Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 10, 2014 | Jun. 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 Public Float | ' | ' | $2,119.30 |
Entity Common Stock, Shares Outstanding | ' | 42,167,343 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $66.70 | $76.30 | ||
Trade receivables, net of allowances of $1.1 million and $0.9 million | 658.8 | 514.9 | ||
Inventories | 150.7 | 99.4 | ||
Deferred income taxes | 0.1 | 0 | ||
Assets from risk management activities | 2 | 29.3 | ||
Other current assets | 18.9 | 13.4 | ||
Total current assets | 897.2 | 733.3 | ||
Property, plant and equipment | 5,758.40 | 4,708 | ||
Accumulated depreciation | -1,408.50 | -1,170 | ||
Property, plant and equipment, net | 4,349.90 | 3,538 | ||
Intangible assets, net | 653.4 | 680.8 | ||
Long-term assets from risk management activities | 3.1 | 5.1 | ||
Investment in unconsolidated affiliate | 55.9 | 53.1 | ||
Other long-term assets | 89.1 | 94.7 | ||
Total assets | 6,048.60 | 5,105 | ||
Current liabilities: | ' | ' | ||
Accounts payable and accrued liabilities | 761.8 | 679 | ||
Deferred income taxes | 0.6 | 0.2 | ||
Liabilities from risk management activities | 8 | 7.4 | ||
Total current liabilities | 770.4 | 686.6 | ||
Long-term debt | 2,989.30 | [1] | 2,475.30 | [1] |
Long-term liabilities from risk management activities | 1.4 | 4.8 | ||
Deferred income taxes | 135.5 | 131.2 | ||
Other long-term liabilities | 60.7 | 53.7 | ||
Commitments and contingencies (see Note 17) | ' | ' | ||
Targa Resources Corp. stockholders' equity: | ' | ' | ||
Common stock ($0.001 par value, 300,000,000 shares authorized, 42,529,068 shares issued and 42,162,178 shares outstanding as of December 31, 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 December 31, 2013 and December 31, 2012) | 0 | 0 | ||
Additional paid-in capital | 151.6 | 184.4 | ||
Retained earnings (accumulated deficit) | 20.5 | -32 | ||
Accumulated other comprehensive income (loss) | -0.5 | 1.2 | ||
Treasury stock, at cost (366,890 shares as of December 31, 2013 and 197,731 as of December 31, 2012) | -22.8 | -9.5 | ||
Total Targa Resources Corp. stockholders' equity | 148.8 | 144.1 | ||
Noncontrolling interests in subsidiaries | 1,942.50 | 1,609.30 | ||
Total owners' equity | 2,091.30 | 1,753.40 | ||
Total liabilities and owners' equity | $6,048.60 | $5,105 | ||
[1] | While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Trade receivables, allowances | $1.10 | $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) | 42,529,068 | 42,492,233 |
Common stock, shares outstanding (in shares) | 42,162,178 | 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) | 366,890 | 197,731 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONDENSED STATEMENT OF OPERATIONS | ' | ' | ' |
Revenues | $6,556 | $5,885.70 | $6,994.50 |
Costs and expenses: | ' | ' | ' |
Product purchases | 5,378.50 | 4,879 | 6,039 |
Operating expenses | 376.3 | 313.1 | 287.1 |
Depreciation and amortization expenses | 271.9 | 197.6 | 181 |
General and administrative expenses | 151.5 | 139.8 | 136.1 |
Other operating (income) expense (See Note 19) | 9.6 | 19.9 | 0.2 |
Income from operations | 368.2 | 336.3 | 351.1 |
Other income (expense): | ' | ' | ' |
Interest expense, net | -134.1 | -120.8 | -111.7 |
Equity earnings | 14.8 | 1.9 | 8.8 |
Loss on debt redemptions and amendment (See Note 10) | -14.7 | -12.8 | 0 |
Loss on mark-to-market derivative instruments | 0 | 0 | -5 |
Other | 15.3 | -8.4 | -1.2 |
Income before income taxes | 249.5 | 196.2 | 242 |
Income tax expense: | ' | ' | ' |
Current | -42.8 | -27.9 | -14.3 |
Deferred | -5.4 | -9 | -12.3 |
Income tax expense total | -48.2 | -36.9 | -26.6 |
Net income | 201.3 | 159.3 | 215.4 |
Less: Net income attributable to noncontrolling interests | 136.2 | 121.2 | 184.7 |
Net income available to common shareholders | $65.10 | $38.10 | $30.70 |
Net income available per common share - basic (in dollars per share) | $1.56 | $0.93 | $0.75 |
Net income available per common share - diluted (in dollars per share) | $1.55 | $0.91 | $0.74 |
Weighted average shares outstanding - basic (in shares) | 41.6 | 41 | 41 |
Weighted average shares outstanding - diluted (in shares) | 42.1 | 41.8 | 41.4 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ' | ' | ' |
Net income attributable to Targa Resources Corp. | $65.10 | $38.10 | $30.70 |
Commodity hedging contracts: | ' | ' | ' |
Change in fair value, pre-tax | -0.8 | 11.9 | -5.2 |
Change in fair value, related income tax | 0.4 | -4.4 | 2.1 |
Change in fair value, after tax | -0.4 | 7.5 | -3.1 |
Settlement reclassified to revenues, pre-tax | -2.8 | -9 | 1 |
Settlement reclassified to revenues, related income tax | 1.1 | 3.3 | -0.4 |
Settlement reclassified to revenues, after tax | -1.7 | -5.7 | 0.6 |
Interest rate swaps: | ' | ' | ' |
Change in fair value, pre-tax | 0 | 0 | -0.3 |
Change in fair value, related income tax | 0 | 0 | 0.1 |
Change in fair value, after tax | 0 | 0 | -0.2 |
Settlements reclassified to interest expense, net, pre-tax | 0.8 | 1.3 | 1.3 |
Settlements reclassified to interest expense, net, related income tax | -0.3 | -0.6 | -0.5 |
Settlements reclassified to interest expense, net, after tax | 0.5 | 0.7 | 0.8 |
Other comprehensive income (loss) attributable to Targa Resources Corp., pre-tax | -2.8 | 4.2 | -3.2 |
Other comprehensive income (loss) attributable to Targa Resources Corp., related income tax | 1.2 | -1.7 | 1.3 |
Other comprehensive income (loss) attributable to Targa Resources Corp., after tax | -1.6 | 2.5 | -1.9 |
Comprehensive income attributable to Targa Resources Corp. | 63.5 | 40.6 | 28.8 |
Net income attributable to noncontrolling interests | 136.2 | 121.2 | 184.7 |
Commodity hedging contracts: | ' | ' | ' |
Change in fair value, pre-tax | -5 | 64.9 | -28.4 |
Change in fair value, related income tax | 0 | 0 | 0 |
Change in fair value, after tax | -5 | 64.9 | -28.4 |
Settlement reclassified to revenues, pre-tax | -18.2 | -37 | 29.3 |
Settlement reclassified to revenues, related income tax | 0 | 0 | 0 |
Settlement reclassified to revenues, after tax | -18.2 | -37 | 29.3 |
Interest rate swaps: | ' | ' | ' |
Change in fair value, pre-tax | 0 | 0 | -4 |
Change in fair value, related income tax | 0 | 0 | 0 |
Change in fair value, after tax | 0 | 0 | -4 |
Settlements reclassified to interest expense, net, pre-tax | 5.3 | 6.6 | 6.8 |
Settlements reclassified to interest expense, net, related income tax | 0 | 0 | 0 |
Settlements reclassified to interest expense, net, after tax | 5.3 | 6.6 | 6.8 |
Other comprehensive income (loss) attributable to noncontrolling interests, before tax | -17.9 | 34.5 | 3.7 |
Other comprehensive income (loss) attributable to noncontrolling interests, related income tax | 0 | 0 | 0 |
Other comprehensive income (loss) attributable to noncontrolling interests, after tax | -17.9 | 34.5 | 3.7 |
Comprehensive income attributable to noncontrolling interests | 118.3 | 155.7 | 188.4 |
Total comprehensive income | $181.80 | $196.30 | $217.20 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN OWNERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
In Millions, except Share data in Thousands | |||||||
Balance at beginning of period at Dec. 31, 2010 | $0 | $244.50 | ($100.80) | $0.60 | $0 | $891.80 | $1,036.10 |
Balance at beginning of period (in shares) at Dec. 31, 2010 | 42,292 | ' | ' | ' | 0 | ' | ' |
Compensation on equity grants | 0 | 14.2 | 0 | 0 | 0 | 1 | 15.2 |
Compensation on equity grants (in shares) | 106 | ' | ' | ' | 0 | ' | ' |
Sale of Partnership limited partner interests | 0 | 0 | 0 | 0 | 0 | 298 | 298 |
Impact of Partnership equity transactions | 0 | 10.3 | 0 | 0 | 0 | -10.3 | 0 |
Dividends | 0 | -39.5 | 0 | 0 | 0 | -0.1 | -39.6 |
Distributions to owners | 0 | 0 | 0 | 0 | 0 | -196.2 | -196.2 |
Other comprehensive income (loss) | 0 | 0 | 0 | -1.9 | 0 | 3.7 | 1.8 |
Net income | 0 | 0 | 30.7 | 0 | 0 | 184.7 | 215.4 |
Balance at end of period at Dec. 31, 2011 | 0 | 229.5 | -70.1 | -1.3 | 0 | 1,172.60 | 1,330.70 |
Balance end of period (in shares) at Dec. 31, 2011 | 42,398 | ' | ' | ' | 0 | ' | ' |
Compensation on equity grants | 0 | 15.3 | 0 | 0 | 0 | 4 | 19.3 |
Compensation on equity grants (in shares) | 95 | ' | ' | ' | 0 | ' | ' |
Accrual of distribution equivalent rights | 0 | 0 | 0 | 0 | 0 | -0.5 | -0.5 |
Repurchase of common stock | 0 | 0 | 0 | 0 | -9.5 | 0 | -9.5 |
Repurchase of common stock (in shares) | -198 | ' | ' | ' | 198 | ' | ' |
Sale of Partnership limited partner interests | 0 | 0 | 0 | 0 | 0 | 493.5 | 493.5 |
Impact of Partnership equity transactions | 0 | 5.2 | 0 | 0 | 0 | -5.2 | 0 |
Dividends | 0 | -64.4 | 0 | 0 | 0 | 0 | -64.4 |
Distributions to owners | 0 | -1.2 | 0 | 0 | 0 | -210.3 | -211.5 |
Other comprehensive income (loss) | 0 | 0 | 0 | 2.5 | 0 | 34.5 | 37 |
Net income | 0 | 0 | 38.1 | 0 | 0 | 121.2 | 159.3 |
Balance at end of period at Dec. 31, 2012 | 0 | 184.4 | -32 | 1.2 | -9.5 | 1,609.30 | 1,753.40 |
Balance end of period (in shares) at Dec. 31, 2012 | 42,295 | ' | ' | ' | 198 | ' | ' |
Compensation on equity grants | 0 | 8.8 | 0 | 0 | 0 | 6 | 14.8 |
Compensation on equity grants (in shares) | 36 | ' | ' | ' | 0 | ' | ' |
Accrual of distribution equivalent rights | 0 | 0 | 0 | 0 | 0 | -1.7 | -1.7 |
Repurchase of common stock | 0 | 0 | 0 | 0 | -13.3 | 0 | -13.3 |
Repurchase of common stock (in shares) | -169 | ' | ' | ' | 169 | ' | ' |
Sale of Partnership limited partner interests | 0 | 0 | 0 | 0 | 0 | 517.7 | 517.7 |
Impact of Partnership equity transactions | 0 | 32.7 | 0 | 0 | 0 | -32.7 | 0 |
Dividends | 0 | -74.3 | -12.6 | 0 | 0 | 0 | -86.9 |
Distributions to owners | 0 | ' | 0 | 0 | 0 | -274.4 | -274.4 |
Other comprehensive income (loss) | 0 | 0 | 0 | -1.7 | 0 | -17.9 | -19.6 |
Net income | 0 | 0 | 65.1 | 0 | 0 | 136.2 | 201.3 |
Balance at end of period at Dec. 31, 2013 | $0 | $151.60 | $20.50 | ($0.50) | ($22.80) | $1,942.50 | $2,091.30 |
Balance end of period (in shares) at Dec. 31, 2013 | 42,162 | ' | ' | ' | 367 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $201.30 | $159.30 | $215.40 |
Amortization in interest expense | 15.9 | 18.2 | 13 |
Compensation on equity grants | 13.2 | 17.5 | 15.2 |
Depreciation and amortization expenses | 271.9 | 197.6 | 181 |
Accretion of asset retirement obligations | 4 | 4 | 3.6 |
Deferred income tax expense | 5.4 | 9 | 12.3 |
Equity earnings, net of distributions | -2.8 | 0 | -0.4 |
Risk management activities | -0.3 | 3.6 | -21.2 |
Loss on sale or disposition of assets | 3.9 | 15.6 | 0.2 |
Loss on debt redemptions and amendment | 14.7 | 12.8 | 0 |
Changes in operating assets and liabilities: | ' | ' | ' |
Receivables and other assets | -143.6 | 98 | -101.3 |
Inventory | -84.5 | 6 | -41.1 |
Accounts payable and other liabilities | 83.6 | -113.4 | 102.6 |
Net cash provided by operating activities | 382.7 | 428.2 | 379.3 |
Cash flows from investing activities | ' | ' | ' |
Outlays for property, plant and equipment | -1,013.60 | -582.7 | -331.9 |
Business acquisitions, net of cash acquired | 0 | -996.2 | -156.5 |
Purchase of materials and supplies | -17.7 | 0 | 0 |
Investment in unconsolidated affiliate | 0 | -16.8 | -21.2 |
Return of capital from unconsolidated affiliate | 0 | 0.5 | 0 |
Other, net | 5 | 4.5 | 0.3 |
Net cash used in investing activities | -1,026.30 | -1,590.70 | -509.3 |
Partnership loan facilities: | ' | ' | ' |
Proceeds | 2,238 | 2,595 | 2,112 |
Repayments | -2,021.20 | -1,690.70 | -2,054.30 |
Cash paid on note exchange | 0 | 0 | -27.7 |
Partnership accounts receivable securitization facility: | ' | ' | ' |
Borrowings | 373.3 | 0 | 0 |
Repayments | -93.6 | 0 | 0 |
Non-Partnership loan facilities: | ' | ' | ' |
Proceeds | 65 | 90 | 0 |
Repayments | -63 | -96.8 | 0 |
Costs incurred in connection with financing arrangements | -15.3 | -36.6 | -18.2 |
Distributions to owners | -274.4 | -211.5 | -196.2 |
Proceeds from sale of common units of the Partnership | 524.7 | 514 | 310 |
Dividends to common and common equivalent shareholders | -87.8 | -62.2 | -38.2 |
Repurchase of common stock | -13.3 | -9.5 | 0 |
Excess tax benefit from stock-based awards | 1.6 | 1.3 | 0 |
Net cash used in financing activities | 634 | 1,093 | 87.4 |
Net change in cash and cash equivalents | -9.6 | -69.5 | -42.6 |
Cash and cash equivalents, beginning of period | 76.3 | 145.8 | 188.4 |
Cash and cash equivalents, end of period | $66.70 | $76.30 | $145.80 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization [Abstract] | ' |
Organization | ' |
Note 1 — Organization | |
Targa Resources Corp. (“TRC”) is a Delaware corporation formed in October 2005. Our common stock is listed on the New York Stock Exchange under the symbol “TRGP.” In this Annual Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations. |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended | ||
Dec. 31, 2013 | |||
Basis of Presentation [Abstract] | ' | ||
Basis of Presentation | ' | ||
Note 2 — Basis of Presentation | |||
These accompanying financial statements and related notes present our consolidated financial position as of December 31, 2013 and 2012, and the results of operations, comprehensive income, cash flows, and changes in owners’ equity for the years ended December 31, 2013, 2012 and 2011. | |||
We have prepared our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated. Certain amounts in prior periods have been reclassified to conform to the current year presentation. | |||
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 December 31, 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 an 11.6% 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 NGL and NGL products; gathering, storing and terminaling crude oil; and storing, terminaling and selling refined petroleum products. See Note 23 for an analysis of our and the Partnership’s operations by business segment. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Significant Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies | ' | ||
Note 3 — Significant Accounting Policies | |||
Consolidation Policy | |||
Our consolidated financial statements include our accounts and those of our subsidiaries in which we have a controlling interest. We hold varying undivided interests in various gas processing facilities in which we are responsible for our proportionate share of the costs and expenses of the facilities. Our consolidated financial statements reflect our proportionate share of the revenues, expenses, assets and liabilities of these undivided interests. | |||
We follow the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the operating and financial policies of the investee. | |||
Cash and Cash Equivalents | |||
Cash and cash equivalents include all cash on hand, demand deposits, and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. | |||
Comprehensive Income | |||
Comprehensive income includes net income and other comprehensive income (“OCI”), which includes unrealized gains and losses on derivative instruments that are designated as hedges. | |||
Allowance for Doubtful Accounts | |||
Estimated losses on accounts receivable are provided through an allowance for doubtful accounts. In evaluating the adequacy of the allowance, we make judgments regarding each party’s ability to make required payments, economic events and other factors. As the financial condition of any party changes, circumstances develop or additional information becomes available, adjustments to an allowance for doubtful accounts may be required. | |||
Inventories | |||
The Partnership’s inventories consist primarily of NGL product inventories. Most NGL product inventories turn over monthly, but some inventory, primarily propane, is acquired and held during the year to meet anticipated heating season requirements of the Partnership’s customers. NGL product inventories are valued at the lower of cost or market using the average cost method. Commodity inventories that are not physically or contractually available for sale under normal operations (“deadstock”) are classified as Property, Plant and Equipment. Inventories also include materials and supplies required for our Badlands expansion activities in North Dakota, which are valued using the specific identification method. | |||
Product Exchanges | |||
Exchanges of NGL products are executed to satisfy timing and logistical needs of the exchange parties. Volumes received and delivered under exchange agreements are recorded as inventory. If the locations of receipt and delivery are in different markets, a price differential may be billed or owed. The price differential is recorded as either accounts receivable or accrued liabilities. | |||
Gas Processing Imbalances | |||
Quantities of natural gas and/or NGLs over-delivered or under-delivered related to certain gas plant operational balancing agreements are recorded monthly as inventory or as a payable using the weighted average price at the time the imbalance was created. Inventory imbalances receivable are valued at the lower of cost or market; inventory imbalances payable are valued at replacement cost. These imbalances are settled either by current cash-out settlements or by adjusting future receipts or deliveries of natural gas or NGLs. | |||
Derivative Instruments | |||
The Partnership employs derivative instruments to manage the volatility of cash flows due to fluctuating energy prices and interest rates. All derivative instruments not qualifying for the normal purchase and normal sale exception are recorded on the balance sheets at fair value. The treatment of the periodic changes in fair value will depend on whether the derivative is designated and effective as a hedge for accounting purposes. The Partnership has designated certain liquids marketing contracts that meet the definition of a derivative as normal purchases and normal sales, which under GAAP, are not accounted for as derivatives. | |||
If a derivative qualifies for hedge accounting and is designated as a cash flow hedge, the effective portion of the unrealized gain or loss on the derivative is deferred in Accumulated Other Comprehensive Income (“AOCI”), a component of owners’ equity, and reclassified to earnings when the forecasted transaction occurs. Cash flows from a derivative instrument designated as a hedge are classified in the same category as the cash flows from the item being hedged. As such, we include the cash flows from commodity derivative instruments in revenues and from interest rate derivative instruments in interest expense. | |||
If a derivative does not qualify as a hedge or is not designated as a hedge, the gain or loss on the derivative is recognized currently in earnings. The ultimate gain or loss on the derivative transaction upon settlement is also recognized as a component of other income and expense. | |||
The Partnership formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge. This documentation includes the specific identification of the hedging instrument and the hedged item, the nature of the risk being hedged and the manner in which the hedging instrument’s effectiveness will be assessed. At the inception of the hedge, and on an ongoing basis, the Partnership assesses whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. | |||
The relationship between the hedging instrument and the hedged item must be highly effective in achieving the offset of changes in cash flows attributable to the hedged risk both at the inception of the contract and on an ongoing basis. The Partnership measures hedge ineffectiveness on a quarterly basis and reclassify any ineffective portion of the unrealized gain or loss to earnings in the current period. | |||
The Partnership will discontinue hedge accounting on a prospective basis when a hedge instrument is terminated or ceases to be highly effective. Gains and losses deferred in AOCI related to cash flow hedges for which hedge accounting has been discontinued remain deferred until the forecasted transaction occurs. If it is no longer probable that a hedged forecasted transaction will occur, deferred gains or losses on the hedging instrument are reclassified to earnings immediately. | |||
For balance sheet classification purposes, the Partnership analyzes the fair values of the derivative contracts on a deal by deal basis. | |||
Property, Plant and Equipment | |||
Property, plant and equipment are stated at acquisition value less accumulated depreciation. All of the property, plant and equipment sold to the Partnership from 2007 to 2010 in drop-down transactions were stated at historical cost in the transactions recorded under common control accounting. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. | |||
Expenditures for maintenance and repairs are expensed as incurred. Expenditures to refurbish assets that extend the useful lives or prevent environmental contamination are capitalized and depreciated over the remaining useful life of the asset or major asset component. We also capitalize certain costs directly related to the construction of assets, including internal labor costs, interest and engineering costs. | |||
The determination of the useful lives of property, plant and equipment requires us to make various assumptions, including the supply of and demand for hydrocarbons in the markets served by our assets, normal wear and tear of the facilities, and the extent and frequency of maintenance programs. | |||
We evaluate the recoverability of our property, plant and equipment when events or circumstances such as economic obsolescence, the business climate, legal and other factors indicate we may not recover the carrying amount of the assets. Asset recoverability is measured by comparing the carrying value of the asset with the asset’s expected future undiscounted cash flows. These cash flow estimates require us to make projections and assumptions for many years into the future for pricing, demand, competition, operating cost and other factors. If the carrying amount exceeds the expected future undiscounted cash flows we recognize an impairment loss to write down the carrying amount of the asset to its fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. The determination of the fair value using present value techniques requires us to make projections and assumptions regarding the probability of a range of outcomes and the rates of interest used in the present value calculations. Any changes we make to these projections and assumptions could result in significant revisions to our evaluation of recoverability of our property, plant and equipment and the recognition of an impairment loss in our consolidated statements of operations. Upon disposition or retirement of property, plant and equipment, any gain or loss is recorded to operations. See Note 6. | |||
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. See Note 6. | |||
Asset Retirement Obligations (“AROs”) | |||
AROs are legal obligations associated with the retirement of tangible long-lived assets that result from an asset’s acquisition, construction, development and/or normal operation. An ARO is initially measured at its estimated fair value. Upon initial recognition of an ARO, we record an increase to the carrying amount of the related long-lived asset and an offsetting ARO liability. The consolidated cost of the asset and the capitalized asset retirement obligation is depreciated using the straight-line method over the period during which the long-lived asset is expected to provide benefits. After the initial period of ARO recognition, the ARO will change as a result of either the passage of time or revisions to the original estimates of either the amounts of estimated cash flows or their timing. | |||
Changes due to the passage of time increase the carrying amount of the liability because there are fewer periods remaining from the initial measurement date until the settlement date; therefore, the present values of the discounted future settlement amount increases. These changes are recorded as a period cost called accretion expense. Changes resulting from revisions to the timing or the amount of the original estimate of undiscounted cash flows shall be recognized as an increase or a decrease in the carrying amount of the liability for an asset retirement obligation and the related asset retirement cost capitalized as part of the carrying amount of the related long-lived asset. Upon settlement, AROs will be extinguished by us at either the recorded amount or we will recognize a gain or loss on the difference between the recorded amount and the actual settlement cost. See Note 7. | |||
Debt Issue Costs | |||
Costs incurred in connection with the issuance of long-term debt are deferred and charged to interest expense over the term of the related debt. Gains or losses on debt repurchases, redemptions and debt extinguishments include any associated unamortized debt issue costs. | |||
Accounts Receivable Securitization Facility | |||
Proceeds from the sale or contribution of certain receivables under the Partnership’s Accounts Receivable Securitization Facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. 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. | |||
Environmental Liabilities and Other Loss Contingencies | |||
Liabilities for loss contingencies, including environmental remediation costs arising from claims, assessments, litigation, fines, penalties and other sources are charged to expense when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. See Note 17. | |||
Income Taxes | |||
We account for income taxes using the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. | |||
As part of the process of preparing our consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax payable and related tax expense together with assessing temporary differences resulting from differing treatment of certain items, such as depreciation, for tax and accounting purposes. These differences can result in deferred tax assets and liabilities, which are included within our consolidated balance sheets. | |||
We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized, we establish a valuation allowance. Any change in the valuation allowance would impact our income tax provision and net income in the period in which such a determination is made. We consider all available evidence, both positive and negative, to determine whether, based on the weight of the evidence, a valuation allowance is needed. Evidence used includes information about our current financial position and our results of operations for the current and preceding years, as well as all currently available information about future years, including our anticipated future performance, the reversal of deferred tax liabilities and tax planning strategies. | |||
We believe future sources of taxable income, reversing temporary differences and other tax planning strategies will be sufficient to realize assets for which no reserve has been established. | |||
Noncontrolling Interests | |||
Third-party ownership in the net assets of our consolidated subsidiaries is shown as noncontrolling interests within the equity section of the balance sheet. In the statements of operations and statements of comprehensive income, noncontrolling interests reflects the allocation of results to third-party investors, which for the Partnership gives effect to the incentive distribution rights declared for each period. We account for the difference between the carrying amount of our investment in the Partnership and the underlying book value arising from issuance of common units by the Partnership, where we maintain control, as an equity transaction. If the Partnership issues common units at a price different than our carrying value per unit, we account for the premium or deficiency as an adjustment to paid-in capital. | |||
Revenue Recognition | |||
Our operating revenues are primarily derived from the following activities: | |||
• | sales of natural gas, NGLs, condensate, crude oil and petroleum products; | ||
• | services related to compressing, gathering, treating, and processing of natural gas; and | ||
• | services related to NGL fractionation, terminaling and storage, transportation and treating. | ||
We recognize revenues when all of the following criteria are met: (1) persuasive evidence of an exchange arrangement exists, if applicable, (2) delivery has occurred or services have been rendered, (3) the price is fixed or determinable and (4) collectability is reasonably assured. | |||
For natural gas processing activities, we receive either fees or a percentage of commodities as payment for these services, depending on the type of contract. Under fee-based contracts, we receive a fee based on throughput volumes. Under percent-of-proceeds contracts, we receive either an agreed upon percentage of the actual proceeds that we receive from our sales of the residue natural gas and NGLs or an agreed upon percentage based on index related prices for the natural gas and NGLs. Percent-of-value and percent-of-liquids contracts are variations on this arrangement. Under keep-whole contracts, we retain the NGLs extracted and return the processed natural gas or value of the natural gas to the producer. A significant portion of our Straddle plant processing contracts are hybrid contracts under which settlements are made on a percent-of-liquids basis or a fee basis, depending on market conditions. Natural gas or NGLs that we receive for services or purchase for resale are in turn sold and recognized in accordance with the criteria outlined above. | |||
We generally report sales revenues gross in our consolidated statements of operations, as we typically act as the principal in the transactions where we receive commodities, take title to the natural gas and NGLs, and incur the risks and rewards of ownership. However, buy-sell transactions with the same counterparty are reported on a net basis. | |||
Share-Based Compensation | |||
We award share-based compensation to employees, directors and non-management directors in the form of restricted stock, restricted stock units, stock options and performance units. Compensation expense on restricted common units and performance unit awards that qualify as equity arrangements are measured by the fair value of the award as determined by the market at the date of grant. Compensation expense on performance unit awards that qualify as liability arrangements is initially measured by the fair value of the award at the date of grant, and re-measured subsequently at each reporting date through the settlement period. Compensation expense is recognized in general and administrative expense over the requisite service period of each award. See Note 22. | |||
Earnings per Share | |||
We account for earnings per share (“EPS”) in accordance with Accounting Standards Codification (“ASC”) Topic 260 – Earnings per Share. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock so long as it does not have an anti-dilutive effect on EPS. The dilutive effect is determined through the application of the treasury method. Securities that meet the definition of a participating security are required to be considered for inclusion in the computation of basic EPS. | |||
Use of Estimates | |||
When preparing financial statements in conformity with GAAP, management must make estimates and assumptions based on information available at the time. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosures of contingent assets and liabilities as of the date of the financial statements. Estimates and judgments are based on information available at the time such estimates and judgments are made. Adjustments made with respect to the use of these estimates and judgments often relate to information not previously available. Uncertainties with respect to such estimates and judgments are inherent in the preparation of financial statements. Estimates and judgments are used in, among other things, (1) estimating unbilled revenues, product purchases and operating and general and administrative costs, (2) developing fair value assumptions, including estimates of future cash flows and discount rates, (3) analyzing long-lived assets for possible impairment, (4) estimating the useful lives of assets and (5) determining amounts to accrue for contingencies, guarantees and indemnifications. Actual results, therefore, could differ materially from estimated amounts. | |||
Recent Accounting Pronouncements | |||
In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies that ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, applies to financial instruments or derivative transactions accounted for under ASC Topic 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 14. | |||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendment, required to be applied prospectively for reporting periods beginning after December 15, 2012, requires entities to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line item of net income. Our financial statement presentation complies with this standards update. |
Business_Acquisitions
Business Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Acquisitions [Abstract] | ' | ||||||||
Business Acquisitions | ' | ||||||||
Note 4 –Business Acquisitions | |||||||||
2012 Acquisition | |||||||||
Badlands | |||||||||
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”), for cash consideration of $975.8 million, subject to a contingent payment. | |||||||||
The acquired business is located in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota, expands the Partnership's portfolio of midstream assets and diversifies its business with the addition of fee-based crude oil gathering and natural gas gathering and processing. The Badlands financial results are included in the Partnership’s Field Gathering and Processing business segment. | |||||||||
Pursuant to the Membership Interest Purchase and Sale Agreement (“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. 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. During 2013, the contingent consideration was re-estimated to be $0, resulting in an increase in Other income of $15.3 million in 2013. The elimination of the contingent liability reflects management’s belief that these stipulated volumetric thresholds will not be achieved during the contingency period. | |||||||||
The following table summarizes the consideration paid for the Badlands acquisition and the determination of the assets and liabilities acquired at the December 31, 2012 acquisition date. | |||||||||
31-Dec-12 | |||||||||
Cash | $ | 975.8 | |||||||
Contingent consideration | 15.3 | ||||||||
Total consideration | $ | 991.1 | |||||||
Assets acquired and liabilities assumed | |||||||||
Financial assets | $ | 35.4 | |||||||
Inventory | 16.2 | ||||||||
Property, plant and equipment | 295.3 | ||||||||
Intangible assets | 679.6 | ||||||||
Financial liabilities | (35.4 | ) | |||||||
Total net assets | $ | 991.1 | |||||||
Intangible assets consist of customer contracts and relationships acquired in the Badlands acquisition. Using relevant information and assumptions, the fair value of acquired identifiable intangible assets at the date of acquisition was determined. Fair value is generally calculated as the present value of estimated future cash flows. Key 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. See Note 6 for details of amortization method for intangible assets. | |||||||||
Pro Forma Results | |||||||||
As the Badlands acquisition was completed on December 31, 2012, there were no results of operations attributable to this acquisition for 2012. In 2012, the Partnership incurred $6.1 million of acquisition-related costs associated with the Badlands acquisition (included in Other expense in its consolidated statement of operations). | |||||||||
The Partnership’s Annual Report for the year ended 2012 included preliminary pro forma information assuming that the Badlands acquisition had been completed on January 1, 2011. In 2013, the Partnership finalized amortization methods for Badlands intangible assets and estimated useful lives for both tangible and intangible assets of Badlands. The following unaudited pro forma consolidated results of operations for the years ended 2012 and 2011 has been updated to include the effects of the Partnership’s 2013 amortization method policy decisions. | |||||||||
2012 | 2011 | ||||||||
( In millions except per share amounts) | |||||||||
Revenues | $ | 5,909.90 | $ | 6,998.10 | |||||
Net income | 129.5 | 174.5 | |||||||
Less: Net income attributable to noncontrolling interests | 83.5 | 133.1 | |||||||
Net income attributable to Targa Resources Corp. | $ | 46 | $ | 41.4 | |||||
Net income per common share - Basic | $ | 1.12 | $ | 1.01 | |||||
Net income per common share - Diluted | $ | 1.1 | $ | 1 | |||||
The pro forma consolidated results of operations include adjustments to include the reported results of the acquired company for 2012 and 2011, as adjusted to: | |||||||||
· | exclude the financial results of assets retained by the seller; | ||||||||
· | report revenues from the purchase and sale of crude oil inventory with the same counterparty on a net basis to conform to our accounting policy; | ||||||||
· | report revenues from the purchases and sales of certain Badlands natural gas processing agreements in which we are in substance an agent rather than a principal on a net basis; | ||||||||
· | include the incremental depreciation expenses associated with the fair value adjustments to property, plant and equipment as a result of applying the acquisition method of accounting (assumed straight-line method over useful lives of 15-20 years); | ||||||||
· | include the 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. | ||||||||
· | include the financing costs associated with the Partnership’s debt offering and borrowings under the TRP Revolver used to fund a portion of the acquisition; | ||||||||
· | adjust the attribution of net income to noncontrolling interests to give effect to the pro forma adjustments on the Partnership’s net income; | ||||||||
· | include the income tax effect for us; and | ||||||||
· | exclude $6.1 million of acquisition costs incurred in 2012 that were directly related to the transaction. | ||||||||
The pro forma information is not necessarily indicative of the results of operations that would have occurred had the transactions been made at the beginning of the periods presented or the future results of the combined operations. | |||||||||
2011 Acquisitions | |||||||||
In March 2011, the Partnership acquired a refined petroleum products and crude oil storage and terminaling facility in Channelview, Texas on Carpenter's Bayou along the Houston Ship Channel (the "Channelview Terminal") for $29.0 million. The Channelview Terminal, with storage capacity of 544,000 barrels, can handle multiple grades of blend stocks, petroleum products and crude oil and has potential for expansion, as well as integration with the Partnership’s other logistics operations. | |||||||||
In September 2011, the Partnership acquired two refined petroleum products and crude oil storage and terminaling facilities. At the time of the acquisition the facility on the Hylebos Waterway in the Port of Tacoma, Washington has 758 MBbl of capacity and handles refined petroleum products, crude oil, LPGs and biofuels, including ethanol and biodiesel. The facility on the Patapsco River in Baltimore, Maryland has approximately 505 MBbl of storage capacity. Both terminals contain blending and heating capabilities, and have tanker truck and barge loading and unloading infrastructure. Total cash consideration including working capital for both facilities was $135 million. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5 — Inventories | |||||||||
The components of inventories consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Commodities | $ | 136.4 | $ | 82.3 | |||||
Materials and supplies | 14.3 | 17.1 | |||||||
$ | 150.7 | $ | 99.4 |
Property_Plant_and_Equipment_a
Property, Plant and Equipment and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 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 | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Targa Resources Partners LP | TRC Non-Partnership | Targa Resources Corp. Consolidated | Targa Resources Partners LP | TRC Non-Partnership | Targa Resources Corp. Consolidated | Estimated Useful Lives (In Years) | |||||||||||||||||||||||
Gathering systems | $ | 2,230.10 | $ | - | $ | 2,230.10 | $ | 1,975.30 | $ | - | $ | 1,975.30 | 5 to 20 | ||||||||||||||||
Processing and fractionation facilities | 1,598.00 | 6.6 | 1,604.60 | 1,251.60 | 6.6 | 1,258.20 | 5 to 25 | ||||||||||||||||||||||
Terminaling and storage facilities | 715.2 | - | 715.2 | 462 | - | 462 | 5 to 25 | ||||||||||||||||||||||
Transportation assets | 294.7 | - | 294.7 | 292.5 | - | 292.5 | 10 to 25 | ||||||||||||||||||||||
Other property, plant and equipment | 121.3 | 0.2 | 121.5 | 84.6 | 0.2 | 84.8 | 3 to 25 | ||||||||||||||||||||||
Land | 89.5 | - | 89.5 | 87.1 | - | 87.1 | - | ||||||||||||||||||||||
Construction in progress | 702.8 | - | 702.8 | 548.1 | - | 548.1 | - | ||||||||||||||||||||||
Property, plant and equipment | 5,751.60 | 6.8 | 5,758.40 | 4,701.20 | 6.8 | 4,708.00 | |||||||||||||||||||||||
Accumulated depreciation | (1,406.2 | ) | (2.3 | ) | (1,408.5 | ) | (1,168.0 | ) | (2.0 | ) | (1,170.0 | ) | |||||||||||||||||
Property, plant and equipment, net | $ | 4,345.40 | $ | 4.5 | $ | 4,349.90 | $ | 3,533.20 | $ | 4.8 | $ | 3,538.00 | |||||||||||||||||
Intangible assets | $ | 681.8 | $ | - | $ | 681.8 | $ | 681.9 | $ | - | $ | 681.9 | 20 | ||||||||||||||||
Accumulated amortization | (28.4 | ) | - | (28.4 | ) | (1.1 | ) | - | (1.1 | ) | |||||||||||||||||||
Intangible assets, net | $ | 653.4 | $ | - | $ | 653.4 | $ | 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. | |||||||||||||||||||||||||||||
Amortization expense attributable to these intangible assets is recorded using a method that closely reflects the cash flow pattern underlying the intangible asset valuation. Amortization of these assets was $27.3 million in 2013. The estimated amortization expense for these intangible assets is approximately $61.4 million, $80.1 million, $88.3 million, $81.5 million and $67.8 million for each of years 2014 through 2018. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligations [Abstract] | ' | ||||||||||||
Asset Retirement Obligations | ' | ||||||||||||
Note 7 – Asset Retirement Obligations | |||||||||||||
Our asset retirement obligations primarily relate to certain of the Partnership’s gas gathering pipelines and processing facilities and are included in our consolidated balance sheets as a component of other long-term liabilities. The changes in our aggregate asset retirement obligations are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning of period | $ | 45.3 | $ | 42.3 | $ | 37.5 | |||||||
Change in cash flow estimate | 1.6 | (1.0 | ) | 1.2 | |||||||||
Accretion expense | 4 | 4 | 3.6 | ||||||||||
End of period | $ | 50.9 | $ | 45.3 | $ | 42.3 |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliate | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investment in Unconsolidated Affiliate [Abstract] | ' | ||||||||||||
Investment in Unconsolidated Affiliate | ' | ||||||||||||
Note 8 – Investment in Unconsolidated Affiliate | |||||||||||||
At December 31, 2013, 2012 and 2011, the Partnership’s unconsolidated investment consisted of a 38.8% ownership interest in Gulf Coast Fractionators LP (“GCF”). | |||||||||||||
The following table shows the activity related to the Partnership’s investment in an unconsolidated affiliate for the years indicated: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity earnings | $ | 14.8 | $ | 1.9 | $ | 8.8 | |||||||
Cash distributions | 12 | 2.3 | 8.4 | ||||||||||
Cash calls for expansion projects | - | 16.8 | 21.2 |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities | ' | ||||||||
The components of accounts payable and accrued liabilities consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Commodities | $ | 520.8 | $ | 416.8 | |||||
Other goods and services | 146.8 | 154.4 | |||||||
Interest | 35.9 | 39.5 | |||||||
Compensation and benefits | 40.3 | 40.7 | |||||||
Other | 18 | 27.6 | |||||||
$ | 761.8 | $ | 679 |
Debt_Obligations
Debt Obligations | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Debt Obligations [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Debt Obligations | ' | ||||||||||||||||||||||||||||||||||||
Note 10 — Debt Obligations | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||||||||||||
Non-Partnership obligations: | |||||||||||||||||||||||||||||||||||||
TRC Senior secured revolving credit facility, variable rate, due October 2017 (1) | $ | 84 | $ | 82 | |||||||||||||||||||||||||||||||||
Obligations of the Partnership: (2) | |||||||||||||||||||||||||||||||||||||
Senior secured revolving credit facility, variable rate, due October 2017 (3) | 395 | 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 | (28.0 | ) | (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 December 2014 (5) | 279.7 | - | |||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 2,989.30 | $ | 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) | 86.8 | 45.3 | |||||||||||||||||||||||||||||||||||
$ | 86.8 | $ | 45.3 | ||||||||||||||||||||||||||||||||||
-1 | As of December 31, 2013, availability under TRC’s $150 million senior secured revolving credit facility was $66.0 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 December 31, 2013, availability under the Partnership’s $1.2 billion senior secured revolving credit facility was $718.2 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 borrowings on a long-term basis. | ||||||||||||||||||||||||||||||||||||
The following table shows the contractually scheduled maturities of our and the Partnership’s debt obligations outstanding at December 31, 2013 for the next five years, and in total thereafter: | |||||||||||||||||||||||||||||||||||||
Scheduled Maturities of Debt | |||||||||||||||||||||||||||||||||||||
Total | 2014 | 2017 | 2018 | After 2018 | |||||||||||||||||||||||||||||||||
TRC Senior secured credit facility | $ | 84 | $ | - | 84 | $ | - | $ | - | ||||||||||||||||||||||||||||
TRP Revolver | 395 | - | 395 | - | - | ||||||||||||||||||||||||||||||||
Partnership's Senior unsecured notes | 2,258.60 | - | - | 250 | 2,008.60 | ||||||||||||||||||||||||||||||||
Partnership's Securitization Facility | 279.7 | 279.7 | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 3,017.30 | $ | 279.7 | $ | 479 | $ | 250 | $ | 2,008.60 | |||||||||||||||||||||||||||
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 year ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Range of Interest Rates | Weighted Average Interest | ||||||||||||||||||||||||||||||||||||
Incurred | 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% | 2.40% | |||||||||||||||||||||||||||||||||||
Partnership's accounts receivable securitization facility | 0.90% | 0.90% | |||||||||||||||||||||||||||||||||||
Compliance with Debt Covenants | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013, both we and the Partnership were in compliance with the covenants contained in our various debt agreements. | |||||||||||||||||||||||||||||||||||||
TRC Revolving Credit Agreement | |||||||||||||||||||||||||||||||||||||
In October 2012, we entered into a Credit Agreement that replaced our existing variable rate Senior Secured Revolving Credit Facility due July 2014 with a new variable rate Senior Secured Credit Facility due October 3, 2017 (the “TRC Revolver”). The TRC Revolver increases available commitments to $150.0 million from $75.0 million, allows us to request up to an additional $100.0 million in commitment increases and includes a $30.0 million swing line sub-facility. Outstanding letters of credit and related outstanding reimbursement obligations may not exceed $50.0 million in the aggregate. | |||||||||||||||||||||||||||||||||||||
We incurred a charge of $0.2 million related to a partial write-off of debt issue costs associated with the previous credit facility as a result of a change in syndicate members under the new TRC Revolver. The remaining deferred debt issue costs along with the issue costs associated with the October 2012 amendment are amortized on a straight-line basis over the life of the TRC Revolver. | |||||||||||||||||||||||||||||||||||||
The TRC Revolver bears interest, at our option, at either (a) a base rate equal to the highest of the prime rate of Deutsche Bank Trust Company Americas, the administrative agent, the federal funds rate plus 0.5% and the one-month LIBOR rate plus 1.0%, plus an applicable margin ranging from 1.75% to 2.5% (dependent upon the Company’s consolidated leverage ratio), or (b) LIBOR plus an applicable margin ranging from 2.75% to 3.5% (dependent upon the Company’s consolidated leverage ratio). | |||||||||||||||||||||||||||||||||||||
We are required to pay a commitment fee ranging from 0.375% to 0.5% (dependent upon the Company’s consolidated leverage ratio) on the daily average unused portion of the TRC Revolver. Additionally, issued and undrawn letters of credit bear interest at an applicable ranging from 2.75% to 3.5% (dependent upon the Company’s consolidated leverage ratio). | |||||||||||||||||||||||||||||||||||||
The TRC Revolver is secured by substantially all of the Company’s assets. The TRC Revolver requires us to maintain a consolidated leverage ratio (the ratio of consolidated funded indebtedness to consolidated adjusted EBITDA) of no more than 4.00 to 1.00. The TRC Revolver restricts our ability to make dividends to shareholders if, on a pro forma basis after giving effect to such dividend, (a) any default or event of default has occurred and is continuing or (b) our consolidated leverage ratio exceeds 4.00 to 1.00. In addition, the TRC Revolver includes various covenants that may limit, among other things, our ability to incur indebtedness, grant liens, make investments, repay or amend the terms of certain other indebtedness, merge or consolidate, sell assets, and engage in transactions with affiliates. | |||||||||||||||||||||||||||||||||||||
TRC Holdco Loan Facility | |||||||||||||||||||||||||||||||||||||
In August 2007, we borrowed $450 million under the TRC Holdco loan facility (“Holdco debt”). | |||||||||||||||||||||||||||||||||||||
The following subsidiary repurchases of Holdco debt have been recognized as extinguishments of debt: | |||||||||||||||||||||||||||||||||||||
· | In 2012, using proceeds from our TRC Revolver, we paid $88.8 million to extinguish the remaining $89.3 million outstanding borrowings of Holdco debt, resulting in a pretax gain of $0.5 million. In addition, we wrote-off $0.3 million of associated unamortized deferred debt issue costs. | ||||||||||||||||||||||||||||||||||||
The Partnership’s Revolving Credit Agreement | |||||||||||||||||||||||||||||||||||||
In October 2012, the Partnership entered into a Second Amended and Restated Credit Agreement that amended and replaced its variable rate Senior Secured Credit Facility due July 2015 (the “Previous Revolver”) to provide a variable rate Senior Secured Credit Facility due October 3, 2017 (the “TRP Revolver”). The TRP Revolver increased available commitments to $1.2 billion from $1.1 billion and allows the Partnership to request up to an additional $300.0 million in commitment increases. | |||||||||||||||||||||||||||||||||||||
The Partnership incurred a $1.7 million loss related to a partial write-off of debt issue costs associated with the Previous Revolver as a result of a change in syndicate members under the new TRP Revolver. The remaining deferred debt issue costs along with the issue costs associated with the October 2012 amendment are amortized on a straight-line basis over the life of the TRP Revolver. | |||||||||||||||||||||||||||||||||||||
The TRP Revolver bears interest, at the Partnership’s option, either at the base rate or the Eurodollar rate. The base rate is equal to the highest of: (i) Bank of America’s prime rate; (ii) the federal funds rate plus 0.5%; or (iii) the one-month LIBOR rate plus 1.0%, plus an applicable margin ranging from 0.75% to 1.75%. The Eurodollar rate is equal to LIBOR plus an applicable margin ranging from 1.75% to 2.75%. | |||||||||||||||||||||||||||||||||||||
The Partnership is required to pay a commitment fee equal to an applicable rate ranging from 0.3% to 0.5% times the actual daily average unused portion of the TRP Revolver. Additionally, issued and undrawn letters of credit bear interest at an applicable ranging from 1.75% to 2.75%. | |||||||||||||||||||||||||||||||||||||
The TRP Revolver is collateralized by a majority of the Partnership’s assets. Borrowings are guaranteed by the Partnership’s restricted subsidiaries. | |||||||||||||||||||||||||||||||||||||
The TRP Revolver restricts the Partnership’s ability to make distributions of available cash to unitholders if a default or an event of default (as defined in the TRP Revolver) exists or would result from such distribution. The TRP Revolver requires the Partnership to maintain a ratio of consolidated funded indebtedness to consolidated adjusted EBITDA of no more than 5.50 to 1.00. The TRP Revolver also requires the Partnership to maintain a ratio of consolidated EBITDA to consolidated interest expense of no less than 2.25 to 1.00. In addition, the TRP Revolver contains various covenants that may limit, among other things, the Partnership’s ability to incur indebtedness, grant liens, make investments, repay or amend the terms of certain other indebtedness, merge or consolidate, sell assets, and engage in transactions with affiliates (in each case, subject to the Partnership’s right to incur indebtedness or grant liens in connection with, and convey accounts receivable as part of, a permitted receivables financing). | |||||||||||||||||||||||||||||||||||||
The Partnership’s Senior Unsecured Notes | |||||||||||||||||||||||||||||||||||||
In February 2011, the Partnership exchanged $158.6 million principal amount of its 6⅞% Notes plus payments of $28.6 million, including $0.9 million of accrued interest, for $158.6 million aggregate principal amount of its 11¼% Notes. The holders of the exchanged Notes are subject to the provisions of the 6⅞% Notes described below. The debt covenants related to the remaining $72.7 million of face value of the 11¼% Notes were removed. This exchange was accounted for as a debt modification whereby the financial effects of the exchange will be recognized over the term of the new debt issue. | |||||||||||||||||||||||||||||||||||||
In January 2012, the Partnership privately placed $400.0 million in aggregate principal amount of its 6⅜% Notes, resulting in approximately $395.5 million of net proceeds, which were used to reduce borrowings under the TRP Revolver and for general partnership purposes. | |||||||||||||||||||||||||||||||||||||
In October 2012, $400.0 million in aggregate principal amount of 5¼% Notes were issued by the Partnership at 99.5% of the face amount, resulting in gross proceeds of $398.0 million. An additional $200.0 million in aggregate principal amount of 5¼% Notes were issued in December 2012 at 101.0% of the face amount, resulting in gross proceeds of $202.0 million. Both issuances are treated as a single class of debt securities and have identical terms. | |||||||||||||||||||||||||||||||||||||
In November 2012, the Partnership redeemed all of the outstanding 8¼% Notes at a redemption price of 104.125% plus accrued interest through the redemption date. The redemption resulted in a premium paid on the redemption of $8.6 million, which is included as a cash outflow from financing activities in the Consolidated Statement of Cash Flows, and a write off of $2.5 million of unamortized debt issue costs. | |||||||||||||||||||||||||||||||||||||
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 TRP Revolver and for general partnership purposes. | |||||||||||||||||||||||||||||||||||||
In June 2013, the Partnership paid $106.4 million plus accrued interest, which included a premium of $6.4 million, to redeem $100.0 million of the outstanding 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% 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. | |||||||||||||||||||||||||||||||||||||
The terms of the senior unsecured notes outstanding as of December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||||
Note Issue | Issue Date | Per Annum Interest Rate | Due Date | Dates Interest Paid | |||||||||||||||||||||||||||||||||
"7⅞% Notes" | Aug-10 | 7⅞% | 15-Oct-18 | April & October 15th | |||||||||||||||||||||||||||||||||
"6⅞% Notes" | Feb-11 | 6⅞% | 1-Feb-21 | February & August 1st | |||||||||||||||||||||||||||||||||
"6⅜% Notes" | Jan-12 | 6⅜% | 1-Aug-22 | February & August 1st | |||||||||||||||||||||||||||||||||
"5¼% Notes" | Oct / Dec 2012 | 5¼% | 1-May-23 | May & November 1st | |||||||||||||||||||||||||||||||||
"4¼% Notes" | May-13 | 4¼% | 15-Nov-23 | May & November 15th | |||||||||||||||||||||||||||||||||
All issues of unsecured senior notes are obligations that rank pari passu in right of payment with existing and future senior indebtedness, including indebtedness under the Partnership’s TRP Revolver. They are senior in right of payment to any of our future subordinated indebtedness and are unconditionally guaranteed by the Partnership and the Partnership’s restricted subsidiaries. These notes are effectively subordinated to all secured indebtedness under the Partnership’s TRP Revolver, which is secured by substantially all of the Partnership’s assets and the Partnership’s Securitization Facility, which is secured by accounts receivable pledged under the facility, to the extent of the value of the collateral securing that indebtedness. Interest on all issues of senior unsecured notes is payable semi-annually in arrears. | |||||||||||||||||||||||||||||||||||||
The Partnership’s senior unsecured notes and associated indenture agreements restrict the Partnership’s ability to make distributions to unitholders in the event of default (as defined in the indentures). The indentures also restrict the Partnership’s ability and the ability of certain of its subsidiaries to: (i) incur additional debt or enter into sale and leaseback transactions; (ii) pay certain distributions on or repurchase equity interests (only if such distributions do not meet specified conditions); (iii) make certain investments; (iv) incur liens; (v) enter into transactions with affiliates; (vi) merge or consolidate with another company; and (vii) transfer and sell assets. These covenants are subject to a number of important exceptions and qualifications. If at any time when the notes are rated investment grade by both Moody’s Investors Service, Inc. and Standard & Poor’s Corporation and no Default or Event of Default (each as defined in the indentures) has occurred and is continuing, many of such covenants will terminate and the Partnership and its subsidiaries will cease to be subject to such covenants. | |||||||||||||||||||||||||||||||||||||
The Partnership may redeem up to 35% of the aggregate principal amount of Notes at the redemption dates and prices set forth below (expressed as percentages of principal amounts) plus accrued and unpaid interest and liquidation damages, if any, with the net cash proceeds of one or more equity offerings, provided that: (i) at least 65% of the aggregate principal amount of each of the notes (excluding notes held by us) remains outstanding immediately after the occurrence of such redemption; and (ii) the redemption occurs within 90 days (180 days for the 6⅜% Notes, 5¼% Notes and 4¼% Notes) of the date of the closing of such equity offering. | |||||||||||||||||||||||||||||||||||||
Note Issue | Any Date Prior To | Price | |||||||||||||||||||||||||||||||||||
7⅞% Notes | 15-Oct-13 | 107.88% | |||||||||||||||||||||||||||||||||||
6⅞% Notes | 1-Feb-14 | 106.88% | |||||||||||||||||||||||||||||||||||
6⅜% Notes | 1-Feb-15 | 106.38% | |||||||||||||||||||||||||||||||||||
5¼% Notes | 1-Nov-15 | 105.25% | |||||||||||||||||||||||||||||||||||
4¼% Notes | 15-May-16 | 104.25% | |||||||||||||||||||||||||||||||||||
The Partnership may also redeem all or part of each of the series of notes on or after the redemption dates set forth below at the price for each respective year (expressed as percentages of principal amount) plus accrued and unpaid interest and liquidation damages, if any, on the notes redeemed. | |||||||||||||||||||||||||||||||||||||
7⅞% Notes | 6⅞% Notes | 6⅜% Notes | 5¼% Notes | 4¼% Notes | |||||||||||||||||||||||||||||||||
Redemption Date: | Redemption Date: | Redemption Date: | Redemption Date: | Redemption Date: | |||||||||||||||||||||||||||||||||
15-Oct | 1-Feb | 1-Feb | 1-Nov | 15-May | |||||||||||||||||||||||||||||||||
Year | Price | Year | Price | Year | Price | Year | Price | Year | Price | ||||||||||||||||||||||||||||
2014 | 103.938 | % | 2016 | 103.438 | % | 2017 | 103.188 | % | 2017 | 102.625 | % | 2018 | 102.125 | % | |||||||||||||||||||||||
2015 | 101.969 | % | 2017 | 102.292 | % | 2018 | 102.125 | % | 2018 | 101.75 | % | 2019 | 101.417 | % | |||||||||||||||||||||||
2016 and thereafter | 100 | % | 2018 | 101.146 | % | 2019 | 101.063 | % | 2019 | 100.875 | % | 2020 | 100.708 | % | |||||||||||||||||||||||
2019 and thereafter | 100 | % | 2020 and thereafter | 100 | % | 2020 and thereafter | 100 | % | 2021 and thereafter | 100 | % | ||||||||||||||||||||||||||
The Partnership’s Accounts Receivable Securitization Facility | |||||||||||||||||||||||||||||||||||||
In January 2013, the Partnership entered into the Securitization Facility to provide up to $200.0 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 the Partnership. Any excess receivables are eligible to satisfy the claims of creditors of TLMT or the Partnership. | |||||||||||||||||||||||||||||||||||||
In December 2013, the Partnership entered into a Second Amendment to the Securitization Facility to increase the borrowing capacity to $300.0 million and extend the termination date to December 12, 2014. | |||||||||||||||||||||||||||||||||||||
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 year ended December 31, 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 $800.0 million of debt or equity securities (the “July 2013 Shelf”). The July 2013 Shelf expires in August 2016. See Note 11 for equity issuances under the July 2013 Shelf. | |||||||||||||||||||||||||||||||||||||
Debt Re-acquisitions Summary | |||||||||||||||||||||||||||||||||||||
The debt re-acquisitions described above were reported as follows in our Consolidated Statements of Operations: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Premium over face value paid upon redemption: | |||||||||||||||||||||||||||||||||||||
Partnership 6⅜ Notes | $ | 6.4 | $ | - | |||||||||||||||||||||||||||||||||
Partnership 8¼ Notes | - | 8.6 | |||||||||||||||||||||||||||||||||||
Partnership 11¼ Notes | 4.1 | - | |||||||||||||||||||||||||||||||||||
Recognition of unamortized discount | |||||||||||||||||||||||||||||||||||||
Partnership 11¼ Notes | 2.2 | - | |||||||||||||||||||||||||||||||||||
Write-off of deferred debt issue cost | |||||||||||||||||||||||||||||||||||||
Partnership 8¼ Notes | - | 2.5 | |||||||||||||||||||||||||||||||||||
Partnership 6⅜ Notes | 1 | - | |||||||||||||||||||||||||||||||||||
Partnership 11¼ Notes | 1 | - | |||||||||||||||||||||||||||||||||||
TRC Holdco Notes | - | 0.3 | |||||||||||||||||||||||||||||||||||
Partial write-off of deferred debt issue cost related to amendments: | |||||||||||||||||||||||||||||||||||||
TRP Revolver | - | 1.7 | |||||||||||||||||||||||||||||||||||
TRC Revolver | - | 0.2 | |||||||||||||||||||||||||||||||||||
Gain on acquisition of TRC Holdco Notes | - | (0.5 | ) | ||||||||||||||||||||||||||||||||||
Loss on debt redemptions and amendments | $ | 14.7 | $ | 12.8 |
Partnership_Units_and_Related_
Partnership Units and Related Matters | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Partnership Units and Related Matters [Abstract] | ' | ||||||||||||||||||||||||||
Partnership Units and Related Matters | ' | ||||||||||||||||||||||||||
Note 11 — Partnership Units and Related Matters | |||||||||||||||||||||||||||
In accordance with the Partnership agreement, the Partnership must distribute all of its available cash, as determined by us as the general partner, to unitholders of record within 45 days after the end of each quarter. | |||||||||||||||||||||||||||
Public Offerings of Common Units | |||||||||||||||||||||||||||
In 2010, the Partnership filed with the SEC a universal shelf registration statement (the “2010 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 2010 Shelf expired in April 2013. The following transactions were completed under the 2010 Shelf: | |||||||||||||||||||||||||||
· | August 2010 – 7,475,000 common units (including underwriters’ overallotment option) at a price of $24.80 per common unit, providing net proceeds of $177.8 million. We contributed $3.8 million to maintain our 2% general partner interest. The Partnership used the net proceeds from this offering to reduce borrowings under its Previous Revolver. | ||||||||||||||||||||||||||
· | January 2011 – 9,200,000 common units (including underwriters’ overallotment option) at a price of $33.67 per common unit, providing net proceeds of $298.0 million. We contributed $6.3 million to maintain our 2% general partner interest. The Partnership used the net proceeds from the offering for general partnership purposes, which included reducing borrowings under its Previous Revolver. | ||||||||||||||||||||||||||
· | January 2012 – 4,405,000 common units (including underwriters’ overallotment option) at a price of $38.30 per common unit, providing net proceeds of $164.8 million. As part of this offering, we purchased 1,300,000 common units with an aggregate value of $49.8 million. We contributed $3.5 million to maintain our 2% general partner interest. The Partnership used the net proceeds from this offering for general partnership purposes, including the repayment of indebtedness. | ||||||||||||||||||||||||||
· | November 2012 – 10,925,000 common units (including underwriters’ overallotment option) at a price of $36.00 per common unit, providing net proceeds of $378.2 million. We contributed $8.0 million to maintain our 2% general partner interest. The Partnership used the net proceeds from this offering to fund a portion of the $975.8 million purchase price of the Badlands acquisition. | ||||||||||||||||||||||||||
In July 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 $300.0 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 (the “2012 EDA”) with Citigroup Global Markets Inc. (“Citigroup”) pursuant to which the Partnership may sell, at its option, up to an aggregate of $100.0 million of its common units through Citigroup, 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 year ended December 31, 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 (the “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 $200.0 million of the Partnership common units. During the year ended December 31, 2013, the Partnership issued 4,204,751 common units, receiving net proceeds of $197.5 million. 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 (the “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 $400.0 million of the Partnership’s common units. During the year ended 2013, the Partnership issued 4,529,641 common units under the August 2013 EDA, receiving net proceeds of $225.6 million. We contributed $4.7 million to the Partnership to maintain our 2% general partner interest. | |||||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||
In January 2014, the Partnership issued 1,118,147 common units and received net proceeds of $56.2 million, pursuant to the August 2013 EDA. We contributed $1.2 million to maintain our 2% general partner interest. | |||||||||||||||||||||||||||
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 years presented. | |||||||||||||||||||||||||||
Distributions | |||||||||||||||||||||||||||
Three Months | Date Paid or to be | Limited Partners | General Partner | Distributions to Targa Resources Corp. | Distributions per limited partner unit | ||||||||||||||||||||||
Ended | Paid | Common | Incentive | 2% | Total | ||||||||||||||||||||||
(In millions, except per unit amounts) | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||
31-Dec-13 | 14-Feb-14 | $ | 84 | $ | 29.5 | $ | 2.3 | $ | 115.8 | $ | 41.5 | $ | 0.7475 | ||||||||||||||
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 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||||
31-Dec-12 | 14-Feb-13 | $ | 69 | $ | 20.1 | $ | 1.8 | $ | 90.9 | $ | 30.7 | $ | 0.68 | ||||||||||||||
30-Sep-12 | 14-Nov-12 | 59.1 | 16.1 | 1.5 | 76.7 | 26.2 | 0.6625 | ||||||||||||||||||||
30-Jun-12 | 14-Aug-12 | 57.3 | 14.4 | 1.5 | 73.2 | 24.2 | 0.6425 | ||||||||||||||||||||
31-Mar-12 | 15-May-12 | 55.5 | 12.7 | 1.4 | 69.6 | 22.2 | 0.6225 | ||||||||||||||||||||
2011 | |||||||||||||||||||||||||||
31-Dec-11 | 14-Feb-12 | $ | 53.7 | $ | 11 | $ | 1.3 | $ | 66 | $ | 20.1 | $ | 0.6025 | ||||||||||||||
30-Sep-11 | 14-Nov-11 | 49.4 | 8.8 | 1.2 | 59.4 | 16.8 | 0.5825 | ||||||||||||||||||||
30-Jun-11 | 12-Aug-11 | 48.3 | 7.8 | 1.2 | 57.3 | 15.6 | 0.57 | ||||||||||||||||||||
31-Mar-11 | 13-May-11 | 47.3 | 6.8 | 1.1 | 55.2 | 14.4 | 0.5575 |
Common_Stock_and_Related_Matte
Common Stock and Related Matters | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Common Stock and Related Matters [Abstract] | ' | ||||||||||||||||||
Common Stock and Related Matters | ' | ||||||||||||||||||
Note 12 — Common Stock and Related Matters | |||||||||||||||||||
The following table details the dividends declared and/or paid by us for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||
Three Months | Date Paid or To Be | Total Dividend Declared | Amount of Dividend Paid | Accrued Dividends (1) | Dividend Declared per Share of Common Stock | ||||||||||||||
Ended | Paid | ||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||
2013 | |||||||||||||||||||
31-Dec-13 | 18-Feb-14 | $ | 25.6 | $ | 25.5 | $ | 0.1 | $ | 0.6075 | ||||||||||
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 | ||||||||||||||
2012 | |||||||||||||||||||
31-Dec-12 | 15-Feb-13 | $ | 19.4 | $ | 19 | $ | 0.4 | $ | 0.4575 | ||||||||||
30-Sep-12 | 15-Nov-12 | 18 | 17.3 | 0.7 | 0.4225 | ||||||||||||||
30-Jun-12 | 15-Aug-12 | 16.7 | 16.1 | 0.6 | 0.39375 | ||||||||||||||
31-Mar-12 | 16-May-12 | 15.5 | 15 | 0.5 | 0.365 | ||||||||||||||
2011 | |||||||||||||||||||
31-Dec-11 | 15-Feb-12 | $ | 14.3 | $ | 13.8 | $ | 0.5 | $ | 0.33625 | ||||||||||
30-Sep-11 | 15-Nov-11 | 13 | 12.6 | 0.4 | 0.3075 | ||||||||||||||
30-Jun-11 | 16-Aug-11 | 12.3 | 11.9 | 0.4 | 0.29 | ||||||||||||||
31-Mar-11 | 13-May-11 | 11.6 | 11.2 | 0.4 | 0.2725 | ||||||||||||||
-1 | Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting. |
Earnings_per_Common_Share
Earnings per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||||||
Earnings per Common Share | ' | ||||||||||||
Note 13 — Earnings per Common Share | |||||||||||||
Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed using weighted average shares outstanding during the period, incorporated with the dilutive effect of restricted stock awards and stock options. The dilutive effect was determined through the application of the treasury method. | |||||||||||||
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: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 201.3 | $ | 159.3 | $ | 215.4 | |||||||
Less: Net income attributable to noncontrolling interests | 136.2 | 121.2 | 184.7 | ||||||||||
Net income attributable to common shareholders | $ | 65.1 | $ | 38.1 | $ | 30.7 | |||||||
Weighted average shares outstanding - basic | 41.6 | 41 | 41 | ||||||||||
Net income available per common share - basic | $ | 1.56 | $ | 0.93 | $ | 0.75 | |||||||
Weighted average shares outstanding | 41.6 | 41 | 41 | ||||||||||
Dilutive effect of unvested stock awards | 0.5 | 0.8 | 0.4 | ||||||||||
Weighted average shares outstanding - diluted | 42.1 | 41.8 | 41.4 | ||||||||||
Net income available per common share - diluted | $ | 1.55 | $ | 0.91 | $ | 0.74 |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||
Note 14 — 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 the Field Gathering and Processing segment and the LOU business unit in the 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 New York Mercantile Exchange (“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 December 31, 2013, the notional volumes of the Partnership’s commodity hedges for equity volumes were: | ||||||||||||||||||
Commodity | Instrument | Unit | 2014 | 2015 | 2016 | |||||||||||||
Natural Gas | Swaps | MMBtu/d | 48,050 | 34,551 | 25,500 | |||||||||||||
NGL | Swaps | Bbl/d | 1,125 | - | - | |||||||||||||
Condensate | Swaps | Bbl/d | 2,450 | - | - | |||||||||||||
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 December 31, 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 | $ | 2 | $ | (7.7 | ) | $ | 29.2 | $ | (7.2 | ) | |||||||
Long-term | 3.1 | (1.4 | ) | 5.1 | (4.8 | ) | ||||||||||||
Total derivatives designated as hedging instruments | $ | 5.1 | $ | (9.1 | ) | $ | 34.3 | $ | (12.0 | ) | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | - | $ | (0.3 | ) | $ | 0.1 | $ | (0.2 | ) | |||||||
Total derivatives not designated as hedging instruments | $ | - | $ | (0.3 | ) | $ | 0.1 | $ | (0.2 | ) | ||||||||
Total current position | $ | 2 | $ | (8.0 | ) | $ | 29.3 | $ | (7.4 | ) | ||||||||
Total long-term position | 3.1 | (1.4 | ) | 5.1 | (4.8 | ) | ||||||||||||
Total derivatives | $ | 5.1 | $ | (9.4 | ) | $ | 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 | |||||||||||||||
31-Dec-13 | Position | Position | Position | Position | ||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 1.9 | $ | (4.4 | ) | $ | - | $ | (2.5 | ) | ||||||||
Counterparties without offsetting position - assets | 0.1 | - | 0.1 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | (3.6 | ) | - | (3.6 | ) | ||||||||||||
2 | (8.0 | ) | 0.1 | (6.1 | ) | |||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 0.7 | (1.2 | ) | - | (0.5 | ) | ||||||||||||
Counterparties without offsetting position - assets | 2.4 | - | 2.4 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | (0.2 | ) | - | (0.2 | ) | ||||||||||||
3.1 | (1.4 | ) | 2.4 | (0.7 | ) | |||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 2.6 | (5.6 | ) | - | (3.0 | ) | ||||||||||||
Counterparties without offsetting position - assets | 2.5 | - | 2.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | (3.8 | ) | - | (3.8 | ) | ||||||||||||
$ | 5.1 | $ | (9.4 | ) | $ | 2.5 | $ | (6.8 | ) | |||||||||
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 | - | (2.0 | ) | - | (2.0 | ) | ||||||||||||
5.1 | (4.8 | ) | 2.3 | (2.0 | ) | |||||||||||||
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 | - | (2.0 | ) | - | (2.0 | ) | ||||||||||||
$ | 34.4 | $ | (12.2 | ) | $ | 24.2 | $ | (2.0 | ) | |||||||||
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 liability of $4.3 million as of December 31, 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 OCI and amounts reclassified from OCI to revenue and expense for the periods indicated: | ||||||||||||||||||
Gain (Loss) Recognized in OCI on | ||||||||||||||||||
Derivatives in Cash Flow | Derivatives (Effective Portion) | |||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2011 | |||||||||||||||
Interest rate contracts | $ | - | $ | - | $ | (4.3 | ) | |||||||||||
Commodity contracts | $ | (5.8 | ) | $ | 76.8 | $ | (33.6 | ) | ||||||||||
$ | (5.8 | ) | $ | 76.8 | $ | (37.9 | ) | |||||||||||
Gain (Loss) Reclassified from OCI into | ||||||||||||||||||
Income (Effective Portion) | ||||||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | |||||||||||||||
Interest expense, net | $ | (6.1 | ) | $ | (7.9 | ) | $ | (8.1 | ) | |||||||||
Revenues | 21 | 46 | (30.3 | ) | ||||||||||||||
$ | 14.9 | $ | 38.1 | $ | (38.4 | ) | ||||||||||||
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 commodity derivatives not designated as hedging instruments was immaterial for all periods presented. | ||||||||||||||||||
Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||||
Derivatives Not Designated as | Location of Gain Recognized in | 2013 | 2012 | 2011 | ||||||||||||||
Hedging Instruments | Income on Derivatives | |||||||||||||||||
Commodity contracts | Revenue | $ | (0.1 | ) | $ | 0.7 | $ | 1.7 | ||||||||||
Interest rate swaps | Other income (expense) | - | - | (5.0 | ) | |||||||||||||
The following table shows the deferred gains (losses) included in accumulated OCI that will be reclassified into earnings through the end of 2016: | ||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||
Commodity hedges, before tax | $ | (0.5 | ) | $ | 3.2 | |||||||||||||
Commodity hedges, after tax | (0.3 | ) | 1.9 | |||||||||||||||
Interest rate hedges, before tax | (0.3 | ) | (1.2 | ) | ||||||||||||||
Interest rate hedges, after tax | (0.2 | ) | (0.7 | ) | ||||||||||||||
As of December 31, 2013, net losses of $5.6 million on commodity hedges and net losses of $2.4 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 15 for additional disclosures related to derivative instruments and hedging activities. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 15 — Fair Value Measurements | |||||||||||||||||||||
Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments are reported at fair value 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 swaps 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 liability position of $4.3 million as of December 31, 2013, are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. This liability 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 $29.9 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 $21.3 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; and | ||||||||||||||||||||
• | 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 Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 5 | $ | 5 | $ | - | $ | 3.3 | $ | 1.7 | |||||||||||
Liabilities from commodity derivative contracts | 9.3 | 9.3 | - | 8.3 | 1 | ||||||||||||||||
Badlands contingent consideration liability | - | - | - | - | - | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 66.7 | 66.7 | - | - | - | ||||||||||||||||
TRC Senior secured revolving credit facility | 84 | 84 | - | 84 | - | ||||||||||||||||
Partnership's Senior secured revolving credit facility | 395 | 395 | - | 395 | - | ||||||||||||||||
Partnership's Senior unsecured notes | 2,230.60 | 2,253.50 | - | 2,253.50 | - | ||||||||||||||||
Partnership's accounts receivable securitization facility | 279.7 | 279.7 | - | 279.7 | - | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 34.4 | $ | 34.4 | $ | - | $ | 34.4 | $ | - | |||||||||||
Liabilities from commodity derivative contracts | 12.2 | 12.2 | - | 11.6 | 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 Sheets | |||||||||||||||||||||
As of December 31, 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 December 31, 2013, the Partnership had thirteen 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. | |||||||||||||||||||||
The Badlands acquisition agreement also provided for a contingent payment of $50 million conditioned on achieving stipulated crude gathering volumes by mid-2014. In 2012, the Partnership recorded a contingent consideration liability of $15.3 million 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. These probability-based inputs are not observable; the entire valuation of the contingent consideration is categorized in Level 3. As of December 2013, the Partnership’s management does not believe that these thresholds will be achieved during the contingency period. | |||||||||||||||||||||
The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: | |||||||||||||||||||||
Commodity Derivative Contracts Liability/ (Asset) | Long-term Debt | Contingent Liability | |||||||||||||||||||
Balance, December 31, 2010 | $ | (11.6 | ) | $ | 86.8 | $ | - | ||||||||||||||
Change in fair value | - | 0.7 | - | ||||||||||||||||||
Settlements included in Revenue | 3.7 | - | - | ||||||||||||||||||
Transfers out of Level 3 | 7.9 | - | - | ||||||||||||||||||
Balance, December 31, 2011 | - | $ | 87.5 | $ | - | ||||||||||||||||
Issuances | - | - | 15.3 | ||||||||||||||||||
Settlements included in Revenue | (0.1 | ) | - | - | |||||||||||||||||
Unrealized losses included in OCI | 0.7 | - | - | ||||||||||||||||||
Debt extinguishment | - | (87.5 | ) | - | |||||||||||||||||
Balance, December 31, 2012 | 0.6 | $ | - | $ | 15.3 | ||||||||||||||||
Settlements included in Revenue | (1.3 | ) | - | - | |||||||||||||||||
Change in valuation of contingent liability included in Other Income | - | (15.3 | ) | ||||||||||||||||||
Balance, December 31, 2013 | $ | (0.7 | ) | $ | - | $ | - | ||||||||||||||
During 2011, we transferred $7.9 million in Partnership derivative assets out of Level 3 and into Level 2. This transfer related to long-term OTC swaps executed in 2010 for NGL products with calendar year 2013 deliveries for which pricing was extrapolated (Level 3) for some periods. As of December 31, 2011, all products had actively traded contracts through December 2013 with open interest and settlement prices. Accordingly, we were no longer required to extrapolate to value the Partnership’s derivative contracts and reclassified these instruments as Level 2. | |||||||||||||||||||||
There has been no material transfer of assets or liabilities among the three levels of the fair value hierarchy during the years ended December 31, 2013 or 2012. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 16 — Related Party Transactions | |
Transactions with Unconsolidated Affiliate | |
For the years 2013, 2012 and 2011, transactions with GCF included in revenues were $0.4 million, $0.1 million and $0.8 million. For the same periods, transactions with GCF included in costs and expenses were $6.3 million, $1.9 million and $0.4 million. These transactions were at market prices consistent with similar transactions with other nonaffiliated entities. The Partnership is subject to paying a deficiency fee in instances where the Partnership does not deliver its minimum volume requirements as outlined in the partnership and fractionation agreements with GCF. | |
Relationship with Targa Resources Partners LP | |
We provide general and administrative and other services to the Partnership, associated with the Partnership’s existing assets and assets acquired from third parties. The Partnership Agreement between the Partnership and us, as general partner of the Partnership, governs the reimbursement of costs incurred on the behalf of the Partnership. | |
The employees supporting the Partnership’s operations are employees of us. The Partnership reimburses us for the payment of certain operating expenses, including compensation and benefits of operating personnel assigned to the Partnership’s assets, and for the provision of various general and administrative services for the benefit of the Partnership. We perform centralized corporate functions for the Partnership, such as legal, accounting, treasury, insurance, risk management, health, safety and environmental, information technology, human resources, credit, payroll, internal audit, taxes, engineering and marketing. Since October 1, 2010, after the final conveyance of assets by us to the Partnership, substantially all of the Partnership’s general and administrative costs have been and will continue to be allocated to the Partnership, other than our direct costs of being a separate public reporting company. | |
We have reimbursed the Partnership for maintenance capital expenditures totaling $17 million as of December 31, 2013, which are required to be made in connection with a settlement agreement with the New Mexico Environment Department relating to air emissions at three gas processing plants operated by the Versado Gas Processors, LLC joint venture, with $0.2 million reimbursed during the year ended December 31, 2013. These capital projects are substantially complete. | |
Relationship with Laredo Petroleum Holdings Inc. | |
Peter Kagan, one of our directors of the general partner of the Partnership, is a Managing Director of Warburg Pincus LLC and is also a director of Laredo Petroleum Holdings Inc. (“Laredo”) from whom the Partnership buys natural gas and NGL products. Affiliates of Warburg Pincus LLC own a controlling interest in Laredo. Purchases from Laredo during 2013 totaled $108.6 million. These transactions were at market prices consistent with similar transactions with other nonaffiliated entities. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||||||
Note 17 — Commitments and Contingencies | |||||||||||||||||||||||||
Future lease obligations are presented below in aggregate and for each of the next five fiscal years. | |||||||||||||||||||||||||
In Aggregate | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||
Non-Partnership obligations: | |||||||||||||||||||||||||
Operating leases (1) | $ | 10.3 | $ | 2.7 | $ | 2.7 | $ | 2.7 | $ | 2.2 | $ | - | |||||||||||||
Partnership obligations: | |||||||||||||||||||||||||
Operating leases (2) | 33.9 | 8 | 7.8 | 7.4 | 6.1 | 4.6 | |||||||||||||||||||
Land site lease and right-of-way (3) | 7.9 | 1.7 | 1.6 | 1.6 | 1.6 | 1.4 | |||||||||||||||||||
$ | 52.1 | $ | 12.4 | $ | 12.1 | $ | 11.7 | $ | 9.9 | $ | 6 | ||||||||||||||
-1 | Includes minimum payments on lease obligation for corporate office space. | ||||||||||||||||||||||||
-2 | Includes minimum payments on lease obligations for office space, railcars and tractors. | ||||||||||||||||||||||||
-3 | Land site lease and right-of-way provides for surface and underground access for gathering, processing and distribution assets that are located on property not owned by the Partnership. These agreements expire at various dates through 2099. | ||||||||||||||||||||||||
Total expenses on lease obligations were: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Non-Partnership: | |||||||||||||||||||||||||
Operating leases | $ | 2.8 | $ | 2.1 | $ | 2 | |||||||||||||||||||
Partnership: | |||||||||||||||||||||||||
Operating leases (1) | 23.3 | 16.1 | 14.2 | ||||||||||||||||||||||
Land site lease and right-of-way | 3.6 | 3.3 | 2.8 | ||||||||||||||||||||||
-1 | Includes short-term leases for items such as compressors and equipment. | ||||||||||||||||||||||||
Environmental | |||||||||||||||||||||||||
The Partnership’s environmental liabilities were not significant as of December 31, 2013. | |||||||||||||||||||||||||
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. |
Significant_Risks_and_Uncertai
Significant Risks and Uncertainties | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Significant Risks and Uncertainties [Abstract] | ' | ||||||||||||
Significant Risks and Uncertainties | ' | ||||||||||||
Note 18 – Significant Risks and Uncertainties | |||||||||||||
Our primary business objective is to increase our available cash for dividends to our stockholders by assisting the Partnership in executing its business strategy. We may facilitate the Partnership’s growth through various forms of financial support, including, but not limited to, modifying the Partnership’s IDRs, exercising the Partnership’s IDR reset provision contained in its partnership agreement, making loans, making capital contributions in exchange for yielding or non-yielding equity interests or providing other financial support to the Partnership, if needed, to support its ability to make distributions. In addition, we may acquire assets that could be candidates for acquisition by the Partnership, potentially after operational or commercial improvement or further development. | |||||||||||||
Nature of the Partnership’s Operations in Midstream Energy Industry | |||||||||||||
The Partnership operates in the midstream energy industry. Its business activities include gathering, processing, fractionating and storage of natural gas, NGLs and crude oil. The Partnership’s results of operations, cash flows and financial condition may be affected by changes in the commodity prices of these hydrocarbon products and changes in the relative price levels among these hydrocarbon products. In general, the prices of natural gas, NGLs, condensate and other hydrocarbon products are subject to fluctuations in response to changes in supply, market uncertainty and a variety of additional factors that are beyond our control. | |||||||||||||
The Partnership’s profitability could be impacted by a decline in the volume of natural gas, NGLs and condensate transported, gathered or processed at our facilities. A material decrease in natural gas or condensate production or condensate refining, as a result of depressed commodity prices, a decrease in exploration and development activities, or otherwise, could result in a decline in the volume of natural gas, NGLs and condensate handled by our facilities. | |||||||||||||
A reduction in demand for NGL products by the petrochemical, refining or heating industries, whether because of (i) general economic conditions, (ii) reduced demand by consumers for the end products made with NGL products, (iii) increased competition from petroleum-based products due to the pricing differences, (iv) adverse weather conditions, (v) government regulations affecting commodity prices and production levels of hydrocarbons or the content of motor gasoline or (vi) other reasons, could also adversely affect the Partnership’s results of operations, cash flows and financial position. | |||||||||||||
The principal market risks are exposure to changes in commodity prices, as well as changes in interest rates. | |||||||||||||
Commodity Price Risk | |||||||||||||
A majority of the revenues from the gathering and processing business are derived from percent-of-proceeds contracts under which the Partnership receives a portion of the natural gas and/or NGLs or equity volumes as payment for services. The prices of natural gas and NGLs are subject to market fluctuations in response to changes in supply, demand, market uncertainty and a variety of additional factors beyond the Partnership’s control. | |||||||||||||
In an effort to reduce the variability of our cash flows, the Partnership has hedged the commodity price associated with a significant portion of its expected natural gas equity volumes through 2016 and its NGL and condensate equity volumes through 2014 by entering into derivative financial instruments including swaps and purchased puts (or floors). The Partnership hedges a higher percentage of its expected equity volumes in the current year as compared to future years where the volume forecasting risk is greater. With swaps, the Partnership typically receives an agreed upon fixed price for a specified notional quantity of natural gas or NGLs and pays the hedge counterparty a floating price for that same quantity based upon published index prices. Since the Partnership receives from its customers substantially the same floating index price from the sale of the underlying physical commodity, these transactions are designed to effectively lock-in the agreed fixed price in advance for the volumes hedged. In order to avoid having a greater volume hedged than actual equity volumes, the Partnership typically limits its use of swaps to hedge the prices of less than its expected natural gas and NGL equity volumes. The Partnership utilizes purchased puts (or floors) to hedge additional expected equity commodity volumes without creating volumetric risk. The Partnership’s commodity hedges may expose it to the risk of financial loss in certain circumstances. | |||||||||||||
The fair value of commodity 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. See Note 14. | |||||||||||||
Interest Rate Risk | |||||||||||||
We and the Partnership are exposed to changes in interest rates, primarily as a result of variable rate borrowings under our and the Partnership’s credit facilities. | |||||||||||||
Counterparty Risk – Credit and Concentration | |||||||||||||
Derivative Counterparty Risk | |||||||||||||
Where the Partnership is exposed to credit risk in our financial instrument transactions, management analyzes the counterparty’s financial condition prior to entering into an agreement, establishes credit and/or margin limits and monitors the appropriateness of these limits on an ongoing basis. Generally, management does not require collateral and does not anticipate nonperformance by our counterparties. | |||||||||||||
The Partnership has master netting provisions in the International Swap Dealers Association agreements with all of its derivative counterparties. These netting provisions allow the Partnership to net settle asset and liability positions with the same counterparties, and would reduce its maximum loss due to counterparty credit risk by $2.2 million as of December 31, 2013. The range of losses attributable to the Partnership’s individual counterparties would be between $1.0 million and $1.2 million, depending on the counterparty in default. | |||||||||||||
The credit exposure related to commodity derivative instruments is represented by the fair value of contracts with a net positive fair value, representing expected future receipts, at the reporting date. At such times, these outstanding instruments expose the Partnership to losses in the event of nonperformance by the counterparties to the agreements. Should the creditworthiness of one or more of the counterparties decline, the ability to mitigate nonperformance risk is limited to a counterparty agreeing to either a voluntary termination and subsequent cash settlement or a novation of the derivative contract to a third party. In the event of a counterparty default, the Partnership may sustain a loss and its cash receipts could be negatively impacted. | |||||||||||||
As of December 31, 2013, affiliates of Bank of America Merrill Lynch (“BAML”), Securities Americas LLC (“Natixis”) and Barclays PLC (“Barclays”), accounted for 37%, 26% and 24%, of the Partnership’s counterparty credit exposure related to commodity derivative instruments. BAML, Natixis and Barclays are major financial institutions that possess investment grade credit ratings based upon minimum credit ratings assigned by Moody’s Investors Service, Inc. and Standard & Poor’s Corporation. | |||||||||||||
Customer Credit Risk | |||||||||||||
We extend credit to customers and other parties in the normal course of business. We have established various procedures to manage our credit exposure, including initial credit approvals, credit limits and terms, letters of credit, and rights of offset. We also use prepayments and guarantees to limit credit risk to ensure that our established credit criteria are met. The following table summarizes the activity affecting our allowance for bad debts: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 0.9 | $ | 2.4 | $ | 7.9 | |||||||
Additions | 0.2 | - | 0.5 | ||||||||||
Deductions | - | (1.5 | ) | (6.0 | ) | ||||||||
Balance at end of year | $ | 1.1 | $ | 0.9 | $ | 2.4 | |||||||
Significant Commercial Relationships | |||||||||||||
No customer accounted for more than 10% of our consolidated revenues for 2013. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
% of consolidated revenues | |||||||||||||
Chevron Phillips Chemical Company LLC | 8 | % | 10 | % | 12 | % | |||||||
All transactions in the above table were associated with the Marketing and Distribution segment. | |||||||||||||
Casualty or Other Risks | |||||||||||||
We maintain coverage in various insurance programs, which provides us and the Partnership with property damage, business interruption and other coverages which are customary for the nature and scope of our operations. A portion of the insurance costs described above is allocated to the Partnership by us through the Partnership Agreement described in Note 16. | |||||||||||||
Management believes that we have adequate insurance coverage, although insurance will not cover every type of interruption that might occur. As a result of insurance market conditions, premiums and deductibles for certain insurance policies have increased substantially, and in some instances, certain insurance may become unavailable, or available for only reduced amounts of coverage. As a result, we may not be able to renew existing insurance policies or procure other desirable insurance on commercially reasonable terms, if at all. | |||||||||||||
If we or the Partnership were to incur a significant liability for which we were not fully insured, it could have a material impact on our consolidated financial position and results of operations. In addition, the proceeds of any such insurance may not be paid in a timely manner and may be insufficient if such an event were to occur. Any event that interrupts the revenues generated by us or the Partnership, or which causes us or the Partnership to make significant expenditures not covered by insurance, could reduce our or the Partnership’s ability to meet our financial obligations. Furthermore, even when a business interruption event is covered, it could affect interperiod results as we would not recognize the contingent gain until realized in a period following the incident. |
Other_Operating_Expense
Other Operating Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Operating Expense [Abstract] | ' | ||||||||||||
Other Operating Expense | ' | ||||||||||||
Note 19 – Other Operating Expense | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Loss on sale or disposal of assets | $ | 3.9 | $ | 15.6 | (1) | $ | 0.2 | ||||||
Casualty loss | 4.3 | 3.6 | - | ||||||||||
Miscellaneous business tax | 0.7 | 0.7 | - | ||||||||||
Abandoned project costs | 0.7 | - | - | ||||||||||
$ | 9.6 | $ | 19.9 | $ | 0.2 | ||||||||
-1 | Includes a $15.4 million loss due to a write-off of the Partnership’s investment in the Yscloskey joint interest processing plant in Southeastern Louisiana. Following Hurricane Isaac, the joint venture owners elected not to restart the plant. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 20—Income Taxes | |||||||||||||
Our provisions for income taxes for the periods indicated are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current expense | $ | 42.8 | $ | 27.9 | $ | 14.3 | |||||||
Deferred expense | 5.4 | 9 | 12.3 | ||||||||||
$ | 48.2 | $ | 36.9 | $ | 26.6 | ||||||||
Our deferred income tax assets and liabilities at December 31, 2013 and 2012 consist of differences related to the timing of recognition of certain types of costs as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss | $ | - | $ | - | |||||||||
Other | 3.5 | 3.5 | |||||||||||
Deferred tax assets before valuation allowance | 3.5 | 3.5 | |||||||||||
Valuation allowance | (3.5 | ) | (3.5 | ) | |||||||||
- | - | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Investments (1) | (115.2 | ) | (118.5 | ) | |||||||||
Debt related deferreds | (17.2 | ) | (9.9 | ) | |||||||||
Other | (7.1 | ) | (6.5 | ) | |||||||||
(139.5 | ) | (134.9 | ) | ||||||||||
$ | (139.5 | ) | $ | (134.9 | ) | ||||||||
Net deferred tax liability: | |||||||||||||
Federal | $ | (121.0 | ) | $ | (120.1 | ) | |||||||
Foreign | 0.6 | 0.6 | |||||||||||
State | (19.1 | ) | (15.4 | ) | |||||||||
$ | (139.5 | ) | $ | (134.9 | ) | ||||||||
Balance sheet classification of deferred tax assets (liabilities): | |||||||||||||
Long-term asset | $ | (3.5 | ) | $ | (3.5 | ) | |||||||
Current liability | (0.5 | ) | (0.2 | ) | |||||||||
Long-term liability | (135.5 | ) | (131.2 | ) | |||||||||
$ | (139.5 | ) | $ | (134.9 | ) | ||||||||
-1 | Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of the assets and liabilities of our investments. | ||||||||||||
Set forth below is the reconciliation between our income tax provision (benefit) computed at the United States statutory rate on income before income taxes and the income tax provision in the accompanying consolidated statements of operations for the periods indicated: | |||||||||||||
Income tax reconciliation: | 2013 | 2012 | 2011 | ||||||||||
Income before income taxes | $ | 249.5 | $ | 196.2 | $ | 242 | |||||||
Less: Net income attributable to noncontrolling interest | (136.2 | ) | (121.2 | ) | (184.7 | ) | |||||||
Less: Income taxes included in noncontrolling interest | (2.5 | ) | (3.5 | ) | (3.6 | ) | |||||||
Income attributable to TRC before income taxes | 110.8 | 71.5 | 53.7 | ||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Provision for federal income taxes | 38.8 | 25 | 18.8 | ||||||||||
State income taxes, net of federal tax benefit | 4.4 | 6.8 | 2.6 | ||||||||||
Amortization of deferred charge on 2010 transactions | 4.7 | 4.7 | 4.7 | ||||||||||
Other, net | 0.3 | 0.4 | 0.5 | ||||||||||
Income Tax Provision | $ | 48.2 | $ | 36.9 | $ | 26.6 | |||||||
We have not identified any uncertain tax positions. We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material adverse effect on our financial condition, results of operations or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
Note 21 - Supplemental Cash Flow Information | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash: | |||||||||||||
Interest paid, net of capitalized interest (1) | $ | 121.7 | $ | 95.6 | $ | 96.1 | |||||||
Income taxes paid, net of refunds | 34.1 | 30.5 | 33.8 | ||||||||||
Non-cash: | |||||||||||||
Deadstock inventory transferred to property, plant and equipment | 30.4 | 3 | 0.7 | ||||||||||
Accrued dividends on unvested equity awards | 1.6 | 2.7 | 1.4 | ||||||||||
Badlands acquisition contingent consideration | - | 15.3 | - | ||||||||||
Change in capital accruals | (0.4 | ) | (34.3 | ) | (3.8 | ) | |||||||
Transfers from materials and supplies to property, plant and equipment | 20.5 | - | - | ||||||||||
Change in ARO estimate | 1.6 | (1.0 | ) | 1.2 | |||||||||
-1 | Interest capitalized on expansion projects was $28.0 million, $13.6 million and $3.4 million for the years ended December 31, 2013, 2012 and 2011. |
Stock_and_Other_Compensation_P
Stock and Other Compensation Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stock and Other Compensation Plans [Abstract] | ' | ||||||||||||||||||||
Stock and Other Compensation Plans | ' | ||||||||||||||||||||
Note 22 – Stock and Other Compensation Plans | |||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011 our results include compensation expenses from the following sources: | |||||||||||||||||||||
· | 2010 TRC Stock Incentive Plan | ||||||||||||||||||||
o | Restricted Stock Awards | ||||||||||||||||||||
o | Restricted Stock Units Awards | ||||||||||||||||||||
o | TRC Director Grants | ||||||||||||||||||||
o | TRC Equity-Settled Awards | ||||||||||||||||||||
· | Targa 401(k) Plan | ||||||||||||||||||||
· | Targa Resources Investments Inc. Long-Term Incentive Plan — Cash-settled Performance Units | ||||||||||||||||||||
· | Partnership Long-Term Incentive Plan | ||||||||||||||||||||
o | Performance Units | ||||||||||||||||||||
o | Director grants | ||||||||||||||||||||
2010 TRC Stock Incentive Plan | |||||||||||||||||||||
In December 2010, we adopted the Targa Resources Corp. 2010 Stock Incentive Plan (“TRC Plan”) for employees, consultants and non-employee directors of the Company. The TRC Plan allows for the grant of (i) incentive stock options qualified as such under U.S. federal income tax laws (“Incentive Options”), (ii) stock options that do not qualify as incentive options (“Non-statutory Options,” and together with Incentive Options, “Options”), (iii) stock appreciation rights (“SARs”) granted in conjunction with Options or Phantom Stock Awards, (iv) restricted stock awards (“Restricted Stock Awards”), (v) phantom stock awards (“Phantom Stock Awards”), (vi) bonus stock awards, (vii) performance unit awards, or (viii) any combination of such awards (collectively referred to a “Awards”). | |||||||||||||||||||||
Restricted Stock - Total shares authorized under this plan are 5,000,000. Restricted stock entitles the recipient to cash dividends. Dividends on unvested restricted stock will be accrued when declared and recorded as short-term or long-term liabilities, dependent on the time remaining until payment of the dividends. The following table summarizes the restricted stock awards in shares and in dollars for the years indicated: | |||||||||||||||||||||
Number of shares | Weighted-average | ||||||||||||||||||||
Grant-Date Fair Value | |||||||||||||||||||||
Outstanding at December 31, 2010 (1) | 1,350,000 | $ | 22 | ||||||||||||||||||
Granted (2) | 84,220 | 33.39 | |||||||||||||||||||
Outstanding at December 31, 2011 | 1,434,220 | 22.67 | |||||||||||||||||||
Granted (2) | 91,090 | 42.5 | |||||||||||||||||||
Forfeited | (8,930 | ) | 23.99 | ||||||||||||||||||
Vested (3) | (805,350 | ) | 22 | ||||||||||||||||||
Outstanding at December 31, 2012 | 711,030 | 25.95 | |||||||||||||||||||
Granted (2) | 30,623 | 57.59 | |||||||||||||||||||
Forfeited | (2,740 | ) | 27.28 | ||||||||||||||||||
Vested (3) | (534,940 | ) | 22 | ||||||||||||||||||
Outstanding at December 31, 2013 | 203,973 | 41.05 | |||||||||||||||||||
-1 | These awards were issued in conjunction with the Targa IPO and vest over a three year period at 60% in 2012 and the remaining 40% in 2013. | ||||||||||||||||||||
-2 | These awards will cliff vest at the end of three years. | ||||||||||||||||||||
-3 | Awards vested in 2013 and 2012 were 40% and 60% of the awards issued in conjunction with the Targa IPO, net of forfeitures. Targa repurchased 169,159 and 197,731 shares from employees at $79.01 and $47.88 per share in 2013 and 2012 to satisfy the employees’ minimum statutory tax withholdings on the vested awards. The repurchased shares are recorded in treasury stock at cost. | ||||||||||||||||||||
The compensation expense of the restricted stock was calculated based on the fair value of the stock at the grant date. | |||||||||||||||||||||
Restricted Stock Units (“RSUs”) – RSUs are similar to restricted stock, except that shares of common stock are not issued until the RSUs vest. The following table summarizes the restricted stock awards in shares and in dollars for the years indicated. | |||||||||||||||||||||
Number of shares | Weighted-average | ||||||||||||||||||||
Grant-Date Fair Value | |||||||||||||||||||||
Outstanding at December 31, 2012 | - | $ | - | ||||||||||||||||||
Granted | 55,790 | 69.9 | |||||||||||||||||||
Forfeited | (240 | ) | 67.07 | ||||||||||||||||||
Outstanding at December 31, 2013 | 55,550 | 69.92 | |||||||||||||||||||
Subsequent Events | |||||||||||||||||||||
On January 14, 2014, the compensation committee (the “Committee”) made restricted stock awards of 22,017 shares to executive management under the TRC Plan for the 2014 compensation cycle that will cliff vest in three years from the grant date. | |||||||||||||||||||||
On January 14, 2014, the Committee awarded 5,165 shares of our common stock to our outside directors. The awards vested at grant date. | |||||||||||||||||||||
Long-Term Incentive Plans | |||||||||||||||||||||
Performance Units | |||||||||||||||||||||
In 2007 both we and the Partnership adopted Long-Term Incentive Plans (“LTIP”) for employees, consultants, directors and non-employee directors of us and our affiliates who perform services for us or our affiliates. The performance units granted under these plans are linked to the performance of the Partnership’s common units. These plans provide for, among other things, the grant of both cash-settled and equity-settled performance units. Performance unit awards may also include distribution equivalent rights (“DERs”). The LTIPs are administered by the Committee of the Targa Board of Directors. Total units authorized under the LTIPs are 1,680,000. | |||||||||||||||||||||
Each performance unit will entitle the grantee to the value of our common unit on the vesting date multiplied by a stipulated vesting percentage determined from our ranking in a defined peer group. Currently, the performance period for most awards is three years, except for certain awards granted in December 2013, which provide for two, three or four-year vesting periods. The grantee will receive the vested unit value in cash or common units depending on the terms of the grant. The grantee may also be entitled to the value of any DERs based on the notional distributions accumulated during the vesting period times the vesting percentage. DERs are cash settled for both paid in cash and equity-settled performance units | |||||||||||||||||||||
Compensation cost for equity-settled performance units is recognized as an expense over the performance period based on fair value at the grant date. Fair value is calculated using a simulated unit price that incorporates peer ranking. DERs associated with equity-settled performance units are accrued over the performance period as a reduction of owners’ equity. | |||||||||||||||||||||
Compensation expense for cash-settled performance units and any related DERs will ultimately be equal to the cash paid to the grantee upon vesting. However, throughout the performance period we must record an accrued expense based on an estimate of that future pay-out. We have used a Monte Carlo simulation model to estimate accruals throughout the vesting period. In 2012, we changed the volatility assumption in the Monte Carlo simulation model from implied volatility to historical volatility. We consider historical volatility to be more appropriate than implied volatility because it provides a more reliable indication of future volatility. | |||||||||||||||||||||
TRC LTIP -- Cash-settled Performance Units | |||||||||||||||||||||
The following table summarizes the cash-settled performance units for the year ended 2013 awarded under the Targa LTIP (in units and millions of dollars): | |||||||||||||||||||||
Program Year | |||||||||||||||||||||
2010 Plan | 2011 Plan | 2012 Plan | 2013 Plan | Total | |||||||||||||||||
Units outstanding January 1, 2013 | 306,253 | 122,550 | 140,820 | - | 569,623 | ||||||||||||||||
Granted | - | 3,000 | 3,200 | 145,970 | 152,170 | ||||||||||||||||
Vested and paid | (305,853 | ) | - | - | - | (305,853 | ) | ||||||||||||||
Forfeited | (400 | ) | (680 | ) | (1,560 | ) | (1,010 | ) | (3,650 | ) | |||||||||||
Units outstanding December 31, 2013 | - | 124,870 | 142,460 | 144,960 | 412,290 | ||||||||||||||||
Calculated fair market value as of December 31, 2013 | $ | 10.6 | $ | 10.4 | $ | 7.6 | $ | 28.6 | |||||||||||||
Current liability | $ | 8.7 | $ | - | $ | - | $ | 8.7 | |||||||||||||
Long-term liability | - | 4.9 | 1 | 5.9 | |||||||||||||||||
Liability as of December 31, 2013 | $ | 8.7 | $ | 4.9 | $ | 1 | $ | 14.6 | |||||||||||||
To be recognized in future periods | $ | 1.9 | $ | 5.5 | $ | 6.6 | $ | 14 | |||||||||||||
Vesting date | Jun-14 | Jun-15 | Jun-16 | ||||||||||||||||||
The remaining weighted average recognition period for the unrecognized compensation cost is approximately 1.8 years. | |||||||||||||||||||||
Partnership LTIP – Equity-Settled Performance Units | |||||||||||||||||||||
The Partnership started issuing equity-settled performance units in 2011. The following table summarizes activities of our equity-settled performance units for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||
Number | Weighted Average Grant-Date Fair Value | ||||||||||||||||||||
of units | |||||||||||||||||||||
Outstanding at December 31, 2010 | - | $ | - | ||||||||||||||||||
Granted | 135,870 | 33.94 | |||||||||||||||||||
Outstanding at December 31, 2011 | 135,870 | 33.94 | |||||||||||||||||||
Granted | 171,750 | 41.94 | |||||||||||||||||||
Outstanding at December 31, 2012 | 307,620 | 38.4 | |||||||||||||||||||
Granted | 244,578 | 46.54 | |||||||||||||||||||
Outstanding at December 31, 2013 | 552,198 | 42.01 | |||||||||||||||||||
Subsequent Event. On January 14, 2014, the compensation committee (the “Committee”) made awards to the executive management for the 2014 compensation cycle of 111,745 equity-settled performance units under our LTIP that will vest in June 2017. | |||||||||||||||||||||
Partnership Director Grants | |||||||||||||||||||||
Starting in 2011, the common units granted to the Partnership’s non-management directors were vested immediately at the grant date. The awards granted before 2011 settled with the delivery of common units and were subject to three-year vesting, without a performance condition, and vested ratably on each anniversary of the grant date. In 2013, the awards granted before 2011 vested. | |||||||||||||||||||||
The following table summarizes activity of the common unit-based awards granted to the Partnership’s Directors for the years ended December 31, 2013, 2012 and 2011 (in units and dollars): | |||||||||||||||||||||
Number of units | Weighted Average Grant- | ||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||
Outstanding at December 31, 2010 | 39,074 | $ | 16.12 | ||||||||||||||||||
Granted | 10,600 | 33.53 | |||||||||||||||||||
Vested and paid | (29,843 | ) | 22.18 | ||||||||||||||||||
Outstanding at December 31, 2011 | 19,831 | 16.31 | |||||||||||||||||||
Granted | 9,980 | 38.72 | |||||||||||||||||||
Vested and paid | (25,311 | ) | 23.86 | ||||||||||||||||||
Outstanding at December 31, 2012 | 4,500 | 23.51 | |||||||||||||||||||
Granted | 12,780 | 39.33 | |||||||||||||||||||
Vested and paid | (17,280 | ) | 35.21 | ||||||||||||||||||
Outstanding at December 31, 2013 | - | - | |||||||||||||||||||
Subsequent Event. On January 14, 2014, the compensation committee (“Committee”) made awards of 8,740 of our common units (1,748 units to each of our non-management directors). The awards vested immediately at the grant date. | |||||||||||||||||||||
The following table summarizes the compensation expenses under the various compensation plans recognized for the years indicated: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
2010 TRC Stock Incentive Plan - Director Grants | $ | 0.5 | $ | 0.4 | $ | 0.8 | |||||||||||||||
Partnership LTIP - Equity-Settled Performance Units | 5.5 | 3.1 | 1 | ||||||||||||||||||
Partnership Director Grants | 0.5 | 0.5 | 0.5 | ||||||||||||||||||
Allocated to the Partnership | |||||||||||||||||||||
2010 TRC Stock Incentive Plan - Restricted Stock | 6.3 | 13.7 | 13.4 | ||||||||||||||||||
2010 TRC Stock Incentive Plan - Restricted Stock Unit | 0.4 | - | - | ||||||||||||||||||
TRC LTIP - Cash-Settled Performance Units | 21.9 | 14.2 | 13.3 | ||||||||||||||||||
The table below summarizes the unrecognized compensation expenses and the approximate remaining weighted average vesting periods related to our various compensation plans as of December 31, 2013: | |||||||||||||||||||||
Weighted Average | |||||||||||||||||||||
December 31, | Remaining | ||||||||||||||||||||
2013 | Vesting Period | ||||||||||||||||||||
(In millions) | (In years) | ||||||||||||||||||||
Partnership LTIP Equity-Settled Performance Units | $ | 16.3 | 2 | ||||||||||||||||||
2010 TRC Stock Incentive Plan - Restricted Stock | 3.3 | 1.6 | |||||||||||||||||||
2010 TRC Stock Incentive Plan - Restricted Stock Units | 3.6 | 2.8 | |||||||||||||||||||
The total fair values of share-based awards on the dates they vested are as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
TRC LTIP - Cash-Settled Performance Units | $ | 25.2 | $ | 22.2 | $ | 5.5 | |||||||||||||||
Partnership Director Grants | 0.7 | 1 | 1 | ||||||||||||||||||
2010 TRC Stock Incentive Plan - Restricted Stock (1) | 42.2 | 40.3 | - | ||||||||||||||||||
Accrued dividends settled | 2.4 | 2 | - | ||||||||||||||||||
-1 | We recognized $1.6 million and $1.3 million tax benefits associated with the vesting of 40% and 60% of the restricted stock related to our IPO in 2013 and 2012. | ||||||||||||||||||||
401(k) Plan | |||||||||||||||||||||
We have a 401(k) plan whereby we match 100% of up to 5% of an employee’s contribution (subject to certain limitations in the plan). We also contribute an amount equal to 3% of each employee’s eligible compensation to the plan as a retirement contribution and may make additional contributions at our sole discretion. All Targa contributions are made 100% in cash. We made contributions to the 401(k) plan totaling $9.6 million, $8.7 million and $7.8 million during 2013, 2012, and 2011. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||||||
Note 23 — 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 and Galena Park, Texas and Lake Charles, 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. | |||||||||||||||||||||||||||||||||
Year Ended December 31, 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 | $ | 188.8 | $ | 305 | $ | 140.5 | $ | 5,319.30 | $ | 21.4 | $ | 0.1 | $ | (0.2 | ) | $ | 5,974.90 | ||||||||||||||||
Fees from midstream services | 112.8 | 33.4 | 216 | 217.1 | - | (0.1 | ) | - | 579.2 | ||||||||||||||||||||||||
Business interruption insurance | 1.1 | 0.2 | - | 0.6 | - | - | - | 1.9 | |||||||||||||||||||||||||
302.7 | 338.6 | 356.5 | 5,537.00 | 21.4 | - | (0.2 | ) | 6,556.00 | |||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 1,218.90 | 642.2 | 3.9 | 478.6 | - | (2,343.6 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 3.4 | 1 | 176.5 | 29.8 | - | (210.7 | ) | - | - | ||||||||||||||||||||||||
1,222.30 | 643.2 | 180.4 | 508.4 | - | (2,554.3 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 1,525.00 | $ | 981.8 | $ | 536.9 | $ | 6,045.40 | $ | 21.4 | $ | (2,554.3 | ) | $ | (0.2 | ) | $ | 6,556.00 | |||||||||||||||
Operating margin | $ | 270.5 | $ | 85.4 | $ | 282.3 | $ | 141.9 | $ | 21.4 | $ | - | $ | (0.3 | ) | $ | 801.2 | ||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 3,200.70 | $ | 383.8 | $ | 1,503.60 | $ | 756.1 | $ | 5.1 | $ | 122.1 | $ | 77.2 | $ | 6,048.60 | |||||||||||||||||
Capital expenditures | $ | 557.8 | $ | 20.6 | $ | 444.7 | $ | 6.3 | $ | - | $ | 5.1 | $ | - | $ | 1,034.50 | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field Gathering and Processing | Coastal Gathering and Processing | Logistics Assets | Marketing and Distribution | Other | Corporate and Eliminations | TRC Non-Partnership | Consolidated | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 172.7 | $ | 240.6 | $ | 184.4 | $ | 4,890.20 | $ | 41.1 | $ | - | $ | 2.1 | $ | 5,531.10 | |||||||||||||||||
Fees from midstream services | 39.5 | 23.6 | 170.7 | 120.9 | - | (0.1 | ) | - | 354.6 | ||||||||||||||||||||||||
212.2 | 264.2 | 355.1 | 5,011.10 | 41.1 | (0.1 | ) | 2.1 | 5,885.70 | |||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 1,150.70 | 701.1 | 1.8 | 565 | - | (2,418.6 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 1.3 | 0.1 | 106.5 | 32 | - | (139.9 | ) | - | - | ||||||||||||||||||||||||
1,152.00 | 701.2 | 108.3 | 597 | - | (2,558.5 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 1,364.20 | $ | 965.4 | $ | 463.4 | $ | 5,608.10 | $ | 41.1 | $ | (2,558.6 | ) | $ | 2.1 | $ | 5,885.70 | ||||||||||||||||
Operating margin | $ | 231.2 | $ | 115.1 | $ | 188.3 | $ | 116 | $ | 41.1 | $ | - | $ | 1.9 | $ | 693.6 | |||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,797.90 | $ | 414.1 | $ | 1,100.90 | $ | 548.6 | $ | 34.4 | $ | 129.8 | $ | 79.3 | $ | 5,105.00 | |||||||||||||||||
Capital expenditures | $ | 222.1 | $ | 9.4 | $ | 359 | $ | 12.3 | $ | - | $ | 13.9 | $ | 0.3 | $ | 617 | |||||||||||||||||
Business acquisitions | $ | 970.4 | $ | 25.8 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 996.2 | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field Gathering and Processing | Coastal Gathering and Processing | Logistics Assets | Marketing and Distribution | Other | Corporate and Eliminations | TRC Non-Partnership | Consolidated | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 184.9 | $ | 325.7 | $ | 43.2 | $ | 6,209.90 | $ | (37.6 | ) | $ | - | $ | 4.4 | $ | 6,730.50 | ||||||||||||||||
Fees from midstream services | 27.5 | 19.8 | 130 | 83.8 | - | (0.1 | ) | - | 261 | ||||||||||||||||||||||||
Business interruption insurance | - | - | - | - | - | - | 3 | 3 | |||||||||||||||||||||||||
212.4 | 345.5 | 173.2 | 6,293.70 | (37.6 | ) | (0.1 | ) | 7.4 | 6,994.50 | ||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 1,428.40 | 952.9 | 1 | 636.5 | - | (3,018.8 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 1.1 | 0.4 | 89.3 | 36.6 | - | (127.4 | ) | - | - | ||||||||||||||||||||||||
1,429.50 | 953.3 | 90.3 | 673.1 | - | (3,146.2 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 1,641.90 | $ | 1,298.80 | $ | 263.5 | $ | 6,966.80 | $ | (37.6 | ) | $ | (3,146.3 | ) | $ | 7.4 | $ | 6,994.50 | |||||||||||||||
Operating margin | $ | 287.9 | $ | 174.3 | $ | 123.1 | $ | 113.4 | $ | (37.6 | ) | $ | - | $ | 7.3 | $ | 668.4 | ||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,666.20 | $ | 427.5 | $ | 775.4 | $ | 650.5 | $ | 51.9 | $ | 86.5 | $ | 173 | $ | 3,831.00 | |||||||||||||||||
Capital expenditures | $ | 167.5 | $ | 12.8 | $ | 147.4 | $ | 3.5 | $ | - | $ | 2.3 | $ | 2.2 | $ | 335.7 | |||||||||||||||||
Business acquisitions | $ | - | $ | - | $ | 156.5 | $ | - | $ | - | $ | - | $ | - | $ | 156.5 | |||||||||||||||||
The following table shows our consolidated revenues by product and service for the periods presented: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Sales of commodities | |||||||||||||||||||||||||||||||||
Natural gas | $ | 1,224.70 | $ | 926.9 | $ | 1,120.70 | |||||||||||||||||||||||||||
NGL | 4,470.90 | 4,265.70 | 5,496.90 | ||||||||||||||||||||||||||||||
Condensate | 121.8 | 114.1 | 103 | ||||||||||||||||||||||||||||||
Petroleum products | 136 | 180.1 | 43.1 | ||||||||||||||||||||||||||||||
Derivative activities | 21.5 | 44.3 | (33.2 | ) | |||||||||||||||||||||||||||||
5,974.90 | 5,531.10 | 6,730.50 | |||||||||||||||||||||||||||||||
Fees from midstream services | |||||||||||||||||||||||||||||||||
Fractionating and treating | 152 | 115.6 | 86.7 | ||||||||||||||||||||||||||||||
Storage, terminaling, transportation and export | 275.5 | 159.2 | 110.4 | ||||||||||||||||||||||||||||||
Gathering and processing | 114.1 | 45 | 33.1 | ||||||||||||||||||||||||||||||
Other | 37.6 | 34.8 | 30.8 | ||||||||||||||||||||||||||||||
579.2 | 354.6 | 261 | |||||||||||||||||||||||||||||||
Business interruption insurance | 1.9 | - | 3 | ||||||||||||||||||||||||||||||
Total revenues | $ | 6,556.00 | $ | 5,885.70 | $ | 6,994.50 | |||||||||||||||||||||||||||
The following table shows a reconciliation of operating margin to net income for the periods presented: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Operating margin | $ | 801.2 | $ | 693.6 | $ | 668.4 | |||||||||||||||||||||||||||
Depreciation and amortization expense | (271.9 | ) | (197.6 | ) | (181.0 | ) | |||||||||||||||||||||||||||
General and administrative expense | (151.5 | ) | (139.8 | ) | (136.1 | ) | |||||||||||||||||||||||||||
Interest expense, net | (134.1 | ) | (120.8 | ) | (111.7 | ) | |||||||||||||||||||||||||||
Income tax expense | (48.2 | ) | (36.9 | ) | (26.6 | ) | |||||||||||||||||||||||||||
Other, net | 5.8 | (39.2 | ) | 2.4 | |||||||||||||||||||||||||||||
Net income | $ | 201.3 | $ | 159.3 | $ | 215.4 |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||
Note 24 — Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||||||
Our results of operations by quarter for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Total | |||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues | $ | 1,397.80 | $ | 1,441.60 | $ | 1,556.80 | $ | 2,159.80 | $ | 6,556.00 | |||||||||||
Gross margin | 260.3 | 265.2 | 297 | 355 | 1,177.50 | ||||||||||||||||
Operating income | 73.9 | 60.9 | 88.5 | 144.9 | 368.2 | ||||||||||||||||
Net income | 33.8 | 22.5 | 49.4 | 95.6 | 201.3 | ||||||||||||||||
Net income attributable to Targa / common shareholders | 13.4 | 15 | 16.3 | 20.4 | 65.1 | ||||||||||||||||
Net income per common share - basic | $ | 0.32 | $ | 0.36 | $ | 0.39 | $ | 0.49 | $ | 1.56 | |||||||||||
Net income per common share - diluted | $ | 0.32 | $ | 0.36 | $ | 0.39 | $ | 0.48 | $ | 1.55 | |||||||||||
2012 | |||||||||||||||||||||
Revenues | $ | 1,645.80 | $ | 1,319.10 | $ | 1,393.50 | $ | 1,527.30 | $ | 5,885.70 | |||||||||||
Gross margin | 261.6 | 244.5 | 240.5 | 260.1 | 1,006.70 | ||||||||||||||||
Operating income | 107.7 | 83.2 | 59 | 86.4 | 336.3 | ||||||||||||||||
Net income | 69.2 | 43.5 | 19 | 27.6 | 159.3 | ||||||||||||||||
Net income attributable to Targa / common shareholders | 9.6 | 8.6 | 8.7 | 11.2 | 38.1 | ||||||||||||||||
Net income per common share - basic | $ | 0.23 | $ | 0.21 | $ | 0.21 | $ | 0.27 | $ | 0.93 | |||||||||||
Net income per common share - diluted | $ | 0.23 | $ | 0.21 | $ | 0.21 | $ | 0.27 | $ | 0.91 |
Condensed_Parent_Only_Financia
Condensed Parent Only Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Parent Only Financial Statements [Abstract] | ' | ||||||||||||
Condensed Parent Only Financial Statements | ' | ||||||||||||
Note 25— Condensed Parent Only Financial Statements | |||||||||||||
The condensed parent only financial statements represent the financial information required by Rule 5-04 of the Securities and Exchange Commission Regulation S-X for Targa Resources Corp. | |||||||||||||
In the condensed financial statements, Targa’s investments in consolidated subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of affiliates are not consolidated. The investments in net assets of the consolidated subsidiaries are recorded in the balance sheets. The income (loss) from operations of the consolidated subsidiaries is reported as equity in income (loss) of consolidated subsidiaries. | |||||||||||||
A substantial amount of Targa’s operating, investing and financing activities are conducted by its affiliates. The condensed financial statements should be read in conjunction with Targa’s consolidated financial statements, which begin on page F-1 of this Annual Report. | |||||||||||||
TARGA RESOURCES CORP. | |||||||||||||
PARENT ONLY | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In millions) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Investment in consolidated subsidiaries | $ | 208.1 | $ | 206.1 | |||||||||
Deferred income taxes | 24.1 | 20 | |||||||||||
Long-term debt issue costs | 1.4 | 1.7 | |||||||||||
Total assets | $ | 233.6 | $ | 227.8 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Accrued current liabilities | $ | 0.6 | $ | 1.5 | |||||||||
Long-term debt | 84 | 82 | |||||||||||
Other long-term liabilities | 0.2 | 0.2 | |||||||||||
Commitments and contingencies | |||||||||||||
Targa Resources Corp. stockholders' equity | 148.8 | 144.1 | |||||||||||
Total liabilities and stockholders' equity | $ | 233.6 | $ | 227.8 | |||||||||
TARGA RESOURCES CORP. | |||||||||||||
PARENT ONLY | |||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions, except per share amounts) | |||||||||||||
Equity in net income (loss) of consolidated subsidiaries | $ | 72.6 | $ | 45.4 | $ | 38.9 | |||||||
General and administrative expenses | (8.4 | ) | (8.2 | ) | (8.5 | ) | |||||||
Gain on sale of assets | - | - | - | ||||||||||
Income (loss) from operations | 64.2 | 37.2 | 30.4 | ||||||||||
Other income (expense): | |||||||||||||
Gain on debt extinguishment | - | 0.2 | - | ||||||||||
Interest expense | (3.2 | ) | (3.2 | ) | (3.1 | ) | |||||||
Income (loss) before income taxes | 61 | 34.2 | 27.3 | ||||||||||
Deferred income tax (expense) benefit | 4.1 | 3.9 | 3.4 | ||||||||||
Net income (loss) attributable to Targa Resources Corp. | 65.1 | 38.1 | 30.7 | ||||||||||
Dividends on Series B preferred stock | - | - | - | ||||||||||
Dividends on common equivalents | - | - | - | ||||||||||
Net income (loss) available to common shareholders | $ | 65.1 | $ | 38.1 | $ | 30.7 | |||||||
Net income (loss) available per common share - basic | $ | 1.56 | $ | 0.93 | $ | 0.75 | |||||||
Net income (loss) available per common share - diluted | $ | 1.55 | $ | 0.91 | $ | 0.74 | |||||||
Weighted average shares outstanding - basic | 41.6 | 41 | 41 | ||||||||||
Weighted average shares outstanding - diluted | 42.1 | 41.8 | 41.4 | ||||||||||
TARGA RESOURCES CORP. | |||||||||||||
PARENT ONLY | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Net cash provided by operating activities | $ | (4.1 | ) | $ | 0.8 | $ | - | ||||||
Investing activities: | |||||||||||||
Distribution and return of advances from consolidated subsidiaries | 101.6 | 78.6 | 38.2 | ||||||||||
Net cash provided by investing activities | 101.6 | 78.6 | 38.2 | ||||||||||
Financing activities: | |||||||||||||
Long-term debt borrowings | 65 | 90 | - | ||||||||||
Long-term debt repayments | (63.0 | ) | (96.8 | ) | - | ||||||||
Costs incurred in connection with financing arrangements | - | (1.0 | ) | - | |||||||||
Issuance of common stock | - | - | - | ||||||||||
Repurchase of common stock | (13.3 | ) | (9.5 | ) | - | ||||||||
Dividends to common and common equivalent shareholders | (87.8 | ) | (62.2 | ) | (38.2 | ) | |||||||
Dividends to preferred shareholders | - | - | - | ||||||||||
Excess tax benefit from stock-based awards | 1.6 | 1.3 | - | ||||||||||
Distribution to owners | - | (1.2 | ) | - | |||||||||
Net cash used in financing activities | (97.5 | ) | (79.4 | ) | (38.2 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | - | - | - | ||||||||||
Cash and cash equivalents - beginning of year | - | - | - | ||||||||||
Cash and cash equivalents - end of year | $ | - | $ | - | $ | - |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Significant Accounting Policies [Abstract] | ' | ||
Consolidation Policy | ' | ||
Consolidation Policy | |||
Our consolidated financial statements include our accounts and those of our subsidiaries in which we have a controlling interest. We hold varying undivided interests in various gas processing facilities in which we are responsible for our proportionate share of the costs and expenses of the facilities. Our consolidated financial statements reflect our proportionate share of the revenues, expenses, assets and liabilities of these undivided interests. | |||
We follow the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the operating and financial policies of the investee. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
Cash and cash equivalents include all cash on hand, demand deposits, and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. | |||
Comprehensive Income | ' | ||
Comprehensive Income | |||
Comprehensive income includes net income and other comprehensive income (“OCI”), which includes unrealized gains and losses on derivative instruments that are designated as hedges. | |||
Allowance for Doubtful Accounts | ' | ||
Allowance for Doubtful Accounts | |||
Estimated losses on accounts receivable are provided through an allowance for doubtful accounts. In evaluating the adequacy of the allowance, we make judgments regarding each party’s ability to make required payments, economic events and other factors. As the financial condition of any party changes, circumstances develop or additional information becomes available, adjustments to an allowance for doubtful accounts may be required. | |||
Inventories | ' | ||
Inventories | |||
The Partnership’s inventories consist primarily of NGL product inventories. Most NGL product inventories turn over monthly, but some inventory, primarily propane, is acquired and held during the year to meet anticipated heating season requirements of the Partnership’s customers. NGL product inventories are valued at the lower of cost or market using the average cost method. Commodity inventories that are not physically or contractually available for sale under normal operations (“deadstock”) are classified as Property, Plant and Equipment. Inventories also include materials and supplies required for our Badlands expansion activities in North Dakota, which are valued using the specific identification method. | |||
Product Exchanges | ' | ||
Product Exchanges | |||
Exchanges of NGL products are executed to satisfy timing and logistical needs of the exchange parties. Volumes received and delivered under exchange agreements are recorded as inventory. If the locations of receipt and delivery are in different markets, a price differential may be billed or owed. The price differential is recorded as either accounts receivable or accrued liabilities. | |||
Gas Processing Imbalances | ' | ||
Gas Processing Imbalances | |||
Quantities of natural gas and/or NGLs over-delivered or under-delivered related to certain gas plant operational balancing agreements are recorded monthly as inventory or as a payable using the weighted average price at the time the imbalance was created. Inventory imbalances receivable are valued at the lower of cost or market; inventory imbalances payable are valued at replacement cost. These imbalances are settled either by current cash-out settlements or by adjusting future receipts or deliveries of natural gas or NGLs. | |||
Derivative Instruments | ' | ||
Derivative Instruments | |||
The Partnership employs derivative instruments to manage the volatility of cash flows due to fluctuating energy prices and interest rates. All derivative instruments not qualifying for the normal purchase and normal sale exception are recorded on the balance sheets at fair value. The treatment of the periodic changes in fair value will depend on whether the derivative is designated and effective as a hedge for accounting purposes. The Partnership has designated certain liquids marketing contracts that meet the definition of a derivative as normal purchases and normal sales, which under GAAP, are not accounted for as derivatives. | |||
If a derivative qualifies for hedge accounting and is designated as a cash flow hedge, the effective portion of the unrealized gain or loss on the derivative is deferred in Accumulated Other Comprehensive Income (“AOCI”), a component of owners’ equity, and reclassified to earnings when the forecasted transaction occurs. Cash flows from a derivative instrument designated as a hedge are classified in the same category as the cash flows from the item being hedged. As such, we include the cash flows from commodity derivative instruments in revenues and from interest rate derivative instruments in interest expense. | |||
If a derivative does not qualify as a hedge or is not designated as a hedge, the gain or loss on the derivative is recognized currently in earnings. The ultimate gain or loss on the derivative transaction upon settlement is also recognized as a component of other income and expense. | |||
The Partnership formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge. This documentation includes the specific identification of the hedging instrument and the hedged item, the nature of the risk being hedged and the manner in which the hedging instrument’s effectiveness will be assessed. At the inception of the hedge, and on an ongoing basis, the Partnership assesses whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. | |||
The relationship between the hedging instrument and the hedged item must be highly effective in achieving the offset of changes in cash flows attributable to the hedged risk both at the inception of the contract and on an ongoing basis. The Partnership measures hedge ineffectiveness on a quarterly basis and reclassify any ineffective portion of the unrealized gain or loss to earnings in the current period. | |||
The Partnership will discontinue hedge accounting on a prospective basis when a hedge instrument is terminated or ceases to be highly effective. Gains and losses deferred in AOCI related to cash flow hedges for which hedge accounting has been discontinued remain deferred until the forecasted transaction occurs. If it is no longer probable that a hedged forecasted transaction will occur, deferred gains or losses on the hedging instrument are reclassified to earnings immediately. | |||
For balance sheet classification purposes, the Partnership analyzes the fair values of the derivative contracts on a deal by deal basis. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment | |||
Property, plant and equipment are stated at acquisition value less accumulated depreciation. All of the property, plant and equipment sold to the Partnership from 2007 to 2010 in drop-down transactions were stated at historical cost in the transactions recorded under common control accounting. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. | |||
Expenditures for maintenance and repairs are expensed as incurred. Expenditures to refurbish assets that extend the useful lives or prevent environmental contamination are capitalized and depreciated over the remaining useful life of the asset or major asset component. We also capitalize certain costs directly related to the construction of assets, including internal labor costs, interest and engineering costs. | |||
The determination of the useful lives of property, plant and equipment requires us to make various assumptions, including the supply of and demand for hydrocarbons in the markets served by our assets, normal wear and tear of the facilities, and the extent and frequency of maintenance programs. | |||
We evaluate the recoverability of our property, plant and equipment when events or circumstances such as economic obsolescence, the business climate, legal and other factors indicate we may not recover the carrying amount of the assets. Asset recoverability is measured by comparing the carrying value of the asset with the asset’s expected future undiscounted cash flows. These cash flow estimates require us to make projections and assumptions for many years into the future for pricing, demand, competition, operating cost and other factors. If the carrying amount exceeds the expected future undiscounted cash flows we recognize an impairment loss to write down the carrying amount of the asset to its fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. The determination of the fair value using present value techniques requires us to make projections and assumptions regarding the probability of a range of outcomes and the rates of interest used in the present value calculations. Any changes we make to these projections and assumptions could result in significant revisions to our evaluation of recoverability of our property, plant and equipment and the recognition of an impairment loss in our consolidated statements of operations. Upon disposition or retirement of property, plant and equipment, any gain or loss is recorded to operations. See Note 6. | |||
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. See Note 6. | |||
Asset Retirement Obligations | ' | ||
Asset Retirement Obligations (“AROs”) | |||
AROs are legal obligations associated with the retirement of tangible long-lived assets that result from an asset’s acquisition, construction, development and/or normal operation. An ARO is initially measured at its estimated fair value. Upon initial recognition of an ARO, we record an increase to the carrying amount of the related long-lived asset and an offsetting ARO liability. The consolidated cost of the asset and the capitalized asset retirement obligation is depreciated using the straight-line method over the period during which the long-lived asset is expected to provide benefits. After the initial period of ARO recognition, the ARO will change as a result of either the passage of time or revisions to the original estimates of either the amounts of estimated cash flows or their timing. | |||
Changes due to the passage of time increase the carrying amount of the liability because there are fewer periods remaining from the initial measurement date until the settlement date; therefore, the present values of the discounted future settlement amount increases. These changes are recorded as a period cost called accretion expense. Changes resulting from revisions to the timing or the amount of the original estimate of undiscounted cash flows shall be recognized as an increase or a decrease in the carrying amount of the liability for an asset retirement obligation and the related asset retirement cost capitalized as part of the carrying amount of the related long-lived asset. Upon settlement, AROs will be extinguished by us at either the recorded amount or we will recognize a gain or loss on the difference between the recorded amount and the actual settlement cost. See Note 7. | |||
Debt Issue Costs | ' | ||
Debt Issue Costs | |||
Costs incurred in connection with the issuance of long-term debt are deferred and charged to interest expense over the term of the related debt. Gains or losses on debt repurchases, redemptions and debt extinguishments include any associated unamortized debt issue costs. | |||
Accounts Receivable Securitization Facility | ' | ||
Accounts Receivable Securitization Facility | |||
Proceeds from the sale or contribution of certain receivables under the Partnership’s Accounts Receivable Securitization Facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. 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. | |||
Environmental Liabilities and Other Loss Contingencies | ' | ||
Environmental Liabilities and Other Loss Contingencies | |||
Liabilities for loss contingencies, including environmental remediation costs arising from claims, assessments, litigation, fines, penalties and other sources are charged to expense when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. See Note 17. | |||
Income Taxes | ' | ||
Income Taxes | |||
We account for income taxes using the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. | |||
As part of the process of preparing our consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax payable and related tax expense together with assessing temporary differences resulting from differing treatment of certain items, such as depreciation, for tax and accounting purposes. These differences can result in deferred tax assets and liabilities, which are included within our consolidated balance sheets. | |||
We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized, we establish a valuation allowance. Any change in the valuation allowance would impact our income tax provision and net income in the period in which such a determination is made. We consider all available evidence, both positive and negative, to determine whether, based on the weight of the evidence, a valuation allowance is needed. Evidence used includes information about our current financial position and our results of operations for the current and preceding years, as well as all currently available information about future years, including our anticipated future performance, the reversal of deferred tax liabilities and tax planning strategies. | |||
We believe future sources of taxable income, reversing temporary differences and other tax planning strategies will be sufficient to realize assets for which no reserve has been established. | |||
Noncontrolling Interests | ' | ||
Noncontrolling Interests | |||
Third-party ownership in the net assets of our consolidated subsidiaries is shown as noncontrolling interests within the equity section of the balance sheet. In the statements of operations and statements of comprehensive income, noncontrolling interests reflects the allocation of results to third-party investors, which for the Partnership gives effect to the incentive distribution rights declared for each period. We account for the difference between the carrying amount of our investment in the Partnership and the underlying book value arising from issuance of common units by the Partnership, where we maintain control, as an equity transaction. If the Partnership issues common units at a price different than our carrying value per unit, we account for the premium or deficiency as an adjustment to paid-in capital. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Our operating revenues are primarily derived from the following activities: | |||
• | sales of natural gas, NGLs, condensate, crude oil and petroleum products; | ||
• | services related to compressing, gathering, treating, and processing of natural gas; and | ||
• | services related to NGL fractionation, terminaling and storage, transportation and treating. | ||
We recognize revenues when all of the following criteria are met: (1) persuasive evidence of an exchange arrangement exists, if applicable, (2) delivery has occurred or services have been rendered, (3) the price is fixed or determinable and (4) collectability is reasonably assured. | |||
For natural gas processing activities, we receive either fees or a percentage of commodities as payment for these services, depending on the type of contract. Under fee-based contracts, we receive a fee based on throughput volumes. Under percent-of-proceeds contracts, we receive either an agreed upon percentage of the actual proceeds that we receive from our sales of the residue natural gas and NGLs or an agreed upon percentage based on index related prices for the natural gas and NGLs. Percent-of-value and percent-of-liquids contracts are variations on this arrangement. Under keep-whole contracts, we retain the NGLs extracted and return the processed natural gas or value of the natural gas to the producer. A significant portion of our Straddle plant processing contracts are hybrid contracts under which settlements are made on a percent-of-liquids basis or a fee basis, depending on market conditions. Natural gas or NGLs that we receive for services or purchase for resale are in turn sold and recognized in accordance with the criteria outlined above. | |||
We generally report sales revenues gross in our consolidated statements of operations, as we typically act as the principal in the transactions where we receive commodities, take title to the natural gas and NGLs, and incur the risks and rewards of ownership. However, buy-sell transactions with the same counterparty are reported on a net basis. | |||
Share-Based Compensation | ' | ||
Share-Based Compensation | |||
We award share-based compensation to employees, directors and non-management directors in the form of restricted stock, restricted stock units, stock options and performance units. Compensation expense on restricted common units and performance unit awards that qualify as equity arrangements are measured by the fair value of the award as determined by the market at the date of grant. Compensation expense on performance unit awards that qualify as liability arrangements is initially measured by the fair value of the award at the date of grant, and re-measured subsequently at each reporting date through the settlement period. Compensation expense is recognized in general and administrative expense over the requisite service period of each award. See Note 22. | |||
Earnings per Share | ' | ||
Earnings per Share | |||
We account for earnings per share (“EPS”) in accordance with Accounting Standards Codification (“ASC”) Topic 260 – Earnings per Share. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock so long as it does not have an anti-dilutive effect on EPS. The dilutive effect is determined through the application of the treasury method. Securities that meet the definition of a participating security are required to be considered for inclusion in the computation of basic EPS. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
When preparing financial statements in conformity with GAAP, management must make estimates and assumptions based on information available at the time. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosures of contingent assets and liabilities as of the date of the financial statements. Estimates and judgments are based on information available at the time such estimates and judgments are made. Adjustments made with respect to the use of these estimates and judgments often relate to information not previously available. Uncertainties with respect to such estimates and judgments are inherent in the preparation of financial statements. Estimates and judgments are used in, among other things, (1) estimating unbilled revenues, product purchases and operating and general and administrative costs, (2) developing fair value assumptions, including estimates of future cash flows and discount rates, (3) analyzing long-lived assets for possible impairment, (4) estimating the useful lives of assets and (5) determining amounts to accrue for contingencies, guarantees and indemnifications. Actual results, therefore, could differ materially from estimated amounts. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies that ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, applies to financial instruments or derivative transactions accounted for under ASC Topic 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 14. | |||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendment, required to be applied prospectively for reporting periods beginning after December 15, 2012, requires entities to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line item of net income. Our financial statement presentation complies with this standards update. |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Acquisitions [Abstract] | ' | ||||||||
Summary of consideration paid and preliminary determination of assets and liabilities acquired | ' | ||||||||
The following table summarizes the consideration paid for the Badlands acquisition and the determination of the assets and liabilities acquired at the December 31, 2012 acquisition date. | |||||||||
31-Dec-12 | |||||||||
Cash | $ | 975.8 | |||||||
Contingent consideration | 15.3 | ||||||||
Total consideration | $ | 991.1 | |||||||
Assets acquired and liabilities assumed | |||||||||
Financial assets | $ | 35.4 | |||||||
Inventory | 16.2 | ||||||||
Property, plant and equipment | 295.3 | ||||||||
Intangible assets | 679.6 | ||||||||
Financial liabilities | (35.4 | ) | |||||||
Total net assets | $ | 991.1 | |||||||
Pro forma consolidated results of operations | ' | ||||||||
The Partnership’s Annual Report for the year ended 2012 included preliminary pro forma information assuming that the Badlands acquisition had been completed on January 1, 2011. In 2013, the Partnership finalized amortization methods for Badlands intangible assets and estimated useful lives for both tangible and intangible assets of Badlands. The following unaudited pro forma consolidated results of operations for the years ended 2012 and 2011 has been updated to include the effects of the Partnership’s 2013 amortization method policy decisions. | |||||||||
2012 | 2011 | ||||||||
( In millions except per share amounts) | |||||||||
Revenues | $ | 5,909.90 | $ | 6,998.10 | |||||
Net income | 129.5 | 174.5 | |||||||
Less: Net income attributable to noncontrolling interests | 83.5 | 133.1 | |||||||
Net income attributable to Targa Resources Corp. | $ | 46 | $ | 41.4 | |||||
Net income per common share - Basic | $ | 1.12 | $ | 1.01 | |||||
Net income per common share - Diluted | $ | 1.1 | $ | 1 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
The components of inventories consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Commodities | $ | 136.4 | $ | 82.3 | |||||
Materials and supplies | 14.3 | 17.1 | |||||||
$ | 150.7 | $ | 99.4 |
Property_Plant_and_Equipment_a1
Property, Plant and Equipment and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Property, Plant and Equipment and Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||||||
Property, Plant and Equipment and Intangible Assets | ' | ||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Targa Resources Partners LP | TRC Non-Partnership | Targa Resources Corp. Consolidated | Targa Resources Partners LP | TRC Non-Partnership | Targa Resources Corp. Consolidated | Estimated Useful Lives (In Years) | |||||||||||||||||||||||
Gathering systems | $ | 2,230.10 | $ | - | $ | 2,230.10 | $ | 1,975.30 | $ | - | $ | 1,975.30 | 5 to 20 | ||||||||||||||||
Processing and fractionation facilities | 1,598.00 | 6.6 | 1,604.60 | 1,251.60 | 6.6 | 1,258.20 | 5 to 25 | ||||||||||||||||||||||
Terminaling and storage facilities | 715.2 | - | 715.2 | 462 | - | 462 | 5 to 25 | ||||||||||||||||||||||
Transportation assets | 294.7 | - | 294.7 | 292.5 | - | 292.5 | 10 to 25 | ||||||||||||||||||||||
Other property, plant and equipment | 121.3 | 0.2 | 121.5 | 84.6 | 0.2 | 84.8 | 3 to 25 | ||||||||||||||||||||||
Land | 89.5 | - | 89.5 | 87.1 | - | 87.1 | - | ||||||||||||||||||||||
Construction in progress | 702.8 | - | 702.8 | 548.1 | - | 548.1 | - | ||||||||||||||||||||||
Property, plant and equipment | 5,751.60 | 6.8 | 5,758.40 | 4,701.20 | 6.8 | 4,708.00 | |||||||||||||||||||||||
Accumulated depreciation | (1,406.2 | ) | (2.3 | ) | (1,408.5 | ) | (1,168.0 | ) | (2.0 | ) | (1,170.0 | ) | |||||||||||||||||
Property, plant and equipment, net | $ | 4,345.40 | $ | 4.5 | $ | 4,349.90 | $ | 3,533.20 | $ | 4.8 | $ | 3,538.00 | |||||||||||||||||
Intangible assets | $ | 681.8 | $ | - | $ | 681.8 | $ | 681.9 | $ | - | $ | 681.9 | 20 | ||||||||||||||||
Accumulated amortization | (28.4 | ) | - | (28.4 | ) | (1.1 | ) | - | (1.1 | ) | |||||||||||||||||||
Intangible assets, net | $ | 653.4 | $ | - | $ | 653.4 | $ | 680.8 | $ | - | $ | 680.8 |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligations [Abstract] | ' | ||||||||||||
Asset Retirement Obligations | ' | ||||||||||||
Our asset retirement obligations primarily relate to certain of the Partnership’s gas gathering pipelines and processing facilities and are included in our consolidated balance sheets as a component of other long-term liabilities. The changes in our aggregate asset retirement obligations are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning of period | $ | 45.3 | $ | 42.3 | $ | 37.5 | |||||||
Change in cash flow estimate | 1.6 | (1.0 | ) | 1.2 | |||||||||
Accretion expense | 4 | 4 | 3.6 | ||||||||||
End of period | $ | 50.9 | $ | 45.3 | $ | 42.3 |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliate (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investment in Unconsolidated Affiliate [Abstract] | ' | ||||||||||||
Activity Related to Investment in Unconsolidated Affiliate | ' | ||||||||||||
The following table shows the activity related to the Partnership’s investment in an unconsolidated affiliate for the years indicated: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity earnings | $ | 14.8 | $ | 1.9 | $ | 8.8 | |||||||
Cash distributions | 12 | 2.3 | 8.4 | ||||||||||
Cash calls for expansion projects | - | 16.8 | 21.2 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 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: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Commodities | $ | 520.8 | $ | 416.8 | |||||
Other goods and services | 146.8 | 154.4 | |||||||
Interest | 35.9 | 39.5 | |||||||
Compensation and benefits | 40.3 | 40.7 | |||||||
Other | 18 | 27.6 | |||||||
$ | 761.8 | $ | 679 |
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Debt Obligations [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of outstanding debt | ' | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||||||||||||
Non-Partnership obligations: | |||||||||||||||||||||||||||||||||||||
TRC Senior secured revolving credit facility, variable rate, due October 2017 (1) | $ | 84 | $ | 82 | |||||||||||||||||||||||||||||||||
Obligations of the Partnership: (2) | |||||||||||||||||||||||||||||||||||||
Senior secured revolving credit facility, variable rate, due October 2017 (3) | 395 | 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 | (28.0 | ) | (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 December 2014 (5) | 279.7 | - | |||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 2,989.30 | $ | 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) | 86.8 | 45.3 | |||||||||||||||||||||||||||||||||||
$ | 86.8 | $ | 45.3 | ||||||||||||||||||||||||||||||||||
-1 | As of December 31, 2013, availability under TRC’s $150 million senior secured revolving credit facility was $66.0 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 December 31, 2013, availability under the Partnership’s $1.2 billion senior secured revolving credit facility was $718.2 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 borrowings on a long-term basis. | ||||||||||||||||||||||||||||||||||||
Schedule of contractually scheduled maturities of debt obligations outstanding | ' | ||||||||||||||||||||||||||||||||||||
The following table shows the contractually scheduled maturities of our and the Partnership’s debt obligations outstanding at December 31, 2013 for the next five years, and in total thereafter: | |||||||||||||||||||||||||||||||||||||
Scheduled Maturities of Debt | |||||||||||||||||||||||||||||||||||||
Total | 2014 | 2017 | 2018 | After 2018 | |||||||||||||||||||||||||||||||||
TRC Senior secured credit facility | $ | 84 | $ | - | 84 | $ | - | $ | - | ||||||||||||||||||||||||||||
TRP Revolver | 395 | - | 395 | - | - | ||||||||||||||||||||||||||||||||
Partnership's Senior unsecured notes | 2,258.60 | - | - | 250 | 2,008.60 | ||||||||||||||||||||||||||||||||
Partnership's Securitization Facility | 279.7 | 279.7 | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 3,017.30 | $ | 279.7 | $ | 479 | $ | 250 | $ | 2,008.60 | |||||||||||||||||||||||||||
Interest rates paid on revolving credit facilities | ' | ||||||||||||||||||||||||||||||||||||
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 year ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Range of Interest Rates | Weighted Average Interest | ||||||||||||||||||||||||||||||||||||
Incurred | 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% | 2.40% | |||||||||||||||||||||||||||||||||||
Partnership's accounts receivable securitization facility | 0.90% | 0.90% | |||||||||||||||||||||||||||||||||||
Schedule of terms of senior unsecured notes outstanding | ' | ||||||||||||||||||||||||||||||||||||
The terms of the senior unsecured notes outstanding as of December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||||
Note Issue | Issue Date | Per Annum Interest Rate | Due Date | Dates Interest Paid | |||||||||||||||||||||||||||||||||
"7⅞% Notes" | Aug-10 | 7⅞% | 15-Oct-18 | April & October 15th | |||||||||||||||||||||||||||||||||
"6⅞% Notes" | Feb-11 | 6⅞% | 1-Feb-21 | February & August 1st | |||||||||||||||||||||||||||||||||
"6⅜% Notes" | Jan-12 | 6⅜% | 1-Aug-22 | February & August 1st | |||||||||||||||||||||||||||||||||
"5¼% Notes" | Oct / Dec 2012 | 5¼% | 1-May-23 | May & November 1st | |||||||||||||||||||||||||||||||||
"4¼% Notes" | May-13 | 4¼% | 15-Nov-23 | May & November 15th | |||||||||||||||||||||||||||||||||
Schedule of redemption prices for issued debt | ' | ||||||||||||||||||||||||||||||||||||
The Partnership may redeem up to 35% of the aggregate principal amount of Notes at the redemption dates and prices set forth below (expressed as percentages of principal amounts) plus accrued and unpaid interest and liquidation damages, if any, with the net cash proceeds of one or more equity offerings, provided that: (i) at least 65% of the aggregate principal amount of each of the notes (excluding notes held by us) remains outstanding immediately after the occurrence of such redemption; and (ii) the redemption occurs within 90 days (180 days for the 6⅜% Notes, 5¼% Notes and 4¼% Notes) of the date of the closing of such equity offering. | |||||||||||||||||||||||||||||||||||||
Note Issue | Any Date Prior To | Price | |||||||||||||||||||||||||||||||||||
7⅞% Notes | 15-Oct-13 | 107.88% | |||||||||||||||||||||||||||||||||||
6⅞% Notes | 1-Feb-14 | 106.88% | |||||||||||||||||||||||||||||||||||
6⅜% Notes | 1-Feb-15 | 106.38% | |||||||||||||||||||||||||||||||||||
5¼% Notes | 1-Nov-15 | 105.25% | |||||||||||||||||||||||||||||||||||
4¼% Notes | 15-May-16 | 104.25% | |||||||||||||||||||||||||||||||||||
Aggregate principal amount at the redemption dates and prices | ' | ||||||||||||||||||||||||||||||||||||
The Partnership may also redeem all or part of each of the series of notes on or after the redemption dates set forth below at the price for each respective year (expressed as percentages of principal amount) plus accrued and unpaid interest and liquidation damages, if any, on the notes redeemed. | |||||||||||||||||||||||||||||||||||||
7⅞% Notes | 6⅞% Notes | 6⅜% Notes | 5¼% Notes | 4¼% Notes | |||||||||||||||||||||||||||||||||
Redemption Date: | Redemption Date: | Redemption Date: | Redemption Date: | Redemption Date: | |||||||||||||||||||||||||||||||||
15-Oct | 1-Feb | 1-Feb | 1-Nov | 15-May | |||||||||||||||||||||||||||||||||
Year | Price | Year | Price | Year | Price | Year | Price | Year | Price | ||||||||||||||||||||||||||||
2014 | 103.938 | % | 2016 | 103.438 | % | 2017 | 103.188 | % | 2017 | 102.625 | % | 2018 | 102.125 | % | |||||||||||||||||||||||
2015 | 101.969 | % | 2017 | 102.292 | % | 2018 | 102.125 | % | 2018 | 101.75 | % | 2019 | 101.417 | % | |||||||||||||||||||||||
2016 and thereafter | 100 | % | 2018 | 101.146 | % | 2019 | 101.063 | % | 2019 | 100.875 | % | 2020 | 100.708 | % | |||||||||||||||||||||||
2019 and thereafter | 100 | % | 2020 and thereafter | 100 | % | 2020 and thereafter | 100 | % | 2021 and thereafter | 100 | % | ||||||||||||||||||||||||||
Schedule of debt re-acquisitions | ' | ||||||||||||||||||||||||||||||||||||
The debt re-acquisitions described above were reported as follows in our Consolidated Statements of Operations: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Premium over face value paid upon redemption: | |||||||||||||||||||||||||||||||||||||
Partnership 6⅜ Notes | $ | 6.4 | $ | - | |||||||||||||||||||||||||||||||||
Partnership 8¼ Notes | - | 8.6 | |||||||||||||||||||||||||||||||||||
Partnership 11¼ Notes | 4.1 | - | |||||||||||||||||||||||||||||||||||
Recognition of unamortized discount | |||||||||||||||||||||||||||||||||||||
Partnership 11¼ Notes | 2.2 | - | |||||||||||||||||||||||||||||||||||
Write-off of deferred debt issue cost | |||||||||||||||||||||||||||||||||||||
Partnership 8¼ Notes | - | 2.5 | |||||||||||||||||||||||||||||||||||
Partnership 6⅜ Notes | 1 | - | |||||||||||||||||||||||||||||||||||
Partnership 11¼ Notes | 1 | - | |||||||||||||||||||||||||||||||||||
TRC Holdco Notes | - | 0.3 | |||||||||||||||||||||||||||||||||||
Partial write-off of deferred debt issue cost related to amendments: | |||||||||||||||||||||||||||||||||||||
TRP Revolver | - | 1.7 | |||||||||||||||||||||||||||||||||||
TRC Revolver | - | 0.2 | |||||||||||||||||||||||||||||||||||
Gain on acquisition of TRC Holdco Notes | - | (0.5 | ) | ||||||||||||||||||||||||||||||||||
Loss on debt redemptions and amendments | $ | 14.7 | $ | 12.8 |
Partnership_Units_and_Related_1
Partnership Units and Related Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 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 years presented. | |||||||||||||||||||||||||||
Distributions | |||||||||||||||||||||||||||
Three Months | Date Paid or to be | Limited Partners | General Partner | Distributions to Targa Resources Corp. | Distributions per limited partner unit | ||||||||||||||||||||||
Ended | Paid | Common | Incentive | 2% | Total | ||||||||||||||||||||||
(In millions, except per unit amounts) | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||
31-Dec-13 | 14-Feb-14 | $ | 84 | $ | 29.5 | $ | 2.3 | $ | 115.8 | $ | 41.5 | $ | 0.7475 | ||||||||||||||
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 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||||
31-Dec-12 | 14-Feb-13 | $ | 69 | $ | 20.1 | $ | 1.8 | $ | 90.9 | $ | 30.7 | $ | 0.68 | ||||||||||||||
30-Sep-12 | 14-Nov-12 | 59.1 | 16.1 | 1.5 | 76.7 | 26.2 | 0.6625 | ||||||||||||||||||||
30-Jun-12 | 14-Aug-12 | 57.3 | 14.4 | 1.5 | 73.2 | 24.2 | 0.6425 | ||||||||||||||||||||
31-Mar-12 | 15-May-12 | 55.5 | 12.7 | 1.4 | 69.6 | 22.2 | 0.6225 | ||||||||||||||||||||
2011 | |||||||||||||||||||||||||||
31-Dec-11 | 14-Feb-12 | $ | 53.7 | $ | 11 | $ | 1.3 | $ | 66 | $ | 20.1 | $ | 0.6025 | ||||||||||||||
30-Sep-11 | 14-Nov-11 | 49.4 | 8.8 | 1.2 | 59.4 | 16.8 | 0.5825 | ||||||||||||||||||||
30-Jun-11 | 12-Aug-11 | 48.3 | 7.8 | 1.2 | 57.3 | 15.6 | 0.57 | ||||||||||||||||||||
31-Mar-11 | 13-May-11 | 47.3 | 6.8 | 1.1 | 55.2 | 14.4 | 0.5575 |
Common_Stock_and_Related_Matte1
Common Stock and Related Matters (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||
Three Months | Date Paid or To Be | Total Dividend Declared | Amount of Dividend Paid | Accrued Dividends (1) | Dividend Declared per Share of Common Stock | ||||||||||||||
Ended | Paid | ||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||
2013 | |||||||||||||||||||
31-Dec-13 | 18-Feb-14 | $ | 25.6 | $ | 25.5 | $ | 0.1 | $ | 0.6075 | ||||||||||
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 | ||||||||||||||
2012 | |||||||||||||||||||
31-Dec-12 | 15-Feb-13 | $ | 19.4 | $ | 19 | $ | 0.4 | $ | 0.4575 | ||||||||||
30-Sep-12 | 15-Nov-12 | 18 | 17.3 | 0.7 | 0.4225 | ||||||||||||||
30-Jun-12 | 15-Aug-12 | 16.7 | 16.1 | 0.6 | 0.39375 | ||||||||||||||
31-Mar-12 | 16-May-12 | 15.5 | 15 | 0.5 | 0.365 | ||||||||||||||
2011 | |||||||||||||||||||
31-Dec-11 | 15-Feb-12 | $ | 14.3 | $ | 13.8 | $ | 0.5 | $ | 0.33625 | ||||||||||
30-Sep-11 | 15-Nov-11 | 13 | 12.6 | 0.4 | 0.3075 | ||||||||||||||
30-Jun-11 | 16-Aug-11 | 12.3 | 11.9 | 0.4 | 0.29 | ||||||||||||||
31-Mar-11 | 13-May-11 | 11.6 | 11.2 | 0.4 | 0.2725 | ||||||||||||||
-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) | 12 Months Ended | ||||||||||||
Dec. 31, 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: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 201.3 | $ | 159.3 | $ | 215.4 | |||||||
Less: Net income attributable to noncontrolling interests | 136.2 | 121.2 | 184.7 | ||||||||||
Net income attributable to common shareholders | $ | 65.1 | $ | 38.1 | $ | 30.7 | |||||||
Weighted average shares outstanding - basic | 41.6 | 41 | 41 | ||||||||||
Net income available per common share - basic | $ | 1.56 | $ | 0.93 | $ | 0.75 | |||||||
Weighted average shares outstanding | 41.6 | 41 | 41 | ||||||||||
Dilutive effect of unvested stock awards | 0.5 | 0.8 | 0.4 | ||||||||||
Weighted average shares outstanding - diluted | 42.1 | 41.8 | 41.4 | ||||||||||
Net income available per common share - diluted | $ | 1.55 | $ | 0.91 | $ | 0.74 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||
Notional volume of commodity hedges | ' | |||||||||||||||||
At December 31, 2013, the notional volumes of the Partnership’s commodity hedges for equity volumes were: | ||||||||||||||||||
Commodity | Instrument | Unit | 2014 | 2015 | 2016 | |||||||||||||
Natural Gas | Swaps | MMBtu/d | 48,050 | 34,551 | 25,500 | |||||||||||||
NGL | Swaps | Bbl/d | 1,125 | - | - | |||||||||||||
Condensate | Swaps | Bbl/d | 2,450 | - | - | |||||||||||||
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 December 31, 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 | $ | 2 | $ | (7.7 | ) | $ | 29.2 | $ | (7.2 | ) | |||||||
Long-term | 3.1 | (1.4 | ) | 5.1 | (4.8 | ) | ||||||||||||
Total derivatives designated as hedging instruments | $ | 5.1 | $ | (9.1 | ) | $ | 34.3 | $ | (12.0 | ) | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Commodity contracts | Current | $ | - | $ | (0.3 | ) | $ | 0.1 | $ | (0.2 | ) | |||||||
Total derivatives not designated as hedging instruments | $ | - | $ | (0.3 | ) | $ | 0.1 | $ | (0.2 | ) | ||||||||
Total current position | $ | 2 | $ | (8.0 | ) | $ | 29.3 | $ | (7.4 | ) | ||||||||
Total long-term position | 3.1 | (1.4 | ) | 5.1 | (4.8 | ) | ||||||||||||
Total derivatives | $ | 5.1 | $ | (9.4 | ) | $ | 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 | |||||||||||||||
31-Dec-13 | Position | Position | Position | Position | ||||||||||||||
Current position | ||||||||||||||||||
Counterparties with offsetting position | $ | 1.9 | $ | (4.4 | ) | $ | - | $ | (2.5 | ) | ||||||||
Counterparties without offsetting position - assets | 0.1 | - | 0.1 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | (3.6 | ) | - | (3.6 | ) | ||||||||||||
2 | (8.0 | ) | 0.1 | (6.1 | ) | |||||||||||||
Long-term position | ||||||||||||||||||
Counterparties with offsetting position | 0.7 | (1.2 | ) | - | (0.5 | ) | ||||||||||||
Counterparties without offsetting position - assets | 2.4 | - | 2.4 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | (0.2 | ) | - | (0.2 | ) | ||||||||||||
3.1 | (1.4 | ) | 2.4 | (0.7 | ) | |||||||||||||
Total derivatives | ||||||||||||||||||
Counterparties with offsetting position | 2.6 | (5.6 | ) | - | (3.0 | ) | ||||||||||||
Counterparties without offsetting position - assets | 2.5 | - | 2.5 | - | ||||||||||||||
Counterparties without offsetting position - liabilities | - | (3.8 | ) | - | (3.8 | ) | ||||||||||||
$ | 5.1 | $ | (9.4 | ) | $ | 2.5 | $ | (6.8 | ) | |||||||||
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 | - | (2.0 | ) | - | (2.0 | ) | ||||||||||||
5.1 | (4.8 | ) | 2.3 | (2.0 | ) | |||||||||||||
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 | - | (2.0 | ) | - | (2.0 | ) | ||||||||||||
$ | 34.4 | $ | (12.2 | ) | $ | 24.2 | $ | (2.0 | ) | |||||||||
Cash flow hedges included in accumulated other comprehensive income (loss) | ' | |||||||||||||||||
The following tables reflect amounts recorded in OCI and amounts reclassified from OCI to revenue and expense for the periods indicated: | ||||||||||||||||||
Gain (Loss) Recognized in OCI on | ||||||||||||||||||
Derivatives in Cash Flow | Derivatives (Effective Portion) | |||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2011 | |||||||||||||||
Interest rate contracts | $ | - | $ | - | $ | (4.3 | ) | |||||||||||
Commodity contracts | $ | (5.8 | ) | $ | 76.8 | $ | (33.6 | ) | ||||||||||
$ | (5.8 | ) | $ | 76.8 | $ | (37.9 | ) | |||||||||||
Gain (Loss) Reclassified from OCI into | ||||||||||||||||||
Income (Effective Portion) | ||||||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | |||||||||||||||
Interest expense, net | $ | (6.1 | ) | $ | (7.9 | ) | $ | (8.1 | ) | |||||||||
Revenues | 21 | 46 | (30.3 | ) | ||||||||||||||
$ | 14.9 | $ | 38.1 | $ | (38.4 | ) | ||||||||||||
Gain (loss) recognized on commodity derivatives not designated as hedging instruments | ' | |||||||||||||||||
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 commodity derivatives not designated as hedging instruments was immaterial for all periods presented. | ||||||||||||||||||
Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||||
Derivatives Not Designated as | Location of Gain Recognized in | 2013 | 2012 | 2011 | ||||||||||||||
Hedging Instruments | Income on Derivatives | |||||||||||||||||
Commodity contracts | Revenue | $ | (0.1 | ) | $ | 0.7 | $ | 1.7 | ||||||||||
Interest rate swaps | Other income (expense) | - | - | (5.0 | ) | |||||||||||||
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: | ||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||
Commodity hedges, before tax | $ | (0.5 | ) | $ | 3.2 | |||||||||||||
Commodity hedges, after tax | (0.3 | ) | 1.9 | |||||||||||||||
Interest rate hedges, before tax | (0.3 | ) | (1.2 | ) | ||||||||||||||
Interest rate hedges, after tax | (0.2 | ) | (0.7 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Schedule of fair value, assets and liabilities measured on recurring basis | ' | ||||||||||||||||||||
The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included in our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 5 | $ | 5 | $ | - | $ | 3.3 | $ | 1.7 | |||||||||||
Liabilities from commodity derivative contracts | 9.3 | 9.3 | - | 8.3 | 1 | ||||||||||||||||
Badlands contingent consideration liability | - | - | - | - | - | ||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value: | |||||||||||||||||||||
Cash and cash equivalents | 66.7 | 66.7 | - | - | - | ||||||||||||||||
TRC Senior secured revolving credit facility | 84 | 84 | - | 84 | - | ||||||||||||||||
Partnership's Senior secured revolving credit facility | 395 | 395 | - | 395 | - | ||||||||||||||||
Partnership's Senior unsecured notes | 2,230.60 | 2,253.50 | - | 2,253.50 | - | ||||||||||||||||
Partnership's accounts receivable securitization facility | 279.7 | 279.7 | - | 279.7 | - | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value: | |||||||||||||||||||||
Assets from commodity derivative contracts | $ | 34.4 | $ | 34.4 | $ | - | $ | 34.4 | $ | - | |||||||||||
Liabilities from commodity derivative contracts | 12.2 | 12.2 | - | 11.6 | 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 Derivative Contracts Liability/ (Asset) | Long-term Debt | Contingent Liability | |||||||||||||||||||
Balance, December 31, 2010 | $ | (11.6 | ) | $ | 86.8 | $ | - | ||||||||||||||
Change in fair value | - | 0.7 | - | ||||||||||||||||||
Settlements included in Revenue | 3.7 | - | - | ||||||||||||||||||
Transfers out of Level 3 | 7.9 | - | - | ||||||||||||||||||
Balance, December 31, 2011 | - | $ | 87.5 | $ | - | ||||||||||||||||
Issuances | - | - | 15.3 | ||||||||||||||||||
Settlements included in Revenue | (0.1 | ) | - | - | |||||||||||||||||
Unrealized losses included in OCI | 0.7 | - | - | ||||||||||||||||||
Debt extinguishment | - | (87.5 | ) | - | |||||||||||||||||
Balance, December 31, 2012 | 0.6 | $ | - | $ | 15.3 | ||||||||||||||||
Settlements included in Revenue | (1.3 | ) | - | - | |||||||||||||||||
Change in valuation of contingent liability included in Other Income | - | (15.3 | ) | ||||||||||||||||||
Balance, December 31, 2013 | $ | (0.7 | ) | $ | - | $ | - |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||||||||||||||||||
Future commitments related to certain contractual obligations | ' | ||||||||||||||||||||||||
Future lease obligations are presented below in aggregate and for each of the next five fiscal years. | |||||||||||||||||||||||||
In Aggregate | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||
Non-Partnership obligations: | |||||||||||||||||||||||||
Operating leases (1) | $ | 10.3 | $ | 2.7 | $ | 2.7 | $ | 2.7 | $ | 2.2 | $ | - | |||||||||||||
Partnership obligations: | |||||||||||||||||||||||||
Operating leases (2) | 33.9 | 8 | 7.8 | 7.4 | 6.1 | 4.6 | |||||||||||||||||||
Land site lease and right-of-way (3) | 7.9 | 1.7 | 1.6 | 1.6 | 1.6 | 1.4 | |||||||||||||||||||
$ | 52.1 | $ | 12.4 | $ | 12.1 | $ | 11.7 | $ | 9.9 | $ | 6 | ||||||||||||||
-1 | Includes minimum payments on lease obligation for corporate office space. | ||||||||||||||||||||||||
-2 | Includes minimum payments on lease obligations for office space, railcars and tractors. | ||||||||||||||||||||||||
-3 | Land site lease and right-of-way provides for surface and underground access for gathering, processing and distribution assets that are located on property not owned by the Partnership. These agreements expire at various dates through 2099. | ||||||||||||||||||||||||
Total expenses on lease obligations | ' | ||||||||||||||||||||||||
Total expenses on lease obligations were: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Non-Partnership: | |||||||||||||||||||||||||
Operating leases | $ | 2.8 | $ | 2.1 | $ | 2 | |||||||||||||||||||
Partnership: | |||||||||||||||||||||||||
Operating leases (1) | 23.3 | 16.1 | 14.2 | ||||||||||||||||||||||
Land site lease and right-of-way | 3.6 | 3.3 | 2.8 | ||||||||||||||||||||||
-1 | Includes short-term leases for items such as compressors and equipment. |
Significant_Risks_and_Uncertai1
Significant Risks and Uncertainties (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Significant Risks and Uncertainties [Abstract] | ' | ||||||||||||
Activity affecting our allowance for bad debts | ' | ||||||||||||
We extend credit to customers and other parties in the normal course of business. We have established various procedures to manage our credit exposure, including initial credit approvals, credit limits and terms, letters of credit, and rights of offset. We also use prepayments and guarantees to limit credit risk to ensure that our established credit criteria are met. The following table summarizes the activity affecting our allowance for bad debts: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 0.9 | $ | 2.4 | $ | 7.9 | |||||||
Additions | 0.2 | - | 0.5 | ||||||||||
Deductions | - | (1.5 | ) | (6.0 | ) | ||||||||
Balance at end of year | $ | 1.1 | $ | 0.9 | $ | 2.4 | |||||||
Percentage of our consolidated sales or purchases with customers and suppliers | ' | ||||||||||||
No customer accounted for more than 10% of our consolidated revenues for 2013. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
% of consolidated revenues | |||||||||||||
Chevron Phillips Chemical Company LLC | 8 | % | 10 | % | 12 | % |
Other_Operating_Expense_Tables
Other Operating Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Operating Expense [Abstract] | ' | ||||||||||||
Other Operating Expense | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Loss on sale or disposal of assets | $ | 3.9 | $ | 15.6 | (1) | $ | 0.2 | ||||||
Casualty loss | 4.3 | 3.6 | - | ||||||||||
Miscellaneous business tax | 0.7 | 0.7 | - | ||||||||||
Abandoned project costs | 0.7 | - | - | ||||||||||
$ | 9.6 | $ | 19.9 | $ | 0.2 | ||||||||
-1 | Includes a $15.4 million loss due to a write-off of the Partnership’s investment in the Yscloskey joint interest processing plant in Southeastern Louisiana. Following Hurricane Isaac, the joint venture owners elected not to restart the plant. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Provision for Income Taxes | ' | ||||||||||||
Our provisions for income taxes for the periods indicated are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current expense | $ | 42.8 | $ | 27.9 | $ | 14.3 | |||||||
Deferred expense | 5.4 | 9 | 12.3 | ||||||||||
$ | 48.2 | $ | 36.9 | $ | 26.6 | ||||||||
Deferred Tax Assets and Liabilities | ' | ||||||||||||
Our deferred income tax assets and liabilities at December 31, 2013 and 2012 consist of differences related to the timing of recognition of certain types of costs as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss | $ | - | $ | - | |||||||||
Other | 3.5 | 3.5 | |||||||||||
Deferred tax assets before valuation allowance | 3.5 | 3.5 | |||||||||||
Valuation allowance | (3.5 | ) | (3.5 | ) | |||||||||
- | - | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Investments (1) | (115.2 | ) | (118.5 | ) | |||||||||
Debt related deferreds | (17.2 | ) | (9.9 | ) | |||||||||
Other | (7.1 | ) | (6.5 | ) | |||||||||
(139.5 | ) | (134.9 | ) | ||||||||||
$ | (139.5 | ) | $ | (134.9 | ) | ||||||||
Net deferred tax liability: | |||||||||||||
Federal | $ | (121.0 | ) | $ | (120.1 | ) | |||||||
Foreign | 0.6 | 0.6 | |||||||||||
State | (19.1 | ) | (15.4 | ) | |||||||||
$ | (139.5 | ) | $ | (134.9 | ) | ||||||||
Balance sheet classification of deferred tax assets (liabilities): | |||||||||||||
Long-term asset | $ | (3.5 | ) | $ | (3.5 | ) | |||||||
Current liability | (0.5 | ) | (0.2 | ) | |||||||||
Long-term liability | (135.5 | ) | (131.2 | ) | |||||||||
$ | (139.5 | ) | $ | (134.9 | ) | ||||||||
-1 | Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of the assets and liabilities of our investments. | ||||||||||||
Reconciliation of Income Tax Provision | ' | ||||||||||||
Set forth below is the reconciliation between our income tax provision (benefit) computed at the United States statutory rate on income before income taxes and the income tax provision in the accompanying consolidated statements of operations for the periods indicated: | |||||||||||||
Income tax reconciliation: | 2013 | 2012 | 2011 | ||||||||||
Income before income taxes | $ | 249.5 | $ | 196.2 | $ | 242 | |||||||
Less: Net income attributable to noncontrolling interest | (136.2 | ) | (121.2 | ) | (184.7 | ) | |||||||
Less: Income taxes included in noncontrolling interest | (2.5 | ) | (3.5 | ) | (3.6 | ) | |||||||
Income attributable to TRC before income taxes | 110.8 | 71.5 | 53.7 | ||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Provision for federal income taxes | 38.8 | 25 | 18.8 | ||||||||||
State income taxes, net of federal tax benefit | 4.4 | 6.8 | 2.6 | ||||||||||
Amortization of deferred charge on 2010 transactions | 4.7 | 4.7 | 4.7 | ||||||||||
Other, net | 0.3 | 0.4 | 0.5 | ||||||||||
Income Tax Provision | $ | 48.2 | $ | 36.9 | $ | 26.6 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Supplemental cash flow information | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash: | |||||||||||||
Interest paid, net of capitalized interest (1) | $ | 121.7 | $ | 95.6 | $ | 96.1 | |||||||
Income taxes paid, net of refunds | 34.1 | 30.5 | 33.8 | ||||||||||
Non-cash: | |||||||||||||
Deadstock inventory transferred to property, plant and equipment | 30.4 | 3 | 0.7 | ||||||||||
Accrued dividends on unvested equity awards | 1.6 | 2.7 | 1.4 | ||||||||||
Badlands acquisition contingent consideration | - | 15.3 | - | ||||||||||
Change in capital accruals | (0.4 | ) | (34.3 | ) | (3.8 | ) | |||||||
Transfers from materials and supplies to property, plant and equipment | 20.5 | - | - | ||||||||||
Change in ARO estimate | 1.6 | (1.0 | ) | 1.2 | |||||||||
-1 | Interest capitalized on expansion projects was $28.0 million, $13.6 million and $3.4 million for the years ended December 31, 2013, 2012 and 2011. |
Stock_and_Other_Compensation_P1
Stock and Other Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stock and Other Compensation Plans [Abstract] | ' | ||||||||||||||||||||
Summary of Restricted Stock | ' | ||||||||||||||||||||
Restricted Stock - Total shares authorized under this plan are 5,000,000. Restricted stock entitles the recipient to cash dividends. Dividends on unvested restricted stock will be accrued when declared and recorded as short-term or long-term liabilities, dependent on the time remaining until payment of the dividends. The following table summarizes the restricted stock awards in shares and in dollars for the years indicated: | |||||||||||||||||||||
Number of shares | Weighted-average | ||||||||||||||||||||
Grant-Date Fair Value | |||||||||||||||||||||
Outstanding at December 31, 2010 (1) | 1,350,000 | $ | 22 | ||||||||||||||||||
Granted (2) | 84,220 | 33.39 | |||||||||||||||||||
Outstanding at December 31, 2011 | 1,434,220 | 22.67 | |||||||||||||||||||
Granted (2) | 91,090 | 42.5 | |||||||||||||||||||
Forfeited | (8,930 | ) | 23.99 | ||||||||||||||||||
Vested (3) | (805,350 | ) | 22 | ||||||||||||||||||
Outstanding at December 31, 2012 | 711,030 | 25.95 | |||||||||||||||||||
Granted (2) | 30,623 | 57.59 | |||||||||||||||||||
Forfeited | (2,740 | ) | 27.28 | ||||||||||||||||||
Vested (3) | (534,940 | ) | 22 | ||||||||||||||||||
Outstanding at December 31, 2013 | 203,973 | 41.05 | |||||||||||||||||||
-1 | These awards were issued in conjunction with the Targa IPO and vest over a three year period at 60% in 2012 and the remaining 40% in 2013. | ||||||||||||||||||||
-2 | These awards will cliff vest at the end of three years. | ||||||||||||||||||||
-3 | Awards vested in 2013 and 2012 were 40% and 60% of the awards issued in conjunction with the Targa IPO, net of forfeitures. Targa repurchased 169,159 and 197,731 shares from employees at $79.01 and $47.88 per share in 2013 and 2012 to satisfy the employees’ minimum statutory tax withholdings on the vested awards. The repurchased shares are recorded in treasury stock at cost. | ||||||||||||||||||||
Summary of Restricted Stock Units | ' | ||||||||||||||||||||
Restricted Stock Units (“RSUs”) – RSUs are similar to restricted stock, except that shares of common stock are not issued until the RSUs vest. The following table summarizes the restricted stock awards in shares and in dollars for the years indicated. | |||||||||||||||||||||
Number of shares | Weighted-average | ||||||||||||||||||||
Grant-Date Fair Value | |||||||||||||||||||||
Outstanding at December 31, 2012 | - | $ | - | ||||||||||||||||||
Granted | 55,790 | 69.9 | |||||||||||||||||||
Forfeited | (240 | ) | 67.07 | ||||||||||||||||||
Outstanding at December 31, 2013 | 55,550 | 69.92 | |||||||||||||||||||
Summary of cash-settled LTIP units | ' | ||||||||||||||||||||
The following table summarizes the cash-settled performance units for the year ended 2013 awarded under the Targa LTIP (in units and millions of dollars): | |||||||||||||||||||||
Program Year | |||||||||||||||||||||
2010 Plan | 2011 Plan | 2012 Plan | 2013 Plan | Total | |||||||||||||||||
Units outstanding January 1, 2013 | 306,253 | 122,550 | 140,820 | - | 569,623 | ||||||||||||||||
Granted | - | 3,000 | 3,200 | 145,970 | 152,170 | ||||||||||||||||
Vested and paid | (305,853 | ) | - | - | - | (305,853 | ) | ||||||||||||||
Forfeited | (400 | ) | (680 | ) | (1,560 | ) | (1,010 | ) | (3,650 | ) | |||||||||||
Units outstanding December 31, 2013 | - | 124,870 | 142,460 | 144,960 | 412,290 | ||||||||||||||||
Calculated fair market value as of December 31, 2013 | $ | 10.6 | $ | 10.4 | $ | 7.6 | $ | 28.6 | |||||||||||||
Current liability | $ | 8.7 | $ | - | $ | - | $ | 8.7 | |||||||||||||
Long-term liability | - | 4.9 | 1 | 5.9 | |||||||||||||||||
Liability as of December 31, 2013 | $ | 8.7 | $ | 4.9 | $ | 1 | $ | 14.6 | |||||||||||||
To be recognized in future periods | $ | 1.9 | $ | 5.5 | $ | 6.6 | $ | 14 | |||||||||||||
Vesting date | Jun-14 | Jun-15 | Jun-16 | ||||||||||||||||||
Summary of partnership's unit-based awards | ' | ||||||||||||||||||||
The Partnership started issuing equity-settled performance units in 2011. The following table summarizes activities of our equity-settled performance units for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||
Number | Weighted Average Grant-Date Fair Value | ||||||||||||||||||||
of units | |||||||||||||||||||||
Outstanding at December 31, 2010 | - | $ | - | ||||||||||||||||||
Granted | 135,870 | 33.94 | |||||||||||||||||||
Outstanding at December 31, 2011 | 135,870 | 33.94 | |||||||||||||||||||
Granted | 171,750 | 41.94 | |||||||||||||||||||
Outstanding at December 31, 2012 | 307,620 | 38.4 | |||||||||||||||||||
Granted | 244,578 | 46.54 | |||||||||||||||||||
Outstanding at December 31, 2013 | 552,198 | 42.01 | |||||||||||||||||||
The following table summarizes activity of the common unit-based awards granted to the Partnership’s Directors for the years ended December 31, 2013, 2012 and 2011 (in units and dollars): | |||||||||||||||||||||
Number of units | Weighted Average Grant- | ||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||
Outstanding at December 31, 2010 | 39,074 | $ | 16.12 | ||||||||||||||||||
Granted | 10,600 | 33.53 | |||||||||||||||||||
Vested and paid | (29,843 | ) | 22.18 | ||||||||||||||||||
Outstanding at December 31, 2011 | 19,831 | 16.31 | |||||||||||||||||||
Granted | 9,980 | 38.72 | |||||||||||||||||||
Vested and paid | (25,311 | ) | 23.86 | ||||||||||||||||||
Outstanding at December 31, 2012 | 4,500 | 23.51 | |||||||||||||||||||
Granted | 12,780 | 39.33 | |||||||||||||||||||
Vested and paid | (17,280 | ) | 35.21 | ||||||||||||||||||
Outstanding at December 31, 2013 | - | - | |||||||||||||||||||
Summary of compensation expenses under various compensation plans | ' | ||||||||||||||||||||
The following table summarizes the compensation expenses under the various compensation plans recognized for the years indicated: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
2010 TRC Stock Incentive Plan - Director Grants | $ | 0.5 | $ | 0.4 | $ | 0.8 | |||||||||||||||
Partnership LTIP - Equity-Settled Performance Units | 5.5 | 3.1 | 1 | ||||||||||||||||||
Partnership Director Grants | 0.5 | 0.5 | 0.5 | ||||||||||||||||||
Allocated to the Partnership | |||||||||||||||||||||
2010 TRC Stock Incentive Plan - Restricted Stock | 6.3 | 13.7 | 13.4 | ||||||||||||||||||
2010 TRC Stock Incentive Plan - Restricted Stock Unit | 0.4 | - | - | ||||||||||||||||||
TRC LTIP - Cash-Settled Performance Units | 21.9 | 14.2 | 13.3 | ||||||||||||||||||
Summary of unrecognized compensation expenses | ' | ||||||||||||||||||||
The table below summarizes the unrecognized compensation expenses and the approximate remaining weighted average vesting periods related to our various compensation plans as of December 31, 2013: | |||||||||||||||||||||
Weighted Average | |||||||||||||||||||||
December 31, | Remaining | ||||||||||||||||||||
2013 | Vesting Period | ||||||||||||||||||||
(In millions) | (In years) | ||||||||||||||||||||
Partnership LTIP Equity-Settled Performance Units | $ | 16.3 | 2 | ||||||||||||||||||
2010 TRC Stock Incentive Plan - Restricted Stock | 3.3 | 1.6 | |||||||||||||||||||
2010 TRC Stock Incentive Plan - Restricted Stock Units | 3.6 | 2.8 | |||||||||||||||||||
Fair values of share-based awards on the dates vested | ' | ||||||||||||||||||||
The total fair values of share-based awards on the dates they vested are as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
TRC LTIP - Cash-Settled Performance Units | $ | 25.2 | $ | 22.2 | $ | 5.5 | |||||||||||||||
Partnership Director Grants | 0.7 | 1 | 1 | ||||||||||||||||||
2010 TRC Stock Incentive Plan - Restricted Stock (1) | 42.2 | 40.3 | - | ||||||||||||||||||
Accrued dividends settled | 2.4 | 2 | - | ||||||||||||||||||
-1 | We recognized $1.6 million and $1.3 million tax benefits associated with the vesting of 40% and 60% of the restricted stock related to our IPO in 2013 and 2012. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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. | |||||||||||||||||||||||||||||||||
Year Ended December 31, 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 | $ | 188.8 | $ | 305 | $ | 140.5 | $ | 5,319.30 | $ | 21.4 | $ | 0.1 | $ | (0.2 | ) | $ | 5,974.90 | ||||||||||||||||
Fees from midstream services | 112.8 | 33.4 | 216 | 217.1 | - | (0.1 | ) | - | 579.2 | ||||||||||||||||||||||||
Business interruption insurance | 1.1 | 0.2 | - | 0.6 | - | - | - | 1.9 | |||||||||||||||||||||||||
302.7 | 338.6 | 356.5 | 5,537.00 | 21.4 | - | (0.2 | ) | 6,556.00 | |||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 1,218.90 | 642.2 | 3.9 | 478.6 | - | (2,343.6 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 3.4 | 1 | 176.5 | 29.8 | - | (210.7 | ) | - | - | ||||||||||||||||||||||||
1,222.30 | 643.2 | 180.4 | 508.4 | - | (2,554.3 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 1,525.00 | $ | 981.8 | $ | 536.9 | $ | 6,045.40 | $ | 21.4 | $ | (2,554.3 | ) | $ | (0.2 | ) | $ | 6,556.00 | |||||||||||||||
Operating margin | $ | 270.5 | $ | 85.4 | $ | 282.3 | $ | 141.9 | $ | 21.4 | $ | - | $ | (0.3 | ) | $ | 801.2 | ||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 3,200.70 | $ | 383.8 | $ | 1,503.60 | $ | 756.1 | $ | 5.1 | $ | 122.1 | $ | 77.2 | $ | 6,048.60 | |||||||||||||||||
Capital expenditures | $ | 557.8 | $ | 20.6 | $ | 444.7 | $ | 6.3 | $ | - | $ | 5.1 | $ | - | $ | 1,034.50 | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field Gathering and Processing | Coastal Gathering and Processing | Logistics Assets | Marketing and Distribution | Other | Corporate and Eliminations | TRC Non-Partnership | Consolidated | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 172.7 | $ | 240.6 | $ | 184.4 | $ | 4,890.20 | $ | 41.1 | $ | - | $ | 2.1 | $ | 5,531.10 | |||||||||||||||||
Fees from midstream services | 39.5 | 23.6 | 170.7 | 120.9 | - | (0.1 | ) | - | 354.6 | ||||||||||||||||||||||||
212.2 | 264.2 | 355.1 | 5,011.10 | 41.1 | (0.1 | ) | 2.1 | 5,885.70 | |||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 1,150.70 | 701.1 | 1.8 | 565 | - | (2,418.6 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 1.3 | 0.1 | 106.5 | 32 | - | (139.9 | ) | - | - | ||||||||||||||||||||||||
1,152.00 | 701.2 | 108.3 | 597 | - | (2,558.5 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 1,364.20 | $ | 965.4 | $ | 463.4 | $ | 5,608.10 | $ | 41.1 | $ | (2,558.6 | ) | $ | 2.1 | $ | 5,885.70 | ||||||||||||||||
Operating margin | $ | 231.2 | $ | 115.1 | $ | 188.3 | $ | 116 | $ | 41.1 | $ | - | $ | 1.9 | $ | 693.6 | |||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,797.90 | $ | 414.1 | $ | 1,100.90 | $ | 548.6 | $ | 34.4 | $ | 129.8 | $ | 79.3 | $ | 5,105.00 | |||||||||||||||||
Capital expenditures | $ | 222.1 | $ | 9.4 | $ | 359 | $ | 12.3 | $ | - | $ | 13.9 | $ | 0.3 | $ | 617 | |||||||||||||||||
Business acquisitions | $ | 970.4 | $ | 25.8 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 996.2 | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||
Field Gathering and Processing | Coastal Gathering and Processing | Logistics Assets | Marketing and Distribution | Other | Corporate and Eliminations | TRC Non-Partnership | Consolidated | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | $ | 184.9 | $ | 325.7 | $ | 43.2 | $ | 6,209.90 | $ | (37.6 | ) | $ | - | $ | 4.4 | $ | 6,730.50 | ||||||||||||||||
Fees from midstream services | 27.5 | 19.8 | 130 | 83.8 | - | (0.1 | ) | - | 261 | ||||||||||||||||||||||||
Business interruption insurance | - | - | - | - | - | - | 3 | 3 | |||||||||||||||||||||||||
212.4 | 345.5 | 173.2 | 6,293.70 | (37.6 | ) | (0.1 | ) | 7.4 | 6,994.50 | ||||||||||||||||||||||||
Intersegment revenues | |||||||||||||||||||||||||||||||||
Sales of commodities | 1,428.40 | 952.9 | 1 | 636.5 | - | (3,018.8 | ) | - | - | ||||||||||||||||||||||||
Fees from midstream services | 1.1 | 0.4 | 89.3 | 36.6 | - | (127.4 | ) | - | - | ||||||||||||||||||||||||
1,429.50 | 953.3 | 90.3 | 673.1 | - | (3,146.2 | ) | - | - | |||||||||||||||||||||||||
Revenues | $ | 1,641.90 | $ | 1,298.80 | $ | 263.5 | $ | 6,966.80 | $ | (37.6 | ) | $ | (3,146.3 | ) | $ | 7.4 | $ | 6,994.50 | |||||||||||||||
Operating margin | $ | 287.9 | $ | 174.3 | $ | 123.1 | $ | 113.4 | $ | (37.6 | ) | $ | - | $ | 7.3 | $ | 668.4 | ||||||||||||||||
Other financial information: | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,666.20 | $ | 427.5 | $ | 775.4 | $ | 650.5 | $ | 51.9 | $ | 86.5 | $ | 173 | $ | 3,831.00 | |||||||||||||||||
Capital expenditures | $ | 167.5 | $ | 12.8 | $ | 147.4 | $ | 3.5 | $ | - | $ | 2.3 | $ | 2.2 | $ | 335.7 | |||||||||||||||||
Business acquisitions | $ | - | $ | - | $ | 156.5 | $ | - | $ | - | $ | - | $ | - | $ | 156.5 | |||||||||||||||||
Revenues by product and service | ' | ||||||||||||||||||||||||||||||||
The following table shows our consolidated revenues by product and service for the periods presented: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Sales of commodities | |||||||||||||||||||||||||||||||||
Natural gas | $ | 1,224.70 | $ | 926.9 | $ | 1,120.70 | |||||||||||||||||||||||||||
NGL | 4,470.90 | 4,265.70 | 5,496.90 | ||||||||||||||||||||||||||||||
Condensate | 121.8 | 114.1 | 103 | ||||||||||||||||||||||||||||||
Petroleum products | 136 | 180.1 | 43.1 | ||||||||||||||||||||||||||||||
Derivative activities | 21.5 | 44.3 | (33.2 | ) | |||||||||||||||||||||||||||||
5,974.90 | 5,531.10 | 6,730.50 | |||||||||||||||||||||||||||||||
Fees from midstream services | |||||||||||||||||||||||||||||||||
Fractionating and treating | 152 | 115.6 | 86.7 | ||||||||||||||||||||||||||||||
Storage, terminaling, transportation and export | 275.5 | 159.2 | 110.4 | ||||||||||||||||||||||||||||||
Gathering and processing | 114.1 | 45 | 33.1 | ||||||||||||||||||||||||||||||
Other | 37.6 | 34.8 | 30.8 | ||||||||||||||||||||||||||||||
579.2 | 354.6 | 261 | |||||||||||||||||||||||||||||||
Business interruption insurance | 1.9 | - | 3 | ||||||||||||||||||||||||||||||
Total revenues | $ | 6,556.00 | $ | 5,885.70 | $ | 6,994.50 | |||||||||||||||||||||||||||
Reconciliation of operating margin to net income | ' | ||||||||||||||||||||||||||||||||
The following table shows a reconciliation of operating margin to net income for the periods presented: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Operating margin | $ | 801.2 | $ | 693.6 | $ | 668.4 | |||||||||||||||||||||||||||
Depreciation and amortization expense | (271.9 | ) | (197.6 | ) | (181.0 | ) | |||||||||||||||||||||||||||
General and administrative expense | (151.5 | ) | (139.8 | ) | (136.1 | ) | |||||||||||||||||||||||||||
Interest expense, net | (134.1 | ) | (120.8 | ) | (111.7 | ) | |||||||||||||||||||||||||||
Income tax expense | (48.2 | ) | (36.9 | ) | (26.6 | ) | |||||||||||||||||||||||||||
Other, net | 5.8 | (39.2 | ) | 2.4 | |||||||||||||||||||||||||||||
Net income | $ | 201.3 | $ | 159.3 | $ | 215.4 |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||||||
Quarterly financial data | ' | ||||||||||||||||||||
Our results of operations by quarter for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Total | |||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues | $ | 1,397.80 | $ | 1,441.60 | $ | 1,556.80 | $ | 2,159.80 | $ | 6,556.00 | |||||||||||
Gross margin | 260.3 | 265.2 | 297 | 355 | 1,177.50 | ||||||||||||||||
Operating income | 73.9 | 60.9 | 88.5 | 144.9 | 368.2 | ||||||||||||||||
Net income | 33.8 | 22.5 | 49.4 | 95.6 | 201.3 | ||||||||||||||||
Net income attributable to Targa / common shareholders | 13.4 | 15 | 16.3 | 20.4 | 65.1 | ||||||||||||||||
Net income per common share - basic | $ | 0.32 | $ | 0.36 | $ | 0.39 | $ | 0.49 | $ | 1.56 | |||||||||||
Net income per common share - diluted | $ | 0.32 | $ | 0.36 | $ | 0.39 | $ | 0.48 | $ | 1.55 | |||||||||||
2012 | |||||||||||||||||||||
Revenues | $ | 1,645.80 | $ | 1,319.10 | $ | 1,393.50 | $ | 1,527.30 | $ | 5,885.70 | |||||||||||
Gross margin | 261.6 | 244.5 | 240.5 | 260.1 | 1,006.70 | ||||||||||||||||
Operating income | 107.7 | 83.2 | 59 | 86.4 | 336.3 | ||||||||||||||||
Net income | 69.2 | 43.5 | 19 | 27.6 | 159.3 | ||||||||||||||||
Net income attributable to Targa / common shareholders | 9.6 | 8.6 | 8.7 | 11.2 | 38.1 | ||||||||||||||||
Net income per common share - basic | $ | 0.23 | $ | 0.21 | $ | 0.21 | $ | 0.27 | $ | 0.93 | |||||||||||
Net income per common share - diluted | $ | 0.23 | $ | 0.21 | $ | 0.21 | $ | 0.27 | $ | 0.91 |
Condensed_Parent_Only_Financia1
Condensed Parent Only Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Parent Only Financial Statements [Abstract] | ' | ||||||||||||
Parent only financial statements | ' | ||||||||||||
A substantial amount of Targa’s operating, investing and financing activities are conducted by its affiliates. The condensed financial statements should be read in conjunction with Targa’s consolidated financial statements, which begin on page F-1 of this Annual Report. | |||||||||||||
TARGA RESOURCES CORP. | |||||||||||||
PARENT ONLY | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In millions) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Investment in consolidated subsidiaries | $ | 208.1 | $ | 206.1 | |||||||||
Deferred income taxes | 24.1 | 20 | |||||||||||
Long-term debt issue costs | 1.4 | 1.7 | |||||||||||
Total assets | $ | 233.6 | $ | 227.8 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Accrued current liabilities | $ | 0.6 | $ | 1.5 | |||||||||
Long-term debt | 84 | 82 | |||||||||||
Other long-term liabilities | 0.2 | 0.2 | |||||||||||
Commitments and contingencies | |||||||||||||
Targa Resources Corp. stockholders' equity | 148.8 | 144.1 | |||||||||||
Total liabilities and stockholders' equity | $ | 233.6 | $ | 227.8 | |||||||||
TARGA RESOURCES CORP. | |||||||||||||
PARENT ONLY | |||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions, except per share amounts) | |||||||||||||
Equity in net income (loss) of consolidated subsidiaries | $ | 72.6 | $ | 45.4 | $ | 38.9 | |||||||
General and administrative expenses | (8.4 | ) | (8.2 | ) | (8.5 | ) | |||||||
Gain on sale of assets | - | - | - | ||||||||||
Income (loss) from operations | 64.2 | 37.2 | 30.4 | ||||||||||
Other income (expense): | |||||||||||||
Gain on debt extinguishment | - | 0.2 | - | ||||||||||
Interest expense | (3.2 | ) | (3.2 | ) | (3.1 | ) | |||||||
Income (loss) before income taxes | 61 | 34.2 | 27.3 | ||||||||||
Deferred income tax (expense) benefit | 4.1 | 3.9 | 3.4 | ||||||||||
Net income (loss) attributable to Targa Resources Corp. | 65.1 | 38.1 | 30.7 | ||||||||||
Dividends on Series B preferred stock | - | - | - | ||||||||||
Dividends on common equivalents | - | - | - | ||||||||||
Net income (loss) available to common shareholders | $ | 65.1 | $ | 38.1 | $ | 30.7 | |||||||
Net income (loss) available per common share - basic | $ | 1.56 | $ | 0.93 | $ | 0.75 | |||||||
Net income (loss) available per common share - diluted | $ | 1.55 | $ | 0.91 | $ | 0.74 | |||||||
Weighted average shares outstanding - basic | 41.6 | 41 | 41 | ||||||||||
Weighted average shares outstanding - diluted | 42.1 | 41.8 | 41.4 | ||||||||||
TARGA RESOURCES CORP. | |||||||||||||
PARENT ONLY | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Net cash provided by operating activities | $ | (4.1 | ) | $ | 0.8 | $ | - | ||||||
Investing activities: | |||||||||||||
Distribution and return of advances from consolidated subsidiaries | 101.6 | 78.6 | 38.2 | ||||||||||
Net cash provided by investing activities | 101.6 | 78.6 | 38.2 | ||||||||||
Financing activities: | |||||||||||||
Long-term debt borrowings | 65 | 90 | - | ||||||||||
Long-term debt repayments | (63.0 | ) | (96.8 | ) | - | ||||||||
Costs incurred in connection with financing arrangements | - | (1.0 | ) | - | |||||||||
Issuance of common stock | - | - | - | ||||||||||
Repurchase of common stock | (13.3 | ) | (9.5 | ) | - | ||||||||
Dividends to common and common equivalent shareholders | (87.8 | ) | (62.2 | ) | (38.2 | ) | |||||||
Dividends to preferred shareholders | - | - | - | ||||||||||
Excess tax benefit from stock-based awards | 1.6 | 1.3 | - | ||||||||||
Distribution to owners | - | (1.2 | ) | - | |||||||||
Net cash used in financing activities | (97.5 | ) | (79.4 | ) | (38.2 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | - | - | - | ||||||||||
Cash and cash equivalents - beginning of year | - | - | - | ||||||||||
Cash and cash equivalents - end of year | $ | - | $ | - | $ | - |
Basis_of_Presentation_Details
Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Partnership Ownership Disclosure [Abstract] | ' |
General partner ownership interest (in hundredths) | 2.00% |
Parent's percentage ownership in the general partner of the Partnership | 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) | 11.60% |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) | Dec. 31, 2013 |
Minimum [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity method investment, ownership percentage (in hundredths) | 20.00% |
Maximum [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity method investment, ownership percentage (in hundredths) | 50.00% |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | Sep. 30, 2011 | Sep. 30, 2011 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Facility | Channelview Acquisition [Member] | Hylebos Waterway [Member] | Patapsco River [Member] | Hylebos Waterway and Patapsco River [Member] | Badlands [Member] | Badlands [Member] | Maximum [Member] | Minimum [Member] | ||||
bbl | bbl | bbl | Badlands [Member] | Badlands [Member] | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired terminal capacity (Bbl) | ' | ' | ' | ' | 544,000 | 758,000 | 505,000 | ' | ' | ' | ' | ' |
Number of refined petroleum products and crude oil storage and terminaling facilities acquired | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration | ' | $50 | ' | ' | ' | ' | ' | ' | ' | $50 | ' | ' |
Decrease in contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | 15.3 | ' | ' | ' |
Cash paid | ' | 0 | 996.2 | 156.5 | 29 | ' | ' | 135 | ' | 975.8 | ' | ' |
Contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15.3 | ' | ' |
Total consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 991.1 | ' | ' |
Assets acquired and liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.4 | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.2 | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 295.3 | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 679.6 | ' | ' |
Financial liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -35.4 | ' | ' |
Total net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 991.1 | ' | ' |
Acquisition-related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.1 | ' | ' |
Pro Forma Results [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | 5,909.90 | 6,998.10 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 129.5 | 174.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Net income attributable to noncontrolling interests | ' | ' | 83.5 | 133.1 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Targa Resources Corp. | ' | ' | $46 | $41.40 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income per common share - Basic (in dollars per share) | ' | ' | $1.12 | $1.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income per common share - Diluted (in dollars per share) | ' | ' | $1.10 | $1 | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of acquired property, plant equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | '15 years |
Useful life of acquired definite-lived intangibles | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Commodities | $136.40 | $82.30 |
Materials and supplies | 14.3 | 17.1 |
Inventory, Net | $150.70 | $99.40 |
Property_Plant_and_Equipment_a2
Property, Plant and Equipment and Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Intangible Assets [Member] | Intangible Assets - customer contracts and customer relationships [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 | $5,758.40 | $4,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,751.60 | $4,701.20 | $2,230.10 | $1,975.30 | $1,598 | $1,251.60 | $715.20 | $462 | $294.70 | $292.50 | $121.30 | $84.60 | $89.50 | $87.10 | $702.80 | $548.10 | $6.80 | $6.80 | $0 | $0 | $6.60 | $6.60 | $0 | $0 | $0 | $0 | $0.20 | $0.20 | $0 | $0 | $0 | $0 | $5,758.40 | $4,708 | $2,230.10 | $1,975.30 | $1,604.60 | $1,258.20 | $715.20 | $462 | $294.70 | $292.50 | $121.50 | $84.80 | $89.50 | $87.10 | $702.80 | $548.10 |
Accumulated depreciation | -1,408.50 | -1,170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,406.20 | -1,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.3 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,408.50 | -1,170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 4,349.90 | 3,538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,345.40 | 3,533.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | 4.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,349.90 | 3,538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 681.8 | 681.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 681.8 | 681.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28.4 | -1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28.4 | -1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 653.4 | 680.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 653.4 | 680.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 653.4 | 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 | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | ' | ' | ' | 27.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for intangible assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 61.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 80.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 88.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 81.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | $67.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Retirement Obligations [Roll Forward] | ' | ' | ' |
Beginning of Period | $45.30 | $42.30 | $37.50 |
Change in cash flow estimate | 1.6 | -1 | 1.2 |
Accretion expense | 4 | 4 | 3.6 |
End of period | $50.90 | $45.30 | $42.30 |
Investment_in_Unconsolidated_A2
Investment in Unconsolidated Affiliate (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Equity earnings | $14.80 | $1.90 | $8.80 |
Gulf Coast Fractionators LP [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Ownership interest percentage (in hundredths) | 38.80% | ' | ' |
Equity earnings | 14.8 | 1.9 | 8.8 |
Cash distributions | 12 | 2.3 | 8.4 |
Cash calls for expansion projects | $0 | $16.80 | $21.20 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Commodities | $520.80 | $416.80 |
Other goods and services | 146.8 | 154.4 |
Interest | 35.9 | 39.5 |
Compensation and benefits | 40.3 | 40.7 |
Other | 18 | 27.6 |
Accounts payable and accrued liabilities | $761.80 | $679 |
Debt_Obligations_Longterm_Debt
Debt Obligations, Long-term Debt (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ||
Long-term debt | $2,989.30 | [1] | $2,475.30 | [1] | ' |
Letters of credit outstanding | 86.8 | 45.3 | ' | ||
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ||
Long-term Debt, Total | 3,017.30 | ' | ' | ||
Scheduled maturities of debt, 2014 | 279.7 | ' | ' | ||
Scheduled maturities of debt, 2017 | 479 | ' | ' | ||
Scheduled maturities of debt, 2018 | 250 | ' | ' | ||
Scheduled maturities of debt, after 2018 | 2,008.60 | ' | ' | ||
Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due 2017 [Member] | ' | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ||
Long-term debt | 84 | [2] | 82 | [2] | ' |
Maturity date | 31-Oct-17 | [2] | ' | ' | |
Letters of credit outstanding | 0 | [2] | 0 | [2] | ' |
Maximum borrowing capacity | 150 | ' | 150 | ||
Remaining borrowing capacity | 66 | ' | ' | ||
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ||
Long-term Debt, Total | 84 | ' | ' | ||
Scheduled maturities of debt, 2014 | 0 | ' | ' | ||
Scheduled maturities of debt, 2017 | 84 | ' | ' | ||
Scheduled maturities of debt, 2018 | 0 | ' | ' | ||
Scheduled maturities of debt, after 2018 | 0 | ' | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ' | ||
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% | ' | ' | ||
Targa Resources Partners LP [Member] | Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due 2017 [Member] | ' | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ||
Long-term debt | 395 | [1],[3] | 620 | [1],[3] | ' |
Maturity date | 31-Oct-17 | [1],[3] | ' | ' | |
Letters of credit outstanding | 86.8 | [3] | 45.3 | [3] | ' |
Maximum borrowing capacity | 1,200 | ' | ' | ||
Remaining borrowing capacity | 718.2 | ' | ' | ||
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ||
Long-term Debt, Total | 395 | ' | ' | ||
Scheduled maturities of debt, 2014 | 0 | ' | ' | ||
Scheduled maturities of debt, 2017 | 395 | ' | ' | ||
Scheduled maturities of debt, 2018 | 0 | ' | ' | ||
Scheduled maturities of debt, after 2018 | 0 | ' | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ' | ||
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) | 2.40% | ' | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | ' | ' | ' | ||
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ||
Long-term Debt, Total | 2,258.60 | ' | ' | ||
Scheduled maturities of debt, 2014 | 0 | ' | ' | ||
Scheduled maturities of debt, 2017 | 0 | ' | ' | ||
Scheduled maturities of debt, 2018 | 250 | ' | ' | ||
Scheduled maturities of debt, after 2018 | 2,008.60 | ' | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 11 1/4% Notes due July 2017 [Member] | ' | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ||
Long-term debt | 0 | [1],[4] | 72.7 | [1],[4] | ' |
Unamortized discount | 0 | [1] | -2.5 | [1] | ' |
Interest rate on fixed rate debt (in hundredths) | 11.25% | [1],[4] | ' | ' | |
Maturity date | 31-Jul-17 | [1],[4] | ' | ' | |
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 7 7/8% Notes due October 2018 [Member] | ' | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ||
Long-term debt | 250 | [1] | 250 | [1] | ' |
Interest rate on fixed rate debt (in hundredths) | 7.88% | [1] | ' | ' | |
Maturity date | 31-Oct-18 | ' | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 7.88% | ' | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6 7/8% Notes due February 2021 [Member] | ' | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ||
Long-term debt | 483.6 | [1] | 483.6 | [1] | ' |
Unamortized discount | -28 | [1] | -30.5 | [1] | ' |
Interest rate on fixed rate debt (in hundredths) | 6.88% | [1] | ' | ' | |
Maturity date | 28-Feb-21 | ' | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 6.88% | ' | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6 3/8% Notes due February 2022 [Member] | ' | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ||
Long-term debt | 300 | [1] | 400 | [1] | ' |
Interest rate on fixed rate debt (in hundredths) | 6.38% | [1] | ' | ' | |
Maturity date | 31-Aug-22 | ' | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 6.38% | ' | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5 1/4% Notes due November 2023 [Member] | ' | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ||
Long-term debt | 600 | [1] | 600 | [1] | ' |
Interest rate on fixed rate debt (in hundredths) | 5.25% | [1] | ' | ' | |
Maturity date | 31-May-23 | ' | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 5.25% | ' | ' | ||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 4 1/4% Notes due November 2023 [Member] | ' | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ||
Long-term debt | 625 | [1] | 0 | [1] | ' |
Interest rate on fixed rate debt (in hundredths) | 4.25% | [1] | ' | ' | |
Maturity date | 15-Nov-23 | ' | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 4.25% | ' | ' | ||
Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | ' | ' | ' | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ||
Long-term debt | 279.7 | [1],[5] | 0 | [1],[5] | ' |
Maturity date | 31-Dec-14 | [1],[5] | ' | ' | |
Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Partnership's Accounts Receivable Securitization Facility due 2014 [Member] | ' | ' | ' | ||
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ||
Long-term Debt, Total | 279.7 | ' | ' | ||
Scheduled maturities of debt, 2014 | 279.7 | ' | ' | ||
Scheduled maturities of debt, 2017 | 0 | ' | ' | ||
Scheduled maturities of debt, 2018 | 0 | ' | ' | ||
Scheduled maturities of debt, after 2018 | $0 | ' | ' | ||
Range of interest rates and weighted average interest rate [Abstract] | ' | ' | ' | ||
Range of Interest Rates Incurred, Maximum (in hundredths) | 0.90% | ' | ' | ||
Weighted Average Interest Rate Incurred (in hundredths) | 0.90% | ' | ' | ||
[1] | While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. | ||||
[2] | As of December 31, 2013, availability under TRCbs $150 million senior secured revolving credit facility was $66.0 million. | ||||
[3] | As of December 31, 2013, availability under the Partnershipbs $1.2 billion senior secured revolving credit facility was $718.2 million. | ||||
[4] | The outstanding balance of the 11B |
Debt_Obligations_TRC_Revolving
Debt Obligations, TRC Revolving Credit Agreement (Details) (Revolving Credit Facility [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Oct. 31, 2012 |
Senior Secured Revolving Credit Facility due July 2014 [Member] | ' | ' |
TRC Revolving Credit Agreement [Abstract] | ' | ' |
Maximum borrowing capacity | ' | $75 |
Debt issue costs written off | 0.2 | ' |
Senior Secured Revolving Credit Facility due October 2017 [Member] | ' | ' |
TRC Revolving Credit Agreement [Abstract] | ' | ' |
Maximum borrowing capacity | 150 | 150 |
Additional commitment increase available upon request | 100 | 100 |
Swing line sub-facility | ' | 30 |
Maximum letters of credit and related outstanding reimbursement obligations | ' | $50 |
Interest rate percentage, minimum (in hundredths) | 2.75% | ' |
Interest rate percentage, maximum (in hundredths) | 3.50% | ' |
Maximum consolidated leverage ratio | 4 | ' |
Senior Secured Revolving Credit Facility due October 2017 [Member] | Minimum [Member] | ' | ' |
TRC Revolving Credit Agreement [Abstract] | ' | ' |
Basis spread on variable rate (in hundredths) | 2.75% | ' |
Commitment fee percentage (in hundredths) | 0.38% | ' |
Senior Secured Revolving Credit Facility due October 2017 [Member] | Maximum [Member] | ' | ' |
TRC Revolving Credit Agreement [Abstract] | ' | ' |
Basis spread on variable rate (in hundredths) | 3.50% | ' |
Commitment fee percentage (in hundredths) | 0.50% | ' |
Senior Secured Revolving Credit Facility due October 2017 [Member] | Federal Funds Rate [Member] | ' | ' |
TRC Revolving Credit Agreement [Abstract] | ' | ' |
Basis spread on variable rate (in hundredths) | 0.50% | ' |
Senior Secured Revolving Credit Facility due October 2017 [Member] | Base Rate [Member] | Minimum [Member] | ' | ' |
TRC Revolving Credit Agreement [Abstract] | ' | ' |
Basis spread on variable rate (in hundredths) | 1.75% | ' |
Senior Secured Revolving Credit Facility due October 2017 [Member] | Base Rate [Member] | Maximum [Member] | ' | ' |
TRC Revolving Credit Agreement [Abstract] | ' | ' |
Basis spread on variable rate (in hundredths) | 2.50% | ' |
Senior Secured Revolving Credit Facility due October 2017 [Member] | LIBOR [Member] | ' | ' |
TRC Revolving Credit Agreement [Abstract] | ' | ' |
Basis spread on variable rate (in hundredths) | 1.00% | ' |
Debt_Obligations_TRC_Holdco_Lo
Debt Obligations, TRC Holdco Loan Facility (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2007 | Dec. 31, 2012 |
Holdco Loan Facility due 2015 [Member] | Holdco Loan Facility due 2015 [Member] | ||||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ' | ' |
Proceeds from facility | $2,238 | $2,595 | $2,112 | $450 | ' |
Repayment of loan facility | 2,021.20 | 1,690.70 | 2,054.30 | ' | 88.8 |
Debt extinguished | ' | ' | ' | ' | 89.3 |
Pretax gain on extinguishment of debt | ' | ' | ' | ' | 0.5 |
Debt issue costs written off | ' | ' | ' | ' | $0.30 |
Debt_Obligations_Partnerships_
Debt Obligations, Partnership's Revolving Credit Agreement (Details) (Targa Resources Partners LP [Member], Revolving Credit Facility [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2012 |
TRP Senior Secured Revolving Credit Facility due 2017 [Member] | ' | ' | ' |
The Partnership's Revolving Credit Agreement [Abstract] | ' | ' | ' |
Maximum borrowing capacity | ' | $1,200 | ' |
Additional commitment increase available upon request | ' | 300 | 300 |
Maximum consolidated leverage ratio | 5.5 | ' | ' |
Minimum ratio of consolidated EBITDA to consolidated interest expense | 2.25 | ' | ' |
TRP Senior Secured Revolving Credit Facility due 2017 [Member] | Maximum [Member] | ' | ' | ' |
The Partnership's Revolving Credit Agreement [Abstract] | ' | ' | ' |
Commitment fee percentage (in hundredths) | 0.50% | ' | ' |
Interest rate percentage (in hundredths) | 2.75% | ' | ' |
TRP Senior Secured Revolving Credit Facility due 2017 [Member] | Minimum [Member] | ' | ' | ' |
The Partnership's Revolving Credit Agreement [Abstract] | ' | ' | ' |
Commitment fee percentage (in hundredths) | 0.30% | ' | ' |
Interest rate percentage (in hundredths) | 1.75% | ' | ' |
TRP Senior Secured Revolving Credit Facility due 2017 [Member] | Federal Funds Rate [Member] | ' | ' | ' |
The Partnership's Revolving Credit Agreement [Abstract] | ' | ' | ' |
Basis spread on variable rate (in hundredths) | 0.50% | ' | ' |
TRP Senior Secured Revolving Credit Facility due 2017 [Member] | Base Rate [Member] | Maximum [Member] | ' | ' | ' |
The Partnership's Revolving Credit Agreement [Abstract] | ' | ' | ' |
Basis spread on variable rate (in hundredths) | 1.75% | ' | ' |
TRP Senior Secured Revolving Credit Facility due 2017 [Member] | Base Rate [Member] | Minimum [Member] | ' | ' | ' |
The Partnership's Revolving Credit Agreement [Abstract] | ' | ' | ' |
Basis spread on variable rate (in hundredths) | 0.75% | ' | ' |
TRP Senior Secured Revolving Credit Facility due 2017 [Member] | Eurodollar [Member] | Maximum [Member] | ' | ' | ' |
The Partnership's Revolving Credit Agreement [Abstract] | ' | ' | ' |
Basis spread on variable rate (in hundredths) | 2.75% | ' | ' |
TRP Senior Secured Revolving Credit Facility due 2017 [Member] | Eurodollar [Member] | Minimum [Member] | ' | ' | ' |
The Partnership's Revolving Credit Agreement [Abstract] | ' | ' | ' |
Basis spread on variable rate (in hundredths) | 1.75% | ' | ' |
TRP Senior Secured Revolving Credit Facility due 2017 [Member] | LIBOR [Member] | ' | ' | ' |
The Partnership's Revolving Credit Agreement [Abstract] | ' | ' | ' |
Basis spread on variable rate (in hundredths) | 1.00% | ' | ' |
Senior Secured Revolving Credit Facility due July 2015 [Member] | ' | ' | ' |
The Partnership's Revolving Credit Agreement [Abstract] | ' | ' | ' |
Maximum borrowing capacity | ' | ' | $1,100 |
Debt_Obligations_Partnerships_1
Debt Obligations, Partnership's Senior Unsecured Notes (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Jul. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Senior Unsecured Notes [Member] | Senior Unsecured Notes [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] | |||||
Senior Unsecured 11 1/4% Notes due July 2017 [Member] | Senior Unsecured 6 7/8% Notes due February 2021 [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | |||||
Senior Unsecured 11 1/4% Notes due July 2017 [Member] | Senior Unsecured 7 7/8% Notes due October 2018 [Member] | Senior Unsecured 6 7/8% Notes due February 2021 [Member] | Senior Unsecured 6 7/8% Notes due February 2021 [Member] | Senior Unsecured 6 3/8% Notes due February 2022 [Member] | Senior Unsecured 6 3/8% Notes due February 2022 [Member] | Senior Unsecured 5 1/4% Notes due November 2023 [Member] | Senior Unsecured 5 1/4% Notes due November 2023 [Member] | Senior Unsecured 5 1/4% Notes due November 2023 [Member] | Senior Unsecured 4 1/4% Notes due November 2023 [Member] | |||||||||||
The Partnership's Senior Unsecured Notes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Principal amount of debt exchanged | ' | ' | ' | ($158.60) | $158.60 | ' | $625 | ' | ' | ' | ' | ' | ' | $400 | ' | $400 | ' | $200 | ' | |
Cash paid on note exchange | 0 | 0 | -27.7 | ' | 28.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accrued Interest | ' | ' | ' | ' | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Remaining face value of debt whose debt covenants have been removed | ' | ' | ' | ' | 72.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate principal amount issued | ' | ' | ' | -158.6 | 158.6 | ' | 625 | ' | ' | ' | ' | ' | ' | 400 | ' | 400 | ' | 200 | ' | |
Net proceeds from private placement of notes | ' | ' | ' | ' | ' | ' | 618.1 | ' | ' | ' | ' | ' | ' | 395.5 | ' | ' | ' | ' | ' | |
Percentage of face amount issued (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.50% | ' | 101.00% | ' | |
Gross proceeds from issuance of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 398 | ' | 202 | ' | |
Redemption price, percentage of face value (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 104.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt redeemed | ' | ' | ' | ' | ' | 76.8 | ' | ' | ' | ' | ' | 106.4 | ' | ' | ' | ' | ' | ' | ' | |
Face amount of notes redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | |
Pretax gain on extinguishment of debt | ' | ' | ' | ' | ' | $7.40 | ' | ' | ' | ' | ' | $7.40 | ' | ' | ' | ' | ' | ' | ' | |
Terms of the Senior Unsecured Notes Outstanding [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Issue Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Aug-10 | ' | 1-Feb-11 | ' | 1-Jan-12 | ' | ' | ' | 1-May-13 | |
Issue Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Oct / Dec 2012 | ' | ' | |
Per Annum Interest Rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.88% | ' | 6.88% | ' | 6.38% | ' | 5.25% | ' | 4.25% | |
Due Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-17 | [1],[2] | 31-Oct-18 | ' | 28-Feb-21 | ' | 31-Aug-22 | ' | 31-May-23 | ' | 15-Nov-23 |
Dates Interest Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'April & October 15th | ' | 'February & August 1st | ' | 'February & August 1st | ' | 'May & November 1st | ' | 'May & November 15th | |
Maximum percentage of aggregate principal amount of debt redeemable by the Partnership with equity offerings (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | 35.00% | ' | 35.00% | ' | 35.00% | ' | 35.00% | ' | 35.00% | |
Redemption condition, minimum percentage of aggregate principal amount outstanding immediately after occurrence of redemption (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | 65.00% | ' | 65.00% | ' | 65.00% | ' | 65.00% | ' | 65.00% | |
Redemption condition, maximum number of days from date of closing of equity offerings (in days) | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | '90 days | ' | '90 days | ' | '180 days | ' | '180 days | ' | '180 days | |
Redemption Dates and Prices [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Oct-13 | ' | 1-Feb-14 | ' | 1-Feb-15 | ' | 1-Nov-15 | ' | 15-May-16 | |
Price (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107.88% | ' | 106.88% | ' | 106.38% | ' | 105.25% | ' | 104.25% | |
Redemption Percentages [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Redemption price, as percentage of principal amount outstanding, 2014 (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.94% | ' | ' | ' | ' | ' | ' | ' | ' | |
Redemption price, as percentage of principal amount outstanding, 2015 (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.97% | ' | ' | ' | ' | ' | ' | ' | ' | |
Redemption price, as percentage of principal amount outstanding, 2016 and thereafter (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | |
Redemption price, as percentage of principal amount outstanding, 2016 (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.44% | ' | ' | ' | ' | ' | ' | |
Redemption price, as percentage of principal amount outstanding, 2017 (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.29% | ' | 103.19% | ' | 102.63% | ' | ' | |
Redemption price, as percentage of principal amount outstanding, 2018 (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.15% | ' | 102.13% | ' | 101.75% | ' | 102.13% | |
Redemption price, as percentage of principal amount outstanding, 2020 and thereafter (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | |
Redemption price, as percentage of principal amount outstanding, 2019 (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.06% | ' | 100.88% | ' | 101.42% | |
Redemption price, as percentage of principal amount outstanding, 2019 and thereafter (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | |
Redemption price, as percentage of principal amount outstanding, 2020 (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.71% | |
Redemption price, as percentage of principal amount outstanding, 2021 and thereafter (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | |
[1] | While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. | |||||||||||||||||||
[2] | The outstanding balance of the 11B |
Debt_Obligations_Accounts_Rece
Debt Obligations, Accounts Receivable Securitization Facility and Shelf Registration Statements (Details) (USD $) | Jul. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 |
In Millions, unless otherwise specified | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | Targa Resources Partners LP [Member] | |
Accounts Receivable Securitization Facility [Member] | Second Amendment to Accounts Receivable Securitization Facility [Member] | July 2013 Shelf [Member] | ||
Schedule of Debt Instruments [Line Items] | ' | ' | ' | ' |
Maximum borrowing capacity | ' | $200 | $300 | ' |
Aggregate amount of debt or equity securities allowed under shelf agreement | $300 | ' | ' | $800 |
Debt_Obligations_Debt_Reacquis
Debt Obligations, Debt Re-acquisitions Summary (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Re-acquisitions Summary [Abstract] | ' | ' |
Loss on debt redemption | $14.70 | $12.80 |
Revolving Credit Facility [Member] | TRC Holdco Notes [Member] | ' | ' |
Debt Re-acquisitions Summary [Abstract] | ' | ' |
Write-off of deferred debt issue cost | 0 | 0.3 |
Gain on acquisition of TRC Holdco Notes | 0 | -0.5 |
Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due 2017 [Member] | ' | ' |
Debt Re-acquisitions Summary [Abstract] | ' | ' |
Write-off of deferred debt issue cost | 0 | 0.2 |
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6 3/8% Notes due February 2022 [Member] | ' | ' |
Debt Re-acquisitions Summary [Abstract] | ' | ' |
Premium paid on tender of TRI of Senior Notes | 6.4 | 0 |
Write-off of deferred debt issue cost | 1 | 0 |
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 8 1/4% Notes due July 2016 [Member] | ' | ' |
Debt Re-acquisitions Summary [Abstract] | ' | ' |
Premium paid on tender of TRI of Senior Notes | 0 | 8.6 |
Recognition of unamortized discount | 0 | 2.5 |
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 11 1/4% Notes due July 2017 [Member] | ' | ' |
Debt Re-acquisitions Summary [Abstract] | ' | ' |
Premium paid on tender of TRI of Senior Notes | 4.1 | 0 |
Recognition of unamortized discount | 2.2 | 0 |
Write-off of deferred debt issue cost | 1 | 0 |
Targa Resources Partners LP [Member] | Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility due July 2015 [Member] | ' | ' |
Debt Re-acquisitions Summary [Abstract] | ' | ' |
Write-off of deferred debt issue cost | $0 | $1.70 |
Partnership_Units_and_Related_2
Partnership Units and Related Matters (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2012 | Feb. 10, 2014 | Aug. 31, 2012 | Mar. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Jan. 31, 2012 | Jan. 31, 2011 | Aug. 31, 2010 |
Subsequent Event [Member] | 2012 EDA [Member] | 2013 EDA [Member] | August 2013 EDA [Member] | Targa Resources LP [Member] | Targa Resources LP [Member] | Targa Resources LP [Member] | Targa Resources LP [Member] | |||||||||||||||
Shelf Offering 2010 Shelf [Member] | Shelf Offering 2010 Shelf [Member] | Shelf Offering 2010 Shelf [Member] | Shelf Offering 2010 Shelf [Member] | |||||||||||||||||||
Partnership Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days from end of each quarter by when cash is distributed to unitholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units included in public offering (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,118,147 | 2,420,046 | 4,204,751 | 4,529,641 | 10,925,000 | 4,405,000 | 9,200,000 | 7,475,000 |
Per share price on public offering (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36 | $38.30 | $33.67 | $24.80 |
Net proceeds from sale of common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $56.20 | $94.80 | $197.50 | $225.60 | $378.20 | $164.80 | $298 | $177.80 |
Purchase price of Badlands acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 975.8 | ' | ' | ' |
Number of common units purchased by Company (in units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' |
Aggregate value of common units purchased by company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.8 | ' | ' |
Dollar amount of Common Units able to sell from Equity Distribution Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 200 | 400 | ' | ' | ' | ' |
General partner contributed to maintain general partner ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | 2 | 4.1 | 4.7 | 8 | 3.5 | 6.3 | 3.8 |
General partner ownership interest (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Aggregate amount of debt or equity securities allowed to be issued under the shelf agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' |
Date paid or to be paid | 14-Feb-14 | 14-Nov-13 | 14-Aug-13 | 15-May-13 | 14-Feb-13 | 14-Nov-12 | 14-Aug-12 | 15-May-12 | 14-Feb-12 | 14-Nov-11 | 12-Aug-11 | 13-May-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions Paid Limited Partners Common | 84 | 79.4 | 75.8 | 71.7 | 69 | 59.1 | 57.3 | 55.5 | 53.7 | 49.4 | 48.3 | 47.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to General Partners (Incentive) | 29.5 | 26.9 | 24.6 | 22.1 | 20.1 | 16.1 | 14.4 | 12.7 | 11 | 8.8 | 7.8 | 6.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to General Partners (2%) | 2.3 | 2.2 | 2 | 1.9 | 1.8 | 1.5 | 1.5 | 1.4 | 1.3 | 1.2 | 1.2 | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total distributions to general and limited partners | 115.8 | 108.5 | 102.4 | 95.7 | 90.9 | 76.7 | 73.2 | 69.6 | 66 | 59.4 | 57.3 | 55.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to Targa Resources Corp. | $41.50 | $38.60 | $35.90 | $33 | $30.70 | $26.20 | $24.20 | $22.20 | $20.10 | $16.80 | $15.60 | $14.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions per limited partner per unit (in dollars per unit) | $0.75 | $0.73 | $0.72 | $0.70 | $0.68 | $0.66 | $0.64 | $0.62 | $0.60 | $0.58 | $0.57 | $0.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common_Stock_and_Related_Matte2
Common Stock and Related Matters (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||
Common Stock and Related Matters [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Date paid or to be paid | 18-Feb-14 | 15-Nov-13 | 15-Aug-13 | 16-May-13 | 15-Feb-13 | 15-Nov-12 | 15-Aug-12 | 16-May-12 | 15-Feb-12 | 15-Nov-11 | 16-Aug-11 | 13-May-11 | ' | ' | ' | ||||||||||||
Total dividend declared | $25.60 | $24.10 | $22.50 | $21 | $19.40 | $18 | $16.70 | $15.50 | $14.30 | $13 | $12.30 | $11.60 | ' | ' | ' | ||||||||||||
Amount of dividend paid | 25.5 | 23.7 | 22.1 | 20.6 | 19 | 17.3 | 16.1 | 15 | 13.8 | 12.6 | 11.9 | 11.2 | 87.8 | 62.2 | 38.2 | ||||||||||||
Accrued dividends | $0.10 | [1] | $0.40 | [1] | $0.40 | [1] | $0.40 | [1] | $0.40 | [1] | $0.70 | [1] | $0.60 | [1] | $0.50 | [1] | $0.50 | [1] | $0.40 | [1] | $0.40 | [1] | $0.40 | [1] | ' | ' | ' |
Dividend declared per share of common stock (in dollars per share) | $0.61 | $0.57 | $0.53 | $0.50 | $0.46 | $0.42 | $0.39 | $0.37 | $0.34 | $0.31 | $0.29 | $0.27 | ' | ' | ' | ||||||||||||
[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 | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Common Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $95.60 | $49.40 | $22.50 | $33.80 | $27.60 | $19 | $43.50 | $69.20 | $201.30 | $159.30 | $215.40 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 136.2 | 121.2 | 184.7 |
Net income attributable to common shareholders | $20.40 | $16.30 | $15 | $13.40 | $11.20 | $8.70 | $8.60 | $9.60 | $65.10 | $38.10 | $30.70 |
Weighted average shares outstanding - basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 41.6 | 41 | 41 |
Net income available per common share - basic (in dollars per share) | $0.49 | $0.39 | $0.36 | $0.32 | $0.27 | $0.21 | $0.21 | $0.23 | $1.56 | $0.93 | $0.75 |
Weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 41.6 | 41 | 41 |
Dilutive effect of unvested stock awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0.8 | 0.4 |
Weighted average shares outstanding - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 42.1 | 41.8 | 41.4 |
Net income available per common share - diluted (in dollars per share) | $0.48 | $0.39 | $0.36 | $0.32 | $0.27 | $0.21 | $0.21 | $0.23 | $1.55 | $0.91 | $0.74 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
MMBTU | |
Derivative Line [Items] | ' |
Derivative financial instruments, fair value, net | 4.3 |
Cash flow commodity hedge deferred net gain to be reclassified within twelve months | 5.6 |
Cash flow interest rate swaps deferred net loss to be reclassified within twelve months | 2.4 |
Instruments - Swaps [Member] | Year 2014 [Member] | Natural Gas [Member] | ' |
Derivative Line [Items] | ' |
Notional volumes of commodity hedges (per day) | 48,050 |
Instruments - Swaps [Member] | Year 2014 [Member] | NGL [Member] | ' |
Derivative Line [Items] | ' |
Notional volumes of commodity hedges (per day) | 1,125 |
Instruments - Swaps [Member] | Year 2014 [Member] | Condensate [Member] | ' |
Derivative Line [Items] | ' |
Notional volumes of commodity hedges (per day) | 2,450 |
Instruments - Swaps [Member] | Year 2015 [Member] | Natural Gas [Member] | ' |
Derivative Line [Items] | ' |
Notional volumes of commodity hedges (per day) | 34,551 |
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) | 25,500 |
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 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Assets [Abstract] | ' | ' |
Current assets | $2 | $29.30 |
Long-term assets | 3.1 | 5.1 |
Total derivative assets | 5.1 | 34.4 |
Derivative Liabilities [Abstract] | ' | ' |
Current liabilities | -8 | -7.4 |
Long-term liabilities | -1.4 | -4.8 |
Total derivative liabilities | -9.4 | -12.2 |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Fair value, net | 4.3 | ' |
Asset Position [Member] | Gross Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | 2.6 | 28.2 |
Counterparties without offsetting position - assets | 2.5 | 6.2 |
Counterparties without offsetting position - liabilities | 0 | 0 |
Fair value, net | 5.1 | 34.4 |
Asset Position [Member] | Pro-forma Net Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | 0 | 18 |
Counterparties without offsetting position - assets | 2.5 | 6.2 |
Counterparties without offsetting position - liabilities | 0 | 0 |
Fair value, net | 2.5 | 24.2 |
Liability Position [Member] | Gross Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | -5.6 | -10.2 |
Counterparties without offsetting position - assets | 0 | 0 |
Counterparties without offsetting position - liabilities | -3.8 | -2 |
Fair value, net | -9.4 | -12.2 |
Liability Position [Member] | Pro-forma Net Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | -3 | 0 |
Counterparties without offsetting position - assets | 0 | 0 |
Counterparties without offsetting position - liabilities | -3.8 | -2 |
Fair value, net | -6.8 | -2 |
Current Position [Member] | Asset Position [Member] | Gross Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | 1.9 | 23.8 |
Counterparties without offsetting position - assets | 0.1 | 5.5 |
Counterparties without offsetting position - liabilities | 0 | 0 |
Fair value, net | 2 | 29.3 |
Current Position [Member] | Asset Position [Member] | Pro-forma Net Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | 0 | 16.4 |
Counterparties without offsetting position - assets | 0.1 | 5.5 |
Counterparties without offsetting position - liabilities | 0 | 0 |
Fair value, net | 0.1 | 21.9 |
Current Position [Member] | Liability Position [Member] | Gross Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | -4.4 | -7.4 |
Counterparties without offsetting position - assets | 0 | 0 |
Counterparties without offsetting position - liabilities | -3.6 | 0 |
Fair value, net | -8 | -7.4 |
Current Position [Member] | Liability Position [Member] | Pro-forma Net Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | -2.5 | 0 |
Counterparties without offsetting position - assets | 0 | 0 |
Counterparties without offsetting position - liabilities | -3.6 | 0 |
Fair value, net | -6.1 | 0 |
Long-term Position [Member] | Asset Position [Member] | Gross Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | 0.7 | 4.4 |
Counterparties without offsetting position - assets | 2.4 | 0.7 |
Counterparties without offsetting position - liabilities | 0 | 0 |
Fair value, net | 3.1 | 5.1 |
Long-term Position [Member] | Asset Position [Member] | Pro-forma Net Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | 0 | 1.6 |
Counterparties without offsetting position - assets | 2.4 | 0.7 |
Counterparties without offsetting position - liabilities | 0 | 0 |
Fair value, net | 2.4 | 2.3 |
Long-term Position [Member] | Liability Position [Member] | Gross Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | -1.2 | -2.8 |
Counterparties without offsetting position - assets | 0 | 0 |
Counterparties without offsetting position - liabilities | -0.2 | -2 |
Fair value, net | -1.4 | -4.8 |
Long-term Position [Member] | Liability Position [Member] | Pro-forma Net Presentation [Member] | ' | ' |
Pro forma impact of reporting derivatives in the Consolidated Balance Sheet [Abstract] | ' | ' |
Counterparties with offsetting position | -0.5 | 0 |
Counterparties without offsetting position - assets | 0 | 0 |
Counterparties without offsetting position - liabilities | -0.2 | -2 |
Fair value, net | -0.7 | -2 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets [Abstract] | ' | ' |
Total derivative assets | 5.1 | 34.3 |
Derivative Liabilities [Abstract] | ' | ' |
Total derivative liabilities | -9 | -12 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' |
Derivative Assets [Abstract] | ' | ' |
Current assets | 2 | 29.2 |
Long-term assets | 3.1 | 5.1 |
Derivative Liabilities [Abstract] | ' | ' |
Current liabilities | -7.7 | -7.2 |
Long-term liabilities | -1.4 | -4.8 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets [Abstract] | ' | ' |
Total derivative assets | 0 | 0.1 |
Derivative Liabilities [Abstract] | ' | ' |
Total derivative liabilities | -0.3 | -0.2 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' |
Derivative Assets [Abstract] | ' | ' |
Current assets | 0 | 0.1 |
Derivative Liabilities [Abstract] | ' | ' |
Current liabilities | ($0.30) | ($0.20) |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities, Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in OCI - Effective Portion | ($5.80) | $76.80 | ($37.90) |
Gain (Loss) Reclassified from OCI into Income - Effective Portion | 14.9 | 38.1 | -38.4 |
Revenue [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from OCI into Income - Effective Portion | 21 | 46 | -30.3 |
Interest Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from OCI into Income - Effective Portion | -6.1 | -7.9 | -8.1 |
Commodity Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in OCI - Effective Portion | -5.8 | 76.8 | -33.6 |
Unrealized gain (loss) on hedges, before tax | -0.5 | 3.2 | ' |
Unrealized gain (loss) on hedges, after tax | -0.3 | 1.9 | ' |
Commodity Contract [Member] | Revenue [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives | -0.1 | 0.7 | 1.7 |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Unrealized gain (loss) on hedges, before tax | -0.3 | -1.2 | ' |
Unrealized gain (loss) on hedges, after tax | -0.2 | -0.7 | ' |
Interest Rate Swap [Member] | Other Income (Expense) [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives | 0 | 0 | -5 |
Interest Rate Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in OCI - Effective Portion | $0 | $0 | ($4.30) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets from commodity derivative contracts | $5 | $34.40 | ' |
Liability from commodity derivative contracts | 9.4 | 12.2 | ' |
Badlands contingent consideration liability | 0 | 15.3 | ' |
Cash and cash equivalents | 66.7 | 76.3 | ' |
TRC Senior secured revolving credit facility | 84 | 82 | ' |
Partnership's senior secured revolving credit facility | 395 | 620 | ' |
Partnership's senior unsecured notes | 2,253.50 | 1,945.20 | ' |
Partnership's accounts receivable securitization facility | 279.7 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, fair value, net | 4.3 | ' | ' |
Derivative fair value commodity price increases 10 percent, net asset | 29.9 | ' | ' |
Derivative fair value commodity price decreases 10 percent, net asset | 21.3 | ' | ' |
Contingent consideration | 50 | ' | ' |
Commodity Derivative Contracts [Member] | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 0.6 | 0 | -11.6 |
Change in fair value | ' | ' | 0 |
Issuances | ' | 0 | ' |
Settlements included in Revenue | -1.3 | -0.1 | 3.7 |
Unrealized losses included in OCI | ' | 0.7 | ' |
Transfers out of Level 3 | ' | ' | 7.9 |
Debt extinguishment | ' | 0 | ' |
Change in valuation of contingent liability included in Other Income | 0 | ' | ' |
Balance at end of period | -0.7 | 0.6 | 0 |
Long-Term Debt [Member] | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 0 | 87.5 | 86.8 |
Change in fair value | ' | ' | 0.7 |
Issuances | ' | 0 | ' |
Settlements included in Revenue | 0 | 0 | 0 |
Unrealized losses included in OCI | ' | 0 | ' |
Transfers out of Level 3 | ' | ' | 0 |
Debt extinguishment | ' | -87.5 | ' |
Balance at end of period | 0 | 0 | 87.5 |
Contingent Liability[Member] | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 15.3 | 0 | 0 |
Change in fair value | ' | ' | 0 |
Issuances | ' | 15.3 | ' |
Settlements included in Revenue | 0 | 0 | 0 |
Unrealized losses included in OCI | ' | 0 | ' |
Transfers out of Level 3 | ' | ' | 0 |
Debt extinguishment | ' | 0 | ' |
Change in valuation of contingent liability included in Other Income | -15.3 | ' | ' |
Balance at end of period | 0 | 15.3 | 0 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets from commodity derivative contracts | 0 | 0 | ' |
Liability from commodity derivative contracts | 0 | 0 | ' |
Badlands contingent consideration liability | 0 | 0 | ' |
Cash and cash equivalents | 0 | 0 | ' |
TRC Senior secured revolving credit facility | 0 | 0 | ' |
Partnership's senior secured revolving credit facility | 0 | 0 | ' |
Partnership's senior unsecured notes | 0 | 0 | ' |
Partnership's accounts receivable securitization facility | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets from commodity derivative contracts | 3.3 | 34.4 | ' |
Liability from commodity derivative contracts | 8.4 | 11.6 | ' |
Badlands contingent consideration liability | 0 | 0 | ' |
Cash and cash equivalents | 0 | 0 | ' |
TRC Senior secured revolving credit facility | 84 | 82 | ' |
Partnership's senior secured revolving credit facility | 395 | 620 | ' |
Partnership's senior unsecured notes | 2,253.50 | 1,945.20 | ' |
Partnership's accounts receivable securitization facility | 279.7 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets from commodity derivative contracts | 1.7 | 0 | ' |
Liability from commodity derivative contracts | 1 | 0.6 | ' |
Badlands contingent consideration liability | 0 | 15.3 | ' |
Cash and cash equivalents | 0 | 0 | ' |
TRC Senior secured revolving credit facility | 0 | 0 | ' |
Partnership's senior secured revolving credit facility | 0 | 0 | ' |
Partnership's senior unsecured notes | 0 | 0 | ' |
Partnership's accounts receivable securitization facility | 0 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets from commodity derivative contracts | 5 | 34.4 | ' |
Liability from commodity derivative contracts | 9.4 | 12.2 | ' |
Badlands contingent consideration liability | 0 | 15.3 | ' |
Cash and cash equivalents | 66.7 | 76.3 | ' |
TRC Senior secured revolving credit facility | 84 | 82 | ' |
Partnership's senior secured revolving credit facility | 395 | 620 | ' |
Partnership's senior unsecured notes | 2,230.60 | 1,773.30 | ' |
Partnership's accounts receivable securitization facility | $279.70 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Number of processing plants operated | 3 | ' | ' |
Gulf Coast Fractionators LP [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenues | $0.40 | $0.10 | $0.80 |
Purchases | 6.3 | 1.9 | 0.4 |
Targa Resources Partners LP [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Amounts reimbursed from related parties | 17 | ' | ' |
Versado System Gas Processors LLC [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Amounts reimbursed from related parties | 0.2 | ' | ' |
Laredo [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Purchases | $108.60 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Future non-cancelable commitments related to certain contractual obligations [Abstract] | ' | ' | ' | |||
Payment Due by Period 2014 | $12.40 | ' | ' | |||
Payment Due by Period 2015 | 12.1 | ' | ' | |||
Payment Due by Period 2016 | 11.7 | ' | ' | |||
Payment Due by Period 2017 | 9.9 | ' | ' | |||
Payment Due by Period 2018 | 6 | ' | ' | |||
Payment Due by Period Total | 52.1 | ' | ' | |||
Targa Resources Corp. [Member] | Operating leases and service contract [Member] | ' | ' | ' | |||
Future non-cancelable commitments related to certain contractual obligations [Abstract] | ' | ' | ' | |||
Payment Due by Period 2014 | 2.7 | [1],[2] | ' | ' | ||
Payment Due by Period 2015 | 2.7 | [1],[2] | ' | ' | ||
Payment Due by Period 2016 | 2.7 | [1],[2] | ' | ' | ||
Payment Due by Period 2017 | 2.2 | [1],[2] | ' | ' | ||
Payment Due by Period 2018 | 0 | [1],[2] | ' | ' | ||
Payment Due by Period Total | 10.3 | [1],[2] | ' | ' | ||
Targa Resources Partners LP [Member] | ' | ' | ' | |||
Future non-cancelable commitments related to certain contractual obligations [Abstract] | ' | ' | ' | |||
Expenses related to leases | 2.8 | 2.1 | 2 | |||
Targa Resources Partners LP [Member] | Operating leases and service contract [Member] | ' | ' | ' | |||
Future non-cancelable commitments related to certain contractual obligations [Abstract] | ' | ' | ' | |||
Payment Due by Period 2014 | 8 | [1] | ' | ' | ||
Payment Due by Period 2015 | 7.8 | [1] | ' | ' | ||
Payment Due by Period 2016 | 7.4 | [1] | ' | ' | ||
Payment Due by Period 2017 | 6.1 | [1] | ' | ' | ||
Payment Due by Period 2018 | 4.6 | [1] | ' | ' | ||
Payment Due by Period Total | 33.9 | [1] | ' | ' | ||
Expenses related to leases | 23.3 | [3] | 16.1 | [3] | 14.2 | [3] |
Targa Resources Partners LP [Member] | Land site lease and right-of-way [Member] | ' | ' | ' | |||
Future non-cancelable commitments related to certain contractual obligations [Abstract] | ' | ' | ' | |||
Payment Due by Period 2014 | 1.7 | [4] | ' | ' | ||
Payment Due by Period 2015 | 1.6 | [4] | ' | ' | ||
Payment Due by Period 2016 | 1.6 | [4] | ' | ' | ||
Payment Due by Period 2017 | 1.6 | [4] | ' | ' | ||
Payment Due by Period 2018 | 1.4 | [4] | ' | ' | ||
Payment Due by Period Total | 7.9 | [4] | ' | ' | ||
Expenses related to leases | $3.60 | $3.30 | $2.80 | |||
[1] | Includes minimum payments on lease obligations for office space, railcars and tractors. | |||||
[2] | Includes minimum payments on lease obligation for corporate office space. | |||||
[3] | Includes short-term leases for items such as compressors and equipment. | |||||
[4] | Land site lease and right-of-way provides for surface and underground access for gathering, processing and distribution assets that are located on property not owned by the Partnership. These agreements expire at various dates through 2099. |
Significant_Risks_and_Uncertai2
Significant Risks and Uncertainties (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Risks and Uncertainties [Abstract] | ' | ' | ' |
Potential loss if all counterparties default | $2.20 | ' | ' |
Potential minimum loss of individual counterparties | 1 | ' | ' |
Potential maximum loss of individual counterparties | 1.2 | ' | ' |
Allowance for bad debts [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 0.9 | 2.4 | 7.9 |
Additions | 0.2 | 0 | 0.5 |
Deductions | 0 | -1.5 | -6 |
Balance at end of year | $1.10 | $0.90 | $2.40 |
Customer Concentration Risk [Member] | Chevron Phillips Chemical Company LLC [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percentage of consolidated revenues (in hundredths) | 8.00% | 10.00% | 12.00% |
Credit Concentration Risk [Member] | Barclays PLC [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 24.00% | ' | ' |
Credit Concentration Risk [Member] | Natixis [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 26.00% | ' | ' |
Credit Concentration Risk [Member] | Bank of America Merrill Lynch [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 37.00% | ' | ' |
Other_Operating_Expense_Detail
Other Operating Expense (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Operating Expense [Abstract] | ' | ' | ' | |
Loss (gain) on sale of assets | $3.90 | $15.60 | [1] | $0.20 |
Casualty loss (gain) adjustment | 4.3 | 3.6 | 0 | |
Miscellaneous tax expense | 0.7 | 0.7 | 0 | |
Abandoned project costs | 0.7 | 0 | 0 | |
Total Other Operating Income | 9.6 | 19.9 | 0.2 | |
Abandoned project costs for processing plant | $15.40 | ' | ' | |
[1] | Includes a $15.4 million loss due to a write-off of the Partnershipbs investment in the Yscloskey joint interest processing plant in Southeastern Louisiana. Following Hurricane Isaac, the joint venture owners elected not to restart the plant. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Income Taxes [Abstract] | ' | ' | ' | ||
Current expense (benefit) | $42.80 | $27.90 | $14.30 | ||
Deferred income tax (expense) benefit | 5.4 | 9 | 12.3 | ||
Total income tax expense (benefit) | 48.2 | 36.9 | 26.6 | ||
Deferred tax assets: | ' | ' | ' | ||
Net operating loss | 0 | 0 | ' | ||
Other | 3.5 | 3.5 | ' | ||
Deferred tax assets before valuation allowance | 3.5 | 3.5 | ' | ||
Valuation allowance | -3.5 | -3.5 | ' | ||
Total deferred tax asset | 0 | 0 | ' | ||
Deferred tax liabilities: | ' | ' | ' | ||
Investments | -115.2 | [1] | -118.5 | [1] | ' |
Debt related deferreds | -17.2 | -9.9 | ' | ||
Other | -7.1 | -6.5 | ' | ||
Total deferred tax liability | -139.5 | -134.9 | ' | ||
Total tax liability | -139.5 | -134.9 | ' | ||
Net deferred tax liability [Abstract] | ' | ' | ' | ||
Federal | -121 | -120.1 | ' | ||
Foreign | 0.6 | 0.6 | ' | ||
State | -19.1 | -15.4 | ' | ||
Total tax liability | -139.5 | -134.9 | ' | ||
Balance sheet classification of deferred tax assets (liabilities): | ' | ' | ' | ||
Long-term asset | -3.5 | -3.5 | ' | ||
Current liability | -0.5 | -0.2 | ' | ||
Long-term liability | -135.5 | -131.2 | ' | ||
Total tax liability | -139.5 | -134.9 | ' | ||
Income tax reconciliation: | ' | ' | ' | ||
Income before income taxes | 249.5 | 196.2 | 242 | ||
Less: Net income attributable to noncontrolling interests | -136.2 | -121.2 | -184.7 | ||
Plus: Income taxes included in noncontrolling interest | -2.5 | -3.5 | -3.6 | ||
Income attributable to TRC before income taxes | 110.8 | 71.5 | 53.7 | ||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | ||
Provision for federal income taxes | 38.8 | 25 | 18.8 | ||
State income taxes, net of federal tax benefit | 4.4 | 6.8 | 2.6 | ||
Amortization of deferred charge on 2010 transactions | 4.7 | 4.7 | 4.7 | ||
Other, net | 0.3 | 0.4 | 0.5 | ||
Total income tax expense (benefit) | $48.20 | $36.90 | $26.60 | ||
[1] | Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of the assets and liabilities of our investments |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash: | ' | ' | ' |
Interest paid, net of capitalized interest | $121.70 | $95.60 | $96.10 |
Income taxes paid, net of refunds | 34.1 | 30.5 | 33.8 |
Non-cash: | ' | ' | ' |
Deadstock inventory transferred to property, plant and equipment | 30.4 | 3 | 0.7 |
Accrued dividends on unvested equity awards | 1.6 | 2.7 | 1.4 |
Badlands acquisition contingent consideration | 0 | 15.3 | 0 |
Change in capital accruals | -0.4 | -34.3 | -3.8 |
Transfers from materials and supplies to property, plant and equipment | 20.5 | 0 | 0 |
Change in ARO estimate | $1.60 | ($1) | $1.20 |
Stock_and_Other_Compensation_P2
Stock and Other Compensation Plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Jan. 14, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Description of 401(k) plan | ' | 'We have a 401(k) plan whereby we match 100% of up to 5% of an employeebs contribution (subject to certain limitations in the plan). We also contribute an amount equal to 3% of each employeebs eligible compensation to the plan as a retirement contribution and may make additional contributions at our sole discretion. All Targa contributions are made 100% in cash. We made contributions to the 401(k) plan totaling $9.6 million, $8.7 million, and $7.8 million during 2013, 2012, and 2011. | ' | ' | |||
Employer matching contribution percent (in hundredths) | ' | 100.00% | ' | ' | |||
Maximum annual contribution per employee percent (in hundredths) | ' | 5.00% | ' | ' | |||
Contribution per employee percent (in hundredths) | ' | 3.00% | ' | ' | |||
Total contributions to the plan | ' | $9.60 | $8.70 | $7.80 | |||
Performance Awards, Equity Settled [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Granted (in shares) | 111,745 | ' | ' | ' | |||
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Outstanding at beginning of period (in shares) | ' | 0 | ' | ' | |||
Granted (in shares) | ' | 55,790 | ' | ' | |||
Forfeited (in shares) | ' | -240 | ' | ' | |||
Outstanding at end of period (in shares) | ' | 55,550 | ' | ' | |||
Weighted-average Grant-Date Fair Value, Granted (in dollars per shares) | ' | $69.90 | ' | ' | |||
Weighted-average Grant-Date Fair Value, forfeited (in dollars per share) | ' | $67.07 | ' | ' | |||
Weighted-average Grant-Date Fair Value, Outstanding at end of period (in dollars per share) | ' | $69.92 | ' | ' | |||
Performance Awards, Cash Settled [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Outstanding at beginning of period (in shares) | ' | 569,623 | ' | ' | |||
Granted (in shares) | ' | 152,170 | ' | ' | |||
Vested and paid (in shares) | ' | -305,853 | ' | ' | |||
Forfeited (in shares) | ' | -3,650 | ' | ' | |||
Outstanding at end of period (in shares) | ' | 412,290 | ' | ' | |||
Weighted average recognition period for the unrecognized compensation cost | ' | '1 year 9 months 18 days | ' | ' | |||
Calculated fair market value as of period end | ' | 28.6 | ' | ' | |||
Current liability | ' | 8.7 | ' | ' | |||
Long-term liability | ' | 5.9 | ' | ' | |||
Liability for year end | ' | 14.6 | ' | ' | |||
To be recognized in future periods | ' | 14 | ' | ' | |||
Accrued dividends settled [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Fair value of units vested during the period | ' | 2.4 | 2 | 0 | |||
Partnership Long-term Incentive Plan [Member] | Performance Awards, Equity Settled [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Total units authorized (in shares) | ' | 1,680,000 | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Vesting period of awards (in years) | ' | '3 years | ' | ' | |||
To be recognized in future periods | ' | 16.3 | ' | ' | |||
Weighted average recognition period for the unrecognized compensation cost | ' | '2 years | ' | ' | |||
Compensation expense | ' | 5.5 | 3.1 | 1 | |||
Partnership Long-term Incentive Plan [Member] | Director Grants [Member] | Subsequent Event [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Granted (in shares) | 8,740 | ' | ' | ' | |||
Units granted to non-management directors, per director (in units) | 1,748 | ' | ' | ' | |||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Total units authorized (in shares) | ' | 5,000,000 | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Outstanding at beginning of period (in shares) | ' | 711,030 | 1,434,220 | 1,350,000 | [1] | ||
Granted (in shares) | 22,017 | 30,623 | [2] | 91,090 | [2] | 84,220 | [2] |
Vested and paid (in shares) | ' | -534,940 | [3] | -805,350 | [3] | ' | |
Forfeited (in shares) | ' | -2,740 | -8,930 | ' | |||
Outstanding at end of period (in shares) | ' | 203,973 | 711,030 | 1,434,220 | |||
Weighted-average Grant-Date Fair Value, Outstanding at beginning period (in dollars per share) | ' | $25.95 | $22.67 | $22 | [1] | ||
Weighted-average Grant-Date Fair Value, Granted (in dollars per shares) | ' | $57.59 | [2] | $42.50 | [2] | $33.39 | [2] |
Weighted-average Grant-Date Fair Value, Vested and paid (in dollars per share) | ' | $22 | [3] | $22 | [3] | ' | |
Weighted-average Grant-Date Fair Value, forfeited (in dollars per share) | ' | $27.28 | $23.99 | ' | |||
Weighted-average Grant-Date Fair Value, Outstanding at end of period (in dollars per share) | ' | $41.05 | $25.95 | $22.67 | |||
Vesting percentage of IPO stock awards over 24 months (in hundredths) | ' | 60.00% | ' | ' | |||
Vesting percentage of IPO stock awards over 36 months (in hundredths) | ' | 40.00% | ' | ' | |||
Stock repurchased from employees (in shares) | ' | 169,159 | 197,731 | ' | |||
Stock repurchase price (in dollars per share) | ' | $79.01 | $47.88 | ' | |||
Vesting period of awards (in years) | '3 years | ' | ' | ' | |||
To be recognized in future periods | ' | 3.3 | ' | ' | |||
Weighted average recognition period for the unrecognized compensation cost | ' | '1 year 7 months 6 days | ' | ' | |||
Compensation expense | ' | 6.3 | 13.7 | 13.4 | |||
Fair value of units vested during the period | ' | 42.2 | [4] | 40.3 | [4] | 0 | [4] |
Recognized tax benefits | ' | 1.6 | 1.3 | ' | |||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
To be recognized in future periods | ' | 3.6 | ' | ' | |||
Weighted average recognition period for the unrecognized compensation cost | ' | '2 years 9 months 18 days | ' | ' | |||
Compensation expense | ' | 0.4 | 0 | 0 | |||
2010 TRC Stock Incentive Plan [Member] | Director Grants [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Granted (in shares) | 5,165 | ' | ' | ' | |||
Compensation expense | ' | 0.5 | 0.4 | 0.8 | |||
TRC Long-term Incentive Plan [Member] | Performance Awards, Equity Settled [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Outstanding at beginning of period (in shares) | ' | 307,620 | 135,870 | 0 | |||
Granted (in shares) | ' | 244,578 | 171,750 | 135,870 | |||
Outstanding at end of period (in shares) | ' | 552,198 | 307,620 | 135,870 | |||
Weighted-average Grant-Date Fair Value, Outstanding at beginning period (in dollars per share) | ' | $38.40 | $33.94 | $0 | |||
Weighted-average Grant-Date Fair Value, Granted (in dollars per shares) | ' | $46.54 | $41.94 | $33.94 | |||
Weighted-average Grant-Date Fair Value, Outstanding at end of period (in dollars per share) | ' | $42.01 | $38.40 | $33.94 | |||
TRC Long-term Incentive Plan [Member] | Performance Awards, Cash Settled [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Compensation expense | ' | 21.9 | 14.2 | 13.3 | |||
Fair value of units vested during the period | ' | 25.2 | 22.2 | 5.5 | |||
Director Grants and Incentive Plan [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Outstanding at beginning of period (in shares) | ' | 4,500 | 19,831 | 39,074 | |||
Granted (in shares) | ' | 12,780 | 9,980 | 10,600 | |||
Vested and paid (in shares) | ' | -17,280 | -25,311 | -29,843 | |||
Outstanding at end of period (in shares) | ' | 0 | 4,500 | 19,831 | |||
Weighted-average Grant-Date Fair Value, Outstanding at beginning period (in dollars per share) | ' | $23.51 | $16.31 | $16.12 | |||
Weighted-average Grant-Date Fair Value, Granted (in dollars per shares) | ' | $39.33 | $38.72 | $33.53 | |||
Weighted-average Grant-Date Fair Value, Vested and paid (in dollars per share) | ' | $35.21 | $23.86 | $22.18 | |||
Weighted-average Grant-Date Fair Value, Outstanding at end of period (in dollars per share) | ' | $0 | $23.51 | $16.31 | |||
Compensation expense | ' | 0.5 | 0.5 | 0.5 | |||
Fair value of units vested during the period | ' | 0.7 | 1 | 1 | |||
Plan 2010 [Member] | Performance Awards, Cash Settled [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Outstanding at beginning of period (in shares) | ' | 306,253 | ' | ' | |||
Granted (in shares) | ' | 0 | ' | ' | |||
Vested and paid (in shares) | ' | -305,853 | ' | ' | |||
Forfeited (in shares) | ' | -400 | ' | ' | |||
Outstanding at end of period (in shares) | ' | 0 | ' | ' | |||
Plan 2011 [Member] | Performance Awards, Cash Settled [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Outstanding at beginning of period (in shares) | ' | 122,550 | ' | ' | |||
Granted (in shares) | ' | 3,000 | ' | ' | |||
Vested and paid (in shares) | ' | 0 | ' | ' | |||
Forfeited (in shares) | ' | -680 | ' | ' | |||
Outstanding at end of period (in shares) | ' | 124,870 | ' | ' | |||
Calculated fair market value as of period end | ' | 10.6 | ' | ' | |||
Current liability | ' | 8.7 | ' | ' | |||
Long-term liability | ' | 0 | ' | ' | |||
Liability for year end | ' | 8.7 | ' | ' | |||
To be recognized in future periods | ' | 1.9 | ' | ' | |||
Vesting date | ' | 'June, 2014 | ' | ' | |||
Plan 2012 [Member] | Performance Awards, Cash Settled [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Outstanding at beginning of period (in shares) | ' | 140,820 | ' | ' | |||
Granted (in shares) | ' | 3,200 | ' | ' | |||
Vested and paid (in shares) | ' | 0 | ' | ' | |||
Forfeited (in shares) | ' | -1,560 | ' | ' | |||
Outstanding at end of period (in shares) | ' | 142,460 | ' | ' | |||
Calculated fair market value as of period end | ' | 10.4 | ' | ' | |||
Current liability | ' | 0 | ' | ' | |||
Long-term liability | ' | 4.9 | ' | ' | |||
Liability for year end | ' | 4.9 | ' | ' | |||
To be recognized in future periods | ' | 5.5 | ' | ' | |||
Vesting date | ' | 'June, 2015 | ' | ' | |||
Plan 2013 [Member] | Performance Awards, Cash Settled [Member] | ' | ' | ' | ' | |||
Share based compensation arrangement, equity instruments [Roll Forward] | ' | ' | ' | ' | |||
Outstanding at beginning of period (in shares) | ' | 0 | ' | ' | |||
Granted (in shares) | ' | 145,970 | ' | ' | |||
Vested and paid (in shares) | ' | 0 | ' | ' | |||
Forfeited (in shares) | ' | -1,010 | ' | ' | |||
Outstanding at end of period (in shares) | ' | 144,960 | ' | ' | |||
Calculated fair market value as of period end | ' | 7.6 | ' | ' | |||
Current liability | ' | 0 | ' | ' | |||
Long-term liability | ' | 1 | ' | ' | |||
Liability for year end | ' | 1 | ' | ' | |||
To be recognized in future periods | ' | $6.60 | ' | ' | |||
Vesting date | ' | 'June, 2016 | ' | ' | |||
[1] | These awards were issued in conjunction with the Targa IPO and vest over a three year period at 60% in 2012 and the remaining 40% in 2013. | ||||||
[2] | These awards will cliff vest at the end of three years. | ||||||
[3] | Awards vested in 2013 and 2012 were 40% and 60% of the awards issued in conjunction with the Targa IPO, net of forfeitures. Targa repurchased 169,159 and 197,731 shares from employees at $79.01 and $47.88 per share in 2013 and 2012 to satisfy the employeesb minimum statutory tax withholdings on the vested awards. The repurchased shares are recorded in treasury stock at cost. | ||||||
[4] | We recognized $1.6 million and $1.3 million tax benefits associated with the vesting of 40% and 60% of the restricted stock related to our IPO in 2013 and 2012. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||||||||||
Division | |||||||||||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of divisions | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of reportable segments per division | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | $5,974.90 | $5,531.10 | $6,730.50 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 579.2 | 354.6 | 261 |
Revenues | 2,159.80 | 1,556.80 | 1,441.60 | 1,397.80 | 1,527.30 | 1,393.50 | 1,319.10 | 1,645.80 | 6,556 | 5,885.70 | 6,994.50 |
Operating Margin | ' | ' | ' | ' | ' | ' | ' | ' | 801.2 | 693.6 | 668.4 |
Assets | 6,048.60 | ' | ' | ' | 5,105 | ' | ' | ' | 6,048.60 | 5,105 | 3,831 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,034.50 | 617 | 335.7 |
Business acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 996.2 | 156.5 |
Depreciation and amortization expenses | ' | ' | ' | ' | ' | ' | ' | ' | -271.9 | -197.6 | -181 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -151.5 | -139.8 | -136.1 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -134.1 | -120.8 | -111.7 |
Income tax expense total | ' | ' | ' | ' | ' | ' | ' | ' | -48.2 | -36.9 | -26.6 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 5.8 | -39.2 | 2.4 |
Net income | 95.6 | 49.4 | 22.5 | 33.8 | 27.6 | 19 | 43.5 | 69.2 | 201.3 | 159.3 | 215.4 |
Business interruption insurance | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | 0 | 3 |
Field Gathering and Processing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,525 | 1,364.20 | 1,641.90 |
Operating Margin | ' | ' | ' | ' | ' | ' | ' | ' | 270.5 | 231.2 | 287.9 |
Assets | 3,200.70 | ' | ' | ' | 2,797.90 | ' | ' | ' | 3,200.70 | 2,797.90 | 1,666.20 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 557.8 | 222.1 | 167.5 |
Business acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 970.4 | 0 |
Coastal Gathering and Processing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 981.8 | 965.4 | 1,298.80 |
Operating Margin | ' | ' | ' | ' | ' | ' | ' | ' | 85.4 | 115.1 | 174.3 |
Assets | 383.8 | ' | ' | ' | 414.1 | ' | ' | ' | 383.8 | 414.1 | 427.5 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 20.6 | 9.4 | 12.8 |
Business acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.8 | 0 |
Logistics Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 536.9 | 463.4 | 263.5 |
Operating Margin | ' | ' | ' | ' | ' | ' | ' | ' | 282.3 | 188.3 | 123.1 |
Assets | 1,503.60 | ' | ' | ' | 1,100.90 | ' | ' | ' | 1,503.60 | 1,100.90 | 775.4 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 444.7 | 359 | 147.4 |
Business acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 156.5 |
Marketing and Distribution [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,045.40 | 5,608.10 | 6,966.80 |
Operating Margin | ' | ' | ' | ' | ' | ' | ' | ' | 141.9 | 116 | 113.4 |
Assets | 756.1 | ' | ' | ' | 548.6 | ' | ' | ' | 756.1 | 548.6 | 650.5 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | 12.3 | 3.5 |
Business acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Corporate and Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -2,554.30 | -2,558.60 | -3,146.30 |
Operating Margin | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Assets | 122.1 | ' | ' | ' | 129.8 | ' | ' | ' | 122.1 | 129.8 | 86.5 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 5.1 | 13.9 | 2.3 |
Business acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
TRC Non- Partnership [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | 2.1 | 7.4 |
Operating Margin | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | 1.9 | 7.3 |
Assets | 77.2 | ' | ' | ' | 79.3 | ' | ' | ' | 77.2 | 79.3 | 173 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.3 | 2.2 |
Business acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Other Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 37.6 | 34.8 | 30.8 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 21.4 | 41.1 | -37.6 |
Operating Margin | ' | ' | ' | ' | ' | ' | ' | ' | 21.4 | 41.1 | -37.6 |
Assets | 5.1 | ' | ' | ' | 34.4 | ' | ' | ' | 5.1 | 34.4 | 51.9 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Business acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Natural gas sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 1,224.70 | 926.9 | 1,120.70 |
NGL sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 4,470.90 | 4,265.70 | 5,496.90 |
Condensate sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 121.8 | 114.1 | 103 |
Petroleum Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 136 | 180.1 | 43.1 |
Derivative activities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 21.5 | 44.3 | -33.2 |
Fractionating and treating fees [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 152 | 115.6 | 86.7 |
Storage And Terminaling Fees [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 275.5 | 159.2 | 110.4 |
Gathering and Processing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 114.1 | 45 | 33.1 |
Total Outside Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 5,974.90 | 5,531.10 | 6,730.50 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 579.2 | 354.6 | 261 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,556 | 5,885.70 | 6,994.50 |
Business interruption insurance | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | ' | 3 |
Total Outside Revenues [Member] | Field Gathering and Processing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 188.8 | 172.7 | 184.9 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 112.8 | 39.5 | 27.5 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 302.7 | 212.2 | 212.4 |
Business interruption insurance | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | 0 |
Total Outside Revenues [Member] | Coastal Gathering and Processing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 305 | 240.6 | 325.7 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 33.4 | 23.6 | 19.8 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 338.6 | 264.2 | 345.5 |
Business interruption insurance | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | 0 |
Total Outside Revenues [Member] | Logistics Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 140.5 | 184.4 | 43.2 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 216 | 170.7 | 130 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 356.5 | 355.1 | 173.2 |
Business interruption insurance | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Total Outside Revenues [Member] | Marketing and Distribution [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 5,319.30 | 4,890.20 | 6,209.90 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 217.1 | 120.9 | 83.8 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,537 | 5,011.10 | 6,293.70 |
Business interruption insurance | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | 0 |
Total Outside Revenues [Member] | Corporate and Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0 | 0 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -0.1 | -0.1 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -0.1 | -0.1 |
Business interruption insurance | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Total Outside Revenues [Member] | TRC Non- Partnership [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | 2.1 | 4.4 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | 2.1 | 7.4 |
Business interruption insurance | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 3 |
Total Outside Revenues [Member] | Other Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 21.4 | 41.1 | -37.6 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 21.4 | 41.1 | -37.6 |
Business interruption insurance | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Total Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Intersegment Revenues [Member] | Field Gathering and Processing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 1,218.90 | 1,150.70 | 1,428.40 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 3.4 | 1.3 | 1.1 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,222.30 | 1,152 | 1,429.50 |
Total Intersegment Revenues [Member] | Coastal Gathering and Processing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 642.2 | 701.1 | 952.9 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0.1 | 0.4 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 643.2 | 701.2 | 953.3 |
Total Intersegment Revenues [Member] | Logistics Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 3.9 | 1.8 | 1 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 176.5 | 106.5 | 89.3 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 180.4 | 108.3 | 90.3 |
Total Intersegment Revenues [Member] | Marketing and Distribution [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 478.6 | 565 | 636.5 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 29.8 | 32 | 36.6 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 508.4 | 597 | 673.1 |
Total Intersegment Revenues [Member] | Corporate and Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | -2,343.60 | -2,418.60 | -3,018.80 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | -210.7 | -139.9 | -127.4 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -2,554.30 | -2,558.50 | -3,146.20 |
Total Intersegment Revenues [Member] | TRC Non- Partnership [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Intersegment Revenues [Member] | Other Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of commodities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Fees from midstream services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Data (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $2,159.80 | $1,556.80 | $1,441.60 | $1,397.80 | $1,527.30 | $1,393.50 | $1,319.10 | $1,645.80 | $6,556 | $5,885.70 | $6,994.50 |
Gross margin | 355 | 297 | 265.2 | 260.3 | 260.1 | 240.5 | 244.5 | 261.6 | 1,177.50 | 1,006.70 | ' |
Operating income | 144.9 | 88.5 | 60.9 | 73.9 | 86.4 | 59 | 83.2 | 107.7 | 368.2 | 336.3 | 351.1 |
Net income | 95.6 | 49.4 | 22.5 | 33.8 | 27.6 | 19 | 43.5 | 69.2 | 201.3 | 159.3 | 215.4 |
Net income attributable to Targa / common shareholders | $20.40 | $16.30 | $15 | $13.40 | $11.20 | $8.70 | $8.60 | $9.60 | $65.10 | $38.10 | $30.70 |
Net income per common share - basic (in dollars per share) | $0.49 | $0.39 | $0.36 | $0.32 | $0.27 | $0.21 | $0.21 | $0.23 | $1.56 | $0.93 | $0.75 |
Net income per common share - diluted (in dollars per share) | $0.48 | $0.39 | $0.36 | $0.32 | $0.27 | $0.21 | $0.21 | $0.23 | $1.55 | $0.91 | $0.74 |
Condensed_Parent_Only_Financia2
Condensed Parent Only Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
ASSETS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Deferred income taxes | ($3.50) | ' | ' | ' | ($3.50) | ' | ' | ' | ' | ' | ' | ' | ($3.50) | ($3.50) | ' | ||||
Total assets | 6,048.60 | ' | ' | ' | 5,105 | ' | ' | ' | 3,831 | ' | ' | ' | 6,048.60 | 5,105 | 3,831 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-term debt | 2,989.30 | [1] | ' | ' | ' | 2,475.30 | [1] | ' | ' | ' | ' | ' | ' | ' | 2,989.30 | [1] | 2,475.30 | [1] | ' |
Other long-term liabilities | 60.7 | ' | ' | ' | 53.7 | ' | ' | ' | ' | ' | ' | ' | 60.7 | 53.7 | ' | ||||
Commitments and contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Targa Resources Corp. stockholders' equity | 148.8 | ' | ' | ' | 144.1 | ' | ' | ' | ' | ' | ' | ' | 148.8 | 144.1 | ' | ||||
Total liabilities and owners' equity | 6,048.60 | ' | ' | ' | 5,105 | ' | ' | ' | ' | ' | ' | ' | 6,048.60 | 5,105 | ' | ||||
CONDENSED STATEMENT OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Equity in net income (loss) of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.8 | 1.9 | 8.8 | ||||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151.5 | 139.8 | 136.1 | ||||
Income (loss) from operations | 144.9 | 88.5 | 60.9 | 73.9 | 86.4 | 59 | 83.2 | 107.7 | ' | ' | ' | ' | 368.2 | 336.3 | 351.1 | ||||
Other income (expense) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -134.1 | -120.8 | -111.7 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 249.5 | 196.2 | 242 | ||||
Deferred income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.4 | -9 | -12.3 | ||||
Net income attributable to common shareholders | 20.4 | 16.3 | 15 | 13.4 | 11.2 | 8.7 | 8.6 | 9.6 | ' | ' | ' | ' | 65.1 | 38.1 | 30.7 | ||||
Dividends on common equivalents | -25.6 | -24.1 | -22.5 | -21 | -19.4 | -18 | -16.7 | -15.5 | -14.3 | -13 | -12.3 | -11.6 | ' | ' | ' | ||||
Net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.1 | 38.1 | 30.7 | ||||
Net income (loss) available per common share - basic (in dollars per share) | $0.49 | $0.39 | $0.36 | $0.32 | $0.27 | $0.21 | $0.21 | $0.23 | ' | ' | ' | ' | $1.56 | $0.93 | $0.75 | ||||
Net income (loss) available per common share - diluted (in dollars per share) | $0.48 | $0.39 | $0.36 | $0.32 | $0.27 | $0.21 | $0.21 | $0.23 | ' | ' | ' | ' | $1.55 | $0.91 | $0.74 | ||||
Weighted average shares outstanding - basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41.6 | 41 | 41 | ||||
Weighted average shares outstanding - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.1 | 41.8 | 41.4 | ||||
CONDENSED STATEMENT OF CASH FLOWS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net cash used in operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 382.7 | 428.2 | 379.3 | ||||
Investing activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,026.30 | -1,590.70 | -509.3 | ||||
Financing activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Costs incurred in connection with financing arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15.3 | -36.6 | -18.2 | ||||
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13.3 | -9.5 | 0 | ||||
Dividends to common and common equivalent shareholders | -25.5 | -23.7 | -22.1 | -20.6 | -19 | -17.3 | -16.1 | -15 | -13.8 | -12.6 | -11.9 | -11.2 | -87.8 | -62.2 | -38.2 | ||||
Distribution to owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -274.4 | -211.5 | -196.2 | ||||
Net cash used in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 634 | 1,093 | 87.4 | ||||
Net change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9.6 | -69.5 | -42.6 | ||||
Cash and cash equivalents, beginning of period | ' | ' | ' | 76.3 | ' | ' | ' | 145.8 | ' | ' | ' | 188.4 | 76.3 | 145.8 | 188.4 | ||||
Cash and cash equivalents, end of period | 66.7 | ' | ' | ' | 76.3 | ' | ' | ' | 145.8 | ' | ' | ' | 66.7 | 76.3 | 145.8 | ||||
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
ASSETS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Investment in consolidated subsidiaries | 208.1 | ' | ' | ' | 206.1 | ' | ' | ' | ' | ' | ' | ' | 208.1 | 206.1 | ' | ||||
Deferred income taxes | 24.1 | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | 24.1 | 20 | ' | ||||
Long-term debt issue costs | 1.4 | ' | ' | ' | 1.7 | ' | ' | ' | ' | ' | ' | ' | 1.4 | 1.7 | ' | ||||
Total assets | 233.6 | ' | ' | ' | 227.8 | ' | ' | ' | ' | ' | ' | ' | 233.6 | 227.8 | ' | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accrued current liabilities | 0.6 | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | 0.6 | 1.5 | ' | ||||
Long-term debt | 84 | ' | ' | ' | 82 | ' | ' | ' | ' | ' | ' | ' | 84 | 82 | ' | ||||
Other long-term liabilities | 0.2 | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | 0.2 | 0.2 | ' | ||||
Commitments and contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Targa Resources Corp. stockholders' equity | 148.8 | ' | ' | ' | 144.1 | ' | ' | ' | ' | ' | ' | ' | 148.8 | 144.1 | ' | ||||
Total liabilities and owners' equity | 233.6 | ' | ' | ' | 227.8 | ' | ' | ' | ' | ' | ' | ' | 233.6 | 227.8 | ' | ||||
CONDENSED STATEMENT OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Equity in net income (loss) of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72.6 | 45.4 | 38.9 | ||||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8.4 | -8.2 | -8.5 | ||||
Gain on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64.2 | 37.2 | 30.4 | ||||
Other income (expense) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gain (loss) on early debt extinguishment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.2 | 0 | ||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3.2 | -3.2 | -3.1 | ||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61 | 34.2 | 27.3 | ||||
Deferred income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | 3.9 | 3.4 | ||||
Net income attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.1 | 38.1 | 30.7 | ||||
Dividends on Series B preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Dividends on common equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.1 | 38.1 | 30.7 | ||||
Net income (loss) available per common share - basic (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.56 | $0.93 | $0.75 | ||||
Net income (loss) available per common share - diluted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.55 | $0.91 | $0.74 | ||||
Weighted average shares outstanding - basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41.6 | 41 | 41 | ||||
Weighted average shares outstanding - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.1 | 41.8 | 41.4 | ||||
CONDENSED STATEMENT OF CASH FLOWS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net cash used in operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.1 | 0.8 | 0 | ||||
Investing activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Distribution and return of advances from consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.6 | 78.6 | 38.2 | ||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.6 | 78.6 | 38.2 | ||||
Financing activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-term debt borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65 | 90 | 0 | ||||
Long-term debt repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -63 | -96.8 | 0 | ||||
Costs incurred in connection with financing arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | 0 | ||||
Issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13.3 | -9.5 | 0 | ||||
Dividends to common and common equivalent shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -87.8 | -62.2 | -38.2 | ||||
Dividends to preferred shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Excess tax benefit from stock-based awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | 1.3 | 0 | ||||
Distribution to owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1.2 | 0 | ||||
Net cash used in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -97.5 | -79.4 | -38.2 | ||||
Net change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Cash and cash equivalents, beginning of period | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | ||||
Cash and cash equivalents, end of period | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | $0 | ||||
[1] | While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. |