Targa Resources (TRGP) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Cover [Abstract]
Entity Registrant Name	TARGA RESOURCES CORP.
Trading Symbol	TRGP
Entity Central Index Key	0001389170
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		227,987,890
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Tax Identification Number	20-3701075
Entity File Number	001-34991
Entity Address, Address Line One	811 Louisiana St
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	584-1000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents		$ 135.9	$ 158.5
Trade receivables, net of allowances of $0.1 million and $0.1 million at March 31, 2022 and December 31, 2021		1,567.2	1,331.9
Inventories		97.5	153.4
Assets from risk management activities		22	43.1
Other current assets		77.9	82.9
Total current assets		1,900.5	1,769.8
Property, plant and equipment, net		11,653	11,667.7
Intangible assets, net		1,066.8	1,094.8
Long-term assets from risk management activities		7.3	7.7
Investments in unconsolidated affiliates		579.8	586.5
Other long-term assets		88	81.7
Total assets		15,295.4	15,208.2
Current liabilities:
Accounts payable		1,803.5	1,402.3
Accrued liabilities		202.5	272.2
Distributions payable		46.3	64.5
Interest payable		74.5	138.5
Liabilities from risk management activities		499.8	258.2
Current debt obligations		283.8	162.8
Total current liabilities		2,910.4	2,298.5
Long-term debt	[1]	6,964.9	6,434.4
Long-term liabilities from risk management activities		267.2	109.3
Deferred income taxes, net		88	136
Other long-term liabilities		297.9	301.6
Contingencies (see Note 15)		0	0
Targa Resources Corp. stockholders' equity:
Common stock ($0.001 par value, 450,000,000 shares authorized as of March 31, 2022 and December 31, 2021)		0.2	0.2
Preferred stock ($0.001 par value, after designation of Series A Preferred Stock: 98,800,000 shares authorized, no shares issued and outstanding)		0	0
Additional paid-in capital		4,125.8	4,268.9
Retained earnings (deficit)		(1,734.3)	(1,822.3)
Accumulated other comprehensive income (loss)		(418.4)	(230.9)
Treasury stock, at cost (9,018,551 shares as of March 31, 2022 and 7,884,171 shares as of December 31, 2021)		(276.3)	(204.1)
Total Targa Resources Corp. stockholders' equity		1,697	2,011.8
Noncontrolling interests		2,320.3	3,166.9
Total owners' equity		4,017.3	5,178.7
Total liabilities, Series A Preferred Stock and owners' equity		15,295.4	15,208.2
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 as of March 31, 2022 and December 31, 2021), net of discount (see Note 9)		$ 749.7	$ 749.7
[1]	In April 2022, we, along with certain of our subsidiaries as guarantors thereto, completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.200% Senior Notes due 2033 (the “4.200% Notes”) and (ii) $750.0 million aggregate principal amount of our 4.950% Senior Notes due 2052 (the “4.950% Notes”), resulting in net proceeds of approximately $1.5 billion.

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Trade receivables, allowances	$ 0.1	$ 0.1
Targa Resources Corp. stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	237,199,124	236,105,293
Common stock, shares outstanding (in shares)	228,180,573	228,221,122
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	98,800,000	98,800,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	9,018,551	7,884,171
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, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 4,959.1	$ 3,632.7
Costs and expenses:
Product purchases and fuel	4,204.1	2,836.3
Operating expenses	183.5	171.1
Depreciation and amortization expense	209.1	216.2
General and administrative expense	67.1	61.4
Other operating (income) expense	(0.5)	3.6
Income (loss) from operations	295.8	344.1
Other income (expense):
Interest expense, net	(93.6)	(98.4)
Equity earnings (loss)	5.6	11.8
Gain (loss) from financing activities	(15.8)	(14.7)
Other, net	(0.5)	0.1
Income (loss) before income taxes	191.5	242.9
Income tax (expense) benefit	(22.9)	(15)
Net income (loss)	168.6	227.9
Less: Net income (loss) attributable to noncontrolling interests	80.6	81.5
Net income (loss) attributable to Targa Resources Corp.	88	146.4
Premium on repurchase of noncontrolling interests, net of tax	53.1
Dividends on Series A Preferred Stock	21.8	21.8
Net income (loss) attributable to common shareholders	$ 13.1	$ 124.6
Net income (loss) per common share - basic	$ 0.06	$ 0.54
Net income (loss) per common share - diluted	$ 0.06	$ 0.53
Weighted average shares outstanding - basic	228.5	228.5
Weighted average shares outstanding - diluted	232.4	274.7
Sales of Commodities [Member]
Revenues:
Total revenues	$ 4,566.2	$ 3,367.7
Fees from Midstream Services [Member]
Revenues:
Total revenues	$ 392.9	$ 265

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income (loss)	$ 168.6	$ 227.9
Commodity hedging contracts:
Other comprehensive income (loss), pre-tax	(241.4)	(21.8)
Other comprehensive income (loss), related income tax	53.9	5.2
Other comprehensive income (loss), after tax	(187.5)	(16.6)
Comprehensive income (loss)	(18.9)	211.3
Less: Comprehensive income (loss) attributable to noncontrolling interests	80.6	81.5
Comprehensive income (loss) attributable to Targa Resources Corp.	(99.5)	129.8
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	(387.1)	(171.5)
Change in fair value, related income tax	86.6	40.2
Change in fair value, after tax	(300.5)	(131.3)
Settlements reclassified to revenues, pre-tax	145.7	149.7
Settlements reclassified to revenues, related income tax	(32.7)	(35)
Settlements reclassified to revenues, after tax	$ 113	$ 114.7

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK - USD ($) shares in Thousands, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Shares [Member]	Noncontrolling Interests [Member]	Series A Preferred Stock [Member]	Series A Preferred Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Dec. 31, 2020	$ 5,903.2	$ (448.3)	$ 0.2	$ 4,839.9	$ (448.3)	$ (1,893.5)	$ (141.8)	$ (150.9)	$ 3,249.3
Balance (in shares) at Dec. 31, 2020			228,062					6,731
Series A Preferred Stock at Dec. 31, 2020										$ 301.4	$ 448.3
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 tendered for tax withholding obligations	(8.6)							$ (8.6)
Shares 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, 2021	5,178.7		$ 0.2	4,268.9		(1,822.3)	(230.9)	$ (204.1)	3,166.9
Balance (in shares) at Dec. 31, 2021			228,221					7,884
Series A Preferred Stock at Dec. 31, 2021										749.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	13.5			13.5
Distribution equivalent rights	(1.7)			(1.7)
Shares issued under compensation program (in shares)			1,095
Shares tendered for tax withholding obligations	(22.5)							$ (22.5)
Shares tendered for tax withholding obligations (in shares)			(397)					397
Repurchases of common stock	(49.7)							$ (49.7)
Repurchases of common stock (in shares)			(738)					738
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	(80)					(80)
Dividends in excess of retained earnings				(80)		80
Distributions to noncontrolling interests	(72.2)								(72.2)
Contributions from noncontrolling interests	2.9								2.9
Repurchase of noncontrolling interests, net of tax	(911)			(53.1)					(857.9)
Other comprehensive income (loss)	(187.5)						(187.5)
Net income (loss)	168.6					88			80.6
Balance at Mar. 31, 2022	$ 4,017.3		$ 0.2	$ 4,125.8		$ (1,734.3)	$ (418.4)	$ (276.3)	$ 2,320.3
Balance (in shares) at Mar. 31, 2022			228,181					9,019
Series A Preferred Stock at Mar. 31, 2022										$ 749.7

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Preferred stock dividends, per share	$ 23.75	$ 23.75
Common stock dividends, per share	$ 0.35	$ 0.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 168.6	$ 227.9
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	2.4	2.7
Compensation on equity grants	13.5	15
Depreciation and amortization expense	209.1	216.2
(Gain) loss on sale or disposition of assets	(1)
Write-downs of assets	0.5	3.5
Accretion of asset retirement obligations	1.1	0.9
Increase (decrease) in redemption value of mandatorily redeemable preferred interests	(0.7)
Deferred income tax expense (benefit)	21.1	14.5
Equity (earnings) loss of unconsolidated affiliates	(5.6)	(11.8)
Distributions of earnings received from unconsolidated affiliates	6	24.3
Risk management activities	178.2	(1.5)
(Gain) loss from financing activities	15.8	14.7
Changes in operating assets and liabilities:
Receivables and other assets	(216.2)	(41.9)
Inventories	55.9	139.9
Accounts payable, accrued liabilities and other liabilities	363.5	121.2
Interest payable	(64)	(45.8)
Net cash provided by operating activities	748.2	679.8
Cash flows from investing activities
Outlays for property, plant and equipment	(204.4)	(96.2)
Proceeds from sale of assets	1
Investments in unconsolidated affiliates	(0.4)
Return of capital from unconsolidated affiliates	6.8	5.9
Other, net		0.3
Net cash used in investing activities	(197)	(90)
Debt obligations:
Proceeds from borrowings under credit facilities	1,805	65
Repayments of credit facilities	(810)	(825)
Proceeds from borrowings under accounts receivable securitization facility	250	350
Repayments of accounts receivable securitization facility	(130)	(430)
Proceeds from issuance of senior notes		1,000
Redemption of senior notes	(480.7)	(548.1)
Principal payments of finance leases	(3.2)	(3.1)
Costs incurred in connection with financing arrangements	(10.9)	(9)
Repurchase of shares	(72.2)	(8.6)
Contributions from noncontrolling interests	2.9	2
Distributions to noncontrolling interests	(90.4)	(129.3)
Repurchase of noncontrolling interests	(926.3)
Dividends paid to common and Series A Preferred shareholders	(108)	(48)
Net cash provided by (used in) financing activities	(573.8)	(584.1)
Net change in cash and cash equivalents	(22.6)	5.7
Cash and cash equivalents, beginning of period	158.5	242.8
Cash and cash equivalents, end of period	$ 135.9	$ 248.5

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2022
Organization [Abstract]
Organization and Operations	Note 1 — Organization and Operations Our Organization Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic midstream infrastructure assets. In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company,” “Targa” or “TRGP” are intended to mean our consolidated business and operations. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership”. Targa consolidates the Partnership and its subsidiaries under accounting principles generally accepted in the United States of America (“GAAP”). Targa’s consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are: • the inclusion of the TRGP revolving credit facility; • the inclusion of Series A Preferred Stock (“Series A Preferred”); and • the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes. Our Operations The Company is primarily engaged in the business of: • gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; • transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and • gathering, storing, terminaling, and purchasing and selling crude oil. See Note 19 – Segment Information for certain financial information regarding our business segments.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Note 2 — Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by GAAP. Therefore, this information should be read in conjunction with our consolidated financial statements and notes contained in our Annual Report. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim periods reported. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods have been reclassified to conform to the current year presentation. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Note 3 — Significant Accounting Policies The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report. There were no significant updates or revisions to our accounting policies during the three months ended March 31, 2022.

Joint Ventures, Divestitures an

Joint Ventures, Divestitures and Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Joint Ventures, Divestitures and Acquisitions	Note 4 – Joint Ventures, Divestitures and Acquisitions DevCo Joint Ventures In February 2018, we formed three development joint ventures (“DevCo JVs”) with investment vehicles affiliated with Stonepeak Infrastructure Partners (“Stonepeak”) to fund portions of Grand Prix NGL Pipeline (“Grand Prix”), Gulf Coast Express Pipeline (“GCX”) and an approximately 110 MBbl/d fractionator in Mont Belvieu, Texas (“Train 6”). For a four-year period beginning on the date that all three projects commenced commercial operations, we had the option to acquire all or part of Stonepeak’s interests in the DevCo JVs (the “DevCo JV Call Right”). The purchase price payable for such partial or full interests was based on a predetermined fixed return or multiple on invested capital, including distributions received by Stonepeak from the DevCo JVs. In January 2022, we exercised the DevCo JV Call Right and closed on the purchase of all of Stonepeak’s interests in the DevCo JVs for $926.3 million (the “DevCo JV Repurchase”). Following the DevCo JV Repurchase, we own a 75% interest in Grand Prix Pipeline LLC, a 100% interest in Train 6 and owned a 25% equity interest in GCX, prior to the GCX Sale (as defined below) in February 2022. The change in our ownership interests was accounted for as an equity transaction representing the acquisition of noncontrolling interests. The amount of the redemption price in excess of the carrying amount, net of tax was $53.1 million, which was accounted for as a premium on repurchase of noncontrolling interests, Net income (loss) attributable to common shareholders. In addition, the DevCo JV Repurchase resulted in an $857.9 million reduction of Noncontrolling interests on our Consolidated Balance Sheets. Divestitures In February 2022, we announced that we executed agreements to sell Targa GCX Pipeline LLC, which held our 25 percent equity interest in GCX, for approximately $857 million (the “GCX Sale”). We expect to receive the full proceeds from the sale in the second quarter of 2022 as the customary call right period has now expired. Acquisitions In April 2022, we closed on the acquisition of Southcross Energy Operating LLC and its subsidiaries in South Texas for a purchase price of approximately $200 million (the “Southcross Acquisition”). We acquired a portfolio of complementary midstream infrastructure assets and associated contracts that have been integrated into our SouthTX Gathering and Processing operations, including the remaining interests in the two operated joint ventures in South Texas that we previously held as investments in unconsolidated affiliates and which we will prospectively consolidate. See Note 6 – Investments in Unconsolidated Affiliates .

Property, Plant and Equipment a

Property, Plant and Equipment and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment And Intangible Assets [Abstract]
Property, Plant and Equipment and Intangible Assets	Note 5 — Property, Plant and Equipment and Intangible Assets March 31, 2022 December 31, 2021 Estimated Useful Lives (In Years) Gathering systems $ 9,368.0 $ 9,318.2 5 to 20 Processing and fractionation facilities 6,423.0 6,388.8 5 to 25 Terminaling and storage facilities 1,325.5 1,313.8 5 to 25 Transportation assets 2,696.6 2,671.0 10 to 50 Other property, plant and equipment 334.2 340.9 3 to 50 Land 160.8 160.8 — Construction in progress 392.4 347.0 — Finance lease right-of-use assets 56.8 55.6 5 to 7 Property, plant and equipment 20,757.3 20,596.1 Accumulated depreciation, amortization and impairment (9,104.3 ) (8,928.4 ) Property, plant and equipment, net $ 11,653.0 $ 11,667.7 Intangible assets 2,497.7 2,642.9 10 to 20 Accumulated amortization and impairment (1,430.9 ) (1,548.1 ) Intangible assets, net $ 1,066.8 $ 1,094.8 During the three months ended March 31, 2022 and 2021, depreciation expense was $181.1 million and $183.4 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. No impairments of long-lived assets were recorded for the three months ended March 31, 2022 and 2021. 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. The estimated annual amortization expense for intangible assets is approximately $112.0 million, $106.8 million, $103.0 million, $99.9 million and $97.6 million for each of the years 2022 through 2026, respectively. The changes in our intangible assets are as follows: March 31, 2022 Balance at December 31, 2021 $ 1,094.8 Amortization (28.0 ) Balance at March 31, 2022 $ 1,066.8

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2022
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Affiliates	Note 6 – Investments in Unconsolidated Affiliates Our Gathering and Processing Segment • (prior to closing on the Southcross Acquisition) (prior to closing on the Southcross Acquisition) together with T2 Lasalle, the “T2 Joint Ventures”) • 50 Logistics and Transportation Segment • GCX (prior to the GCX Sale) • a • 50 operated ownership interest in Cayenne Pipeline LLC (“Cayenne”) . The terms of these joint venture agreements do not afford us the degree of control required for consolidating them in our consolidated financial statements, but do afford us the significant influence required to employ the equity method of accounting. See Note 4 – Joint Ventures, Divestitures and Acquisitions for further discussion of the T2 Joint Ventures and GCX. The following table shows the activity related to our investments in unconsolidated affiliates: Balance at December 31, 2021 Equity Earnings (Loss) Cash Distributions Contributions Balance at March 31, 2022 GCX (1) $ 421.0 $ 5.7 $ (7.3 ) $ — $ 419.4 Little Missouri 4 98.1 0.3 (4.7 ) — 93.7 GCF (2) 28.8 (0.7 ) — 0.5 28.6 T2 Eagle Ford (3) 21.9 (0.6 ) (0.8 ) — 20.5 T2 LaSalle (3) 4.2 (0.2 ) — — 4.0 Cayenne 12.5 1.1 — — 13.6 Total $ 586.5 $ 5.6 $ (12.8 ) $ 0.5 $ 579.8 (1) Following the DevCo JV Repurchase in January 2022, we owned a 25% equity interest in GCX. In February 2022, we announced the GCX Sale, at which time we ceased the recognition of equity earnings (loss) due to the terms of the sales agreement. (2) Targa assumed operatorship of GCF in the first half of 2021. (3) In April 2022, we closed on the Southcross Acquisition. Following the closing of the Southcross Acquisition, we own 100% of the interests in the T2 Joint Ventures. See Note 4 – Joint Ventures, Divestitures and Acquisitions for further discussion.

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Obligations	Note 7 — Debt Obligations March 31, 2022 December 31, 2021 Current: Partnership accounts receivable securitization facility, due April 2022 $ 270.0 $ 150.0 Finance lease liabilities 13.8 12.8 Current debt obligations 283.8 162.8 Long-term: TRGP senior revolving credit facility, variable rate, due February 2027 995.0 — Senior unsecured notes issued by the Partnership: (3) 5.875% fixed rate, due April 2026 963.2 963.2 5.375% fixed rate, due February 2027 — 468.1 6.500% fixed rate, due July 2027 705.2 705.2 5.000% fixed rate, due January 2028 700.3 700.3 6.875% fixed rate, due January 2029 679.3 679.3 5.500% fixed rate, due March 2030 949.6 949.6 4.875% fixed rate, due February 2031 1,000.0 1,000.0 4.000% fixed rate, due January 2032 1,000.0 1,000.0 6,992.6 6,465.7 Debt issuance costs, net of amortization (41.3 ) (45.0 ) Finance lease liabilities 13.6 13.7 Long-term debt (6) 6,964.9 6,434.4 Total debt obligations $ 7,248.7 $ 6,597.2 Irrevocable standby letters of credit: Letters of credit outstanding under the TRGP senior revolving credit facility (3) $ 58.7 $ — Letters of credit outstanding under the Partnership senior secured revolving credit facility (3) — 71.3 $ 58.7 $ 71.3 (1) As of March 31, 2022, the Partnership had $270.0 million of qualifying receivables under its $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in $130.0 million of availability. In April 2022, the Partnership amended the Securitization Facility to, among other things, extend the facility termination date to April 19, 2023. (2) In February 2022, we entered into a new $2.75 billion TRGP senior revolving credit facility, (the “TRGP Revolver”) which matures in February 2027. In connection with our entry into the TRGP Revolver, we terminated our previous TRGP senior secured revolving credit facility (the “Previous TRGP Revolver”) and the Partnership’s senior secured revolving credit facility (the “Partnership Revolver”). As of March 31, 2022, availability under the TRGP Revolver was $1.7 billion. As of December 31, 2021, we had no balance outstanding under the Previous TRGP Revolver or the Partnership Revolver. ( 3 ) As of February 2022, we guarantee all of the Partnership’s outstanding senior unsecured notes. (4) In April 2022, the Partnership purchased $484.3 million aggregate principal amount of its outstanding 5.875% Senior Notes due 2026 (the “5.875% Notes”) pursuant to an offer to purchase for cash (the “Tender Offer”) any and all outstanding 5.875% Notes. Concurrent with the launch of the Tender Offer, the Partnership exercised its right to redeem any of the 5.875% Notes not validly tendered and purchased in the Tender Offer, and such 5.875% Notes were redeemed in April 2022. (5) In March 2022, the Partnership redeemed all of the outstanding 5.375% Senior Notes due 2027 (the “5.375% Notes”) with the available liquidity under the TRGP Revolver. (6) In April 2022, we, along with certain of our subsidiaries as guarantors thereto, completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.200% Senior Notes due 2033 (the “4.200% Notes”) and (ii) $750.0 million aggregate principal amount of our 4.950% Senior Notes due 2052 (the “4.950% Notes”), resulting in net proceeds of approximately $1.5 billion. The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the three months ended March 31, 2022: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRGP Revolver 1.5% - 1.8% 1.6% Securitization Facility 1.1% - 1.2% 1.2% Compliance with Debt Covenants As of March 31, 2022, we were in compliance with the covenants contained in our various debt agreements. In February 2022, we and certain of our subsidiaries entered into a parent guarantee whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of all of the obligations of the Partnership and Targa Resources Partners Finance Corporation (together with the Partnership, the “Partnership Issuers”) under the respective indentures governing the Partnership Issuers’ senior unsecured notes. As of March 31, 2022, $6.0 billion of the Partnership Issuers’ senior unsecured notes was outstanding. Debt Obligations TRGP Revolver In February 2022, we entered into the TRGP Revolver with Bank of America, N.A., as the Administrative Agent, Collateral Agent and Swing Line Lender, and the other lenders party thereto. The TRGP Revolver provides for a revolving credit facility in an initial aggregate principal amount up to $2.75 billion (with an option to increase such maximum aggregate principal amount by up to $500.0 million in the future, subject to the terms of the TRGP Revolver), including a swing line sub-facility of up to $100.0 million. The TRGP Revolver matures on February 17, 2027. In connection with our entry into the TRGP Revolver, we terminated the Previous TRGP Revolver and the Partnership Revolver. In February 2022, TRGP and the Partnership received a corporate investment grade credit rating from Standard & Poor’s Financial Services LLC (“S&P”) and Fitch Ratings Inc., and in March 2022, the Partnership received a corporate investment grade credit rating from Moody’s Investors Service, Inc. (“Moody’s”). As a result, in accordance with the TRGP Revolver, the collateral under the TRGP Revolver was released from the liens securing our obligations thereunder. As a result of the termination of the Previous TRGP Revolver and the Partnership Revolver, we recorded a loss due to debt extinguishment of $0.8 million. Senior Unsecured Notes Redemption In March 2022 In the future, we or the Partnership may redeem, purchase or exchange certain of our and the Partnership’s outstanding debt through redemption calls, cash purchases and/or exchanges for other debt, in open market purchases, privately negotiated transactions or otherwise. Such calls, repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material . Shelf Registration In March 2022, we filed with the SEC a universal shelf registration statement on Form S-3 that registers the issuance and sale of certain debt and equity securities from time to time in one or more offerings (the “March 2022 Shelf”). The March 2022 Shelf will expire in March 2025. See Note 10 – Common Stock and Related Matters. Contractual Obligations The following table summarizes payment obligations as of March 31, 2022, for debt instruments after giving effect to the debt extinguishments detailed above: Payments Due By Period Less Than More Than Total 1 Year 1-3 Years 3-5 Years 5 Years Long-term debt obligations (1) $ 6,992.6 $ — $ — $ 1,958.2 $ 5,034.4 Interest on debt obligations (2) 2,232.6 325.1 650.3 596.0 661.2 $ 9,225.2 $ 325.1 $ 650.3 $ 2,554.2 $ 5,695.6 (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, 2022 rates for floating debt. Subsequent Events Senior Unsecured Notes Issuances and Redemptions In April 2022, we, along with certain of our subsidiaries as guarantors thereto, completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.200% Notes and (ii) $750.0 million aggregate principal amount of our 4.950% Notes, resulting in net proceeds of approximately $1.5 billion. Both of the 4.200% Notes and the 4.950% Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. Both of the 4.200% Notes and the 4.950% Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain First Supplemental Indenture, dated as of April 6, 2022, among us, such subsidiary guarantors and U.S. Bank Trust Company, National Association, as trustee. A portion of the net proceeds from the issuance were used to fund the concurrent cash tender offer (the “March Tender Offer”) and the subsequent redemption payment of the Partnership’s 5.875% Notes, with the remainder used for repayment of borrowings under the TRGP Revolver. As a result of the March Tender Offer and the subsequent redemption of the 5.875% Notes, we will record a loss due to debt extinguishment of $33.5 million in the second quarter. Partnership’s Accounts Receivable Securitization Facility In April 2022, the Partnership amended the Securitization Facility to, among other things, extend the facility termination date to April 19, 2023 and replace the LIBOR-based interest rate option with SOFR-based interest rate options, including term SOFR and daily simple SOFR.

Other Long-term Liabilities

Other Long-term Liabilities	3 Months Ended
	Mar. 31, 2022
Other Liabilities Noncurrent [Abstract]
Other Long-term Liabilities	Note 8 — 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, 2022 and December 31, 2021, was $170.6 million and $171.8 million, respectively, which includes $129.0 million of payments received from Vitol Americas Corp. (“Vitol”) (formerly known as Noble Americas Corp.), a subsidiary of Vitol US Holding Co., in 2016, 2017, and 2018 as part of an agreement (the “Splitter Agreement”) related to the construction and operation of a crude oil and condensate splitter. In December 2018, Vitol elected to terminate the Splitter Agreement. The Splitter Agreement provides that the first three annual payments are ours if Vitol elects to terminate, which Vitol disputes. The timing of revenue recognition related to the Splitter Agreement deferred revenue is dependent on the outcome of current litigation with Vitol. Deferred revenue also includes nonmonetary consideration received in a 2015 amendment to a gas gathering and processing agreement and consideration received for other construction activities of facilities connected to our systems. See Part II—Item 1. Legal Proceedings for further details on the related litigation.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Preferred Stock	Note 9 — Preferred Stock Preferred Stock Dividends As of March 31, 2022, we had accrued cumulative preferred dividends of $21.8 million on our Series A Preferred, which were paid on May 2, 2022. During the three months ended March 31, 2022, we paid $21.8 million of dividends to preferred shareholders. Subsequent Event Series A Preferred Redemption In May 2022, we redeemed in full all of our issued and outstanding shares of Series A Preferred at a redemption price of $1,050.00 per share, plus $8.87 per share, which is the amount of accrued and unpaid dividends from April 1, 2022 up to, but not including, the redemption date of May 3, 2022. The difference between the consideration paid of $973.4 million (including unpaid dividends of $8.2 million) and the net carrying value of the shares redeemed was $223.7 million, which will be recorded as deemed dividends in our Consolidated Statements of Operations in the second quarter of 2022. Following the redemption, we have no Series A Preferred outstanding and all rights of the holders of shares of Series A Preferred were terminated.

Common Stock and Related Matter

Common Stock and Related Matters	3 Months Ended
	Mar. 31, 2022
Class Of Stock Disclosures [Abstract]
Common Stock and Related Matters	Note 10 — Common Stock and Related Matters Shelf Registration Statement In March 2022, we filed the March 2022 Shelf. The March 2022 Shelf will expire in March 2025. See Note 7 – Debt Obligations. Common Stock Dividends In January 2022, we declared an increase to our common dividend to $0.35 per common share or $1.40 per common share annualized effective for the fourth quarter of 2021, which was paid in February 2022. The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2022: 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, 2022 May 16, 2022 $ 81.2 $ 79.8 $ 1.4 $ 0.35000 December 31, 2021 February 15, 2022 81.4 80.1 1.3 0.35000 (1) Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Partnership Units and Related M

Partnership Units and Related Matters	3 Months Ended
	Mar. 31, 2022
Partners Capital [Abstract]
Partnership Units and Related Matters	Note 11 — 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, 2022: Three Months Ended Date Paid or To Be Paid Total Distributions Distributions to Targa Resources Corp. (In millions, except per share amounts) March 31, 2022 May 12, 2022 $ 103.7 $ 103.7 December 31, 2021 February 11, 2022 103.7 103.7 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. During the three months ended March 31, 2022, we made a total of $140.0 million in contributions to the Partnership.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Common Share	Note 12 — 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, 2022 2021 (In millions, except per share amounts) Net income (loss) attributable to Targa Resources Corp. $ 88.0 $ 146.4 Less: Premium on repurchase of noncontrolling interests, net of tax 53.1 — Less: Dividends on Series A Preferred (1) 21.8 21.8 Net income (loss) attributable to common shareholders for basic earnings per share $ 13.1 $ 124.6 Weighted average shares outstanding - basic 228.5 228.5 Dilutive effect of unvested stock awards 3.9 1.9 Dilutive effect of Series A Preferred (1) — 44.3 Weighted average shares outstanding - diluted 232.4 274.7 Net income (loss) available per common share - basic $ 0.06 $ 0.54 Net income (loss) available per common share - diluted $ 0.06 $ 0.53 The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis): Three Months Ended March 31, 2022 2021 Unvested restricted stock awards 0.1 — Series A Preferred (1) 44.3 — (1) The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5% premium to the liquidation preference subsequent to March 16, 2022.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Note 13 — Derivative Instruments and Hedging Activities The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have 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, 2022, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2022 2023 2024 2025 2026 2027 Natural Gas Swaps MMBtu/d 157,714 102,943 49,068 7,479 — — Natural Gas Basis Swaps MMBtu/d 449,755 295,000 280,000 244,267 55,000 10,000 NGL Swaps Bbl/d 37,524 23,760 11,209 230 — — NGL Futures Bbl/d 6,429 — — — — — Condensate Swaps Bbl/d 5,106 3,687 1,702 37 — — 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, 2022 Fair Value as of December 31, 2021 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 22.0 $ (447.8 ) $ 25.5 $ (252.6 ) Long-term 4.6 (126.7 ) 6.2 (84.3 ) Total derivatives designated as hedging instruments $ 26.6 $ (574.5 ) $ 31.7 $ (336.9 ) Derivatives not designated as hedging instruments Commodity contracts Current $ — $ (52.0 ) $ 17.6 $ (5.6 ) Long-term 2.7 (140.5 ) 1.5 (25.0 ) Total derivatives not designated as hedging instruments $ 2.7 $ (192.5 ) $ 19.1 $ (30.6 ) Total current position $ 22.0 $ (499.8 ) $ 43.1 $ (258.2 ) Total long-term position 7.3 (267.2 ) 7.7 (109.3 ) Total derivatives $ 29.3 $ (767.0 ) $ 50.8 $ (367.5 ) The pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis is as follows: Gross Presentation Pro Forma Net Presentation March 31, 2022 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 22.0 $ (69.1 ) $ 3.7 $ — $ (43.4 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — (430.7 ) — — (430.7 ) 22.0 (499.8 ) 3.7 — (474.1 ) Long-Term Position Counterparties with offsetting positions or collateral 7.3 (203.7 ) 15.5 — (180.9 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — (63.5 ) — — (63.5 ) 7.3 (267.2 ) 15.5 — (244.4 ) Total Derivatives Counterparties with offsetting positions or collateral 29.3 (272.8 ) 19.2 — (224.3 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — (494.2 ) — — (494.2 ) $ 29.3 $ (767.0 ) $ 19.2 $ — $ (718.5 ) Gross Presentation Pro Forma Net Presentation December 31, 2021 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 39.2 $ (241.9 ) $ 5.0 $ 0.3 $ (198.0 ) Counterparties without offsetting positions - assets 3.9 — — 3.9 — Counterparties without offsetting positions - liabilities — (16.3 ) — — (16.3 ) 43.1 (258.2 ) 5.0 4.2 (214.3 ) Long-Term Position Counterparties with offsetting positions or collateral 7.4 (95.1 ) 3.1 — (84.6 ) Counterparties without offsetting positions - assets 0.3 — — 0.3 — Counterparties without offsetting positions - liabilities — (14.2 ) — — (14.2 ) 7.7 (109.3 ) 3.1 0.3 (98.8 ) Total Derivatives Counterparties with offsetting positions or collateral 46.6 (337.0 ) 8.1 0.3 (282.6 ) Counterparties without offsetting positions - assets 4.2 — — 4.2 — Counterparties without offsetting positions - liabilities — (30.5 ) — — (30.5 ) $ 50.8 $ (367.5 ) $ 8.1 $ 4.5 $ (313.1 ) Some of our hedges are futures contracts executed through brokers that clear the hedges through an exchange. We maintain a margin deposit with the brokers in an amount sufficient to cover the fair value of our open futures positions. The margin deposit is considered collateral, which is located within Other current assets on our Consolidated Balance Sheets and is not offset against the fair value of our derivative instruments. Our derivative instruments other than our futures contracts are executed under International Swaps and Derivatives Association (“ISDA”) agreements, which govern the key terms with our counterparties. Our ISDA agreements contain credit-risk related contingent features. Pursuant to the terms of the TRGP Revolver, our derivative positions are no longer secured by the collateral securing the TRGP Revolver. As of March 31, 2022, we have outstanding net derivative positions that contain credit-risk related contingent features that are in a net liability position of approximately ($718) million. We have not been required to post any collateral related to these positions due to our credit rating. If our credit rating was to be downgraded one notch below investment grade by both Moody’s and S&P, as defined in our ISDAs, we estimate that as of March 31, 2022, we would be required to post approximately $126 million of collateral to certain counterparties per the terms of our ISDAs. The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net liability of ($737.7) million as of March 31, 2022. The estimated fair value is net of an adjustment for credit risk based on the default probabilities as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. Our futures contracts that are cleared through an exchange are margined daily and do not require any credit adjustment. The following tables reflect amounts recorded in Other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Derivatives in Cash Flow Three Months Ended March 31, Hedging Relationships 2022 2021 Commodity contracts $ (387.1 ) $ (171.5 ) Gain (Loss) Reclassified from OCI into Income (Effective Portion) Three Months Ended March 31, Location of Gain (Loss) 2022 2021 Revenues $ (145.7 ) $ (149.7 ) Based on valuations as of March 31, 2022, we expect to reclassify commodity hedge-related deferred losses of ($545.4) million included in accumulated other comprehensive income (loss) into earnings before income taxes through the end of 2025, with ($423.3) 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, 2022, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward prices, as compared to our positions. Location of Gain (Loss) Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended March 31, as Hedging Instruments Derivatives 2022 2021 Commodity contracts Revenue $ (177.0 ) $ 15.0 See Note 14 – Fair Value Measurements and Note 19 – Segment Information for additional disclosures related to derivative instruments and hedging activities.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 14 — Fair Value Measurements Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments 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, 2022, a net liability position of ($737.7) 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 ($930.6) million. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net liability of ($544.8) million. Fair Value of Other Financial Instruments Due to their cash or near-cash nature, the carrying value of other financial instruments included in working capital (i.e., cash and cash equivalents, accounts receivable, accounts payable) approximates their fair value. Long-term debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. • the TRGP Revolver and the Partnership’s Securitization Facility 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, 2022 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 (1) $ 25.0 $ 25.0 $ — $ 25.0 $ — Liabilities from commodity derivative contracts (1) 762.7 762.7 — 762.7 — Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 135.9 135.9 — — — TRGP Revolver 995.0 995.0 — 995.0 — Partnership's Senior unsecured notes 5,997.6 6,134.7 — 6,134.7 — Securitization Facility 270.0 270.0 — 270.0 — December 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 (1) $ 46.6 $ 46.6 $ — $ 46.6 $ — Liabilities from commodity derivative contracts (1) 363.3 363.3 — 363.3 — Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 158.5 158.5 — — — Partnership's Senior unsecured notes 6,465.7 6,924.5 — 6,924.5 — Securitization Facility 150.0 150.0 — 150.0 — (1) The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 13 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes . 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. As of March 31, 2022, we had no derivative contracts categorized as Level 3.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Loss Contingency [Abstract]
Contingencies	Note 15 — 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. On December 26, 2018, Vitol filed a lawsuit in the 80 th On October 15, 2020, the District Court awarded Vitol $129.0 million (plus interest) following a bench trial. In addition, the District Court awarded Vitol $10.5 million in damages for losses and demurrage on crude oil that Vitol purchased for start-up efforts. The Company has filed an appeal challenging the award, and the appeal is currently pending in the Fourteenth Court of Appeals in Houston, Texas. In October 2020, we sold Targa Channelview but, under the agreements governing the sale, we retained the liabilities associated with the Vitol proceedings.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Revenue	Note 16 — Revenue Fixed consideration allocated to remaining performance obligations The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period, and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 17 years. 2022 2023 2024 and after Fixed consideration to be recognized as of March 31, 2022 $ 346.9 $ 398.5 $ 2,319.0 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 19 – Segment Information.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 17 — Income Taxes The Company records income taxes using an estimated annual effective tax rate and recognizes specific events discretely as they occur. We regularly evaluate the realizable tax benefits of deferred tax assets and record a valuation allowance, if required, based on an estimate of the amount of deferred tax assets that we believe does not meet the more-likely-than-not criteria of being realized. As of March 31, 2022, our valuation allowance was $192.8 million, a decrease of $17.8 million from December 31, 2021. After the change in valuation allowance, we have a net deferred tax liability of $88.0 million. As we begin achieving sustained profitability, increased consideration will be given to projections of future taxable income to determine whether such projections provide an adequate source of taxable income for the realization of our deferred tax assets and may result in a change to our valuation allowance in the next twelve months. We will continue to evaluate the valuation allowance based on current and expected earnings and other factors and adjust accordingly. In January 2022, the IRS notified us that it will examine Targa’s net operating loss carryback previously claimed under the Coronavirus Aid, Relief and Economic Security Act. We are in the process of responding to information requests from the IRS and do not anticipate material changes in prior year taxable income.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 18 — Supplemental Cash Flow Information Three Months Ended March 31, 2022 2021 Cash: Interest paid, net of capitalized interest (1) $ 151.3 $ 141.1 Income taxes (received) paid, net (0.2 ) 0.8 Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment, net $ (41.9 ) $ (12.9 ) Transfers from materials and supplies inventory to property, plant and equipment — 0.1 Non-cash financing activities: Changes in accrued distributions to noncontrolling interests $ (18.2 ) $ (22.2 ) (1) Interest capitalized on major projects was $2.4 million and $0.7 million for the three months ended March 31, 2022 and 2021.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Note 19 — 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, which connects our gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with our Downstream facilities in Mont Belvieu, Texas. The associated assets are generally connected to and supplied in part by our Gathering and Processing segment and, except for the pipelines and smaller terminals, are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana. Other contains the unrealized mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. Elimination of inter-segment transactions are reflected in the corporate and eliminations column. Reportable segment information is shown in the following tables: Three Months Ended March 31, 2022 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 134.6 $ 4,609.9 $ (178.3 ) $ — $ 4,566.2 Fees from midstream services 210.4 182.5 — — 392.9 345.0 4,792.4 (178.3 ) — 4,959.1 Intersegment revenues Sales of commodities 2,030.6 124.3 — (2,154.9 ) — Fees from midstream services 0.3 10.8 — (11.1 ) — 2,030.9 135.1 — (2,166.0 ) — Revenues $ 2,375.9 $ 4,927.5 $ (178.3 ) $ (2,166.0 ) $ 4,959.1 Operating margin (1) $ 397.6 $ 352.1 $ (178.3 ) Other financial information: Total assets (2) $ 7,951.0 $ 7,196.0 $ 1.6 $ 146.8 $ 15,295.4 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 133.0 $ 25.2 $ — $ 4.3 $ 162.5 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. 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 (1) $ 275.1 $ 348.7 $ 1.5 Other financial information: Total assets (2) $ 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) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended March 31, 2022 2021 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 964.3 $ 841.4 NGL 3,806.5 2,594.4 Condensate and crude oil 118.1 66.6 4,888.9 3,502.4 Non-customer revenue: Derivative activities - Hedge (145.7 ) (149.7 ) Derivative activities - Non-hedge (1) (177.0 ) 15.0 (322.7 ) (134.7 ) Total sales of commodities 4,566.2 3,367.7 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 206.0 116.3 NGL transportation, fractionation and services 65.8 47.2 Storage, terminaling and export 100.9 88.8 Other 20.2 12.7 Total fees from midstream services 392.9 265.0 Total revenues $ 4,959.1 $ 3,632.7 (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, 2022 2021 Reconciliation of reportable segment operating margin to income (loss) before income taxes: Gathering and Processing operating margin $ 397.6 $ 275.1 Logistics and Transportation operating margin 352.1 348.7 Other operating margin (178.3 ) 1.5 Depreciation and amortization expense (209.1 ) (216.2 ) General and administrative expense (67.1 ) (61.4 ) Interest expense, net (93.6 ) (98.4 ) Equity earnings (loss) 5.6 11.8 Gain (loss) on sale or disposition of assets 1.0 — Write-down of assets (0.5 ) (3.5 ) Gain (loss) from financing activities (15.8 ) (14.7 ) Other, net (0.4 ) — Income (loss) before income taxes $ 191.5 $ 242.9

Property, Plant and Equipment_2

Property, Plant and Equipment and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment And Intangible Assets [Abstract]
Property Plant and Equipment and Intangible Assets	March 31, 2022 December 31, 2021 Estimated Useful Lives (In Years) Gathering systems $ 9,368.0 $ 9,318.2 5 to 20 Processing and fractionation facilities 6,423.0 6,388.8 5 to 25 Terminaling and storage facilities 1,325.5 1,313.8 5 to 25 Transportation assets 2,696.6 2,671.0 10 to 50 Other property, plant and equipment 334.2 340.9 3 to 50 Land 160.8 160.8 — Construction in progress 392.4 347.0 — Finance lease right-of-use assets 56.8 55.6 5 to 7 Property, plant and equipment 20,757.3 20,596.1 Accumulated depreciation, amortization and impairment (9,104.3 ) (8,928.4 ) Property, plant and equipment, net $ 11,653.0 $ 11,667.7 Intangible assets 2,497.7 2,642.9 10 to 20 Accumulated amortization and impairment (1,430.9 ) (1,548.1 ) Intangible assets, net $ 1,066.8 $ 1,094.8
Schedule of Changes in Intangible Assets	The changes in our intangible assets are as follows: March 31, 2022 Balance at December 31, 2021 $ 1,094.8 Amortization (28.0 ) Balance at March 31, 2022 $ 1,066.8

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments And Joint Ventures [Abstract]
Activity Related to Partnership's Investments and Combined Financial Information in Unconsolidated Affiliates	The following table shows the activity related to our investments in unconsolidated affiliates: Balance at December 31, 2021 Equity Earnings (Loss) Cash Distributions Contributions Balance at March 31, 2022 GCX (1) $ 421.0 $ 5.7 $ (7.3 ) $ — $ 419.4 Little Missouri 4 98.1 0.3 (4.7 ) — 93.7 GCF (2) 28.8 (0.7 ) — 0.5 28.6 T2 Eagle Ford (3) 21.9 (0.6 ) (0.8 ) — 20.5 T2 LaSalle (3) 4.2 (0.2 ) — — 4.0 Cayenne 12.5 1.1 — — 13.6 Total $ 586.5 $ 5.6 $ (12.8 ) $ 0.5 $ 579.8 (1) Following the DevCo JV Repurchase in January 2022, we owned a 25% equity interest in GCX. In February 2022, we announced the GCX Sale, at which time we ceased the recognition of equity earnings (loss) due to the terms of the sales agreement. (2) Targa assumed operatorship of GCF in the first half of 2021. (3) In April 2022, we closed on the Southcross Acquisition. Following the closing of the Southcross Acquisition, we own 100% of the interests in the T2 Joint Ventures. See Note 4 – Joint Ventures, Divestitures and Acquisitions for further discussion.

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	March 31, 2022 December 31, 2021 Current: Partnership accounts receivable securitization facility, due April 2022 $ 270.0 $ 150.0 Finance lease liabilities 13.8 12.8 Current debt obligations 283.8 162.8 Long-term: TRGP senior revolving credit facility, variable rate, due February 2027 995.0 — Senior unsecured notes issued by the Partnership: (3) 5.875% fixed rate, due April 2026 963.2 963.2 5.375% fixed rate, due February 2027 — 468.1 6.500% fixed rate, due July 2027 705.2 705.2 5.000% fixed rate, due January 2028 700.3 700.3 6.875% fixed rate, due January 2029 679.3 679.3 5.500% fixed rate, due March 2030 949.6 949.6 4.875% fixed rate, due February 2031 1,000.0 1,000.0 4.000% fixed rate, due January 2032 1,000.0 1,000.0 6,992.6 6,465.7 Debt issuance costs, net of amortization (41.3 ) (45.0 ) Finance lease liabilities 13.6 13.7 Long-term debt (6) 6,964.9 6,434.4 Total debt obligations $ 7,248.7 $ 6,597.2 Irrevocable standby letters of credit: Letters of credit outstanding under the TRGP senior revolving credit facility (3) $ 58.7 $ — Letters of credit outstanding under the Partnership senior secured revolving credit facility (3) — 71.3 $ 58.7 $ 71.3 (1) As of March 31, 2022, the Partnership had $270.0 million of qualifying receivables under its $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in $130.0 million of availability. In April 2022, the Partnership amended the Securitization Facility to, among other things, extend the facility termination date to April 19, 2023. (2) In February 2022, we entered into a new $2.75 billion TRGP senior revolving credit facility, (the “TRGP Revolver”) which matures in February 2027. In connection with our entry into the TRGP Revolver, we terminated our previous TRGP senior secured revolving credit facility (the “Previous TRGP Revolver”) and the Partnership’s senior secured revolving credit facility (the “Partnership Revolver”). As of March 31, 2022, availability under the TRGP Revolver was $1.7 billion. As of December 31, 2021, we had no balance outstanding under the Previous TRGP Revolver or the Partnership Revolver. ( 3 ) As of February 2022, we guarantee all of the Partnership’s outstanding senior unsecured notes. (4) In April 2022, the Partnership purchased $484.3 million aggregate principal amount of its outstanding 5.875% Senior Notes due 2026 (the “5.875% Notes”) pursuant to an offer to purchase for cash (the “Tender Offer”) any and all outstanding 5.875% Notes. Concurrent with the launch of the Tender Offer, the Partnership exercised its right to redeem any of the 5.875% Notes not validly tendered and purchased in the Tender Offer, and such 5.875% Notes were redeemed in April 2022. (5) In March 2022, the Partnership redeemed all of the outstanding 5.375% Senior Notes due 2027 (the “5.375% Notes”) with the available liquidity under the TRGP Revolver. (6) In April 2022, we, along with certain of our subsidiaries as guarantors thereto, completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.200% Senior Notes due 2033 (the “4.200% Notes”) and (ii) $750.0 million aggregate principal amount of our 4.950% Senior Notes due 2052 (the “4.950% Notes”), resulting in net proceeds of approximately $1.5 billion.
Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations	The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the three months ended March 31, 2022: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRGP Revolver 1.5% - 1.8% 1.6% Securitization Facility 1.1% - 1.2% 1.2%
Summary of Payment Obligations for Debt Instruments	The following table summarizes payment obligations as of March 31, 2022, for debt instruments after giving effect to the debt extinguishments detailed above: Payments Due By Period Less Than More Than Total 1 Year 1-3 Years 3-5 Years 5 Years Long-term debt obligations (1) $ 6,992.6 $ — $ — $ 1,958.2 $ 5,034.4 Interest on debt obligations (2) 2,232.6 325.1 650.3 596.0 661.2 $ 9,225.2 $ 325.1 $ 650.3 $ 2,554.2 $ 5,695.6 (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, 2022 rates for floating debt.

Common Stock and Related Matt_2

Common Stock and Related Matters (Tables)	3 Months Ended
	Mar. 31, 2022
Class Of Stock Disclosures [Abstract]
Dividends Declared and/or Paid	The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2022: 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, 2022 May 16, 2022 $ 81.2 $ 79.8 $ 1.4 $ 0.35000 December 31, 2021 February 15, 2022 81.4 80.1 1.3 0.35000 (1) Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Partnership Units and Related_2

Partnership Units and Related Matters (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022: Three Months Ended Date Paid or To Be Paid Total Distributions Distributions to Targa Resources Corp. (In millions, except per share amounts) March 31, 2022 May 12, 2022 $ 103.7 $ 103.7 December 31, 2021 February 11, 2022 103.7 103.7

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share	The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share: Three Months Ended March 31, 2022 2021 (In millions, except per share amounts) Net income (loss) attributable to Targa Resources Corp. $ 88.0 $ 146.4 Less: Premium on repurchase of noncontrolling interests, net of tax 53.1 — Less: Dividends on Series A Preferred (1) 21.8 21.8 Net income (loss) attributable to common shareholders for basic earnings per share $ 13.1 $ 124.6 Weighted average shares outstanding - basic 228.5 228.5 Dilutive effect of unvested stock awards 3.9 1.9 Dilutive effect of Series A Preferred (1) — 44.3 Weighted average shares outstanding - diluted 232.4 274.7 Net income (loss) available per common share - basic $ 0.06 $ 0.54 Net income (loss) available per common share - diluted $ 0.06 $ 0.53
Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share	The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis): Three Months Ended March 31, 2022 2021 Unvested restricted stock awards 0.1 — Series A Preferred (1) 44.3 — (1) The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5% premium to the liquidation preference subsequent to March 16, 2022.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Notional Volume of Commodity Hedges	At March 31, 2022, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2022 2023 2024 2025 2026 2027 Natural Gas Swaps MMBtu/d 157,714 102,943 49,068 7,479 — — Natural Gas Basis Swaps MMBtu/d 449,755 295,000 280,000 244,267 55,000 10,000 NGL Swaps Bbl/d 37,524 23,760 11,209 230 — — NGL Futures Bbl/d 6,429 — — — — — Condensate Swaps Bbl/d 5,106 3,687 1,702 37 — —
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, 2022 Fair Value as of December 31, 2021 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 22.0 $ (447.8 ) $ 25.5 $ (252.6 ) Long-term 4.6 (126.7 ) 6.2 (84.3 ) Total derivatives designated as hedging instruments $ 26.6 $ (574.5 ) $ 31.7 $ (336.9 ) Derivatives not designated as hedging instruments Commodity contracts Current $ — $ (52.0 ) $ 17.6 $ (5.6 ) Long-term 2.7 (140.5 ) 1.5 (25.0 ) Total derivatives not designated as hedging instruments $ 2.7 $ (192.5 ) $ 19.1 $ (30.6 ) Total current position $ 22.0 $ (499.8 ) $ 43.1 $ (258.2 ) Total long-term position 7.3 (267.2 ) 7.7 (109.3 ) Total derivatives $ 29.3 $ (767.0 ) $ 50.8 $ (367.5 )
Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet	The pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis is as follows: Gross Presentation Pro Forma Net Presentation March 31, 2022 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 22.0 $ (69.1 ) $ 3.7 $ — $ (43.4 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — (430.7 ) — — (430.7 ) 22.0 (499.8 ) 3.7 — (474.1 ) Long-Term Position Counterparties with offsetting positions or collateral 7.3 (203.7 ) 15.5 — (180.9 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — (63.5 ) — — (63.5 ) 7.3 (267.2 ) 15.5 — (244.4 ) Total Derivatives Counterparties with offsetting positions or collateral 29.3 (272.8 ) 19.2 — (224.3 ) Counterparties without offsetting positions - assets — — — — — Counterparties without offsetting positions - liabilities — (494.2 ) — — (494.2 ) $ 29.3 $ (767.0 ) $ 19.2 $ — $ (718.5 ) Gross Presentation Pro Forma Net Presentation December 31, 2021 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 39.2 $ (241.9 ) $ 5.0 $ 0.3 $ (198.0 ) Counterparties without offsetting positions - assets 3.9 — — 3.9 — Counterparties without offsetting positions - liabilities — (16.3 ) — — (16.3 ) 43.1 (258.2 ) 5.0 4.2 (214.3 ) Long-Term Position Counterparties with offsetting positions or collateral 7.4 (95.1 ) 3.1 — (84.6 ) Counterparties without offsetting positions - assets 0.3 — — 0.3 — Counterparties without offsetting positions - liabilities — (14.2 ) — — (14.2 ) 7.7 (109.3 ) 3.1 0.3 (98.8 ) Total Derivatives Counterparties with offsetting positions or collateral 46.6 (337.0 ) 8.1 0.3 (282.6 ) Counterparties without offsetting positions - assets 4.2 — — 4.2 — Counterparties without offsetting positions - liabilities — (30.5 ) — — (30.5 ) $ 50.8 $ (367.5 ) $ 8.1 $ 4.5 $ (313.1 )
Amounts Recorded in Other Comprehensive Income OCI and Amounts Reclassified from OCI to Revenue	The following tables reflect amounts recorded in Other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Derivatives in Cash Flow Three Months Ended March 31, Hedging Relationships 2022 2021 Commodity contracts $ (387.1 ) $ (171.5 ) Gain (Loss) Reclassified from OCI into Income (Effective Portion) Three Months Ended March 31, Location of Gain (Loss) 2022 2021 Revenues $ (145.7 ) $ (149.7 )
Gain (Loss) Recognized in Income on Derivatives	The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three months ended March 31, 2022, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward prices, as compared to our positions. Location of Gain (Loss) Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended March 31, as Hedging Instruments Derivatives 2022 2021 Commodity contracts Revenue $ (177.0 ) $ 15.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Breakdown by Fair Value Hierarchy Category for Financial Instruments Included in Consolidated Balance Sheets	The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included on our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: March 31, 2022 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 (1) $ 25.0 $ 25.0 $ — $ 25.0 $ — Liabilities from commodity derivative contracts (1) 762.7 762.7 — 762.7 — Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 135.9 135.9 — — — TRGP Revolver 995.0 995.0 — 995.0 — Partnership's Senior unsecured notes 5,997.6 6,134.7 — 6,134.7 — Securitization Facility 270.0 270.0 — 270.0 — December 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 (1) $ 46.6 $ 46.6 $ — $ 46.6 $ — Liabilities from commodity derivative contracts (1) 363.3 363.3 — 363.3 — Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 158.5 158.5 — — — Partnership's Senior unsecured notes 6,465.7 6,924.5 — 6,924.5 — Securitization Facility 150.0 150.0 — 150.0 — (1) The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 13 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes .

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Summary of Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations	The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period, and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 17 years. 2022 2023 2024 and after Fixed consideration to be recognized as of March 31, 2022 $ 346.9 $ 398.5 $ 2,319.0

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Three Months Ended March 31, 2022 2021 Cash: Interest paid, net of capitalized interest (1) $ 151.3 $ 141.1 Income taxes (received) paid, net (0.2 ) 0.8 Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment, net $ (41.9 ) $ (12.9 ) Transfers from materials and supplies inventory to property, plant and equipment — 0.1 Non-cash financing activities: Changes in accrued distributions to noncontrolling interests $ (18.2 ) $ (22.2 ) (1) Interest capitalized on major projects was $2.4 million and $0.7 million for the three months ended March 31, 2022 and 2021.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Reportable Segment Information	Reportable segment information is shown in the following tables: Three Months Ended March 31, 2022 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 134.6 $ 4,609.9 $ (178.3 ) $ — $ 4,566.2 Fees from midstream services 210.4 182.5 — — 392.9 345.0 4,792.4 (178.3 ) — 4,959.1 Intersegment revenues Sales of commodities 2,030.6 124.3 — (2,154.9 ) — Fees from midstream services 0.3 10.8 — (11.1 ) — 2,030.9 135.1 — (2,166.0 ) — Revenues $ 2,375.9 $ 4,927.5 $ (178.3 ) $ (2,166.0 ) $ 4,959.1 Operating margin (1) $ 397.6 $ 352.1 $ (178.3 ) Other financial information: Total assets (2) $ 7,951.0 $ 7,196.0 $ 1.6 $ 146.8 $ 15,295.4 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 133.0 $ 25.2 $ — $ 4.3 $ 162.5 (1) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. 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 (1) $ 275.1 $ 348.7 $ 1.5 Other financial information: Total assets (2) $ 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) Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues. (2) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
Revenues Disaggregated by Product and Service	The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended March 31, 2022 2021 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 964.3 $ 841.4 NGL 3,806.5 2,594.4 Condensate and crude oil 118.1 66.6 4,888.9 3,502.4 Non-customer revenue: Derivative activities - Hedge (145.7 ) (149.7 ) Derivative activities - Non-hedge (1) (177.0 ) 15.0 (322.7 ) (134.7 ) Total sales of commodities 4,566.2 3,367.7 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 206.0 116.3 NGL transportation, fractionation and services 65.8 47.2 Storage, terminaling and export 100.9 88.8 Other 20.2 12.7 Total fees from midstream services 392.9 265.0 Total revenues $ 4,959.1 $ 3,632.7 (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, 2022 2021 Reconciliation of reportable segment operating margin to income (loss) before income taxes: Gathering and Processing operating margin $ 397.6 $ 275.1 Logistics and Transportation operating margin 352.1 348.7 Other operating margin (178.3 ) 1.5 Depreciation and amortization expense (209.1 ) (216.2 ) General and administrative expense (67.1 ) (61.4 ) Interest expense, net (93.6 ) (98.4 ) Equity earnings (loss) 5.6 11.8 Gain (loss) on sale or disposition of assets 1.0 — Write-down of assets (0.5 ) (3.5 ) Gain (loss) from financing activities (15.8 ) (14.7 ) Other, net (0.4 ) — Income (loss) before income taxes $ 191.5 $ 242.9

Joint Ventures, Divestitures _2

Joint Ventures, Divestitures and Acquisitions - Additional Information Joint Ventures (Details) $ in Millions	Feb. 06, 2018JointVenture	Jan. 31, 2022USD ($)	Mar. 31, 2022USD ($)	Feb. 28, 2022
Business Acquisition [Line Items]
Repurchase of interest			$ 926.3
Premium on repurchase of noncontrolling interests, net of tax			53.1
DevCo JV Repurchase [Member]
Business Acquisition [Line Items]
Repurchase of interest		$ 926.3
Premium on repurchase of noncontrolling interests, net of tax			53.1
Cash paid for purchase of noncontrolling interests			$ 857.9
Train 6 [Member] | DevCo JV Repurchase [Member]
Business Acquisition [Line Items]
Ownership interest in assets		100.00%
GCX DevCo JV [Member]
Business Acquisition [Line Items]
Ownership interest				25.00%
GCX DevCo JV [Member] | DevCo JV Repurchase [Member]
Business Acquisition [Line Items]
Ownership interest		25.00%
Grand Prix Joint Venture [Member] | DevCo JV Repurchase [Member]
Business Acquisition [Line Items]
Ownership interest		75.00%
Stonepeak Infrastructure Partners [Member] | GCX DevCo JV [Member]
Business Acquisition [Line Items]
Number of development joint ventures | JointVenture	3
Train 6 DevCo JV [Member] | Train 6 [Member] | Mont Belvieu, Texas [Member]
Business Acquisition [Line Items]
Ownership interest in assets	110.00%

Joint Ventures, Divestitures _3

Joint Ventures, Divestitures and Acquisitions - Additional Information Divestitures (Details) - GCX DevCo JV [Member] $ in Millions	1 Months Ended
	Feb. 28, 2022USD ($)
Business Acquisition [Line Items]
Repurchase of interest	$ 857
Ownership interest	25.00%

Joint Ventures, Divestitures _4

Joint Ventures, Divestitures and Acquisitions - Additional Information Acquisitions (Details) - Southcross Acquisition - Subsequent Event [Member] $ in Millions	1 Months Ended
	Apr. 30, 2022USD ($)JointVenture
Business Acquisition [Line Items]
Business acquisition, purchase price | $	$ 200
Number of operated joint ventures | JointVenture	2

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, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 20,757.3	$ 20,596.1
Accumulated depreciation, amortization and impairment	(9,104.3)	(8,928.4)
Property, plant and equipment, net	11,653	11,667.7
Intangible assets	2,497.7	2,642.9
Accumulated amortization and impairment	(1,430.9)	(1,548.1)
Intangible assets, net	$ 1,066.8	1,094.8
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Gathering Systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 9,368	9,318.2
Gathering Systems [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Gathering Systems [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Processing and Fractionation Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 6,423	6,388.8
Processing and Fractionation Facilities [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Processing and Fractionation Facilities [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Terminaling and Storage Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,325.5	1,313.8
Terminaling and Storage Facilities [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Terminaling and Storage Facilities [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Transportation Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2,696.6	2,671
Transportation Assets [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Transportation Assets [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Other Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 334.2	340.9
Other Property, Plant and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Other Property, Plant and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 160.8	160.8
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	392.4	347
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 56.8	$ 55.6
Finance Lease Right-of-Use Assets [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Finance Lease Right-of-Use Assets [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Property, Plant and Equipment_4

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property Plant And Equipment And Intangible Assets [Abstract]
Depreciation expense	$ 181.1	$ 183.4
Long-lived assets, impairment charges	0	$ 0
Estimated amortization expense for intangible assets [Abstract]
2022	112
2023	106.8
2024	103
2025	99.9
2026	$ 97.6

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, 2022USD ($)
Finite Lived Intangible Assets [Roll Forward]
Beginning of period	$ 1,094.8
Amortization	(28)
End of period	$ 1,066.8

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates - Additional Information (Details) - Targa Resources Partners LP [Member]	Mar. 31, 2022JointVenture
Gulf Coast Fractionators LP [Member] | Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	38.80%
T2 Joint Ventures [Member] | Gathering and Processing [Member]
Schedule Of Equity Method Investments [Line Items]
Number of operated joint ventures	2
T2 LaSalle [Member] | Gathering and Processing [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	75.00%
T2 Eagle Ford [Member] | Gathering and Processing [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%
Cayenne Joint Venture [Member] | Gathering and Processing [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%
GCX [Member] | Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	25.00%
Little Missouri 4 [Member] | Logistics and Transportation [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	50.00%

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period		$ 586.5
Equity earnings (loss)		5.6	$ 11.8
Balance at end of period		579.8
Targa Resources Partners LP [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period		586.5
Equity earnings (loss)		5.6
Cash Distributions		(12.8)
Contributions		0.5
Balance at end of period		579.8
Targa Resources Partners LP [Member] | GCX [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period	[1]	421
Equity earnings (loss)	[1]	5.7
Cash Distributions	[1]	(7.3)
Balance at end of period	[1]	419.4
Targa Resources Partners LP [Member] | Little Missouri 4 [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period		98.1
Equity earnings (loss)		0.3
Cash Distributions		(4.7)
Balance at end of period		93.7
Targa Resources Partners LP [Member] | T2 Eagle Ford [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period	[2]	21.9
Equity earnings (loss)	[2]	(0.6)
Cash Distributions	[2]	(0.8)
Balance at end of period	[2]	20.5
Targa Resources Partners LP [Member] | T2 LaSalle [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period	[2]	4.2
Equity earnings (loss)	[2]	(0.2)
Balance at end of period	[2]	4
Targa Resources Partners LP [Member] | Gulf Coast Fractionators LP [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period	[3]	28.8
Equity earnings (loss)	[3]	(0.7)
Contributions	[3]	0.5
Balance at end of period	[3]	28.6
Targa Resources Partners LP [Member] | Cayenne Joint Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Balance at beginning of period		12.5
Equity earnings (loss)		1.1
Balance at end of period		$ 13.6
[1]	Following the DevCo JV Repurchase in January 2022, we owned a 25% equity interest in GCX. In February 2022, we announced the GCX Sale, at which time we ceased the recognition of equity earnings (loss) due to the terms of the sales agreement.
[2]	In April 2022, we closed on the Southcross Acquisition. Following the closing of the Southcross Acquisition, we own 100% of the interests in the T2 Joint Ventures. See Note 4 – Joint Ventures, Divestitures and Acquisitions for further discussion.
[3]	Targa assumed operatorship of GCF in the first half of 2021.

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Parenthetical) (Details)	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022
GCX DevCo JV [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest		25.00%
GCX DevCo JV [Member] | DevCo JV Repurchase [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest			25.00%
Targa Resources Partners LP [Member] | T2 Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest	100.00%

Debt Obligations - Summary Of D

Debt Obligations - Summary Of Debt Obligations (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Current:
Partnership accounts receivable securitization facility, due April 2022	[1]	$ 270	$ 150
Finance lease liabilities		13.8	12.8
Current debt obligations		283.8	162.8
Long-term [Abstract]
Long-term debt including Unamortized premium(discount) and Debt issuance costs		6,992.6	6,465.7
Debt issuance costs, net of amortization		(41.3)	(45)
Finance lease liabilities		13.6	13.7
Long-term debt	[2]	6,964.9	6,434.4
Total debt obligations		7,248.7	6,597.2
Letters of credit outstanding		58.7	71.3
Senior Unsecured Notes [Member] | Senior Unsecured 5.875% Notes due April 2026 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[3],[4]	963.2	963.2
Senior Unsecured Notes [Member] | Senior Unsecured 5.375% Notes due February 2027 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[3],[5]	0	468.1
Senior Unsecured Notes [Member] | Senior Unsecured 6.500% Notes due July 2027 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[3]	705.2	705.2
Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[3]	700.3	700.3
Senior Unsecured Notes [Member] | Senior Unsecured 6.875% Senior Notes due January 2029 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[3]	679.3	679.3
Senior Unsecured Notes [Member] | Senior Unsecured 5.500% Notes due March 2030 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[3]	949.6	949.6
Senior Unsecured Notes [Member] | Senior Unsecured of 4.875% Senior Notes due February 2031 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[3]	1,000	1,000
Senior Unsecured Notes [Member] | Senior Unsecured of 4.000% Senior Notes due January 2032 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Long-term debt	[3]	1,000	1,000
Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2027 [Member]
Long-term [Abstract]
Long-term debt	[6]	995	0
Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2027 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Letters of credit outstanding		58.7	0
Revolving Credit Facility [Member] | TRP Senior Revolving Credit Facility due June 2023 [Member] | Targa Resources Partners LP [Member]
Long-term [Abstract]
Letters of credit outstanding	[3]	$ 0	$ 71.3
[1]	As of March 31, 2022, the Partnership had $270.0 million of qualifying receivables under its $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in $130.0 million of availability.
[2]	In April 2022, we, along with certain of our subsidiaries as guarantors thereto, completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.200% Senior Notes due 2033 (the “4.200% Notes”) and (ii) $750.0 million aggregate principal amount of our 4.950% Senior Notes due 2052 (the “4.950% Notes”), resulting in net proceeds of approximately $1.5 billion.
[3]	As of February 2022, we guarantee all of the Partnership’s outstanding senior unsecured notes.
[4]	In April 2022, the Partnership purchased $484.3 million aggregate principal amount of its outstanding 5.875% Senior Notes due 2026 (the “5.875% Notes”) pursuant to an offer to purchase for cash (the “Tender Offer”) any and all outstanding 5.875% Notes. Concurrent with the launch of the Tender Offer, the Partnership exercised its right to redeem any of the 5.875% Notes not validly tendered and purchased in the Tender Offer, and such 5.875% Notes were redeemed in April 2022.
[5]	In March 2022, the Partnership redeemed all of the outstanding 5.375% Senior Notes due 2027 (the “5.375% Notes”) with the available liquidity under the TRGP Revolver.
[6]	In February 2022, we entered into a new $2.75 billion TRGP senior revolving credit facility, (the “TRGP Revolver”) which matures in February 2027. In connection with our entry into the TRGP Revolver, we terminated our previous TRGP senior secured revolving credit facility (the “Previous TRGP Revolver”) and the Partnership’s senior secured revolving credit facility (the “Partnership Revolver”). As of March 31, 2022, availability under the TRGP Revolver was $1.7 billion. As of December 31, 2021, we had no balance outstanding under the Previous TRGP Revolver or the Partnership Revolver.

Debt Obligations - Summary Of_2

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($)		1 Months Ended		3 Months Ended		12 Months Ended
		Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Feb. 28, 2022
Debt Instrument [Line Items]
Proceeds from borrowings under accounts receivable securitization facility				$ 250,000,000	$ 350,000,000
Partnership accounts receivable securitization facility, due April 2022	[1]		$ 270,000,000	$ 270,000,000		$ 150,000,000
Revolving Credit Facility [Member] | TRGP Senior Revolving Credit Facility due February 2027 [Member]
Debt Instrument [Line Items]
Maturity date				Feb. 28, 2027		Feb. 28, 2027
Revolving Credit Facility [Member] | TRC Senior Revolving Credit Facility Due February 2027 [Member]
Debt Instrument [Line Items]
Remaining borrowing capacity			$ 1,700,000,000	$ 1,700,000,000
Maximum borrowing capacity							$ 2,750,000,000
Senior Unsecured Notes [Member] | Senior Unsecured 5.875% Notes due April 2026 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		5.875%
Senior Unsecured Notes [Member] | Senior Unsecured 5.375% Notes due February 2027 [Member]
Debt Instrument [Line Items]
Maturity date			Mar. 31, 2022
Interest rate on fixed rate debt			5.375%	5.375%
Purchase of aggregate principal amount			$ 1,000	$ 1,000
Senior Unsecured Notes [Member] | Senior Unsecured of 4.200% Senior Notes due 2033 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		4.20%
Aggregate principal amount issued		$ 750,000,000
Senior Unsecured Notes [Member] | Senior Unsecured of 4.950% Senior Notes due 2052 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		4.95%
Aggregate principal amount issued		$ 750,000,000
Net proceeds from private placement of notes		$ 1,500,000,000
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.875% Notes due April 2026 [Member]
Debt Instrument [Line Items]
Maturity date				Apr. 30, 2026		Apr. 30, 2026
Interest rate on fixed rate debt			5.875%	5.875%		5.875%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.875% Notes due April 2026 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt		5.875%
Purchase of aggregate principal amount		$ 484,300,000
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6.500% 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%		6.50%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.000% Notes due January 2028 [Member]
Debt Instrument [Line Items]
Maturity date				Jan. 31, 2028		Jan. 31, 2028
Interest rate on fixed rate debt			5.00%	5.00%		5.00%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6.875% Senior Notes due January 2029 [Member]
Debt Instrument [Line Items]
Maturity date				Jan. 31, 2029		Jan. 31, 2029
Interest rate on fixed rate debt			6.875%	6.875%		6.875%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.375% Notes due February 2027 [Member]
Debt Instrument [Line Items]
Maturity date				Feb. 28, 2027		Feb. 28, 2027
Interest rate on fixed rate debt			5.375%	5.375%		5.375%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5.500% Notes due March 2030 [Member]
Debt Instrument [Line Items]
Maturity date				Mar. 31, 2030		Mar. 31, 2030
Interest rate on fixed rate debt			5.50%	5.50%		5.50%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4.000% Senior Notes due January 2032 [Member]
Debt Instrument [Line Items]
Maturity date				Jan. 31, 2032		Jan. 31, 2032
Interest rate on fixed rate debt			4.00%	4.00%		4.00%
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 4.875% Senior Notes due February 2031 [Member]
Debt Instrument [Line Items]
Maturity date				Feb. 28, 2031		Feb. 28, 2031
Interest rate on fixed rate debt			4.875%	4.875%		4.875%
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Proceeds from borrowings under accounts receivable securitization facility				$ 270,000,000
Partnership accounts receivable securitization facility, due April 2022			$ 400,000,000	400,000,000
Remaining borrowing capacity			$ 130,000,000	$ 130,000,000
Accounts Receivable Securitization Facility [Member] | Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility, Due April 2022 [Member]
Debt Instrument [Line Items]
Maturity date				Apr. 30, 2022		Apr. 30, 2022
[1]	As of March 31, 2022, the Partnership had $270.0 million of qualifying receivables under its $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in $130.0 million of availability.

Debt Obligations - Range of Int

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Mar. 31, 2022
TRGP Revolver [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	1.60%
Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	1.20%
Minimum [Member] | TRGP Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.50%
Minimum [Member] | Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.10%
Maximum [Member] | TRGP Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.80%
Maximum [Member] | Targa Resources Partners LP [Member] | Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.20%

Debt Obligations - Compliance w

Debt Obligations - Compliance with Debt Covenants - Additional Information (Details) $ in Billions	Mar. 31, 2022USD ($)
Senior Unsecured Notes [Member] | Targa Resources Partners LP and Targa Resources Partners Finance Corporation "TRP Issuers" [Member]
Debt Instrument [Line Items]
Senior unsecured notes	$ 6

Debt Obligations - TRGP Revolve

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

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes Redemption - Additional Information (Details) - Senior Unsecured Notes [Member] - Senior Unsecured 5.375% Notes due February 2027 [Member]	1 Months Ended	3 Months Ended
	Mar. 31, 2022USD ($)$ / shares	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Interest rate on fixed rate debt	5.375%	5.375%
Maturity date	Mar. 31, 2022
Redemption description		In March 2022, the Partnership redeemed all of the outstanding 5.375% Notes at a redemption price equal to $1,026.88 for each $1,000 principal amount of 5.375% Notes redeemed, plus accrued and unpaid interest to, but not including, March 30, 2022, or a maximum combined aggregate redemption price (exclusive of accrued and unpaid interest) of $480.7 million. The 5.375% Notes were redeemed with available liquidity under the TRGP Revolver.
Redemption price per share | $ / shares	$ 1,026.88
Redemption of principal amount	$ 1,000	$ 1,000
Maximum combined aggregate redemption price exclusive of accrued and unpaid interest	480,700,000
Gain (loss) due to debt extinguishments	(15,000,000)
Premium Paid	12,600,000
Write-off debt issuance cost	$ 2,400,000

Debt Obligations - Summary of P

Debt Obligations - Summary of Payment Obligations for Debt Instruments (Details) $ in Millions	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Total	$ 9,225.2
Less Than 1 Year	325.1
1-3 Years	650.3
3-5 Years	2,554.2
More Than 5 Years	5,695.6
Long Term Debt Obligation [Member]
Debt Instrument [Line Items]
Total	6,992.6	[1]
3-5 Years	1,958.2	[1]
More Than 5 Years	5,034.4	[1]
Interest On Debt Obligations [Member]
Debt Instrument [Line Items]
Total	2,232.6	[2]
Less Than 1 Year	325.1	[2]
1-3 Years	650.3	[2]
3-5 Years	596	[2]
More Than 5 Years	$ 661.2	[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, 2022 rates for floating debt.

Debt Obligations - Subsequent E

Debt Obligations - Subsequent Events - Additional Information (Details) - Senior Unsecured Notes [Member] - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2022	Jun. 30, 2022
Senior Unsecured of 4.200% Senior Notes due 2033 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 750,000,000
Interest rate on fixed rate debt	4.20%
Senior Unsecured of 4.950% Senior Notes due 2052 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 750,000,000
Interest rate on fixed rate debt	4.95%
Net proceeds from registered offering of notes	$ 1,500,000,000
Senior Unsecured 5.875% Notes due April 2026 [Member] | Scenario Forecast [Member]
Debt Instrument [Line Items]
Gain (loss) due to debt extinguishments		$ 33,500,000
Senior Unsecured 5.875% Notes due April 2026 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate on fixed rate debt	5.875%
Senior Unsecured of 4% Senior Notes due 2032 [Member] | Subsequent Event [Member] | Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Termination date	Apr. 19, 2023

Other Long-term Liabilities - D

Other Long-term Liabilities - Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 170.6	$ 171.8
Channelview Splitter [Member]
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 129

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	May 05, 2022	Mar. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Accrued cumulative preferred dividend		$ 21.8
Preferred stock dividend paid		$ 21.8
Accrued preferred dividends payable date		May 2, 2022
Net carrying value of shares redeemed		$ 49.7
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred Stock, Shares Outstanding		919,300	919,300
Series A Preferred Stock [Member] | Subsequent Event [Member]
Class Of Stock [Line Items]
Preferred Stock, redemption price	$ 1,050
Preferred stock, additional redemption price	$ 8.87
Preferred stock, redemption date	May 3, 2022
Preferred stock, consideration paid	$ 973.4
Unpaid dividends	8.2
Net carrying value of shares redeemed	$ 223.7
Preferred Stock, Shares Outstanding	0

Common Stock and Related Matt_3

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

Common Stock and Related Matt_4

Common Stock and Related Matters - Dividends Declared And Or Paid (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
		Jan. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Dividends Payable [Line Items]
Accrued preferred dividends payable date			May 2, 2022
Dividends Declared per Share of Common Stock		$ 0.35	$ 0.35	$ 1.40	$ 0.10
Dividend Declared [Member]
Dividends Payable [Line Items]
Accrued preferred dividends payable date			May 16, 2022	Feb. 15, 2022
Total Common Dividends Declared			$ 81.2	$ 81.4
Amount of Common Dividends Paid or To Be Paid			79.8	80.1
Accrued Dividends	[1]		$ 1.4	$ 1.3
Dividends Declared per Share of Common Stock			$ 0.35000	$ 0.35000
[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
	Mar. 31, 2022	Dec. 31, 2021
Distributions Made To Members Or Limited Partners [Abstract]
Distributions payable date	May 12, 2022	Feb. 11, 2022
Total Distributions	$ 103.7	$ 103.7
Distributions to Targa Resources Corp.	$ 103.7	$ 103.7

Partnership Units and Related_4

Partnership Units and Related Matters - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Limited Partners Capital Account [Line Items]
Capital contributions to partnership	$ 140
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, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Common Share [Line Items]
Net income (loss) attributable to Targa Resources Corp.	$ 88	$ 146.4
Less: Premium on repurchase of noncontrolling interests, net of tax	53.1
Net income (loss) attributable to common shareholders	$ 13.1	$ 124.6
Weighted average shares outstanding - basic (in shares)	228.5	228.5
Dilutive effect of unvested stock awards	3.9	1.9
Weighted average shares outstanding - diluted (in shares)	232.4	274.7
Net income (loss) available per common share - basic (in dollars per share)	$ 0.06	$ 0.54
Net income (loss) available per common share - diluted (in dollars per share)	$ 0.06	$ 0.53
Series A Preferred Stock [Member]
Earnings Per Common Share [Line Items]
Less: Dividends on Series A Preferred	$ 21.8	$ 21.8
Dilutive effect of Series A Preferred		44.3

Earnings per Common Share - Sum

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Details) shares in Millions	3 Months Ended
	Mar. 31, 2022shares
Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)	0.1
Series A Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares)	44.3	[1]
[1]	The Series A Preferred had no mandatory redemption date, but was redeemable at our election for a 5% premium to the liquidation preference subsequent to March 16, 2022.

Earnings per Common Share - S_2

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Parenthetical) (Details) - Series A Preferred Stock [Member] - $ / shares	May 05, 2022	Mar. 17, 2022	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred stock redemption premium percentage		5.00%
Preferred stock liquidation preference date			Mar. 16, 2022
Subsequent Event [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred Stock, redemption price	$ 1,050
Preferred stock, additional redemption price	$ 8.87
Preferred stock, redemption date	May 3, 2022

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Notional Volumes Of The Partnership's Commodity Derivative Contracts (Details) - Targa Resources Partners LP [Member]	3 Months Ended
	Mar. 31, 2022MMBTUbbl
Swaps [Member] | Year 2022 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	157,714
Swaps [Member] | Year 2022 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	37,524
Swaps [Member] | Year 2023 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	102,943
Swaps [Member] | Year 2023 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	23,760
Swaps [Member] | Year 2024 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	49,068
Swaps [Member] | Year 2024 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	11,209
Swaps [Member] | Year 2025 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	7,479
Swaps [Member] | Year 2025 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	230
Swaps [Member] | Year 2026 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	0
Swaps [Member] | Year 2026 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Swaps [Member] | Year 2027 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	0
Swaps [Member] | Year 2027 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Basis Swaps [Member] | Year 2022 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	449,755
Basis Swaps [Member] | Year 2023 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	295,000
Basis Swaps [Member] | Year 2024 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	280,000
Basis Swaps [Member] | Year 2025 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	244,267
Basis Swaps [Member] | Year 2026 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	55,000
Basis Swaps [Member] | Year 2027 [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU	10,000
Future [Member] | Year 2022 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	6,429
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
Future [Member] | Year 2026 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] | Year 2027 [Member] | NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] | Year 2022 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	5,106
Options [Member] | Year 2023 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	3,687
Options [Member] | Year 2024 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	1,702
Options [Member] | Year 2025 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	37
Options [Member] | Year 2026 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] | Year 2027 [Member] | Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative assets	$ 29.3	$ 50.8
Derivative assets	22	43.1
Derivative assets	7.3	7.7
Derivative liabilities	(767)	(367.5)
Derivative liabilities	(499.8)	(258.2)
Derivative liabilities	(267.2)	(109.3)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	26.6	31.7
Derivative liabilities	(574.5)	(336.9)
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	22	25.5
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	4.6	6.2
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(447.8)	(252.6)
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(126.7)	(84.3)
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	2.7	19.1
Derivative liabilities	(192.5)	(30.6)
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0	17.6
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	2.7	1.5
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(52)	(5.6)
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (140.5)	$ (25)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative Asset [Abstract]
Gross asset	$ 29.3	$ 50.8
Gross asset	29.3	50.8
Pro forma net presentation, asset, total		4.5
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	29.3	46.6
Pro forma net presentation, asset		0.3
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset		4.2
Pro forma net presentation, asset, total		4.2
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	22	43.1
Pro forma net presentation, asset, current		4.2
Current Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	22	39.2
Pro forma net presentation, asset		0.3
Current Assets from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset		3.9
Pro forma net presentation, asset, current		3.9
Long-Term Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	7.3	7.7
Pro forma net presentation, asset, noncurrent		0.3
Long-Term Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	$ 7.3	7.4
Long-Term Assets from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset		0.3
Pro forma net presentation, asset, noncurrent		$ 0.3

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative Liability [Abstract]
Gross liability	$ (767)	$ (367.5)
Pro forma net presentation, liability, total	(718.5)	(313.1)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(272.8)	(337)
Pro forma net presentation, liability, total	(224.3)	(282.6)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(494.2)	(30.5)
Pro forma net presentation, liability, total	(494.2)	(30.5)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(499.8)	(258.2)
Pro forma net presentation, liability, current	(474.1)	(214.3)
Current Liabilities from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(69.1)	(241.9)
Pro forma net presentation, liability, current	(43.4)	(198)
Current Liabilities from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(430.7)	(16.3)
Pro forma net presentation, liability, current		(16.3)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(267.2)	(109.3)
Pro forma net presentation, liability, noncurrent	(244.4)	(98.8)
Long-Term Liabilities from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(203.7)	(95.1)
Pro forma net presentation, liability, noncurrent	(180.9)	(84.6)
Long-Term Liabilities from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(63.5)	(14.2)
Pro forma net presentation, liability, noncurrent	$ (63.5)	$ (14.2)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative Asset [Abstract]
Gross collateral	$ 19.2	$ 8.1
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	19.2	8.1
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	3.7	5
Current Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	3.7	5
Long-Term Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	15.5	3.1
Long-Term Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ 15.5	$ 3.1

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Estimated fair value of derivative instruments, net liability	$ (718.5)	$ (313.1)
Derivative collateral amount	126
Estimated fair value of derivative instruments, net liability	(737.7)
Amount expected to reclassify commodity hedge related deferred losses to earnings before income taxes	(545.4)
Amount of deferred losses to be reclassified into earnings before income taxes over next twelve months	(423.3)
Credit Risk
Derivative [Line Items]
Estimated fair value of derivative instruments, net liability	$ (718)

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, 2022	Mar. 31, 2021
Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ (145.7)	$ (149.7)
Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	145.7	149.7
Commodity Contracts [Member] | Revenues [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(177)	15
Cash Flow Hedging [Member] | Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ (387.1)	$ (171.5)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)Derivative
Fair Value Disclosures [Abstract]
Estimated fair value of derivative instruments, net liability	$ (737.7)
Derivative fair value of net liability if commodity price increases by 10 percent	(930.6)
Derivative fair value of net liability if commodity price decreases by 10 percent	$ (544.8)
Derivative contract categorized as Level 3 | Derivative	0

Fair Value Measurements - Break

Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts			$ 4.5
Liabilities from commodity derivative contracts		$ 718.5	313.1
Carrying Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	25	46.6
Liabilities from commodity derivative contracts	[1]	762.7	363.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		135.9	158.5
Carrying Value [Member] | TRGP Revolver [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		995
Carrying Value [Member] | Securitization Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		270	150
Fair Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	25	46.6
Liabilities from commodity derivative contracts	[1]	762.7	363.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		135.9	158.5
Fair Value [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	0	0
Liabilities from commodity derivative contracts	[1]	0	0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		0	0
Fair Value [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	25	46.6
Liabilities from commodity derivative contracts	[1]	762.7	363.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		0	0
Fair Value [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts	[1]	0	0
Liabilities from commodity derivative contracts	[1]	0	0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		0	0
Fair Value [Member] | TRGP Revolver [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		995
Fair Value [Member] | TRGP Revolver [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0
Fair Value [Member] | TRGP Revolver [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		995
Fair Value [Member] | TRGP Revolver [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0
Fair Value [Member] | Securitization Facility [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		270	150
Fair Value [Member] | Securitization Facility [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Fair Value [Member] | Securitization Facility [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		270	150
Fair Value [Member] | Securitization Facility [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Senior Unsecured Notes [Member] | Carrying Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		5,997.6	6,465.7
Senior Unsecured Notes [Member] | Fair Value [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		6,134.7	6,924.5
Senior Unsecured Notes [Member] | Fair Value [Member] | Level 1 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		0	0
Senior Unsecured Notes [Member] | Fair Value [Member] | Level 2 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		6,134.7	6,924.5
Senior Unsecured Notes [Member] | Fair Value [Member] | Level 3 [Member]
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Long-term debt		$ 0	$ 0
[1]	The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 13 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes .

Contingencies - Additional Info

Contingencies - Additional Information (Details) - Vitol [Member] $ in Millions	Dec. 26, 2018USD ($)
Loss Contingencies [Line Items]
Recovery seeking	$ 129
Damages awarded	$ 10.5

Revenue - Additional Informatio

Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01	Mar. 31, 2022
Minimum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining duration of contracts	1 year
Maximum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining duration of contracts	17 years

Revenue - Estimated Minimum Rev

Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed Price Contract [Member] $ in Millions	Mar. 31, 2022USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 346.9
Remaining duration of contracts	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 398.5
Remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 2,319
Remaining duration of contracts

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Income Tax Disclosure [Abstract]
Tax-effected valuation allowance	$ 192.8
Increase (decrease) in valuation allowance	(17.8)
Net deferred tax liability	$ 88

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Cash:
Interest paid, net of capitalized interest	[1]	$ 151.3	$ 141.1
Income taxes (received) paid, net		(0.2)	0.8
Non-cash investing activities:
Transfers from materials and supplies inventory to property, plant and equipment			0.1
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests		(18.2)	(22.2)
Retained Earnings [Member]
Non-cash investing activities:
Impact of capital expenditure accruals on property, plant and equipment, net		$ (41.9)	$ (12.9)
[1]	Interest capitalized on major projects was $2.4 million and $0.7 million for the three months ended March 31, 2022 and 2021.

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 2.4	$ 0.7

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022Segment
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, 2022		Mar. 31, 2021
Revenues:
Revenues	$ 4,959.1		$ 3,632.7
Sales of Commodities [Member]
Revenues:
Revenues	4,566.2		3,367.7
Fees from Midstream Services [Member]
Revenues:
Revenues	392.9		265
Gathering and Processing [Member]
Revenues:
Revenues	2,375.9		1,233.4
Operating margin	397.6	[1]	275.1	[2]
Logistics and Transportation [Member]
Revenues:
Revenues	4,927.5		3,459.8
Operating margin	352.1	[1]	348.7	[2]
Other [Member]
Revenues:
Revenues	(178.3)		1.5
Operating margin	(178.3)	[1]	1.5	[2]
Corporate and Eliminations [Member]
Revenues:
Revenues	(2,166)		(1,062)
Operating Segments [Member]
Revenues:
Revenues	4,959.1		3,632.7
Operating Segments [Member] | Sales of Commodities [Member]
Revenues:
Revenues	4,566.2		3,367.7
Operating Segments [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	392.9		265
Operating Segments [Member] | Gathering and Processing [Member]
Revenues:
Revenues	345		262.1
Operating Segments [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]
Revenues:
Revenues	134.6		142.7
Operating Segments [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	210.4		119.4
Operating Segments [Member] | Logistics and Transportation [Member]
Revenues:
Revenues	4,792.4		3,369.1
Operating Segments [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]
Revenues:
Revenues	4,609.9		3,223.5
Operating Segments [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	182.5		145.6
Operating Segments [Member] | Other [Member]
Revenues:
Revenues	(178.3)		1.5
Operating Segments [Member] | Other [Member] | Sales of Commodities [Member]
Revenues:
Revenues	(178.3)		1.5
Intersegment Eliminations [Member] | Gathering and Processing [Member]
Revenues:
Revenues	2,030.9		971.3
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Sales of Commodities [Member]
Revenues:
Revenues	2,030.6		969.7
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	0.3		1.6
Intersegment Eliminations [Member] | Logistics and Transportation [Member]
Revenues:
Revenues	135.1		90.7
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member]
Revenues:
Revenues	124.3		82.5
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	10.8		8.2
Intersegment Eliminations [Member] | Corporate and Eliminations [Member]
Revenues:
Revenues	(2,166)		(1,062)
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Sales of Commodities [Member]
Revenues:
Revenues	(2,154.9)		(1,052.2)
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Fees from Midstream Services [Member]
Revenues:
Revenues	$ (11.1)		$ (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.
[2]	Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.

Segment Information - Other Fin

Segment Information - Other Financial Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Other financial information [Abstract]
Total assets		$ 15,295.4		$ 15,208.2
Operating Segments [Member]
Other financial information [Abstract]
Total assets	[1]	15,295.4	$ 15,648.4
Goodwill		45.2	45.2
Capital expenditures		162.5	83.4
Operating Segments [Member] | Gathering and Processing [Member]
Other financial information [Abstract]
Total assets	[1]	7,951	8,635.2
Goodwill		45.2	45.2
Capital expenditures		133	69.5
Operating Segments [Member] | Logistics and Transportation [Member]
Other financial information [Abstract]
Total assets	[1]	7,196	6,743.9
Capital expenditures		25.2	10.4
Operating Segments [Member] | Other [Member]
Other financial information [Abstract]
Total assets	[1]	1.6	90.8
Operating Segments [Member] | Corporate and Eliminations [Member]
Other financial information [Abstract]
Total assets	[1]	146.8	178.5
Capital expenditures		$ 4.3	$ 3.5
[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, 2022	Mar. 31, 2021
Revenue from External Customer [Line Items]
Revenue recognized		$ 4,888.9	$ 3,502.4
Non-customer revenue		(322.7)	(134.7)
Total revenues		4,959.1	3,632.7
Derivative Activities - Hedge [Member]
Revenue from External Customer [Line Items]
Non-customer revenue		(145.7)	(149.7)
Derivative Activities - Non-hedge [Member]
Revenue from External Customer [Line Items]
Non-customer revenue	[1]	(177)	15
Natural Gas [Member]
Revenue from External Customer [Line Items]
Revenue recognized		964.3	841.4
NGL [Member]
Revenue from External Customer [Line Items]
Revenue recognized		3,806.5	2,594.4
Condensate and Crude Oil [Member]
Revenue from External Customer [Line Items]
Revenue recognized		118.1	66.6
Gathering and Processing [Member]
Revenue from External Customer [Line Items]
Revenue recognized		206	116.3
Sales of Commodities [Member]
Revenue from External Customer [Line Items]
Total revenues		4,566.2	3,367.7
Other [Member]
Revenue from External Customer [Line Items]
Revenue recognized		20.2	12.7
NGL Transportation, Fractionation and Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized		65.8	47.2
Storage Terminaling and Export [Member]
Revenue from External Customer [Line Items]
Revenue recognized		100.9	88.8
Fees from Midstream Services [Member]
Revenue from External Customer [Line Items]
Revenue recognized		392.9	265
Total revenues		$ 392.9	$ 265
[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, 2022		Mar. 31, 2021
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Depreciation and amortization expense	$ (209.1)		$ (216.2)
General and administrative expense	(67.1)		(61.4)
Interest expense, net	(93.6)		(98.4)
Equity earnings (loss)	5.6		11.8
Gain (loss) on sale or disposition of assets	1
Write-down of assets	(0.5)		(3.5)
Gain (loss) from financing activities	(15.8)		(14.7)
Other, net	(0.4)
Income (loss) before income taxes	191.5		242.9
Gathering and Processing [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	397.6	[1]	275.1	[2]
Logistics and Transportation [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	352.1	[1]	348.7	[2]
Other [Member]
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Operating margin	$ (178.3)	[1]	$ 1.5	[2]
[1]	Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.
[2]	Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.