Targa Resources (TRGP) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Entity Registrant Name	TARGA RESOURCES CORP.
Trading Symbol	TRGP
Entity Central Index Key	0001389170
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		228,654,590
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Tax Identification Number	20-3701075
Entity File Number	001-34991
Entity Address, Address Line One	811 Louisiana St
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	584-1000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 248.5	$ 242.8
Trade receivables, net of allowances of $4.9 and $0.1 million at March 31, 2021 and December 31, 2020		997.1	862.8
Inventories		51.6	181.5
Assets from risk management activities		83.2	85.5
Other current assets		28.4	87.7
Total current assets		1,408.8	1,460.3
Property, plant and equipment, net		12,060.7	12,173.6
Intangible assets, net		1,349.6	1,382.4
Long-term assets from risk management activities		41.3	49.3
Investments in unconsolidated affiliates		695.7	714
Other long-term assets		92.3	96.1
Total assets		15,648.4	15,875.7
Current liabilities:
Accounts payable		947.7	833.8
Accrued liabilities		204	186.4
Distributions payable		93.3	115.4
Interest payable		86.8	132.6
Liabilities from risk management activities		151.2	142.6
Current debt obligations	[1]	282	368.6
Total current liabilities		1,765	1,779.4
Long-term debt		7,090.7	7,387.1
Long-term liabilities from risk management activities		63.6	43.4
Deferred income taxes, net		161.3	152.1
Other long-term liabilities		295.7	309.1
Contingencies (see Note 13)		0	0
Targa Resources Corp. stockholders' equity:
Common stock value		0.2	0.2
Preferred stock ($0.001 par value, after designation of Series A Preferred Stock: 98,800,000 shares authorized, no shares issued and outstanding)		0	0
Additional paid-in capital		4,361.5	4,839.9
Retained earnings (deficit)		(1,747.1)	(1,893.5)
Accumulated other comprehensive income (loss)		(158.4)	(141.8)
Treasury stock, at cost (7,015,840 shares as of March 31, 2021 and 6,731,035 shares as of December 31, 2020)		(159.5)	(150.9)
Total Targa Resources Corp. stockholders' equity		2,296.7	2,653.9
Noncontrolling interests		3,225.7	3,249.3
Total owners' equity		5,522.4	5,903.2
Total liabilities, Series A Preferred Stock and owners' equity		15,648.4	15,875.7
Series A Preferred Stock [Member]
Current liabilities:
Series A Preferred 9.5% Stock, $1,000 per share liquidation preference, (1,200,000 shares authorized, 919,300 shares issued and outstanding), net of discount (see Note 7)		$ 749.7	$ 301.4
[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 (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Trade receivables, allowances	$ 4.9	$ 0.1
Targa Resources Corp. stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	235,670,430	234,792,888
Common stock, shares outstanding (in shares)	228,654,590	228,061,853
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	98,800,000	98,800,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	7,015,840	6,731,035
Series A Preferred Stock [Member]
LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY
Preferred Series A Liquidation Stock Percentage	9.50%	9.50%
Preferred Stock, Liquidation Preference Per Share	$ 1,000	$ 1,000
Preferred Stock, Shares Authorized	1,200,000	1,200,000
Preferred Stock, Shares Issued	919,300	919,300
Preferred Stock, Shares Outstanding	919,300	919,300

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues	$ 3,632.7	$ 2,048.9
Costs and expenses:
Product purchases and fuel	2,836.3	1,202.1
Operating expenses	171.1	180.8
Depreciation and amortization expense	216.2	239.1
General and administrative expense	61.4	60.5
Impairment of long-lived assets		2,442.8
Other operating (income) expense	3.6	1.1
Income (loss) from operations	344.1	(2,077.5)
Other income (expense):
Interest expense, net	(98.4)	(98)
Equity earnings (loss)	11.8	20.6
Gain (loss) from financing activities	(14.7)	39.3
Other, net	0.1
Income (loss) before income taxes	242.9	(2,115.6)
Income tax (expense) benefit	(15)	295.3
Net income (loss)	227.9	(1,820.3)
Less: Net income (loss) attributable to noncontrolling interests	81.5	(82.5)
Net income (loss) attributable to Targa Resources Corp.	146.4	(1,737.8)
Dividends on Series A Preferred Stock	21.8	22.9
Deemed dividends on Series A Preferred Stock		9
Net income (loss) attributable to common shareholders	$ 124.6	$ (1,769.7)
Net income (loss) per common share - basic	$ 0.54	$ (7.60)
Net income (loss) per common share - diluted	$ 0.53	$ (7.60)
Weighted average shares outstanding - basic	228.5	233
Weighted average shares outstanding - diluted	274.7	233
Sales of Commodities [Member]
Revenues:
Total revenues	$ 3,367.7	$ 1,779.7
Fees from Midstream Services [Member]
Revenues:
Total revenues	$ 265	$ 269.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income (loss)	$ 227.9	$ (1,820.3)
Commodity hedging contracts:
Other comprehensive income (loss), pre-tax	(21.8)	99
Other comprehensive income (loss), related income tax	5.2	(23.1)
Other comprehensive income (loss), after tax	(16.6)	75.9
Comprehensive income (loss)	211.3	(1,744.4)
Less: Comprehensive income (loss) attributable to noncontrolling interests	81.5	(82.5)
Comprehensive income (loss) attributable to Targa Resources Corp.	129.8	(1,661.9)
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	(171.5)	158.9
Change in fair value, related income tax	40.2	(39.4)
Change in fair value, after tax	(131.3)	119.5
Settlements reclassified to revenues, pre-tax	149.7	(59.9)
Settlements reclassified to revenues, related income tax	(35)	16.3
Settlements reclassified to revenues, after tax	$ 114.7	$ (43.6)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Shares [Member]	Noncontrolling Interests [Member]	Series A Preferred Stock [Member]	Series A Preferred Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Dec. 31, 2019	$ 8,442.9		$ 0.2	$ 5,221.2		$ (339.6)	$ 92.5	$ (53.5)	$ 3,522.1
Balance (in shares) at Dec. 31, 2019			232,844					1,010
Series A Preferred Stock at Dec. 31, 2019										$ 278.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	17			17
Distribution equivalent rights	(2.3)			(2.3)
Shares issued under compensation program (in shares)			348
Shares and units tendered for tax withholding obligations	(3.1)							$ (3.1)
Shares and units tendered for tax withholding obligations (in shares)			(82)					82
Series A Preferred Stock dividends
Preferred stock dividends	(22.9)					(22.9)
Dividends in excess of retained earnings				(22.9)		22.9
Deemed dividends - accretion of beneficial conversion feature	(9)			(9)						9
Common stock dividends
Common stock dividends	(212.3)					(212.3)
Dividends in excess of retained earnings				(212.3)		212.3
Distributions to noncontrolling interests	(104)								(104)
Contributions from noncontrolling interests	10.6								10.6
Other comprehensive income (loss)	75.9						75.9
Net income (loss)	(1,820.3)					(1,737.8)			(82.5)
Balance at Mar. 31, 2020	6,372.5		$ 0.2	4,991.7		(2,077.4)	168.4	$ (56.6)	3,346.2
Balance (in shares) at Mar. 31, 2020			233,110					1,092
Series A Preferred Stock at Mar. 31, 2020										287.8
Balance at Dec. 31, 2019	8,442.9		$ 0.2	5,221.2		(339.6)	92.5	$ (53.5)	3,522.1
Balance at Dec. 31, 2020	5,903.2	$ (448.3)	$ 0.2	4,839.9	$ (448.3)	(1,893.5)	(141.8)	$ (150.9)	3,249.3		$ 448.3
Balance (in shares) at Dec. 31, 2020			228,062					6,731
Series A Preferred Stock at Dec. 31, 2020										301.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	15			15
Distribution equivalent rights	(0.4)			(0.4)
Shares issued under compensation program (in shares)			878
Shares and units tendered for tax withholding obligations	(8.6)							$ (8.6)
Shares and units tendered for tax withholding obligations (in shares)			(285)					285
Series A Preferred Stock dividends
Preferred stock dividends	(21.8)					(21.8)
Dividends in excess of retained earnings				(21.8)		21.8
Common stock dividends
Common stock dividends	(22.9)					(22.9)
Dividends in excess of retained earnings				(22.9)		22.9
Distributions to noncontrolling interests	(107.1)								(107.1)
Contributions from noncontrolling interests	2								2
Other comprehensive income (loss)	(16.6)						(16.6)
Net income (loss)	227.9					146.4			81.5
Balance at Mar. 31, 2021	5,522.4		$ 0.2	4,361.5		(1,747.1)	(158.4)	$ (159.5)	3,225.7
Balance (in shares) at Mar. 31, 2021			228,655					7,016
Series A Preferred Stock at Mar. 31, 2021										$ 749.7
Balance at Dec. 31, 2020	$ 5,903.2	$ (448.3)	$ 0.2	$ 4,839.9	$ (448.3)	$ (1,893.5)	$ (141.8)	$ (150.9)	$ 3,249.3		$ 448.3

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Preferred stock dividends, per share	$ 23.75	$ 23.75
Common stock dividends, per share	$ 0.10	$ 0.91

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income (loss)	$ 227.9	$ (1,820.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	2.7	2.8
Compensation on equity grants	15	17
Depreciation and amortization expense	216.2	239.1
Impairment of long-lived assets		2,442.8
Accretion of asset retirement obligations	0.9	0.7
Deferred income tax expense (benefit)	14.5	(278.4)
Equity (earnings) loss of unconsolidated affiliates	(11.8)	(20.6)
Distributions of earnings received from unconsolidated affiliates	24.3	21.1
Risk management activities	(1.5)	(115.5)
(Gain) loss on sale or disposition of business and assets		0.6
Write-downs of assets	3.5
(Gain) loss from financing activities	14.7	(39.3)
Changes in operating assets and liabilities, net of business acquisitions:
Receivables and other assets	(41.9)	383
Inventories	139.9	62.3
Accounts payable, accrued liabilities and other liabilities	121.2	(425.2)
Interest payable	(45.8)	(17.5)
Net cash provided by operating activities	679.8	452.6
Cash flows from investing activities
Outlays for property, plant and equipment	(96.2)	(341.7)
Proceeds from sale of business and assets		134.8
Investments in unconsolidated affiliates		(1.4)
Return of capital from unconsolidated affiliates	5.9	2.8
Other, net	0.3	3.6
Net cash used in investing activities	(90)	(201.9)
Debt obligations:
Proceeds from borrowings under credit facilities	65	790
Repayments of credit facilities	(825)	(430)
Proceeds from borrowings under accounts receivable securitization facility	350	130
Repayments of accounts receivable securitization facility	(430)	(231.9)
Proceeds from issuance of senior notes	1,000
Redemption of senior notes	(548.1)	(122.1)
Principal payments of finance leases	(3.1)	(3.1)
Costs incurred in connection with financing arrangements	(9)
Repurchase of shares and units under compensation plans	(8.6)	(3.1)
Contributions from noncontrolling interests	2	10.6
Distributions to noncontrolling interests	(129.3)	(105.1)
Distributions to Partnership unitholders		(2.8)
Dividends paid to common and Series A Preferred shareholders	(48)	(239.1)
Net cash provided by (used in) financing activities	(584.1)	(206.6)
Net change in cash and cash equivalents	5.7	44.1
Cash and cash equivalents, beginning of period	242.8	331.1
Cash and cash equivalents, end of period	$ 248.5	$ 375.2

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2021
Organization [Abstract]
Organization and Operations	Note 1 — Organization and Operations Our Organization Targa Resources Corp. (“TRC”) is a publicly traded Delaware corporation formed in October 2005. Our common stock is listed on the New York Stock Exchange under the symbol “TRGP.” In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations. TRC controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership” or “TRP.” We conduct our operations through our direct and indirect subsidiaries in Targa Resources Partners LP (the “Partnership” or “TRP”). Targa consolidates TRP and its subsidiaries under GAAP. Our consolidated financial statements do not differ materially from the consolidated financial statements of TRP. The most noteworthy differences are: • the inclusion of the TRC revolving credit facility (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); • the inclusion of Series A Preferred Stock (“Series A Preferred”); and • the impacts of TRC’s treatment as a corporation for U.S. federal income tax purposes. Our Operations The Company is primarily engaged in the business of: • gathering, compressing, treating, processing, transporting and purchasing and selling natural gas; • transporting, storing, fractionating, treating and purchasing and selling NGLs and NGL products, including services to LPG exporters; and • gathering, storing, terminaling and purchasing and selling crude oil. See Note 17 – Segment Information for certain financial information regarding our business segments.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Note 2 — Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by GAAP. Therefore, this information should be read in conjunction with our consolidated financial statements and notes contained in our Annual Report. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim periods reported. All intercompany balances and transactions have been eliminated in consolidation. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain amounts in prior periods have been reclassified to conform to the current year presentation. Beginning in 2021, we reclassified certain fuel and power costs previously included in Operating expenses to Product purchases and fuel within our Consolidated Statements of Operations to better reflect the direct relationship of these costs to our revenue-generating activities and align with our evaluation of the performance of the business. For the three months ended March 31, 2021 and 2020, we reclassified $22.9 million and $19.1 million in fuel and power costs, respectively.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Note 3 — Significant Accounting Policies The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report. Other than the updates noted below, there were no significant updates or revisions to our accounting policies during the three months ended March 31, 2021. Recent Accounting Pronouncements Recently adopted accounting pronouncements Convertible Debt and Equity Instruments In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. On a modified retrospective basis, we adopted the amendments early, effective January 1, 2021. The primary effect of the adoption on the Company was attributable to the elimination of the beneficial conversion accounting model, which results in the presentation of the Series A Preferred Stock as a single unit of account, without bifurcation of the beneficial conversion feature and corresponding discount. Therefore, upon adoption, the carrying value of the Series A Preferred Stock was reflected at $749.7 million, which is the allocated amount based on the initial relative fair value allocation of net proceeds of $787.1 million, less the carrying value of the portion repurchased in December 2020. The adoption did not have an impact on retained earnings (deficit), but rather, the adoption impact flowed through additional paid-in capital where the beneficial conversion feature was previously included. In addition, the adoption also eliminates the corresponding discount attributable to the beneficial conversion feature and therefore, accretion of the discount as a deemed dividend is no longer required. The other aspects of the ASU did not have a material effect on our consolidated financial statements.

Property, Plant and Equipment a

Property, Plant and Equipment and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment And Intangible Assets [Abstract]
Property, Plant and Equipment and Intangible Assets	Note 4 — Property, Plant and Equipment and Intangible Assets March 31, 2021 December 31, 2020 Estimated Useful Lives (In Years) Gathering systems $ 9,189.5 $ 9,216.1 5 to 20 Processing and fractionation facilities 6,279.6 6,276.8 5 to 25 Terminaling and storage facilities 1,309.4 1,555.1 5 to 25 Transportation assets 2,593.6 2,567.7 10 to 50 Other property, plant and equipment 331.5 32.4 3 to 50 Land 160.7 160.8 — Construction in progress 322.2 324.3 — Finance lease right-of-use assets 52.2 51.8 — Property, plant and equipment 20,238.7 20,185.0 Accumulated depreciation, amortization and impairment (8,178.0 ) (8,011.4 ) Property, plant and equipment, net $ 12,060.7 $ 12,173.6 Intangible assets $ 2,643.5 $ 2,643.5 10 to 20 Accumulated amortization and impairment (1,293.9 ) (1,261.1 ) Intangible assets, net $ 1,349.6 $ 1,382.4 During the three months ended March 31, 2021 and 2020, depreciation expense was $183.4 million and $200.7 million, respectively. Impairments of Long-Lived Assets We review and evaluate our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the related carrying amount of such assets may not be recoverable, including changes to our estimates that could have an impact on our assessment of asset recoverability. During the first quarter of 2020, global commodity prices declined due to factors that significantly impacted both demand and supply. As the COVID-19 pandemic spread, causing travel and other restrictions to be implemented globally, the demand for commodities declined. Additionally, the supply shock late in the first quarter of 2020 from certain major oil producing nations increasing production also significantly contributed to the sharp drop in commodity prices. The drop in commodity prices resulted in prompt reactions from some domestic producers, including significantly reducing capital budgets and resultant drilling activity and shutting-in production. As a result, we determined that indicators of impairment existed for certain asset groups reported primarily within our Gathering and Processing segment, and recorded non-cash pre-tax impairments of $2,442.8 million primarily associated with the partial impairment of certain gas processing facilities and gathering systems associated with our Central operations and full impairment of our Coastal operations. Our first quarter impairment assessment forecasted continuing decline in natural gas production across the Mid-Continent and Gulf of Mexico regions. The carrying value adjustments are included in Impairment of long-lived assets in our Consolidated Statements of Operations. We determined fair value through the use of discounted estimated cash flows to measure the impairment loss for each asset group for which undiscounted future net cash flows were not sufficient to recover the net book value. The estimated cash flows used to assess recoverability of our long-lived assets and measure fair value of our asset groups are derived from current business plans, which are developed using near-term price and volume projections reflective of the current environment and management's projections for long-term average prices and volumes. In addition to near and long-term price assumptions, other key assumptions include volume projections, operating costs, timing of incurring such costs, and the use of an appropriate terminal value and discount rate. We believe our estimates and models used to determine fair value are similar to what a market participant would use. The fair value measurement of our long-lived assets was based, in part, on significant inputs not observable in the market (as discussed above) and thus represents a Level 3 measurement. The significant unobservable inputs used include discount rates and determination of terminal values. We utilized a weighted average discount rate of 14.0% when deriving the fair value of the asset groups impaired during the first quarter of 2020. The weighted average discount rate and terminal values reflect management’s best estimate of inputs a market participant would utilize. While commodity prices remain volatile and uncertainties associated with the impacts of COVID-19 continue, production from wells that were previously shut-in during the first half of 2020 across our operating areas has largely resumed. There were no indicators of impairment identified during the remainder of 2020 or first quarter of 2021. We may identify additional triggering events in the future, which will require additional evaluations of the recoverability of the carrying value of our long-lived assets and may result in future impairments. Intangible Assets Intangible assets consist of customer contracts and customer relationships acquired in prior business combinations. The fair value of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers. As a result of the triggering events and analysis described above, in the first quarter of 2020, we The estimated annual amortization expense for intangible assets is approximately $120.0 million, $122.7 million, $117.5 million, $113.7 million and $110.6 million for each of the years 2021 through 2025, respectively. The changes in our intangible assets are as follows: Balance at December 31, 2020 $ 1,382.4 Amortization (32.8 ) Balance at March 31, 2021 $ 1,349.6

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt Obligations	Note 5 — Debt Obligations March 31, 2021 December 31, 2020 Current: Obligations of the Partnership: (1) Accounts receivable securitization facility, due April 2021 $ 270.0 $ 350.0 TPL notes, 4¾ November 2021 — 6.5 270.0 356.5 Finance lease liabilities 12.0 12.1 Current debt obligations 282.0 368.6 Long-term: TRC obligations: TRC Senior secured revolving credit facility, variable rate, due June 2023 75.0 555.0 Obligations of the Partnership: (1) Senior secured revolving credit facility, variable rate, due June 2023 — 280.0 Senior unsecured notes: 4¼ November 2023 583.9 583.9 5⅛ February 2025 — 481.0 5⅞ April 2026 963.2 963.2 5⅜ February 2027 468.1 468.1 6½ July 2027 705.2 705.2 5% fixed rate, due January 2028 700.3 700.3 6⅞ January 2029 679.3 679.3 5½ March 2030 949.6 949.6 4⅞ February 2031 1,000.0 1,000.0 4% fixed rate, due January 2032 1,000.0 — TPL notes, 5⅞ August 2023 — 48.1 Unamortized premium — 0.2 7,124.6 7,413.9 Debt issuance costs, net of amortization (50.8 ) (45.5 ) Finance lease liabilities 16.9 18.7 Long-term debt 7,090.7 7,387.1 Total debt obligations $ 7,372.7 $ 7,755.7 Irrevocable standby letters of credit: Letters of credit outstanding under the TRC Senior secured credit facility (4) $ — $ — Letters of credit outstanding under the Partnership senior secured revolving credit facility (5) 101.9 44.4 $ 101.9 $ 44.4 (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 March 31, 2021, the Partnership had $270.0 million of qualifying receivables under its $350.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in $80.0 million availability. (3) “TPL” refers to Targa Pipeline Partners LP. ( 4 ) As of March 31, 2021, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $595.0 million. ( 5 ) As of March 31, 2021, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $2,098.1 (6) On April 1, 2021, the Partnership issued a notice of redemption to redeem all of the outstanding 4¼ The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the three months ended March 31, 2021: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRC Revolver 1.9% - 1.9% 1.9% TRP Revolver 1.9% - 1.9% 1.9% Partnership's Securitization Facility 1.8% - 1.8% 1.8% Compliance with Debt Covenants As of March 31, 2021, we were in compliance with the covenants contained in our various debt agreements. Senior Unsecured Notes Issuance and Redemptions In February 2021, the Partnership issued $1.0 billion aggregate principal amount of 4% Senior Notes due 2032, resulting in net proceeds of approximately $991 million. The 4% Senior Notes due 2032 have substantially similar terms and covenants as our other series of Senior Notes. A portion of the net proceeds from the issuance were used to fund the concurrent cash tender offer (the “February Tender Offer”) and subsequent redemption payment for the Partnership’s 5⅛ 5⅛ As a result of the February Tender Offer and the subsequent redemption of the 5⅛ , we recorded a loss due to debt extinguishment of $14.9 million comprised of $12.5 million of premiums paid and a write-off of $2.4 million of debt issuance costs. Additionally, TPL issued notices of redemption for all of the outstanding TPL 4¾ 5⅞ We or the Partnership may retire or purchase various series of the Partnership’s outstanding debt through cash purchases and/or exchanges for other debt, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material . Contractual Obligations The following table summarizes payment obligations for debt instruments after giving effect to the debt extinguishments detailed above: Payments Due By Period Less Than More Than Total 1 Year 1-3 Years 3-5 Years 5 Years Long-term debt obligations (1) $ 7,124.6 $ — $ 658.9 $ — $ 6,465.7 Interest on debt obligations (2) 2,799.1 386.8 756.5 700.6 955.2 $ 9,923.7 $ 386.8 $ 1,415.4 $ 700.6 $ 7,420.9 (1) Represents scheduled future maturities of consolidated debt obligations for the periods indicated. (2) Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing March 31, 2021 rates for floating debt. Subsequent Event On April 1, 2021, the Partnership issued a notice of redemption to redeem all of the outstanding 4¼

Other Long-term Liabilities

Other Long-term Liabilities	3 Months Ended
	Mar. 31, 2021
Other Liabilities Noncurrent [Abstract]
Other Long-term Liabilities	Note 6 — Other Long-term Liabilities Other long-term liabilities are comprised of deferred revenue, asset retirement obligations and operating lease liabilities. Deferred Revenue We have certain long-term contractual arrangements for which we have received consideration that we are not yet able to recognize as revenue. The resulting deferred revenue will be recognized once all conditions for revenue recognition have been met. Deferred revenue as of March 31, 2021 and December 31, 2020, was $167.6 million and $168.5 million, respectively, which includes $129.0 million of payments received from Vitol Americas Corp. (“Vitol”) (formerly known as Noble Americas Corp.), a subsidiary of Vitol US Holding Co., in 2016, 2017, and 2018 as part of an agreement (the “Splitter Agreement”) related to the construction and operation of a crude oil and condensate splitter. In December 2018, Vitol elected to terminate the Splitter Agreement. The Splitter Agreement provides that the first three annual payments are ours if Vitol elects to terminate, which Vitol disputes. The timing of revenue recognition related to the Splitter Agreement deferred revenue is dependent on the outcome of current litigation with Vitol. Deferred revenue also includes nonmonetary consideration received in a 2015 amendment to a gas gathering and processing agreement and consideration received for other construction activities of facilities connected to our systems. See Part II—Item 1. Legal Proceedings for further details on the related litigation.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Preferred Stock	Note 7 — Preferred Stock Preferred Stock Dividends As of March 31, 2021, we have accrued cumulative preferred dividends of $21.8 million on our Series A Preferred Stock, which will be paid on May 13, 2021. During the three months ended March 31, 2021, we paid $21.8 million of dividends to preferred shareholders.

Common Stock and Related Matter

Common Stock and Related Matters	3 Months Ended
	Mar. 31, 2021
Class Of Stock Disclosures [Abstract]
Common Stock and Related Matters	Note 8 — Common Stock and Related Matters Common Stock Dividends The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2021: Three Months Ended Date Paid or To Be Paid Total Common Dividends Declared Amount of Common Dividends Paid or To Be Paid Accrued Dividends (1) Dividends Declared per Share of Common Stock (In millions, except per share amounts) March 31, 2021 May 14, 2021 $ 23.3 $ 22.9 $ 0.4 $ 0.10000 December 31, 2020 February 16, 2021 23.3 22.9 0.4 0.10000 (1) Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Partnership Units and Related M

Partnership Units and Related Matters	3 Months Ended
	Mar. 31, 2021
Partners Capital [Abstract]
Partnership Units and Related Matters	Note 9 — Partnership Units and Related Matters Distributions We are entitled to receive all Partnership distributions from available cash on the Partnership’s common units each quarter. The following table details the distributions declared and paid by the Partnership for the three months ended March 31, 2021: Three Months Ended Date Paid or To Be Paid Total Distributions Distributions to Targa Resources Corp. March 31, 2021 May 12, 2021 $ 47.0 $ 47.0 December 31, 2020 February 11, 2021 $ 54.3 $ 47.6 Contributions All capital contributions to the Partnership continue to be allocated 98% to the limited partner and 2% to the general partner; however, no units will be issued for those contributions. For the three months ended March 31, 2021, we made a total of $36.0 million in contributions to the Partnership.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per Common Share	Note 10 — Earnings per Common Share The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share: Three Months Ended March 31, 2021 2020 (In millions, except per share amounts) Net income (loss) attributable to Targa Resources Corp. $ 146.4 $ (1,737.8 ) Less: Dividends on Series A Preferred Stock 21.8 22.9 Less: Deemed dividends on Series A Preferred Stock — 9.0 Net income (loss) attributable to common shareholders for basic earnings per share $ 124.6 $ (1,769.7 ) Weighted average shares outstanding - basic 228.5 233.0 Dilutive effect of common stock equivalents (1) 46.2 — Weighted average shares outstanding - diluted 274.7 233.0 Net income (loss) available per common share - basic $ 0.54 $ (7.60 ) Net income (loss) available per common share - diluted $ 0.53 $ (7.60 ) (1) For the three months ended March 31, 2021, the dilutive effects of common stock equivalents were computed using the treasury method for unvested stock awards and the if-converted method for convertible preferred stock.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Note 11 — Derivative Instruments and Hedging Activities The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have entered into derivative instruments to hedge the commodity price risks associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation segment. The hedge positions associated with (i) and (ii) above will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity prices and are primarily designated as cash flow hedges for accounting purposes. The hedges generally match the NGL product composition and the NGL delivery points of our physical equity volumes. Our natural gas hedges are a mixture of specific gas delivery points and Henry Hub. The NGL hedges may be transacted as specific NGL hedges or as baskets of ethane, propane, normal butane, isobutane and natural gasoline based upon our expected equity NGL composition. We believe this approach avoids uncorrelated risks resulting from employing hedges on crude oil or other petroleum products as “proxy” hedges of NGL prices. Our natural gas and NGL hedges are settled using published index prices for delivery at various locations. We hedge a portion of our condensate equity volumes using crude oil hedges that are based on the NYMEX futures contracts for West Texas Intermediate light, sweet crude, which approximates the prices received for condensate. This exposes us to a market differential risk if the NYMEX futures do not move in exact parity with the sales price of our underlying condensate equity volumes. We also enter into derivative instruments to help manage other short-term commodity-related business risks and take advantage of market opportunities. We have not designated these derivatives as hedges and record changes in fair value and cash settlements to revenues as current income. At March 31, 2021, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2021 2022 2023 2024 2025 Natural Gas Swaps MMBtu/d 164,001 100,856 42,176 - - Natural Gas Basis Swaps MMBtu/d 548,864 295,390 250,000 90,000 5,000 NGL Swaps Bbl/d 29,345 23,468 7,978 - - NGL Futures Bbl/d 7,040 - - - - Condensate Swaps Bbl/d 5,303 3,585 1,849 - - Our derivative contracts are subject to netting arrangements that permit our contracting subsidiaries to net cash settle offsetting asset and liability positions with the same counterparty within the same Targa entity. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements. The following schedules reflect the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: Fair Value as of March 31, 2021 Fair Value as of December 31, 2020 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 14.9 $ 149.2 $ 24.2 $ 140.2 Long-term 1.6 63.5 5.1 43.4 Total derivatives designated as hedging instruments $ 16.5 $ 212.7 $ 29.3 $ 183.6 Derivatives not designated as hedging instruments Commodity contracts Current $ 68.3 $ 2.0 $ 61.3 $ 2.4 Long-term 39.7 0.1 44.2 - Total derivatives not designated as hedging instruments $ 108.0 $ 2.1 $ 105.5 $ 2.4 Total current position $ 83.2 $ 151.2 $ 85.5 $ 142.6 Total long-term position 41.3 63.6 49.3 43.4 Total derivatives $ 124.5 $ 214.8 $ 134.8 $ 186.0 The pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis is as follows: Gross Presentation Pro Forma Net Presentation March 31, 2021 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 73.7 $ (123.0 ) $ (7.3 ) $ 14.3 $ (70.9 ) Counterparties without offsetting positions - assets 9.5 - - 9.5 - Counterparties without offsetting positions - liabilities - (28.2 ) - - (28.2 ) 83.2 (151.2 ) (7.3 ) 23.8 (99.1 ) Long Term Position Counterparties with offsetting positions or collateral 31.1 (52.4 ) - 8.8 (30.1 ) Counterparties without offsetting positions - assets 10.2 - - 10.2 - Counterparties without offsetting positions - liabilities - (11.2 ) - - (11.2 ) 41.3 (63.6 ) - 19.0 (41.3 ) Total Derivatives Counterparties with offsetting positions or collateral 104.8 (175.4 ) (7.3 ) 23.1 (101.0 ) Counterparties without offsetting positions - assets 19.7 - - 19.7 - Counterparties without offsetting positions - liabilities - (39.4 ) - - (39.4 ) $ 124.5 $ (214.8 ) $ (7.3 ) $ 42.8 $ (140.4 ) Gross Presentation Pro Forma Net Presentation December 31, 2020 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 81.1 $ (142.0 ) $ 29.8 $ 15.7 $ (46.8 ) Counterparties without offsetting positions - assets 4.4 - - 4.4 - Counterparties without offsetting positions - liabilities - (0.6 ) - - (0.6 ) 85.5 (142.6 ) 29.8 20.1 (47.4 ) Long Term Position Counterparties with offsetting positions or collateral 37.8 (42.5 ) - 14.6 (19.3 ) Counterparties without offsetting positions - assets 11.5 - - 11.5 - Counterparties without offsetting positions - liabilities - (0.9 ) - - (0.9 ) 49.3 (43.4 ) - 26.1 (20.2 ) Total Derivatives Counterparties with offsetting positions or collateral 118.9 (184.5 ) 29.8 30.3 (66.1 ) Counterparties without offsetting positions - assets 15.9 - - 15.9 - Counterparties without offsetting positions - liabilities - (1.5 ) - - (1.5 ) $ 134.8 $ (186.0 ) $ 29.8 $ 46.2 $ (67.6 ) Our payment obligations in connection with a majority of these hedging transactions are secured by a first priority lien in the collateral securing the TRP Revolver that ranks equal in right of payment with liens granted in favor of the Partnership’s senior secured lenders. Some of our hedges are futures contracts executed through brokers that clear the hedges through an exchange. We maintain a margin deposit with the brokers in an amount sufficient enough to cover the fair value of our open futures positions. The margin deposit is considered collateral, which is located within Other current assets on our Consolidated Balance Sheets and is not offset against the fair value of our derivative instruments. The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net liability of ($90.3) million as of March 31, 2021. The estimated fair value is net of an adjustment for credit risk based on the default probabilities as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. Our futures contracts that are cleared through an exchange are margined daily and do not require any credit adjustment. The following tables reflect amounts recorded in Other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Derivatives in Cash Flow Three Months Ended March 31, Hedging Relationships 2021 2020 Commodity contracts $ (171.5 ) $ 158.9 Gain (Loss) Reclassified from OCI into Income (Effective Portion) Three Months Ended March 31, Location of Gain (Loss) 2021 2020 Revenues $ (149.7 ) $ 59.9 Based on valuations as of March 31, 2021, we expect to reclassify commodity hedge-related deferred losses of ($196.2) million included in accumulated other comprehensive income into earnings before income taxes through the end of 2023, with ($133.5) million of losses to be reclassified over the next twelve months. Our consolidated earnings are also affected by the use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on the balance sheet and through earnings rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three months ended March 31, 2021, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward basis prices, as compared to our hedged positions. Location of Gain Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended March 31, as Hedging Instruments Derivatives 2021 2020 Commodity contracts Revenue $ 15.0 $ 100.0 See Note 12 – Fair Value Measurements and Note 17 – Segment Information for additional disclosures related to derivative instruments and hedging activities.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 12 — Fair Value Measurements Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments are reported at fair value on our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost on our Consolidated Balance Sheets. The following are additional qualitative and quantitative disclosures regarding fair value measurements of financial instruments. Fair Value of Derivative Financial Instruments Our derivative instruments consist of financially settled commodity swaps, futures, option contracts and fixed-price forward commodity contracts with certain counterparties. We determine the fair value of our derivative contracts using present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. We have consistently applied these valuation techniques in all periods presented and we believe we have obtained the most accurate information available for the types of derivative contracts we hold. The fair values of our derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. The financial position of these derivatives at March 31, 2021, a net liability position of ($90.3) million, reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive or pay in the future on our derivative contracts. If forward pricing on natural gas, NGLs and crude oil were to increase by 10%, the result would be a fair value reflecting a net liability of ($182.8) million. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net asset of $2.2 million. Fair Value of Other Financial Instruments Due to their cash or near-cash nature, the carrying value of other financial instruments included in working capital (i.e., cash and cash equivalents, accounts receivable, accounts payable) approximates their fair value. Long-term debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. • The TRC Revolver, TRP Revolver, and the Partnership’s S ecuritization F acility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market rates; and • The Partnership’s senior unsecured notes are based on quoted market prices derived from trades of the debt. Fair Value Hierarchy We categorize the inputs to the fair value measurements of financial assets and liabilities at each balance sheet reporting date using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value: • Level 1 – observable inputs such as quoted prices in active markets; • Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and • Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions. The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included on our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: March 31, 2021 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: Assets from commodity derivative contracts $ 124.5 $ 124.5 $ — $ 124.5 $ — Liabilities from commodity derivative contracts 214.8 214.8 — 214.8 — Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 248.5 248.5 — — — TRC Revolver 75.0 75.0 — 75.0 — TRP Revolver — — — — — Partnership's Senior unsecured notes 7,049.6 7,288.5 — 7,288.5 — Partnership's Securitization Facility 270.0 270.0 — 270.0 — December 31, 2020 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: Assets from commodity derivative contracts $ 134.8 $ 134.8 $ — $ 134.8 $ — Liabilities from commodity derivative contracts 186.0 186.0 — 185.8 0.2 Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 242.8 242.8 — — — TRC Revolver 555.0 555.0 — 555.0 — TRP Revolver 280.0 280.0 — 280.0 — Partnership's Senior unsecured notes 6,585.4 7,036.8 — 7,036.8 — Partnership's Securitization Facility 350.0 350.0 — 350.0 — Additional Information Regarding Level 3 Fair Value Measurements Included on Our Consolidated Balance Sheets We reported certain of our swaps and option contracts at fair value using Level 3 inputs due to such derivatives not having observable market prices or implied volatilities for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations whose contract length extends into unobservable periods. The fair value of these swaps is determined using a discounted cash flow valuation technique based on a forward commodity basis curve. For these derivatives, the primary input to the valuation model is the forward commodity basis curve, which is based on observable or public data sources and extrapolated when observable prices are not available. The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives were (i) the forward natural gas liquids pricing curves, for which a significant portion of the derivative’s term is beyond available forward pricing and (ii) implied volatilities, which are unobservable as a result of inactive natural gas liquids options trading. 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 was immaterial. As of March 31, 2021, we had no derivative contracts categorized 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 Asset/(Liability) Balance, December 31, 2020 $ (0.2 ) Transfers out of Level 3 (1) 0.2 Balance, March 31, 2021 $ — (1) Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Nonfinancial assets and liabilities, such as long-lived assets, are measured at fair value on a nonrecurring basis upon impairment. In the first quarter of 2020, we recorded non-cash pre-tax impairments of $2,442.8 million. The impairment charge is primarily associated with the partial impairment of certain gas processing facilities and gathering systems associated with our Central operations and full impairment of our Coastal operations. For disclosures related to valuation techniques, see Note 4 – Property, Plant and Equipment and Intangible Assets. The techniques described above may produce a fair value calculation that may not be indicative or reflective of future fair values. Furthermore, while we believe our valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial and nonfinancial assets and liabilities could result in a different fair value measurement at the reporting date.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2021
Loss Contingency [Abstract]
Contingencies	Note 13 — Contingencies Legal Proceedings We and the Partnership are parties to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business. We and the Partnership are also parties to various proceedings with governmental environmental agencies, including but not limited to the U.S. Environmental Protection Agency, Texas Commission on Environmental Quality, Oklahoma Department of Environmental Quality, New Mexico Environment Department, Louisiana Department of Environmental Quality and North Dakota Department of Environmental Quality, which assert monetary sanctions for alleged violations of environmental regulations, including air emissions, discharges into the environment and reporting deficiencies, related to events that have arisen at certain of our facilities in the ordinary course of our business. See Part II—Item 1. Legal Proceedings for further details on contingencies related to litigation matters.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue	Note 14 — Revenue Fixed consideration allocated to remaining performance obligations The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period, and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 18 years. 2021 2022 2023 and after Fixed consideration to be recognized as of March 31, 2021 $ 389.8 $ 457.1 $ 2,634.8 Based on the optional exemptions that we elected to apply, the amounts presented in the table above exclude remaining performance obligations for (i) variable consideration for which the allocation exception is met and (ii) contracts with an original expected duration of one year or less. For disclosures related to disaggregated revenue, see Note 17 – Segment Information.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 15 — Income Taxes The Company records income taxes using an estimated annual effective tax rate (“ETR”) and recognizes specific events discretely as they occur. We regularly evaluate the realizable tax benefits of deferred tax assets and record a valuation allowance, if required, based on an estimate of the amount of deferred tax assets that we believe does not meet the more-likely-than-not criteria of being realized. We decreased our existing valuation allowance by $22.8 million from December 31, 2020. The Company recognized the decrease to the valuation allowance as an ordinary item in its estimated annual ETR. After the change in valuation allowance, we have a net deferred tax liability of $161.3 million. We will continue to evaluate the sufficiency of the valuation allowance based on current and expected earnings and other factors and adjust accordingly.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 16 — Supplemental Cash Flow Information Three Months Ended March 31, 2021 2020 Cash: Interest paid, net of capitalized interest (1) $ 141.1 $ 113.3 Income taxes received (paid), net 0.8 (0.3 ) Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment, net $ (12.9 ) $ (39.6 ) Transfers from materials and supplies inventory to property, plant and equipment 0.1 1.7 Non-cash financing activities: Changes in accrued distributions to noncontrolling interests $ (22.2 ) $ (3.9 ) (1) Interest capitalized on major projects was $0.7 million and $12.3 million for the three months ended March 31, 2021 and 2020.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	Note 17 — Segment Information We operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Transportation (also referred to as the Downstream Business). Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided. Our Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment's assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico. Our Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of our other businesses. The Logistics and Transportation segment also includes Grand Prix NGL Pipeline (“Grand Prix”), which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our downstream facilities in Mont Belvieu, Texas, as well as our equity interest in Gulf Coast Express Pipeline LLC (“GCX”), a natural gas pipeline connecting the Waha hub in West Texas and other receipt points, including many of our Midland Basin processing facilities, to Agua Dulce in South Texas and other delivery points. The associated assets, including these pipelines, are generally connected to and supplied in part by our Gathering and Processing segment and, except for the pipelines and smaller terminals, are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana. Other contains the mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. Elimination of inter-segment transactions are reflected in the corporate and eliminations column. Reportable segment information is shown in the following tables: Three Months Ended March 31, 2021 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 142.7 $ 3,223.5 $ 1.5 $ — $ 3,367.7 Fees from midstream services 119.4 145.6 — — 265.0 262.1 3,369.1 1.5 — 3,632.7 Intersegment revenues Sales of commodities 969.7 82.5 — (1,052.2 ) — Fees from midstream services 1.6 8.2 — (9.8 ) — 971.3 90.7 — (1,062.0 ) — Revenues $ 1,233.4 $ 3,459.8 $ 1.5 $ (1,062.0 ) $ 3,632.7 Operating margin $ 275.1 $ 348.7 $ 1.5 $ — $ 625.3 Other financial information: Total assets (1) $ 8,635.2 $ 6,743.9 $ 90.8 $ 178.5 $ 15,648.4 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 69.5 $ 10.4 $ — $ 3.5 $ 83.4 (1) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Three Months Ended March 31, 2020 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 243.8 $ 1,419.6 $ 116.3 $ — $ 1,779.7 Fees from midstream services 118.2 151.0 — — 269.2 362.0 1,570.6 116.3 — 2,048.9 Intersegment revenues Sales of commodities 443.2 56.5 — (499.7 ) — Fees from midstream services 1.7 8.2 — (9.9 ) — 444.9 64.7 — (509.6 ) — Revenues $ 806.9 $ 1,635.3 $ 116.3 $ (509.6 ) $ 2,048.9 Operating margin $ 255.7 $ 294.0 $ 116.3 $ — $ 666.0 Other financial information: Total assets (1) $ 9,403.7 $ 6,347.7 $ 16.3 $ 259.1 $ 16,026.8 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 116.1 $ 177.9 $ — $ 9.8 $ 303.8 (1) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended March 31, 2021 2020 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 841.4 $ 273.3 NGL 2,594.4 1,161.0 Condensate and crude oil 66.6 135.7 Petroleum products — 49.8 3,502.4 1,619.8 Non-customer revenue: Derivative activities - Hedge (149.7 ) 59.9 Derivative activities - Non-hedge (1) 15.0 100.0 (134.7 ) 159.9 Total sales of commodities 3,367.7 1,779.7 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 116.3 115.9 NGL transportation, fractionation and services 47.2 40.6 Storage, terminaling and export 88.8 99.7 Other 12.7 13.0 Total fees from midstream services 265.0 269.2 Total revenues $ 3,632.7 $ 2,048.9 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815. The following table shows a reconciliation of reportable segment operating margin to income (loss) before income taxes for the periods presented: Three Months Ended March 31, 2021 2020 Reconciliation of reportable segment operating margin to income (loss) before income taxes: Gathering and Processing operating margin $ 275.1 $ 255.7 Logistics and Transportation operating margin 348.7 294.0 Other operating margin 1.5 116.3 Depreciation and amortization expense (216.2 ) (239.1 ) General and administrative expense (61.4 ) (60.5 ) Impairment of long-lived assets — (2,442.8 ) Interest expense, net (98.4 ) (98.0 ) Equity earnings (loss) 11.8 20.6 Gain (loss) on sale or disposition of business and assets — (0.6 ) Write-down of assets (3.5 ) — Gain (loss) from financing activities (14.7 ) 39.3 Other, net — (0.5 ) Income (loss) before income taxes $ 242.9 $ (2,115.6 )

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently adopted accounting pronouncements Convertible Debt and Equity Instruments In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. On a modified retrospective basis, we adopted the amendments early, effective January 1, 2021. The primary effect of the adoption on the Company was attributable to the elimination of the beneficial conversion accounting model, which results in the presentation of the Series A Preferred Stock as a single unit of account, without bifurcation of the beneficial conversion feature and corresponding discount. Therefore, upon adoption, the carrying value of the Series A Preferred Stock was reflected at $749.7 million, which is the allocated amount based on the initial relative fair value allocation of net proceeds of $787.1 million, less the carrying value of the portion repurchased in December 2020. The adoption did not have an impact on retained earnings (deficit), but rather, the adoption impact flowed through additional paid-in capital where the beneficial conversion feature was previously included. In addition, the adoption also eliminates the corresponding discount attributable to the beneficial conversion feature and therefore, accretion of the discount as a deemed dividend is no longer required. The other aspects of the ASU did not have a material effect on our consolidated financial statements.

Property, Plant and Equipment_2

Property, Plant and Equipment and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment And Intangible Assets [Abstract]
Property Plant and Equipment and Intangible Assets	March 31, 2021 December 31, 2020 Estimated Useful Lives (In Years) Gathering systems $ 9,189.5 $ 9,216.1 5 to 20 Processing and fractionation facilities 6,279.6 6,276.8 5 to 25 Terminaling and storage facilities 1,309.4 1,555.1 5 to 25 Transportation assets 2,593.6 2,567.7 10 to 50 Other property, plant and equipment 331.5 32.4 3 to 50 Land 160.7 160.8 — Construction in progress 322.2 324.3 — Finance lease right-of-use assets 52.2 51.8 — Property, plant and equipment 20,238.7 20,185.0 Accumulated depreciation, amortization and impairment (8,178.0 ) (8,011.4 ) Property, plant and equipment, net $ 12,060.7 $ 12,173.6 Intangible assets $ 2,643.5 $ 2,643.5 10 to 20 Accumulated amortization and impairment (1,293.9 ) (1,261.1 ) Intangible assets, net $ 1,349.6 $ 1,382.4
Schedule of Changes in Intangible Assets	The changes in our intangible assets are as follows: Balance at December 31, 2020 $ 1,382.4 Amortization (32.8 ) Balance at March 31, 2021 $ 1,349.6

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	March 31, 2021 December 31, 2020 Current: Obligations of the Partnership: (1) Accounts receivable securitization facility, due April 2021 $ 270.0 $ 350.0 TPL notes, 4¾ November 2021 — 6.5 270.0 356.5 Finance lease liabilities 12.0 12.1 Current debt obligations 282.0 368.6 Long-term: TRC obligations: TRC Senior secured revolving credit facility, variable rate, due June 2023 75.0 555.0 Obligations of the Partnership: (1) Senior secured revolving credit facility, variable rate, due June 2023 — 280.0 Senior unsecured notes: 4¼ November 2023 583.9 583.9 5⅛ February 2025 — 481.0 5⅞ April 2026 963.2 963.2 5⅜ February 2027 468.1 468.1 6½ July 2027 705.2 705.2 5% fixed rate, due January 2028 700.3 700.3 6⅞ January 2029 679.3 679.3 5½ March 2030 949.6 949.6 4⅞ February 2031 1,000.0 1,000.0 4% fixed rate, due January 2032 1,000.0 — TPL notes, 5⅞ August 2023 — 48.1 Unamortized premium — 0.2 7,124.6 7,413.9 Debt issuance costs, net of amortization (50.8 ) (45.5 ) Finance lease liabilities 16.9 18.7 Long-term debt 7,090.7 7,387.1 Total debt obligations $ 7,372.7 $ 7,755.7 Irrevocable standby letters of credit: Letters of credit outstanding under the TRC Senior secured credit facility (4) $ — $ — Letters of credit outstanding under the Partnership senior secured revolving credit facility (5) 101.9 44.4 $ 101.9 $ 44.4 (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 March 31, 2021, the Partnership had $270.0 million of qualifying receivables under its $350.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in $80.0 million availability. (3) “TPL” refers to Targa Pipeline Partners LP. ( 4 ) As of March 31, 2021, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $595.0 million. ( 5 ) As of March 31, 2021, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $2,098.1 (6) On April 1, 2021, the Partnership issued a notice of redemption to redeem all of the outstanding 4¼
Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations	The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the three months ended March 31, 2021: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRC Revolver 1.9% - 1.9% 1.9% TRP Revolver 1.9% - 1.9% 1.9% Partnership's Securitization Facility 1.8% - 1.8% 1.8%
Summary of Payment Obligations for Debt Instruments	The following table summarizes payment obligations for debt instruments after giving effect to the debt extinguishments detailed above: Payments Due By Period Less Than More Than Total 1 Year 1-3 Years 3-5 Years 5 Years Long-term debt obligations (1) $ 7,124.6 $ — $ 658.9 $ — $ 6,465.7 Interest on debt obligations (2) 2,799.1 386.8 756.5 700.6 955.2 $ 9,923.7 $ 386.8 $ 1,415.4 $ 700.6 $ 7,420.9 (1) Represents scheduled future maturities of consolidated debt obligations for the periods indicated. (2) Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing March 31, 2021 rates for floating debt.

Common Stock and Related Matt_2

Common Stock and Related Matters (Tables)	3 Months Ended
	Mar. 31, 2021
Class Of Stock Disclosures [Abstract]
Dividends Declared and/or Paid	The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2021: Three Months Ended Date Paid or To Be Paid Total Common Dividends Declared Amount of Common Dividends Paid or To Be Paid Accrued Dividends (1) Dividends Declared per Share of Common Stock (In millions, except per share amounts) March 31, 2021 May 14, 2021 $ 23.3 $ 22.9 $ 0.4 $ 0.10000 December 31, 2020 February 16, 2021 23.3 22.9 0.4 0.10000 (1) Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Partnership Units and Related_2

Partnership Units and Related Matters (Tables)	3 Months Ended
	Mar. 31, 2021
Partners Capital [Abstract]
Schedule of Distributions	The following table details the distributions declared and paid by the Partnership for the three months ended March 31, 2021: Three Months Ended Date Paid or To Be Paid Total Distributions Distributions to Targa Resources Corp. March 31, 2021 May 12, 2021 $ 47.0 $ 47.0 December 31, 2020 February 11, 2021 $ 54.3 $ 47.6

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share	The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share: Three Months Ended March 31, 2021 2020 (In millions, except per share amounts) Net income (loss) attributable to Targa Resources Corp. $ 146.4 $ (1,737.8 ) Less: Dividends on Series A Preferred Stock 21.8 22.9 Less: Deemed dividends on Series A Preferred Stock — 9.0 Net income (loss) attributable to common shareholders for basic earnings per share $ 124.6 $ (1,769.7 ) Weighted average shares outstanding - basic 228.5 233.0 Dilutive effect of common stock equivalents (1) 46.2 — Weighted average shares outstanding - diluted 274.7 233.0 Net income (loss) available per common share - basic $ 0.54 $ (7.60 ) Net income (loss) available per common share - diluted $ 0.53 $ (7.60 ) (1) For the three months ended March 31, 2021, the dilutive effects of common stock equivalents were computed using the treasury method for unvested stock awards and the if-converted method for convertible preferred stock.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Notional Volume of Commodity Hedges	At March 31, 2021, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2021 2022 2023 2024 2025 Natural Gas Swaps MMBtu/d 164,001 100,856 42,176 - - Natural Gas Basis Swaps MMBtu/d 548,864 295,390 250,000 90,000 5,000 NGL Swaps Bbl/d 29,345 23,468 7,978 - - NGL Futures Bbl/d 7,040 - - - - Condensate Swaps Bbl/d 5,303 3,585 1,849 - -
Fair Values of Derivative Instruments	The following schedules reflect the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: Fair Value as of March 31, 2021 Fair Value as of December 31, 2020 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 14.9 $ 149.2 $ 24.2 $ 140.2 Long-term 1.6 63.5 5.1 43.4 Total derivatives designated as hedging instruments $ 16.5 $ 212.7 $ 29.3 $ 183.6 Derivatives not designated as hedging instruments Commodity contracts Current $ 68.3 $ 2.0 $ 61.3 $ 2.4 Long-term 39.7 0.1 44.2 - Total derivatives not designated as hedging instruments $ 108.0 $ 2.1 $ 105.5 $ 2.4 Total current position $ 83.2 $ 151.2 $ 85.5 $ 142.6 Total long-term position 41.3 63.6 49.3 43.4 Total derivatives $ 124.5 $ 214.8 $ 134.8 $ 186.0
Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet	The pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis is as follows: Gross Presentation Pro Forma Net Presentation March 31, 2021 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 73.7 $ (123.0 ) $ (7.3 ) $ 14.3 $ (70.9 ) Counterparties without offsetting positions - assets 9.5 - - 9.5 - Counterparties without offsetting positions - liabilities - (28.2 ) - - (28.2 ) 83.2 (151.2 ) (7.3 ) 23.8 (99.1 ) Long Term Position Counterparties with offsetting positions or collateral 31.1 (52.4 ) - 8.8 (30.1 ) Counterparties without offsetting positions - assets 10.2 - - 10.2 - Counterparties without offsetting positions - liabilities - (11.2 ) - - (11.2 ) 41.3 (63.6 ) - 19.0 (41.3 ) Total Derivatives Counterparties with offsetting positions or collateral 104.8 (175.4 ) (7.3 ) 23.1 (101.0 ) Counterparties without offsetting positions - assets 19.7 - - 19.7 - Counterparties without offsetting positions - liabilities - (39.4 ) - - (39.4 ) $ 124.5 $ (214.8 ) $ (7.3 ) $ 42.8 $ (140.4 ) Gross Presentation Pro Forma Net Presentation December 31, 2020 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 81.1 $ (142.0 ) $ 29.8 $ 15.7 $ (46.8 ) Counterparties without offsetting positions - assets 4.4 - - 4.4 - Counterparties without offsetting positions - liabilities - (0.6 ) - - (0.6 ) 85.5 (142.6 ) 29.8 20.1 (47.4 ) Long Term Position Counterparties with offsetting positions or collateral 37.8 (42.5 ) - 14.6 (19.3 ) Counterparties without offsetting positions - assets 11.5 - - 11.5 - Counterparties without offsetting positions - liabilities - (0.9 ) - - (0.9 ) 49.3 (43.4 ) - 26.1 (20.2 ) Total Derivatives Counterparties with offsetting positions or collateral 118.9 (184.5 ) 29.8 30.3 (66.1 ) Counterparties without offsetting positions - assets 15.9 - - 15.9 - Counterparties without offsetting positions - liabilities - (1.5 ) - - (1.5 ) $ 134.8 $ (186.0 ) $ 29.8 $ 46.2 $ (67.6 )
Amounts Recorded in Other Comprehensive Income OCI and Amounts Reclassified from OCI to Revenue	The following tables reflect amounts recorded in Other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Derivatives in Cash Flow Three Months Ended March 31, Hedging Relationships 2021 2020 Commodity contracts $ (171.5 ) $ 158.9 Gain (Loss) Reclassified from OCI into Income (Effective Portion) Three Months Ended March 31, Location of Gain (Loss) 2021 2020 Revenues $ (149.7 ) $ 59.9
Gain (Loss) Recognized in Income on Derivatives	For the three months ended March 31, 2021, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward basis prices, as compared to our hedged positions. Location of Gain Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended March 31, as Hedging Instruments Derivatives 2021 2020 Commodity contracts Revenue $ 15.0 $ 100.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Breakdown by Fair Value Hierarchy Category for Financial Instruments Included in Consolidated Balance Sheets	The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included on our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: March 31, 2021 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: Assets from commodity derivative contracts $ 124.5 $ 124.5 $ — $ 124.5 $ — Liabilities from commodity derivative contracts 214.8 214.8 — 214.8 — Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 248.5 248.5 — — — TRC Revolver 75.0 75.0 — 75.0 — TRP Revolver — — — — — Partnership's Senior unsecured notes 7,049.6 7,288.5 — 7,288.5 — Partnership's Securitization Facility 270.0 270.0 — 270.0 — December 31, 2020 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: Assets from commodity derivative contracts $ 134.8 $ 134.8 $ — $ 134.8 $ — Liabilities from commodity derivative contracts 186.0 186.0 — 185.8 0.2 Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 242.8 242.8 — — — TRC Revolver 555.0 555.0 — 555.0 — TRP Revolver 280.0 280.0 — 280.0 — Partnership's Senior unsecured notes 6,585.4 7,036.8 — 7,036.8 — Partnership's Securitization Facility 350.0 350.0 — 350.0 —
Reconciliation of Changes in Fair Value of Financial Instruments Classified as Level 3	The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: Commodity Derivative Contracts Asset/(Liability) Balance, December 31, 2020 $ (0.2 ) Transfers out of Level 3 (1) 0.2 Balance, March 31, 2021 $ — (1) Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Summary of Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations	The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period, and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 18 years. 2021 2022 2023 and after Fixed consideration to be recognized as of March 31, 2021 $ 389.8 $ 457.1 $ 2,634.8

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Three Months Ended March 31, 2021 2020 Cash: Interest paid, net of capitalized interest (1) $ 141.1 $ 113.3 Income taxes received (paid), net 0.8 (0.3 ) Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment, net $ (12.9 ) $ (39.6 ) Transfers from materials and supplies inventory to property, plant and equipment 0.1 1.7 Non-cash financing activities: Changes in accrued distributions to noncontrolling interests $ (22.2 ) $ (3.9 ) (1) Interest capitalized on major projects was $0.7 million and $12.3 million for the three months ended March 31, 2021 and 2020.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Reportable Segment Information	Reportable segment information is shown in the following tables: Three Months Ended March 31, 2021 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 142.7 $ 3,223.5 $ 1.5 $ — $ 3,367.7 Fees from midstream services 119.4 145.6 — — 265.0 262.1 3,369.1 1.5 — 3,632.7 Intersegment revenues Sales of commodities 969.7 82.5 — (1,052.2 ) — Fees from midstream services 1.6 8.2 — (9.8 ) — 971.3 90.7 — (1,062.0 ) — Revenues $ 1,233.4 $ 3,459.8 $ 1.5 $ (1,062.0 ) $ 3,632.7 Operating margin $ 275.1 $ 348.7 $ 1.5 $ — $ 625.3 Other financial information: Total assets (1) $ 8,635.2 $ 6,743.9 $ 90.8 $ 178.5 $ 15,648.4 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 69.5 $ 10.4 $ — $ 3.5 $ 83.4 (1) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Three Months Ended March 31, 2020 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 243.8 $ 1,419.6 $ 116.3 $ — $ 1,779.7 Fees from midstream services 118.2 151.0 — — 269.2 362.0 1,570.6 116.3 — 2,048.9 Intersegment revenues Sales of commodities 443.2 56.5 — (499.7 ) — Fees from midstream services 1.7 8.2 — (9.9 ) — 444.9 64.7 — (509.6 ) — Revenues $ 806.9 $ 1,635.3 $ 116.3 $ (509.6 ) $ 2,048.9 Operating margin $ 255.7 $ 294.0 $ 116.3 $ — $ 666.0 Other financial information: Total assets (1) $ 9,403.7 $ 6,347.7 $ 16.3 $ 259.1 $ 16,026.8 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 116.1 $ 177.9 $ — $ 9.8 $ 303.8 (1) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
Revenues Disaggregated by Product and Service	The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended March 31, 2021 2020 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 841.4 $ 273.3 NGL 2,594.4 1,161.0 Condensate and crude oil 66.6 135.7 Petroleum products — 49.8 3,502.4 1,619.8 Non-customer revenue: Derivative activities - Hedge (149.7 ) 59.9 Derivative activities - Non-hedge (1) 15.0 100.0 (134.7 ) 159.9 Total sales of commodities 3,367.7 1,779.7 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 116.3 115.9 NGL transportation, fractionation and services 47.2 40.6 Storage, terminaling and export 88.8 99.7 Other 12.7 13.0 Total fees from midstream services 265.0 269.2 Total revenues $ 3,632.7 $ 2,048.9 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815.
Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes	The following table shows a reconciliation of reportable segment operating margin to income (loss) before income taxes for the periods presented: Three Months Ended March 31, 2021 2020 Reconciliation of reportable segment operating margin to income (loss) before income taxes: Gathering and Processing operating margin $ 275.1 $ 255.7 Logistics and Transportation operating margin 348.7 294.0 Other operating margin 1.5 116.3 Depreciation and amortization expense (216.2 ) (239.1 ) General and administrative expense (61.4 ) (60.5 ) Impairment of long-lived assets — (2,442.8 ) Interest expense, net (98.4 ) (98.0 ) Equity earnings (loss) 11.8 20.6 Gain (loss) on sale or disposition of business and assets — (0.6 ) Write-down of assets (3.5 ) — Gain (loss) from financing activities (14.7 ) 39.3 Other, net — (0.5 ) Income (loss) before income taxes $ 242.9 $ (2,115.6 )

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basis Of Presentation [Line Items]
Product purchases and fuel	$ 2,836.3	$ 1,202.1
Revision of Prior Period, Reclassification, Adjustment [Member]
Basis Of Presentation [Line Items]
Product purchases and fuel	$ 22.9	$ 19.1

Significant Accounting Polici_3

Significant Accounting Policies (Details) - Series A Preferred Stock [Member] - USD ($) $ in Millions	Jan. 01, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Carrying value		$ 749.7	$ 301.4	$ 287.8	$ 278.8
New Accounting Pronouncement Early Adoption Effect [Member] | ASU 2020-06 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Carrying value	$ 749.7
Preferred stock, net proceeds at issuance	$ 787.1

Property, Plant and Equipment_3

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 20,238.7	$ 20,185
Accumulated depreciation, amortization and impairment	(8,178)	(8,011.4)
Property, plant and equipment, net	12,060.7	12,173.6
Intangible assets	2,643.5	2,643.5
Accumulated amortization and impairment	(1,293.9)	(1,261.1)
Intangible assets, net	$ 1,349.6	1,382.4
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 9,189.5	9,216.1
Gathering Systems [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Gathering Systems [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Processing and Fractionation Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 6,279.6	6,276.8
Processing and Fractionation Facilities [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Processing and Fractionation Facilities [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Terminaling and Storage Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,309.4	1,555.1
Terminaling and Storage Facilities [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Terminaling and Storage Facilities [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Transportation Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2,593.6	2,567.7
Transportation Assets [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Transportation Assets [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Other Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 331.5	32.4
Other Property, Plant and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Other Property, Plant and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 160.7	160.8
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	322.2	324.3
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 52.2	$ 51.8

Property, Plant and Equipment_4

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment And Intangible Assets [Abstract]
Depreciation expense	$ 183.4	$ 200.7
Non-cash pre-tax impairments		$ 2,442.8
Weighted average discount rate percentage		14.00%
Estimated amortization expense for intangible assets [Abstract]
2021	120
2022	122.7
2023	117.5
2024	113.7
2025	$ 110.6

Property, Plant and Equipment_5

Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Finite Lived Intangible Assets Roll Forward
Beginning of period	$ 1,382.4
Amortization	(32.8)
End of period	$ 1,349.6

Debt Obligations - Summary Of D

Debt Obligations - Summary Of Debt Obligations (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Current Obligations of the Partnership [Abstract]
Accounts receivable securitization facility, due April 2021	[1],[2]	$ 270	$ 350
Current debt	[2]	270	356.5
Finance lease liabilities	[2]	12	12.1
Current debt obligations	[2]	282	368.6
Long-term [Abstract]
Long-term debt including Unamortized premium(discount) and Debt issuance costs		7,124.6	7,413.9
Debt issuance costs, net of amortization		(50.8)	(45.5)
Finance lease liabilities		16.9	18.7
Long-term debt		7,090.7	7,387.1
Total debt obligations		7,372.7	7,755.7
Letters of credit outstanding		101.9	44.4
TRP Senior Secured Revolving Credit Facility due June 2023 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2],[3]	0	280
Targa Pipeline Partners LP [Member]
Current Obligations of the Partnership [Abstract]
Long-term debt, current	[2],[4]	0	6.5
Senior Unsecured Notes [Member] | Senior Unsecured 4¼% Notes due November 2023 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[5]	583.9	583.9
Senior Unsecured Notes [Member] | Senior Unsecured 5⅛% Notes due February 2025 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	0	481
Senior Unsecured Notes [Member] | Senior Unsecured 5⅞% Notes due April 2026 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	963.2	963.2
Senior Unsecured Notes [Member] | Senior Unsecured 5⅜% Notes due February 2027 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	468.1	468.1
Senior Unsecured Notes [Member] | Senior Unsecured 6½% Senior Notes due July 2027 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	705.2	705.2
Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	700.3	700.3
Senior Unsecured Notes [Member] | Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	679.3	679.3
Senior Unsecured Notes [Member] | Senior Unsecured of 5½% Senior Notes due March 2030 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	949.6	949.6
Senior Unsecured Notes [Member] | Senior Unsecured 4⅞% Notes due February 2031 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	1,000	1,000
Senior Unsecured Notes [Member] | Senior Unsecured of 4% Senior Notes due January 2032 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[2]	1,000	0
Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member]
Long-term [Abstract]
Long-term debt	[4]	0	48.1
Unamortized premium		0	0.2
Secured Debt [Member] | TRC Senior Secured Revolving Credit Facility [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Letters of credit outstanding	[6]	0	0
Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due June 2023 [Member]
Long-term [Abstract]
Long-term debt	[6]	75	555
Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due June 2023 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Letters of credit outstanding	[3]	$ 101.9	$ 44.4
[1]	As of March 31, 2021, the Partnership had $270.0 million of qualifying receivables under its $350.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in $80.0 million availability.
[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 March 31, 2021, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $2,098.1
[4]	“TPL” refers to Targa Pipeline Partners LP.
[5]	On April 1, 2021, the Partnership issued a notice of redemption to redeem all of the outstanding 4¼
[6]	As of March 31, 2021, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $595.0 million.

Debt Obligations - Summary Of_2

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($)		Apr. 01, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Feb. 22, 2021
Debt Instrument [Line Items]
Proceeds from borrowings under accounts receivable securitization facility			$ 350,000,000	$ 130,000,000
Accounts receivable securitization facility	[1],[2]		270,000,000		$ 350,000,000
Senior Unsecured 4¼% Notes due November 2023 [Member] | Subsequent Event
Debt Instrument [Line Items]
Maturity date		May 17, 2021
Interest rate on fixed rate debt		4.25%
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Proceeds from borrowings under accounts receivable securitization facility			270,000,000
Accounts receivable securitization facility			350,000,000
Remaining borrowing capacity			$ 80,000,000
Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due June 2023 [Member]
Debt Instrument [Line Items]
Maturity date			Jun. 30, 2023		Jun. 30, 2023
Remaining borrowing capacity			$ 595,000,000
Maximum borrowing capacity			$ 670,000,000
Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member]
Debt Instrument [Line Items]
Maturity date			Aug. 31, 2023		Aug. 31, 2023
Interest rate on fixed rate debt			5.875%		5.875%
Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility Due December 2020 [Member]
Debt Instrument [Line Items]
Maturity date			Apr. 30, 2021		Apr. 30, 2021
Targa Resources Partners LP [Member] | Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due June 2023 [Member]
Debt Instrument [Line Items]
Maturity date			Jun. 30, 2023		Jun. 30, 2023
Remaining borrowing capacity			$ 2,098,100,000
Maximum borrowing capacity			$ 2,200,000,000
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5⅞% Notes due April 2026 [Member]
Debt Instrument [Line Items]
Maturity date			Apr. 30, 2026		Apr. 30, 2026
Interest rate on fixed rate debt			5.875%		5.875%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6½% Senior Notes due July 2027 [Member]
Debt Instrument [Line Items]
Maturity date			Jul. 31, 2027		Jul. 31, 2027
Interest rate on fixed rate debt			6.50%		6.50%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member]
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2028		Jan. 31, 2028
Interest rate on fixed rate debt			5.00%		5.00%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 4¼% Notes due November 2023 [Member]
Debt Instrument [Line Items]
Maturity date			Nov. 30, 2023		Nov. 30, 2023
Interest rate on fixed rate debt			4.25%		4.25%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5⅛% Notes due February 2025 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2025		Feb. 28, 2025
Interest rate on fixed rate debt			5.125%		5.125%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member]
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2029		Jan. 31, 2029
Interest rate on fixed rate debt			6.875%		6.875%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5⅜% Notes due February 2027 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2027		Feb. 28, 2027
Interest rate on fixed rate debt			5.375%		5.375%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 5½% Senior Notes due March 2030 [Member]
Debt Instrument [Line Items]
Maturity date			Mar. 31, 2030		Mar. 31, 2030
Interest rate on fixed rate debt			5.50%		5.50%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4% Senior Notes due January 2032 [Member]
Debt Instrument [Line Items]
Maturity date			Jan. 31, 2032		Jan. 31, 2032
Interest rate on fixed rate debt			4.00%		4.00%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 4⅞% Notes due February 2031 [Member]
Debt Instrument [Line Items]
Maturity date			Feb. 28, 2031		Feb. 28, 2031
Interest rate on fixed rate debt			4.875%		4.875%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 4 3/4% Notes due November 2021 [Member]
Debt Instrument [Line Items]
Maturity date			Nov. 30, 2021		Nov. 30, 2021
Interest rate on fixed rate debt			4.75%		4.75%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt						5.875%
[1]	As of March 31, 2021, the Partnership had $270.0 million of qualifying receivables under its $350.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in $80.0 million availability.
[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.

Debt Obligations - Range of Int

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Mar. 31, 2021
TRC Revolver [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	1.90%
TRP Revolver [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	1.90%
Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	1.80%
Minimum [Member] | TRC Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.90%
Minimum [Member] | TRP Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.90%
Minimum [Member] | Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.80%
Maximum [Member] | TRC Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.90%
Maximum [Member] | TRP Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.90%
Maximum [Member] | Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.80%

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes Issuances and Redemptions - Additional Information (Details) - Senior Unsecured Notes [Member] - USD ($) $ in Millions	Feb. 22, 2021	Feb. 28, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Gain (loss) due to debt extinguishments		$ (14.9)
Premium Paid		12.5
Write-off debt issuance cost		2.4
Senior Unsecured of 4% Senior Notes due 2032 [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued		$ 1,000
Interest rate on fixed rate debt		4.00%
Net proceeds from private placement of notes		$ 991
Senior Unsecured 5⅛% Notes due 2025 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		5.125%
Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt			5.875%	5.875%
Targa Resources Partners LP [Member] | Targa Pipeline Partners LP [Member]
Debt Instrument [Line Items]
Gain (loss) due to debt extinguishments	$ 0.2
Premium Paid	$ 0.2
Targa Resources Partners LP [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 4 3/4% Notes due November 2021 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	4.75%
Targa Resources Partners LP [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	5.875%

Debt Obligations - Summary of P

Debt Obligations - Summary of Payment Obligations for Debt Instruments (Details) $ in Millions	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Total	$ 9,923.7
Less Than 1 Year	386.8
1-3 Years	1,415.4
3-5 Years	700.6
More Than 5 Years	7,420.9
Long Term Debt Obligation [Member]
Debt Instrument [Line Items]
Total	7,124.6	[1]
1-3 Years	658.9	[1]
More Than 5 Years	6,465.7	[1]
Interest On Debt Obligations [Member]
Debt Instrument [Line Items]
Total	2,799.1	[2]
Less Than 1 Year	386.8	[2]
1-3 Years	756.5	[2]
3-5 Years	700.6	[2]
More Than 5 Years	$ 955.2	[2]
[1]	Represents scheduled future maturities of consolidated debt obligations for the periods indicated.
[2]	Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing March 31, 2021 rates for floating debt.

Debt Obligations - Subsequent E

Debt Obligations - Subsequent Event - Additional Information (Details) - Subsequent Event - Senior Unsecured 4¼% Notes due November 2023 [Member]	Apr. 01, 2021
Debt Instrument [Line Items]
Interest rate on fixed rate debt	4.25%
Maturity date	May 17, 2021

Other Long-term Liabilities - D

Other Long-term Liabilities - Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 167.6	$ 168.5
Channelview Splitter [Member]
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 129

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Equity [Abstract]
Accrued cumulative preferred dividend	$ 21.8
Preferred stock dividend paid	$ 21.8
Accrued preferred dividends payable date	May 13, 2021

Common Stock and Related Matt_3

Common Stock and Related Matters - Dividends Declared And Or Paid (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Dividends Payable [Line Items]
Accrued preferred dividends payable date		May 13, 2021
Dividends Declared per Share of Common Stock		$ 0.10	$ 0.91
Dividend Declared, Q1 2021 [Member]
Dividends Payable [Line Items]
Accrued preferred dividends payable date		May 14, 2021
Total Common Dividends Declared		$ 23.3
Amount of Common Dividends Paid or To Be Paid		22.9
Accrued Dividends	[1]	$ 0.4
Dividends Declared per Share of Common Stock		$ 0.10000
Dividend Declared, Q4 2020 [Member]
Dividends Payable [Line Items]
Accrued preferred dividends payable date		Feb. 16, 2021
Total Common Dividends Declared		$ 23.3
Amount of Common Dividends Paid or To Be Paid		22.9
Accrued Dividends	[1]	$ 0.4
Dividends Declared per Share of Common Stock		$ 0.10000
[1]	Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Partnership Units and Related_3

Partnership Units and Related Matters - Summary of Distributions Declared and Paid by the Partnership (Details) - Distributions Paid [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Distributions Made To Members Or Limited Partners [Abstract]
Distributions payable date	May 12, 2021	Feb. 11, 2021
Total Distributions	$ 47	$ 54.3
Distributions to Targa Resources Corp.	$ 47	$ 47.6

Partnership Units and Related_4

Partnership Units and Related Matters - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Limited Partners Capital Account [Line Items]
Capital contributions to partnership	$ 36
Holders of Limited Partner Interests [Member]
Limited Partners Capital Account [Line Items]
Limited partner capital contribution allocation percentage	98.00%
Targa Resources General Partner LLC [Member]
Limited Partners Capital Account [Line Items]
General partner capital contribution allocation percentage	2.00%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Earnings Per Common Share [Line Items]
Net income (loss) attributable to Targa Resources Corp.		$ 146.4	$ (1,737.8)
Less: Deemed dividends on Series A Preferred Stock			9
Net income (loss) attributable to common shareholders		$ 124.6	$ (1,769.7)
Weighted average shares outstanding - basic (in shares)		228,500,000	233,000,000
Dilutive effect of common stock equivalents	[1]	46.2
Weighted average shares outstanding - diluted (in shares)		274,700,000	233,000,000
Net income (loss) available per common share - basic (in dollars per share)		$ 0.54	$ (7.60)
Net income (loss) available per common share - diluted (in dollars per share)		$ 0.53	$ (7.60)
Series A Preferred Stock [Member]
Earnings Per Common Share [Line Items]
Less: Dividends on Series A Preferred Stock		$ 21.8	$ 22.9
Less: Deemed dividends on Series A Preferred Stock			$ 9
[1]	For the three months ended March 31, 2021, the dilutive effects of common stock equivalents were computed using the treasury method for unvested stock awards and the if-converted method for convertible preferred stock.

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Notional Volumes Of The Partnership's Commodity Derivative Contracts (Details) - Targa Resources Partners LP [Member]	3 Months Ended
	Mar. 31, 2021MMBTUbbl
Swaps [Member] | Year 2021 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	164,001
Swaps [Member] | Year 2021 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	29,345
Swaps [Member] | Year 2022 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	100,856
Swaps [Member] | Year 2022 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	23,468
Swaps [Member] | Year 2023 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	42,176
Swaps [Member] | Year 2023 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	7,978
Swaps [Member] | Year 2024 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	0
Swaps [Member] | Year 2024 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Swaps [Member] | Year 2025 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	0
Swaps [Member] | Year 2025 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Basis Swaps [Member] | Year 2021 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	548,864
Basis Swaps [Member] | Year 2022 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	295,390
Basis Swaps [Member] | Year 2023 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	250,000
Basis Swaps [Member] | Year 2024 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	90,000
Basis Swaps [Member] | Year 2025 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	5,000
Future [Member] | Year 2021 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	7,040
Future [Member] | Year 2022 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] | Year 2023 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] | Year 2024 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] | Year 2025 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] | Year 2021 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	5,303
Options [Member] | Year 2022 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	3,585
Options [Member] | Year 2023 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	1,849
Options [Member] | Year 2024 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] | Year 2025 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative assets	$ 124.5	$ 134.8
Derivative assets	83.2	85.5
Derivative assets	41.3	49.3
Derivative liabilities	214.8	186
Derivative liabilities	151.2	142.6
Derivative liabilities	63.6	43.4
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	16.5	29.3
Derivative liabilities	212.7	183.6
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	14.9	24.2
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	1.6	5.1
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	149.2	140.2
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	63.5	43.4
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	108	105.5
Derivative liabilities	2.1	2.4
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	68.3	61.3
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	39.7	44.2
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	2	2.4
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 0.1	$ 0

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative Asset [Abstract]
Gross asset	$ 124.5	$ 134.8
Gross asset	124.5	134.8
Pro forma net presentation, asset, total	42.8	46.2
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	104.8	118.9
Pro forma net presentation, asset	23.1	30.3
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	19.7	15.9
Pro forma net presentation, asset, total	19.7	15.9
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	83.2	85.5
Pro forma net presentation, asset, current	23.8	20.1
Current Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	73.7	81.1
Pro forma net presentation, asset	14.3	15.7
Current Assets from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	9.5	4.4
Pro forma net presentation, asset, current	9.5	4.4
Long-Term Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	41.3	49.3
Pro forma net presentation, asset, noncurrent	19	26.1
Long-Term Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	31.1	37.8
Pro forma net presentation, asset	8.8	14.6
Long-Term Assets from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	10.2	11.5
Pro forma net presentation, asset, noncurrent	$ 10.2	$ 11.5

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative Liability [Abstract]
Gross liability	$ (214.8)	$ (186)
Pro forma net presentation, liability, total	(140.4)	(67.6)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(175.4)	(184.5)
Pro forma net presentation, liability, total	(101)	(66.1)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(39.4)	(1.5)
Pro forma net presentation, liability, total	(39.4)	(1.5)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(151.2)	(142.6)
Pro forma net presentation, liability, current	(99.1)	(47.4)
Current Liabilities from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(123)	(142)
Pro forma net presentation, liability, current	(70.9)	(46.8)
Current Liabilities from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(28.2)	(0.6)
Pro forma net presentation, liability, current		(0.6)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(63.6)	(43.4)
Pro forma net presentation, liability, noncurrent	(41.3)	(20.2)
Long-Term Liabilities from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(52.4)	(42.5)
Pro forma net presentation, liability, noncurrent	(30.1)	(19.3)
Long-Term Liabilities from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(11.2)	(0.9)
Pro forma net presentation, liability, noncurrent	$ (11.2)	$ (0.9)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative Asset [Abstract]
Gross collateral	$ (7.3)	$ 29.8
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	(7.3)	29.8
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	(7.3)	29.8
Current Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ (7.3)	$ 29.8

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions	Mar. 31, 2021USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimated fair value of derivative instruments, net liability	$ (90.3)
Amount expected to reclassify commodity hedge related deferred losses to earnings before income taxes	(196.2)
Amount of deferred losses to be reclassified into earnings before income taxes over next twelve months	$ (133.5)

Derivative Instruments and He_9

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ (149.7)	$ 59.9
Commodity Contracts [Member] | Revenues [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	15	100
Cash Flow Hedging [Member] | Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ (171.5)	$ 158.9

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Estimated fair value of derivative instruments, net liability		$ (90,300,000)
Derivative fair value of net liability if commodity price increases by 10 percent		(182,800,000)
Derivative fair value of net asset if commodity price decreases by 10 percent		2,200,000
Derivative contracts categorized as Level 3		$ 0
Non-cash pre-tax impairments	$ 2,442,800,000

Fair Value Measurements - Break

Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	$ 42.8	$ 46.2
Liabilities from commodity derivative contracts	140.4	67.6
Carrying Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	124.5	134.8
Liabilities from commodity derivative contracts	214.8	186
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents	248.5	242.8
Carrying Value [Member] | TRC Revolver [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	75	555
Carrying Value [Member] | TRP Revolver [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	0	280
Carrying Value [Member] | Partnership's Securitization Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	270	350
Carrying Value [Member] | Senior Unsecured Notes [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	7,049.6	6,585.4
Fair Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	124.5	134.8
Liabilities from commodity derivative contracts	214.8	186
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents	248.5	242.8
Fair Value [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	0	0
Liabilities from commodity derivative contracts	0	0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents	0	0
Fair Value [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	124.5	134.8
Liabilities from commodity derivative contracts	214.8	185.8
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents	0	0
Fair Value [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	0	0
Liabilities from commodity derivative contracts	0	0.2
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents	0	0
Fair Value [Member] | TRC Revolver [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	75	555
Fair Value [Member] | TRC Revolver [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	0	0
Fair Value [Member] | TRC Revolver [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	75	555
Fair Value [Member] | TRC Revolver [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	0	0
Fair Value [Member] | TRP Revolver [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	0	280
Fair Value [Member] | TRP Revolver [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	0	0
Fair Value [Member] | TRP Revolver [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	0	280
Fair Value [Member] | TRP Revolver [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	0	0
Fair Value [Member] | Partnership's Securitization Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	270	350
Fair Value [Member] | Partnership's Securitization Facility [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	0	0
Fair Value [Member] | Partnership's Securitization Facility [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	270	350
Fair Value [Member] | Partnership's Securitization Facility [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	0	0
Fair Value [Member] | Senior Unsecured Notes [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	7,288.5	7,036.8
Fair Value [Member] | Senior Unsecured Notes [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	0	0
Fair Value [Member] | Senior Unsecured Notes [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	7,288.5	7,036.8
Fair Value [Member] | Senior Unsecured Notes [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Financial Instruments Classified as Level 3 (Details) - Commodity Derivative Contracts Asset/(Liability) [Member] $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]
Balance, beginning of period	$ (0.2)
Transfers out of Level 3	0.2	[1]
Balance, end of period	$ 0
[1]	Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

Revenue - Additional Informatio

Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01	Mar. 31, 2021
Minimum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining duration of contracts	1 year
Maximum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining duration of contracts	18 years

Revenue - Estimated Minimum Rev

Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed Price Contract [Member] $ in Millions	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 389.8
Remaining duration of contracts	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 457.1
Remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 2,634.8
Remaining duration of contracts

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Net deferred tax liability	$ 161.3
Decrease in valuation allowance	$ 22.8

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Cash:
Interest paid, net of capitalized interest	[1]	$ 141.1	$ 113.3
Income taxes received (paid), net		0.8	(0.3)
Non-cash investing activities:
Transfers from materials and supplies inventory to property, plant and equipment		0.1	1.7
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests		(22.2)	(3.9)
Retained Earnings [Member]
Non-cash investing activities:
Impact of capital expenditure accruals on property, plant and equipment, net		$ (12.9)	$ (39.6)
[1]	Interest capitalized on major projects was $0.7 million and $12.3 million for the three months ended March 31, 2021 and 2020.

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 0.7	$ 12.3

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Revenues

Segment Information - Revenues and Operating Margin (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Revenues	$ 3,632.7	$ 2,048.9
Operating margin	625.3	666
Sales of Commodities [Member]
Revenues:
Revenues	3,367.7	1,779.7
Fees from Midstream Services [Member]
Revenues:
Revenues	265	269.2
Gathering and Processing [Member]
Revenues:
Revenues	1,233.4	806.9
Operating margin	275.1	255.7
Logistics And Transportation [Member]
Revenues:
Revenues	3,459.8	1,635.3
Operating margin	348.7	294
Other [Member]
Revenues:
Revenues	1.5	116.3
Operating margin	1.5	116.3
Corporate and Eliminations [Member]
Revenues:
Revenues	(1,062)	(509.6)
Operating Segments [Member]
Revenues:
Revenues	3,632.7	2,048.9
Operating Segments [Member] | Sales of Commodities [Member]
Revenues:
Revenues	3,367.7	1,779.7
Operating Segments [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	265	269.2
Operating Segments [Member] | Gathering and Processing [Member]
Revenues:
Revenues	262.1	362
Operating Segments [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]
Revenues:
Revenues	142.7	243.8
Operating Segments [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	119.4	118.2
Operating Segments [Member] | Logistics And Transportation [Member]
Revenues:
Revenues	3,369.1	1,570.6
Operating Segments [Member] | Logistics And Transportation [Member] | Sales of Commodities [Member]
Revenues:
Revenues	3,223.5	1,419.6
Operating Segments [Member] | Logistics And Transportation [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	145.6	151
Operating Segments [Member] | Other [Member]
Revenues:
Revenues	1.5	116.3
Operating Segments [Member] | Other [Member] | Sales of Commodities [Member]
Revenues:
Revenues	1.5	116.3
Intersegment Eliminations [Member] | Gathering and Processing [Member]
Revenues:
Revenues	971.3	444.9
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]
Revenues:
Revenues	969.7	443.2
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	1.6	1.7
Intersegment Eliminations [Member] | Logistics And Transportation [Member]
Revenues:
Revenues	90.7	64.7
Intersegment Eliminations [Member] | Logistics And Transportation [Member] | Sales of Commodities [Member]
Revenues:
Revenues	82.5	56.5
Intersegment Eliminations [Member] | Logistics And Transportation [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	8.2	8.2
Intersegment Eliminations [Member] | Corporate and Eliminations [Member]
Revenues:
Revenues	(1,062)	(509.6)
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Sales of Commodities [Member]
Revenues:
Revenues	(1,052.2)	(499.7)
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	$ (9.8)	$ (9.9)

Segment Information - Other Fin

Segment Information - Other Financial Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Other financial information [Abstract]
Total assets		$ 15,648.4		$ 15,875.7
Operating Segments [Member]
Other financial information [Abstract]
Total assets	[1]	15,648.4	$ 16,026.8
Goodwill		45.2	45.2
Capital expenditures		83.4	303.8
Operating Segments [Member] | Gathering and Processing [Member]
Other financial information [Abstract]
Total assets	[1]	8,635.2	9,403.7
Goodwill		45.2	45.2
Capital expenditures		69.5	116.1
Operating Segments [Member] | Logistics And Transportation [Member]
Other financial information [Abstract]
Total assets	[1]	6,743.9	6,347.7
Capital expenditures		10.4	177.9
Operating Segments [Member] | Other [Member]
Other financial information [Abstract]
Total assets	[1]	90.8	16.3
Operating Segments [Member] | Corporate and Eliminations [Member]
Other financial information [Abstract]
Total assets	[1]	178.5	259.1
Capital expenditures		$ 3.5	$ 9.8
[1]	Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

Segment Information - Summary o

Segment Information - Summary of Consolidated Revenues Disaggregated by Product and Service (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenue from External Customer [Line Items]
Revenue recognized		$ 3,502.4	$ 1,619.8
Non-customer revenue		(134.7)	159.9
Total revenues		3,632.7	2,048.9
Derivative Activities - Hedge [Member]
Revenue from External Customer [Line Items]
Non-customer revenue		(149.7)	59.9
Derivative Activities - Non-hedge [Member]
Revenue from External Customer [Line Items]
Non-customer revenue	[1]	15	100
Natural Gas [Member]
Revenue from External Customer [Line Items]
Revenue recognized		841.4	273.3
NGL [Member]
Revenue from External Customer [Line Items]
Revenue recognized		2,594.4	1,161
Condensate and Crude Oil [Member]
Revenue from External Customer [Line Items]
Revenue recognized		66.6	135.7
Petroleum Products [Member]
Revenue from External Customer [Line Items]
Revenue recognized			49.8
Gathering and Processing [Member]
Revenue from External Customer [Line Items]
Revenue recognized		116.3	115.9
Sales of Commodities [Member]
Revenue from External Customer [Line Items]
Total revenues		3,367.7	1,779.7
Other [Member]
Revenue from External Customer [Line Items]
Revenue recognized		12.7	13
NGL Transportation, Fractionation and Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized		47.2	40.6
Storage Terminaling and Export [Member]
Revenue from External Customer [Line Items]
Revenue recognized		88.8	99.7
Fees from Midstream Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized		265	269.2
Total revenues		$ 265	$ 269.2
[1]	Represents derivative activities that are not designated as hedging instruments under ASC 815.

Segment Information - Reconcili

Segment Information - Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	$ 625.3	$ 666
Depreciation and amortization expense	(216.2)	(239.1)
General and administrative expense	(61.4)	(60.5)
Impairment of long-lived assets		(2,442.8)
Interest expense, net	(98.4)	(98)
Equity earnings (loss)	11.8	20.6
Gain (loss) on sale or disposition of business and assets		(0.6)
Write-down of assets	(3.5)
Gain (loss) from financing activities	(14.7)	39.3
Other, net		(0.5)
Income (loss) before income taxes	242.9	(2,115.6)
Gathering and Processing [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	275.1	255.7
Logistics And Transportation [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	348.7	294
Other [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	$ 1.5	$ 116.3