trgp-10q_20200630.htm

Trade receivables, net of allowances of $0.1 and $0.0 million at June 30, 2020 and December 31, 2019

$ 196.2

$ 331.1

547.2

855.0

Inventories

219.3

161.5

Assets from risk management activities

122.0

103.3

Deposits

95.2

35.4

Held for sale assets

0.0

137.7

Other current assets

45.1

34.3

Total current assets

1,225.0

1,658.3

Property, plant and equipment, net

12,417.4

14,548.5

Intangible assets, net

1,452.8

1,735.0

Long-term assets from risk management activities

43.3

35.5

Investments in unconsolidated affiliates

724.3

738.7

Other long-term assets

102.6

99.1

Distributions payable to noncontrolling interests

15,965.4

18,815.1

Current liabilities:

Accounts payable

607.7

979.7

Accrued liabilities

134.8

182.7

Interest payable

144.9

125.7

89.9

91.8

Liabilities from risk management activities

80.5

104.1

Current debt obligations

^[1]

261.9

382.2

Held for sale liabilities

0.0

6.4

Total current liabilities

1,319.7

1,872.6

Long-term liabilities from risk management activities

7,579.6

7,440.2

52.9

40.8

Deferred income taxes, net

134.6

434.2

Other long-term liabilities

312.5

305.6

Contingencies (see Note 13)

0.0

Targa Resources Corp. stockholders' equity:

Common stock value

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

4,949.1

5,221.2

Retained earnings (deficit)

(1,996.4)

(339.6)

Accumulated other comprehensive income (loss)

21.6

92.5

Treasury stock, at cost (1,116,077 shares as of June 30, 2020 and 1,009,284 shares as of December 31, 2019)

(56.9)

(53.5)

Total Targa Resources Corp. stockholders' equity

2,917.6

4,920.8

Noncontrolling interests

3,351.5

3,522.1

Total owners' equity

6,269.1

8,442.9

Total liabilities, Series A Preferred Stock and owners' equity

15,965.4

18,815.1

Series A Preferred Stock [Member]

Current liabilities:

Series A Preferred 9.5% Stock, $1,000 per share liquidation preference, (1,200,000 shares authorized, 965,100 shares issued and outstanding), net of discount (see Note 7)

$ 297.0

$ 278.8

[1]	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Trade receivables, allowances	$ 0.1	$ 0.0
Targa Resources Corp. stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	234,293,105	233,852,810
Common stock, shares outstanding (in shares)	233,177,028	232,843,526
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)	1,116,077	1,009,284
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	965,100	965,100
Preferred Stock, Shares Outstanding	965,100	965,100

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenues	$ 1,523.5	$ 1,995.3	$ 3,572.4	$ 4,294.7
Costs and expenses:
Product purchases	860.6	1,361.6	2,043.6	3,087.6
Operating expenses	183.4	210.2	383.3	400.5
Depreciation and amortization expense	204.5	237.2	443.6	474.6
General and administrative expense	61.5	72.8	121.9	153.6
Impairment of long-lived assets			2,442.8
Other operating (income) expense	0.4	(0.2)	1.6	3.3
Income (loss) from operations	213.1	113.7	(1,864.4)	175.1
Other income (expense):
Interest expense, net	(96.7)	(72.1)	(194.7)	(152.7)
Equity earnings (loss)	14.9	3.2	35.5	5.9
Gain (loss) from financing activities	21.8		61.1	(1.4)
Change in contingent considerations		0.8		(8.9)
Other, net	0.8		0.8
Income (loss) before income taxes	153.9	45.6	(1,961.7)	18.0
Income tax (expense) benefit	23.2	3.3	318.5	6.2
Net income (loss)	177.1	48.9	(1,643.2)	24.2
Less: Net income (loss) attributable to noncontrolling interests	96.1	59.1	13.6	73.3
Net income (loss) attributable to Targa Resources Corp.	81.0	(10.2)	(1,656.8)	(49.1)
Dividends on Series A Preferred Stock	22.9	22.9	45.8	45.8
Deemed dividends on Series A Preferred Stock	9.2	8.1	18.2	16.0
Net income (loss) attributable to common shareholders	$ 48.9	$ (41.2)	$ (1,720.8)	$ (110.9)
Net income (loss) per common share - basic	$ 0.21	$ (0.18)	$ (7.38)	$ (0.48)
Net income (loss) per common share - diluted	$ 0.21	$ (0.18)	$ (7.38)	$ (0.48)
Weighted average shares outstanding - basic	233.1	232.4	233.1	232.3
Weighted average shares outstanding - diluted	233.8	232.4	233.1	232.3
Sales of Commodities [Member]
Revenues:
Total revenues	$ 1,280.6	$ 1,684.2	$ 3,060.2	$ 3,660.7
Fees from Midstream Services [Member]
Revenues:
Total revenues	$ 242.9	$ 311.1	$ 512.2	$ 634.0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income (loss)	$ 177.1	$ 48.9	$ (1,643.2)	$ 24.2
Commodity hedging contracts:
Other comprehensive income (loss), pre-tax	(193.2)	45.1	(94.1)	(15.0)
Other comprehensive income (loss), related income tax	46.4	(11.0)	23.2	3.7
Other comprehensive income (loss), after tax	(146.8)	34.1	(70.9)	(11.3)
Comprehensive income (loss)	30.3	83.0	(1,714.1)	12.9
Less: Comprehensive income (loss) attributable to noncontrolling interests	96.1	59.1	13.6	73.3
Comprehensive income (loss) attributable to Targa Resources Corp.	(65.8)	23.9	(1,727.7)	(60.4)
Commodity Contracts [Member]
Commodity hedging contracts:
Change in fair value, pre-tax	(133.0)	88.4	26.2	49.6
Change in fair value, related income tax	31.2	(21.4)	(8.2)	(11.9)
Change in fair value, after tax	(101.8)	67.0	18.0	37.7
Settlements reclassified to revenues, pre-tax	(60.2)	(43.3)	(120.3)	(64.6)
Settlements reclassified to revenues, related income tax	15.2	10.4	31.4	15.6
Settlements reclassified to revenues, after tax	$ (45.0)	$ (32.9)	$ (88.9)	$ (49.0)

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Shares [Member]	Noncontrolling Interests [Member]	Series A Preferred Stock [Member]
Balance at Dec. 31, 2018	$ 7,470.8	$ 0.2	$ 6,154.9	$ (130.4)	$ 94.3	$ (39.6)	$ 1,391.4
Balance (in shares) at Dec. 31, 2018		231,791				666
Series A Preferred Stock at Dec. 31, 2018								$ 245.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	32.7		32.7
Distribution equivalent rights	(6.9)		(6.9)
Shares issued under compensation program (in shares)		915
Shares and units tendered for tax withholding obligations	(9.6)					$ (9.6)
Shares and units tendered for tax withholding obligations (in shares)		(230)				230
Series A Preferred Stock dividends
Preferred stock dividends	(45.8)			(45.8)
Dividends in excess of retained earnings			(45.8)	45.8
Deemed dividends - accretion of beneficial conversion feature	(16.0)		(16.0)					16.0
Common stock dividends
Common stock dividends	(423.0)			(423.0)
Dividends in excess of retained earnings			(423.0)	423.0
Distributions to noncontrolling interests	(91.1)						(91.1)
Contributions from noncontrolling interests	403.5						403.5
Sale of ownership interests in subsidiaries, net	1,611.6		(8.1)				1,619.7
Other comprehensive income (loss)	(11.3)				(11.3)
Net income (loss)	24.2			(49.1)			73.3
Balance at Jun. 30, 2019	8,939.1	$ 0.2	5,687.8	(179.5)	83.0	$ (49.2)	3,396.8
Balance (in shares) at Jun. 30, 2019		232,476				896
Series A Preferred Stock at Jun. 30, 2019								261.7
Balance at Mar. 31, 2019	7,337.3	$ 0.2	5,925.7	(169.3)	48.9	$ (49.2)	1,581.0
Balance (in shares) at Mar. 31, 2019		232,475				895
Series A Preferred Stock at Mar. 31, 2019								253.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	16.2		16.2
Distribution equivalent rights	(3.3)		(3.3)
Shares issued under compensation program (in shares)		2
Shares and units tendered for tax withholding obligations (in shares)		(1)				1
Series A Preferred Stock dividends
Preferred stock dividends	(22.9)			(22.9)
Dividends in excess of retained earnings			(22.9)	22.9
Deemed dividends - accretion of beneficial conversion feature	(8.1)		(8.1)					8.1
Common stock dividends
Common stock dividends	(211.7)			(211.7)
Dividends in excess of retained earnings			(211.7)	211.7
Distributions to noncontrolling interests	(69.7)						(69.7)
Contributions from noncontrolling interests	206.7						206.7
Sale of ownership interests in subsidiaries, net	1,611.6		(8.1)				1,619.7
Other comprehensive income (loss)	34.1				34.1
Net income (loss)	48.9			(10.2)			59.1
Balance at Jun. 30, 2019	8,939.1	$ 0.2	5,687.8	(179.5)	83.0	$ (49.2)	3,396.8
Balance (in shares) at Jun. 30, 2019		232,476				896
Series A Preferred Stock at Jun. 30, 2019								261.7
Balance at Dec. 31, 2019	8,442.9	$ 0.2	5,221.2	(339.6)	92.5	$ (53.5)	3,522.1
Balance (in shares) at Dec. 31, 2019		232,844				1,010
Series A Preferred Stock at Dec. 31, 2019								278.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	33.1		33.1
Distribution equivalent rights	(5.6)		(5.6)
Shares issued under compensation program (in shares)		439
Shares and units tendered for tax withholding obligations	(3.4)					$ (3.4)
Shares and units tendered for tax withholding obligations (in shares)		(106)				106
Series A Preferred Stock dividends
Preferred stock dividends	(45.8)			(45.8)
Dividends in excess of retained earnings			(45.8)	45.8
Deemed dividends - accretion of beneficial conversion feature	(18.2)		(18.2)					18.2
Common stock dividends
Common stock dividends	(235.6)			(235.6)
Dividends in excess of retained earnings			(235.6)	235.6
Distributions to noncontrolling interests	(209.9)						(209.9)
Contributions from noncontrolling interests	25.7						25.7
Other comprehensive income (loss)	(70.9)				(70.9)
Net income (loss)	(1,643.2)			(1,656.8)			13.6
Balance at Jun. 30, 2020	6,269.1	$ 0.2	4,949.1	(1,996.4)	21.6	$ (56.9)	3,351.5
Balance (in shares) at Jun. 30, 2020		233,177				1,116
Series A Preferred Stock at Jun. 30, 2020								297.0
Balance at Mar. 31, 2020	6,372.5	$ 0.2	4,991.7	(2,077.4)	168.4	$ (56.6)	3,346.2
Balance (in shares) at Mar. 31, 2020		233,110				1,092
Series A Preferred Stock at Mar. 31, 2020								287.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation on equity grants	16.1		16.1
Distribution equivalent rights	(3.3)		(3.3)
Shares issued under compensation program (in shares)		91
Shares and units tendered for tax withholding obligations	(0.3)					$ (0.3)
Shares and units tendered for tax withholding obligations (in shares)		(24)				24
Series A Preferred Stock dividends
Preferred stock dividends	(22.9)			(22.9)
Dividends in excess of retained earnings			(22.9)	22.9
Deemed dividends - accretion of beneficial conversion feature	(9.2)		(9.2)					9.2
Common stock dividends
Common stock dividends	(23.3)			(23.3)
Dividends in excess of retained earnings			(23.3)	23.3
Distributions to noncontrolling interests	(105.9)						(105.9)
Contributions from noncontrolling interests	15.1						15.1
Other comprehensive income (loss)	(146.8)				(146.8)
Net income (loss)	177.1			81.0			96.1
Balance at Jun. 30, 2020	$ 6,269.1	$ 0.2	$ 4,949.1	$ (1,996.4)	$ 21.6	$ (56.9)	$ 3,351.5
Balance (in shares) at Jun. 30, 2020		233,177				1,116
Series A Preferred Stock at Jun. 30, 2020								$ 297.0

CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Stockholders Equity [Abstract]
Preferred stock dividends, per share	$ 23.75	$ 23.75	$ 47.5	$ 47.5
Common stock dividends, per share	$ 0.10	$ 0.91	$ 1.01	$ 1.82

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income (loss)	$ (1,643.2)	$ 24.2
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization in interest expense	5.6	5.1
Compensation on equity grants	33.1	32.7
Depreciation and amortization expense	443.6	474.6
Impairment of long-lived assets	2,442.8
Accretion of asset retirement obligations	1.7	2.3
Deferred income tax expense (benefit)	(301.7)	(6.2)
Equity (earnings) loss of unconsolidated affiliates	(35.5)	(5.9)
Distributions of earnings received from unconsolidated affiliates	44.5	14.4
Risk management activities	(125.9)	0.1
(Gain) loss on sale or disposition of assets		3.1
(Gain) loss from financing activities	(61.1)	1.4
Change in contingent considerations		8.9
Changes in operating assets and liabilities, net of business acquisitions:
Receivables and other assets	241.3	182.4
Inventories	(56.7)	(76.7)
Accounts payable, accrued liabilities and other liabilities	(268.8)	(149.7)
Interest payable	19.2	41.6
Net cash provided by operating activities	738.9	552.3
Cash flows from investing activities
Outlays for property, plant and equipment	(615.9)	(1,751.0)
Proceeds from sale of business and assets	134.8	2.4
Investments in unconsolidated affiliates	(1.4)	(194.8)
Return of capital from unconsolidated affiliates	6.9	0.1
Other, net	3.5	(19.1)
Net cash used in investing activities	(472.1)	(1,962.4)
Debt obligations:
Proceeds from borrowings under credit facilities	1,240.0	1,770.0
Repayments of credit facilities	(800.0)	(2,280.0)
Proceeds from borrowings under accounts receivable securitization facility	226.4	742.9
Repayments of accounts receivable securitization facility	(346.4)	(724.6)
Proceeds from issuance of senior notes		1,500.0
Redemption of senior notes	(239.8)	(749.4)
Principal payments of finance leases	(6.2)	(5.5)
Costs incurred in connection with financing arrangements	(0.5)	(25.2)
Payment of contingent consideration		(317.1)
Repurchase of shares and units under compensation plans	(3.4)	(9.6)
Sale of ownership interests in subsidiaries		1,619.7
Contributions from noncontrolling interests	25.7	403.5
Distributions to noncontrolling interests	(206.2)	(35.9)
Distributions to Partnership unitholders	(5.6)	(5.6)
Dividends paid to common and Series A preferred shareholders	(285.7)	(478.7)
Net cash provided by (used in) financing activities	(401.7)	1,404.5
Net change in cash and cash equivalents	(134.9)	(5.6)
Cash and cash equivalents, beginning of period	331.1	232.1
Cash and cash equivalents, end of period	$ 196.2	$ 226.5

Organization and Operations

6 Months Ended

Jun. 30, 2020

Organization [Abstract]

Organization and Operations

Note 1 — Organization and Operations

Our Organization

Our Operations

The Company is primarily engaged in the business of:

•

gathering, compressing, treating, processing, transporting and selling natural gas;

•

transporting, storing, fractionating, treating and selling NGLs and NGL products, including services to LPG exporters; and

•

gathering, storing, terminaling and selling crude oil.

See Note 17 – Segment Information for certain financial information regarding our business segments.

Basis of Presentation

6 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Note 2 — Basis of Presentation

Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

Note 3 — Significant Accounting Policies

Recent Accounting Pronouncements

Recently adopted accounting pronouncements

Measurement of Credit Losses

Accounting Policy Updates

Allowance for Doubtful Accounts

As the financial condition of any counterparty changes, circumstances develop or additional information becomes available, adjustments to our allowance may be required.

Property, Plant and Equipment and Intangible Assets

6 Months Ended

Jun. 30, 2020

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 4 — Property, Plant and Equipment and Intangible Assets

	June 30, 2020			December 31, 2019			Estimated Useful Lives (In Years)
Gathering systems	$	9,117.8		$	8,976.8		5 to 20
Processing and fractionation facilities		5,672.8			5,143.0		5 to 25
Terminaling and storage facilities		1,498.7			1,495.5		5 to 25
Transportation assets		2,316.3			2,292.4		10 to 50
Other property, plant and equipment		196.4			184.1		3 to 25
Land		159.2			159.7		—
Construction in progress		1,304.0			1,576.5		—
Finance lease right-of-use assets		51.0			48.8
Property, plant and equipment		20,316.2			19,876.8
Accumulated depreciation, amortization and impairment		(7,898.8	)		(5,328.3	)
Property, plant and equipment, net	$	12,417.4		$	14,548.5

Intangible assets	$	2,643.5		$	2,643.5		10 to 20
Accumulated amortization and impairment		(1,190.7	)		(908.5	)
Intangible assets, net	$	1,452.8		$	1,735.0

Asset Impairments

Intangible Assets

The changes in our intangible assets are as follows:

Balance at December 31, 2019	$	1,735.0
Impairment		(208.6	)
Amortization		(73.6	)
Balance at June 30, 2020	$	1,452.8

Debt Obligations

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt Obligations

Note 5 — Debt Obligations

	June 30, 2020			December 31, 2019
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due April 2021 (2)	$	250.0		$	370.0
Finance lease liabilities		11.9			12.2
Current debt obligations		261.9			382.2

Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due June 2023 (3)		435.0			435.0
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due June 2023 (4)		440.0			—
Senior unsecured notes:
5¼% fixed rate, due May 2023		559.6			559.6
4¼% fixed rate, due November 2023		583.9			583.9
6¾% fixed rate, due March 2024		580.1			580.1
5⅛% fixed rate, due February 2025		481.0			500.0
5⅞% fixed rate, due April 2026		963.2			1,000.0
5⅜% fixed rate, due February 2027		468.1			500.0
6½% fixed rate, due July 2027		705.2			750.0
5% fixed rate, due January 2028		700.3			750.0
6⅞% fixed rate, due January 2029		679.3			750.0
5½% fixed rate, due March 2030		949.6			1,000.0
TPL notes, 4¾% fixed rate, due November 2021 (5)		6.5			6.5
TPL notes, 5⅞% fixed rate, due August 2023 (5)		48.1			48.1
Unamortized premium		0.2			0.3
		7,600.1			7,463.5
Debt issuance costs, net of amortization		(43.7	)		(49.1	)
Finance lease liabilities		23.2			25.8
Long-term debt		7,579.6			7,440.2
Total debt obligations	$	7,841.5		$	7,822.4
Irrevocable standby letters of credit:
Letters of credit outstanding under the TRC Senior secured credit facility (3)	$	—		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility (4)		56.8			88.2
	$	56.8		$	88.2

(1)	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.

(2)

(3)	As of June 30, 2020, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million.

(4)	As of June 30, 2020, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,703.2 million.

(5)	“TPL” refers to Targa Pipeline Partners LP.

The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the six months ended June 30, 2020:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC Revolver	1.9% - 3.5%	2.8%
TRP Revolver	1.9% - 6.0%	2.5%
Partnership's Securitization Facility	1.5% - 2.7%	2.1%

Compliance with Debt Covenants

As of June 30, 2020, we were in compliance with the covenants contained in our various debt agreements.

Debt Repurchases

During the six months ended June 30, 2020, the Partnership repurchased a portion of its outstanding senior notes on the open market as follows:

Debt Repurchased	Book Value		Payment			Gain		Write-off of Debt Issuance Costs			Net Gain
5⅛% Senior Notes due 2025	$	19.0	$	(14.6	)	$	4.4	$	(0.1	)	$	4.3
5⅞% Senior Notes due 2026		36.8		(29.7	)		7.1		(0.2	)		6.9
5⅜% Senior Notes due 2027		31.9		(26.6	)		5.3		(0.2	)		5.1
6½% Senior Notes due 2027		44.8		(35.5	)		9.3		(0.4	)		8.9
5% Senior Notes due 2028		49.7		(38.0	)		11.7		(0.4	)		11.3
6⅞% Senior Notes due 2029		70.7		(55.2	)		15.5		(0.6	)		14.9
5½% Senior Notes due 2030		50.4		(40.2	)		10.2		(0.5	)		9.7
	$	303.3	$	(239.8	)	$	63.5	$	(2.4	)	$	61.1

Contractual Obligations

The following table summarizes payment obligations for debt instruments after giving effect to the debt repurchases detailed above:

	Payments Due By Period
			Less Than						More Than
	Total		1 Year		1-3 Years		3-5 Years		5 Years
	(in millions)

Long-term debt obligations (1)	$	7,599.9	$	-	$	1,441.1	$	1,693.1	$	4,465.7
Interest on debt obligations (2)		2,503.2		407.2		811.4		600.7		683.9
	$	10,103.1	$	407.2	$	2,252.5	$	2,293.8	$	5,149.6


(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 June 30, 2020 rates for floating debt.

Other Long-term Liabilities

6 Months Ended

Jun. 30, 2020

Other Liabilities Noncurrent [Abstract]

Other Long-term Liabilities

Note 6 — Other Long-term Liabilities

Other long-term liabilities are comprised of deferred revenue, asset retirement obligations and operating lease liabilities.

Deferred Revenue

Preferred Stock

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Preferred Stock

Note 7 – Preferred Stock

Preferred Stock Dividends

Common Stock and Related Matters

6 Months Ended

Jun. 30, 2020

Class Of Stock Disclosures [Abstract]

Common Stock and Related Matters

Note 8 — Common Stock and Related Matters

Common Stock Dividends

The following table details the dividends declared and/or paid by us to common shareholders for the six months ended June 30, 2020:

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)
June 30, 2020	August 17, 2020	$		23.7	$		23.3	$		0.4	$		0.10000
March 31, 2020	May 15, 2020			23.7			23.3			0.4			0.10000
December 31, 2019	February 18, 2020			216.0			212.0			4.0			0.91000

(1)	Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Partnership Units and Related Matters

6 Months Ended

Jun. 30, 2020

Partners Capital [Abstract]

Partnership Units and Related Matters

Note 9 — Partnership Units and Related Matters

Distributions

We are entitled to receive all Partnership distributions from available cash on the Partnership’s common units after payment of preferred unit distributions each quarter.

The following table details the distributions declared and paid by the Partnership for the six months ended June 30, 2020:

Three Months Ended	Date Paid or To Be Paid		Total Distributions			Distributions to Targa Resources Corp.
June 30, 2020	August 13, 2020	$		51.7	$		48.9
March 31, 2020	May 13, 2020			53.1			50.3
December 31, 2019	February 13, 2020			241.9			239.1

Contributions

Preferred Units

Subsequent Event

Earnings per Common Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings per Common Share

Note 10 — Earnings per Common Share

The following table sets forth a reconciliation of net income and weighted average shares outstanding (in millions) used in computing basic and diluted net income per common share:

	Three Months Ended June 30,					Six Months Ended June 30,
	2020		2019			2020			2019
Net income (loss)	$	177.1	$	48.9		$	(1,643.2	)	$	24.2
Less: Net income attributable to noncontrolling interests		96.1		59.1			13.6			73.3
Less: Dividends on preferred stock		32.1		31.0			64.0			61.8
Net income (loss) attributable to common shareholders for basic earnings per share	$	48.9	$	(41.2	)	$	(1,720.8	)	$	(110.9	)

Weighted average shares outstanding - basic		233.1		232.4			233.1			232.3

Net income (loss) available per common share - basic	$	0.21	$	(0.18	)	$	(7.38	)	$	(0.48	)

Weighted average shares outstanding		233.1		232.4			233.1			232.3
Diluted effect of unvested stock awards		0.7		—			—			—
Weighted average shares outstanding - diluted		233.8		232.4			233.1			232.3

Net income (loss) available per common share - diluted	$	0.21	$	(0.18	)	$	(7.38	)	$	(0.48	)

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Unvested restricted stock awards		3.2		1.1		0.8		1.2
Series A Preferred Stock (1)		46.5		46.5		46.5		46.5

______________________________________________________________________________________________

(1)

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 11 — Derivative Instruments and Hedging Activities

At June 30, 2020, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2020		2021		2022		2023		2024		2025
Natural Gas	Swaps	MMBtu/d		167,230		166,216		86,100		20,000		-		-
Natural Gas	Basis Swaps	MMBtu/d		416,374		450,566		295,390		250,000		90,000		5,000
NGL	Swaps	Bbl/d		30,814		23,729		12,371		-		-		-
NGL	Futures	Bbl/d		39,370		12,288		-		-		-		-
Condensate	Swaps	Bbl/d		5,190		5,864		1,610		-		-		-

		Fair Value as of June 30, 2020				Fair Value as of December 31, 2019
	Balance Sheet	Derivative		Derivative		Derivative		Derivative
	Location	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	99.2	$	74.6	$	102.1	$	11.6
	Long-term		36.1		32.6		33.7		6.4
Total derivatives designated as hedging instruments		$	135.3	$	107.2	$	135.8	$	18.0
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	22.8	$	5.9	$	1.2	$	92.5
	Long-term		7.2		20.3		1.8		34.4
Total derivatives not designated as hedging instruments		$	30.0	$	26.2	$	3.0	$	126.9
Total current position		$	122.0	$	80.5	$	103.3	$	104.1
Total long-term position			43.3		52.9		35.5		40.8
Total derivatives		$	165.3	$	133.4	$	138.8	$	144.9

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
June 30, 2020		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	108.9	$	(80.5	)	$	48.2		$	76.6	$	-
	Counterparties without offsetting positions - assets		13.1		-			-			13.1		-
	Counterparties without offsetting positions - liabilities		-		-			-			-		-
			122.0		(80.5	)		48.2			89.7		-
Long Term Position
	Counterparties with offsetting positions or collateral		31.5		(49.3	)		-			6.6		(24.4	)
	Counterparties without offsetting positions - assets		11.8		-			-			11.8		-
	Counterparties without offsetting positions - liabilities		-		(3.6	)		-			-		(3.6	)
			43.3		(52.9	)		-			18.4		(28.0	)
Total Derivatives
	Counterparties with offsetting positions or collateral		140.4		(129.8	)		48.2			83.2		(24.4	)
	Counterparties without offsetting positions - assets		24.9		-			-			24.9		-
	Counterparties without offsetting positions - liabilities		-		(3.6	)		-			-		(3.6	)
		$	165.3	$	(133.4	)	$	48.2		$	108.1	$	(28.0	)

		Gross Presentation								Pro Forma Net Presentation
December 31, 2019		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	99.8	$	(85.0	)	$	(4.9	)	$	56.0	$	(46.1	)
	Counterparties without offsetting positions - assets		3.5		-			-			3.5		-
	Counterparties without offsetting positions - liabilities		-		(19.1	)		-			-		(19.1	)
			103.3		(104.1	)		(4.9	)		59.5		(65.2	)
Long Term Position
	Counterparties with offsetting positions or collateral		33.3		(40.5	)		-			18.1		(25.3	)
	Counterparties without offsetting positions - assets		2.2		-			-			2.2		-
	Counterparties without offsetting positions - liabilities		-		(0.3	)		-			-		(0.3	)
			35.5		(40.8	)		-			20.3		(25.6	)
Total Derivatives
	Counterparties with offsetting positions or collateral		133.1		(125.5	)		(4.9	)		74.1		(71.4	)
	Counterparties without offsetting positions - assets		5.7		-			-			5.7		-
	Counterparties without offsetting positions - liabilities		-		(19.4	)		-			-		(19.4	)
		$	138.8	$	(144.9	)	$	(4.9	)	$	79.8	$	(90.8	)

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 June 30,					Six Months Ended June 30,
Hedging Relationships	2020			2019		2020		2019
Commodity contracts	$	(133.0	)	$	88.4	$	26.2	$	49.6

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Three Months Ended June 30,				Six Months Ended June 30,
Location of Gain (Loss)	2020		2019		2020		2019
Revenues	$	60.2	$	43.3	$	120.3	$	64.6

	Location of Gain	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Three Months Ended June 30,					Six Months Ended June 30,
as Hedging Instruments	Derivatives	2020		2019			2020		2019
Commodity contracts	Revenue	$	8.1	$	(1.1	)	$	107.8	$	(10.5	)

See Note 12 – Fair Value Measurements and Note 17 – Segment Information for additional disclosures related to derivative instruments and hedging activities.

Fair Value Measurements

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 12 — Fair Value Measurements

Fair Value of Derivative Financial Instruments

Fair Value of Other Financial Instruments

•

The Partnership’s senior unsecured notes are based on quoted market prices derived from trades of the debt.

Contingent consideration liabilities related to business acquisitions are carried at fair value until the end of the related earn-out period.

Fair Value Hierarchy

•

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.

	June 30, 2020
	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts (1)	$	164.0	$	164.0	$	—	$	164.0	$	—
Liabilities from commodity derivative contracts (1)		132.1		132.1		—		132.1		—
TPL contingent consideration (2)		2.3		2.3		—		—		2.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		196.2		196.2		—		—		—
TRC Revolver		435.0		435.0		—		435.0		—
TRP Revolver		440.0		440.0		—		440.0		—
Partnership's Senior unsecured notes		6,725.1		6,627.2		—		6,627.2		—
Partnership's Securitization Facility		250.0		250.0		—		250.0		—

	December 31, 2019
	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)	$	136.5	$	136.5	$	—	$	136.2	$	0.3
Liabilities from commodity derivative contracts (1)		142.6		142.6		—		142.0		0.6
TPL contingent consideration (2)		2.3		2.3		—		—		2.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		331.1		331.1		—		—		—
TRC Revolver		435.0		435.0		—		435.0		—
TRP Revolver		—		—		—		—		—
Partnership's Senior unsecured notes		7,028.5		7,376.9		—		7,376.9		—
Partnership's Securitization Facility		370.0		370.0		—		370.0		—

(1)

(2)	We have a contingent consideration liability for TPL’s previous acquisition of a gas gathering system and related assets, which is carried at fair value.

Additional Information Regarding Level 3 Fair Value Measurements Included on Our Consolidated Balance Sheets

The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy:

		Commodity
		Derivative Contracts			Contingent
		Asset/(Liability)			Consideration
Balance, December 31, 2019		$	(0.3	)	$	(2.3	)
	Transfers out of Level 3 (1)		0.3			—
Balance, June 30, 2020		$	—		$	(2.3	)

(1)	Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Contingencies

6 Months Ended

Jun. 30, 2020

Loss Contingency [Abstract]

Contingencies

Note 13 – Contingencies

Legal Proceedings

Revenue

6 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue

Note 14 – Revenue

Fixed consideration allocated to remaining performance obligations

	2020				2021				2022 and after
Fixed consideration to be recognized as of June 30, 2020	$	270.6			$	515.0			$	3,202.7

For disclosures related to disaggregated revenue, see Note 17 – Segment Information.

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 15 – Income Taxes

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2020

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 16 – Supplemental Cash Flow Information

	Six Months Ended June 30,
	2020			2019
Cash:
Interest paid, net of capitalized interest (1)	$	171.8		$	113.2
Income taxes (received), net of payments		(44.4	)		0.4
Non-cash investing activities:
Impact of capital expenditure accruals on property, plant and equipment, net		(143.9	)		(4.8	)
Transfers from materials and supplies inventory to property, plant and equipment		1.8			16.4
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests		(1.9	)		49.6

(1)	Interest capitalized on major projects was $22.5 million and $36.1 million for the six months ended June 30, 2020 and 2019.

Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

Note 17 — Segment Information

Reportable segment information is shown in the following tables:

	Three Months Ended June 30, 2020
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	133.5	$	1,136.3	$	10.8	$	—		$	1,280.6
Fees from midstream services		110.0		132.9		—		—			242.9
		243.5		1,269.2		10.8		—			1,523.5
Intersegment revenues
Sales of commodities		389.2		46.1		—		(435.3	)		—
Fees from midstream services		1.5		7.3		—		(8.8	)		—
		390.7		53.4		—		(444.1	)		—
Revenues	$	634.2	$	1,322.6	$	10.8	$	(444.1	)	$	1,523.5
Operating margin	$	237.2	$	231.5	$	10.8	$	—		$	479.5
Other financial information:
Total assets (1)	$	9,124.2	$	6,697.2	$	22.0	$	122.0		$	15,965.4
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	37.1	$	127.9	$	—	$	4.6		$	169.6

(1)

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

	Three Months Ended June 30, 2019
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	298.4	$	1,378.8	$	7.0	$	—		$	1,684.2
Fees from midstream services		176.2		134.9		—		—			311.1
		474.6		1,513.7		7.0		—			1,995.3
Intersegment revenues
Sales of commodities		539.7		43.6		—		(583.3	)		—
Fees from midstream services		1.5		7.0		—		(8.5	)		—
		541.2		50.6		—		(591.8	)		—
Revenues	$	1,015.8	$	1,564.3	$	7.0	$	(591.8	)	$	1,995.3
Operating margin	$	232.1	$	184.4	$	7.0	$	—		$	423.5
Other financial information:
Total assets (1)	$	12,144.4	$	5,994.7	$	19.0	$	160.1		$	18,318.2
Goodwill	$	46.6	$	—	$	—	$	—		$	46.6
Capital expenditures	$	420.8	$	425.5	$	—	$	10.8		$	857.1

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

	Six Months Ended June 30, 2020
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	377.3	$	2,555.7	$	127.2	$	—		$	3,060.2
Fees from midstream services		228.2		284.0		—		—			512.2
		605.5		2,839.7		127.2		—			3,572.4
Intersegment revenues
Sales of commodities		832.4		102.7		—		(935.1	)		—
Fees from midstream services		3.3		15.4		—		(18.7	)		—
		835.7		118.1		—		(953.8	)		—
Revenues	$	1,441.2	$	2,957.8	$	127.2	$	(953.8	)	$	3,572.4
Operating margin	$	492.8	$	525.5	$	127.2	$	—		$	1,145.5
Other financial information:
Total assets (1)	$	9,124.2	$	6,697.2	$	22.0	$	122.0		$	15,965.4
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	154.6	$	306.3	$	—	$	12.9		$	473.8

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

	Six Months Ended June 30, 2019
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	555.1	$	3,105.6	$	—	$	—		$	3,660.7
Fees from midstream services		376.1		257.9		—		—			634.0
		931.2		3,363.5		—		—			4,294.7
Intersegment revenues
Sales of commodities		1,362.5		82.1		—		(1,444.6	)		—
Fees from midstream services		3.3		12.5		—		(15.8	)		—
		1,365.8		94.6		—		(1,460.4	)		—
Revenues	$	2,297.0	$	3,458.1	$	—	$	(1,460.4	)	$	4,294.7
Operating margin	$	470.3	$	336.3	$	—	$	—		$	806.6
Other financial information:
Total assets (1)	$	12,144.4	$	5,994.7	$	19.0	$	160.1		$	18,318.2
Goodwill	$	46.6	$	—	$	—	$	—		$	46.6
Capital expenditures	$	838.5	$	896.3	$	—	$	27.8		$	1,762.6

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

The following table shows our consolidated revenues disaggregated by product and service for the periods presented:

	Three Months Ended June 30,					Six Months Ended June 30,
	2020		2019			2020		2019
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	269.7	$	217.6		$	542.8	$	628.9
NGL		908.2		1,195.5			2,069.5		2,591.9
Condensate and crude oil		27.6		172.1			163.3		309.8
Petroleum products		6.8		56.8			56.5		76.0
		1,212.3		1,642.0			2,832.1		3,606.6
Non-customer revenue:
Derivative activities - Hedge		60.2		43.3			120.3		64.6
Derivative activities - Non-hedge (1)		8.1		(1.1	)		107.8		(10.5	)
		68.3		42.2			228.1		54.1
Total sales of commodities		1,280.6		1,684.2			3,060.2		3,660.7

Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		107.4		177.5			223.3		371.9
NGL transportation, fractionation and services		32.9		40.1			72.8		76.3
Storage, terminaling and export		89.1		90.4			188.8		170.0
Other		13.5		3.1			27.3		15.8
Total fees from midstream services		242.9		311.1			512.2		634.0

Total revenues	$	1,523.5	$	1,995.3		$	3,572.4	$	4,294.7

(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 June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Gathering and Processing operating margin	$	237.2		$	232.1		$	492.8		$	470.3
Logistics and Transportation operating margin		231.5			184.4			525.5			336.3
Other operating margin		10.8			7.0			127.2			—
Depreciation and amortization expense		(204.5	)		(237.2	)		(443.6	)		(474.6	)
General and administrative expense		(61.5	)		(72.8	)		(121.9	)		(153.6	)
Impairment of long-lived assets		—			—			(2,442.8	)		—
Interest expense, net		(96.7	)		(72.1	)		(194.7	)		(152.7	)
Equity earnings (loss)		14.9			3.2			35.5			5.9
Gain (loss) on sale or disposition of business and assets		0.7			0.2			—			(3.1	)
Gain (loss) from financing activities		21.8			—			61.1			(1.4	)
Change in contingent considerations		—			0.8			—			(8.9	)
Other, net		(0.3	)		—			(0.8	)		(0.2	)
Income (loss) before income taxes	$	153.9		$	45.6		$	(1,961.7	)	$	18.0

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently adopted accounting pronouncements Measurement of Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this update modify the impairment model for financial instruments, including trade and other receivables, held-to-maturity debt securities and other instruments. The amendments require entities to consider historical information, current conditions, and supportable forecasts to estimate expected credit losses, which may result in earlier recognition of losses. The amendments were effective for us on January 1, 2020 and were adopted by applying the modified retrospective transition approach. The adoption did not result in a cumulative effect adjustment to retained earnings on January 1, 2020. As a result of our adoption, see Accounting Policy Updates – Allowance for Doubtful Accounts below.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Estimated losses on accounts receivable are provided through an allowance for doubtful accounts. We estimate the allowance for doubtful accounts through various procedures, including extensive review of our trade receivable balances by counterparty, assessing economic events and conditions, our historical experience with counterparties, the counterparty’s financial condition and the amount and age of past due accounts. We continuously evaluate our ability to collect amounts owed to us. Receivables are considered past due if full payment is not received by the contractual due date. These procedures also include performing account reconciliations, dispute resolution and payment confirmation. We may involve our legal counsel to pursue the recovery of defaulted trade receivables. As the financial condition of any counterparty changes, circumstances develop or additional information becomes available, adjustments to our allowance may be required.

Property, Plant and Equipment and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Property Plant And Equipment And Intangible Assets [Abstract]

Property Plant and Equipment and Intangible Assets

	June 30, 2020			December 31, 2019			Estimated Useful Lives (In Years)
Gathering systems	$	9,117.8		$	8,976.8		5 to 20
Processing and fractionation facilities		5,672.8			5,143.0		5 to 25
Terminaling and storage facilities		1,498.7			1,495.5		5 to 25
Transportation assets		2,316.3			2,292.4		10 to 50
Other property, plant and equipment		196.4			184.1		3 to 25
Land		159.2			159.7		—
Construction in progress		1,304.0			1,576.5		—
Finance lease right-of-use assets		51.0			48.8
Property, plant and equipment		20,316.2			19,876.8
Accumulated depreciation, amortization and impairment		(7,898.8	)		(5,328.3	)
Property, plant and equipment, net	$	12,417.4		$	14,548.5

Intangible assets	$	2,643.5		$	2,643.5		10 to 20
Accumulated amortization and impairment		(1,190.7	)		(908.5	)
Intangible assets, net	$	1,452.8		$	1,735.0

Schedule of Changes in Intangible Assets

The changes in our intangible assets are as follows:

Balance at December 31, 2019	$	1,735.0
Impairment		(208.6	)
Amortization		(73.6	)
Balance at June 30, 2020	$	1,452.8

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

	June 30, 2020			December 31, 2019
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due April 2021 (2)	$	250.0		$	370.0
Finance lease liabilities		11.9			12.2
Current debt obligations		261.9			382.2

Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due June 2023 (3)		435.0			435.0
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due June 2023 (4)		440.0			—
Senior unsecured notes:
5¼% fixed rate, due May 2023		559.6			559.6
4¼% fixed rate, due November 2023		583.9			583.9
6¾% fixed rate, due March 2024		580.1			580.1
5⅛% fixed rate, due February 2025		481.0			500.0
5⅞% fixed rate, due April 2026		963.2			1,000.0
5⅜% fixed rate, due February 2027		468.1			500.0
6½% fixed rate, due July 2027		705.2			750.0
5% fixed rate, due January 2028		700.3			750.0
6⅞% fixed rate, due January 2029		679.3			750.0
5½% fixed rate, due March 2030		949.6			1,000.0
TPL notes, 4¾% fixed rate, due November 2021 (5)		6.5			6.5
TPL notes, 5⅞% fixed rate, due August 2023 (5)		48.1			48.1
Unamortized premium		0.2			0.3
		7,600.1			7,463.5
Debt issuance costs, net of amortization		(43.7	)		(49.1	)
Finance lease liabilities		23.2			25.8
Long-term debt		7,579.6			7,440.2
Total debt obligations	$	7,841.5		$	7,822.4
Irrevocable standby letters of credit:
Letters of credit outstanding under the TRC Senior secured credit facility (3)	$	—		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility (4)		56.8			88.2
	$	56.8		$	88.2

(1)	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.

(2)

(3)	As of June 30, 2020, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million.

(4)	As of June 30, 2020, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,703.2 million.

(5)	“TPL” refers to Targa Pipeline Partners LP.

Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations

The following table shows the range of interest rates and weighted average interest rate incurred on variable-rate debt obligations during the six months ended June 30, 2020:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC Revolver	1.9% - 3.5%	2.8%
TRP Revolver	1.9% - 6.0%	2.5%
Partnership's Securitization Facility	1.5% - 2.7%	2.1%

Summary of Debt Repurchased Portion of Outstanding Senior Notes on the Open Market

During the six months ended June 30, 2020, the Partnership repurchased a portion of its outstanding senior notes on the open market as follows:

Debt Repurchased	Book Value		Payment			Gain		Write-off of Debt Issuance Costs			Net Gain
5⅛% Senior Notes due 2025	$	19.0	$	(14.6	)	$	4.4	$	(0.1	)	$	4.3
5⅞% Senior Notes due 2026		36.8		(29.7	)		7.1		(0.2	)		6.9
5⅜% Senior Notes due 2027		31.9		(26.6	)		5.3		(0.2	)		5.1
6½% Senior Notes due 2027		44.8		(35.5	)		9.3		(0.4	)		8.9
5% Senior Notes due 2028		49.7		(38.0	)		11.7		(0.4	)		11.3
6⅞% Senior Notes due 2029		70.7		(55.2	)		15.5		(0.6	)		14.9
5½% Senior Notes due 2030		50.4		(40.2	)		10.2		(0.5	)		9.7
	$	303.3	$	(239.8	)	$	63.5	$	(2.4	)	$	61.1

Summary of Payment Obligations for Debt Instruments

The following table summarizes payment obligations for debt instruments after giving effect to the debt repurchases detailed above:

	Payments Due By Period
			Less Than						More Than
	Total		1 Year		1-3 Years		3-5 Years		5 Years
	(in millions)

Long-term debt obligations (1)	$	7,599.9	$	-	$	1,441.1	$	1,693.1	$	4,465.7
Interest on debt obligations (2)		2,503.2		407.2		811.4		600.7		683.9
	$	10,103.1	$	407.2	$	2,252.5	$	2,293.8	$	5,149.6


(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 June 30, 2020 rates for floating debt.

Common Stock and Related Matters (Tables)

6 Months Ended

Jun. 30, 2020

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 six months ended June 30, 2020:

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)
June 30, 2020	August 17, 2020	$		23.7	$		23.3	$		0.4	$		0.10000
March 31, 2020	May 15, 2020			23.7			23.3			0.4			0.10000
December 31, 2019	February 18, 2020			216.0			212.0			4.0			0.91000

(1)	Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.

Partnership Units and Related Matters (Tables)

6 Months Ended

Jun. 30, 2020

Partners Capital [Abstract]

Schedule of Distributions

The following table details the distributions declared and paid by the Partnership for the six months ended June 30, 2020:

Three Months Ended	Date Paid or To Be Paid		Total Distributions			Distributions to Targa Resources Corp.
June 30, 2020	August 13, 2020	$		51.7	$		48.9
March 31, 2020	May 13, 2020			53.1			50.3
December 31, 2019	February 13, 2020			241.9			239.1

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2020

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 (in millions) used in computing basic and diluted net income per common share:

	Three Months Ended June 30,					Six Months Ended June 30,
	2020		2019			2020			2019
Net income (loss)	$	177.1	$	48.9		$	(1,643.2	)	$	24.2
Less: Net income attributable to noncontrolling interests		96.1		59.1			13.6			73.3
Less: Dividends on preferred stock		32.1		31.0			64.0			61.8
Net income (loss) attributable to common shareholders for basic earnings per share	$	48.9	$	(41.2	)	$	(1,720.8	)	$	(110.9	)

Weighted average shares outstanding - basic		233.1		232.4			233.1			232.3

Net income (loss) available per common share - basic	$	0.21	$	(0.18	)	$	(7.38	)	$	(0.48	)

Weighted average shares outstanding		233.1		232.4			233.1			232.3
Diluted effect of unvested stock awards		0.7		—			—			—
Weighted average shares outstanding - diluted		233.8		232.4			233.1			232.3

Net income (loss) available per common share - diluted	$	0.21	$	(0.18	)	$	(7.38	)	$	(0.48	)

Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Unvested restricted stock awards		3.2		1.1		0.8		1.2
Series A Preferred Stock (1)		46.5		46.5		46.5		46.5

(1)

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At June 30, 2020, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2020		2021		2022		2023		2024		2025
Natural Gas	Swaps	MMBtu/d		167,230		166,216		86,100		20,000		-		-
Natural Gas	Basis Swaps	MMBtu/d		416,374		450,566		295,390		250,000		90,000		5,000
NGL	Swaps	Bbl/d		30,814		23,729		12,371		-		-		-
NGL	Futures	Bbl/d		39,370		12,288		-		-		-		-
Condensate	Swaps	Bbl/d		5,190		5,864		1,610		-		-		-

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 June 30, 2020				Fair Value as of December 31, 2019
	Balance Sheet	Derivative		Derivative		Derivative		Derivative
	Location	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	99.2	$	74.6	$	102.1	$	11.6
	Long-term		36.1		32.6		33.7		6.4
Total derivatives designated as hedging instruments		$	135.3	$	107.2	$	135.8	$	18.0
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	22.8	$	5.9	$	1.2	$	92.5
	Long-term		7.2		20.3		1.8		34.4
Total derivatives not designated as hedging instruments		$	30.0	$	26.2	$	3.0	$	126.9
Total current position		$	122.0	$	80.5	$	103.3	$	104.1
Total long-term position			43.3		52.9		35.5		40.8
Total derivatives		$	165.3	$	133.4	$	138.8	$	144.9

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
June 30, 2020		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	108.9	$	(80.5	)	$	48.2		$	76.6	$	-
	Counterparties without offsetting positions - assets		13.1		-			-			13.1		-
	Counterparties without offsetting positions - liabilities		-		-			-			-		-
			122.0		(80.5	)		48.2			89.7		-
Long Term Position
	Counterparties with offsetting positions or collateral		31.5		(49.3	)		-			6.6		(24.4	)
	Counterparties without offsetting positions - assets		11.8		-			-			11.8		-
	Counterparties without offsetting positions - liabilities		-		(3.6	)		-			-		(3.6	)
			43.3		(52.9	)		-			18.4		(28.0	)
Total Derivatives
	Counterparties with offsetting positions or collateral		140.4		(129.8	)		48.2			83.2		(24.4	)
	Counterparties without offsetting positions - assets		24.9		-			-			24.9		-
	Counterparties without offsetting positions - liabilities		-		(3.6	)		-			-		(3.6	)
		$	165.3	$	(133.4	)	$	48.2		$	108.1	$	(28.0	)

		Gross Presentation								Pro Forma Net Presentation
December 31, 2019		Asset		Liability			Collateral			Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	99.8	$	(85.0	)	$	(4.9	)	$	56.0	$	(46.1	)
	Counterparties without offsetting positions - assets		3.5		-			-			3.5		-
	Counterparties without offsetting positions - liabilities		-		(19.1	)		-			-		(19.1	)
			103.3		(104.1	)		(4.9	)		59.5		(65.2	)
Long Term Position
	Counterparties with offsetting positions or collateral		33.3		(40.5	)		-			18.1		(25.3	)
	Counterparties without offsetting positions - assets		2.2		-			-			2.2		-
	Counterparties without offsetting positions - liabilities		-		(0.3	)		-			-		(0.3	)
			35.5		(40.8	)		-			20.3		(25.6	)
Total Derivatives
	Counterparties with offsetting positions or collateral		133.1		(125.5	)		(4.9	)		74.1		(71.4	)
	Counterparties without offsetting positions - assets		5.7		-			-			5.7		-
	Counterparties without offsetting positions - liabilities		-		(19.4	)		-			-		(19.4	)
		$	138.8	$	(144.9	)	$	(4.9	)	$	79.8	$	(90.8	)

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 June 30,					Six Months Ended June 30,
Hedging Relationships	2020			2019		2020		2019
Commodity contracts	$	(133.0	)	$	88.4	$	26.2	$	49.6

	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
	Three Months Ended June 30,				Six Months Ended June 30,
Location of Gain (Loss)	2020		2019		2020		2019
Revenues	$	60.2	$	43.3	$	120.3	$	64.6

Gain (Loss) Recognized in Income on Derivatives

For the three and six months ended June 30, 2020, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward basis prices, as compared to our hedged positions.

	Location of Gain	Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Recognized in Income on	Three Months Ended June 30,					Six Months Ended June 30,
as Hedging Instruments	Derivatives	2020		2019			2020		2019
Commodity contracts	Revenue	$	8.1	$	(1.1	)	$	107.8	$	(10.5	)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Breakdown by Fair Value Hierarchy Category for Financial Instruments Included in Consolidated Balance Sheets

	June 30, 2020
	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:
Assets from commodity derivative contracts (1)	$	164.0	$	164.0	$	—	$	164.0	$	—
Liabilities from commodity derivative contracts (1)		132.1		132.1		—		132.1		—
TPL contingent consideration (2)		2.3		2.3		—		—		2.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		196.2		196.2		—		—		—
TRC Revolver		435.0		435.0		—		435.0		—
TRP Revolver		440.0		440.0		—		440.0		—
Partnership's Senior unsecured notes		6,725.1		6,627.2		—		6,627.2		—
Partnership's Securitization Facility		250.0		250.0		—		250.0		—

	December 31, 2019
	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)	$	136.5	$	136.5	$	—	$	136.2	$	0.3
Liabilities from commodity derivative contracts (1)		142.6		142.6		—		142.0		0.6
TPL contingent consideration (2)		2.3		2.3		—		—		2.3
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		331.1		331.1		—		—		—
TRC Revolver		435.0		435.0		—		435.0		—
TRP Revolver		—		—		—		—		—
Partnership's Senior unsecured notes		7,028.5		7,376.9		—		7,376.9		—
Partnership's Securitization Facility		370.0		370.0		—		370.0		—

(1)

(2)	We have a contingent consideration liability for TPL’s previous acquisition of a gas gathering system and related assets, which is carried at fair value.

Reconciliation of Changes in Fair Value of Financial Instruments Classified as Level 3

The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy:

		Commodity
		Derivative Contracts			Contingent
		Asset/(Liability)			Consideration
Balance, December 31, 2019		$	(0.3	)	$	(2.3	)
	Transfers out of Level 3 (1)		0.3			—
Balance, June 30, 2020		$	—		$	(2.3	)

(1)	Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

Revenue (Tables)

6 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Summary of Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations

	2020				2021				2022 and after
Fixed consideration to be recognized as of June 30, 2020	$	270.6			$	515.0			$	3,202.7

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2020

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

	Six Months Ended June 30,
	2020			2019
Cash:
Interest paid, net of capitalized interest (1)	$	171.8		$	113.2
Income taxes (received), net of payments		(44.4	)		0.4
Non-cash investing activities:
Impact of capital expenditure accruals on property, plant and equipment, net		(143.9	)		(4.8	)
Transfers from materials and supplies inventory to property, plant and equipment		1.8			16.4
Non-cash financing activities:
Changes in accrued distributions to noncontrolling interests		(1.9	)		49.6

(1)	Interest capitalized on major projects was $22.5 million and $36.1 million for the six months ended June 30, 2020 and 2019.

Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Reportable Segment Information

Reportable segment information is shown in the following tables:

	Three Months Ended June 30, 2020
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	133.5	$	1,136.3	$	10.8	$	—		$	1,280.6
Fees from midstream services		110.0		132.9		—		—			242.9
		243.5		1,269.2		10.8		—			1,523.5
Intersegment revenues
Sales of commodities		389.2		46.1		—		(435.3	)		—
Fees from midstream services		1.5		7.3		—		(8.8	)		—
		390.7		53.4		—		(444.1	)		—
Revenues	$	634.2	$	1,322.6	$	10.8	$	(444.1	)	$	1,523.5
Operating margin	$	237.2	$	231.5	$	10.8	$	—		$	479.5
Other financial information:
Total assets (1)	$	9,124.2	$	6,697.2	$	22.0	$	122.0		$	15,965.4
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	37.1	$	127.9	$	—	$	4.6		$	169.6

(1)

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

	Three Months Ended June 30, 2019
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	298.4	$	1,378.8	$	7.0	$	—		$	1,684.2
Fees from midstream services		176.2		134.9		—		—			311.1
		474.6		1,513.7		7.0		—			1,995.3
Intersegment revenues
Sales of commodities		539.7		43.6		—		(583.3	)		—
Fees from midstream services		1.5		7.0		—		(8.5	)		—
		541.2		50.6		—		(591.8	)		—
Revenues	$	1,015.8	$	1,564.3	$	7.0	$	(591.8	)	$	1,995.3
Operating margin	$	232.1	$	184.4	$	7.0	$	—		$	423.5
Other financial information:
Total assets (1)	$	12,144.4	$	5,994.7	$	19.0	$	160.1		$	18,318.2
Goodwill	$	46.6	$	—	$	—	$	—		$	46.6
Capital expenditures	$	420.8	$	425.5	$	—	$	10.8		$	857.1

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

	Six Months Ended June 30, 2020
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	377.3	$	2,555.7	$	127.2	$	—		$	3,060.2
Fees from midstream services		228.2		284.0		—		—			512.2
		605.5		2,839.7		127.2		—			3,572.4
Intersegment revenues
Sales of commodities		832.4		102.7		—		(935.1	)		—
Fees from midstream services		3.3		15.4		—		(18.7	)		—
		835.7		118.1		—		(953.8	)		—
Revenues	$	1,441.2	$	2,957.8	$	127.2	$	(953.8	)	$	3,572.4
Operating margin	$	492.8	$	525.5	$	127.2	$	—		$	1,145.5
Other financial information:
Total assets (1)	$	9,124.2	$	6,697.2	$	22.0	$	122.0		$	15,965.4
Goodwill	$	45.2	$	—	$	—	$	—		$	45.2
Capital expenditures	$	154.6	$	306.3	$	—	$	12.9		$	473.8

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

	Six Months Ended June 30, 2019
	Gathering and Processing		Logistics and Transportation		Other		Corporate and Eliminations			Total
Revenues
Sales of commodities	$	555.1	$	3,105.6	$	—	$	—		$	3,660.7
Fees from midstream services		376.1		257.9		—		—			634.0
		931.2		3,363.5		—		—			4,294.7
Intersegment revenues
Sales of commodities		1,362.5		82.1		—		(1,444.6	)		—
Fees from midstream services		3.3		12.5		—		(15.8	)		—
		1,365.8		94.6		—		(1,460.4	)		—
Revenues	$	2,297.0	$	3,458.1	$	—	$	(1,460.4	)	$	4,294.7
Operating margin	$	470.3	$	336.3	$	—	$	—		$	806.6
Other financial information:
Total assets (1)	$	12,144.4	$	5,994.7	$	19.0	$	160.1		$	18,318.2
Goodwill	$	46.6	$	—	$	—	$	—		$	46.6
Capital expenditures	$	838.5	$	896.3	$	—	$	27.8		$	1,762.6

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

Revenues Disaggregated by Product and Service

The following table shows our consolidated revenues disaggregated by product and service for the periods presented:

	Three Months Ended June 30,					Six Months Ended June 30,
	2020		2019			2020		2019
Sales of commodities:
Revenue recognized from contracts with customers:
Natural gas	$	269.7	$	217.6		$	542.8	$	628.9
NGL		908.2		1,195.5			2,069.5		2,591.9
Condensate and crude oil		27.6		172.1			163.3		309.8
Petroleum products		6.8		56.8			56.5		76.0
		1,212.3		1,642.0			2,832.1		3,606.6
Non-customer revenue:
Derivative activities - Hedge		60.2		43.3			120.3		64.6
Derivative activities - Non-hedge (1)		8.1		(1.1	)		107.8		(10.5	)
		68.3		42.2			228.1		54.1
Total sales of commodities		1,280.6		1,684.2			3,060.2		3,660.7

Fees from midstream services:
Revenue recognized from contracts with customers:
Gathering and processing		107.4		177.5			223.3		371.9
NGL transportation, fractionation and services		32.9		40.1			72.8		76.3
Storage, terminaling and export		89.1		90.4			188.8		170.0
Other		13.5		3.1			27.3		15.8
Total fees from midstream services		242.9		311.1			512.2		634.0

Total revenues	$	1,523.5	$	1,995.3		$	3,572.4	$	4,294.7

(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 June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Reconciliation of reportable segment operating margin to income (loss) before income taxes:
Gathering and Processing operating margin	$	237.2		$	232.1		$	492.8		$	470.3
Logistics and Transportation operating margin		231.5			184.4			525.5			336.3
Other operating margin		10.8			7.0			127.2			—
Depreciation and amortization expense		(204.5	)		(237.2	)		(443.6	)		(474.6	)
General and administrative expense		(61.5	)		(72.8	)		(121.9	)		(153.6	)
Impairment of long-lived assets		—			—			(2,442.8	)		—
Interest expense, net		(96.7	)		(72.1	)		(194.7	)		(152.7	)
Equity earnings (loss)		14.9			3.2			35.5			5.9
Gain (loss) on sale or disposition of business and assets		0.7			0.2			—			(3.1	)
Gain (loss) from financing activities		21.8			—			61.1			(1.4	)
Change in contingent considerations		—			0.8			—			(8.9	)
Other, net		(0.3	)		—			(0.8	)		(0.2	)
Income (loss) before income taxes	$	153.9		$	45.6		$	(1,961.7	)	$	18.0

Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 20,316.2	$ 19,876.8
Accumulated depreciation, amortization and impairment	(7,898.8)	(5,328.3)
Property, plant and equipment, net	12,417.4	14,548.5
Intangible assets	2,643.5	2,643.5
Accumulated amortization and impairment	(1,190.7)	(908.5)
Intangible assets, net	$ 1,452.8	1,735.0
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	$ 9,117.8	8,976.8
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	$ 5,672.8	5,143.0
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	$ 1,498.7	1,495.5
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	$ 2,316.3	2,292.4
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	$ 196.4	184.1
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	25 years
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 159.2	159.7
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,304.0	1,576.5
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 51.0	$ 48.8

Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 169.3		$ 194.3	$ 370.0	$ 388.7
Weighted average discount rate percentage	14.00%			14.00%
Non-cash pre-tax impairments				$ 2,442.8
Estimated amortization expense for intangible assets [Abstract]
2020	$ 144.0			144.0
2021	130.9			130.9
2022	122.7			122.7
2023	117.5			117.5
2024	$ 113.7			$ 113.7
Restatement Adjustment [Member]
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 12.5

Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Finite Lived Intangible Assets Roll Forward
Beginning of period	$ 1,735.0
Impairment	(208.6)
Amortization	(73.6)
End of period	$ 1,452.8

Debt Obligations - Summary Of Debt Obligations (Details) - USD ($)
$ in Millions

Jun. 30, 2020

Dec. 31, 2019

Current Obligations of the Partnership [Abstract]

Accounts receivable securitization facility, due April 2021

^[1],[2]

$ 250.0

$ 370.0

Finance lease liabilities

^[2]

11.9

12.2

Current debt obligations

^[2]

261.9

382.2

Long-term debt including Unamortized premium(discount) and Debt issuance costs

7,600.1

7,463.5

Debt issuance costs, net of amortization

(43.7)

(49.1)

Finance lease liabilities

23.2

25.8

Letters of credit outstanding

7,579.6

7,440.2

Total debt obligations

7,841.5

7,822.4

56.8

88.2

TRP Senior Secured Revolving Credit Facility due June 2023 [Member] | Targa Resources Partners LP [Member]

Senior Unsecured Notes [Member] | Senior Unsecured 5 1/4% Notes due May 2023 [Member] | Targa Resources Partners LP [Member]

^[2],[3]

440.0

0.0

Senior Unsecured Notes [Member] | Senior Unsecured 4 1/4% Notes due November 2023 [Member] | Targa Resources Partners LP [Member]

^[2]

559.6

Senior Unsecured Notes [Member] | Senior Unsecured 6 3/4% Notes due March 2024 [Member] | Targa Resources Partners LP [Member]

^[2]

583.9

Senior Unsecured Notes [Member] | Senior Unsecured 5 1/8% Notes due February 2025 [Member] | Targa Resources Partners LP [Member]

^[2]

580.1

Senior Unsecured Notes [Member] | Senior Unsecured 5 7/8% Notes due April 2026 [Member] | Targa Resources Partners LP [Member]

^[2]

481.0

500.0

Senior Unsecured Notes [Member] | Senior Unsecured 5 3/8% Notes due February 2027 [Member] | Targa Resources Partners LP [Member]

^[2]

963.2

1,000.0

Senior Unsecured Notes [Member] | Senior Unsecured 6½% Senior Notes due July 2027 [Member] | Targa Resources Partners LP [Member]

^[2]

468.1

500.0

Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member] | Targa Resources Partners LP [Member]

^[2]

705.2

750.0

Senior Unsecured Notes [Member] | Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member] | Targa Resources Partners LP [Member]

^[2]

700.3

750.0

Senior Unsecured Notes [Member] | Senior Unsecured of 5½% Senior Notes due March 2030 [Member] | Targa Resources Partners LP [Member]

^[2]

679.3

750.0

Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 4 3/4% Notes due November 2021 [Member]

949.6

1,000.0

Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member]

^[2],[4]

6.5

Secured Debt [Member] | TRC Senior Secured Revolving Credit Facility [Member] | Targa Resources Partners LP [Member]

^[2],[4]

48.1

Unamortized premium

0.2

0.3

Letters of credit outstanding

^[5]

0.0

Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due June 2023 [Member]

Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due June 2023 [Member] | Targa Resources Partners LP [Member]

^[5]

435.0

Letters of credit outstanding

^[3]

$ 56.8

$ 88.2

[1]	As of June 30, 2020, the Partnership had $250.0 million of qualifying receivables under its $250.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in zero availability. During the second quarter of 2020, the Partnership amended the Securitization Facility to decrease the facility size from $400.0 million to $250.0 million to more closely align with our expectations for borrowing needs given commodity prices and to extend the facility termination date to April 21, 2021.
[2]	While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.
[3]	As of June 30, 2020, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,703.2 million
[4]	“TPL” refers to Targa Pipeline Partners LP.
[5]	As of June 30, 2020, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million.

Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Mar. 31, 2020

Dec. 31, 2019

Proceeds from borrowings under accounts receivable securitization facility

$ 226,400,000

$ 742,900,000

Accounts receivable securitization facility

^[1],[2]

$ 250,000,000.0

250,000,000.0

$ 370,000,000.0

Accounts Receivable Securitization Facility [Member]

Proceeds from borrowings under accounts receivable securitization facility

Apr. 21, 2021

250,000,000.0

Accounts receivable securitization facility

$ 250,000,000.0

250,000,000.0

Remaining borrowing capacity

Maximum borrowing capacity

250,000,000.0

$ 250,000,000.0

$ 400,000,000.0

Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due June 2023 [Member]

Remaining borrowing capacity

Jun. 30, 2023

235,000,000.0

$ 235,000,000.0

Maximum borrowing capacity

$ 670,000,000.0

Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 4 3/4% Notes due November 2021 [Member]

Nov. 30, 2021

Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member]

4.75%

Aug. 31, 2023

Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility Due December 2020 [Member]

5.875%

Targa Resources Partners LP [Member] | Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due June 2023 [Member]

Apr. 30, 2021

Remaining borrowing capacity

Jun. 30, 2023

$ 1,703,200,000

Maximum borrowing capacity

$ 2,200,000,000

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5 7/8% Notes due April 2026 [Member]

Apr. 30, 2026

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5 1/4% Notes due May 2023 [Member]

5.875%

May 31, 2023

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member]

5.25%

Jan. 31, 2028

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 4 1/4% Notes due November 2023 [Member]

5.00%

Nov. 30, 2023

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6½% Senior Notes due July 2027 [Member]

4.25%

Jul. 31, 2027

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6 3/4% Notes due March 2024 [Member]

6.50%

Mar. 31, 2024

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5 1/8% Notes due February 2025 [Member]

6.75%

Feb. 28, 2025

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member]

5.125%

Jan. 31, 2029

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5 3/8% Notes due February 2027 [Member]

6.875%

Feb. 28, 2027

Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured of 5½% Senior Notes due March 2030 [Member]

5.375%

Mar. 31, 2030

5.50%

[1]

[2]

While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership.

Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details)	Jun. 30, 2020
TRC Revolver [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	2.80%
TRP Revolver [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	2.50%
Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Weighted average interest rate incurred	2.10%
Minimum [Member] \| TRC Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.90%
Minimum [Member] \| TRP Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.90%
Minimum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	1.50%
Maximum [Member] \| TRC Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	3.50%
Maximum [Member] \| TRP Revolver [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	6.00%
Maximum [Member] \| Targa Resources Partners LP [Member] \| Securitization Facility [Member]
Debt Instrument [Line Items]
Range of interest rates incurred	2.70%

Debt Obligations - Summary of Debt Repurchased Portion of Outstanding Senior Notes on the Open Market (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Debt Repurchased, Book Value	$ 303.3	$ 303.3
Debt Repurchased, Payment	(239.8)	(239.8)
Debt Repurchased, Gain		63.5
Debt Repurchased, Write-off of Debt Issuance Costs		(2.4)
Debt Repurchased, Net Gain	21.8	61.1	$ (1.4)
5⅛% Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Debt Repurchased, Book Value	19.0	19.0
Debt Repurchased, Payment	(14.6)	(14.6)
Debt Repurchased, Gain		4.4
Debt Repurchased, Write-off of Debt Issuance Costs		(0.1)
Debt Repurchased, Net Gain		4.3
5⅞% Senior Notes due 2026 [Member]
Debt Instrument [Line Items]
Debt Repurchased, Book Value	36.8	36.8
Debt Repurchased, Payment	(29.7)	(29.7)
Debt Repurchased, Gain		7.1
Debt Repurchased, Write-off of Debt Issuance Costs		(0.2)
Debt Repurchased, Net Gain		6.9
5⅜% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Debt Repurchased, Book Value	31.9	31.9
Debt Repurchased, Payment	(26.6)	(26.6)
Debt Repurchased, Gain		5.3
Debt Repurchased, Write-off of Debt Issuance Costs		(0.2)
Debt Repurchased, Net Gain		5.1
6½% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Debt Repurchased, Book Value	44.8	44.8
Debt Repurchased, Payment	(35.5)	(35.5)
Debt Repurchased, Gain		9.3
Debt Repurchased, Write-off of Debt Issuance Costs		(0.4)
Debt Repurchased, Net Gain		8.9
5% Senior Notes due 2028 [Member]
Debt Instrument [Line Items]
Debt Repurchased, Book Value	49.7	49.7
Debt Repurchased, Payment	(38.0)	(38.0)
Debt Repurchased, Gain		11.7
Debt Repurchased, Write-off of Debt Issuance Costs		(0.4)
Debt Repurchased, Net Gain		11.3
6⅞% Senior Notes due 2029 [Member]
Debt Instrument [Line Items]
Debt Repurchased, Book Value	70.7	70.7
Debt Repurchased, Payment	(55.2)	(55.2)
Debt Repurchased, Gain		15.5
Debt Repurchased, Write-off of Debt Issuance Costs		(0.6)
Debt Repurchased, Net Gain		14.9
5½% Senior Notes due 2030 [Member]
Debt Instrument [Line Items]
Debt Repurchased, Book Value	50.4	50.4
Debt Repurchased, Payment	$ (40.2)	(40.2)
Debt Repurchased, Gain		10.2
Debt Repurchased, Write-off of Debt Issuance Costs		(0.5)
Debt Repurchased, Net Gain		$ 9.7

Debt Obligations - Summary of Payment Obligations for Debt Instruments (Details)
$ in Millions

Jun. 30, 2020

USD ($)

Long Term Debt Obligation [Member]

$ 10,103.1

407.2

2,252.5

2,293.8

5,149.6

Interest On Debt Obligations [Member]

Total

7,599.9

^[1]

1-3 Years

1,441.1

^[1]

3-5 Years

1,693.1

^[1]

More Than 5 Years

4,465.7

^[1]

Total

2,503.2

^[2]

Less Than 1 Year

407.2

^[2]

1-3 Years

811.4

^[2]

3-5 Years

600.7

^[2]

More Than 5 Years

$ 683.9

^[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 June 30, 2020 rates for floating debt.

Other Long-term Liabilities - Deferred Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 170.3	$ 172.0
Channelview Splitter [Member]
Deferred Revenue and Other [Abstract]
Deferred revenue	$ 129.0

Preferred Stock - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Accrued cumulative preferred dividend	$ 22.9		$ 22.9
Preferred stock dividend paid	22.9		$ 45.8
Accrued preferred dividends payable date			Aug. 14, 2020
Deemed dividends on Series A Preferred Stock	$ 9.2	$ 8.1	$ 18.2	$ 16.0

Common Stock and Related Matters - Dividends Declared And Or Paid (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Aug. 14, 2020

Dividend Declared, Q2 2020 [Member]

$ 0.10

$ 0.91

$ 1.01

$ 1.82

Total Common Dividends Declared

Aug. 17, 2020

$ 23.7

Amount of Common Dividends Paid or To Be Paid

23.3

Accrued Dividends

^[1]

$ 0.4

Dividend Declared, Q1 2020 [Member]

$ 0.10000

Total Common Dividends Declared

May 15, 2020

$ 23.7

Amount of Common Dividends Paid or To Be Paid

23.3

Accrued Dividends

^[1]

0.4

$ 0.4

Dividend Declared, Q4 2019 [Member]

$ 0.10000

Total Common Dividends Declared

Feb. 18, 2020

$ 216.0

Amount of Common Dividends Paid or To Be Paid

212.0

Accrued Dividends

^[1]

$ 4.0

Unvested Restricted Stock Awards [Member]

$ 0.91000

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

Partnership Units and Related Matters - Summary of Distributions Declared and Paid by the Partnership (Details) - Distributions Paid [Member] - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Distributions Made To Members Or Limited Partners [Abstract]
Distributions payable date	Aug. 13, 2020	May 13, 2020	Feb. 13, 2020
Total Distributions	$ 51.7	$ 53.1	$ 241.9
Distributions to Targa Resources Corp.	$ 48.9	$ 50.3	$ 239.1

Partnership Units and Related Matters - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 31, 2020	Oct. 31, 2015	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Limited Partners Capital Account [Line Items]
Capital contributions to partnership			$ 50.0
Preferred unit, issued		5,000,000
Distributions from partnership				$ 5.6	$ 5.6
Subsequent Event [Member]
Limited Partners Capital Account [Line Items]
Distributions declaration month	2020-07
Distribution declared	$ 0.1875
Distributions from partnership	$ 0.9
Distributions payable date	Aug. 17, 2020
Series A Preferred Units due November 1, 2020 [Member] \| London Interbank Offered Rate (LIBOR)
Limited Partners Capital Account [Line Items]
Percentage of variable interest rate for distribution on preferred units upon maturity		7.71%
Series A Preferred Units [Member]
Limited Partners Capital Account [Line Items]
Preferred unit, dividend interest rate		9.00%
Series A Cumulative Redeemable Perpetual Preferred Units [Member]
Limited Partners Capital Account [Line Items]
Distribution to preferred unitholders			$ 2.8	$ 5.6
Holders of Limited Partner Interests [Member]
Limited Partners Capital Account [Line Items]
Limited partner capital contribution allocation percentage				98.00%
Targa Resources Genaral Partner LLC [Member]
Limited Partners Capital Account [Line Items]
General partner capital contribution allocation percentage				2.00%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 177.1	$ 48.9	$ (1,643.2)	$ 24.2
Less: Net income attributable to noncontrolling interests	96.1	59.1	13.6	73.3
Less: Dividends on preferred stock	32.1	31.0	64.0	61.8
Net income (loss) attributable to common shareholders	$ 48.9	$ (41.2)	$ (1,720.8)	$ (110.9)
Weighted average shares outstanding - basic (in shares)	233,100,000	232,400,000	233,100,000	232,300,000
Net income (loss) available per common share - basic (in dollars per share)	$ 0.21	$ (0.18)	$ (7.38)	$ (0.48)
Weighted average shares outstanding - basic (in shares)	233,100,000	232,400,000	233,100,000	232,300,000
Diluted effect of unvested stock awards	0.7
Weighted average shares outstanding - diluted (in shares)	233,800,000	232,400,000	233,100,000	232,300,000
Net income (loss) available per common share - diluted (in dollars per share)	$ 0.21	$ (0.18)	$ (7.38)	$ (0.48)

Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Details) - shares
shares in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

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)

3.2

1.1

0.8

1.2

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)

^[1]

46.5

[1]

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]	6 Months Ended
	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred stock redemption premium percentage in sixth year	10.00%
Preferred stock redemption premium percentage in year seven and thereafter	5.00%

Derivative Instruments and Hedging Activities - Notional Volumes Of The Partnership's Commodity Derivative Contracts (Details) - Targa Resources Partners LP [Member]	6 Months Ended
	Jun. 30, 2020 MMBTU bbl
Swaps [Member] \| Year 2020 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	167,230
Swaps [Member] \| Year 2020 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	30,814
Swaps [Member] \| Year 2021 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	166,216
Swaps [Member] \| Year 2021 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	23,729
Swaps [Member] \| Year 2022 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	86,100
Swaps [Member] \| Year 2022 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	12,371
Swaps [Member] \| Year 2023 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	20,000
Swaps [Member] \| Year 2023 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Swaps [Member] \| Year 2024 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	0
Swaps [Member] \| Year 2024 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Swaps [Member] \| Year 2025 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	0
Swaps [Member] \| Year 2025 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Basis Swaps [Member] \| Year 2020 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	416,374
Basis Swaps [Member] \| Year 2021 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	450,566
Basis Swaps [Member] \| Year 2022 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	295,390
Basis Swaps [Member] \| Year 2023 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	250,000
Basis Swaps [Member] \| Year 2024 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	90,000
Basis Swaps [Member] \| Year 2025 [Member] \| Natural Gas [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in MMBtu per day) \| MMBTU	5,000
Future [Member] \| Year 2020 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	39,370
Future [Member] \| Year 2021 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	12,288
Future [Member] \| Year 2022 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] \| Year 2023 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] \| Year 2024 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Future [Member] \| Year 2025 [Member] \| NGL [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] \| Year 2020 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	5,190
Options [Member] \| Year 2021 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	5,864
Options [Member] \| Year 2022 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	1,610
Options [Member] \| Year 2023 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] \| Year 2024 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0
Options [Member] \| Year 2025 [Member] \| Condensate [Member]
Derivative [Line Items]
Notional volumes of commodity hedges (in Bbl per day)	0

Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative assets	$ 165.3	$ 138.8
Derivative assets	122.0	103.3
Derivative assets	43.3	35.5
Derivative liabilities	(133.4)	(144.9)
Derivative liabilities	(80.5)	(104.1)
Derivative liabilities	(52.9)	(40.8)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	135.3	135.8
Derivative liabilities	(107.2)	(18.0)
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	99.2	102.1
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	36.1	33.7
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(74.6)	(11.6)
Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(32.6)	(6.4)
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	30.0	3.0
Derivative liabilities	(26.2)	(126.9)
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	22.8	1.2
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-Term Assets from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	7.2	1.8
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Current Liabilities from Risk Management Activities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(5.9)	(92.5)
Not Designated as Hedging Instrument [Member] \| Commodity Contracts [Member] \| Long-term Position [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (20.3)	$ (34.4)

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative Asset [Abstract]
Gross asset	$ 165.3	$ 138.8
Gross asset	165.3	138.8
Pro forma net presentation, asset, total	108.1	79.8
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	140.4	133.1
Pro forma net presentation, asset	83.2	74.1
Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	24.9	5.7
Pro forma net presentation, asset, total	24.9	5.7
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	122.0	103.3
Pro forma net presentation, asset, current	89.7	59.5
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	108.9	99.8
Pro forma net presentation, asset	76.6	56.0
Current Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	13.1	3.5
Pro forma net presentation, asset, current	13.1	3.5
Long-Term Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross asset	43.3	35.5
Pro forma net presentation, asset, noncurrent	18.4	20.3
Long-Term Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross asset	31.5	33.3
Pro forma net presentation, asset	6.6	18.1
Long-Term Assets from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Asset [Abstract]
Gross asset	11.8	2.2
Pro forma net presentation, asset, noncurrent	$ 11.8	$ 2.2

Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative Liability [Abstract]
Gross liability	$ (133.4)	$ (144.9)
Pro forma net presentation, liability, total	(28.0)	(90.8)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(129.8)	(125.5)
Pro forma net presentation, liability, total	(24.4)	(71.4)
Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(3.6)	(19.4)
Pro forma net presentation, liability, total	(3.6)	(19.4)
Current Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(80.5)	(104.1)
Pro forma net presentation, liability, current		(65.2)
Current Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(80.5)	(85.0)
Pro forma net presentation, liability, current		(46.1)
Current Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability		(19.1)
Pro forma net presentation, liability, current		(19.1)
Long-Term Liabilities from Risk Management Activities [Member]
Derivative Liability [Abstract]
Gross liability	(52.9)	(40.8)
Pro forma net presentation, liability, noncurrent	(28.0)	(25.6)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Liability [Abstract]
Gross liability	(49.3)	(40.5)
Pro forma net presentation, liability, noncurrent	(24.4)	(25.3)
Long-Term Liabilities from Risk Management Activities [Member] \| Counterparties without Offsetting Position [Member]
Derivative Liability [Abstract]
Gross liability	(3.6)	(0.3)
Pro forma net presentation, liability, noncurrent	$ (3.6)	$ (0.3)

Derivative Instruments and Hedging Activities, Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative Asset [Abstract]
Gross collateral	$ 48.2	$ (4.9)
Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	48.2	(4.9)
Current Assets from Risk Management Activities [Member]
Derivative Asset [Abstract]
Gross collateral	48.2	(4.9)
Current Assets from Risk Management Activities [Member] \| Counterparties with Offsetting Positions or Collateral [Member]
Derivative Asset [Abstract]
Gross collateral	$ 48.2	$ (4.9)

Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions	Jun. 30, 2020 USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimated fair value of derivative instruments, net asset	$ 31.9
Amount expected to reclassify commodity hedge related deferred gains to earnings before income taxes	29.8
Amount of deferred gains to be reclassified into earnings before income taxes over next twelve months	$ 26.3

Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from OCI into income (effective portion)	$ 60.2	$ 43.3	$ 120.3	$ 64.6
Commodity Contracts [Member] \| Revenues [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	8.1	(1.1)	107.8	(10.5)
Cash Flow Hedging [Member] \| Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	$ (133.0)	$ 88.4	$ 26.2	$ 49.6

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($) Swap
Fair Value Disclosures [Abstract]
Estimated fair value of derivative instruments, net asset		$ 31.9
Derivative fair value of net liability if commodity price increases by 10 percent		(86.5)
Derivative fair value of net asset if commodity price decreases by 10 percent		$ 150.7
Number of natural gas basis swaps categorized as Level 3 \| Swap		0
Non-cash pre-tax impairments	$ 2,442.8

Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($)
$ in Millions

Jun. 30, 2020

Dec. 31, 2019

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

$ 108.1

$ 79.8

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

28.0

90.8

Carrying Value [Member]

^[1]

164.0

136.5

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

^[1]

132.1

142.6

Carrying Value [Member] | TRC Revolver [Member]

196.2

331.1

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Carrying Value [Member] | TRP Revolver [Member]

435.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Carrying Value [Member] | Partnership's Securitization Facility [Member]

440.0

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Carrying Value [Member] | Senior Unsecured Notes [Member]

250.0

370.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement

6,725.1

7,028.5

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

^[1]

164.0

136.5

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

^[1]

132.1

142.6

Estimate of Fair Value Measurement | Level 1 [Member]

196.2

331.1

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

^[1]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

^[1]

0.0

Estimate of Fair Value Measurement | Level 2 [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

^[1]

164.0

136.2

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

^[1]

132.1

142.0

Estimate of Fair Value Measurement | Level 3 [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

^[1]

0.0

0.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

^[1]

0.0

0.6

Estimate of Fair Value Measurement | TRC Revolver [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | TRC Revolver [Member] | Level 1 [Member]

435.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | TRC Revolver [Member] | Level 2 [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | TRC Revolver [Member] | Level 3 [Member]

435.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | TRP Revolver [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | TRP Revolver [Member] | Level 1 [Member]

440.0

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | TRP Revolver [Member] | Level 2 [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | TRP Revolver [Member] | Level 3 [Member]

440.0

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | Partnership's Securitization Facility [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | Partnership's Securitization Facility [Member] | Level 1 [Member]

250.0

370.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | Partnership's Securitization Facility [Member] | Level 2 [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | Partnership's Securitization Facility [Member] | Level 3 [Member]

250.0

370.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | Senior Unsecured Notes [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | Senior Unsecured Notes [Member] | Level 1 [Member]

6,627.2

7,376.9

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | Senior Unsecured Notes [Member] | Level 2 [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Estimate of Fair Value Measurement | Senior Unsecured Notes [Member] | Level 3 [Member]

6,627.2

7,376.9

Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:

Targa Pipeline Partners LP [Member] | Carrying Value [Member]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Targa Pipeline Partners LP [Member] | Estimate of Fair Value Measurement

^[2]

2.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Targa Pipeline Partners LP [Member] | Estimate of Fair Value Measurement | Level 1 [Member]

^[2]

2.3

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Targa Pipeline Partners LP [Member] | Estimate of Fair Value Measurement | Level 2 [Member]

^[2]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Targa Pipeline Partners LP [Member] | Estimate of Fair Value Measurement | Level 3 [Member]

^[2]

0.0

Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value:

Contingent Consideration [Member]

^[2]

$ 2.3

[1]

[2]

We have a contingent consideration liability for TPL’s previous acquisition of a gas gathering system and related assets, which is carried at fair value.

Fair Value Measurements - Changes in Fair Value of Financial Instruments Classified as Level 3 (Details)
$ in Millions

6 Months Ended

Jun. 30, 2020

USD ($)

Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]

Balance, beginning of period

$ (2.3)

Transfers out of Level 3

0.0

^[1]

Balance, end of period

(2.3)

Commodity Derivative Contracts Asset/(Liability) [Member]

Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward]

Balance, beginning of period

(0.3)

Transfers out of Level 3

0.3

^[1]

Balance, end of period

$ 0.0

[1]	Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed Price Contract [Member] $ in Millions	Jun. 30, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 270.6
Estimated remaining duration of contracts	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 515.0
Estimated remaining duration of contracts	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Fixed consideration to be recognized	$ 3,202.7
Estimated remaining duration of contracts

Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01	Jun. 30, 2020
Minimum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Estimated remaining duration of contracts	1 year
Maximum [Member]
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Estimated remaining duration of contracts	19 years

Income Taxes - Additional Information (Details) $ in Millions	3 Months Ended
	Jun. 30, 2020 USD ($)
Income Tax Disclosure [Abstract]
Net deferred tax liability	$ 134.6
Decrease in valuation allowance	$ 31.0

Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Cash:

Interest paid, net of capitalized interest

^[1]

$ 171.8

$ 113.2

Income taxes (received), net of payments

(44.4)

0.4

Non-cash investing activities:

Transfers from materials and supplies inventory to property, plant and equipment

1.8

16.4

Non-cash financing activities:

Changes in accrued distributions to noncontrolling interests

(1.9)

49.6

Retained Earnings [Member]

Non-cash investing activities:

Impact of capital expenditure accruals on property, plant and equipment, net

$ (143.9)

$ (4.8)

[1]	Interest capitalized on major projects was $22.5 million and $36.1 million for the six months ended June 30, 2020 and 2019.

Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Supplemental Cash Flow Information [Abstract]
Interest capitalized on major projects	$ 22.5	$ 36.1

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2020 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Revenues and Operating Margin (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Revenues	$ 1,523.5	$ 1,995.3	$ 3,572.4	$ 4,294.7
Operating margin	479.5	423.5	1,145.5	806.6
Sales of Commodities [Member]
Revenues:
Revenues	1,280.6	1,684.2	3,060.2	3,660.7
Fees from Midstream Services [Member]
Revenues:
Revenues	242.9	311.1	512.2	634.0
Gathering and Processing [Member]
Revenues:
Revenues	634.2	1,015.8	1,441.2	2,297.0
Operating margin	237.2	232.1	492.8	470.3
Logistics and Transportation [Member]
Revenues:
Revenues	1,322.6	1,564.3	2,957.8	3,458.1
Operating margin	231.5	184.4	525.5	336.3
Other [Member]
Revenues:
Revenues	10.8	7.0	127.2
Operating margin	10.8	7.0	127.2
Corporate and Eliminations [Member]
Revenues:
Revenues	(444.1)	(591.8)	(953.8)	(1,460.4)
Operating Segments [Member]
Revenues:
Revenues	1,523.5	1,995.3	3,572.4	4,294.7
Operating Segments [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	1,280.6	1,684.2	3,060.2	3,660.7
Operating Segments [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	242.9	311.1	512.2	634.0
Operating Segments [Member] \| Gathering and Processing [Member]
Revenues:
Revenues	243.5	474.6	605.5	931.2
Operating Segments [Member] \| Gathering and Processing [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	133.5	298.4	377.3	555.1
Operating Segments [Member] \| Gathering and Processing [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	110.0	176.2	228.2	376.1
Operating Segments [Member] \| Logistics and Transportation [Member]
Revenues:
Revenues	1,269.2	1,513.7	2,839.7	3,363.5
Operating Segments [Member] \| Logistics and Transportation [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	1,136.3	1,378.8	2,555.7	3,105.6
Operating Segments [Member] \| Logistics and Transportation [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	132.9	134.9	284.0	257.9
Operating Segments [Member] \| Other [Member]
Revenues:
Revenues	10.8	7.0	127.2
Operating Segments [Member] \| Other [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	10.8	7.0	127.2
Intersegment Eliminations [Member] \| Gathering and Processing [Member]
Revenues:
Revenues	390.7	541.2	835.7	1,365.8
Intersegment Eliminations [Member] \| Gathering and Processing [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	389.2	539.7	832.4	1,362.5
Intersegment Eliminations [Member] \| Gathering and Processing [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	1.5	1.5	3.3	3.3
Intersegment Eliminations [Member] \| Logistics and Transportation [Member]
Revenues:
Revenues	53.4	50.6	118.1	94.6
Intersegment Eliminations [Member] \| Logistics and Transportation [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	46.1	43.6	102.7	82.1
Intersegment Eliminations [Member] \| Logistics and Transportation [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	7.3	7.0	15.4	12.5
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member]
Revenues:
Revenues	(444.1)	(591.8)	(953.8)	(1,460.4)
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member] \| Sales of Commodities [Member]
Revenues:
Revenues	(435.3)	(583.3)	(935.1)	(1,444.6)
Intersegment Eliminations [Member] \| Corporate and Eliminations [Member] \| Fees from Midstream Services [Member]
Revenues:
Revenues	$ (8.8)	$ (8.5)	$ (18.7)	$ (15.8)

Segment Information - Other Financial Information (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Dec. 31, 2019

Operating Segments [Member]

$ 15,965.4

$ 18,815.1

^[1]

15,965.4

$ 18,318.2

15,965.4

$ 18,318.2

Goodwill

45.2

46.6

45.2

46.6

Operating Segments [Member] | Gathering and Processing [Member]

169.6

857.1

473.8

1,762.6

^[1]

9,124.2

12,144.4

9,124.2

12,144.4

Goodwill

45.2

46.6

45.2

46.6

Operating Segments [Member] | Logistics and Transportation [Member]

37.1

420.8

154.6

838.5

^[1]

6,697.2

5,994.7

6,697.2

5,994.7

Operating Segments [Member] | Other [Member]

127.9

425.5

306.3

896.3

Operating Segments [Member] | Corporate and Eliminations [Member]

^[1]

22.0

19.0

22.0

19.0

^[1]

122.0

160.1

122.0

160.1

$ 4.6

$ 10.8

$ 12.9

$ 27.8

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

Segment Information - Summary of Consolidated Revenues Disaggregated by Product and Service (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Derivative Activities - Hedge [Member]

$ 1,212.3

$ 1,642.0

$ 2,832.1

$ 3,606.6

Non-customer revenue

68.3

42.2

228.1

54.1

Total revenues

1,523.5

1,995.3

3,572.4

4,294.7

Derivative Activities - Non-hedge [Member]

Non-customer revenue

60.2

43.3

120.3

64.6

Non-customer revenue

^[1]

8.1

(1.1)

107.8

(10.5)

Natural Gas [Member]

269.7

217.6

542.8

628.9

NGL [Member]

Condensate and Crude Oil [Member]

908.2

1,195.5

2,069.5

2,591.9

Petroleum Products [Member]

27.6

172.1

163.3

309.8

Gathering and Processing [Member]

6.8

56.8

56.5

76.0

Sales of Commodities [Member]

107.4

177.5

223.3

371.9

Total revenues

1,280.6

1,684.2

3,060.2

3,660.7

Other [Member]

NGL Transportation, Fractionation and Services [Member]

13.5

3.1

27.3

15.8

Storage Terminaling and Export [Member]

32.9

40.1

72.8

76.3

Fees from Midstream Services [Member]

89.1

90.4

188.8

170.0