useful Lives (In Years) Gathering systems $ 10,432.4 $ 9,318.2 5 to 20 Processing and fractionation facilities 7,425.4 6,388.8 5 to 25 Terminaling and storage facilities 1,342.1 1,313.8 5 to 25 Transportation assets 2,791.6 2,671.0 10 to 50 Other property, plant and equipment 357.1 340.9 3 to 50 Land 162.7 160.8 — Construction in progress 657.4 347.0 — Finance lease right-of-use assets 90.5 55.6 5 to 14 Property, plant and equipment 23,259.2 20,596.1 Accumulated depreciation, amortization and impairment ( 9,542.8 ) ( 8,928.4 ) Property, plant and equipment, net $ 13,716.4 $ 11,667.7 Intangible assets 4,379.3 2,642.9 10 to 20 Accumulated amortization and impairment ( 1,539.6 ) ( 1,548.1 ) Intangible assets, net $ 2,839.7 $ 1,094.8 During the three and nine months ended September 30, 2022, depreciation expense was $ 206.5 million and $ 629.5 million, respectively. During the three and nine months ended September 30, 2021 , depreciation expense was $ 190.2 million and $ 552.7 million, respectively. Impairments of Long-Lived Assets We review and evaluate our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the related carrying amount of such assets may not be recoverable, including changes to our estimates that could have an impact on our assessment of asset recoverability. There were no impairments of long-lived assets recorded for the nine months ended September 30, 2022 and 2021. Intangible Assets Intangible assets consist of customer relationships acquired in the Delaware Basin Acquisition, and customer contracts and customer relationships acquired in prior business combinations. The fair values of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers. The estimated annual amortization expense for intangible assets is approximately $ 243.8 million, $ 388.4 million, $ 376.3 million, $ 334.1 million and $ 283.9 million for each of the years 2022 through 2026, respectively. The changes in our intangible assets are as follows: September 30, 2022 Balance at December 31, 2021 $ 1,094.8 Additions from Delaware Basin Acquisition 1,881.6 Amortization ( 136.7 ) Balance at September 30, 2022 $ 2,839.7

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	9 Months Ended
Investments in Unconsolidated Affiliates	Sep. 30, 2022
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Affiliates	Note 6 – Investments in Unconsolidated Affiliates As of September 30, 2022, our investments in unconsolidated affiliates consist of the following: Gathering and Processing Segment • a 50 % operated ownership interest in Little Missouri 4 LLC (“Little Missouri 4”). Logistics and Transportation Segment • a 38.8 % operated ownership interest in Gulf Coast Fractionators (“GCF”); and • a 50 % operated ownership interest in Cayenne Pipeline LLC (“Cayenne”). The terms of these joint venture agreements do not afford us the degree of control required for consolidating them in our consolidated financial statements, but do afford us the significant influence required to employ the equity method of accounting. In April 2022, we completed the South Texas Acquisition for $ 201.9 million, subject to customary closing adjustments. We expect to make a final closing adjustment payment of approximately $ 1.5 million in the fourth quarter of 2022. Prior to closing the South Texas Acquisition, we had two operated joint ventures in South Texas: a 75 % interest in T2 LaSalle Gathering Company L.L.C. (“T2 LaSalle”) and a 50 % interest in T2 Eagle Ford Gathering Company L.L.C. (“T2 Eagle Ford” and, together with T2 Lasalle, the “T2 Joint Ventures”). Following the closing of the South Texas Acquisition, we own 100 % of the interest in the T2 Joint Ventures. In May 2022, we completed the GCX Sale for $ 857.0 million. Prior to the GCX Sale, we owned a 25 % non-operated ownership interest in GCX. Following the announcement of the GCX Sale in February 2022, we ceased recognizing equity earnings (loss) due to the terms of the sales agreement. As a result of the GCX Sale, we recognized a gain of $ 435.9 million in Gain (loss) from sale of equity method investment in our Consolidated Statements of Operations in the second quarter of 2022. See Note 4 – Joint Ventures, Acquisitions and Divestitures for further discussion of the T2 Joint Ventures and GCX. The following table shows the activity related to our investments in unconsolidated affiliates: Balance at December 31, 2021 Equity Earnings (Loss) Cash Distributions Disposition/ Contributions Balance at September 30, 2022 GCX $ 421.0 $ 5.7 $ ( 14.3 ) $ ( 412.4 ) $ — $ — Little Missouri 4 98.1 4.3 ( 7.4 ) — — 95.0 GCF (1) 28.8 ( 2.4 ) — — 1.5 27.9 T2 Eagle Ford (2) 21.9 ( 0.6 ) ( 0.8 ) ( 20.5 ) — — T2 LaSalle (2) 4.2 ( 0.3 ) — ( 3.9 ) — — Cayenne 12.5 2.0 ( 1.0 ) — — 13.5 Total $ 586.5 $ 8.7 $ ( 23.5 ) $ ( 436.8 ) $ 1.5 $ 136.4 (1) Targa assumed operatorship of GCF in the first half of 2021. (2) Following the closing of the South Texas Acquisition in April 2022, the T2 Joint Ventures are 100 % owned and consolidated by Targa.

Debt Obligations

Debt Obligations	9 Months Ended
Debt Obligations	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt Obligations	Note 7 — De bt Obligations September 30, 2022 December 31, 2021 Current: Partnership accounts receivable securitization facility, due September 2023 (1) $ 750.0 $ 150.0 Finance lease liabilities 16.5 12.8 Current debt obligations 766.5 162.8 Long-term: Term loan facility, variable rate, due July 2025 1,500.0 — TRGP senior revolving credit facility, variable rate, due February 2027 (2) 1,182.0 — Senior unsecured notes issued by TRGP: 5.200 % fixed rate, due July 2027 750.0 — 4.200 % fixed rate, due February 2033 750.0 — 4.950 % fixed rate, due April 2052 750.0 — 6.250 % fixed rate, due July 2052 500.0 — Unamortized discount ( 8.5 ) — Senior unsecured notes issued by the Partnership: (3) 5.875 % fixed rate, due April 2026 (4) — 963.2 5.375 % fixed rate, due February 2027 (5) — 468.1 6.500 % fixed rate, due July 2027 705.2 705.2 5.000 % fixed rate, due January 2028 700.3 700.3 6.875 % fixed rate, due January 2029 679.3 679.3 5.500 % fixed rate, due March 2030 949.6 949.6 4.875 % fixed rate, due February 2031 1,000.0 1,000.0 4.000 % fixed rate, due January 2032 1,000.0 1,000.0 10,457.9 6,465.7 Debt issuance costs, net of amortization ( 66.5 ) ( 45.0 ) Finance lease liabilities 39.9 13.7 Long-term debt 10,431.3 6,434.4 Total debt obligations $ 11,197.8 $ 6,597.2 Irrevocable standby letters of credit: (2) Letters of credit outstanding under the TRGP senior revolving credit facility $ 47.2 $ — Letters of credit outstanding under the Partnership senior — 71.3 $ 47.2 $ 71.3 (1) In September 2022, the Partnership amended the Securitization Facility to, among other things, increase the facility size from $ 400.0 million to $ 800.0 million and extend the facility termination date to September 1, 2023 . As of September 30, 2022, the Partnership had $ 750.0 million of qualifying receivables under its $ 800.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $ 50.0 million of availability. (2) In February 2022, we entered into the TRGP Revolver which matures in February 2027, and terminated our previous TRGP senior secured revolving credit facility (the “Previous TRGP Revolver”) and the Partnership’s senior secured revolving credit facility (the “Partnership Revolver”). In July 2022, we established an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program. As of September 30, 2022, the TRGP Revolver had $ 550.0 million borrowings outstanding and the Commercial Paper Program had $ 632.0 million borrowings outstanding, resulting in approximately $ 1.5 billion of available liquidity, after accounting for outstanding letters of credit. As of December 31, 2021, we had no balance outstanding under the Previous TRGP Revolver or the Partnership Revolver. (3) As of February 2022, we guarantee all of the Partnership’s outstanding senior unsecured notes. (4) In April 2022, the Partnership redeemed all of the outstanding 5.875 % Senior Notes due 2026 (the “ 5.875 % Notes”). (5) In March 2022, the Partnership redeemed all of the outstanding 5.375 % Senior Notes due 2027 (the “ 5.375 % Notes”) with the available liquidity under the TRGP Revolver. The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the nine months ended September 30, 2022: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRGP Revolver and Commercial Paper Program 1.5 % - 4.7 % 2.9 % Securitization Facility 1.1 % - 3.8 % 2.0 % Term Loan Facility 4.1 % - 4.1 % 4.1 % Compliance with Debt Covenants As of September 30, 2022, we were in compliance with the covenants contained in our various debt agreements. In February 2022, we and certain of our subsidiaries entered into a parent guarantee whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of all of the obligations of the Partnership and Targa Resources Partners Finance Corporation (together with the Partnership, the “Partnership Issuers”) under the respective indentures governing the Partnership Issuers’ senior unsecured notes. As of September 30, 2022, $ 5.0 billion of the Partnership Issuers’ senior unsecured notes was outstanding. Debt Obligations Partnership’s Accounts Receivable Securitization Facility In April 2022, the Partnership amended the Securitization Facility to, among other things, extend the facility termination date to April 19, 2023 and replace the LIBOR-based interest rate option with SOFR-based interest rate options, including term SOFR and daily simple SOFR. In September 2022, the Partnership amended the Securitization Facility to, among other things, increase the facility size from $ 400.0 million to $ 800.0 million and extend the facility termination date to September 1, 2023 . TRGP Revolver In February 2022, we entered into the TRGP Revolver with Bank of America, N.A., as the Administrative Agent, Collateral Agent and Swing Line Lender, and the other lenders party thereto. The TRGP Revolver provides for a revolving credit facility in an initial aggregate principal amount up to $ 2.75 billion (with an option to increase such maximum aggregate principal amount by up to $ 500.0 million in the future, subject to the terms of the TRGP Revolver), including a swing line sub-facility of up to $ 100.0 million. The TRGP Revolver matures on February 17, 2027 . In connection with our entry into the TRGP Revolver, we terminated the Previous TRGP Revolver and the Partnership Revolver. In February 2022, TRGP and the Partnership received a corporate investment grade credit rating from Standard & Poor’s Financial Services LLC (“S&P”) and Fitch Ratings Inc., and in March 2022, the Partnership received a corporate investment grade credit rating from Moody’s Investors Service, Inc. (“Moody’s”). As a result, in accordance with the TRGP Revolver, the collateral under the TRGP Revolver was released from the liens securing our obligations thereunder. As a result of the termination of the Previous TRGP Revolver and the Partnership Revolver, we recorded a loss due to debt extinguishment of $ 0.8 million. Term Loan Facility In July 2022, we entered into the Term Loan Facility. The Term Loan Facility provides for a three-year , $ 1.5 billion unsecured term loan facility. The Term Loan Facility matures in July 2025 . We used the proceeds from the Term Loan Facility to fund a portion of the Delaware Basin Acquisition. The Term Loan Facility bears interest at the Company’s option at: (a) the Base Rate (as defined in the Term Loan Facility), which is the highest of the (i) federal funds rate plus 0.5 %, (ii) Mizuho’s prime rate, and (iii) the Term SOFR (as defined in the Term Loan Facility) rate plus 1.0 % (subject in each case to a floor of 0.0 %), plus an applicable margin ranging from 0.125 % to 0.75 % dependent on the Company’s non-credit-enhanced senior unsecured long-term debt ratings (or, if no such debt is outstanding at such time, then the corporate, issuer or similar rating with respect to the Company that has been most recently announced) (the “Debt Rating”), or (b) Term SOFR plus 0.10 % plus an applicable margin ranging from 1.125 % to 1.75 % dependent on the Debt Rating. Our obligations under the Term Loan Facility are guaranteed by substantially all material wholly-owned domestic restricted subsidiaries of the Company, including the Partnership. The Term Loan Facility requires the Company to maintain a Consolidated Leverage Ratio (as defined in the Term Loan Facility), determined as of the last day of each quarter for the four-fiscal-quarter-period ending on the date of determination, of no more than 5.50 to 1.00 . For any four-fiscal-quarter-period during which a material acquisition or disposition occurs, the total leverage ratio will be determined on a pro forma basis as though such event had occurred as of the first day of such four-fiscal-quarter-period. The Term Loan Facility limits the Company’s ability to make dividends to stockholders if an event of default (as defined in the Term Loan Facility) exists or would result from such distribution. In addition, the Term Loan Facility contains various covenants that may limit, among other things, the Company’s ability to incur subsidiary indebtedness, grant liens, make investments, merge or consolidate, and engage in transactions with affiliates. Commercial Paper Program In July 2022, we established the Commercial Paper Program. Under the terms of the Commercial Paper Program, we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. Amounts available under the Commercial Paper Program may be issued, repaid and re-issued from time to time, with the maximum aggregate face or principal amount outstanding at any one time not to exceed $ 2.75 billion. We maintain a minimum available borrowing capacity under the TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program as support. The Commercial Paper Program is guaranteed by each subsidiary that guarantees the TRGP Revolver. The commercial paper notes are presented in Long-term debt on our Consolidated Balance Sheets. Senior Unsecured Notes Redemptions and Issuances In March 2022 , the Partnership redeemed all of the outstanding 5.375 % Notes at a redemption price equal to $ 1,026.88 for each $ 1,000 principal amount of 5.375 % Notes redeemed, plus accrued and unpaid interest to, but not including, March 30, 2022, or a maximum combined aggregate redemption price (exclusive of accrued and unpaid interest) of $ 480.7 million. The 5.375 % Notes were redeemed with available liquidity under the TRGP Revolver. As a result of the redemption of the 5.375 % Notes, we recorded a loss due to debt extinguishment of $ 15.0 million comprised of $ 12.6 million of premiums paid and a write-off of $ 2.4 million of debt issuance costs. In April 2022, we completed an underwritten public offering of (i) $ 750.0 million aggregate principal amount of our 4.200 % Senior Notes due 2033 (the “ 4.200 % Notes”) and (ii) $ 750.0 million aggregate principal amount of our 4.950 % Senior Notes due 2052 (the “ 4.950 % Notes”), resulting in net proceeds of approximately $ 1.5 billion. The 4.200 % Notes and the 4.950 % Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The 4.200 % Notes and the 4.950 % Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain First Supplemental Indenture, dated as of April 6, 2022, among us, such subsidiary guarantors and U.S. Bank Trust Company, National Association, as trustee. A portion of the net proceeds from the issuance was used to fund the concurrent cash tender offer (the “March Tender Offer”) and the subsequent redemption payment of the Partnership’s 5.875 % Notes, with the remainder of the net proceeds used for repayment of the outstanding borrowings under the TRGP Revolver. As a result of the March Tender Offer and the subsequent redemption of the 5.875 % Notes, we recorded a loss due to debt extinguishment of $ 33.8 million comprised of $ 29.3 million of premiums paid and a write-off of $ 4.5 million of debt issuance costs. In July 2022, we completed an underwritten public offering of the 5.200 % Notes and the 6.250 % Notes, resulting in net proceeds of approximately $ 1.2 billion. The 5.200 % Notes and the 6.250 % Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The 5.200 % Notes and the 6.250 % Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Third Supplemental Indenture, dated as of July 7, 2022, among us, such subsidiary guarantors and U.S. Bank Trust Company, National Association, as trustee. We used the net proceeds from the issuance to fund a portion of the Delaware Basin Acquisition. In the future, we or the Partnership may redeem, purchase or exchange certain of our and the Partnership’s outstanding debt through redemption calls, cash purchases and/or exchanges for other debt, in open market purchases, privately negotiated transactions or otherwise. Such calls, repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Shelf Registration In March 2022, we filed with the SEC a universal shelf registration statement on Form S-3 that registers the issuance and sale of certain debt and equity securities from time to time in one or more offerings (the “March 2022 Shelf”). The March 2022 Shelf will expire in March 2025. See Note 10 – Common Stock and Related Matters. Contractual Obligations The following table summarizes payment obligations as of September 30, 2022, for debt instruments after giving effect to the debt extinguishments detailed above: Payments Due By Period Less Than More Than Total 1 Year 1-3 Years 3-5 Years 5 Years Long-term debt obligations (1) $ 10,466.4 $ — $ 1,500.0 $ 2,637.2 $ 6,329.2 Interest on debt obligations (2) 4,870.7 524.6 1,049.3 882.0 2,414.8 $ 15,337.1 $ 524.6 $ 2,549.3 $ 3,519.2 $ 8,744.0 (1) Represents scheduled future maturities of consolidated debt obligations for the periods indicated. (2) Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing September 30, 2022 rates for floating debt. During the preparation of the Company's third quarter 2022 consolidated financial statements, the Company identified an error related to the disclosure of future payment obligations for interest on debt. The Company does not believe this disclosure error is material to its previously issued historical consolidated financial statements for any of the periods impacted and accordingly, has not adjusted the historical financial statements disclosures. As of March 31, 2022, the future payment obligations for interest on debt were $ 2,340.3 million in total, comprised of $ 347.2 million, $ 694.4 million, $ 637.5 million, and $ 661.2 million, for the periods less than 1 year, 1-3 years, 3-5 years, and more than 5 years, respectively. As of June 30, 2022, the future payment obligations for interest on debt were $ 3,496.8 million in total, comprised of $ 359.5 million, $ 719.0 million, $ 711.0 million, and $ 1,707.3 million, for the periods less than 1 year, 1-3 years, 3-5 years, and more than 5 years, respectively.

Other Long-term Liabilities

Other Long-term Liabilities	9 Months Ended
Other Long-term Liabilities	Sep. 30, 2022
Other Liabilities Noncurrent [Abstract]
Other Long-term Liabilities	Note 8 — Other Long-term Liabilities Other long-term liabilities are comprised of the following: September 30, 2022 December 31, 2021 Deferred revenue $ 197.1 $ 171.8 Asset retirement obligations 96.7 72.1 Operating lease liabilities 59.7 34.5 Other liabilities 13.5 23.2 Total long-term liabilities $ 367.0 $ 301.6 Deferred Revenue We have certain long-term contractual arrangements for which we have received consideration that we are not yet able to recognize as revenue. The resulting deferred revenue will be recognized once all conditions for revenue recognition have been met. Deferred revenue as of September 30, 2022 and December 31, 2021 , was $ 197.1 million and $ 171.8 million, respectively, which includes $ 129.0 million of payments received from Vitol Americas Corp. (“Vitol”) (formerly known as Noble Americas Corp.), a subsidiary of Vitol US Holding Co., in 2016, 2017, and 2018 as part of an agreement (the “Splitter Agreement”) related to the construction and operation of a crude oil and condensate splitter. In December 2018, Vitol elected to terminate the Splitter Agreement. The Splitter Agreement provides that the first three annual payments are ours if Vitol elects to terminate, which Vitol disputes. The timing of revenue recognition related to the Splitter Agreement deferred revenue is dependent on the outcome of current litigation with Vitol. Deferred revenue also includes nonmonetary consideration received in a 2015 amendment to a gas gathering and processing agreement and consideration received for other construction activities of facilities connected to our systems. See Note 14 – Contingencies.

Preferred Stock

Preferred Stock	9 Months Ended
Preferred Stock	Sep. 30, 2022
Equity [Abstract]
Preferred Stock	Note 9 — Pr eferred Stock Series A Preferred Redemption In May 2022, we redeemed in full all of our issued and outstanding shares of Series A Preferred at a redemption price of $ 1,050.00 per share, plus $ 8.87 per share, which is the amount of accrued and unpaid dividends from April 1, 2022 up to, but not including, the redemption date of May 3, 2022 . The difference between the consideration paid of $ 973.4 million (including unpaid dividends of $ 8.2 million) and the net carrying value of the shares redeemed was $ 223.7 million, of which $ 215.5 million was recorded as deemed dividends in our Consolidated Statements of Operations in the second quarter of 2022. Our Series A Preferred bore a cumulative 9.5 % fixed dividend payable at the end of each fiscal quarter. During the nine months ended September 30, 2022 , we paid $ 51.8 million of dividends to preferred shareholders. Following the redemption, we have no Series A Preferred outstanding and all rights of the holders of shares of Series A Preferred were terminated.

Common Stock and Related Matter

Common Stock and Related Matters	9 Months Ended
Common Stock and Related Matters	Sep. 30, 2022
Class Of Stock Disclosures [Abstract]
Common Stock and Related Matters	Note 10 — Common Sto ck and Related Matters Shelf Registration In March 2022, we filed the March 2022 Shelf. The March 2022 Shelf will expire in March 2025. See Note 7 – Debt Obligations. Common Stock Dividends In January 2022, we declared an increase to our common dividend to $ 0.35 per common share or $ 1.40 per common share annualized effective for the fourth quarter of 2021. The following table details the dividends declared and/or paid by us to common shareholders for the nine months ended September 30, 2022: Three Months Ended Date Paid or Total Common Amount of Common Accrued Dividends Declared per Share of Common Stock (In millions, except per share amounts) September 30, 2022 November 15, 2022 $ 80.5 $ 79.2 $ 1.3 $ 0.35000 June 30, 2022 August 15, 2022 80.7 79.3 1.4 0.35000 March 31, 2022 May 16, 2022 81.2 79.8 1.4 0.35000 December 31, 2021 February 15, 2022 81.4 80.1 1.3 0.35000 (1) Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
Earnings per Common Share	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings per Common Share	Note 11 — Earnings per Common Share The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions, except per share amounts) Net income (loss) attributable to Targa Resources Corp. $ 193.1 $ 182.2 $ 877.5 $ 384.8 Less: Premium on repurchase of noncontrolling interests, net of tax — — 53.1 — Less: Dividends on Series A Preferred (1) — 21.8 30.0 65.5 Less: Deemed dividends on Series A Preferred (1) — — 215.5 — Net income (loss) attributable to common shareholders for basic earnings per share $ 193.1 $ 160.4 $ 578.9 $ 319.3 Weighted average shares outstanding - basic 226.6 228.8 227.6 228.6 Dilutive effect of unvested stock awards 3.7 3.3 3.9 3.0 Dilutive effect of Series A Preferred (1) — 44.3 — — Weighted average shares outstanding - diluted 230.3 276.4 231.5 231.6 Net income (loss) available per common share - basic $ 0.85 $ 0.70 $ 2.54 $ 1.40 Net income (loss) available per common share - diluted $ 0.84 $ 0.66 $ 2.50 $ 1.38 The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unvested restricted stock awards — — — 0.3 Series A Preferred (1) — — 19.9 44.3 (1) The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5 % premium to the liquidation preference subsequent to March 16, 2022 . In May 2022, we redeemed all of our issued and outstanding Series A Preferred at a redemption price of $ 1,050.00 per share, plus $ 8.87 per share, which is the amount of accrued and unpaid dividends from April 1, 2022 up to, but not including, the redemption date of May 3, 2022 . See Note 9 – Preferred Stock for further discussion.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
Derivative Instruments and Hedging Activities	Sep. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Note 12 — Derivative Instru ments and Hedging Activities The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have entered into derivative instruments to hedge the commodity price risks associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation segment. The hedge positions associated with (i) and (ii) above will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity prices and are primarily designated as cash flow hedges for accounting purposes. The hedges generally match the NGL product composition and the NGL delivery points of our physical equity volumes. Our natural gas hedges are a mixture of specific gas delivery points and Henry Hub. The NGL hedges may be transacted as specific NGL hedges or as baskets of ethane, propane, normal butane, isobutane and natural gasoline based upon our expected equity NGL composition. We believe this approach avoids uncorrelated risks resulting from employing hedges on crude oil or other petroleum products as “proxy” hedges of NGL prices. Our natural gas and NGL hedges are settled using published index prices for delivery at various locations. We hedge a portion of our condensate equity volumes using crude oil hedges that are based on the NYMEX futures contracts for West Texas Intermediate light, sweet crude, which approximates the prices received for condensate. This exposes us to a market differential risk if the NYMEX futures do not move in exact parity with the sales price of our underlying condensate equity volumes. We also enter into derivative instruments to help manage other short-term commodity-related business risks and take advantage of market opportunities. We have not designated these derivatives as hedges and record changes in fair value and cash settlements to revenues as current income. At September 30, 2022, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2022 2023 2024 2025 2026 2027 Natural Gas Swaps MMBtu/d 213,394 175,687 102,347 19,895 — — Natural Gas Basis Swaps MMBtu/d 452,989 425,247 280,000 244,267 55,000 10,000 NGL Swaps Bbl/d 48,617 43,115 20,350 2,480 — — NGL Futures Bbl/d 66,630 3,614 — — — — Condensate Swaps Bbl/d 6,547 6,427 3,089 427 — — Our derivative contracts are subject to netting arrangements that permit our contracting subsidiaries to net cash settle offsetting asset and liability positions with the same counterparty within the same Targa entity. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements. The following schedules reflect the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: Fair Value as of September 30, 2022 Fair Value as of December 31, 2021 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 174.8 $ ( 171.0 ) $ 25.5 $ ( 252.6 ) Long-term 47.4 ( 74.8 ) 6.2 ( 84.3 ) Total derivatives designated as hedging instruments $ 222.2 $ ( 245.8 ) $ 31.7 $ ( 336.9 ) Derivatives not designated as hedging instruments Commodity contracts Current $ 11.0 $ ( 230.0 ) $ 17.6 $ ( 5.6 ) Long-term 2.8 ( 90.3 ) 1.5 ( 25.0 ) Total derivatives not designated as hedging instruments $ 13.8 $ ( 320.3 ) $ 19.1 $ ( 30.6 ) Total current position $ 185.8 $ ( 401.0 ) $ 43.1 $ ( 258.2 ) Total long-term position 50.2 ( 165.1 ) 7.7 ( 109.3 ) Total derivatives $ 236.0 $ ( 566.1 ) $ 50.8 $ ( 367.5 ) The pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis is as follows: Gross Presentation Pro Forma Net Presentation September 30, 2022 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 171.0 $ ( 401.0 ) $ ( 26.7 ) $ 13.7 $ ( 270.4 ) Counterparties without offsetting positions - assets 14.8 — — 14.8 — Counterparties without offsetting positions - liabilities — — — — — 185.8 ( 401.0 ) ( 26.7 ) 28.5 ( 270.4 ) Long Term Position Counterparties with offsetting positions or collateral 43.8 ( 165.1 ) 14.0 16.2 ( 123.5 ) Counterparties without offsetting positions - assets 6.4 — — 6.4 — Counterparties without offsetting positions - liabilities — — — — — 50.2 ( 165.1 ) 14.0 22.6 ( 123.5 ) Total Derivatives Counterparties with offsetting positions or collateral 214.8 ( 566.1 ) ( 12.7 ) 29.9 ( 393.9 ) Counterparties without offsetting positions - assets 21.2 — — 21.2 — Counterparties without offsetting positions - liabilities — — — — — $ 236.0 $ ( 566.1 ) $ ( 12.7 ) $ 51.1 $ ( 393.9 ) Gross Presentation Pro Forma Net Presentation December 31, 2021 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 39.2 $ ( 241.9 ) $ 5.0 $ 0.3 $ ( 198.0 ) Counterparties without offsetting positions - assets 3.9 — — 3.9 — Counterparties without offsetting positions - liabilities — ( 16.3 ) — — ( 16.3 ) 43.1 ( 258.2 ) 5.0 4.2 ( 214.3 ) Long Term Position Counterparties with offsetting positions or collateral 7.4 ( 95.1 ) 3.1 — ( 84.6 ) Counterparties without offsetting positions - assets 0.3 — — 0.3 — Counterparties without offsetting positions - liabilities — ( 14.2 ) — — ( 14.2 ) 7.7 ( 109.3 ) 3.1 0.3 ( 98.8 ) Total Derivatives Counterparties with offsetting positions or collateral 46.6 ( 337.0 ) 8.1 0.3 ( 282.6 ) Counterparties without offsetting positions - assets 4.2 — — 4.2 — Counterparties without offsetting positions - liabilities — ( 30.5 ) — — ( 30.5 ) $ 50.8 $ ( 367.5 ) $ 8.1 $ 4.5 $ ( 313.1 ) Some of our hedges are futures contracts executed through brokers that clear the hedges through an exchange. We maintain a margin deposit with the brokers in an amount sufficient to cover the fair value of our open futures positions. The margin deposit is considered collateral, which is located within Other current assets on our Consolidated Balance Sheets and is not offset against the fair value of our derivative instruments. Our derivative instruments other than our futures contracts are executed under International Swaps and Derivatives Association (“ISDA”) agreements, which govern the key terms with our counterparties. Our ISDA agreements contain credit-risk related contingent features. Following the release of the collateral securing our TRGP Revolver, our derivative positions are no longer secured. As of September 30, 2022, we have outstanding net derivative positions that contain credit-risk related contingent features that are in a net liability position of ($ 392.3 ) million. We have not been required to post any collateral related to these positions due to our credit rating. If our credit rating was to be downgraded one notch below investment grade by both Moody’s and S&P, as defined in our ISDAs, we estimate that as of September 30, 2022, we would be required to post $ 77.4 million of collateral to certain counterparties per the terms of our ISDAs. The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net liability of ($ 330.1 ) million as of September 30, 2022. The estimated fair value is net of an adjustment for credit risk based on the default probabilities as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. Our futures contracts that are cleared through an exchange are margined daily and do not require any credit adjustment. The following tables reflect amounts recorded in Other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives in Cash Flow Three Months Ended September 30, Nine Months Ended September 30, Hedging Relationships 2022 2021 2022 2021 Commodity contracts $ 225.4 $ ( 294.7 ) $ ( 136.7 ) $ ( 698.9 ) Gain (Loss) Reclassified from OCI into Three Months Ended September 30, Nine Months Ended September 30, Location of Gain (Loss) 2022 2021 2022 2021 Revenues $ ( 121.7 ) $ ( 100.4 ) $ ( 425.2 ) $ ( 303.8 ) Based on valuations as of September 30, 2022, we expect to reclassify commodity hedge-related deferred losses of ($ 15.5 ) million included in accumulated other comprehensive income (loss) into earnings before income taxes through the end of 2025, with $ 11.8 million of gains to be reclassified over the next twelve months. Our consolidated earnings are also affected by the use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on the balance sheet and through earnings rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three and nine months ended September 30, 2022, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward prices, as compared to our positions. Location of Gain (Loss) Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended September 30, Nine Months Ended September 30, as Hedging Instruments Derivatives 2022 2021 2022 2021 Commodity contracts Revenue $ ( 121.5 ) $ 16.7 $ ( 317.5 ) $ ( 24.8 ) See Note 13 – Fair Value Measurements and Note 18 – Segment Information for additional disclosures related to derivative instruments and hedging activities.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13 — Fair V alue Measurements Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments are reported at fair value on our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost on our Consolidated Balance Sheets. The following are additional qualitative and quantitative disclosures regarding fair value measurements of financial instruments. Fair Value of Derivative Financial Instruments Our derivative instruments consist of financially settled commodity swaps, futures, option contracts and fixed-price forward commodity contracts with certain counterparties. We determine the fair value of our derivative contracts using present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. We have consistently applied these valuation techniques in all periods presented and we believe we have obtained the most accurate information available for the types of derivative contracts we hold. The fair values of our derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. The financial position of these derivatives at September 30, 2022, a net liability position of ($ 330.1 ) 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 ($ 556.2 ) million. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net liability of ($ 103.8 ) million. Fair Value of Other Financial Instruments Due to their cash or near-cash nature, the carrying value of other financial instruments included in working capital (i.e., cash and cash equivalents, accounts receivable, accounts payable) approximates their fair value. Long-term debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. We determined the supplemental fair value disclosures for our long-term debt as follows: • the TRGP Revolver, commercial paper notes, Securitization Facility and Term Loan Facility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market rates; and • the TRGP senior unsecured notes and the Partnership’s senior unsecured notes are based on quoted market prices derived from trades of the debt. Fair Value Hierarchy We categorize the inputs to the fair value measurements of financial assets and liabilities at each balance sheet reporting date using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value: • Level 1 – observable inputs such as quoted prices in active markets; • Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and • Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions. The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included on our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: September 30, 2022 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 230.5 $ 230.5 $ — $ 230.5 $ — Liabilities from commodity derivative contracts (1) 560.6 560.6 — 560.6 — Financial Instruments Recorded on Our Cash and cash equivalents 192.9 192.9 — — — TRGP Revolver and Commercial Paper Program 1,182.0 1,182.0 — 1,182.0 — TRGP Senior unsecured notes 2,741.5 2,386.8 — 2,386.8 — Term Loan Facility 1,500.0 1,500.0 — 1,500.0 — Partnership's Senior unsecured notes 5,034.4 4,564.4 — 4,564.4 — Securitization Facility 750.0 750.0 — 750.0 — December 31, 2021 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 46.6 $ 46.6 $ — $ 46.6 $ — Liabilities from commodity derivative contracts (1) 363.3 363.3 — 363.3 — Financial Instruments Recorded on Our Cash and cash equivalents 158.5 158.5 — — — Partnership's Senior unsecured notes 6,465.7 6,924.5 — 6,924.5 — Securitization Facility 150.0 150.0 — 150.0 — (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 12 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes. Additional Information Regarding Level 3 Fair Value Measurements Included on Our Consolidated Balance Sheets We report certain of our swaps and option contracts at fair value using Level 3 inputs due to such derivatives not having observable market prices or implied volatilities for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations whose contract length extends into unobservable periods. The fair value of these swaps is determined using a discounted cash flow valuation technique based on a forward commodity basis curve. For these derivatives, the primary input to the valuation model is the forward commodity basis curve, which is based on observable or public data sources and extrapolated when observable prices are not available. The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives were (i) the forward natural gas liquids pricing curves, for which a significant portion of the derivative’s term is beyond available forward pricing and (ii) implied volatilities, which are unobservable as a result of inactive natural gas liquids options trading. As of September 30, 2022 and December 31, 2021, we had no derivative contracts categorized as Level 3.

Contingencies

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2022
Loss Contingency [Abstract]
Contingencies	Note 14 — Contingenci es Legal Proceedings We and the Partnership are parties to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business. We and the Partnership are also parties to various proceedings with governmental environmental agencies, including but not limited to the U.S. Environmental Protection Agency, Texas Commission on Environmental Quality, Oklahoma Department of Environmental Quality, New Mexico Environment Department, Louisiana Department of Environmental Quality and North Dakota Department of Environmental Quality, which assert monetary sanctions for alleged violations of environmental regulations, including air emissions, discharges into the environment and reporting deficiencies, related to events that have arisen at certain of our facilities in the ordinary course of our business. On December 26, 2018, Vitol filed a lawsuit in the 80 th District Court of Harris County (the “District Court”), Texas against Targa Channelview LLC, then a subsidiary of the Company (“Targa Channelview”), seeking recovery of $ 129.0 million in payments made to Targa Channelview, additional monetary damages, attorneys’ fees and costs. Vitol alleges that Targa Channelview breached the Splitter Agreement, which provided for Targa Channelview to construct a crude oil and condensate splitter (the “Splitter”) adjacent to a barge dock owned by Targa Channelview to provide services contemplated by the Splitter Agreement. In January 2018, Vitol acquired Noble Americas Corp. and on December 23, 2018, Vitol voluntarily elected to terminate the Splitter Agreement claiming that Targa Channelview failed to timely achieve start-up of the Splitter. Vitol’s lawsuit also alleges Targa Channelview made a series of misrepresentations about the capability of the barge dock that would service crude oil and condensate volumes to be processed by the Splitter and Splitter products. Vitol seeks return of $ 129.0 million in payments made to Targa Channelview prior to the start-up of the Splitter, as well as additional damages. On the same date that Vitol filed its lawsuit, Targa Channelview filed a lawsuit against Vitol seeking a judicial determination that Vitol’s sole and exclusive remedy was Vitol’s voluntarily termination of the Splitter Agreement and, as a result, Vitol was not entitled to the return of any prior payments under the Splitter Agreement or other damages as alleged. Targa also seeks recovery of its attorneys’ fees and costs in the lawsuit. On October 15, 2020, the District Court awarded Vitol $ 129.0 million (plus interest) following a bench trial. In addition, the District Court awarded Vitol $ 10.5 million in damages for losses and demurrage on crude oil that Vitol purchased for start-up efforts. The Company appealed the award to the Fourteenth Court of Appeals in Houston, Texas. In October 2020, we sold Targa Channelview but, under the agreements governing the sale, we retained the liabilities associated with the Vitol proceedings. On September 13, 2022, the Fourteenth Court of Appeals upheld the trial court’s judgment in part with regard to the return of Vitol’s prior payments, but modified the judgment to delete Vitol’s ability to recover any damages related to losses or demurrage on crude oil. We are in the process of preparing our further appeal to the Supreme Court of Texas. The cumulative amount of interest on the award through September 30, 2022, if accrued, would have been approximately $ 39.6 million.

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 2022
Revenue From Contract With Customer [Abstract]
Revenue	Note 15 — Revenue Fixed consideration allocated to remaining performance obligations The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period, and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 17 years . 2022 2023 2024 and after Fixed consideration to be recognized as of September 30, 2022 $ 117.7 $ 432.6 $ 2,573.6 Based on the optional exemptions that we elected to apply, the amounts presented in the table above exclude remaining performance obligations for (i) variable consideration for which the allocation exception is met and (ii) contracts with an original expected duration of one year or less. For disclosures related to disaggregated revenue, see Note 18 – Segment Information.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 16 — Income Taxes The Company records income taxes using an estimated annual effective tax rate and recognizes specific events discretely as they occur. We regularly evaluate the realizable tax benefits of deferred tax assets and record a valuation allowance, if required, based on an estimate of the amount of deferred tax assets that we believe does not meet the more-likely-than-not criteria of being realized. As of September 30, 2022 , our valuation allowance was $ 99.1 million, a decrease of $ 111.5 million from December 31, 2021. After the change in valuation allowance, we have a net deferred tax liability of $ 301.4 million. As we achieve sustained profitability, increased consideration will be given to projections of future taxable income to determine whether such projections provide an adequate source of taxable income for the realization of our deferred tax assets and may result in a change to our valuation allowance in the next twelve months. We will continue to evaluate the valuation allowance based on current and expected earnings and other factors and adjust accordingly. In January 2022, the Internal Revenue Service (“IRS”) notified us that it will examine Targa’s net operating loss carryback previously claimed under the Coronavirus Aid, Relief and Economic Security Act. We have responded to information requests from the IRS and do not anticipate material changes in prior year taxable income. On October 6, 2021 and April 7, 2022, we received notice from the IRS that it intends to audit three direct and indirectly wholly-owned subsidiaries of the Company (Targa Resources Partners LP, Targa Downstream LLC and Targa Midstream Services LLC) treated as partnerships for federal tax purposes for the 2019 and 2020 tax years. We are responding to the information requests from the IRS on these audits. The Company is not aware of any potential audit findings that would give rise to adjustments to taxable income and does not anticipate material changes related to these audits.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Sep. 30, 2022
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 17 — Supplemental Cash Flow Information Nine Months Ended September 30, 2022 2021 Cash: Interest paid, net of capitalized interest (1) $ 332.6 $ 327.8 Income taxes (received) paid, net 1.1 1.2 Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment, net $ ( 40.1 ) $ ( 7.5 ) Transfers from materials and supplies inventory to property, plant and equipment — 2.4 Non-cash financing activities: Changes in accrued distributions to noncontrolling interests $ ( 18.0 ) $ ( 43.1 ) (1) Interest capitalized on major projects was $ 9.5 million and $ 2.7 million for the nine months ended September 30, 2022 and 2021 .

Segment Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Note 18 — Segm ent Information We operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Transportation (also referred to as the Downstream Business). Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided. Our Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment's assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico. Our Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of our other businesses. The Logistics and Transportation segment also includes Grand Prix, which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our Downstream facilities in Mont Belvieu, Texas. The associated assets are generally connected to and supplied in part by our Gathering and Processing segment and, except for the pipelines and smaller terminals, are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana. Other contains the unrealized mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. Elimination of inter-segment transactions are reflected in the corporate and eliminations column. Reportable segment information is shown in the following tables: Three Months Ended September 30, 2022 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 180.7 $ 4,731.8 $ ( 112.2 ) $ — $ 4,800.3 Fees from midstream services 382.0 177.8 — — 559.8 562.7 4,909.6 ( 112.2 ) — 5,360.1 Intersegment revenues Sales of commodities 2,768.2 160.7 — ( 2,928.9 ) — Fees from midstream services 0.3 11.6 — ( 11.9 ) — 2,768.5 172.3 — ( 2,940.8 ) — Revenues $ 3,331.2 $ 5,081.9 $ ( 112.2 ) $ ( 2,940.8 ) $ 5,360.1 Operating margin (1) $ 564.6 $ 340.2 $ ( 112.2 ) Other financial information: Total assets (2) $ 12,126.3 $ 7,067.6 $ 1.5 $ 194.5 $ 19,389.9 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 222.0 $ 139.1 $ — $ 8.0 $ 369.1 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Three Months Ended September 30, 2021 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 156.2 $ 3,948.4 $ 13.5 $ — $ 4,118.1 Fees from midstream services 205.3 136.3 — — 341.6 361.5 4,084.7 13.5 — 4,459.7 Intersegment revenues Sales of commodities 1,786.0 108.3 — ( 1,894.3 ) — Fees from midstream services 0.6 11.5 — ( 12.1 ) — 1,786.6 119.8 — ( 1,906.4 ) — Revenues $ 2,148.1 $ 4,204.5 $ 13.5 $ ( 1,906.4 ) $ 4,459.7 Operating margin (1) $ 361.4 $ 280.7 $ 13.5 Other financial information: Total assets (2) $ 8,560.6 $ 7,180.5 $ 42.3 $ 189.3 $ 15,972.7 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 98.0 $ 16.8 $ — $ 2.7 $ 117.5 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Nine Months Ended September 30, 2022 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 577.0 $ 14,708.6 $ ( 294.9 ) $ — $ 14,990.7 Fees from midstream services 844.2 540.1 — — 1,384.3 1,421.2 15,248.7 ( 294.9 ) — 16,375.0 Intersegment revenues Sales of commodities 7,455.4 416.5 — ( 7,871.9 ) — Fees from midstream services 0.1 34.3 — ( 34.4 ) — 7,455.5 450.8 — ( 7,906.3 ) — Revenues $ 8,876.7 $ 15,699.5 $ ( 294.9 ) $ ( 7,906.3 ) $ 16,375.0 Operating margin (1) $ 1,437.0 $ 1,014.6 $ ( 294.9 ) Other financial information: Total assets (2) $ 12,126.3 $ 7,067.6 $ 1.5 $ 194.5 $ 19,389.9 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 551.7 $ 206.9 $ — $ 16.7 $ 775.3 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Nine Months Ended September 30, 2021 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 446.2 $ 10,186.7 $ ( 55.6 ) $ — $ 10,577.3 Fees from midstream services 496.7 434.2 — — 930.9 942.9 10,620.9 ( 55.6 ) — 11,508.2 Intersegment revenues Sales of commodities 3,940.4 283.5 — ( 4,223.9 ) — Fees from midstream services 2.8 27.0 — ( 29.8 ) — 3,943.2 310.5 — ( 4,253.7 ) — Revenues $ 4,886.1 $ 10,931.4 $ ( 55.6 ) $ ( 4,253.7 ) $ 11,508.2 Operating margin (1) $ 938.2 $ 920.5 $ ( 55.6 ) Other financial information: Total assets (2) $ 8,560.6 $ 7,180.5 $ 42.3 $ 189.3 $ 15,972.7 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 265.4 $ 42.0 $ — $ 9.1 $ 316.5 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 1,748.1 $ 916.1 $ 4,244.1 $ 2,371.3 NGL 3,145.4 3,185.0 11,048.3 8,278.4 Condensate and crude oil 150.0 100.7 441.0 256.2 5,043.5 4,201.8 15,733.4 10,905.9 Non-customer revenue: Derivative activities - Hedge ( 121.7 ) ( 100.4 ) ( 425.2 ) ( 303.8 ) Derivative activities - Non-hedge (1) ( 121.5 ) 16.7 ( 317.5 ) ( 24.8 ) ( 243.2 ) ( 83.7 ) ( 742.7 ) ( 328.6 ) Total sales of commodities 4,800.3 4,118.1 14,990.7 10,577.3 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 376.4 201.3 829.6 485.7 NGL transportation, fractionation and services 82.3 45.8 215.1 138.5 Storage, terminaling and export 82.5 87.7 285.3 273.1 Other 18.6 6.8 54.3 33.6 Total fees from midstream services 559.8 341.6 1,384.3 930.9 Total revenues $ 5,360.1 $ 4,459.7 $ 16,375.0 $ 11,508.2 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815. The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Reconciliation of reportable segment operating Gathering and Processing operating margin $ 564.6 $ 361.4 $ 1,437.0 $ 938.2 Logistics and Transportation operating margin 340.2 280.7 1,014.6 920.5 Other operating margin ( 112.2 ) 13.5 ( 294.9 ) ( 55.6 ) Depreciation and amortization expense ( 287.2 ) ( 222.8 ) ( 766.2 ) ( 650.9 ) General and administrative expense ( 79.1 ) ( 67.3 ) ( 217.2 ) ( 192.4 ) Interest expense, net ( 125.8 ) ( 91.0 ) ( 300.5 ) ( 284.2 ) Equity earnings (loss) 1.7 14.3 8.7 38.9 Gain (loss) on sale or disposition of assets 6.5 1.5 8.1 1.7 Write-down of assets ( 2.7 ) ( 0.5 ) ( 3.7 ) ( 5.0 ) Gain (loss) from financing activities — — ( 49.6 ) ( 16.6 ) Gain (loss) from sale of equity method investment — — 435.9 — Other, net ( 14.7 ) 0.2 ( 14.7 ) 0.2 Income (loss) before income taxes $ 291.3 $ 290.0 $ 1,257.5 $ 694.8

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Recently issued accounting pronouncements not yet adopted	Recently issued accounting pronouncements not yet adopted Supplier Finance Programs In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50) . Amendments in this update require annual and interim disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. These amendments do not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. These amendments are effective for fiscal years beginning after December 15, 2022, except for the rollforward requirements, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the effect of these amendments on our consolidated financial statements.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Revenue Contract Assets and Liabilities Acquired in a Business Combination In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . Amendments in this update require application of Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606") to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2022, with early adoption permitted. However, an entity that elects to early adopt must apply the amendments to all business combinations that occurred during the fiscal year that includes the interim period. We early adopted the amendments on April 1, 2022 and have applied them to business combinations in 2022 and thereafter. We applied the amendments to the Delaware Basin Acquisition, as defined in Note 4 – Joint Ventures, Acquisitions and Divestitures, by recognizing contract liabilities from contracts with customers in accordance with ASC 606.

Joint Ventures, Divestitures _2

Joint Ventures, Divestitures and Acquisitions (Tables)	9 Months Ended
Joint Ventures, Divestitures and Acquisitions (Tables)	Sep. 30, 2022
Business Combinations [Abstract]
Summary of Preliminary Fair Values Assigned to Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values assigned to assets acquired and liabilities assumed (in millions): Cash and cash equivalents $ 9.9 Trade receivables, net of allowances (1) 210.2 Other current assets 6.5 Property, plant and equipment, net 1,678.8 Intangible assets, net 1,881.6 Other long-term assets 57.3 Current liabilities ( 237.3 ) Other long-term liabilities ( 100.8 ) Purchase price $ 3,506.2 (1) The fair value of the assets acquired includes trade receivables of $ 210.2 million. The gross amount due under contract was $ 212.9 million, of which $ 2.7 million was expected to be uncollectible. Trade receivables, net of allowances, excludes $ 18.5 million that was due from Targa. We reflected this settlement of a preexisting relationship as a reduction of the purchase price in accordance with ASC 805.
Schedule of Unaudited Pro Forma Financial Information	The following unaudited pro forma summary presents the consolidated results of operations for the three and nine months ended September 30, 2022 and 2021 as if the Delaware Basin Acquisition had occurred on January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of our results of operations that would have occurred had the transaction been consummated at the beginning of the period presented, nor is it necessarily indicative of future results. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues $ 5,391.1 $ 4,595.2 $ 16,604.0 $ 11,869.4 Net income (loss) 288.2 242.4 1,087.9 514.9

Property, Plant and Equipment_2

Property, Plant and Equipment and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Property Plant And Equipment And Intangible Assets [Abstract]
Property Plant and Equipment and Intangible Assets	September 30, 2022 December 31, 2021 Estimated Useful Lives (In Years) Gathering systems $ 10,432.4 $ 9,318.2 5 to 20 Processing and fractionation facilities 7,425.4 6,388.8 5 to 25 Terminaling and storage facilities 1,342.1 1,313.8 5 to 25 Transportation assets 2,791.6 2,671.0 10 to 50 Other property, plant and equipment 357.1 340.9 3 to 50 Land 162.7 160.8 — Construction in progress 657.4 347.0 — Finance lease right-of-use assets 90.5 55.6 5 to 14 Property, plant and equipment 23,259.2 20,596.1 Accumulated depreciation, amortization and impairment ( 9,542.8 ) ( 8,928.4 ) Property, plant and equipment, net $ 13,716.4 $ 11,667.7 Intangible assets 4,379.3 2,642.9 10 to 20 Accumulated amortization and impairment ( 1,539.6 ) ( 1,548.1 ) Intangible assets, net $ 2,839.7 $ 1,094.8
Schedule of Changes in Intangible Assets	The changes in our intangible assets are as follows: September 30, 2022 Balance at December 31, 2021 $ 1,094.8 Additions from Delaware Basin Acquisition 1,881.6 Amortization ( 136.7 ) Balance at September 30, 2022 $ 2,839.7

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	9 Months Ended
Investments in Unconsolidated Affiliates (Tables)	Sep. 30, 2022
Equity Method Investments And Joint Ventures [Abstract]
Activity Related to Partnership's Investments and Combined Financial Information in Unconsolidated Affiliates	The following table shows the activity related to our investments in unconsolidated affiliates: Balance at December 31, 2021 Equity Earnings (Loss) Cash Distributions Disposition/ Contributions Balance at September 30, 2022 GCX $ 421.0 $ 5.7 $ ( 14.3 ) $ ( 412.4 ) $ — $ — Little Missouri 4 98.1 4.3 ( 7.4 ) — — 95.0 GCF (1) 28.8 ( 2.4 ) — — 1.5 27.9 T2 Eagle Ford (2) 21.9 ( 0.6 ) ( 0.8 ) ( 20.5 ) — — T2 LaSalle (2) 4.2 ( 0.3 ) — ( 3.9 ) — — Cayenne 12.5 2.0 ( 1.0 ) — — 13.5 Total $ 586.5 $ 8.7 $ ( 23.5 ) $ ( 436.8 ) $ 1.5 $ 136.4 (1) Targa assumed operatorship of GCF in the first half of 2021. (2) Following the closing of the South Texas Acquisition in April 2022, the T2 Joint Ventures are 100 % owned and consolidated by Targa.

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
Debt Obligations (Tables)	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	September 30, 2022 December 31, 2021 Current: Partnership accounts receivable securitization facility, due September 2023 (1) $ 750.0 $ 150.0 Finance lease liabilities 16.5 12.8 Current debt obligations 766.5 162.8 Long-term: Term loan facility, variable rate, due July 2025 1,500.0 — TRGP senior revolving credit facility, variable rate, due February 2027 (2) 1,182.0 — Senior unsecured notes issued by TRGP: 5.200 % fixed rate, due July 2027 750.0 — 4.200 % fixed rate, due February 2033 750.0 — 4.950 % fixed rate, due April 2052 750.0 — 6.250 % fixed rate, due July 2052 500.0 — Unamortized discount ( 8.5 ) — Senior unsecured notes issued by the Partnership: (3) 5.875 % fixed rate, due April 2026 (4) — 963.2 5.375 % fixed rate, due February 2027 (5) — 468.1 6.500 % fixed rate, due July 2027 705.2 705.2 5.000 % fixed rate, due January 2028 700.3 700.3 6.875 % fixed rate, due January 2029 679.3 679.3 5.500 % fixed rate, due March 2030 949.6 949.6 4.875 % fixed rate, due February 2031 1,000.0 1,000.0 4.000 % fixed rate, due January 2032 1,000.0 1,000.0 10,457.9 6,465.7 Debt issuance costs, net of amortization ( 66.5 ) ( 45.0 ) Finance lease liabilities 39.9 13.7 Long-term debt 10,431.3 6,434.4 Total debt obligations $ 11,197.8 $ 6,597.2 Irrevocable standby letters of credit: (2) Letters of credit outstanding under the TRGP senior revolving credit facility $ 47.2 $ — Letters of credit outstanding under the Partnership senior — 71.3 $ 47.2 $ 71.3 (1) In September 2022, the Partnership amended the Securitization Facility to, among other things, increase the facility size from $ 400.0 million to $ 800.0 million and extend the facility termination date to September 1, 2023 . As of September 30, 2022, the Partnership had $ 750.0 million of qualifying receivables under its $ 800.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $ 50.0 million of availability. (2) In February 2022, we entered into the TRGP Revolver which matures in February 2027, and terminated our previous TRGP senior secured revolving credit facility (the “Previous TRGP Revolver”) and the Partnership’s senior secured revolving credit facility (the “Partnership Revolver”). In July 2022, we established an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program. As of September 30, 2022, the TRGP Revolver had $ 550.0 million borrowings outstanding and the Commercial Paper Program had $ 632.0 million borrowings outstanding, resulting in approximately $ 1.5 billion of available liquidity, after accounting for outstanding letters of credit. As of December 31, 2021, we had no balance outstanding under the Previous TRGP Revolver or the Partnership Revolver. (3) As of February 2022, we guarantee all of the Partnership’s outstanding senior unsecured notes. (4) In April 2022, the Partnership redeemed all of the outstanding 5.875 % Senior Notes due 2026 (the “ 5.875 % Notes”). (5) In March 2022, the Partnership redeemed all of the outstanding 5.375 % Senior Notes due 2027 (the “ 5.375 % Notes”) with the available liquidity under the TRGP Revolver.
Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations	The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the nine months ended September 30, 2022: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRGP Revolver and Commercial Paper Program 1.5 % - 4.7 % 2.9 % Securitization Facility 1.1 % - 3.8 % 2.0 % Term Loan Facility 4.1 % - 4.1 % 4.1 %
Summary of Payment Obligations for Debt Instruments	The following table summarizes payment obligations as of September 30, 2022, for debt instruments after giving effect to the debt extinguishments detailed above: Payments Due By Period Less Than More Than Total 1 Year 1-3 Years 3-5 Years 5 Years Long-term debt obligations (1) $ 10,466.4 $ — $ 1,500.0 $ 2,637.2 $ 6,329.2 Interest on debt obligations (2) 4,870.7 524.6 1,049.3 882.0 2,414.8 $ 15,337.1 $ 524.6 $ 2,549.3 $ 3,519.2 $ 8,744.0 (1) Represents scheduled future maturities of consolidated debt obligations for the periods indicated. (2) Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing September 30, 2022 rates for floating debt. During the preparation of the Company's third quarter 2022 consolidated financial statements, the Company identified an error related to the disclosure of future payment obligations for interest on debt. The Company does not believe this disclosure error is material to its previously issued historical consolidated financial statements for any of the periods impacted and accordingly, has not adjusted the historical financial statements disclosures. As of March 31, 2022, the future payment obligations for interest on debt were $ 2,340.3 million in total, comprised of $ 347.2 million, $ 694.4 million, $ 637.5 million, and $ 661.2 million, for the periods less than 1 year, 1-3 years, 3-5 years, and more than 5 years, respectively. As of June 30, 2022, the future payment obligations for interest on debt were $ 3,496.8 million in total, comprised of $ 359.5 million, $ 719.0 million, $ 711.0 million, and $ 1,707.3 million, for the periods less than 1 year, 1-3 years, 3-5 years, and more than 5 years, respectively.

Other Long-term Liabilities (Ta

Other Long-term Liabilities (Tables)	9 Months Ended
Other Long-term Liabilities (Tables)	Sep. 30, 2022
Other Liabilities Noncurrent [Abstract]
Schedule of Other Long-term Liabilities	Other long-term liabilities are comprised of the following: September 30, 2022 December 31, 2021 Deferred revenue $ 197.1 $ 171.8 Asset retirement obligations 96.7 72.1 Operating lease liabilities 59.7 34.5 Other liabilities 13.5 23.2 Total long-term liabilities $ 367.0 $ 301.6

Common Stock and Related Matt_2

Common Stock and Related Matters (Tables)	9 Months Ended
Common Stock and Related Matters (Tables)	Sep. 30, 2022
Class Of Stock Disclosures [Abstract]
Dividends Declared and/or Paid	The following table details the dividends declared and/or paid by us to common shareholders for the nine months ended September 30, 2022: Three Months Ended Date Paid or Total Common Amount of Common Accrued Dividends Declared per Share of Common Stock (In millions, except per share amounts) September 30, 2022 November 15, 2022 $ 80.5 $ 79.2 $ 1.3 $ 0.35000 June 30, 2022 August 15, 2022 80.7 79.3 1.4 0.35000 March 31, 2022 May 16, 2022 81.2 79.8 1.4 0.35000 December 31, 2021 February 15, 2022 81.4 80.1 1.3 0.35000 (1) Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
Earnings per Common Share (Tables)	Sep. 30, 2022
Earnings Per Share [Abstract]
Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share	The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In millions, except per share amounts) Net income (loss) attributable to Targa Resources Corp. $ 193.1 $ 182.2 $ 877.5 $ 384.8 Less: Premium on repurchase of noncontrolling interests, net of tax — — 53.1 — Less: Dividends on Series A Preferred (1) — 21.8 30.0 65.5 Less: Deemed dividends on Series A Preferred (1) — — 215.5 — Net income (loss) attributable to common shareholders for basic earnings per share $ 193.1 $ 160.4 $ 578.9 $ 319.3 Weighted average shares outstanding - basic 226.6 228.8 227.6 228.6 Dilutive effect of unvested stock awards 3.7 3.3 3.9 3.0 Dilutive effect of Series A Preferred (1) — 44.3 — — Weighted average shares outstanding - diluted 230.3 276.4 231.5 231.6 Net income (loss) available per common share - basic $ 0.85 $ 0.70 $ 2.54 $ 1.40 Net income (loss) available per common share - diluted $ 0.84 $ 0.66 $ 2.50 $ 1.38
Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share	The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unvested restricted stock awards — — — 0.3 Series A Preferred (1) — — 19.9 44.3 (1) The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5 % premium to the liquidation preference subsequent to March 16, 2022 . In May 2022, we redeemed all of our issued and outstanding Series A Preferred at a redemption price of $ 1,050.00 per share, plus $ 8.87 per share, which is the amount of accrued and unpaid dividends from April 1, 2022 up to, but not including, the redemption date of May 3, 2022 . See Note 9 – Preferred Stock for further discussion.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Sep. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Notional Volume of Commodity Hedges	At September 30, 2022, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2022 2023 2024 2025 2026 2027 Natural Gas Swaps MMBtu/d 213,394 175,687 102,347 19,895 — — Natural Gas Basis Swaps MMBtu/d 452,989 425,247 280,000 244,267 55,000 10,000 NGL Swaps Bbl/d 48,617 43,115 20,350 2,480 — — NGL Futures Bbl/d 66,630 3,614 — — — — Condensate Swaps Bbl/d 6,547 6,427 3,089 427 — —
Fair Values of Derivative Instruments	The following schedules reflect the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: Fair Value as of September 30, 2022 Fair Value as of December 31, 2021 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 174.8 $ ( 171.0 ) $ 25.5 $ ( 252.6 ) Long-term 47.4 ( 74.8 ) 6.2 ( 84.3 ) Total derivatives designated as hedging instruments $ 222.2 $ ( 245.8 ) $ 31.7 $ ( 336.9 ) Derivatives not designated as hedging instruments Commodity contracts Current $ 11.0 $ ( 230.0 ) $ 17.6 $ ( 5.6 ) Long-term 2.8 ( 90.3 ) 1.5 ( 25.0 ) Total derivatives not designated as hedging instruments $ 13.8 $ ( 320.3 ) $ 19.1 $ ( 30.6 ) Total current position $ 185.8 $ ( 401.0 ) $ 43.1 $ ( 258.2 ) Total long-term position 50.2 ( 165.1 ) 7.7 ( 109.3 ) Total derivatives $ 236.0 $ ( 566.1 ) $ 50.8 $ ( 367.5 )
Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet	The pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis is as follows: Gross Presentation Pro Forma Net Presentation September 30, 2022 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 171.0 $ ( 401.0 ) $ ( 26.7 ) $ 13.7 $ ( 270.4 ) Counterparties without offsetting positions - assets 14.8 — — 14.8 — Counterparties without offsetting positions - liabilities — — — — — 185.8 ( 401.0 ) ( 26.7 ) 28.5 ( 270.4 ) Long Term Position Counterparties with offsetting positions or collateral 43.8 ( 165.1 ) 14.0 16.2 ( 123.5 ) Counterparties without offsetting positions - assets 6.4 — — 6.4 — Counterparties without offsetting positions - liabilities — — — — — 50.2 ( 165.1 ) 14.0 22.6 ( 123.5 ) Total Derivatives Counterparties with offsetting positions or collateral 214.8 ( 566.1 ) ( 12.7 ) 29.9 ( 393.9 ) Counterparties without offsetting positions - assets 21.2 — — 21.2 — Counterparties without offsetting positions - liabilities — — — — — $ 236.0 $ ( 566.1 ) $ ( 12.7 ) $ 51.1 $ ( 393.9 ) Gross Presentation Pro Forma Net Presentation December 31, 2021 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 39.2 $ ( 241.9 ) $ 5.0 $ 0.3 $ ( 198.0 ) Counterparties without offsetting positions - assets 3.9 — — 3.9 — Counterparties without offsetting positions - liabilities — ( 16.3 ) — — ( 16.3 ) 43.1 ( 258.2 ) 5.0 4.2 ( 214.3 ) Long Term Position Counterparties with offsetting positions or collateral 7.4 ( 95.1 ) 3.1 — ( 84.6 ) Counterparties without offsetting positions - assets 0.3 — — 0.3 — Counterparties without offsetting positions - liabilities — ( 14.2 ) — — ( 14.2 ) 7.7 ( 109.3 ) 3.1 0.3 ( 98.8 ) Total Derivatives Counterparties with offsetting positions or collateral 46.6 ( 337.0 ) 8.1 0.3 ( 282.6 ) Counterparties without offsetting positions - assets 4.2 — — 4.2 — Counterparties without offsetting positions - liabilities — ( 30.5 ) — — ( 30.5 ) $ 50.8 $ ( 367.5 ) $ 8.1 $ 4.5 $ ( 313.1 )
Amounts Recorded in Other Comprehensive Income OCI and Amounts Reclassified from OCI to Revenue	The following tables reflect amounts recorded in Other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives in Cash Flow Three Months Ended September 30, Nine Months Ended September 30, Hedging Relationships 2022 2021 2022 2021 Commodity contracts $ 225.4 $ ( 294.7 ) $ ( 136.7 ) $ ( 698.9 ) Gain (Loss) Reclassified from OCI into Three Months Ended September 30, Nine Months Ended September 30, Location of Gain (Loss) 2022 2021 2022 2021 Revenues $ ( 121.7 ) $ ( 100.4 ) $ ( 425.2 ) $ ( 303.8 )
Gain (Loss) Recognized in Income on Derivatives	The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three and nine months ended September 30, 2022, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward prices, as compared to our positions. Location of Gain (Loss) Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended September 30, Nine Months Ended September 30, as Hedging Instruments Derivatives 2022 2021 2022 2021 Commodity contracts Revenue $ ( 121.5 ) $ 16.7 $ ( 317.5 ) $ ( 24.8 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2022
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 on our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: September 30, 2022 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 230.5 $ 230.5 $ — $ 230.5 $ — Liabilities from commodity derivative contracts (1) 560.6 560.6 — 560.6 — Financial Instruments Recorded on Our Cash and cash equivalents 192.9 192.9 — — — TRGP Revolver and Commercial Paper Program 1,182.0 1,182.0 — 1,182.0 — TRGP Senior unsecured notes 2,741.5 2,386.8 — 2,386.8 — Term Loan Facility 1,500.0 1,500.0 — 1,500.0 — Partnership's Senior unsecured notes 5,034.4 4,564.4 — 4,564.4 — Securitization Facility 750.0 750.0 — 750.0 — December 31, 2021 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Assets from commodity derivative contracts (1) $ 46.6 $ 46.6 $ — $ 46.6 $ — Liabilities from commodity derivative contracts (1) 363.3 363.3 — 363.3 — Financial Instruments Recorded on Our Cash and cash equivalents 158.5 158.5 — — — Partnership's Senior unsecured notes 6,465.7 6,924.5 — 6,924.5 — Securitization Facility 150.0 150.0 — 150.0 — (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 12 – 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.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 2022
Revenue From Contract With Customer [Abstract]
Summary of Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations	The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period, and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 17 years . 2022 2023 2024 and after Fixed consideration to be recognized as of September 30, 2022 $ 117.7 $ 432.6 $ 2,573.6

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
Supplemental Cash Flow Information (Tables)	Sep. 30, 2022
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Nine Months Ended September 30, 2022 2021 Cash: Interest paid, net of capitalized interest (1) $ 332.6 $ 327.8 Income taxes (received) paid, net 1.1 1.2 Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment, net $ ( 40.1 ) $ ( 7.5 ) Transfers from materials and supplies inventory to property, plant and equipment — 2.4 Non-cash financing activities: Changes in accrued distributions to noncontrolling interests $ ( 18.0 ) $ ( 43.1 ) (1) Interest capitalized on major projects was $ 9.5 million and $ 2.7 million for the nine months ended September 30, 2022 and 2021 .

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2022
Segment Reporting [Abstract]
Reportable Segment Information	Reportable segment information is shown in the following tables: Three Months Ended September 30, 2022 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 180.7 $ 4,731.8 $ ( 112.2 ) $ — $ 4,800.3 Fees from midstream services 382.0 177.8 — — 559.8 562.7 4,909.6 ( 112.2 ) — 5,360.1 Intersegment revenues Sales of commodities 2,768.2 160.7 — ( 2,928.9 ) — Fees from midstream services 0.3 11.6 — ( 11.9 ) — 2,768.5 172.3 — ( 2,940.8 ) — Revenues $ 3,331.2 $ 5,081.9 $ ( 112.2 ) $ ( 2,940.8 ) $ 5,360.1 Operating margin (1) $ 564.6 $ 340.2 $ ( 112.2 ) Other financial information: Total assets (2) $ 12,126.3 $ 7,067.6 $ 1.5 $ 194.5 $ 19,389.9 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 222.0 $ 139.1 $ — $ 8.0 $ 369.1 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Three Months Ended September 30, 2021 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 156.2 $ 3,948.4 $ 13.5 $ — $ 4,118.1 Fees from midstream services 205.3 136.3 — — 341.6 361.5 4,084.7 13.5 — 4,459.7 Intersegment revenues Sales of commodities 1,786.0 108.3 — ( 1,894.3 ) — Fees from midstream services 0.6 11.5 — ( 12.1 ) — 1,786.6 119.8 — ( 1,906.4 ) — Revenues $ 2,148.1 $ 4,204.5 $ 13.5 $ ( 1,906.4 ) $ 4,459.7 Operating margin (1) $ 361.4 $ 280.7 $ 13.5 Other financial information: Total assets (2) $ 8,560.6 $ 7,180.5 $ 42.3 $ 189.3 $ 15,972.7 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 98.0 $ 16.8 $ — $ 2.7 $ 117.5 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Nine Months Ended September 30, 2022 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 577.0 $ 14,708.6 $ ( 294.9 ) $ — $ 14,990.7 Fees from midstream services 844.2 540.1 — — 1,384.3 1,421.2 15,248.7 ( 294.9 ) — 16,375.0 Intersegment revenues Sales of commodities 7,455.4 416.5 — ( 7,871.9 ) — Fees from midstream services 0.1 34.3 — ( 34.4 ) — 7,455.5 450.8 — ( 7,906.3 ) — Revenues $ 8,876.7 $ 15,699.5 $ ( 294.9 ) $ ( 7,906.3 ) $ 16,375.0 Operating margin (1) $ 1,437.0 $ 1,014.6 $ ( 294.9 ) Other financial information: Total assets (2) $ 12,126.3 $ 7,067.6 $ 1.5 $ 194.5 $ 19,389.9 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 551.7 $ 206.9 $ — $ 16.7 $ 775.3 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Nine Months Ended September 30, 2021 Gathering and Processing Logistics and Transportation Other Corporate Total Revenues Sales of commodities $ 446.2 $ 10,186.7 $ ( 55.6 ) $ — $ 10,577.3 Fees from midstream services 496.7 434.2 — — 930.9 942.9 10,620.9 ( 55.6 ) — 11,508.2 Intersegment revenues Sales of commodities 3,940.4 283.5 — ( 4,223.9 ) — Fees from midstream services 2.8 27.0 — ( 29.8 ) — 3,943.2 310.5 — ( 4,253.7 ) — Revenues $ 4,886.1 $ 10,931.4 $ ( 55.6 ) $ ( 4,253.7 ) $ 11,508.2 Operating margin (1) $ 938.2 $ 920.5 $ ( 55.6 ) Other financial information: Total assets (2) $ 8,560.6 $ 7,180.5 $ 42.3 $ 189.3 $ 15,972.7 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 265.4 $ 42.0 $ — $ 9.1 $ 316.5 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
Revenues Disaggregated by Product and Service	The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 1,748.1 $ 916.1 $ 4,244.1 $ 2,371.3 NGL 3,145.4 3,185.0 11,048.3 8,278.4 Condensate and crude oil 150.0 100.7 441.0 256.2 5,043.5 4,201.8 15,733.4 10,905.9 Non-customer revenue: Derivative activities - Hedge ( 121.7 ) ( 100.4 ) ( 425.2 ) ( 303.8 ) Derivative activities - Non-hedge (1) ( 121.5 ) 16.7 ( 317.5 ) ( 24.8 ) ( 243.2 ) ( 83.7 ) ( 742.7 ) ( 328.6 ) Total sales of commodities 4,800.3 4,118.1 14,990.7 10,577.3 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 376.4 201.3 829.6 485.7 NGL transportation, fractionation and services 82.3 45.8 215.1 138.5 Storage, terminaling and export 82.5 87.7 285.3 273.1 Other 18.6 6.8 54.3 33.6 Total fees from midstream services 559.8 341.6 1,384.3 930.9 Total revenues $ 5,360.1 $ 4,459.7 $ 16,375.0 $ 11,508.2 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815.
Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes	The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Reconciliation of reportable segment operating Gathering and Processing operating margin $ 564.6 $ 361.4 $ 1,437.0 $ 938.2 Logistics and Transportation operating margin 340.2 280.7 1,014.6 920.5 Other operating margin ( 112.2 ) 13.5 ( 294.9 ) ( 55.6 ) Depreciation and amortization expense ( 287.2 ) ( 222.8 ) ( 766.2 ) ( 650.9 ) General and administrative expense ( 79.1 ) ( 67.3 ) ( 217.2 ) ( 192.4 ) Interest expense, net ( 125.8 ) ( 91.0 ) ( 300.5 ) ( 284.2 ) Equity earnings (loss) 1.7 14.3 8.7 38.9 Gain (loss) on sale or disposition of assets 6.5 1.5 8.1 1.7 Write-down of assets ( 2.7 ) ( 0.5 ) ( 3.7 ) ( 5.0 ) Gain (loss) from financing activities — — ( 49.6 ) ( 16.6 ) Gain (loss) from sale of equity method investment — — 435.9 — Other, net ( 14.7 ) 0.2 ( 14.7 ) 0.2 Income (loss) before income taxes $ 291.3 $ 290.0 $ 1,257.5 $ 694.8

Joint Ventures, Divestitures _3

Joint Ventures, Divestitures and Acquisitions - Additional Information Joint Ventures (Details) $ in Millions		1 Months Ended	9 Months Ended
	Feb. 06, 2018 JointVenture	Jan. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Feb. 28, 2022
Business Acquisition [Line Items]
Repurchase of interest			$ 926.3
Premium on repurchase of noncontrolling interests, net of tax			53.1
DevCo JV Repurchase [Member]
Business Acquisition [Line Items]
Repurchase of interest		$ 926.3
Premium on repurchase of noncontrolling interests, net of tax			53.1
Cash paid for purchase of noncontrolling interests			$ 857.9
DevCo JV Repurchase [Member] \| Grand Prix Joint Venture [Member]
Business Acquisition [Line Items]
Ownership interest		75%
Train 6 [Member] \| DevCo JV Repurchase [Member]
Business Acquisition [Line Items]
Ownership interest in assets		100%
GCX DevCo JV [Member]
Business Acquisition [Line Items]
Ownership interest				25%
GCX DevCo JV [Member] \| DevCo JV Repurchase [Member]
Business Acquisition [Line Items]
Ownership interest		25%
Stonepeak Infrastructure Partners [Member] \| GCX DevCo JV [Member]
Business Acquisition [Line Items]
Number of development joint ventures \| JointVenture	3
Train 6 DevCo JV [Member] \| Train 6 [Member] \| Mont Belvieu, Texas [Member]
Business Acquisition [Line Items]
Ownership interest in assets	110%

Joint Ventures, Divestitures _4

Joint Ventures, Divestitures and Acquisitions - Additional Information Acquisitions (Details) $ in Millions, Bcf in Billions		1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended
	Jul. 29, 2022 USD ($) Miles Bcf	Apr. 30, 2022 USD ($) JointVenture	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Debt issuance cost			$ 66.5		$ 66.5	$ 66.5	$ 45
South Texas Acquisition
Business Acquisition [Line Items]
Business acquisition, purchase price		$ 201.9
Number of operated joint ventures \| JointVenture		2
Business acquisition, purchase price closing adjustment				$ 1.5
Acquisition-related costs		$ 1.8
Amount of liabilities assumed		1.8
Purchase of interest in joint venture		28.1
Cost to property, plant and equipment		169.7
Cost to current assets and liabilities, net		3.9
Cost to other non-current assets		$ 5.3
Delaware Basin Acquisition
Business Acquisition [Line Items]
Business acquisition, purchase price	$ 3,500
Acquisition-related costs					$ 14.3	$ 14.3
Cost to property, plant and equipment	1,678.8
Cost to other non-current assets	57.3
Debt issuance cost	1,500
Debt instrument drawn amount	800
Debt issuance costs	$ 16.9
Distance of natural gas pipelines \| Miles	1,050
Natural gas processing capacity in service or under construction \| Bcf	1.4
Estimated average useful life of property, plant and equipment	20 Years
Estimated useful life of intangible assets	14 years
Revenue attributable to the assets acquired from the date of acquisition			104
Revenue attributable to the assets acquired from the date of acquisition			$ 4.7
Delaware Basin Acquisition \| Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Debt instrument drawn amount	$ 2,750
Delaware Basin Acquisition \| 5.200% Senior Notes Due 2027 [Member]
Business Acquisition [Line Items]
Aggregate principal amount issued	$ 750
Interest rate on fixed rate debt	5.20%		5.20%		5.20%	5.20%
Delaware Basin Acquisition \| 6.250% Senior Notes Due 2052 [Member]
Business Acquisition [Line Items]
Aggregate principal amount issued	$ 500
Interest rate on fixed rate debt	6.25%		6.25%		6.25%	6.25%

Joint Ventures, Divestitures _5

Joint Ventures, Divestitures and Acquisitions - Summary of Preliminary Fair Values Assigned to Assets Acquired and Liabilities Assumed (Details) - Delaware Basin Acquisition $ in Millions	Jul. 29, 2022 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 9.9
Trade receivables, net of allowances	210.2	[1]
Other current assets	6.5
Property, plant and equipment, net	1,678.8
Intangible assets, net	1,881.6
Other long-term assets	57.3
Current liabilities	(237.3)
Other long-term liabilities	(100.8)
Purchase price	$ 3,506.2

[1] The fair value of the assets acquired includes trade receivables of $ 210.2 million. The gross amount due under contract was $ 212.9 million, of which $ 2.7 million was expected to be uncollectible. Trade receivables, net of allowances, excludes $ 18.5 million that was due from Targa. We reflected this settlement of a preexisting relationship as a reduction of the purchase price in accordance with ASC 805.

Joint Ventures, Divestitures _6

Joint Ventures, Divestitures and Acquisitions - Summary of Preliminary Fair Values Assigned to Assets Acquired and Liabilities Assumed (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jul. 29, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Trade receivables, net of allowances	$ 1,534.9		$ 1,331.9
Delaware Basin Acquisition
Business Acquisition [Line Items]
Fair value of the assets acquired includes trade receivables		$ 210.2
Gross amount due under contract		212.9
Expected to be uncollectible		2.7
Trade receivables, net of allowances		$ 18.5

Joint Ventures, Divestitures _7

Joint Ventures, Divestitures and Acquisitions - Schedule of Unaudited Pro Forma Financial Information (Details) - Delaware Basin Acquisition - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Revenues	$ 5,391.1	$ 4,595.2	$ 16,604	$ 11,869.4
Net income (loss)	$ 288.2	$ 242.4	$ 1,087.9	$ 514.9

Joint Ventures, Divestitures _8

Joint Ventures, Divestitures and Acquisitions - Additional Information Divestitures (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	May 31, 2022	Feb. 28, 2022	Jun. 30, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Gain (loss) from sale of equity-method investment				$ 435.9
GCX DevCo JV [Member]
Business Acquisition [Line Items]
Repurchase of interest	$ 857	$ 857
Gain (loss) from sale of equity-method investment			$ 435.9

Property, Plant and Equipment_3

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 23,259.2	$ 20,596.1
Accumulated depreciation, amortization and impairment	(9,542.8)	(8,928.4)
Property, plant and equipment, net	13,716.4	11,667.7
Intangible assets	4,379.3	2,642.9
Accumulated amortization and impairment	(1,539.6)	(1,548.1)
Intangible assets, net	$ 2,839.7	1,094.8
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 10,432.4	9,318.2
Gathering Systems [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Gathering Systems [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Processing and Fractionation Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 7,425.4	6,388.8
Processing and Fractionation Facilities [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Processing and Fractionation Facilities [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Terminaling and Storage Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,342.1	1,313.8
Terminaling and Storage Facilities [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Terminaling and Storage Facilities [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Transportation Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2,791.6	2,671
Transportation Assets [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Transportation Assets [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Other Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 357.1	340.9
Other Property, Plant and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Other Property, Plant and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 162.7	160.8
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	657.4	347
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 90.5	$ 55.6
Finance Lease Right-of-Use Assets [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Finance Lease Right-of-Use Assets [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	14 years

Property, Plant and Equipment_4

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property Plant And Equipment And Intangible Assets [Abstract]
Depreciation expense	$ 206,500,000	$ 190,200,000	$ 629,500,000	$ 552,700,000
Long-lived assets, impairment charges			0	$ 0
Estimated amortization expense for intangible assets [Abstract]
2022	243,800,000		243,800,000
2023	388,400,000		388,400,000
2024	376,300,000		376,300,000
2025	334,100,000		334,100,000
2026	$ 283,900,000		$ 283,900,000

Property, Plant and Equipment_5

Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Finite Lived Intangible Assets [Roll Forward]
Beginning of period	$ 1,094.8
Additions from Delaware Basin Acquisition	1,881.6
Amortization	(136.7)
End of period	$ 2,839.7

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates - Additional Information (Details) $ in Millions	1 Months Ended			3 Months Ended		9 Months Ended
	May 31, 2022 USD ($)	Apr. 30, 2022 USD ($) JointVenture	Feb. 28, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Schedule Of Equity Method Investments [Line Items]
Gain (loss) from sale of equity-method investment						$ 435.9
GCX DevCo JV [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest			25%
Repurchase of interest	$ 857		$ 857
Gain (loss) from sale of equity-method investment					$ 435.9
South Texas Acquisition [Member]
Schedule Of Equity Method Investments [Line Items]
Business acquisition, purchase price		$ 201.9
Business acquisition, purchase price closing adjustment				$ 1.5
Number of operated joint ventures \| JointVenture		2
Targa Resources Partners LP [Member] \| South Texas Acquisition [Member]
Schedule Of Equity Method Investments [Line Items]
Business acquisition, purchase price		$ 201.9
Number of operated joint ventures \| JointVenture		2
Targa Resources Partners LP [Member] \| South Texas Acquisition [Member] \| Forecast [Member]
Schedule Of Equity Method Investments [Line Items]
Business acquisition, purchase price closing adjustment				$ 1.5
Targa Resources Partners LP [Member] \| South Texas Acquisition [Member] \| T2 Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest		100%
Targa Resources Partners LP [Member] \| T2 La Salle \| South Texas Acquisition [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest		75%
Targa Resources Partners LP [Member] \| T2 Eagle Ford \| South Texas Acquisition [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest		50%
Targa Resources Partners LP [Member] \| Gulf Coast Fractionators LP [Member] \| Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest						38.80%
Targa Resources Partners LP [Member] \| Cayenne Joint Venture [Member] \| Gathering And Processing Fees
Schedule Of Equity Method Investments [Line Items]
Ownership interest						50%
Targa Resources Partners LP [Member] \| Little Missouri 4 [Member] \| Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest						50%

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period				$ 586.5
Equity earnings (loss)		$ 1.7	$ 14.3	8.7	$ 38.9
Balance at end of period		136.4		136.4
Targa Resources Partners LP [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period				586.5
Equity earnings (loss)				8.7
Cash Distributions				(23.5)
Disposition/ Consolidation				436.8
Contributions				1.5
Balance at end of period		136.4		136.4
Targa Resources Partners LP [Member] \| GCX [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period				421
Equity earnings (loss)				5.7
Cash Distributions				(14.3)
Disposition/ Consolidation				(412.4)
Targa Resources Partners LP [Member] \| Little Missouri 4 [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period				98.1
Equity earnings (loss)				4.3
Cash Distributions				(7.4)
Balance at end of period		95		95
Targa Resources Partners LP [Member] \| T2 Eagle Ford
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period	[1]			21.9
Equity earnings (loss)	[1]			(0.6)
Cash Distributions	[1]			(0.8)
Disposition/ Consolidation	[1]			(20.5)
Targa Resources Partners LP [Member] \| T2 La Salle
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period	[1]			4.2
Equity earnings (loss)	[1]			(0.3)
Disposition/ Consolidation	[1]			(3.9)
Targa Resources Partners LP [Member] \| Gulf Coast Fractionators LP [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period	[2]			28.8
Equity earnings (loss)	[2]			(2.4)
Contributions	[2]			1.5
Balance at end of period	[2]	27.9		27.9
Targa Resources Partners LP [Member] \| Cayenne Joint Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period				12.5
Equity earnings (loss)				2
Cash Distributions				(1)
Balance at end of period		$ 13.5		$ 13.5

[1] Following the closing of the South Texas Acquisition in April 2022, the T2 Joint Ventures are 100 % owned and consolidated by Targa. Targa assumed operatorship of GCF in the first half of 2021.

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Parenthetical) (Details)	Apr. 30, 2022
South Texas Acquisition [Member] \| Targa Resources Partners LP [Member] \| T2 Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	100%

Debt Obligations - Summary Of D

Debt Obligations - Summary Of Debt Obligations (Details) - USD ($) $ in Millions		Sep. 30, 2022	Dec. 31, 2021
Current:
Partnership accounts receivable securitization facility, due September 2023	[1]	$ 750	$ 150
Finance lease liabilities		16.5	12.8
Current debt obligations		766.5	162.8
Long-term [Abstract]
Long-term debt including Unamortized premium(discount) and Debt issuance costs		10,457.9	6,465.7
Debt issuance costs, net of amortization		(66.5)	(45)
Finance lease liabilities		39.9	13.7
Long-term debt		10,431.3	6,434.4
Total debt obligations		11,197.8	6,597.2
Letters of credit outstanding		47.2	71.3
Senior Unsecured Notes [Member]
Long-term [Abstract]
Unamortized discount		(8.5)	0
Senior Unsecured Notes [Member] \| Senior Unsecured 5.200% fixed rate, due July 2027 [Member]
Long-term [Abstract]
Long-term debt		750	0
Senior Unsecured Notes [Member] \| Senior Unsecured 5.200% fixed rate, due July 2027 [Member] \| Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	705.2	705.2
Senior Unsecured Notes [Member] \| Senior Unsecured 4.200% Notes due February 2033 [Member]
Long-term [Abstract]
Long-term debt		750	0
Senior Unsecured Notes [Member] \| Senior Unsecured 4.950% Notes due April 2052 [Member]
Long-term [Abstract]
Long-term debt		750	0
Senior Unsecured Notes [Member] \| Senior Unsecured 6.250% fixed rate, due July 2052 [Member]
Long-term [Abstract]
Long-term debt		500	0
Senior Unsecured Notes [Member] \| Senior Unsecured 5.875% Notes due April 2026 [Member] \| Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2],[3]	0	963.2
Senior Unsecured Notes [Member] \| Senior Unsecured 5.375% Notes due February 2027 [Member] \| Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2],[4]	0	468.1
Senior Unsecured Notes [Member] \| Senior Unsecured 5.000% Notes due January 2028 [Member] \| Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	700.3	700.3
Senior Unsecured Notes [Member] \| Senior Unsecured 6.875% Senior Notes due January 2029 [Member] \| Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	679.3	679.3
Senior Unsecured Notes [Member] \| Senior Unsecured 5.500% Notes due March 2030 [Member] \| Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	949.6	949.6
Senior Unsecured Notes [Member] \| Senior Unsecured of 4.875% Senior Notes due February 2031 [Member] \| Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	1,000	1,000
Senior Unsecured Notes [Member] \| Senior Unsecured of 4.000% Senior Notes due January 2032 [Member] \| Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	1,000	1,000
Term Loan Facility, Variable Rate, due July 2025
Long-term [Abstract]
Long-term debt		1,500	0
Revolving Credit Facility [Member] \| TRGP Senior Revolving Credit Facility due February 2027 [Member]
Long-term [Abstract]
Long-term debt	[5]	1,182	0
Revolving Credit Facility [Member] \| TRGP Senior Revolving Credit Facility due February 2027 [Member] \| Targa Resources Partners LP [Member]
Long-term [Abstract]
Letters of credit outstanding	[5]	47.2	0
Revolving Credit Facility [Member] \| TRP Senior Revolving Credit Facility due June 2023 [Member] \| Targa Resources Partners LP [Member]
Long-term [Abstract]
Letters of credit outstanding	[5]	$ 0	$ 71.3

[1] In September 2022, the Partnership amended the Securitization Facility to, among other things, increase the facility size from $ 400.0 million to $ 800.0 million and extend the facility termination date to September 1, 2023 . As of September 30, 2022, the Partnership had $ 750.0 million of qualifying receivables under its $ 800.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $ 50.0 million of availability. As of February 2022, we guarantee all of the Partnership’s outstanding senior unsecured notes. In April 2022, the Partnership redeemed all of the outstanding 5.875 % Senior Notes due 2026 (the “ 5.875 % Notes”). In March 2022, the Partnership redeemed all of the outstanding 5.375 % Senior Notes due 2027 (the “ 5.375 % Notes”) with the available liquidity under the TRGP Revolver. In February 2022, we entered into the TRGP Revolver which matures in February 2027, and terminated our previous TRGP senior secured revolving credit facility (the “Previous TRGP Revolver”) and the Partnership’s senior secured revolving credit facility (the “Partnership Revolver”). In July 2022, we established an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our TRGP Revolver equal to the aggregate amount outstanding under the Commercial Paper Program. As of September 30, 2022, the TRGP Revolver had $ 550.0 million borrowings outstanding and the Commercial Paper Program had $ 632.0 million borrowings outstanding, resulting in approximately $ 1.5 billion of available liquidity, after accounting for outstanding letters of credit. As of December 31, 2021, we had no balance outstanding under the Previous TRGP Revolver or the Partnership Revolver.

Debt Obligations - Summary Of_2

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended		12 Months Ended
		Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Sep. 29, 2022	Apr. 30, 2022
Debt Instrument [Line Items]
Proceeds from borrowings under accounts receivable securitization facility			$ 1,180	$ 570
Partnership accounts receivable securitization facility, due September 2023	[1]		$ 750		$ 150
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Maturity date			Sep. 01, 2023
Proceeds from borrowings under accounts receivable securitization facility			$ 750
Partnership accounts receivable securitization facility, due September 2023			800
Remaining borrowing capacity			50
Maximum borrowing capacity			$ 800			$ 400
Term Loan Facility, Variable Rate, due July 2025
Debt Instrument [Line Items]
Maturity date			Jul. 31, 2025		Jul. 31, 2025
Revolving Credit Facility [Member] \| TRGP Senior Revolving Credit Facility due February 2027 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2027		Feb. 28, 2027
Remaining borrowing capacity			$ 550
Revolving Credit Facility [Member] \| Commercial Paper Program [Member]
Debt Instrument [Line Items]
Remaining borrowing capacity			632
Revolving Credit Facility [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Remaining borrowing capacity			$ 1,500
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt							4.20%
Senior Unsecured Notes [Member] \| Senior Unsecured 4.200% Notes due February 2033 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2033		Feb. 28, 2023
Interest rate on fixed rate debt			4.20%		4.20%		4.20%
Senior Unsecured Notes [Member] \| Senior Unsecured 5.200% fixed rate, due July 2027 [Member]
Debt Instrument [Line Items]
Maturity date			Jul. 31, 2027		Jul. 31, 2027
Interest rate on fixed rate debt			5.20%		5.20%
Senior Unsecured Notes [Member] \| Senior Unsecured 4.950% Notes due April 2052 [Member]
Debt Instrument [Line Items]
Maturity date			Apr. 30, 2052		Apr. 30, 2052
Interest rate on fixed rate debt			4.95%		4.95%		4.95%
Senior Unsecured Notes [Member] \| Senior Unsecured 6.250% fixed rate, due July 2052 [Member]
Debt Instrument [Line Items]
Maturity date			Jul. 31, 2052		Jul. 31, 2052
Interest rate on fixed rate debt			6.25%		6.25%
Senior Unsecured Notes [Member] \| Senior Unsecured 5.875% Notes due April 2026 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt							5.875%
Senior Unsecured Notes [Member] \| Senior Unsecured 5.375% Notes due February 2027 [Member]
Debt Instrument [Line Items]
Maturity date		Mar. 31, 2022
Interest rate on fixed rate debt		5.375%
Senior Unsecured Notes [Member] \| Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Maturity date			Sep. 01, 2023
Maximum borrowing capacity			$ 800			$ 400
Targa Resources Partners LP [Member] \| Accounts Receivable Securitization Facility [Member] \| Accounts Receivable Securitization Facility, due September 2023 [Member]
Debt Instrument [Line Items]
Maturity date			Sep. 30, 2023		Sep. 30, 2023
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5.200% fixed rate, due July 2027 [Member]
Debt Instrument [Line Items]
Maturity date			Jul. 31, 2027		Jul. 31, 2027
Interest rate on fixed rate debt			6.50%		6.50%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5.875% Notes due April 2026 [Member]
Debt Instrument [Line Items]
Maturity date			Apr. 30, 2026		Apr. 30, 2026
Interest rate on fixed rate debt			5.875%		5.875%		5.875%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5.000% Notes due January 2028 [Member]
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2028		Jan. 31, 2028
Interest rate on fixed rate debt			5%		5%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 6.875% Senior Notes due January 2029 [Member]
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2029		Jan. 31, 2029
Interest rate on fixed rate debt			6.875%		6.875%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5.375% Notes due February 2027 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2027		Feb. 28, 2027
Interest rate on fixed rate debt		5.375%	5.375%		5.375%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured 5.500% Notes due March 2030 [Member]
Debt Instrument [Line Items]
Maturity date			Mar. 31, 2030		Mar. 31, 2030
Interest rate on fixed rate debt			5.50%		5.50%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured of 4.000% Senior Notes due January 2032 [Member]
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2032		Jan. 31, 2032
Interest rate on fixed rate debt			4%		4%
Targa Resources Partners LP [Member] \| Senior Unsecured Notes [Member] \| Senior Unsecured of 4.875% Senior Notes due February 2031 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2031		Feb. 28, 2031
Interest rate on fixed rate debt			4.875%		4.875%

[1] In September 2022, the Partnership amended the Securitization Facility to, among other things, increase the facility size from $ 400.0 million to $ 800.0 million and extend the facility termination date to September 1, 2023 . As of September 30, 2022, the Partnership had $ 750.0 million of qualifying receivables under its $ 800.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $ 50.0 million of availability.

Debt Obligations - Range of Int

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Sep. 30, 2022
TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	2.90%
Targa Resources Partners LP [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	4.10%
Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	2%
Minimum [Member] \| TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.50%
Minimum [Member] \| Targa Resources Partners LP [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.10%
Minimum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.10%
Maximum [Member] \| TRGP Revolver and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.70%
Maximum [Member] \| Targa Resources Partners LP [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	4.10%
Maximum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	3.80%

Debt Obligations - Compliance w

Debt Obligations - Compliance with Debt Covenants - Additional Information (Details) $ in Billions	Sep. 30, 2022 USD ($)
Senior Unsecured Notes [Member] \| Targa Resources Partners LP and Targa Resources Partners Finance Corporation "TRP Issuers" [Member]
Debt Instrument [Line Items]
Senior unsecured notes	$ 5

Debt Obligations - Partnership'

Debt Obligations - Partnership's Accounts Receivable Securitization Facility - Additional Information (Details) - Accounts Receivable Securitization Facility [Member] - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Apr. 30, 2022	Sep. 30, 2022	Sep. 29, 2022
Debt Instrument [Line Items]
Termination date		Sep. 01, 2023
Maximum borrowing capacity		$ 800	$ 400
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Termination date		Sep. 01, 2023
Maximum borrowing capacity		$ 800	$ 400
Senior Unsecured Notes [Member] \| Senior Unsecured of 4% Senior Notes due 2032 [Member]
Debt Instrument [Line Items]
Termination date	Apr. 19, 2023

Debt Obligations - TRGP Revolve

Debt Obligations - TRGP Revolver - Additional Information (Details) - TRGP Revolver [Member]	1 Months Ended
	Feb. 28, 2022 USD ($)
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 2,750,000,000
Maximum borrowing capacity	500,000,000
Remaining borrowing capacity	$ 100,000,000
Maturity date	Feb. 17, 2027
Gain (loss) due to debt extinguishments	$ (800,000)

Debt Obligations - Term Loan Fa

Debt Obligations - Term Loan Facility - Additional Information (Details) - Term Loan Facility [Member] - USD ($)	1 Months Ended	9 Months Ended
	Jul. 31, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Term loan facility, term	3 years
Maturity date	Jul. 31, 2025
Interest rate, description		The Term Loan Facility bears interest at the Company’s option at: (a) the Base Rate (as defined in the Term Loan Facility), which is the highest of the (i) federal funds rate plus 0.5%, (ii) Mizuho’s prime rate, and (iii) the Term SOFR (as defined in the Term Loan Facility) rate plus 1.0% (subject in each case to a floor of 0.0%), plus an applicable margin ranging from 0.125% to 0.75% dependent on the Company’s non-credit-enhanced senior unsecured long-term debt ratings (or, if no such debt is outstanding at such time, then the corporate, issuer or similar rating with respect to the Company that has been most recently announced) (the “Debt Rating”), or (b) Term SOFR plus 0.10% plus an applicable margin ranging from 1.125% to 1.75% dependent on the Debt Rating.
Basis spread on variable rate	0%
Minimum [Member]
Debt Instrument [Line Items]
Leverage ratio before collateral release date	1
Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio before collateral release date	5.50
Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Term SOFR Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Term SOFR Rate [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Base Rate [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.125%
Base Rate [Member] \| Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Unsecured Debt [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 1,500,000,000

Debt Obligations - Commercial P

Debt Obligations - Commercial Paper Program - Additional Information (Details) - Commercial Paper Program [Member] - USD ($)	9 Months Ended
	Sep. 30, 2022	Jul. 31, 2022
Debt Instrument [Line Items]
Amount outstanding		$ 2,750,000,000
Agreement description	Under the terms of the Commercial Paper Program, we may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year.

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes Redemptions and Issuance - Additional Information (Details) - Senior Unsecured Notes [Member] - USD ($)	1 Months Ended			9 Months Ended	12 Months Ended
	Jul. 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Interest rate on fixed rate debt		4.20%
Senior Unsecured 5.375% Notes due February 2027 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt			5.375%
Maturity date			Mar. 31, 2022
Redemption description				In March 2022, the Partnership redeemed all of the outstanding 5.375% Notes at a redemption price equal to $1,026.88 for each $1,000 principal amount of 5.375% Notes redeemed, plus accrued and unpaid interest to, but not including, March 30, 2022, or a maximum combined aggregate redemption price (exclusive of accrued and unpaid interest) of $480.7 million. The 5.375% Notes were redeemed with available liquidity under the TRGP Revolver.
Redemption price per share			$ 1,026.88
Redemption of principal amount			$ 1,000
Maximum combined aggregate redemption price exclusive of accrued and unpaid interest			480,700,000
Gain (loss) due to debt extinguishments			(15,000,000)
Premium Paid			12,600,000
Write-off debt issuance cost			$ 2,400,000
Senior Unsecured 4.200% Notes due February 2033 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		4.20%		4.20%	4.20%
Maturity date				Feb. 28, 2033	Feb. 28, 2023
Aggregate principal amount issued		$ 750,000,000
Senior Unsecured 4.950% Notes due April 2052 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		4.95%		4.95%	4.95%
Maturity date				Apr. 30, 2052	Apr. 30, 2052
Aggregate principal amount issued		$ 750,000,000
Net proceeds from private placement of notes		$ 1,500,000,000
Senior Unsecured 5.875% Notes due April 2026 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		5.875%
Gain (loss) due to debt extinguishments		$ 33,800,000
Premium Paid		29,300,000
Write-off debt issuance cost		$ 4,500,000
Senior Notes due 2027 [Member[
Debt Instrument [Line Items]
Interest rate on fixed rate debt	5.20%
Senior Notes due 2052 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	6.25%
Net proceeds from private placement of notes	$ 1,200,000,000

Debt Obligations - Summary of P

Debt Obligations - Summary of Payment Obligations for Debt Instruments (Details) - USD ($) $ in Millions		Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Total		$ 15,337.1
Less Than 1 Year		524.6
1-3 Years		2,549.3
3-5 Years		3,519.2
More Than 5 Years		8,744
Long Term Debt Obligation [Member]
Debt Instrument [Line Items]
Total	[1]	10,466.4
1-3 Years	[1]	1,500
3-5 Years	[1]	2,637.2
More Than 5 Years	[1]	6,329.2
Interest On Debt Obligations [Member]
Debt Instrument [Line Items]
Total		4,870.7	[2]	$ 3,496.8	$ 2,340.3
Less Than 1 Year		524.6	[2]	359.5	347.2
1-3 Years		1,049.3	[2]	719	694.4
3-5 Years		882	[2]	711	637.5
More Than 5 Years		$ 2,414.8	[2]	$ 1,707.3	$ 661.2

[1] Represents scheduled future maturities of consolidated debt obligations for the periods indicated. Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing September 30, 2022 rates for floating debt. During the preparation of the Company's third quarter 2022 consolidated financial statements, the Company identified an error related to the disclosure of future payment obligations for interest on debt. The Company does not believe this disclosure error is material to its previously issued historical consolidated financial statements for any of the periods impacted and accordingly, has not adjusted the historical financial statements disclosures. As of March 31, 2022, the future payment obligations for interest on debt were $ 2,340.3 million in total, comprised of $ 347.2 million, $ 694.4 million, $ 637.5 million, and $ 661.2 million, for the periods less than 1 year, 1-3 years, 3-5 years, and more than 5 years, respectively. As of June 30, 2022, the future payment obligations for interest on debt were $ 3,496.8 million in total, comprised of $ 359.5 million, $ 719.0 million, $ 711.0 million, and $ 1,707.3 million, for the periods less than 1 year, 1-3 years, 3-5 years, and more than 5 years, respectively.

Debt Obligations - Summary of_3

Debt Obligations - Summary of Payment Obligations for Debt Instruments (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Total future payment obligations	$ 15,337.1
Less Than 1 Year	524.6
1-3 Years	2,549.3
3-5 Years	3,519.2
More Than 5 Years	8,744
Interest On Debt Obligations [Member]
Debt Instrument [Line Items]
Total future payment obligations	4,870.7	[1]	$ 3,496.8	$ 2,340.3
Less Than 1 Year	524.6	[1]	359.5	347.2
1-3 Years	1,049.3	[1]	719	694.4
3-5 Years	882	[1]	711	637.5
More Than 5 Years	$ 2,414.8	[1]	$ 1,707.3	$ 661.2

[1] Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing September 30, 2022 rates for floating debt. During the preparation of the Company's third quarter 2022 consolidated financial statements, the Company identified an error related to the disclosure of future payment obligations for interest on debt. The Company does not believe this disclosure error is material to its previously issued historical consolidated financial statements for any of the periods impacted and accordingly, has not adjusted the historical financial statements disclosures. As of March 31, 2022, the future payment obligations for interest on debt were $ 2,340.3 million in total, comprised of $ 347.2 million, $ 694.4 million, $ 637.5 million, and $ 661.2 million, for the periods less than 1 year, 1-3 years, 3-5 years, and more than 5 years, respectively. As of June 30, 2022, the future payment obligations for interest on debt were $ 3,496.8 million in total, comprised of $ 359.5 million, $ 719.0 million, $ 711.0 million, and $ 1,707.3 million, for the periods less than 1 year, 1-3 years, 3-5 years, and more than 5 years, respectively.

Other Long-term Liabilities - S

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Noncurrent [Abstract]
Deferred revenue	$ 197.1	$ 171.8
Asset retirement obligations	96.7	72.1
Operating lease liabilities	59.7	34.5
Other liabilities	13.5	23.2
Total long-term liabilities	$ 367	$ 301.6

Other Long-term Liabilities - D

Other Long-term Liabilities - Deferred Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 197.1	$ 171.8
Channelview Splitter [Member]
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 129

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	May 03, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Net carrying value of shares redeemed		$ 73		$ 196.8
Deemed dividends on Series A Preferred Stock				215.5
Preferred stock dividend paid				$ 51.8
Preferred stock, percentage of dividend				9.50%
Series A Preferred Stock
Class Of Stock [Line Items]
Preferred Stock, redemption price	$ 1,050
Preferred stock, dividend	$ 8.87
Preferred stock, redemption date	May 03, 2022
Preferred stock, consideration paid	$ 973.4
Unpaid dividends	8.2
Net carrying value of shares redeemed	$ 223.7
Deemed dividends on Series A Preferred Stock			$ 215.5
Preferred Stock, Shares Outstanding	0	0		0	919,300

Common Stock and Related Matt_3

Common Stock and Related Matters - Additional Information (Details) - $ / shares	1 Months Ended	3 Months Ended			9 Months Ended
	Jan. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class Of Stock Disclosures [Abstract]
Common stock dividends, per share	$ 0.35	$ 0.35	$ 1.40	$ 0.10	$ 1.05	$ 0.30

Common Stock and Related Matt_4

Common Stock and Related Matters - Dividends Declared And Or Paid (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended					9 Months Ended
		Jan. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Dividends Payable [Line Items]
Dividends Declared per Share of Common Stock		$ 0.35	$ 0.35			$ 1.40	$ 0.10	$ 1.05	$ 0.30
Dividend Declared [Member]
Dividends Payable [Line Items]
Accrued preferred dividends payable date			Nov. 15, 2022	Aug. 15, 2022	May 16, 2022	Feb. 15, 2022
Total Common Dividends Declared			$ 80.5	$ 80.7	$ 81.2	$ 81.4
Amount of Common Dividends Paid or To Be Paid			79.2	79.3	79.8	80.1
Accrued Dividends	[1]		$ 1.3	$ 1.4	$ 1.4	$ 1.3		$ 1.3
Dividends Declared per Share of Common Stock			$ 0.35000	$ 0.35000	$ 0.35000	$ 0.35000

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

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Common Share [Line Items]
Net income (loss) attributable to Targa Resources Corp.		$ 193.1	$ 182.2	$ 877.5	$ 384.8
Less: Premium on repurchase of noncontrolling interests, net of tax				53.1
Net income (loss) attributable to common shareholders		$ 193.1	$ 160.4	$ 578.9	$ 319.3
Weighted average shares outstanding - basic		226.6	228.8	227.6	228.6
Dilutive effect of unvested stock awards		3.7	3.3	3.9	3
Weighted average shares outstanding - diluted (in shares)		230.3	276.4	231.5	231.6
Net income (loss) per common share - basic		$ 0.85	$ 0.70	$ 2.54	$ 1.40
Net income (loss) per common share - diluted		$ 0.84	$ 0.66	$ 2.50	$ 1.38
Series A Preferred Stock
Earnings Per Common Share [Line Items]
Preferred Stock Dividends Income Statement Impact	[1]		$ 21.8	$ 30	$ 65.5
Redeemable Preferred Stock Dividends	[1]			$ 215.5
Dilutive effect of Series A Preferred	[1]		44.3

[1] The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5 % premium to the liquidation preference subsequent to March 16, 2022 . In May 2022, we redeemed all of our issued and outstanding Series A Preferred at a redemption price of $ 1,050.00 per share, plus $ 8.87 per share, which is the amount of accrued and unpaid dividends from April 1, 2022 up to, but not including, the redemption date of May 3, 2022 . See Note 9 – Preferred Stock for further discussion.

Earnings per Common Share - Sum

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Details) - shares shares in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)			0.3
Series A Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)	[1]	19.9	44.3

[1] The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5 % premium to the liquidation preference subsequent to March 16, 2022 . In May 2022, we redeemed all of our issued and outstanding Series A Preferred at a redemption price of $ 1,050.00 per share, plus $ 8.87 per share, which is the amount of accrued and unpaid dividends from April 1, 2022 up to, but not including, the redemption date of May 3, 2022 . See Note 9 – Preferred Stock for further discussion.

Earnings per Common Share - S_2

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Parenthetical) (Details) - Series A Preferred Stock - $ / shares			3 Months Ended
	May 03, 2022	Mar. 17, 2022	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred stock redemption premium percentage		5%
Preferred stock liquidation preference date			Mar. 16, 2022
Preferred Stock, redemption price	$ 1,050
Preferred stock, dividend	$ 8.87
Preferred stock, redemption date	May 03, 2022

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Notional Volumes Of The Partnership's Commodity Derivative Contracts (Details) - Targa Resources Partners LP [Member]	9 Months Ended
	Sep. 30, 2022 MMBTU bbl
Swaps [Member] \| Year 2022 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	213,394
Swaps [Member] \| Year 2022 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	48,617
Swaps [Member] \| Year 2023 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	175,687
Swaps [Member] \| Year 2023 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	43,115
Swaps [Member] \| Year 2023 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	6,427
Swaps [Member] \| Year 2024 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	102,347
Swaps [Member] \| Year 2024 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	20,350
Swaps [Member] \| Year 2025 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	19,895
Swaps [Member] \| Year 2025 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	2,480
Swaps [Member] \| Year 2026 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	0
Swaps [Member] \| Year 2026 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Swaps [Member] \| Year 2027 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	0
Swaps [Member] \| Year 2027 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Basis Swaps [Member] \| Year 2022 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	452,989
Basis Swaps [Member] \| Year 2023 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	425,247
Basis Swaps [Member] \| Year 2024 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	280,000
Basis Swaps [Member] \| Year 2025 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	244,267
Basis Swaps [Member] \| Year 2026 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	55,000
Basis Swaps [Member] \| Year 2027 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	10,000
Future [Member] \| Year 2022 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	66,630
Future [Member] \| Year 2023 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	3,614
Future [Member] \| Year 2024 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] \| Year 2025 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] \| Year 2026 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] \| Year 2027 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] \| Year 2022 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	6,547
Options [Member] \| Year 2024 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	3,089
Options [Member] \| Year 2025 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	427
Options [Member] \| Year 2026 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] \| Year 2027 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative assets	$ 236	$ 50.8
Derivative assets	185.8	43.1
Derivative assets	50.2	7.7
Derivative liabilities	(566.1)	(367.5)
Derivative liabilities	(401)	(258.2)
Derivative liabilities	(165.1)	(109.3)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	222.2	31.7
Derivative liabilities	(245.8)	(336.9)
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	174.8	25.5
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	47.4	6.2
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	171	(252.6)
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	74.8	(84.3)
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	13.8	19.1
Derivative liabilities	(320.3)	(30.6)
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	11	17.6
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	2.8	1.5
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(230)	(5.6)
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (90.3)	$ (25)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative Asset [Abstract]
Gross asset	$ 236	$ 50.8
Gross asset	236	50.8
Pro forma net presentation, asset, current	$ 28.5	$ 4.2
Derivative Asset Current Statement Of Financial Position Extensible Enumeration	Derivative Asset Before Effects Of Master Netting Arrangements Current	Derivative Asset Before Effects Of Master Netting Arrangements Current
Pro forma net presentation, asset, noncurrent	$ 22.6	$ 0.3
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term assets from risk management activities	Long-term assets from risk management activities
Pro forma net presentation, asset, total	$ 51.1	$ 4.5
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	214.8	46.6
Pro forma net presentation, asset	29.9	0.3
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	21.2	4.2
Pro forma net presentation, asset, current	14.8	3.9
Pro forma net presentation, asset, noncurrent	6.4	0.3
Pro forma net presentation, asset, total	21.2	4.2
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	185.8	43.1
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	171	39.2
Pro forma net presentation, asset	13.7	0.3
Current Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	14.8	3.9
Long-Term Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	50.2	7.7
Long-Term Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	43.8	7.4
Pro forma net presentation, asset	16.2
Long-Term Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	$ 6.4	$ 0.3

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative Liability [Abstract]
Gross liability	$ (566.1)	$ (367.5)
Pro forma net presentation, liability, current	$ (270.4)	$ (214.3)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Derivative Liability Before Effects Of Master Netting Arrangements Current	Derivative Liability Before Effects Of Master Netting Arrangements Current
Pro forma net presentation, liability, noncurrent	$ (123.5)	$ (98.8)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent	Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
Pro forma net presentation, liability, total	$ (393.9)	$ (313.1)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(566.1)	(337)
Pro forma net presentation, liability, current	(270.4)	(198)
Pro forma net presentation, liability, noncurrent	(123.5)	(84.6)
Pro forma net presentation, liability, total	(393.9)	(282.6)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability		(30.5)
Pro forma net presentation, liability, current		(16.3)
Pro forma net presentation, liability, noncurrent		(14.2)
Pro forma net presentation, liability, total		(30.5)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(401)	(258.2)
Current Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(401)	(241.9)
Current Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability		(16.3)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(165.1)	(109.3)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	$ (165.1)	(95.1)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability		$ (14.2)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative Asset [Abstract]
Gross collateral	$ (12.7)	$ 8.1
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	(12.7)	8.1
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	(26.7)	5
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	(26.7)	5
Long-Term Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	14	3.1
Long-Term Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ 14	$ 3.1

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Estimated fair value of derivative instruments, net liability	$ (393.9)	$ (313.1)
Derivative collateral amount	77.4
Estimated fair value of derivative instruments, net liability	(330.1)
Amount expected to reclassify commodity hedge related deferred losses to earnings before income taxes	(15.5)
Amount of deferred gains to be reclassified into earnings before income taxes over next twelve months	11.8
Credit Risk
Derivative [Line Items]
Estimated fair value of derivative instruments, net liability	$ (392.3)

Derivative Instruments and He_9

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ (121.7)	$ (100.4)	$ (425.2)	$ (303.8)
Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	121.7	100.4	425.2	303.8
Commodity Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(121.5)	16.7	(317.5)	(24.8)
Cash Flow Hedging [Member] \| Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ 225.4	$ (294.7)	$ (136.7)	$ (698.9)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) Derivative	Dec. 31, 2021 Derivative
Fair Value Disclosures [Abstract]
Estimated fair value of derivative instruments, net liability	$ (330.1)
Derivative fair value of net liability if commodity price increases by 10 percent	(556.2)
Derivative fair value of net liability if commodity price decreases by 10 percent	$ (103.8)
Derivative contract categorized as Level 3 \| Derivative	0	0

Fair Value Measurements - Break

Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($) $ in Millions		Sep. 30, 2022	Dec. 31, 2021
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts		$ 51.1	$ 4.5
Liabilities from commodity derivative contracts		393.9	313.1
Carrying Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	230.5	46.6
Liabilities from commodity derivative contracts	[1]	560.6	363.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		192.9	158.5
Carrying Value [Member] \| TRGP Revolver and Commercial Paper Program [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,182
Carrying Value [Member] \| TRGP Senior Unsecured Notes [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		2,741.5
Carrying Value [Member] \| Term Loan Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,500
Carrying Value [Member] \| Securitization Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		750	150
Fair Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	230.5	46.6
Liabilities from commodity derivative contracts	[1]	560.6	363.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		192.9	158.5
Fair Value [Member] \| Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	0	0
Liabilities from commodity derivative contracts	[1]	0	0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		0	0
Fair Value [Member] \| Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	230.5	46.6
Liabilities from commodity derivative contracts	[1]	560.6	363.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		0	0
Fair Value [Member] \| Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	0	0
Liabilities from commodity derivative contracts	[1]	0	0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		0	0
Fair Value [Member] \| TRGP Revolver and Commercial Paper Program [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,182
Fair Value [Member] \| TRGP Revolver and Commercial Paper Program [Member] \| Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0
Fair Value [Member] \| TRGP Revolver and Commercial Paper Program [Member] \| Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,182
Fair Value [Member] \| TRGP Revolver and Commercial Paper Program [Member] \| Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0
Fair Value [Member] \| TRGP Senior Unsecured Notes [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		2,386.8
Fair Value [Member] \| TRGP Senior Unsecured Notes [Member] \| Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0
Fair Value [Member] \| TRGP Senior Unsecured Notes [Member] \| Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		2,386.8
Fair Value [Member] \| TRGP Senior Unsecured Notes [Member] \| Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0
Fair Value [Member] \| Term Loan Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,500
Fair Value [Member] \| Term Loan Facility [Member] \| Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0
Fair Value [Member] \| Term Loan Facility [Member] \| Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		1,500
Fair Value [Member] \| Term Loan Facility [Member] \| Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0
Fair Value [Member] \| Securitization Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		750	150
Fair Value [Member] \| Securitization Facility [Member] \| Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Fair Value [Member] \| Securitization Facility [Member] \| Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		750	150
Fair Value [Member] \| Securitization Facility [Member] \| Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Senior Unsecured Notes [Member] \| Carrying Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		5,034.4	6,465.7
Senior Unsecured Notes [Member] \| Fair Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		4,564.4	6,924.5
Senior Unsecured Notes [Member] \| Fair Value [Member] \| Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Senior Unsecured Notes [Member] \| Fair Value [Member] \| Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		4,564.4	6,924.5
Senior Unsecured Notes [Member] \| Fair Value [Member] \| Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		$ 0	$ 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 12 – 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.

Contingencies - Additional Info

Contingencies - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	Dec. 26, 2018	Sep. 30, 2022
Loss Contingencies [Line Items]
Cumulative interest on award		$ 39.6
Vitol [Member]
Loss Contingencies [Line Items]
Recovery seeking	$ 129
Damages awarded	$ 10.5

Revenue - Additional Informatio

Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01	Sep. 30, 2022
Minimum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining duration of contracts	1 year
Maximum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining duration of contracts	17 years

Revenue - Estimated Minimum Rev

Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed Price Contract [Member] $ in Millions	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 117.7
Remaining duration of contracts	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 432.6
Remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 2,573.6
Remaining duration of contracts

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Tax-effected valuation allowance	$ 99.1
Increase (decrease) in valuation allowance	(111.5)
Net deferred tax liability	$ 301.4
Income tax examination, description	On October 6, 2021 and April 7, 2022, we received notice from the IRS that it intends to audit three direct and indirectly wholly-owned subsidiaries of the Company (Targa Resources Partners LP, Targa Downstream LLC and Targa Midstream Services LLC) treated as partnerships for federal tax purposes for the 2019 and 2020 tax years.
Tax examination, year under examination	2019 2020

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Cash:
Interest paid, net of capitalized interest	[1]	$ 332.6	$ 327.8
Income taxes (received) paid, net		1.1	1.2
Non-cash investing activities:
Transfers from materials and supplies inventory to property, plant and equipment			2.4
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests		(18)	(43.1)
Retained Earnings [Member]
Non-cash investing activities:
Impact of capital expenditure accruals on property, plant and equipment, net		$ (40.1)	$ (7.5)

[1] Interest capitalized on major projects was $ 9.5 million and $ 2.7 million for the nine months ended September 30, 2022 and 2021 .

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 9.5	$ 2.7

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Revenues

Segment Information - Revenues and Operating Margin (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Revenues:
Revenues		$ 5,360.1	$ 4,459.7		$ 16,375		$ 11,508.2
Sales of Commodities [Member]
Revenues:
Revenues		4,800.3	4,118.1		14,990.7		10,577.3
Fees from Midstream Services [Member]
Revenues:
Revenues		559.8	341.6		1,384.3		930.9
Gathering and Processing [Member]
Revenues:
Revenues		3,331.2	2,148.1		8,876.7		4,886.1
Operating margin	[1]	564.6	361.4		1,437		938.2
Logistics and Transportation [Member]
Revenues:
Revenues		5,081.9	4,204.5		15,699.5		10,931.4
Operating margin	[1]	340.2	280.7		1,014.6		920.5
Other [Member]
Revenues:
Revenues		(112.2)	13.5		(294.9)		(55.6)
Operating margin		(112.2)	13.5	[1]	(294.9)	[1]	(55.6)	[1]
Corporate and Eliminations [Member]
Revenues:
Revenues		(2,940.8)	(1,906.4)		(7,906.3)		(4,253.7)
Operating Segments [Member]
Revenues:
Revenues		5,360.1	4,459.7		16,375		11,508.2
Operating Segments [Member] \| Sales of Commodities [Member]
Revenues:
Revenues		4,800.3	4,118.1		14,990.7		10,577.3
Operating Segments [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues		559.8	341.6		1,384.3		930.9
Operating Segments [Member] \| Gathering and Processing [Member]
Revenues:
Revenues		562.7	361.5		1,421.2		942.9
Operating Segments [Member] \| Gathering and Processing [Member] \| Sales of Commodities [Member]
Revenues:
Revenues		180.7	156.2		577		446.2
Operating Segments [Member] \| Gathering and Processing [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues		382	205.3		844.2		496.7
Operating Segments [Member] \| Logistics and Transportation [Member]
Revenues:
Revenues		4,909.6	4,084.7		15,248.7		10,620.9
Operating Segments [Member] \| Logistics and Transportation [Member] \| Sales of Commodities [Member]
Revenues:
Revenues		4,731.8	3,948.4		14,708.6		10,186.7
Operating Segments [Member] \| Logistics and Transportation [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues		177.8	136.3		540.1		434.2
Operating Segments [Member] \| Other [Member]
Revenues:
Revenues		(112.2)	13.5		(294.9)		(55.6)
Operating Segments [Member] \| Other [Member] \| Sales of Commodities [Member]
Revenues:
Revenues		(112.2)	13.5		(294.9)		(55.6)
Intersegment Eliminations [Member] \| Gathering and Processing [Member]
Revenues:
Revenues		2,768.5	1,786.6		7,455.5		3,943.2
Intersegment Eliminations [Member] \| Gathering and Processing [Member] \| Sales of Commodities [Member]
Revenues:
Revenues		2,768.2	1,786		7,455.4		3,940.4
Intersegment Eliminations [Member] \| Gathering and Processing [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues		0.3	0.6		0.1		2.8
Intersegment Eliminations [Member] \| Logistics and Transportation [Member]
Revenues:
Revenues		172.3	119.8		450.8		310.5
Intersegment Eliminations [Member] \| Logistics and Transportation [Member] \| Sales of Commodities [Member]
Revenues:
Revenues		160.7	108.3		416.5		283.5
Intersegment Eliminations [Member] \| Logistics and Transportation [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues		11.6	11.5		34.3		27
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member]
Revenues:
Revenues		(2,940.8)	(1,906.4)		(7,906.3)		(4,253.7)
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member] \| Sales of Commodities [Member]
Revenues:
Revenues		(2,928.9)	(1,894.3)		(7,871.9)		(4,223.9)
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues		$ (11.9)	$ (12.1)		$ (34.4)		$ (29.8)

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

Segment Information - Other Fin

Segment Information - Other Financial Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Other financial information [Abstract]
Total assets		$ 19,389.9		$ 19,389.9		$ 15,208.2
Operating Segments [Member]
Other financial information [Abstract]
Total assets	[1]	19,389.9	$ 15,972.7	19,389.9	$ 15,972.7
Goodwill		45.2	45.2	45.2	45.2
Capital expenditures		369.1	117.5	775.3	316.5
Operating Segments [Member] \| Gathering and Processing [Member]
Other financial information [Abstract]
Total assets	[1]	12,126.3	8,560.6	12,126.3	8,560.6
Goodwill		45.2	45.2	45.2	45.2
Capital expenditures		222	98	551.7	265.4
Operating Segments [Member] \| Logistics and Transportation [Member]
Other financial information [Abstract]
Total assets	[1]	7,067.6	7,180.5	7,067.6	7,180.5
Capital expenditures		139.1	16.8	206.9	42
Operating Segments [Member] \| Other [Member]
Other financial information [Abstract]
Total assets	[1]	1.5	42.3	1.5	42.3
Operating Segments [Member] \| Corporate and Eliminations [Member]
Other financial information [Abstract]
Total assets	[1]	194.5	189.3	194.5	189.3
Capital expenditures		$ 8	$ 2.7	$ 16.7	$ 9.1

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

Segment Information - Summary o

Segment Information - Summary of Consolidated Revenues Disaggregated by Product and Service (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from External Customer [Line Items]
Revenue recognized		$ 5,043.5	$ 4,201.8	$ 15,733.4	$ 10,905.9
Non-customer revenue		(243.2)	(83.7)	(742.7)	(328.6)
Total revenues		5,360.1	4,459.7	16,375	11,508.2
Derivative Activities - Hedge [Member]
Revenue from External Customer [Line Items]
Non-customer revenue		(121.7)	(100.4)	(425.2)	(303.8)
Derivative Activities - Non-hedge [Member]
Revenue from External Customer [Line Items]
Non-customer revenue	[1]	(121.5)	16.7	(317.5)	(24.8)
Natural Gas [Member]
Revenue from External Customer [Line Items]
Revenue recognized		1,748.1	916.1	4,244.1	2,371.3
NGL [Member]
Revenue from External Customer [Line Items]
Revenue recognized		3,145.4	3,185	11,048.3	8,278.4
Condensate and Crude Oil [Member]
Revenue from External Customer [Line Items]
Revenue recognized		150	100.7	441	256.2
Gathering And Processing Fees
Revenue from External Customer [Line Items]
Revenue recognized		376.4	201.3	829.6	485.7
Sales of Commodities [Member]
Revenue from External Customer [Line Items]
Total revenues		4,800.3	4,118.1	14,990.7	10,577.3
Other [Member]
Revenue from External Customer [Line Items]
Revenue recognized		18.6	6.8	54.3	33.6
NGL Transportation, Fractionation and Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized		82.3	45.8	215.1	138.5
Storage Terminaling and Export [Member]
Revenue from External Customer [Line Items]
Revenue recognized		82.5	87.7	285.3	273.1
Fees from Midstream Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized		559.8	341.6	1,384.3	930.9
Total revenues		$ 559.8	$ 341.6	$ 1,384.3	$ 930.9

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

Segment Information - Reconcili

Segment Information - Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Depreciation and amortization expense		$ (287.2)	$ (222.8)		$ (766.2)		$ (650.9)
General and administrative expense		(79.1)	(67.3)		(217.2)		(192.4)
Interest expense, net		(125.8)	(91)		(300.5)		(284.2)
Equity earnings (loss)		1.7	14.3		8.7		38.9
Gain (loss) on sale or disposition of assets		6.5	1.5		8.1		1.7
Write-down of assets		(2.7)	(0.5)		(3.7)		(5)
Gain (loss) from financing activities					(49.6)		(16.6)
Gain (loss) from sale of equity method investment					435.9
Other, net		(14.7)	0.2		(14.7)		0.2
Income (loss) before income taxes		291.3	290		1,257.5		694.8
Gathering and Processing [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	[1]	564.6	361.4		1,437		938.2
Logistics and Transportation [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	[1]	340.2	280.7		1,014.6		920.5
Other [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin		$ (112.2)	$ 13.5	[1]	$ (294.9)	[1]	$ (55.6)	[1]

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