Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Targa Resources Corp. | ' |
Entity Central Index Key | '0001389170 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 42,331,487 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $83.70 | $76.30 |
Trade receivables, net of allowances $0.9 million and $0.9 million | 498.5 | 514.9 |
Inventories | 201.7 | 99.4 |
Assets from risk management activities | 10.9 | 29.3 |
Other current assets | 14.2 | 13.4 |
Total current assets | 809 | 733.3 |
Property, plant and equipment | 5,454 | 4,708 |
Accumulated depreciation | -1,344.60 | -1,170 |
Property, plant and equipment, net | 4,109.40 | 3,538 |
Other intangible assets, net | 660.3 | 680.8 |
Long-term assets from risk management activities | 3.9 | 5.1 |
Investment in unconsolidated affiliate | 51.2 | 53.1 |
Other long-term assets | 91.5 | 94.7 |
Total assets | 5,725.30 | 5,105 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 679.6 | 679 |
Deferred income taxes | 2 | 0.2 |
Liabilities from risk management activities | 5.5 | 7.4 |
Total current liabilities | 687.1 | 686.6 |
Long-term debt | 2,867.90 | 2,475.30 |
Long-term liabilities from risk management activities | 1.6 | 4.8 |
Deferred income taxes | 136.1 | 131.2 |
Other long-term liabilities | 58 | 53.7 |
Commitments and contingencies (see Note 14) | ' | ' |
Targa Resources Corp. stockholders' equity: | ' | ' |
Common stock ($0.001 par value, 300,000,000 shares authorized, 42,529,218 shares issued and 42,331,487 shares outstanding as of September 30, 2013, and 42,492,233 shares issued and 42,294,502 shares outstanding as of December 31, 2012) | 0 | 0 |
Preferred stock ($0.001 par value, 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2013 and December 31, 2012) | 0 | 0 |
Additional paid-in capital | 147.6 | 184.4 |
Retained earnings (accumulated deficit) | 12.6 | -32 |
Accumulated other comprehensive income | 0.3 | 1.2 |
Treasury stock, at cost (197,731 shares as of September 30, 2013 and as of December 31, 2012) | -9.5 | -9.5 |
Total Targa Resources Corp. stockholders' equity | 151 | 144.1 |
Noncontrolling interests in subsidiaries | 1,823.60 | 1,609.30 |
Total owners' equity | 1,974.60 | 1,753.40 |
Total liabilities and owners' equity | $5,725.30 | $5,105 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Trade receivables, allowances | $0.90 | $0.90 |
Owners' equity: | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 42,529,218 | 42,492,233 |
Common stock, shares outstanding (in shares) | 42,331,487 | 42,294,502 |
Preferred stock, par value (in dollar per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury Stock, shares (in shares) | 197,731 | 197,731 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract] | ' | ' | ' | ' |
Revenues | $1,556.80 | $1,393.50 | $4,396.20 | $4,358.40 |
Costs and expenses: | ' | ' | ' | ' |
Product purchases | 1,259.80 | 1,153 | 3,573.80 | 3,611.80 |
Operating expenses | 97.6 | 78.3 | 279.8 | 227.2 |
Depreciation and amortization expenses | 69 | 48.6 | 198.7 | 144.3 |
General and administrative expenses | 37.7 | 35.7 | 112.5 | 106.5 |
Other operating expense | 4.2 | 18.9 | 8.3 | 18.8 |
Income from operations | 88.5 | 59 | 223.1 | 249.8 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -33.4 | -30 | -97.9 | -91 |
Equity earnings (loss) | 5.6 | -2.2 | 10.1 | -0.3 |
Loss on debt redemption | -7.4 | 0 | -14.7 | 0 |
Other | 9.1 | -1.8 | 15.3 | -2.1 |
Income before income taxes | 62.4 | 25 | 135.9 | 156.4 |
Income tax expense: | ' | ' | ' | ' |
Current | -6.6 | -4.3 | -23.3 | -20.3 |
Deferred | -6.4 | -1.7 | -7 | -4.4 |
Income tax expense total | -13 | -6 | -30.3 | -24.7 |
Net income | 49.4 | 19 | 105.6 | 131.7 |
Less: Net income attributable to noncontrolling interests | 33.1 | 10.3 | 61 | 104.8 |
Net income available to common shareholders | $16.30 | $8.70 | $44.60 | $26.90 |
Net income available per common share - basic (in dollars per share) | $0.39 | $0.21 | $1.07 | $0.66 |
Net income available per common share - diluted (in dollars per share) | $0.39 | $0.21 | $1.06 | $0.64 |
Weighted average shares outstanding - basic (in shares) | 41.6 | 41 | 41.6 | 41 |
Weighted average shares outstanding - diluted (in shares) | 42.1 | 41.9 | 42.1 | 41.8 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income attributable to Targa Resources Corp. | $16.30 | $8.70 | $44.60 | $26.90 |
Commodity hedging contracts: | ' | ' | ' | ' |
Change in fair value, pre-tax | -1.6 | -3.7 | 0.3 | 11.5 |
Change in fair value, related income tax | 0.6 | 2 | -0.1 | -2.5 |
Change in fair value, after tax | -1 | -1.7 | 0.2 | 9 |
Settlement reclassified to revenues, pre-tax | -0.6 | -3 | -2.3 | -6.6 |
Settlement reclassified to revenues, related income tax | 0.2 | 1.6 | 0.9 | 1.4 |
Settlement reclassified to revenues, after tax | -0.4 | -1.4 | -1.4 | -5.2 |
Interest rate swaps: | ' | ' | ' | ' |
Settlements reclassified to interest expense, net, pre-tax | 0.2 | 0.3 | 0.6 | 1 |
Settlements reclassified to interest expense, net, related income tax | -0.1 | -1 | -0.3 | -1.3 |
Settlements reclassified to interest expense, net, after tax | 0.1 | -0.7 | 0.3 | -0.3 |
Other comprehensive income (loss) attributable to Targa Resources Corp., pre-tax | -2 | -6.4 | -1.4 | 5.9 |
Other comprehensive income (loss) attributable to Targa Resources Corp., related income tax | 0.7 | 2.6 | 0.5 | -2.4 |
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax | -1.3 | -3.8 | -0.9 | 3.5 |
Comprehensive income attributable to Targa Resources Corp. | 15 | 4.9 | 43.7 | 30.4 |
Net income attributable to noncontrolling interests | 33.1 | 10.3 | 61 | 104.8 |
Commodity hedging contracts: | ' | ' | ' | ' |
Change in fair value, pre-tax | -9.7 | -18.9 | 2.1 | 59.4 |
Change in fair value, related income tax | 0 | -0.2 | 0 | 0 |
Change in fair value, after tax | -9.7 | -19.1 | 2.1 | 59.4 |
Settlement reclassified to revenues, pre-tax | -3.9 | -12.4 | -14.7 | -25.1 |
Settlement reclassified to revenues, related income tax | 0 | -0.1 | 0 | 0 |
Settlement reclassified to revenues, after tax | -3.9 | -12.5 | -14.7 | -25.1 |
Interest rate swaps: | ' | ' | ' | ' |
Settlements reclassified to interest expense, net, pre-tax | 1.3 | 1.6 | 4.1 | 5.1 |
Settlements reclassified to interest expense, net, related income tax | 0 | 0 | 0 | 0 |
Settlements reclassified to interest expense, net, after tax | 1.3 | 1.6 | 4.1 | 5.1 |
Other comprehensive income (loss) attributable to noncontrolling interests, before tax | -12.3 | -29.7 | -8.5 | 39.4 |
Other comprehensive income (loss) attributable to noncontrolling interests, related income tax | 0 | -0.3 | 0 | 0 |
Other comprehensive income (loss) attributable to noncontrolling interests, after tax | -12.3 | -30 | -8.5 | 39.4 |
Comprehensive income attributable to noncontrolling interests | 20.8 | -19.7 | 52.5 | 144.2 |
Total comprehensive income | $35.80 | ($14.80) | $96.20 | $174.60 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Shares [Member] | Noncontrolling Interests [Member] | Total |
In Millions, except Share data | |||||||
Balance at beginning of period at Dec. 31, 2011 | $0 | $229.50 | ($70.10) | ($1.30) | $0 | $1,172.60 | $1,330.70 |
Balance at beginning of period (in shares) at Dec. 31, 2011 | 42,398,000 | ' | ' | ' | 0 | ' | ' |
Compensation on equity grants | 0 | 10.5 | 0 | 0 | 0 | 2.5 | 13 |
Compensation on equity grants (in shares) | 94,000 | ' | ' | ' | 0 | ' | ' |
Accrual of distribution equivalent rights | ' | ' | ' | ' | ' | -0.4 | -0.4 |
Sale of Partnership limited partner interests | 0 | 0 | 0 | 0 | 0 | 115.2 | 115.2 |
Impact of Partnership equity transactions | 0 | -20.3 | 0 | 0 | 0 | 20.3 | 0 |
Dividends | 0 | -46.5 | 0 | 0 | 0 | 0 | -46.5 |
Distributions | 0 | -1.2 | 0 | 0 | 0 | -158.1 | -159.3 |
Other comprehensive income (loss) | 0 | 0 | 0 | 3.5 | 0 | 39.4 | 42.9 |
Net income | 0 | 0 | 26.9 | 0 | 0 | 104.8 | 131.7 |
Balance at end of period at Sep. 30, 2012 | 0 | 172 | -43.2 | 2.2 | 0 | 1,296.30 | 1,427.30 |
Balance end of period (in shares) at Sep. 30, 2012 | 42,492,000 | ' | ' | ' | 0 | ' | ' |
Balance at beginning of period at Dec. 31, 2012 | 0 | 184.4 | -32 | 1.2 | -9.5 | 1,609.30 | 1,753.40 |
Balance at beginning of period (in shares) at Dec. 31, 2012 | 42,295,000 | ' | ' | ' | 198,000 | ' | ' |
Compensation on equity grants | 0 | 5.6 | 0 | 0 | 0 | 4.4 | 10 |
Compensation on equity grants (in shares) | 36,000 | ' | ' | ' | 0 | ' | ' |
Accrual of distribution equivalent rights | 0 | 0 | 0 | 0 | 0 | -1.1 | -1.1 |
Sale of Partnership limited partner interests | 0 | 0 | 0 | 0 | 0 | 377.4 | 377.4 |
Receivables from unit offerings | 0 | -3.3 | 0 | 0 | 0 | 0 | -3.3 |
Impact of Partnership equity transactions | 0 | 23.8 | 0 | 0 | 0 | -23.8 | 0 |
Dividends | 0 | -62.9 | 0 | 0 | 0 | 0 | -62.9 |
Distributions | 0 | 0 | 0 | 0 | 0 | -195.1 | -195.1 |
Other comprehensive income (loss) | 0 | 0 | 0 | -0.9 | 0 | -8.5 | -9.4 |
Net income | 0 | 0 | 44.6 | 0 | 0 | 61 | 105.6 |
Balance at end of period at Sep. 30, 2013 | $0 | $147.60 | $12.60 | $0.30 | ($9.50) | $1,823.60 | $1,974.60 |
Balance end of period (in shares) at Sep. 30, 2013 | 42,331,000 | ' | ' | ' | 198,000 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $105.60 | $131.70 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization in interest expense | 12.1 | 14.7 |
Compensation on equity grants | 10 | 13 |
Depreciation and amortization expense | 198.7 | 144.3 |
Accretion of asset retirement obligations | 3 | 3 |
Deferred income tax expense | 7 | 4.4 |
Equity (earnings) loss, net of distributions | 0 | 0.3 |
Risk management activities | 0 | 1.7 |
Loss (gain) on sale or disposition of assets | 3.1 | 15.5 |
Loss on debt redemption | 14.7 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Receivables and other assets | 19.7 | 162.9 |
Commodity Inventories | -110.3 | 4.9 |
Accounts payable and other liabilities | -5.5 | -206.2 |
Net cash provided by operating activities | 258.1 | 290.2 |
Cash flows from investing activities | ' | ' |
Outlays for property, plant and equipment | -708.2 | -365.1 |
Business acquisition, net of cash acquired | 0 | -25.8 |
Purchase of material and supplies | -35.3 | 0 |
Investment in unconsolidated affiliate | 0 | -16.8 |
Return of capital from unconsolidated affiliate | 1.9 | 2.3 |
Other, net | 4 | 1.6 |
Net cash used in investing activities | -737.6 | -403.8 |
Partnership loan facilities: | ' | ' |
Proceeds | 1,743 | 1,120 |
Repayments | -1,521.20 | -938 |
Partnership accounts receivable securitization facility: | ' | ' |
Proceeds | 261.6 | 0 |
Repayments | -93.6 | 0 |
Non-Partnership loan facilities: | ' | ' |
Proceeds | 36 | 0 |
Repayments | -48 | 0 |
Costs incurred in connection with financing arrangements | -13.6 | -10 |
Distributions | -195.1 | -159.3 |
Equity offering of the Partnership units | 379.6 | 120.7 |
Dividends to common shareholders | -61.8 | -44.9 |
Net cash provided by financing activities | 486.9 | 88.5 |
Net change in cash and cash equivalents | 7.4 | -25.1 |
Cash and cash equivalents, beginning of period | 76.3 | 145.8 |
Cash and cash equivalents, end of period | $83.70 | $120.70 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Organization and Operations [Abstract] | ' |
Organization | ' |
Note 1 — Organization | |
Targa Resources Corp. (“TRC”) is a Delaware corporation formed in October 2005. Our common stock is listed on the NYSE under the symbol “TRGP.” In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | ||
Sep. 30, 2013 | |||
Basis of Presentation [Abstract] | ' | ||
Basis of Presentation | ' | ||
Note 2 — Basis of Presentation | |||
We have prepared these unaudited consolidated financial statements in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. While we derived the year-end balance sheet data from audited financial statements, this interim report does not include all disclosures required by GAAP for annual periods. These unaudited consolidated financial statements and other information included in this Quarterly Report should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report. | |||
The unaudited consolidated financial statements for the three and nine months ended September 30, 2013 and 2012 include all adjustments, which we believe are necessary, for a fair presentation of the results for interim periods. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods may have been reclassified to conform to the current year presentation. | |||
Our financial results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the full year. | |||
Except as noted within the context of each footnote disclosure, the dollar amounts presented in the tabular data within these footnote disclosures are stated in millions of dollars. | |||
One of our indirect subsidiaries is the sole general partner of Targa Resources Partners LP (the “Partnership”). Because we control the general partner of the Partnership, under GAAP, we must reflect our ownership interests in the Partnership on a consolidated basis. Accordingly, the Partnership’s financial results are included in our consolidated financial statements even though the distribution or transfer of Partnership assets is limited by the terms of the Partnership’s partnership agreement, as well as restrictive covenants in the Partnership’s lending agreements. The limited partner interests in the Partnership not owned by us are reflected in our results of operations as net income attributable to noncontrolling interests and in our balance sheet equity section as noncontrolling interests in subsidiaries. Throughout these footnotes, we make a distinction where relevant between financial results of the Partnership versus those of a standalone parent and its non-partnership subsidiaries. | |||
As of September 30, 2013, our interests in the Partnership consist of the following: | |||
· | a 2% general partner interest, which we hold through our 100% ownership interest in the general partner of the Partnership; | ||
· | all Incentive Distribution Rights (“IDRs”); and | ||
· | 12,945,659 common units of the Partnership, representing a 11.9% limited partnership interest. | ||
The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling NGLs and NGL products; gathering, storing and terminaling crude oil; and storing, terminaling and selling refined petroleum products. See Note 16 for an analysis of our and the Partnership’s operations by segment. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note 3 — Significant Accounting Policies | |
Accounting Policy Updates/Revisions | |
The accounting policies that we follow are set forth in Note 3 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2012. Significant updates or revisions to these policies during the nine months ended September 30, 2013 are shown below. | |
Accounts Receivable Securitization Facility | |
Proceeds from the sale or contribution of certain receivables under our Accounts Receivable Securitization Facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. Such borrowings are reflected as long-term debt on our balance sheets to the extent that the Partnership has the ability and intent to fund the Securitization Facility’s borrowings on a long-term basis. Proceeds and repayments under the Securitization Facility are reflected as cash flows from financing activities on our statements of cash flows. | |
Intangible Assets | |
Intangible assets arose from producer dedications under long-term contracts and customer relationships associated with businesses acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. Amortization expense attributable to these assets is recorded in a manner that closely resembles the expected pattern in which we benefit from services provided to customers. | |
Recent Accounting Pronouncements | |
In January 2013, the FASB issued Accounting Standards Update No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies that ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, applies to financial instruments or derivative transactions accounted for under ASC 815. We currently present the Partnership’s derivative assets and liabilities on a gross basis on our statement of financial position. The amendments require disclosure of both gross and net amounts of derivative assets and liabilities that are subject to master netting arrangements with counterparties. We have provided these additional disclosures regarding the gross and net amounts of derivative assets and liabilities in Note 12. |
Business_Acquisitions
Business Acquisitions | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Acquisitions [Abstract] | ' | ||||||||||||||||
Business Acquisitions | ' | ||||||||||||||||
Note 4 –Business Acquisitions | |||||||||||||||||
On December 31, 2012, the Partnership completed the acquisition of Saddle Butte Pipeline, LLC’s ownership of its Williston Basin crude oil pipeline and terminal system and its natural gas gathering and processing operations (collectively “Badlands”). | |||||||||||||||||
Pursuant to the Membership Interest Purchase and Sale Agreement dated November 19, 2012 (the “MIPSA”), the acquisition is subject to a contingent payment of $50 million (“the contingent consideration”) if aggregate crude oil gathering volumes exceed certain stipulated monthly thresholds during the period from January 2013 through June 2014. If the threshold is not attained during the contingency period, no payment is owed. Accounting standards require that the contingent consideration be recorded at fair value at the date of acquisition and revalued at subsequent reporting dates under the acquisition method of accounting and revalued during the contingency period. At December 31, 2012, the Partnership recorded a $15.3 million accrued liability representing the fair value of this contingent consideration, determined by a probability based model measuring the likelihood of meeting certain volumetric measures identified in the MIPSA. | |||||||||||||||||
Changes in the fair value of this accrued liability are included in earnings and reported as Other income (expense) in the Consolidated Statement of Operations. As of September 30, 2013, the contingent consideration was re-estimated to be $0, resulting in an increase in Other income of $9.1 million for third quarter 2013 and $15.3 million year-to-date 2013. The elimination of the contingent liability reflects management’s updated assessment, with only nine months remaining on the contingency period, that we will not meet the stipulated volumetric thresholds. | |||||||||||||||||
Our Annual Report on Form 10-K included pro-forma information for the year ended 2012 regarding the Badlands acquisition. The following table presents updated 2012 pro forma information to reflect the effects of our 2013 policy decisions regarding depreciation and amortization of acquired properties and intangible assets, as described below. The following table also presents quarterly unaudited pro forma information for the three and nine months ended September 30, 2012 for comparative purposes in this quarterly report. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Year Ended December 31, 2012 | 30-Sep-12 | 30-Sep-12 | |||||||||||||||
As reported in | Pro forma | Pro forma | Pro forma | ||||||||||||||
10-K | |||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
Revenues | $ | 5,885.70 | $ | 5,909.90 | $ | 1,401.30 | $ | 4,374.00 | |||||||||
Net income | 159.3 | 129.5 | 12.1 | 105.9 | |||||||||||||
Less: Net income attributable to noncontrolling interests | 121.2 | 83.5 | 1.4 | 72.4 | |||||||||||||
Net income attributable to Targa Resources Corp. | $ | 38.1 | $ | 46 | $ | 10.7 | $ | 33.5 | |||||||||
Net income per common share - Basic | $ | 0.93 | $ | 1.12 | $ | 0.26 | $ | 0.82 | |||||||||
Net income per common share - Diluted | $ | 0.91 | $ | 1.1 | $ | 0.26 | $ | 0.8 | |||||||||
The Partnership applied the same assumptions used in preparing the year-end pro forma schedules reported in its Annual Report on Form 10-K except for the following adjustments to conform to its current accounting policies: | |||||||||||||||||
· | depreciation expense associated with the fair value adjustments to property, plant and equipment using the straight-line method over a useful life of 15-20 years. The pro forma information included in our 2012 Form 10-K utilized a 30 year useful life; | ||||||||||||||||
· | amortization expense associated with the fair value adjustments to definite-lived intangibles in a manner that follows the expected pattern of services provided to customers, over a useful life of 20 years. The pro forma information included in our 2012 Form 10-K utilized a straight-line method over a 30 year life; and | ||||||||||||||||
· | adjustment to pro forma revenues to report purchases and sales on a net, rather than gross, basis for certain Badlands natural gas processing agreements in which we are in substance an agent rather than a principal. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5 — Inventories | |||||||||
The components of inventories consisted of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Commodities | $ | 163.3 | $ | 82.3 | |||||
Materials and supplies | 38.4 | 17.1 | |||||||
$ | 201.7 | $ | 99.4 |
Property_Plant_and_Equipment_a
Property, Plant and Equipment and Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Property, Plant and Equipment and Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||||||
Property, Plant and Equipment and Intangible Assets | ' | ||||||||||||||||||||||||||||
Note 6 — Property, Plant and Equipment and Intangible Assets | |||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Targa | TRC Non- | Targa | Targa | TRC Non- | Targa | Estimated | |||||||||||||||||||||||
Resources | Partnership | Resources | Resources | Partnership | Resources | Useful Lives | |||||||||||||||||||||||
Partners LP | Corp. | Partners LP | Corp. | (In Years) | |||||||||||||||||||||||||
Consolidated | Consolidated | ||||||||||||||||||||||||||||
Gathering systems | $ | 2,119.70 | $ | - | $ | 2,119.70 | $ | 1,975.30 | $ | - | $ | 1,975.30 | 5 to 20 | ||||||||||||||||
Processing and fractionation facilities | 1,528.40 | 6.6 | 1,535.00 | 1,251.60 | 6.6 | 1,258.20 | 5 to 25 | ||||||||||||||||||||||
Terminaling and storage facilities | 691.5 | - | 691.5 | 462 | - | 462 | 5 to 25 | ||||||||||||||||||||||
Transportation assets | 292.6 | - | 292.6 | 292.5 | - | 292.5 | 10 to 25 | ||||||||||||||||||||||
Other property, plant and equipment | 109.2 | 0.2 | 109.4 | 84.6 | 0.2 | 84.8 | 3 to 25 | ||||||||||||||||||||||
Land | 88.7 | - | 88.7 | 87.1 | - | 87.1 | - | ||||||||||||||||||||||
Construction in progress | 617.1 | - | 617.1 | 548.1 | - | 548.1 | - | ||||||||||||||||||||||
Property, plant and equipment | $ | 5,447.20 | $ | 6.8 | $ | 5,454.00 | $ | 4,701.20 | $ | 6.8 | $ | 4,708.00 | |||||||||||||||||
Accumulated depreciation | (1,342.4 | ) | (2.2 | ) | (1,344.6 | ) | (1,168.0 | ) | (2.0 | ) | (1,170.0 | ) | |||||||||||||||||
Property, plant and equipment, net | $ | 4,104.80 | $ | 4.6 | $ | 4,109.40 | $ | 3,533.20 | $ | 4.8 | $ | 3,538.00 | |||||||||||||||||
Intangible assets | $ | 681.8 | $ | - | $ | 681.8 | $ | 681.9 | $ | - | $ | 681.9 | 20 | ||||||||||||||||
Accumulated amortization | (21.5 | ) | - | (21.5 | ) | (1.1 | ) | - | (1.1 | ) | |||||||||||||||||||
Intangible assets, net | $ | 660.3 | $ | - | $ | 660.3 | $ | 680.8 | $ | - | $ | 680.8 | |||||||||||||||||
Intangible assets consist of customer contracts and customer relationships acquired in business acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. Key valuation assumptions include probability of contracts under negotiation, renewals of existing contracts, economic incentives to retain customers, past and future volumes, current and future capacity of the gathering system, pricing volatility and the discount rate. | |||||||||||||||||||||||||||||
Customer contracts and customer relationships related to the Badlands system have an estimated economic useful life of 20 years. Amortization expense attributable to these assets is recorded using a method that closely reflects the cash flow pattern underlying the intangible asset valuation. The estimated amortization expense for these intangible assets is approximately $27.1 million, $61.4 million, $80.1 million, $88.3 million and $81.5 million for each of years 2013 through 2017. | |||||||||||||||||||||||||||||
Note 7 — Accounts Payable and Accrued Liabilities | |||||||||||||||||||||||||||||
The components of accounts payable and accrued liabilities consisted of the following: | |||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Commodities | $ | 451 | $ | 416.8 | |||||||||||||||||||||||||
Other goods and services | 135 | 154.4 | |||||||||||||||||||||||||||
Interest | 42.3 | 39.5 | |||||||||||||||||||||||||||
Compensation and benefits | 32.5 | 40.7 | |||||||||||||||||||||||||||
Other | 18.8 | 27.6 | |||||||||||||||||||||||||||
$ | 679.6 | $ | 679 |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities | ' | ||||||||
Note 7 — Accounts Payable and Accrued Liabilities | |||||||||
The components of accounts payable and accrued liabilities consisted of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Commodities | $ | 451 | $ | 416.8 | |||||
Other goods and services | 135 | 154.4 | |||||||
Interest | 42.3 | 39.5 | |||||||
Compensation and benefits | 32.5 | 40.7 | |||||||
Other | 18.8 | 27.6 | |||||||
$ | 679.6 | $ | 679 |
Debt_Obligations
Debt Obligations | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Obligations [Abstract] | ' | ||||||||
Debt Obligations | ' | ||||||||
Note 8 — Debt Obligations | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Long-term debt: | |||||||||
Non-Partnership obligations: | |||||||||
TRC Senior secured revolving credit facility, variable rate, due October 2017 (1) | $ | 70 | $ | 82 | |||||
Obligations of the Partnership: (2) | |||||||||
Senior secured revolving credit facility, variable rate, due October 2017 (3) | 400 | 620 | |||||||
Senior unsecured notes, 11¼% fixed rate, due July 2017 (4) | - | 72.7 | |||||||
Unamortized discount | - | (2.5 | ) | ||||||
Senior unsecured notes, 7⅞% fixed rate, due October 2018 | 250 | 250 | |||||||
Senior unsecured notes, 6⅞% fixed rate, due February 2021 | 483.6 | 483.6 | |||||||
Unamortized discount | (28.7 | ) | (30.5 | ) | |||||
Senior unsecured notes, 6⅜% fixed rate, due August 2022 | 300 | 400 | |||||||
Senior unsecured notes, 5¼% fixed rate, due May 2023 | 600 | 600 | |||||||
Senior unsecured notes, 4¼% fixed rate, due November 2023 | 625 | - | |||||||
Accounts receivable securitization facility, due January 2014 (5) | 168 | - | |||||||
Total long-term debt | $ | 2,867.90 | $ | 2,475.30 | |||||
Irrevocable standby letters of credit: | |||||||||
Letters of credit outstanding under TRC Senior secured credit facility (1) | $ | - | $ | - | |||||
Letters of credit outstanding under the Partnership senior secured revolving credit facility (3) | 50 | 45.3 | |||||||
$ | 50 | $ | 45.3 | ||||||
___________ | |||||||||
-1 | As of September 30, 2013, availability under TRC’s $150 million senior secured revolving credit facility was $80.0 million. | ||||||||
-2 | While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. | ||||||||
-3 | As of September 30, 2013, availability under the Partnership’s $1.2 billion senior secured revolving credit facility was $750.0 million. | ||||||||
-4 | The outstanding balance of the 11¼% Notes was redeemed on July 15, 2013. See “Senior Notes Repayments and Redemptions” below. | ||||||||
-5 | All amounts outstanding under the Partnership’s Securitization Facility are reflected as long-term debt in our balance sheet because the Partnership has the ability and intent to fund the Securitization Facility’s borrowing with availability under the Partnership’s Revolver (“the TRP Revolver”). | ||||||||
The following table shows the range of interest rates and weighted average interest rate incurred on our and the Partnership’s variable-rate debt obligations during the nine months ended September 30, 2013: | |||||||||
Range of Interest | Weighted Average | ||||||||
Rates Incurred | Interest Rate Incurred | ||||||||
TRC senior secured revolving credit facility | 2.9% - 3.0% | 2.90% | |||||||
Partnership's senior secured revolving credit facility | 1.9% - 4.5% | 2.30% | |||||||
Partnership's accounts receivable securitization facility | 0.90% | 0.90% | |||||||
Compliance with Debt Covenants | |||||||||
As of September 30, 2013, both we and the Partnership were in compliance with the covenants contained in our various debt agreements. | |||||||||
The Partnership’s Accounts Receivable Securitization Facility | |||||||||
In January 2013, the Partnership entered into the Securitization Facility to provide up to $200 million of borrowing capacity at commercial paper or LIBOR market index rates plus a margin through January 2014. Under this Securitization Facility, one of the Partnership’s consolidated subsidiaries (Targa Liquids Marketing and Trade LLC or “TLMT”) sells or contributes receivables, without recourse, to another of the Partnership’s consolidated subsidiaries (Targa Receivables LLC or “TRLLC”), a special purpose consolidated subsidiary created for the sole purpose of this Securitization Facility. TRLLC, in turn, sells an undivided percentage ownership in the eligible receivables to a third-party financial institution. Eligible TRLLC receivables up to the amount of the outstanding debt under the Securitization Facility are not available to satisfy the claims of the creditors of TLMT or us. Any excess receivables are eligible to satisfy the claims of creditors of TLMT or us. | |||||||||
The Partnership’s April 2013 Shelf | |||||||||
In April 2013, the Partnership filed with the SEC a universal shelf registration statement (the “April 2013 Shelf”), which provides the Partnership with the ability to offer and sell an unlimited amount of debt and equity securities, subject to market conditions and the Partnership’s capital needs. The April 2013 Shelf expires in April 2016. There was no activity under the April 2013 Shelf during the nine months ended September 30, 2013. | |||||||||
The Partnership’s July 2013 Shelf | |||||||||
In July 2013, the Partnership filed with the SEC a universal shelf registration statement that allows it to issue up to an aggregate of $800 million of debt or equity securities (the “July 2013 Shelf”). The July 2013 Shelf expires in August 2016. See Note 9 for equity issuances under the July 2013 Shelf. | |||||||||
The Partnership’s 4¼% Senior Notes due 2023 (“4¼% Notes”) | |||||||||
In May 2013, the Partnership privately placed $625.0 million in aggregate principal amount of 4¼% Senior Notes. The 4¼% Notes resulted in approximately $618.1 million of net proceeds, which were used to reduce borrowings under the Partnership’s senior secured revolving credit facility and for general partnership purposes. | |||||||||
The 4¼% Notes are unsecured senior obligations that rank pari passu in right of payment with existing and future senior indebtedness. They are senior in right of payment to any of the Partnership’s future subordinated indebtedness and are unconditionally guaranteed by certain of the Partnership’s subsidiaries. The 4¼% Notes are effectively subordinated to all secured indebtedness under the Partnership’s credit agreement, which is secured by substantially all of the Partnership’s assets, to the extent of the value of the collateral securing that indebtedness. | |||||||||
Interest on the 4¼% Notes accrues at the rate of 4¼% per annum and is payable semi-annually in arrears on May 15 and November 15, commencing on November 15, 2013. | |||||||||
The Partnership may redeem 35% of the aggregate principal amount of the 4¼% Notes at any time prior to May 15, 2016, with the net cash proceeds of one or more equity offerings. The Partnership must pay a redemption price of 104.25% of the principal amount, plus accrued and unpaid interest and liquidated damages, if any, to the redemption date provided that: | |||||||||
1) | at least 65% of the aggregate principal amount of the 4¼% Notes (excluding the 4¼% Notes held by the Partnership) remains outstanding immediately after the occurrence of such redemption; and | ||||||||
2) | the redemption occurs within 180 days of the date of the closing of such equity offering. | ||||||||
The Partnership may also redeem all or part of the 4¼% Notes on or after May 15, 2018 at the prices set forth below plus accrued and unpaid interest and liquidated damages, if any, on the notes redeemed, if redeemed during the twelve month period beginning on May 15 of each year indicated below. | |||||||||
Year | Redemption Price | ||||||||
2018 | 102.13% | ||||||||
2019 | 101.42% | ||||||||
2020 | 100.71% | ||||||||
2021 and thereafter | 100.00% | ||||||||
Senior Notes Repayments and Redemptions | |||||||||
In June 2013, the Partnership paid $106.4 million plus accrued interest, which included a premium of $6.4 million, to redeem $100 million of the outstanding 6⅜% Senior Notes due 2022 (the “6⅜% Notes”). The redemption resulted in a $7.4 million loss on debt redemption, including the write-off of $1.0 million of unamortized debt issue costs. | |||||||||
In July 2013, the Partnership paid $76.8 million plus accrued interest, which included a premium of $4.1 million, per the terms of the note agreement to redeem the outstanding balance of the 11¼% Senior Notes due 2017 (the “11¼% Notes”). The redemption resulted in a $7.4 million loss on debt redemption in the third quarter 2013, including the write-off of $1.0 million of unamortized debt issue costs. |
Partnership_Units_and_Related_
Partnership Units and Related Matters | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Partnership Units and Related Matters [Abstract] | ' | |||||||||||||||||||||||||
Partnership Units and Related Matters | ' | |||||||||||||||||||||||||
Note 9 — Partnership Units and Related Matters | ||||||||||||||||||||||||||
Public Offerings of Common Units | ||||||||||||||||||||||||||
In 2012, the Partnership filed with the SEC a universal shelf registration statement that, subject to effectiveness at the time of use, allows the Partnership to issue up to an aggregate of $300 million of debt or equity securities (the “2012 Shelf”). The 2012 Shelf expires in August 2015. | ||||||||||||||||||||||||||
In August 2012, the Partnership entered into an Equity Distribution Agreement (“2012 EDA”) with Citigroup Global Markets Inc. (“Citigroup”) pursuant to which the Partnership may sell, at its option, up to an aggregate of $100 million of its common units through Citibank, as sales agent, under the 2012 Shelf. Settlement for sales of common units occurs on the third business day following the date on which any sales were made. During the nine months ended September 30, 2013, the Partnership issued 2,420,046 common units under the 2012 EDA, receiving net proceeds of $94.8 million. We contributed $2.0 million to maintain our 2% general partner interest. | ||||||||||||||||||||||||||
In March 2013, the Partnership entered into a second Equity Distribution Agreement under the 2012 Shelf (“March 2013 EDA”) with Citigroup, Deutsche Bank Securities Inc.(“Deutsche Bank”), Raymond James & Associates, Inc. (“Raymond James”) and UBS Securities LLC (“UBS”), as sales agents, pursuant to which the Partnership may sell, at its option, up to an aggregate of $200 million of the Partnership common units. During the nine months ended September 30, 2013, the Partnership issued 4,204,751 common units, receiving net proceeds of $197.5 million. During the nine months ended September 30, 2013, we contributed $4.1 million to maintain our 2% general partner interest. | ||||||||||||||||||||||||||
In August 2013, the Partnership entered into an Equity Distribution Agreement under the July 2013 Shelf (“August 2013 EDA”) with Citigroup, Deutsche Bank, Morgan Stanley & Co. LLC, Raymond James, RBC Capital Markets, LLC, UBS and Wells Fargo Securities, LLC, as its sales agents, pursuant to which the Partnership may sell, at its option, up to an aggregate of $400 million of the Partnership’s common units. During the third quarter of 2013, the Partnership issued 1,724,930 common units under the August 2013 EDA, receiving net proceeds of $85.1 million, of which $3.3 million was received in October 2013 and reported as a receivable in Owner’s Equity. We contributed $1.8 million to the Partnership to maintain our 2% general partner interest, which we settled in October. | ||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||
In accordance with the partnership agreement, the Partnership must distribute all of its available cash, as determined by the general partner, to unitholders of record within 45 days after the end of each quarter. The following table details the distributions declared and/or paid by the Partnership for the nine months ended September 30, 2013. | ||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||
Three Months Ended | Date Paid or to be | Limited Partners | General Partner | Distributions to | Distributions per | |||||||||||||||||||||
Paid | Targa Resources | limited partner | ||||||||||||||||||||||||
Common | Incentive | 2 | % | Total | Corp. | unit | ||||||||||||||||||||
(In millions, except per unit amounts) | ||||||||||||||||||||||||||
30-Sep-13 | 14-Nov-13 | $ | 79.4 | $ | 26.9 | $ | 2.2 | $ | 108.5 | $ | 38.6 | $ | 0.7325 | |||||||||||||
30-Jun-13 | 14-Aug-13 | 75.8 | 24.6 | 2 | 102.4 | 35.9 | 0.715 | |||||||||||||||||||
31-Mar-13 | 15-May-13 | 71.7 | 22.1 | 1.9 | 95.7 | 33 | 0.6975 | |||||||||||||||||||
31-Dec-12 | 14-Feb-13 | 69 | 20.1 | 1.8 | 90.9 | 30.7 | 0.68 |
Common_Stock_and_Related_Matte
Common Stock and Related Matters | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Common Stock and Related Matters [Abstract] | ' | |||||||||||||||||
Common Stock and Related Matters | ' | |||||||||||||||||
Note 10 — Common Stock and Related Matters | ||||||||||||||||||
The following table details the dividends declared and/or paid by us for the nine months ended September 30, 2013: | ||||||||||||||||||
Three Months Ended | Date Paid or to be Paid | Total | Amount of | Accrued | Dividend Declared | |||||||||||||
Dividend | Dividend Paid | Dividends (1) | per Share of | |||||||||||||||
Declared | Common Stock | |||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||
30-Sep-13 | 15-Nov-13 | $ | 24.1 | $ | 23.7 | $ | 0.4 | $ | 0.57 | |||||||||
30-Jun-13 | 15-Aug-13 | 22.5 | 22.1 | 0.4 | 0.5325 | |||||||||||||
31-Mar-13 | 16-May-13 | 21 | 20.6 | 0.4 | 0.495 | |||||||||||||
31-Dec-12 | 15-Feb-13 | 19.4 | 19 | 0.4 | 0.4575 | |||||||||||||
________ | ||||||||||||||||||
-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 | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings per Common 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, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 49.4 | $ | 19 | $ | 105.6 | $ | 131.7 | |||||||||
Less: Net income attributable to noncontrolling interests | 33.1 | 10.3 | 61 | 104.8 | |||||||||||||
Net income attributable to common shareholders | $ | 16.3 | $ | 8.7 | $ | 44.6 | $ | 26.9 | |||||||||
Weighted average shares outstanding - basic | 41.6 | 41 | 41.6 | 41 | |||||||||||||
Net income available per common share - basic | $ | 0.39 | $ | 0.21 | $ | 1.07 | $ | 0.66 | |||||||||
Weighted average shares outstanding | 41.6 | 41 | 41.6 | 41 | |||||||||||||
Dilutive effect of unvested stock awards | 0.5 | 0.9 | 0.5 | 0.8 | |||||||||||||
Weighted average shares outstanding - diluted | 42.1 | 41.9 | 42.1 | 41.8 | |||||||||||||
Net income available per common share - diluted | $ | 0.39 | $ | 0.21 | $ | 1.06 | $ | 0.64 |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||
Note 12 — Derivative Instruments and Hedging Activities | ||||||||||||||||||
Partnership Commodity Hedges | ||||||||||||||||||
The primary purpose of the Partnership’s commodity risk management activities is to manage its exposure to commodity price risk and reduce volatility in its operating cash flow due to fluctuations in commodity prices. The Partnership has hedged the commodity prices associated with a portion of its expected (i) natural gas equity volumes in Field Gathering and Processing Operations and (ii) NGL and condensate equity volumes predominately in Field Gathering and Processing segment and the LOU business unit in Coastal Gathering and Processing segment that result from its percent of proceeds processing arrangements. These hedge positions will move favorably in periods of falling prices and unfavorably in periods of rising prices. The Partnership has designated these derivative contracts as cash flow hedges for accounting purposes. | ||||||||||||||||||
The hedges generally match the NGL product composition and the NGL and natural gas delivery points to those of the Partnership’s physical equity volumes. The NGL hedges may be transacted as specific NGL hedges or as baskets of ethane, propane, normal butane, isobutane and natural gasoline based upon the Partnership’s 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. The Partnership’s natural gas and NGL hedges are settled using published index prices for delivery at various locations, which closely approximate the Partnership’s actual natural gas and NGL delivery points. | ||||||||||||||||||
The Partnership hedges a portion of its condensate sales 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 necessarily exposes the Partnership to a market differential risk if the NYMEX futures do not move in exact parity with the sales price of its underlying condensate equity volumes. | ||||||||||||||||||
At September 30, 2013, the notional volumes of the Partnership’s commodity hedges for equity volumes were: | ||||||||||||||||||
Commodity | Instrument | Unit | 2013 | 2014 | 2015 | 2016 | ||||||||||||
Natural Gas | Swaps | MMBtu/d | 41,090 | 33,050 | 19,551 | 10,000 | ||||||||||||
NGL | Swaps | Bbl/d | 5,650 | 1,000 | - | - | ||||||||||||
Condensate | Swaps | Bbl/d | 2,045 | 1,450 | - | - | ||||||||||||
The Partnership also enters into derivative instruments to help manage other short-term commodity-related business risks. The Partnership has not designated these derivatives as hedges, and records changes in fair value and cash settlements to revenues. | ||||||||||||||||||
The Partnership’s derivative contracts are subject to netting arrangements that allow net cash settlement of offsetting asset and liability positions with the same counterparty. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements. The following schedules reflect the fair values of our derivative instruments and their location in our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: | ||||||||||||||||||
Fair Value as of September 30, 2013 | Fair Value as of December 31, 2012 | |||||||||||||||||
Balance Sheet | Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Location | Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 10.8 | $ | 5.4 | $ | 29.2 | $ | 7.2 | |||||||||
Long-term | 3.9 | 1.6 | 5.1 | 4.8 | ||||||||||||||
Total derivatives designated as hedging instruments | $ | 14.7 | $ | 7 | $ | 34.3 | $ | 12 | ||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | |||||||||
Total derivatives not designated as hedging instruments | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | ||||||||||
Total current position | $ | 10.9 | $ | 5.5 | $ | 29.3 | $ | 7.4 | ||||||||||
Total long-term position | 3.9 | 1.6 | 5.1 | 4.8 | ||||||||||||||
Total derivatives | $ | 14.8 | $ | 7.1 | $ | 34.4 | $ | 12.2 | ||||||||||
The pro forma impact of reporting derivatives in the Consolidated Balance Sheet is as follows: | ||||||||||||||||||
Gross Presentation | Pro forma Net Presentation | |||||||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||||
30-Sep-13 | Position | Position | Position | Position | ||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 10.3 | $ | 3.8 | $ | 6.5 | $ | - | ||||||||||
Counterparties without offsetting position - assets | 0.6 | - | 0.6 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 1.7 | - | 1.7 | ||||||||||||||
10.9 | 5.5 | 7.1 | 1.7 | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 2.8 | 1.1 | 1.7 | - | ||||||||||||||
Counterparties without offsetting position - assets | 1.1 | - | 1.1 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 0.5 | - | 0.5 | ||||||||||||||
3.9 | 1.6 | 2.8 | 0.5 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 13.1 | 4.9 | 8.2 | - | ||||||||||||||
Counterparties without offsetting position - assets | 1.7 | - | 1.7 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2.2 | - | 2.2 | ||||||||||||||
$ | 14.8 | $ | 7.1 | $ | 9.9 | $ | 2.2 | |||||||||||
31-Dec-12 | ||||||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 23.8 | $ | 7.4 | $ | 16.4 | $ | - | ||||||||||
Counterparties without offsetting position - assets | 5.5 | - | 5.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | - | - | - | ||||||||||||||
29.3 | 7.4 | 21.9 | - | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 4.4 | 2.8 | 1.6 | - | ||||||||||||||
Counterparties without offsetting position - assets | 0.7 | - | 0.7 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2 | - | 2 | ||||||||||||||
5.1 | 4.8 | 2.3 | 2 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 28.2 | 10.2 | 18 | - | ||||||||||||||
Counterparties without offsetting position - assets | 6.2 | - | 6.2 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2 | - | 2 | ||||||||||||||
$ | 34.4 | $ | 12.2 | $ | 24.2 | $ | 2 | |||||||||||
The fair value of the Partnership’s 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 the Partnership’s derivative instruments was a net asset of $7.7 million as of September 30, 2013. The estimated fair value is net of an adjustment for credit risk based on the default probabilities by year as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. | ||||||||||||||||||
The Partnership’s payment obligations in connection with substantially all of these hedging transactions are secured by a first priority lien in the collateral securing its senior secured indebtedness that ranks equal in right of payment with liens granted in favor of its senior secured lenders. | ||||||||||||||||||
The following tables reflect amounts recorded in other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue and expense for the periods indicated: | ||||||||||||||||||
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ||||||||||||||||||
Derivatives in Cash Flow | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Commodity contracts | $ | (11.3 | ) | $ | (22.6 | ) | $ | 2.4 | $ | 70.9 | ||||||||
$ | (11.3 | ) | $ | (22.6 | ) | $ | 2.4 | $ | 70.9 | |||||||||
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest expense, net | $ | (1.5 | ) | $ | (1.9 | ) | $ | (4.7 | ) | $ | (6.1 | ) | ||||||
Revenues | 4.5 | 15.4 | 17 | 31.7 | ||||||||||||||
$ | 3 | $ | 13.5 | $ | 12.3 | $ | 25.6 | |||||||||||
Hedge ineffectiveness was immaterial for all periods presented. | ||||||||||||||||||
Our consolidated earnings are also affected by the Partnership’s 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 (i.e., using the “mark-to-market” method) 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. Gain (loss) recognized on derivatives not designated as hedging instruments was immaterial for all periods presented. | ||||||||||||||||||
The following table shows the deferred gains (losses) included in accumulated OCI that will be reclassified into earnings through the end of 2016: | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||
Commodity hedges, before tax | $ | 1.1 | $ | 3.2 | ||||||||||||||
Commodity hedges, after tax | 0.6 | 1.9 | ||||||||||||||||
Interest rate hedges, before tax | (0.5 | ) | (1.2 | ) | ||||||||||||||
Interest rate hedges, after tax | (0.3 | ) | (0.7 | ) | ||||||||||||||
As of September 30, 2013, net gains of $6.0 million on commodity hedges and net losses of $3.8 million on terminated interest rate swaps recorded in OCI are expected to be reclassified to revenue and interest expense during the next twelve months. | ||||||||||||||||||
See Note 13 for additional disclosures related to derivative instruments and hedging activities. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 13 — Fair Value Measurements | |||||||||||||||||||||
Under generally accepted accounting principles, our consolidated balance sheet reflects a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments are reported at fair value in our consolidated balance sheet. Other financial instruments are reported at historical cost or amortized cost in our consolidated balance sheet, with fair value measurements for these instruments provided as supplemental information. | |||||||||||||||||||||
The following are additional qualitative and quantitative disclosures regarding fair value measurements of financial instruments. | |||||||||||||||||||||
Fair Value of Derivative Financial Instruments | |||||||||||||||||||||
The Partnership’s derivative instruments consist of financially settled commodity swap and option contracts and fixed price commodity contracts with certain counterparties. The Partnership determines the fair value of its derivative contracts using a discounted cash flow model for swaps and a standard option pricing-model for options, based on inputs that are readily available in public markets. The Partnership has consistently applied these valuation techniques in all periods presented and we believe the Partnership has obtained the most accurate information available for the types of derivative contracts the Partnership holds. | |||||||||||||||||||||
The fair values of the Partnership’s derivative instruments, which aggregate to a net asset position of $7.7 million as of September 30, 2013, are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. This asset position reflects the present value, adjusted for counterparty credit risk, of the amount the Partnership expects to receive in the future on its 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 $12.4 million, ignoring an adjustment for counterparty credit risk. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net asset of $27.8 million, ignoring an adjustment for counterparty credit risk. | |||||||||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||||||
The contingent consideration obligation related to the Partnership’s Badlands acquisition is reported at fair value. 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. As such, long-term debt is primarily the other financial instrument for which our carrying value could vary significantly from fair value. We determined the supplemental fair value disclosures for our long-term debt as follows: | |||||||||||||||||||||
• | senior secured revolving credit facilities and the Partnership’s Securitization Facility are based on carrying value which approximates fair value as its interest rate is based on prevailing market rates; | ||||||||||||||||||||
• | 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 using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value: | |||||||||||||||||||||
• | Level 1 – observable inputs such as quoted prices in active markets; | ||||||||||||||||||||
• | Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and | ||||||||||||||||||||
• | Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions. | ||||||||||||||||||||
The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included in our consolidated balance sheet at fair value and (2) supplemental fair value disclosures for other financial instruments: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 14.8 | $ | 14.8 | $ | - | $ | 13.6 | $ | 1.2 | |||||||||||
Liabilities from commodity derivative contracts | 7.1 | 7.1 | - | 6.7 | 0.4 | ||||||||||||||||
Badlands contingent consideration liability | - | - | - | - | - | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 83.7 | 83.7 | - | - | - | ||||||||||||||||
TRC Senior secured revolving credit facility | 70 | 70 | - | 70 | - | ||||||||||||||||
Partnership's Senior secured revolving credit facility | 400 | 400 | - | 400 | - | ||||||||||||||||
Partnership's Senior unsecured notes | 2,229.90 | 2,261.00 | - | 2,261.00 | - | ||||||||||||||||
Partnership's accounts receivable securitization facility | 168 | 168 | - | 168 | - | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 34.3 | $ | 34.3 | $ | - | $ | 34.3 | $ | - | |||||||||||
Liabilities from commodity derivative contracts | 12.1 | 12.1 | - | 11.5 | 0.6 | ||||||||||||||||
Badlands contingent consideration liability | 15.3 | 15.3 | - | - | 15.3 | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 76.3 | 76.3 | - | - | - | ||||||||||||||||
TRC Senior secured revolving credit facility | 82 | 82 | - | 82 | - | ||||||||||||||||
Partnership's Senior secured revolving credit facility | 620 | 620 | - | 620 | - | ||||||||||||||||
Partnership's Senior unsecured notes | 1,773.30 | 1,945.20 | - | 1,945.20 | - | ||||||||||||||||
Additional Information Regarding Level 3 Fair Value Measurements Included in Our Consolidated Balance Sheet | |||||||||||||||||||||
As of September 30, 2013, we reported certain of the Partnership’s natural gas basis swaps at fair value using Level 3 inputs due to such derivatives not having observable market prices for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations whose contract length extends into unobservable periods. | |||||||||||||||||||||
The fair value of these natural gas basis swaps is determined using a discounted cash flow valuation technique based on a forward commodity basis curve. For these derivatives, the primary input to the valuation model is the forward commodity basis curve, which is based on observable or public data sources and extrapolated when observable prices are not available. | |||||||||||||||||||||
As of September 30, 2013, the Partnership had nine natural gas basis swaps categorized as Level 3. The significant unobservable inputs used in the fair value measurements of the Partnership’s Level 3 derivatives are the forward natural gas basis curves, for which a significant portion of the derivative’s term is beyond available forward pricing. The change in the fair value of Level 3 derivatives associated with a 10% change in the forward basis curve where prices are not observable is immaterial. | |||||||||||||||||||||
In 2012, the Partnership recorded a contingent consideration liability as part of the purchase consideration for the Badlands acquisition (see Note 4). The fair value of this contingent liability was determined using a probability-based model measuring the likelihood of meeting certain volumetric measures identified in the MIPSA. At September 30, 2013, with only nine months remaining in the contingency period, management re-estimated the contingent liability, reflecting its updated assessments of the likelihood of meeting the stipulated volumetric thresholds, net of accretion of the discount factor due to the passage of time. Consequently, as these probability-based inputs are not observable, the entire valuation of the contingent consideration is categorized in Level 3. | |||||||||||||||||||||
The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: | |||||||||||||||||||||
Commodity | Contingent | ||||||||||||||||||||
Derivative | Liability | ||||||||||||||||||||
Contracts | |||||||||||||||||||||
Balance, December 31, 2012 | $ | (0.6 | ) | $ | (15.3 | ) | |||||||||||||||
Settlements included in Revenue | 1.4 | - | |||||||||||||||||||
Change in valuation of contingent liability included in Other Income | - | 15.3 | |||||||||||||||||||
Balance, September 30, 2013 | $ | 0.8 | $ | - | |||||||||||||||||
There has been no material transfer of assets or liabilities between the three levels of the fair value hierarchy during the nine months ended September 30, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Note 14 — Commitments and Contingencies | |
Environmental | |
On August 15, 2013, the Partnership received a notice of violation with a proposed penalty in the amount of $130,600 from the New Mexico Environment Department (“NMED”) for alleged violations of certain air quality permit conditions at the Monument gas processing plant in Lea County, New Mexico, which is operated by the Partnership and owned by Versado Gas Processors, L.L.C. (“Versado”), a joint venture in which the Partnership owns a 63% interest. The Partnership is in discussions with the NMED to resolve this matter. | |
Legal Proceedings | |
We are a party to various legal proceedings and/or regulatory proceedings and certain claims, suits and complaints arising in the ordinary course of business that have been filed or are pending against us. We believe all such matters are without merit or involve amounts which, if resolved unfavorably, would not have a material effect on our financial position, results of operations, or cash flows. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Note 15 - Supplemental Cash Flow Information | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Cash: | |||||||||
Interest paid, net of capitalized interest | $ | 83 | $ | 82.9 | |||||
Income taxes paid, net of refunds | 23.1 | 24.4 | |||||||
Non-cash: | |||||||||
Deadstock inventory transferred to property, plant and equipment | 28.3 | 2.9 | |||||||
Accrued dividends on unvested equity awards | 1.1 | 1.6 | |||||||
Receivables from unit offerings | 3.3 | - | |||||||
Change in capital accruals | 3.8 | 9.3 | |||||||
Transfers from materials and supplies to property, plant and equipment | 15.1 | - | |||||||
Change in ARO estimate | 1.4 | - |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||||||
Note 16 — Segment Information | |||||||||||||||||||||||||||||||||
The Partnership reports its operations in two divisions: (i) Gathering and Processing, consisting of two reportable segments – (a) Field Gathering and Processing and (b) Coastal Gathering and Processing; and (ii) Logistics and Marketing consisting of two reportable segments – (a) Logistics Assets and (b) Marketing and Distribution. The financial results of its hedging activities are reported in Other. | |||||||||||||||||||||||||||||||||
The Partnership’s Gathering and Processing division includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting NGLs and removing impurities. The Field Gathering and Processing segment's assets are located in North Texas and the Permian Basin of West Texas and New Mexico. With the Badlands acquisition on December 31, 2012, this segment's assets now includes the Badlands crude oil and natural gas gathering, terminaling and processing assets in North Dakota. Because the acquisition closed on December 31, 2012, Badlands had no operational impact for 2012. The Coastal Gathering and Processing segment's assets are located in the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico. | |||||||||||||||||||||||||||||||||
The Partnership’s Logistics and Marketing division is also referred to as its Downstream Business. The Partnership’s Downstream Business includes all the activities necessary to convert mixed NGLs into NGL products and provides certain value added services such as storing, terminaling, distributing and marketing of NGLs, refined petroleum products and crude oil. It also includes certain natural gas supply and marketing activities in support of the Partnership’s other operations, as well as transporting natural gas and NGLs. | |||||||||||||||||||||||||||||||||
The Partnership’s Logistics Assets segment is involved in transporting, storing, and fractionating mixed NGLs; storing, terminaling, and transporting finished NGLs, including services for exported LPGs; and storing and terminaling refined petroleum products and crude oil. These assets are generally connected to and supplied in part by the Partnership’s Gathering and Processing segments and are predominantly located in Mont Belvieu, Texas and Southwestern Louisiana. | |||||||||||||||||||||||||||||||||
The Partnership’s Marketing and Distribution segment covers activities required to distribute and market raw and finished NGLs and all natural gas marketing activities. It includes (1) marketing the Partnership’s own NGL production and purchasing NGL products in selected United States markets; (2) providing LPG balancing services to refinery customers; (3) transporting, storing and selling propane and providing related propane logistics services to multi-state retailers, independent retailers and other end-users; providing propane, butane and services to LPG exporters; and (4) marketing natural gas available to the Partnership from its Gathering and Processing division and the purchase and resale and other value added activities related to third-party natural gas in selected United States markets. | |||||||||||||||||||||||||||||||||
Other contains the results of the Partnership’s commodity hedging activities included in operating margin. Eliminations of inter-segment transactions are reflected in the corporate and eliminations column. | |||||||||||||||||||||||||||||||||
Segment information is shown in the following tables. We have segregated the following segment information between Partnership and non-Partnership activities. Partnership activities have been presented on a common control accounting basis, which reflects the drop-down transactions between us and the Partnership as if they occurred in prior periods similar to a pooling of interests. The non-Partnership results include activities related to certain assets and liabilities contractually excluded from the drop-down transactions and certain historical hedge activities that could not be reflected under GAAP in the Partnership common control results. | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | TRC Non- | Consolidated | ||||||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | Partnership | ||||||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 56.5 | $ | 71.1 | $ | 38.8 | $ | 1,249.50 | $ | 4.8 | $ | - | $ | (0.1 | ) | $ | 1,420.60 | ||||||||||||||||
Fees from midstream services | 27.4 | 7.4 | 53 | 48.4 | - | - | - | 136.2 | |||||||||||||||||||||||||
83.9 | 78.5 | 91.8 | 1,297.90 | 4.8 | - | (0.1 | ) | 1,556.80 | |||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 318.9 | 163.1 | 1.8 | 118.5 | - | (602.3 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 0.8 | - | 42.1 | 8.4 | - | (51.3 | ) | - | - | ||||||||||||||||||||||||
319.7 | 163.1 | 43.9 | 126.9 | - | (653.6 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 403.6 | $ | 241.6 | $ | 135.7 | $ | 1,424.80 | $ | 4.8 | $ | (653.6 | ) | $ | (0.1 | ) | $ | 1,556.80 | |||||||||||||||
Operating margin | $ | 70.6 | $ | 21.1 | $ | 70.5 | $ | 32.5 | $ | 4.8 | $ | - | $ | (0.1 | ) | $ | 199.4 | ||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 3,095.90 | $ | 385.8 | $ | 1,407.50 | $ | 638.8 | $ | 14.8 | $ | 105.2 | $ | 77.3 | $ | 5,725.30 | |||||||||||||||||
Capital expenditures | $ | 177.5 | $ | 4.3 | $ | 99.9 | $ | 1.7 | $ | - | $ | 1.1 | $ | - | $ | 284.5 | |||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | TRC Non- | Consolidated | ||||||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | Partnership | ||||||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 42.2 | $ | 60.5 | $ | 52.9 | $ | 1,136.40 | $ | 14 | $ | - | $ | 0.6 | $ | 1,306.60 | |||||||||||||||||
Fees from midstream services | 8.5 | 7.4 | 43.6 | 27.4 | - | - | - | 86.9 | |||||||||||||||||||||||||
50.7 | 67.9 | 96.5 | 1,163.80 | 14 | - | 0.6 | 1,393.50 | ||||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 274.8 | 150.5 | 0.5 | 151.5 | - | (577.3 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 0.3 | - | 27.6 | 7.2 | - | (35.1 | ) | - | - | ||||||||||||||||||||||||
275.1 | 150.5 | 28.1 | 158.7 | - | (612.4 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 325.8 | $ | 218.4 | $ | 124.6 | $ | 1,322.50 | $ | 14 | $ | (612.4 | ) | $ | 0.6 | $ | 1,393.50 | ||||||||||||||||
Operating margin | $ | 53.8 | $ | 18 | $ | 50.4 | $ | 25.4 | $ | 14 | $ | - | $ | 0.6 | $ | 162.2 | |||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,717.30 | $ | 421.8 | $ | 977.5 | $ | 491.7 | $ | 44.8 | $ | 117.8 | $ | 110.6 | $ | 3,881.50 | |||||||||||||||||
Capital expenditures | $ | 66.7 | $ | 28.2 | $ | 64 | $ | 0.9 | $ | - | $ | 1.7 | $ | - | $ | 161.5 | |||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | TRC Non- | Consolidated | ||||||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | Partnership | ||||||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 145.7 | $ | 223.8 | $ | 117 | $ | 3,528.40 | $ | 17 | $ | - | $ | (0.2 | ) | $ | 4,031.70 | ||||||||||||||||
Fees from midstream services | 70.3 | 25.9 | 147.6 | 120.7 | - | - | - | 364.5 | |||||||||||||||||||||||||
216 | 249.7 | 264.6 | 3,649.10 | 17 | - | (0.2 | ) | 4,396.20 | |||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 882.9 | 450.9 | 3.6 | 354.7 | - | (1,692.1 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 2.4 | - | 111.8 | 20.8 | - | (135.0 | ) | - | - | ||||||||||||||||||||||||
885.3 | 450.9 | 115.4 | 375.5 | - | (1,827.1 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 1,101.30 | $ | 700.6 | $ | 380 | $ | 4,024.60 | $ | 17 | $ | (1,827.1 | ) | $ | (0.2 | ) | $ | 4,396.20 | |||||||||||||||
Operating margin | $ | 191.8 | $ | 61.2 | $ | 178.9 | $ | 94 | $ | 17 | $ | - | $ | (0.3 | ) | $ | 542.6 | ||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 3,095.90 | $ | 385.8 | $ | 1,407.50 | $ | 638.8 | $ | 14.8 | $ | 105.2 | $ | 77.3 | $ | 5,725.30 | |||||||||||||||||
Capital expenditures | $ | 388.8 | $ | 15.1 | $ | 317.7 | $ | 2.4 | $ | - | $ | 3.1 | $ | - | $ | 727.1 | |||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | TRC Non- | Consolidated | ||||||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | Partnership | ||||||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 134.2 | $ | 172 | $ | 152.9 | $ | 3,622.20 | $ | 28.1 | $ | - | $ | 1.6 | $ | 4,111.00 | |||||||||||||||||
Fees from midstream services | 27.3 | 15.9 | 125.6 | 78.5 | - | 0.1 | - | 247.4 | |||||||||||||||||||||||||
161.5 | 187.9 | 278.5 | 3,700.70 | 28.1 | 0.1 | 1.6 | 4,358.40 | ||||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 851.9 | 532.7 | 0.6 | 398.3 | - | (1,783.5 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 0.9 | 0.1 | 76.2 | 23.5 | - | (100.7 | ) | - | - | ||||||||||||||||||||||||
852.8 | 532.8 | 76.8 | 421.8 | - | (1,884.2 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 1,014.30 | $ | 720.7 | $ | 355.3 | $ | 4,122.50 | $ | 28.1 | $ | (1,884.1 | ) | $ | 1.6 | $ | 4,358.40 | ||||||||||||||||
Operating margin | $ | 180.6 | $ | 92.3 | $ | 139.2 | $ | 77.8 | $ | 28.1 | $ | - | $ | 1.4 | $ | 519.4 | |||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,717.30 | $ | 421.8 | $ | 977.5 | $ | 491.7 | $ | 44.8 | $ | 117.8 | $ | 110.6 | $ | 3,881.50 | |||||||||||||||||
Capital expenditures | $ | 139.6 | $ | 32.8 | $ | 213.8 | $ | 10.4 | $ | - | $ | 3.2 | $ | 0.4 | $ | 400.2 | |||||||||||||||||
The following table shows our consolidated revenues by product and service for the periods presented: | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Sales of commodities | |||||||||||||||||||||||||||||||||
Natural gas sales | $ | 317.7 | $ | 252.1 | $ | 920.5 | $ | 642.7 | |||||||||||||||||||||||||
NGL sales | 1,025.20 | 957.4 | 2,885.60 | 3,198.40 | |||||||||||||||||||||||||||||
Condensate sales | 35.3 | 29 | 95.3 | 87 | |||||||||||||||||||||||||||||
Petroleum products | 37.9 | 52.7 | 113.4 | 152.5 | |||||||||||||||||||||||||||||
Derivative activities | 4.5 | 15.4 | 16.9 | 30.4 | |||||||||||||||||||||||||||||
1,420.60 | 1,306.60 | 4,031.70 | 4,111.00 | ||||||||||||||||||||||||||||||
Fees from midstream services | |||||||||||||||||||||||||||||||||
Fractionating and treating fees | 38.2 | 28.6 | 98.9 | 84 | |||||||||||||||||||||||||||||
Storage, terminaling, transportation and export fees | 63 | 41.6 | 170.3 | 107.4 | |||||||||||||||||||||||||||||
Gathering and processing fees | 30 | 11.8 | 75.5 | 30.1 | |||||||||||||||||||||||||||||
Other | 5 | 4.9 | 19.8 | 25.9 | |||||||||||||||||||||||||||||
136.2 | 86.9 | 364.5 | 247.4 | ||||||||||||||||||||||||||||||
Total revenues | $ | 1,556.80 | $ | 1,393.50 | $ | 4,396.20 | $ | 4,358.40 | |||||||||||||||||||||||||
The following table shows a reconciliation of operating margin to net income for the periods presented: | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Operating margin | $ | 199.4 | $ | 162.2 | $ | 542.6 | $ | 519.4 | |||||||||||||||||||||||||
Depreciation and amortization expense | (69.0 | ) | (48.6 | ) | (198.7 | ) | (144.3 | ) | |||||||||||||||||||||||||
General and administrative expense | (37.7 | ) | (35.7 | ) | (112.5 | ) | (106.5 | ) | |||||||||||||||||||||||||
Interest expense, net | (33.4 | ) | (30.0 | ) | (97.9 | ) | (91.0 | ) | |||||||||||||||||||||||||
Income tax expense | (13.0 | ) | (6.0 | ) | (30.3 | ) | (24.7 | ) | |||||||||||||||||||||||||
Other, net | 3.1 | (22.9 | ) | 2.4 | (21.2 | ) | |||||||||||||||||||||||||||
Net income | $ | 49.4 | $ | 19 | $ | 105.6 | $ | 131.7 |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Accounting Policy Updates/Revisions | ' |
Accounting Policy Updates/Revisions | |
The accounting policies that we follow are set forth in Note 3 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2012. Significant updates or revisions to these policies during the nine months ended September 30, 2013 are shown below. | |
Accounts Receivable Securitization Facility | ' |
Accounts Receivable Securitization Facility | |
Proceeds from the sale or contribution of certain receivables under our Accounts Receivable Securitization Facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. Such borrowings are reflected as long-term debt on our balance sheets to the extent that the Partnership has the ability and intent to fund the Securitization Facility’s borrowings on a long-term basis. Proceeds and repayments under the Securitization Facility are reflected as cash flows from financing activities on our statements of cash flows. | |
Intangible Assets | ' |
Intangible Assets | |
Intangible assets arose from producer dedications under long-term contracts and customer relationships associated with businesses acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. Amortization expense attributable to these assets is recorded in a manner that closely resembles the expected pattern in which we benefit from services provided to customers. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In January 2013, the FASB issued Accounting Standards Update No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies that ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, applies to financial instruments or derivative transactions accounted for under ASC 815. We currently present the Partnership’s derivative assets and liabilities on a gross basis on our statement of financial position. The amendments require disclosure of both gross and net amounts of derivative assets and liabilities that are subject to master netting arrangements with counterparties. We have provided these additional disclosures regarding the gross and net amounts of derivative assets and liabilities in Note 12. |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Acquisitions [Abstract] | ' | ||||||||||||||||
Pro forma consolidated results of operations | ' | ||||||||||||||||
Our Annual Report on Form 10-K included pro-forma information for the year ended 2012 regarding the Badlands acquisition. The following table presents updated 2012 pro forma information to reflect the effects of our 2013 policy decisions regarding depreciation and amortization of acquired properties and intangible assets, as described below. The following table also presents quarterly unaudited pro forma information for the three and nine months ended September 30, 2012 for comparative purposes in this quarterly report. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Year Ended December 31, 2012 | 30-Sep-12 | 30-Sep-12 | |||||||||||||||
As reported in | Pro forma | Pro forma | Pro forma | ||||||||||||||
10-K | |||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
Revenues | $ | 5,885.70 | $ | 5,909.90 | $ | 1,401.30 | $ | 4,374.00 | |||||||||
Net income | 159.3 | 129.5 | 12.1 | 105.9 | |||||||||||||
Less: Net income attributable to noncontrolling interests | 121.2 | 83.5 | 1.4 | 72.4 | |||||||||||||
Net income attributable to Targa Resources Corp. | $ | 38.1 | $ | 46 | $ | 10.7 | $ | 33.5 | |||||||||
Net income per common share - Basic | $ | 0.93 | $ | 1.12 | $ | 0.26 | $ | 0.82 | |||||||||
Net income per common share - Diluted | $ | 0.91 | $ | 1.1 | $ | 0.26 | $ | 0.8 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Components of inventory | ' | ||||||||
The components of inventories consisted of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Commodities | $ | 163.3 | $ | 82.3 | |||||
Materials and supplies | 38.4 | 17.1 | |||||||
$ | 201.7 | $ | 99.4 |
Property_Plant_and_Equipment_a1
Property, Plant and Equipment and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Property, Plant and Equipment and Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||||||
Component of property plant and equipment and intangible assets | ' | ||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Targa | TRC Non- | Targa | Targa | TRC Non- | Targa | Estimated | |||||||||||||||||||||||
Resources | Partnership | Resources | Resources | Partnership | Resources | Useful Lives | |||||||||||||||||||||||
Partners LP | Corp. | Partners LP | Corp. | (In Years) | |||||||||||||||||||||||||
Consolidated | Consolidated | ||||||||||||||||||||||||||||
Gathering systems | $ | 2,119.70 | $ | - | $ | 2,119.70 | $ | 1,975.30 | $ | - | $ | 1,975.30 | 5 to 20 | ||||||||||||||||
Processing and fractionation facilities | 1,528.40 | 6.6 | 1,535.00 | 1,251.60 | 6.6 | 1,258.20 | 5 to 25 | ||||||||||||||||||||||
Terminaling and storage facilities | 691.5 | - | 691.5 | 462 | - | 462 | 5 to 25 | ||||||||||||||||||||||
Transportation assets | 292.6 | - | 292.6 | 292.5 | - | 292.5 | 10 to 25 | ||||||||||||||||||||||
Other property, plant and equipment | 109.2 | 0.2 | 109.4 | 84.6 | 0.2 | 84.8 | 3 to 25 | ||||||||||||||||||||||
Land | 88.7 | - | 88.7 | 87.1 | - | 87.1 | - | ||||||||||||||||||||||
Construction in progress | 617.1 | - | 617.1 | 548.1 | - | 548.1 | - | ||||||||||||||||||||||
Property, plant and equipment | $ | 5,447.20 | $ | 6.8 | $ | 5,454.00 | $ | 4,701.20 | $ | 6.8 | $ | 4,708.00 | |||||||||||||||||
Accumulated depreciation | (1,342.4 | ) | (2.2 | ) | (1,344.6 | ) | (1,168.0 | ) | (2.0 | ) | (1,170.0 | ) | |||||||||||||||||
Property, plant and equipment, net | $ | 4,104.80 | $ | 4.6 | $ | 4,109.40 | $ | 3,533.20 | $ | 4.8 | $ | 3,538.00 | |||||||||||||||||
Intangible assets | $ | 681.8 | $ | - | $ | 681.8 | $ | 681.9 | $ | - | $ | 681.9 | 20 | ||||||||||||||||
Accumulated amortization | (21.5 | ) | - | (21.5 | ) | (1.1 | ) | - | (1.1 | ) | |||||||||||||||||||
Intangible assets, net | $ | 660.3 | $ | - | $ | 660.3 | $ | 680.8 | $ | - | $ | 680.8 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Schedule of accounts payable and accrued liabilities | ' | ||||||||
The components of accounts payable and accrued liabilities consisted of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Commodities | $ | 451 | $ | 416.8 | |||||
Other goods and services | 135 | 154.4 | |||||||
Interest | 42.3 | 39.5 | |||||||
Compensation and benefits | 32.5 | 40.7 | |||||||
Other | 18.8 | 27.6 | |||||||
$ | 679.6 | $ | 679 |
Debt_Obligations_Tables
Debt Obligations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Obligations [Abstract] | ' | ||||||||
Schedule of outstanding debt | ' | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Long-term debt: | |||||||||
Non-Partnership obligations: | |||||||||
TRC Senior secured revolving credit facility, variable rate, due October 2017 (1) | $ | 70 | $ | 82 | |||||
Obligations of the Partnership: (2) | |||||||||
Senior secured revolving credit facility, variable rate, due October 2017 (3) | 400 | 620 | |||||||
Senior unsecured notes, 11¼% fixed rate, due July 2017 (4) | - | 72.7 | |||||||
Unamortized discount | - | (2.5 | ) | ||||||
Senior unsecured notes, 7⅞% fixed rate, due October 2018 | 250 | 250 | |||||||
Senior unsecured notes, 6⅞% fixed rate, due February 2021 | 483.6 | 483.6 | |||||||
Unamortized discount | (28.7 | ) | (30.5 | ) | |||||
Senior unsecured notes, 6⅜% fixed rate, due August 2022 | 300 | 400 | |||||||
Senior unsecured notes, 5¼% fixed rate, due May 2023 | 600 | 600 | |||||||
Senior unsecured notes, 4¼% fixed rate, due November 2023 | 625 | - | |||||||
Accounts receivable securitization facility, due January 2014 (5) | 168 | - | |||||||
Total long-term debt | $ | 2,867.90 | $ | 2,475.30 | |||||
Irrevocable standby letters of credit: | |||||||||
Letters of credit outstanding under TRC Senior secured credit facility (1) | $ | - | $ | - | |||||
Letters of credit outstanding under the Partnership senior secured revolving credit facility (3) | 50 | 45.3 | |||||||
$ | 50 | $ | 45.3 | ||||||
___________ | |||||||||
-1 | As of September 30, 2013, availability under TRC’s $150 million senior secured revolving credit facility was $80.0 million. | ||||||||
-2 | While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. | ||||||||
-3 | As of September 30, 2013, availability under the Partnership’s $1.2 billion senior secured revolving credit facility was $750.0 million. | ||||||||
-4 | The outstanding balance of the 11¼% Notes was redeemed on July 15, 2013. See “Senior Notes Repayments and Redemptions” below. | ||||||||
-5 | All amounts outstanding under the Partnership’s Securitization Facility are reflected as long-term debt in our balance sheet because the Partnership has the ability and intent to fund the Securitization Facility’s borrowing with availability under the Partnership’s Revolver (“the TRP Revolver”). | ||||||||
Range of interest rates paid and weighted average interest rate paid on our variable-rate debt obligations | ' | ||||||||
The following table shows the range of interest rates and weighted average interest rate incurred on our and the Partnership’s variable-rate debt obligations during the nine months ended September 30, 2013: | |||||||||
Range of Interest | Weighted Average | ||||||||
Rates Incurred | Interest Rate Incurred | ||||||||
TRC senior secured revolving credit facility | 2.9% - 3.0% | 2.90% | |||||||
Partnership's senior secured revolving credit facility | 1.9% - 4.5% | 2.30% | |||||||
Partnership's accounts receivable securitization facility | 0.90% | 0.90% | |||||||
Schedule of redemption prices for issued debt | ' | ||||||||
The Partnership may also redeem all or part of the 4¼% Notes on or after May 15, 2018 at the prices set forth below plus accrued and unpaid interest and liquidated damages, if any, on the notes redeemed, if redeemed during the twelve month period beginning on May 15 of each year indicated below. | |||||||||
Year | Redemption Price | ||||||||
2018 | 102.13% | ||||||||
2019 | 101.42% | ||||||||
2020 | 100.71% | ||||||||
2021 and thereafter | 100.00% |
Partnership_Units_and_Related_1
Partnership Units and Related Matters (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Partnership Units and Related Matters [Abstract] | ' | |||||||||||||||||||||||||
Schedule of distributions | ' | |||||||||||||||||||||||||
In accordance with the partnership agreement, the Partnership must distribute all of its available cash, as determined by the general partner, to unitholders of record within 45 days after the end of each quarter. The following table details the distributions declared and/or paid by the Partnership for the nine months ended September 30, 2013. | ||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||
Three Months Ended | Date Paid or to be | Limited Partners | General Partner | Distributions to | Distributions per | |||||||||||||||||||||
Paid | Targa Resources | limited partner | ||||||||||||||||||||||||
Common | Incentive | 2 | % | Total | Corp. | unit | ||||||||||||||||||||
(In millions, except per unit amounts) | ||||||||||||||||||||||||||
30-Sep-13 | 14-Nov-13 | $ | 79.4 | $ | 26.9 | $ | 2.2 | $ | 108.5 | $ | 38.6 | $ | 0.7325 | |||||||||||||
30-Jun-13 | 14-Aug-13 | 75.8 | 24.6 | 2 | 102.4 | 35.9 | 0.715 | |||||||||||||||||||
31-Mar-13 | 15-May-13 | 71.7 | 22.1 | 1.9 | 95.7 | 33 | 0.6975 | |||||||||||||||||||
31-Dec-12 | 14-Feb-13 | 69 | 20.1 | 1.8 | 90.9 | 30.7 | 0.68 |
Common_Stock_and_Related_Matte1
Common Stock and Related Matters (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Common Stock and Related Matters [Abstract] | ' | |||||||||||||||||
Common Stock and Related Matters | ' | |||||||||||||||||
The following table details the dividends declared and/or paid by us for the nine months ended September 30, 2013: | ||||||||||||||||||
Three Months Ended | Date Paid or to be Paid | Total | Amount of | Accrued | Dividend Declared | |||||||||||||
Dividend | Dividend Paid | Dividends (1) | per Share of | |||||||||||||||
Declared | Common Stock | |||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||
30-Sep-13 | 15-Nov-13 | $ | 24.1 | $ | 23.7 | $ | 0.4 | $ | 0.57 | |||||||||
30-Jun-13 | 15-Aug-13 | 22.5 | 22.1 | 0.4 | 0.5325 | |||||||||||||
31-Mar-13 | 16-May-13 | 21 | 20.6 | 0.4 | 0.495 | |||||||||||||
31-Dec-12 | 15-Feb-13 | 19.4 | 19 | 0.4 | 0.4575 | |||||||||||||
________ | ||||||||||||||||||
-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 | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings per Common Share [Abstract] | ' | ||||||||||||||||
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, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 49.4 | $ | 19 | $ | 105.6 | $ | 131.7 | |||||||||
Less: Net income attributable to noncontrolling interests | 33.1 | 10.3 | 61 | 104.8 | |||||||||||||
Net income attributable to common shareholders | $ | 16.3 | $ | 8.7 | $ | 44.6 | $ | 26.9 | |||||||||
Weighted average shares outstanding - basic | 41.6 | 41 | 41.6 | 41 | |||||||||||||
Net income available per common share - basic | $ | 0.39 | $ | 0.21 | $ | 1.07 | $ | 0.66 | |||||||||
Weighted average shares outstanding | 41.6 | 41 | 41.6 | 41 | |||||||||||||
Dilutive effect of unvested stock awards | 0.5 | 0.9 | 0.5 | 0.8 | |||||||||||||
Weighted average shares outstanding - diluted | 42.1 | 41.9 | 42.1 | 41.8 | |||||||||||||
Net income available per common share - diluted | $ | 0.39 | $ | 0.21 | $ | 1.06 | $ | 0.64 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||
Notional volume of commodity hedges | ' | |||||||||||||||||
At September 30, 2013, the notional volumes of the Partnership’s commodity hedges for equity volumes were: | ||||||||||||||||||
Commodity | Instrument | Unit | 2013 | 2014 | 2015 | 2016 | ||||||||||||
Natural Gas | Swaps | MMBtu/d | 41,090 | 33,050 | 19,551 | 10,000 | ||||||||||||
NGL | Swaps | Bbl/d | 5,650 | 1,000 | - | - | ||||||||||||
Condensate | Swaps | Bbl/d | 2,045 | 1,450 | - | - | ||||||||||||
Fair values of derivative instruments | ' | |||||||||||||||||
The Partnership’s derivative contracts are subject to netting arrangements that allow net cash settlement of offsetting asset and liability positions with the same counterparty. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements. The following schedules reflect the fair values of our derivative instruments and their location in our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: | ||||||||||||||||||
Fair Value as of September 30, 2013 | Fair Value as of December 31, 2012 | |||||||||||||||||
Balance Sheet | Derivative | Derivative | Derivative | Derivative | ||||||||||||||
Location | Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 10.8 | $ | 5.4 | $ | 29.2 | $ | 7.2 | |||||||||
Long-term | 3.9 | 1.6 | 5.1 | 4.8 | ||||||||||||||
Total derivatives designated as hedging instruments | $ | 14.7 | $ | 7 | $ | 34.3 | $ | 12 | ||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | |||||||||
Total derivatives not designated as hedging instruments | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | ||||||||||
Total current position | $ | 10.9 | $ | 5.5 | $ | 29.3 | $ | 7.4 | ||||||||||
Total long-term position | 3.9 | 1.6 | 5.1 | 4.8 | ||||||||||||||
Total derivatives | $ | 14.8 | $ | 7.1 | $ | 34.4 | $ | 12.2 | ||||||||||
Pro forma impact of derivatives net in Consolidated Balance Sheet | ' | |||||||||||||||||
The pro forma impact of reporting derivatives in the Consolidated Balance Sheet is as follows: | ||||||||||||||||||
Gross Presentation | Pro forma Net Presentation | |||||||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||||
30-Sep-13 | Position | Position | Position | Position | ||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 10.3 | $ | 3.8 | $ | 6.5 | $ | - | ||||||||||
Counterparties without offsetting position - assets | 0.6 | - | 0.6 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 1.7 | - | 1.7 | ||||||||||||||
10.9 | 5.5 | 7.1 | 1.7 | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 2.8 | 1.1 | 1.7 | - | ||||||||||||||
Counterparties without offsetting position - assets | 1.1 | - | 1.1 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 0.5 | - | 0.5 | ||||||||||||||
3.9 | 1.6 | 2.8 | 0.5 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 13.1 | 4.9 | 8.2 | - | ||||||||||||||
Counterparties without offsetting position - assets | 1.7 | - | 1.7 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2.2 | - | 2.2 | ||||||||||||||
$ | 14.8 | $ | 7.1 | $ | 9.9 | $ | 2.2 | |||||||||||
31-Dec-12 | ||||||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 23.8 | $ | 7.4 | $ | 16.4 | $ | - | ||||||||||
Counterparties without offsetting position - assets | 5.5 | - | 5.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | - | - | - | ||||||||||||||
29.3 | 7.4 | 21.9 | - | |||||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 4.4 | 2.8 | 1.6 | - | ||||||||||||||
Counterparties without offsetting position - assets | 0.7 | - | 0.7 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2 | - | 2 | ||||||||||||||
5.1 | 4.8 | 2.3 | 2 | |||||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 28.2 | 10.2 | 18 | - | ||||||||||||||
Counterparties without offsetting position - assets | 6.2 | - | 6.2 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | 2 | - | 2 | ||||||||||||||
$ | 34.4 | $ | 12.2 | $ | 24.2 | $ | 2 | |||||||||||
Cash flow hedges included in accumulated other comprehensive income (loss) | ' | |||||||||||||||||
The following tables reflect amounts recorded in other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue and expense for the periods indicated: | ||||||||||||||||||
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ||||||||||||||||||
Derivatives in Cash Flow | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Commodity contracts | $ | (11.3 | ) | $ | (22.6 | ) | $ | 2.4 | $ | 70.9 | ||||||||
$ | (11.3 | ) | $ | (22.6 | ) | $ | 2.4 | $ | 70.9 | |||||||||
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest expense, net | $ | (1.5 | ) | $ | (1.9 | ) | $ | (4.7 | ) | $ | (6.1 | ) | ||||||
Revenues | 4.5 | 15.4 | 17 | 31.7 | ||||||||||||||
$ | 3 | $ | 13.5 | $ | 12.3 | $ | 25.6 | |||||||||||
Schedule of gain (loss) on financial instruments | ' | |||||||||||||||||
The following table shows the deferred gains (losses) included in accumulated OCI that will be reclassified into earnings through the end of 2016: | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||
Commodity hedges, before tax | $ | 1.1 | $ | 3.2 | ||||||||||||||
Commodity hedges, after tax | 0.6 | 1.9 | ||||||||||||||||
Interest rate hedges, before tax | (0.5 | ) | (1.2 | ) | ||||||||||||||
Interest rate hedges, after tax | (0.3 | ) | (0.7 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair value of assets and liabilities measured on a recurring basis | ' | ||||||||||||||||||||
The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included in our consolidated balance sheet at fair value and (2) supplemental fair value disclosures for other financial instruments: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 14.8 | $ | 14.8 | $ | - | $ | 13.6 | $ | 1.2 | |||||||||||
Liabilities from commodity derivative contracts | 7.1 | 7.1 | - | 6.7 | 0.4 | ||||||||||||||||
Badlands contingent consideration liability | - | - | - | - | - | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 83.7 | 83.7 | - | - | - | ||||||||||||||||
TRC Senior secured revolving credit facility | 70 | 70 | - | 70 | - | ||||||||||||||||
Partnership's Senior secured revolving credit facility | 400 | 400 | - | 400 | - | ||||||||||||||||
Partnership's Senior unsecured notes | 2,229.90 | 2,261.00 | - | 2,261.00 | - | ||||||||||||||||
Partnership's accounts receivable securitization facility | 168 | 168 | - | 168 | - | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 34.3 | $ | 34.3 | $ | - | $ | 34.3 | $ | - | |||||||||||
Liabilities from commodity derivative contracts | 12.1 | 12.1 | - | 11.5 | 0.6 | ||||||||||||||||
Badlands contingent consideration liability | 15.3 | 15.3 | - | - | 15.3 | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 76.3 | 76.3 | - | - | - | ||||||||||||||||
TRC Senior secured revolving credit facility | 82 | 82 | - | 82 | - | ||||||||||||||||
Partnership's Senior secured revolving credit facility | 620 | 620 | - | 620 | - | ||||||||||||||||
Partnership's Senior unsecured notes | 1,773.30 | 1,945.20 | - | 1,945.20 | - | ||||||||||||||||
Reconciliation of the changes in fair value of financial instruments classified as Level 3 | ' | ||||||||||||||||||||
The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: | |||||||||||||||||||||
Commodity | Contingent | ||||||||||||||||||||
Derivative | Liability | ||||||||||||||||||||
Contracts | |||||||||||||||||||||
Balance, December 31, 2012 | $ | (0.6 | ) | $ | (15.3 | ) | |||||||||||||||
Settlements included in Revenue | 1.4 | - | |||||||||||||||||||
Change in valuation of contingent liability included in Other Income | - | 15.3 | |||||||||||||||||||
Balance, September 30, 2013 | $ | 0.8 | $ | - |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Cash: | |||||||||
Interest paid, net of capitalized interest | $ | 83 | $ | 82.9 | |||||
Income taxes paid, net of refunds | 23.1 | 24.4 | |||||||
Non-cash: | |||||||||
Deadstock inventory transferred to property, plant and equipment | 28.3 | 2.9 | |||||||
Accrued dividends on unvested equity awards | 1.1 | 1.6 | |||||||
Receivables from unit offerings | 3.3 | - | |||||||
Change in capital accruals | 3.8 | 9.3 | |||||||
Transfers from materials and supplies to property, plant and equipment | 15.1 | - | |||||||
Change in ARO estimate | 1.4 | - |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||||||||||
Information by segment | ' | ||||||||||||||||||||||||||||||||
Segment information is shown in the following tables. We have segregated the following segment information between Partnership and non-Partnership activities. Partnership activities have been presented on a common control accounting basis, which reflects the drop-down transactions between us and the Partnership as if they occurred in prior periods similar to a pooling of interests. The non-Partnership results include activities related to certain assets and liabilities contractually excluded from the drop-down transactions and certain historical hedge activities that could not be reflected under GAAP in the Partnership common control results. | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | TRC Non- | Consolidated | ||||||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | Partnership | ||||||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 56.5 | $ | 71.1 | $ | 38.8 | $ | 1,249.50 | $ | 4.8 | $ | - | $ | (0.1 | ) | $ | 1,420.60 | ||||||||||||||||
Fees from midstream services | 27.4 | 7.4 | 53 | 48.4 | - | - | - | 136.2 | |||||||||||||||||||||||||
83.9 | 78.5 | 91.8 | 1,297.90 | 4.8 | - | (0.1 | ) | 1,556.80 | |||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 318.9 | 163.1 | 1.8 | 118.5 | - | (602.3 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 0.8 | - | 42.1 | 8.4 | - | (51.3 | ) | - | - | ||||||||||||||||||||||||
319.7 | 163.1 | 43.9 | 126.9 | - | (653.6 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 403.6 | $ | 241.6 | $ | 135.7 | $ | 1,424.80 | $ | 4.8 | $ | (653.6 | ) | $ | (0.1 | ) | $ | 1,556.80 | |||||||||||||||
Operating margin | $ | 70.6 | $ | 21.1 | $ | 70.5 | $ | 32.5 | $ | 4.8 | $ | - | $ | (0.1 | ) | $ | 199.4 | ||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 3,095.90 | $ | 385.8 | $ | 1,407.50 | $ | 638.8 | $ | 14.8 | $ | 105.2 | $ | 77.3 | $ | 5,725.30 | |||||||||||||||||
Capital expenditures | $ | 177.5 | $ | 4.3 | $ | 99.9 | $ | 1.7 | $ | - | $ | 1.1 | $ | - | $ | 284.5 | |||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | TRC Non- | Consolidated | ||||||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | Partnership | ||||||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 42.2 | $ | 60.5 | $ | 52.9 | $ | 1,136.40 | $ | 14 | $ | - | $ | 0.6 | $ | 1,306.60 | |||||||||||||||||
Fees from midstream services | 8.5 | 7.4 | 43.6 | 27.4 | - | - | - | 86.9 | |||||||||||||||||||||||||
50.7 | 67.9 | 96.5 | 1,163.80 | 14 | - | 0.6 | 1,393.50 | ||||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 274.8 | 150.5 | 0.5 | 151.5 | - | (577.3 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 0.3 | - | 27.6 | 7.2 | - | (35.1 | ) | - | - | ||||||||||||||||||||||||
275.1 | 150.5 | 28.1 | 158.7 | - | (612.4 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 325.8 | $ | 218.4 | $ | 124.6 | $ | 1,322.50 | $ | 14 | $ | (612.4 | ) | $ | 0.6 | $ | 1,393.50 | ||||||||||||||||
Operating margin | $ | 53.8 | $ | 18 | $ | 50.4 | $ | 25.4 | $ | 14 | $ | - | $ | 0.6 | $ | 162.2 | |||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,717.30 | $ | 421.8 | $ | 977.5 | $ | 491.7 | $ | 44.8 | $ | 117.8 | $ | 110.6 | $ | 3,881.50 | |||||||||||||||||
Capital expenditures | $ | 66.7 | $ | 28.2 | $ | 64 | $ | 0.9 | $ | - | $ | 1.7 | $ | - | $ | 161.5 | |||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | TRC Non- | Consolidated | ||||||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | Partnership | ||||||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 145.7 | $ | 223.8 | $ | 117 | $ | 3,528.40 | $ | 17 | $ | - | $ | (0.2 | ) | $ | 4,031.70 | ||||||||||||||||
Fees from midstream services | 70.3 | 25.9 | 147.6 | 120.7 | - | - | - | 364.5 | |||||||||||||||||||||||||
216 | 249.7 | 264.6 | 3,649.10 | 17 | - | (0.2 | ) | 4,396.20 | |||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 882.9 | 450.9 | 3.6 | 354.7 | - | (1,692.1 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 2.4 | - | 111.8 | 20.8 | - | (135.0 | ) | - | - | ||||||||||||||||||||||||
885.3 | 450.9 | 115.4 | 375.5 | - | (1,827.1 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 1,101.30 | $ | 700.6 | $ | 380 | $ | 4,024.60 | $ | 17 | $ | (1,827.1 | ) | $ | (0.2 | ) | $ | 4,396.20 | |||||||||||||||
Operating margin | $ | 191.8 | $ | 61.2 | $ | 178.9 | $ | 94 | $ | 17 | $ | - | $ | (0.3 | ) | $ | 542.6 | ||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 3,095.90 | $ | 385.8 | $ | 1,407.50 | $ | 638.8 | $ | 14.8 | $ | 105.2 | $ | 77.3 | $ | 5,725.30 | |||||||||||||||||
Capital expenditures | $ | 388.8 | $ | 15.1 | $ | 317.7 | $ | 2.4 | $ | - | $ | 3.1 | $ | - | $ | 727.1 | |||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field | Coastal | Logistics | Marketing | Other | Corporate | TRC Non- | Consolidated | ||||||||||||||||||||||||||
Gathering | Gathering | Assets | and | and | Partnership | ||||||||||||||||||||||||||||
and | and | Distribution | Eliminations | ||||||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 134.2 | $ | 172 | $ | 152.9 | $ | 3,622.20 | $ | 28.1 | $ | - | $ | 1.6 | $ | 4,111.00 | |||||||||||||||||
Fees from midstream services | 27.3 | 15.9 | 125.6 | 78.5 | - | 0.1 | - | 247.4 | |||||||||||||||||||||||||
161.5 | 187.9 | 278.5 | 3,700.70 | 28.1 | 0.1 | 1.6 | 4,358.40 | ||||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 851.9 | 532.7 | 0.6 | 398.3 | - | (1,783.5 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 0.9 | 0.1 | 76.2 | 23.5 | - | (100.7 | ) | - | - | ||||||||||||||||||||||||
852.8 | 532.8 | 76.8 | 421.8 | - | (1,884.2 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 1,014.30 | $ | 720.7 | $ | 355.3 | $ | 4,122.50 | $ | 28.1 | $ | (1,884.1 | ) | $ | 1.6 | $ | 4,358.40 | ||||||||||||||||
Operating margin | $ | 180.6 | $ | 92.3 | $ | 139.2 | $ | 77.8 | $ | 28.1 | $ | - | $ | 1.4 | $ | 519.4 | |||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,717.30 | $ | 421.8 | $ | 977.5 | $ | 491.7 | $ | 44.8 | $ | 117.8 | $ | 110.6 | $ | 3,881.50 | |||||||||||||||||
Capital expenditures | $ | 139.6 | $ | 32.8 | $ | 213.8 | $ | 10.4 | $ | - | $ | 3.2 | $ | 0.4 | $ | 400.2 | |||||||||||||||||
Revenues by product and service | ' | ||||||||||||||||||||||||||||||||
The following table shows our consolidated revenues by product and service for the periods presented: | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Sales of commodities | |||||||||||||||||||||||||||||||||
Natural gas sales | $ | 317.7 | $ | 252.1 | $ | 920.5 | $ | 642.7 | |||||||||||||||||||||||||
NGL sales | 1,025.20 | 957.4 | 2,885.60 | 3,198.40 | |||||||||||||||||||||||||||||
Condensate sales | 35.3 | 29 | 95.3 | 87 | |||||||||||||||||||||||||||||
Petroleum products | 37.9 | 52.7 | 113.4 | 152.5 | |||||||||||||||||||||||||||||
Derivative activities | 4.5 | 15.4 | 16.9 | 30.4 | |||||||||||||||||||||||||||||
1,420.60 | 1,306.60 | 4,031.70 | 4,111.00 | ||||||||||||||||||||||||||||||
Fees from midstream services | |||||||||||||||||||||||||||||||||
Fractionating and treating fees | 38.2 | 28.6 | 98.9 | 84 | |||||||||||||||||||||||||||||
Storage, terminaling, transportation and export fees | 63 | 41.6 | 170.3 | 107.4 | |||||||||||||||||||||||||||||
Gathering and processing fees | 30 | 11.8 | 75.5 | 30.1 | |||||||||||||||||||||||||||||
Other | 5 | 4.9 | 19.8 | 25.9 | |||||||||||||||||||||||||||||
136.2 | 86.9 | 364.5 | 247.4 | ||||||||||||||||||||||||||||||
Total revenues | $ | 1,556.80 | $ | 1,393.50 | $ | 4,396.20 | $ | 4,358.40 | |||||||||||||||||||||||||
Reconciliation of operating margin to net income | ' | ||||||||||||||||||||||||||||||||
The following table shows a reconciliation of operating margin to net income for the periods presented: | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Operating margin | $ | 199.4 | $ | 162.2 | $ | 542.6 | $ | 519.4 | |||||||||||||||||||||||||
Depreciation and amortization expense | (69.0 | ) | (48.6 | ) | (198.7 | ) | (144.3 | ) | |||||||||||||||||||||||||
General and administrative expense | (37.7 | ) | (35.7 | ) | (112.5 | ) | (106.5 | ) | |||||||||||||||||||||||||
Interest expense, net | (33.4 | ) | (30.0 | ) | (97.9 | ) | (91.0 | ) | |||||||||||||||||||||||||
Income tax expense | (13.0 | ) | (6.0 | ) | (30.3 | ) | (24.7 | ) | |||||||||||||||||||||||||
Other, net | 3.1 | (22.9 | ) | 2.4 | (21.2 | ) | |||||||||||||||||||||||||||
Net income | $ | 49.4 | $ | 19 | $ | 105.6 | $ | 131.7 |
Basis_of_Presentation_Details
Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Partnership Ownership Disclosure [Abstract] | ' |
General partner ownership interest (in hundredths) | 2.00% |
Parent's percentage ownership in the general partner of the Partnership (in hundredths) | 100.00% |
Number of Partnership common units owned (in units) | 12,945,659 |
Limited Partner [Member] | ' |
Partnership Ownership Disclosure [Abstract] | ' |
General partner ownership interest (in hundredths) | 11.90% |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
As reported [Abstract] | ' | ' | ' | ' | ' |
Revenues | $1,556.80 | $1,393.50 | $4,396.20 | $4,358.40 | $5,885.70 |
Net income | 49.4 | 19 | 105.6 | 131.7 | 159.3 |
Less: Net income attributable to noncontrolling interests | 33.1 | 10.3 | 61 | 104.8 | 121.2 |
Net income attributable to common shareholders | 16.3 | 8.7 | 44.6 | 26.9 | 38.1 |
Net income per common share - Basic (in dollars per share) | $0.39 | $0.21 | $1.07 | $0.66 | $0.93 |
Net income per common share - Diluted (in dollars per share) | $0.39 | $0.21 | $1.06 | $0.64 | $0.91 |
Pro Forma Results [Abstract] | ' | ' | ' | ' | ' |
Revenues | ' | 1,401.30 | ' | 4,374 | 5,909.90 |
Net income | ' | 12.1 | ' | 105.9 | 129.5 |
Less: Net income attributable to noncontrolling interests | ' | 1.4 | ' | 72.4 | 83.5 |
Net income attributable to Targa Resources Corp. | ' | 10.7 | ' | 33.5 | 46 |
Net income per common share - Basic | ' | $0.26 | ' | $0.82 | $1.12 |
Net income per common share - Diluted | ' | $0.26 | ' | $0.80 | $1.10 |
Useful life of acquired definite-lived intangibles | ' | ' | '20 years | ' | ' |
Useful life of acquired property, plant, and equipment - pro-forma as reported in 10-K | ' | ' | '30 years | ' | ' |
Useful life of acquired definite-lived intangibles - pro-forma as reported in 10-K | ' | ' | '30 years | ' | ' |
Badlands [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' | 50 |
Fair value of contingent consideration | ' | ' | 0 | ' | 15.3 |
Decrease in contingent consideration attributable to accretion of the discount factor | $9.10 | ' | $15.30 | ' | ' |
Pro Forma Results [Abstract] | ' | ' | ' | ' | ' |
Number of months remaining in contingency period | ' | ' | '9 months | ' | ' |
Badlands [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Pro Forma Results [Abstract] | ' | ' | ' | ' | ' |
Useful life of acquired property, plant and equipment | ' | ' | '15 years | ' | ' |
Badlands [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Pro Forma Results [Abstract] | ' | ' | ' | ' | ' |
Useful life of acquired property, plant and equipment | ' | ' | '20 years | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Commodities | $163.30 | $82.30 |
Materials and supplies | 38.4 | 17.1 |
Inventories, Net | $201.70 | $99.40 |
Property_Plant_and_Equipment_a2
Property, Plant and Equipment and Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Intangible Assets [Member] | Gathering Systems [Member] | Gathering Systems [Member] | Processing and Fractionation Facilities [Member] | Processing and Fractionation Facilities [Member] | Terminaling and Storage Facilities [Member] | Terminaling and Storage Facilities [Member] | Transportation Assets [Member] | Transportation Assets [Member] | Other Property, Plant and Equipment [Member] | Other Property, Plant and Equipment [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | TRC Non Partnership [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | Targa Resources Corp. Consolidated [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Gathering Systems [Member] | Gathering Systems [Member] | Processing and Fractionation Facilities [Member] | Processing and Fractionation Facilities [Member] | Terminaling and Storage Facilities [Member] | Terminaling and Storage Facilities [Member] | Transportation Assets [Member] | Transportation Assets [Member] | Other Property, Plant and Equipment [Member] | Other Property, Plant and Equipment [Member] | Land [Member] | Land [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Gathering Systems [Member] | Gathering Systems [Member] | Processing and Fractionation Facilities [Member] | Processing and Fractionation Facilities [Member] | Terminaling and Storage Facilities [Member] | Terminaling and Storage Facilities [Member] | Transportation Assets [Member] | Transportation Assets [Member] | Other Property, Plant and Equipment [Member] | Other Property, Plant and Equipment [Member] | Land [Member] | Land [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Gathering Systems [Member] | Gathering Systems [Member] | Processing and Fractionation Facilities [Member] | Processing and Fractionation Facilities [Member] | Terminaling and Storage Facilities [Member] | Terminaling and Storage Facilities [Member] | Transportation Assets [Member] | Transportation Assets [Member] | Other Property, Plant and Equipment [Member] | Other Property, Plant and Equipment [Member] | Land [Member] | Land [Member] | Construction in Progress [Member] | Construction in Progress [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | $5,454 | $4,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,447.20 | $4,701.20 | $2,119.70 | $1,975.30 | $1,528.40 | $1,251.60 | $691.50 | $462 | $292.60 | $292.50 | $109.20 | $84.60 | $88.70 | $87.10 | $617.10 | $548.10 | $6.80 | $6.80 | $0 | $0 | $6.60 | $6.60 | $0 | $0 | $0 | $0 | $0.20 | $0.20 | $0 | $0 | $0 | $0 | $5,454 | $4,708 | $2,119.70 | $1,975.30 | $1,535 | $1,258.20 | $691.50 | $462 | $292.60 | $292.50 | $109.40 | $84.80 | $88.70 | $87.10 | $617.10 | $548.10 |
Accumulated depreciation | -1,344.60 | -1,170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,342.40 | -1,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.2 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,344.60 | -1,170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 4,109.40 | 3,538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,104.80 | 3,533.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.6 | 4.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,109.40 | 3,538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 681.8 | 681.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 681.8 | 681.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21.5 | -1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21.5 | -1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 660.3 | 680.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 660.3 | 680.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '5 years | '20 years | '5 years | '25 years | '5 years | '25 years | '10 years | '25 years | '3 years | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives (in years) | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for intangible assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | 27.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 61.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 80.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 88.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | $81.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Commodities | $451 | $416.80 |
Other goods and services | 135 | 154.4 |
Interest | 42.3 | 39.5 |
Compensation and benefits | 32.5 | 40.7 |
Other | 18.8 | 27.6 |
Accounts payable and accrued liabilities | $679.60 | $679 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Long-term debt | $2,867.90 | $2,475.30 | ||
Irrevocable Standby Letters of Credit [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Letters of credit outstanding | 50 | 45.3 | ||
TRC Senior Secured Credit Facility [Member] | Secured Debt [Member] | Irrevocable Standby Letters of Credit [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Letters of credit outstanding | 0 | [1] | 0 | [1] |
Partnership's Senior Secured Credit Facility [Member] | Secured Debt [Member] | Irrevocable Standby Letters of Credit [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Letters of credit outstanding | 50 | [2] | 45.3 | [2] |
Partnership's Accounts Receivable Securitization Facility [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Range of Interest Rates Incurred, Maximum (in hundredths) | 0.90% | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 0.90% | ' | ||
Parent Company excluding Partnership [Member] | TRC Senior Secured Revolving Credit Facility due 2017 [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Long-term debt | 70 | [1] | 82 | [1] |
Maturity date | 1-Oct-17 | ' | ||
Range of Interest Rates Incurred, Minimum (in hundredths) | 2.90% | ' | ||
Range of Interest Rates Incurred, Maximum (in hundredths) | 3.00% | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 2.90% | ' | ||
Parent Company excluding Partnership [Member] | Senior Unsecured Notes due 2017 [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Revolving credit facility | 150 | ' | ||
Available capacity under revolving credit facility | 80 | ' | ||
Targa Resources Partners LP [Member] | Accounts receivable securitization facility [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Long-term debt | 168 | [3],[4] | 0 | [3],[4] |
Maturity date | 1-Jan-14 | ' | ||
Maximum borrowing capacity under Securitization Facility | 200 | ' | ||
Targa Resources Partners LP [Member] | TRC Senior Secured Revolving Credit Facility due 2017 [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Long-term debt | 400 | [2],[3] | 620 | [2],[3] |
Maturity date | 1-Oct-17 | ' | ||
Revolving credit facility | 1,200 | ' | ||
Available capacity under revolving credit facility | 750 | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes due 2017 [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Long-term debt | 0 | [3],[5] | 72.7 | [3],[5] |
Unamortized discount | 0 | [3] | -2.5 | [3] |
Maturity date | 1-Jul-17 | ' | ||
Per Annum Interest Rate (in hundredths) | 11.25% | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes due 2018 [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Long-term debt | 250 | [3] | 250 | [3] |
Maturity date | 1-Oct-18 | ' | ||
Per Annum Interest Rate (in hundredths) | 7.88% | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes due 2021 [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Long-term debt | 483.6 | [3] | 483.6 | [3] |
Unamortized discount | -28.7 | [3] | -30.5 | [3] |
Maturity date | 1-Feb-21 | ' | ||
Per Annum Interest Rate (in hundredths) | 6.88% | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes due 2022 [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Long-term debt | 300 | [3] | 400 | [3] |
Maturity date | 1-Aug-22 | ' | ||
Per Annum Interest Rate (in hundredths) | 6.38% | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes due 2023 [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Long-term debt | 600 | [3] | 600 | [3] |
Maturity date | 1-May-23 | ' | ||
Per Annum Interest Rate (in hundredths) | 5.25% | ' | ||
Targa Resources Partners LP [Member] | Partnership's Senior Secured Credit Facility [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Range of Interest Rates Incurred, Minimum (in hundredths) | 1.90% | ' | ||
Range of Interest Rates Incurred, Maximum (in hundredths) | 4.50% | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 2.30% | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes due November 2023 [Member] | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ||
Long-term debt | 625 | [3] | 0 | [3] |
Maturity date | 1-Nov-23 | ' | ||
Per Annum Interest Rate (in hundredths) | 4.25% | ' | ||
Net Proceeds | $618.10 | ' | ||
Percentage of principal amount can be redeemed prior to May 15, 2016 (in hundredths) | 35.00% | ' | ||
Percentage of aggregate principal amount remains outstanding (in hundredths) | 65.00% | ' | ||
Redemption Period | '180 days | ' | ||
Redemption Price [Abstract] | ' | ' | ||
Redemption price (in hundredths) | 104.25% | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes due November 2023 [Member] | 2018 [Member] | ' | ' | ||
Redemption Price [Abstract] | ' | ' | ||
Redemption price (in hundredths) | 102.13% | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes due November 2023 [Member] | 2019 [Member] | ' | ' | ||
Redemption Price [Abstract] | ' | ' | ||
Redemption price (in hundredths) | 101.42% | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes due November 2023 [Member] | 2020 [Member] | ' | ' | ||
Redemption Price [Abstract] | ' | ' | ||
Redemption price (in hundredths) | 100.71% | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes due November 2023 [Member] | 2021 and thereafter [Member] | ' | ' | ||
Redemption Price [Abstract] | ' | ' | ||
Redemption price (in hundredths) | 100.00% | ' | ||
[1] | As of September 30, 2013, availability under TRCbs $150 million senior secured revolving credit facility was $80.0 million. | |||
[2] | As of September 30, 2013, availability under the Partnershipbs $1.2 billion senior secured revolving credit facility was $750.0 million. | |||
[3] | While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. | |||
[4] | All amounts outstanding under the Partnershipbs Securitization Facility are reflected as long-term debt in our balance sheet because the Partnership has the ability and intent to fund the Securitization Facilitybs borrowing with availability under the Partnershipbs Revolver (bthe TRP Revolverb). | |||
[5] | The outstanding balance of the 11B |
Debt_Obligations_Senior_Notes_
Debt Obligations, Senior Notes Repayments and Redemptions (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 29, 2013 | Jul. 15, 2013 | Jun. 30, 2013 |
Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | ||||
Senior unsecured notes due 2017 [Member] | Senior unsecured notes due 2017 [Member] | ||||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ' | ' |
Debt redeemed | ' | ' | ' | $76.80 | $106.40 |
Debt principal amount redeemed | ' | ' | ' | 72.7 | 100 |
Loss on redemption of debt | 14.7 | 0 | ' | 7.4 | 7.4 |
Loss on redemption of debt, premium paid | ' | ' | ' | 4.1 | 6.4 |
Loss on redemption of debt, write-off of unamortized debt issue costs | ' | ' | ' | 1 | 1 |
Aggregate amount of debt or equity securities allowed under shelf agreement | ' | $300 | $800 | ' | ' |
Partnership_Units_and_Related_2
Partnership Units and Related Matters (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 29, 2013 | Sep. 30, 2012 |
Partnership Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
General partner ownership interest (in hundredths) | ' | ' | ' | ' | 2.00% | ' | ' |
Aggregate amount of debt or equity securities allowed to be issued under the shelf agreement | ' | ' | ' | ' | ' | $800 | $300 |
Number of days from end of each quarter by when cash is distributed to unitholders | ' | ' | ' | ' | '45 days | ' | ' |
Date paid or to be paid | 14-Nov-13 | 14-Aug-13 | 15-May-13 | 14-Feb-13 | ' | ' | ' |
Distributions Paid Limited Partners Common | 79.4 | 75.8 | 71.7 | 69 | ' | ' | ' |
Distributions to General Partners (Incentive) | 26.9 | 24.6 | 22.1 | 20.1 | ' | ' | ' |
Distributions to General Partners (2%) | 2.2 | 2 | 1.9 | 1.8 | ' | ' | ' |
Total distributions to general and limited partners | 108.5 | 102.4 | 95.7 | 90.9 | ' | ' | ' |
Distributions to Targa Resources Corp. | 38.6 | 35.9 | 33 | 30.7 | ' | ' | ' |
Distributions per limited partner per unit (in dollars per unit) | $0.73 | $0.72 | $0.70 | $0.68 | ' | ' | ' |
2012 EDA [Member] | ' | ' | ' | ' | ' | ' | ' |
Partnership Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Number of common units sold (in shares) | ' | ' | ' | ' | 2,420,046 | ' | ' |
Net proceeds from sale of common units | ' | ' | ' | ' | 94.8 | ' | ' |
Dollar amount of Common Units able to sell from Equity Distribution Agreement | ' | ' | ' | ' | 100 | ' | ' |
General partner contributed to maintain general partner ownership percentage | ' | ' | ' | ' | 2 | ' | ' |
General partner ownership interest (in hundredths) | ' | ' | ' | ' | 2.00% | ' | ' |
2013 EDA [Member] | ' | ' | ' | ' | ' | ' | ' |
Partnership Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Number of common units sold (in shares) | ' | ' | ' | ' | 4,204,751 | ' | ' |
Net proceeds from sale of common units | ' | ' | ' | ' | 197.5 | ' | ' |
Dollar amount of Common Units able to sell from Equity Distribution Agreement | ' | ' | ' | ' | 200 | ' | ' |
General partner contributed to maintain general partner ownership percentage | ' | ' | ' | ' | 4.1 | ' | ' |
General partner ownership interest (in hundredths) | ' | ' | ' | ' | 2.00% | ' | ' |
August 2013 EDA [Member] | ' | ' | ' | ' | ' | ' | ' |
Partnership Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Number of common units sold (in shares) | 1,724,930 | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common units including receivables | 85.1 | ' | ' | ' | ' | ' | ' |
Dollar amount of Common Units able to sell from Equity Distribution Agreement | 400 | ' | ' | ' | ' | ' | ' |
General partner contributed to maintain general partner ownership percentage | 1.8 | ' | ' | ' | ' | ' | ' |
General partner ownership interest (in hundredths) | 2.00% | ' | ' | ' | ' | ' | ' |
Receivables from issuance of common units | $3.30 | ' | ' | ' | 3.3 | ' | ' |
Common_Stock_and_Related_Matte2
Common Stock and Related Matters (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Common Stock and Related Matters [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Date paid or to be paid | 15-Nov-13 | 15-Aug-13 | 16-May-13 | 15-Feb-13 | ' | ' | ||||
Total dividend declared | $24.10 | $22.50 | $21 | $19.40 | ' | ' | ||||
Amount of dividend paid | 23.7 | 22.1 | 20.6 | 19 | 61.8 | 44.9 | ||||
Accrued dividends | $0.40 | [1] | $0.40 | [1] | $0.40 | [1] | $0.40 | [1] | ' | ' |
Dividend declared per share of common stock (in dollars per share) | $0.57 | $0.53 | $0.50 | $0.46 | ' | ' | ||||
[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 $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Earnings per Common Share [Abstract] | ' | ' | ' | ' | ' |
Net income | $49.40 | $19 | $105.60 | $131.70 | $159.30 |
Less: Net income attributable to noncontrolling interests | 33.1 | 10.3 | 61 | 104.8 | 121.2 |
Net income attributable to common shareholders | $16.30 | $8.70 | $44.60 | $26.90 | $38.10 |
Weighted average shares outstanding - basic (in shares) | 41.6 | 41 | 41.6 | 41 | ' |
Net income available per common share - basic (in dollars per share) | $0.39 | $0.21 | $1.07 | $0.66 | $0.93 |
Weighted average shares outstanding (in shares) | 41.6 | 41 | 41.6 | 41 | ' |
Dilutive effect of unvested stock awards (in shares) | 0.5 | 0.9 | 0.5 | 0.8 | ' |
Weighted average shares outstanding - diluted (in shares) | 42.1 | 41.9 | 42.1 | 41.8 | ' |
Net income available per common share - diluted (in dollars per share) | $0.39 | $0.21 | $1.06 | $0.64 | $0.91 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fair Values of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' |
Current assets | $10.90 | ' | $10.90 | ' | $29.30 |
Long-term assets | 3.9 | ' | 3.9 | ' | 5.1 |
Total derivative assets | 14.8 | ' | 14.8 | ' | 34.4 |
Current liabilities | 5.5 | ' | 5.5 | ' | 7.4 |
Long-term liabilities | 1.6 | ' | 1.6 | ' | 4.8 |
Total derivative liabilities | 7.1 | ' | 7.1 | ' | 12.2 |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Fair value, net | 7.7 | ' | 7.7 | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI - Effective Portion | -11.3 | -22.6 | 2.4 | 70.9 | ' |
Gain (Loss) Reclassified from OCI into Income - Effective Portion | 3 | 13.5 | 12.3 | 25.6 | ' |
Cash flow commodity hedge deferred net gain to be reclassified within twelve months | 6 | ' | 6 | ' | ' |
Cash flow interest rate swaps deferred net loss to be reclassified within twelve months | 3.8 | ' | 3.8 | ' | ' |
Interest Expense, Net [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Gain (Loss) Reclassified from OCI into Income - Effective Portion | -1.5 | -1.9 | -4.7 | -6.1 | ' |
Revenue [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Gain (Loss) Reclassified from OCI into Income - Effective Portion | 4.5 | 15.4 | 17 | 31.7 | ' |
Asset Position [Member] | Gross Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 13.1 | ' | 13.1 | ' | 28.2 |
Counterparties without offsetting position - assets | 1.7 | ' | 1.7 | ' | 6.2 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value, net | 14.8 | ' | 14.8 | ' | 34.4 |
Asset Position [Member] | Pro-forma Net Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 8.2 | ' | 8.2 | ' | 18 |
Counterparties without offsetting position - assets | 1.7 | ' | 1.7 | ' | 6.2 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value, net | 9.9 | ' | 9.9 | ' | 24.2 |
Liability Position [Member] | Gross Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 4.9 | ' | 4.9 | ' | 10.2 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 2.2 | ' | 2.2 | ' | 2 |
Fair value, net | 7.1 | ' | 7.1 | ' | 12.2 |
Liability Position [Member] | Pro-forma Net Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 2.2 | ' | 2.2 | ' | 2 |
Fair value, net | 2.2 | ' | 2.2 | ' | 2 |
Current Position [Member] | Asset Position [Member] | Gross Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 10.3 | ' | 10.3 | ' | 23.8 |
Counterparties without offsetting position - assets | 0.6 | ' | 0.6 | ' | 5.5 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value, net | 10.9 | ' | 10.9 | ' | 29.3 |
Current Position [Member] | Asset Position [Member] | Pro-forma Net Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 6.5 | ' | 6.5 | ' | 16.4 |
Counterparties without offsetting position - assets | 0.6 | ' | 0.6 | ' | 5.5 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value, net | 7.1 | ' | 7.1 | ' | 21.9 |
Current Position [Member] | Liability Position [Member] | Gross Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 3.8 | ' | 3.8 | ' | 7.4 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 1.7 | ' | 1.7 | ' | 0 |
Fair value, net | 5.5 | ' | 5.5 | ' | 7.4 |
Current Position [Member] | Liability Position [Member] | Pro-forma Net Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 1.7 | ' | 1.7 | ' | 0 |
Fair value, net | 1.7 | ' | 1.7 | ' | 0 |
Long-term Position [Member] | Asset Position [Member] | Gross Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 2.8 | ' | 2.8 | ' | 4.4 |
Counterparties without offsetting position - assets | 1.1 | ' | 1.1 | ' | 0.7 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value, net | 3.9 | ' | 3.9 | ' | 5.1 |
Long-term Position [Member] | Asset Position [Member] | Pro-forma Net Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 1.7 | ' | 1.7 | ' | 1.6 |
Counterparties without offsetting position - assets | 1.1 | ' | 1.1 | ' | 0.7 |
Counterparties without offsetting position - liabilities | 0 | ' | 0 | ' | 0 |
Fair value, net | 2.8 | ' | 2.8 | ' | 2.3 |
Long-term Position [Member] | Liability Position [Member] | Gross Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 1.1 | ' | 1.1 | ' | 2.8 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 0.5 | ' | 0.5 | ' | 2 |
Fair value, net | 1.6 | ' | 1.6 | ' | 4.8 |
Long-term Position [Member] | Liability Position [Member] | Pro-forma Net Presentation [Member] | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' |
Counterparties with offsetting position | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - assets | 0 | ' | 0 | ' | 0 |
Counterparties without offsetting position - liabilities | 0.5 | ' | 0.5 | ' | 2 |
Fair value, net | 0.5 | ' | 0.5 | ' | 2 |
Commodity Contracts [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI - Effective Portion | -11.3 | -22.6 | 2.4 | 70.9 | ' |
Unrealized gain (loss) on hedges, before tax | 1.1 | ' | 1.1 | ' | 3.2 |
Unrealized gain (loss) on hedges, after tax | 0.6 | ' | 0.6 | ' | 1.9 |
Interest Rate Swap [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Unrealized gain (loss) on hedges, before tax | -0.5 | ' | -0.5 | ' | -1.2 |
Unrealized gain (loss) on hedges, after tax | -0.3 | ' | -0.3 | ' | -0.7 |
Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' |
Fair Values of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' |
Total derivative assets | 14.7 | ' | 14.7 | ' | 34.3 |
Total derivative liabilities | 7 | ' | 7 | ' | 12 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | ' | ' | ' | ' | ' |
Fair Values of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' |
Current assets | 10.8 | ' | 10.8 | ' | 29.2 |
Long-term assets | 3.9 | ' | 3.9 | ' | 5.1 |
Current liabilities | 5.4 | ' | 5.4 | ' | 7.2 |
Long-term liabilities | 1.6 | ' | 1.6 | ' | 4.8 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' |
Fair Values of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' |
Total derivative assets | 0.1 | ' | 0.1 | ' | 0.1 |
Total derivative liabilities | 0.1 | ' | 0.1 | ' | 0.2 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | ' | ' | ' | ' | ' |
Fair Values of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' |
Current assets | 0.1 | ' | 0.1 | ' | 0.1 |
Long-term assets | 0 | ' | 0 | ' | 0 |
Current liabilities | 0.1 | ' | 0.1 | ' | 0.2 |
Long-term liabilities | $0 | ' | $0 | ' | $0 |
Instruments - Swaps [Member] | Year 2013 [Member] | Natural Gas [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 41,090 | ' | ' |
Instruments - Swaps [Member] | Year 2013 [Member] | NGL [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 5,650 | ' | ' |
Instruments - Swaps [Member] | Year 2013 [Member] | Condensate [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 2,045 | ' | ' |
Instruments - Swaps [Member] | Year 2014 [Member] | Natural Gas [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 33,050 | ' | ' |
Instruments - Swaps [Member] | Year 2014 [Member] | NGL [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 1,000 | ' | ' |
Instruments - Swaps [Member] | Year 2014 [Member] | Condensate [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 1,450 | ' | ' |
Instruments - Swaps [Member] | Year 2015 [Member] | Natural Gas [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 19,551 | ' | ' |
Instruments - Swaps [Member] | Year 2015 [Member] | NGL [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 0 | ' | ' |
Instruments - Swaps [Member] | Year 2015 [Member] | Condensate [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 0 | ' | ' |
Instruments - Swaps [Member] | Year 2016 [Member] | Natural Gas [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 10,000 | ' | ' |
Instruments - Swaps [Member] | Year 2016 [Member] | NGL [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 0 | ' | ' |
Instruments - Swaps [Member] | Year 2016 [Member] | Condensate [Member] | ' | ' | ' | ' | ' |
Derivative Line [Items] | ' | ' | ' | ' | ' |
Notional volumes of commodity hedges (per day) | ' | ' | 0 | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Commodity Derivative Contracts [Member] | Contingent Liability[Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets from commodity derivative contracts | $14.80 | $34.30 | ' | ' | $0 | $0 | $13.60 | $34.30 | $1.20 | $0 | $14.80 | $34.30 |
Liability from commodity derivative contracts | 7.1 | 12.1 | ' | ' | 0 | 0 | 6.7 | 11.5 | 0.4 | 0.6 | 7.1 | 12.1 |
Badlands contingent consideration liability (see Note 4) | 0 | 15.3 | ' | ' | 0 | 0 | 0 | 0 | 0 | 15.3 | 0 | 15.3 |
Cash and cash equivalents | 83.7 | 76.3 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 83.7 | 76.3 |
TRC Senior secured revolving credit facility | 70 | 82 | ' | ' | 0 | 0 | 70 | 82 | 0 | 0 | 70 | 82 |
Partnership's Senior secured revolving credit facility | 400 | 620 | ' | ' | 0 | 0 | 400 | 620 | 0 | 0 | 400 | 620 |
Partnership's Senior unsecured notes | 2,261 | 1,945.20 | ' | ' | 0 | 0 | 2,261 | 1,945.20 | 0 | 0 | 2,229.90 | 1,773.30 |
Partnership's accounts receivable securitization facility | 168 | ' | ' | ' | 0 | ' | 168 | ' | 0 | ' | 168 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative financial instruments, fair value, net | 7.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative fair value commodity price increases 10 percent, net asset | 12.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative fair value commodity price decreases 10 percent, net asset | 27.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | -0.6 | -15.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements included in Revenue | ' | ' | 1.4 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Change in valuation of contingent liability included in Other Income | ' | ' | 0 | 15.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, June 30, 2013 | ' | ' | $0.80 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Loss Contingencies [Line Items] | ' |
Penalty for alleged violations of certain air quality permit conditions | $130,600 |
Corporate Joint Venture [Member] | ' |
Loss Contingencies [Line Items] | ' |
Percentage of ownership in Versado Gas Processors, L.L.C (in hundredths) | 63.00% |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash [Abstract] | ' | ' |
Interest paid, net of capitalized interest | $83 | $82.90 |
Income taxes paid, net of refunds | 23.1 | 24.4 |
Non-cash: | ' | ' |
Deadstock inventory transferred to property, plant and equipment | 28.3 | 2.9 |
Accrued distribution equivalent rights | 1.1 | 1.6 |
Receivables from unit offerings | 3.3 | 0 |
Change in capital accruals | 3.8 | 9.3 |
Transfers from materials and supplies to property, plant and equipment | 15.1 | 0 |
Change in ARO estimate | $1.40 | $0 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment | |||||
Division | |||||
Segment Information [Abstract] | ' | ' | ' | ' | ' |
Number of divisions | 2 | ' | ' | ' | ' |
Number of reportable segments | 4 | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | $1,420.60 | $1,306.60 | $4,031.70 | $4,111 | ' |
Fees from midstream services | 136.2 | 86.9 | 364.5 | 247.4 | ' |
Revenues | 1,556.80 | 1,393.50 | 4,396.20 | 4,358.40 | 5,885.70 |
Operating Margin | 199.4 | 162.2 | 542.6 | 519.4 | ' |
Total assets | 5,725.30 | 3,881.50 | 5,725.30 | 3,881.50 | 5,105 |
Capital Expenditures | 284.5 | 161.5 | 727.1 | 400.2 | ' |
Depreciation and amortization expenses | -69 | -48.6 | -198.7 | -144.3 | ' |
General and administrative expenses | -37.7 | -35.7 | -112.5 | -106.5 | ' |
Interest expense, net | -33.4 | -30 | -97.9 | -91 | ' |
Income tax expense | -13 | -6 | -30.3 | -24.7 | ' |
Other, net | 3.1 | -22.9 | 2.4 | -21.2 | ' |
Net income | 49.4 | 19 | 105.6 | 131.7 | 159.3 |
Field Gathering and Processing [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 403.6 | 325.8 | 1,101.30 | 1,014.30 | ' |
Operating Margin | 70.6 | 53.8 | 191.8 | 180.6 | ' |
Total assets | 3,095.90 | 1,717.30 | 3,095.90 | 1,717.30 | ' |
Capital Expenditures | 177.5 | 66.7 | 388.8 | 139.6 | ' |
Coastal Gathering and Processing [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 241.6 | 218.4 | 700.6 | 720.7 | ' |
Operating Margin | 21.1 | 18 | 61.2 | 92.3 | ' |
Total assets | 385.8 | 421.8 | 385.8 | 421.8 | ' |
Capital Expenditures | 4.3 | 28.2 | 15.1 | 32.8 | ' |
Logistics Assets [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 135.7 | 124.6 | 380 | 355.3 | ' |
Operating Margin | 70.5 | 50.4 | 178.9 | 139.2 | ' |
Total assets | 1,407.50 | 977.5 | 1,407.50 | 977.5 | ' |
Capital Expenditures | 99.9 | 64 | 317.7 | 213.8 | ' |
Marketing and Distribution [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 1,424.80 | 1,322.50 | 4,024.60 | 4,122.50 | ' |
Operating Margin | 32.5 | 25.4 | 94 | 77.8 | ' |
Total assets | 638.8 | 491.7 | 638.8 | 491.7 | ' |
Capital Expenditures | 1.7 | 0.9 | 2.4 | 10.4 | ' |
Other Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 4.8 | 14 | 17 | 28.1 | ' |
Operating Margin | 4.8 | 14 | 17 | 28.1 | ' |
Total assets | 14.8 | 44.8 | 14.8 | 44.8 | ' |
Capital Expenditures | 0 | 0 | 0 | 0 | ' |
Corporate and Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | -653.6 | -612.4 | -1,827.10 | -1,884.10 | ' |
Operating Margin | 0 | 0 | 0 | 0 | ' |
Total assets | 105.2 | 117.8 | 105.2 | 117.8 | ' |
Capital Expenditures | 1.1 | 1.7 | 3.1 | 3.2 | ' |
TRC Non- Partnership [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | -0.1 | 0.6 | -0.2 | 1.6 | ' |
Operating Margin | -0.1 | 0.6 | -0.3 | 1.4 | ' |
Total assets | 77.3 | 110.6 | 77.3 | 110.6 | ' |
Capital Expenditures | 0 | 0 | 0 | 0.4 | ' |
Natural gas sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 317.7 | 252.1 | 920.5 | 642.7 | ' |
NGL sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 1,025.20 | 957.4 | 2,885.60 | 3,198.40 | ' |
Condensate sales [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 35.3 | 29 | 95.3 | 87 | ' |
Petroleum Products [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 37.9 | 52.7 | 113.4 | 152.5 | ' |
Derivative activities [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 4.5 | 15.4 | 16.9 | 30.4 | ' |
Fractionating and treating fees [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Fees from midstream services | 38.2 | 28.6 | 98.9 | 84 | ' |
Storage And Terminaling Fees [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Fees from midstream services | 63 | 41.6 | 170.3 | 107.4 | ' |
Gathering and processing fees [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Fees from midstream services | 30 | 11.8 | 75.5 | 30.1 | ' |
Total Other Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Fees from midstream services | 5 | 4.9 | 19.8 | 25.9 | ' |
Total outside Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 1,420.60 | 1,306.60 | 4,031.70 | 4,111 | ' |
Fees from midstream services | 136.2 | 86.9 | 364.5 | 247.4 | ' |
Revenues | 1,556.80 | 1,393.50 | 4,396.20 | 4,358.40 | ' |
Total outside Revenues [Member] | Field Gathering and Processing [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 56.5 | 42.2 | 145.7 | 134.2 | ' |
Fees from midstream services | 27.4 | 8.5 | 70.3 | 27.3 | ' |
Revenues | 83.9 | 50.7 | 216 | 161.5 | ' |
Total outside Revenues [Member] | Coastal Gathering and Processing [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 71.1 | 60.5 | 223.8 | 172 | ' |
Fees from midstream services | 7.4 | 7.4 | 25.9 | 15.9 | ' |
Revenues | 78.5 | 67.9 | 249.7 | 187.9 | ' |
Total outside Revenues [Member] | Logistics Assets [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 38.8 | 52.9 | 117 | 152.9 | ' |
Fees from midstream services | 53 | 43.6 | 147.6 | 125.6 | ' |
Revenues | 91.8 | 96.5 | 264.6 | 278.5 | ' |
Total outside Revenues [Member] | Marketing and Distribution [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 1,249.50 | 1,136.40 | 3,528.40 | 3,622.20 | ' |
Fees from midstream services | 48.4 | 27.4 | 120.7 | 78.5 | ' |
Revenues | 1,297.90 | 1,163.80 | 3,649.10 | 3,700.70 | ' |
Total outside Revenues [Member] | Other Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 4.8 | 14 | 17 | 28.1 | ' |
Fees from midstream services | 0 | 0 | 0 | 0 | ' |
Revenues | 4.8 | 14 | 17 | 28.1 | ' |
Total outside Revenues [Member] | Corporate and Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 0 | 0 | 0 | 0 | ' |
Fees from midstream services | 0 | 0 | 0 | 0.1 | ' |
Revenues | 0 | 0 | 0 | 0.1 | ' |
Total outside Revenues [Member] | TRC Non- Partnership [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | -0.1 | 0.6 | -0.2 | 1.6 | ' |
Fees from midstream services | 0 | 0 | 0 | 0 | ' |
Revenues | -0.1 | 0.6 | -0.2 | 1.6 | ' |
Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 0 | 0 | 0 | 0 | ' |
Fees from midstream services | 0 | 0 | 0 | 0 | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Total Intersegment Revenues [Member] | Field Gathering and Processing [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 318.9 | 274.8 | 882.9 | 851.9 | ' |
Fees from midstream services | 0.8 | 0.3 | 2.4 | 0.9 | ' |
Revenues | 319.7 | 275.1 | 885.3 | 852.8 | ' |
Total Intersegment Revenues [Member] | Coastal Gathering and Processing [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 163.1 | 150.5 | 450.9 | 532.7 | ' |
Fees from midstream services | 0 | 0 | 0 | 0.1 | ' |
Revenues | 163.1 | 150.5 | 450.9 | 532.8 | ' |
Total Intersegment Revenues [Member] | Logistics Assets [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 1.8 | 0.5 | 3.6 | 0.6 | ' |
Fees from midstream services | 42.1 | 27.6 | 111.8 | 76.2 | ' |
Revenues | 43.9 | 28.1 | 115.4 | 76.8 | ' |
Total Intersegment Revenues [Member] | Marketing and Distribution [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 118.5 | 151.5 | 354.7 | 398.3 | ' |
Fees from midstream services | 8.4 | 7.2 | 20.8 | 23.5 | ' |
Revenues | 126.9 | 158.7 | 375.5 | 421.8 | ' |
Total Intersegment Revenues [Member] | Other Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 0 | 0 | 0 | 0 | ' |
Fees from midstream services | 0 | 0 | 0 | 0 | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Total Intersegment Revenues [Member] | Corporate and Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | -602.3 | -577.3 | -1,692.10 | -1,783.50 | ' |
Fees from midstream services | -51.3 | -35.1 | -135 | -100.7 | ' |
Revenues | -653.6 | -612.4 | -1,827.10 | -1,884.20 | ' |
Total Intersegment Revenues [Member] | TRC Non- Partnership [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of commodities | 0 | 0 | 0 | 0 | ' |
Fees from midstream services | 0 | 0 | 0 | 0 | ' |
Revenues | $0 | $0 | $0 | $0 | ' |