Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | TARGA RESOURCES PARTNERS LP | |
Trading Symbol | NGLS | |
Entity Central Index Key | 0001379661 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Preferred Units Outstanding | 5,000,000 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Tax Identification Number | 65-1295427 | |
Entity File Number | 001-33303 | |
Entity Address, Address Line One | 811 Louisiana St | |
Entity Address, Address Line Two | Suite 2100 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 584-1000 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | 9.0% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 340.2 | $ 291.1 |
Trade receivables, net of allowances of $0.1 and $0.0 million at March 31, 2020 and December 31, 2019 | 438.3 | 855.2 |
Inventories | 100.2 | 161.5 |
Assets from risk management activities | 199.7 | 103.3 |
Other current assets | 46.3 | 54.2 |
Held for sale assets | 137.7 | |
Total current assets | 1,124.7 | 1,603 |
Property, plant and equipment, net | 12,411.3 | 14,549 |
Intangible assets, net | 1,488 | 1,735 |
Long-term assets from risk management activities | 82.2 | 35.5 |
Investments in unconsolidated affiliates | 736.8 | 738.7 |
Other long-term assets | 80.3 | 83.3 |
Total assets | 15,923.3 | 18,744.5 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 824.4 | 1,283.7 |
Accounts payable to Targa Resources Corp. | 161 | 193.8 |
Liabilities from risk management activities | 41.8 | 104.1 |
Current debt obligations | 280.6 | 382.2 |
Held for sale liabilities | 6.4 | |
Total current liabilities | 1,307.8 | 1,970.2 |
Long-term debt | 7,204.8 | 7,005.2 |
Long-term liabilities from risk management activities | 30.2 | 40.8 |
Deferred income taxes, net | 23 | 23 |
Other long-term liabilities | 253.6 | 260 |
Contingencies (see Note 13) | ||
Owners' equity: | ||
Series A preferred limited partners (5,000,000 and 5,000,000 units issued and 5,000,000 and 5,000,000 outstanding as of March 31, 2020 and December 31, 2019) | 120.6 | 120.6 |
Common limited partners (275,168,410 and 275,168,410 units issued and 275,168,410 and 275,168,410 outstanding as of March 31, 2020 and December 31, 2019) | 2,803.6 | 5,022.7 |
General partner (5,629,136 and 5,629,136 units issued and 5,629,136 and 5,629,136 outstanding as of March 31, 2020 and December 31, 2019) | 732.6 | 778 |
Accumulated other comprehensive income (loss) | 221.5 | 122.5 |
Partners' Capital | 3,878.3 | 6,043.8 |
Noncontrolling interests | 3,225.6 | 3,401.5 |
Total owners' equity | 7,103.9 | 9,445.3 |
Total liabilities and owners' equity | $ 15,923.3 | $ 18,744.5 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Trade receivables, allowances | $ 0.1 | $ 0 |
Owners' equity: | ||
Common limited partners units issued (in units) | 275,168,410 | 275,168,410 |
Common limited partners units outstanding (in units) | 275,168,410 | 275,168,410 |
General partner units issued (in units) | 5,629,136 | 5,629,136 |
General partner units outstanding (in units) | 5,629,136 | 5,629,136 |
Series A Preferred Limited Partner Units [Member] | ||
Owners' equity: | ||
Series A preferred limited partners units issued (in units) | 5,000,000 | 5,000,000 |
Series A preferred limited partners units outstanding (in units) | 5,000,000 | 5,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Total revenues | $ 2,048.9 | $ 2,299.4 |
Costs and expenses: | ||
Product purchases | 1,188.3 | 1,726 |
Operating expenses | 194.6 | 190.2 |
Depreciation and amortization expense | 239.1 | 237.4 |
General and administrative expense | 57 | 77.7 |
Impairment of long-lived assets | 2,442.8 | 0 |
Other operating (income) expense | 1.1 | 3.4 |
Income (loss) from operations | (2,074) | 64.7 |
Other income (expense): | ||
Interest expense, net | (93.8) | (75.4) |
Equity earnings (loss) | 20.6 | 2.8 |
Gain (loss) from financing activities | 39.3 | (1.4) |
Change in contingent considerations | 0 | (9.7) |
Income (loss) before income taxes | (2,107.9) | (19) |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | (2,107.9) | (19) |
Less: Net income (loss) attributable to noncontrolling interests | (85.3) | 11.4 |
Net income (loss) attributable to Targa Resources Partners LP | (2,022.6) | (30.4) |
Net income attributable to preferred limited partners | 2.8 | 2.8 |
Net income (loss) attributable to general partner | (40.6) | (0.7) |
Net income (loss) attributable to common limited partners | (1,984.8) | (32.5) |
Sales of Commodities [Member] | ||
Revenues: | ||
Total revenues | 1,779.7 | 1,976.5 |
Fees from Midstream Services [Member] | ||
Revenues: | ||
Total revenues | $ 269.2 | $ 322.9 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income (loss) | $ (2,107.9) | $ (19) |
Other comprehensive income (loss): | ||
Other comprehensive income (loss) | 99 | (60.1) |
Comprehensive income (loss) | (2,008.9) | (79.1) |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (85.3) | 11.4 |
Comprehensive income (loss) attributable to Targa Resources Partners LP | (1,923.6) | (90.5) |
Commodity Contracts [Member] | ||
Other comprehensive income (loss): | ||
Change in fair value | 158.9 | (38.8) |
Settlements reclassified to revenues | $ (59.9) | $ (21.3) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY - USD ($) shares in Thousands, $ in Millions | Total | Limited Partner Preferred [Member] | Limited Partners Common [Member] | General Partner Units [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-controlling Interests [Member] |
Balance at Dec. 31, 2018 | $ 8,546.1 | $ 120.6 | $ 6,227.2 | $ 802.6 | $ 124.9 | $ 1,270.8 |
Balance (in units) at Dec. 31, 2018 | 5,000 | 275,168 | 5,629 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Distributions to noncontrolling interests | (18.6) | $ 0 | $ 0 | $ 0 | 0 | (18.6) |
Contributions from noncontrolling interests | 196.8 | 0 | 0 | 0 | 0 | 196.8 |
Other comprehensive income (loss) | (60.1) | 0 | 0 | 0 | (60.1) | 0 |
Net income (loss) | (19) | 2.8 | (32.5) | (0.7) | 0 | 11.4 |
Distributions | (241.3) | (2.8) | (233.7) | (4.8) | 0 | 0 |
Balance at Mar. 31, 2019 | 8,403.9 | $ 120.6 | $ 5,961 | $ 797.1 | 64.8 | 1,460.4 |
Balance (in units) at Mar. 31, 2019 | 5,000 | 275,168 | 5,629 | |||
Balance at Dec. 31, 2019 | 9,445.3 | $ 120.6 | $ 5,022.7 | $ 778 | 122.5 | 3,401.5 |
Balance (in units) at Dec. 31, 2019 | 5,000 | 275,168 | 5,629 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Distributions to noncontrolling interests | (101.2) | $ 0 | $ 0 | $ 0 | 0 | (101.2) |
Contributions from noncontrolling interests | 10.6 | 0 | 0 | 0 | 0 | 10.6 |
Other comprehensive income (loss) | 99 | 0 | 0 | 0 | 99 | 0 |
Net income (loss) | (2,107.9) | 2.8 | (1,984.8) | (40.6) | 0 | (85.3) |
Distributions | (241.9) | (2.8) | (234.3) | (4.8) | 0 | 0 |
Balance at Mar. 31, 2020 | $ 7,103.9 | $ 120.6 | $ 2,803.6 | $ 732.6 | $ 221.5 | $ 3,225.6 |
Balance (in units) at Mar. 31, 2020 | 5,000 | 275,168 | 5,629 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net income (loss) | $ (2,107.9) | $ (19) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Amortization in interest expense | 2.5 | 2.4 |
Depreciation and amortization expense | 239.1 | 237.4 |
Impairment of long-lived assets | 2,442.8 | 0 |
Accretion of asset retirement obligations | 0.7 | 1 |
Equity (earnings) loss of unconsolidated affiliates | (20.6) | (2.8) |
Distributions of earnings received from unconsolidated affiliates | 21.1 | 4.8 |
Risk management activities | (115.5) | 7.2 |
(Gain) loss on sale or disposition of assets | 0.6 | 3.2 |
(Gain) loss from financing activities | (39.3) | 1.4 |
Change in contingent considerations | 0 | 9.7 |
Changes in operating assets and liabilities, net of business acquisitions: | ||
Receivables and other assets | 422.9 | 83.9 |
Inventories | 62.3 | (60.6) |
Accounts payable and other liabilities | (454.2) | 39 |
Net cash provided by operating activities | 454.5 | 307.6 |
Cash flows from investing activities | ||
Outlays for property, plant and equipment | (341.7) | (942.9) |
Proceeds from sale of business and assets | 134.8 | 0.5 |
Investments in unconsolidated affiliates | (1.4) | (117.4) |
Return of capital from unconsolidated affiliates | 2.8 | 0 |
Other, net | 3.6 | (9) |
Net cash used in investing activities | (201.9) | (1,068.8) |
Debt obligations: | ||
Proceeds from borrowings under credit facility | 790 | 750 |
Repayments of credit facility | (430) | (780) |
Proceeds from borrowings under accounts receivable securitization facility | 130 | 378 |
Repayments of accounts receivable securitization facility | (231.9) | (350.4) |
Proceeds from issuance of senior notes | 0 | 1,500 |
Redemption of senior notes | (122.1) | (749.4) |
Principal payments of finance leases | (3.1) | (2.7) |
Costs incurred in connection with financing arrangements | 0 | (12.8) |
Contributions from noncontrolling interests | 10.6 | 196.8 |
Distributions to noncontrolling interests | (105.1) | (18.6) |
Distributions to unitholders | (241.9) | (241.3) |
Net cash provided by (used in) financing activities | (203.5) | 669.6 |
Net change in cash and cash equivalents | 49.1 | (91.6) |
Cash and cash equivalents, beginning of period | 291.1 | 203.3 |
Cash and cash equivalents, end of period | $ 340.2 | $ 111.7 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2020 | |
Limited Liability Company Or Limited Partnership Business Organization And Operations [Abstract] | |
Organization and Operations | Note 1 — Organization and Operations Our Organization Targa Resources Partners LP is a Delaware limited partnership formed in October 2006 by our parent, Targa Resources Corp. (“Targa” or “TRC” or the “Company” or “Parent”). In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “TRP,” or the “Partnership” are intended to mean the business and operations of Targa Resources Partners LP and its consolidated subsidiaries. Our common units are wholly owned by TRC and no longer publicly traded as a result of TRC’s acquisition of our outstanding common units that it and its subsidiaries did not already own in 2016. The 5,000,000 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Preferred Units”) that were issued in October 2015 remain outstanding as limited partner interests in us and continue to trade on the NYSE under the symbol “NGLS/PA.” Our Operations We are 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 16 – Segment Information for certain financial information regarding our business segments. The employees supporting our operations are employed by Targa. Our consolidated financial statements include the direct costs of Targa employees deployed to our operating segments, as well as an allocation of costs associated with our usage of Targa’s centralized general and administrative services. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 2 — Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by GAAP. Therefore, this information should be read in conjunction with our consolidated financial statements and notes contained in our Annual Report. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim periods reported. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior periods may have been reclassified to conform to the current year presentation. Operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3 — Significant Accounting Policies The accounting policies that we follow are set forth in Note 3 – Significant Accounting Policies of the Notes to Consolidated Financial Statements in our Annual Report. Other than the updates noted below, there were no significant updates or revisions to our accounting policies during the three months ended March 31, 2020. Recent Accounting Pronouncements Recently adopted accounting pronouncements Fair Value Measurements Disclosure Requirements In August 2018, the Financial Accounting Standards Board (“ Accounting Standards Update (“ Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements 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 amendment requires 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. Accounting Policy Updates 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 a
Property, Plant and Equipment and Intangible Assets | 3 Months Ended |
Mar. 31, 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 March 31, 2020 December 31, 2019 Estimated Useful Lives (In Years) Gathering systems $ 9,027.1 $ 8,976.8 5 to 20 Processing and fractionation facilities 5,363.7 5,137.0 5 to 25 Terminaling and storage facilities 1,498.3 1,495.5 5 to 25 Transportation assets 2,313.1 2,292.4 10 to 50 Other property, plant and equipment 297.8 183.9 3 to 25 Land 159.2 159.7 — Construction in progress 1,424.9 1,576.5 — Finance lease right-of-use assets 51.2 48.8 Property, plant and equipment 20,135.3 19,870.6 Accumulated depreciation, amortization and impairment (7,724.0 ) (5,321.6 ) Property, plant and equipment, net $ 12,411.3 $ 14,549.0 Intangible assets $ 2,643.5 $ 2,643.5 10 to 20 Accumulated amortization and impairment (1,155.5 ) (908.5 ) Intangible assets, net $ 1,488.0 $ 1,735.0 During the preparation of the Company's consolidated financial statements for the three months ended March 31, 2019, the Company identified an error related to depreciation expense on certain assets that should have been placed in-service during 2018. The Company does not believe this error is material to its previously issued historical consolidated financial statements for any of the periods impacted and accordingly, has not adjusted the historical financial statements. The Company has recorded the cumulative impact of the adjustment in the three months ended March 31, 2019. This adjustment resulted in a one-time $12.5 million overstatement of depreciation expense during the three months ended March 31, 2019. During the three months ended March 31, 2020 and 2019, depreciation expense was $200.7 million and $194.4 million. Asset Impairments We review and evaluate our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the related carrying amount of such assets may not be recoverable, and changes to our estimates could have an impact on our assessment of asset recoverability . During the first quarter of 2020, global commodity prices declined due to factors that significantly impacted both demand and supply. As the COVID-19 pandemic spread, causing travel and other restrictions to be implemented globally, the demand for commodities declined. Additionally, the supply shock late in the first quarter from certain major oil producing nations increasing production significantly also contributed to the sharp drop in commodity prices. The sharp drop in commodity prices has resulted in prompt reactions from some domestic producers, including significantly reducing capital budgets and resultant drilling activity and shutting-in production. The likelihood of additional domestic production shut-ins increases as the availability of domestic crude oil storage decreases, commodity prices remain depressed and concerns about a global oversupply of crude from reduced demand associated with COVID-19 continues. The above circumstances are a triggering event that requires long-lived assets to be evaluated for impairment. At March 31, 2020, we determined that indictors of impairment existed for certain asset groups reported primarily within our Gathering and Processing segment. For each asset group for which undiscounted future net cash flows were not sufficient to recover the net book value, fair value was determined through use of discounted estimated cash flows to measure the impairment loss. The estimated cash flows used to assess recoverability of our long-lived assets and measure fair value of our asset groups are derived from current business plans, which are developed using near-term price and volume projections reflective of the current environment and management's projections for long-term average prices and volumes. In addition to near and long-term price assumptions, other key assumptions include volume projections, operating costs, timing of incurring such costs and the use of an appropriate discount rate. We believe our estimates and models used to determine fair value are similar to what a market participant would use. The fair value measurement of our long-lived assets was based, in part, on significant inputs not observable in the market (as discussed above) and thus represents a Level 3 measurement The significant unobservable inputs used include discount rates and terminal value exit multiples. We utilized a weighted average discount rate of 14.0% when deriving the fair value of the asset groups impaired during the quarter. The weighted average discount rate and exit multiples reflect management’s best estimate of inputs a market participant would utilize. For the three months ended March 31, 2020, we recorded non-cash pre-tax impairments of $2,442.8 million. The carrying value adjustments are included in Impairment of long-lived assets in our Consolidated Statements of Operations. The above impairment charge is primarily associated with the partial impairment of gas processing facilities and gathering systems associated with our Mid-Continent operations and full impairment of our Coastal operations - all of which are in our Gathering and Processing segment. Based on the current market conditions, our first quarter impairment assessment forecasts further decline in natural gas production across the Mid-Continent and Gulf of Mexico. We may identify additional triggering events in the future which will require additional evaluations of the recoverability of the carrying value of our long-lived assets and may result in future impairments. Such non-cash impairments could have a significant effect on our results of operations, which would be recognized in the period in which the carrying value is determined to be not fully recoverable. Intangible Assets Intangible assets consist of customer contracts and customer relationships acquired in prior business combinations. The fair value of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers. As a result of the triggering events and analysis described above, for the three months ended March 31, 2020 we The estimated annual amortization expense for intangible assets is approximately $139.1 million, $129.2 million, $120.9 million, $115.7 million and $111.9 million for each of the years 2020 through 2024. The changes in our intangible assets are as follows: Balance at December 31, 2019 $ 1,735.0 Impairment (208.6 ) Amortization (38.4 ) Balance at March 31, 2020 $ 1,488.0 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Note 5 – Investments in Unconsolidated Affiliates Our investments in unconsolidated affiliates consist of the following: Gathering and Processing Segment • a 50 ; and • two Logistics and Transportation Segment • a 25% non-operated ownership interest in Gulf Coast Express Pipeline LLC (“GCX”) ; • a 38.8 • a 50% operated ownership interest in Cayenne Pipeline, LLC (“Cayenne”) . The terms of these joint venture agreements do not afford us the degree of control required for consolidating them in our consolidated financial statements, but do afford us the significant influence required to employ the equity method of accounting The T2 Joint Ventures were formed to provide services for the benefit of their joint venture owners and have capacity lease agreements with their joint venture owners, which cover costs of operations (excluding depreciation and amortization). The following table shows the activity related to our investments in unconsolidated affiliates: Balance at December 31, 2019 Equity Earnings (Loss) Distributions Contributions Balance at March 31, 2020 GCX (1) $ 447.5 $ 16.4 $ (21.0 ) $ 1.4 $ 444.3 Little Missouri 4 103.7 3.3 — — 107.0 T2 Eagle Ford (2) 89.6 (2.2 ) (0.9 ) — 86.5 T2 LaSalle (2) 44.8 (1.2 ) (0.4 ) — 43.2 GCF 37.2 2.4 (1.6 ) — 38.0 Cayenne 15.9 1.9 — — 17.8 Total $ 738.7 $ 20.6 $ (23.9 ) $ 1.4 $ 736.8 ( 1 ) Our 25% interest in GCX is owned by Targa GCX Pipeline LLC (“GCX DevCo JV”), of which we own a 20% interest. GCX DevCo JV is accounted for on a consolidated basis in our consolidated financial statements. ( 2 ) As of March 31, 2020, $22.7 million of unamortized excess fair value over the T2 LaSalle and T2 Eagle Ford capital accounts remained. These basis differences, which are attributable to the underlying depreciable tangible gathering assets, are being amortized on a straight-line basis as components of equity earnings over the estimated 20-year useful lives of the underlying assets. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 6 — Accounts Payable and Accrued Liabilities March 31, 2020 December 31, 2019 Commodities $ 318.6 $ 683.6 Other goods and services 264.1 311.5 Interest 107.5 125.4 Income and other taxes 36.2 62.0 Accrued distributions to noncontrolling interests 87.8 91.7 Other 10.2 9.5 $ 824.4 $ 1,283.7 Accounts payable and accrued liabilities includes $9.4 million and $21.6 million of liabilities to creditors to whom we have issued checks that remained outstanding as of March 31, 2020 and December 31, 2019. |
Debt Obligations
Debt Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Note 7 — Debt Obligations March 31, 2020 December 31, 2019 Current: Accounts receivable securitization facility, due December 2020 $ 268.1 $ 370.0 Finance lease liabilities 12.5 12.2 Current debt obligations 280.6 382.2 Long-term: Senior secured revolving credit facility, variable rate, due June 2023 360.0 — Senior unsecured notes: 5¼ May 2023 559.6 559.6 4¼ November 2023 583.9 583.9 6¾ March 2024 580.1 580.1 5⅛ February 2025 491.9 500.0 5⅞ April 2026 992.7 1,000.0 5⅜ February 2027 490.1 500.0 6½ July 2027 714.9 750.0 5% fixed rate, due January 2028 719.9 750.0 6⅞ January 2029 689.9 750.0 5½ March 2030 988.0 1,000.0 TPL notes, 4¾ November 2021 6.5 6.5 TPL notes, 5⅞ August 2023 48.1 48.1 Unamortized premium 0.2 0.3 7,225.8 7,028.5 Debt issuance costs, net of amortization (46.2 ) (49.1 ) Finance lease liabilities 25.2 25.8 Long-term debt 7,204.8 7,005.2 Total debt obligations $ 7,485.4 $ 7,387.4 Irrevocable standby letters of credit outstanding (2) $ 73.1 $ 88.2 (1) As of March 31, 2020, we had $268.1 million of qualifying receivables under our $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in zero availability. (2) As of March 31, 2020, availability under our $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,766.9 million. (3) “TPL” refers to Targa Pipeline Partners LP. The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the three months ended March 31, 2020: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRP Revolver 2.5% - 6.0% 3.4% Securitization Facility 1.5% - 2.7% 2.3% Compliance with Debt Covenants As of March 31, 2020, we were in compliance with the covenants contained in our various debt agreements. Debt Repurchases During the three months ended March 31, 2020, we repurchased on the open market a portion of our outstanding senior notes as follows: Debt Repurchased Book Value Payment Gain/(Loss) Write-off of Debt Issuance Costs Net Gain/(Loss) 5⅛% Senior Notes due 2025 $ 8.1 $ (5.3 ) $ 2.8 $ - $ 2.8 5⅞% Senior Notes due 2026 7.3 (5.1 ) 2.2 - 2.2 5⅜% Senior Notes due 2027 9.9 (7.7 ) 2.2 (0.1 ) 2.1 6½% Senior Notes due 2027 35.1 (27.1 ) 8.0 (0.3 ) 7.7 5% Senior Notes due 2028 30.1 (21.5 ) 8.6 (0.2 ) 8.4 6⅞% Senior Notes due 2029 60.2 (46.6 ) 13.6 (0.6 ) 13.0 5½% Senior Notes due 2030 12.0 (8.8 ) 3.2 (0.1 ) 3.1 $ 162.7 $ (122.1 ) $ 40.6 $ (1.3 ) $ 39.3 We may retire or purchase various series of our outstanding debt through cash purchases and/or exchanges for other debt, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Contractual Obligations The following table summarizes payment obligations for debt instruments after giving effect to the debt 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) $ 7,225.6 $ - $ 6.5 $ 2,623.6 $ 4,595.5 Interest on debt obligations (2) 2,605.2 394.9 794.1 645.4 770.8 $ 9,830.8 $ 394.9 $ 800.6 $ 3,269.0 $ 5,366.3 ____________________________________________________________________________________________ (1) Represents scheduled future maturities of consolidated debt obligations for the periods indicated. (2) Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing March 31, 2020 rates for floating debt. Subsequent Events In April, we repurchased on the open market a portion of our outstanding senior notes as follows: Debt Repurchased Book Value Payment 5⅛% Senior Notes due 2025 $ 10.9 $ (9.3 ) 5⅞% Senior Notes due 2026 29.5 (24.6 ) 5⅜% Senior Notes due 2027 22.0 (18.9 ) 6½% Senior Notes due 2027 9.7 (8.4 ) 5% Senior Notes due 2028 19.5 (16.5 ) 6⅞% Senior Notes due 2029 10.5 (8.7 ) 5½% Senior Notes due 2030 38.4 (31.4 ) $ 140.5 $ (117.8 ) On April 22, 2020, we amended our Securitization Facility to decrease the facility size from $400.0 million to $250.0 million to more closely align with expectations for borrowing capacity given current commodity prices and to extend the facility termination date to April 21, 2021. |
Other Long-term Liabilities
Other Long-term Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Noncurrent [Abstract] | |
Other Long-term Liabilities | Note 8 — Other Long-term Liabilities Other long-term liabilities are comprised of deferred revenue, asset retirement obligations and operating lease liabilities. Deferred Revenue We have certain long-term contractual arrangements for which we have received consideration that we are not yet able to recognize as revenue. The resulting deferred revenue will be recognized once all conditions for revenue recognition have been met. Deferred revenue as of March 31, 2020 and December 31, 2019, was $171.4 million and $172.0 million, respectively, which includes $129.0 million of payments received from Vitol Americas Corp. (“Vitol”) (formerly known as Noble Americas Corp.), a subsidiary of Vitol US Holding Co., in 2016, 2017, and 2018 as part of an agreement (the “Splitter Agreement”) related to the construction and operation of a crude oil and condensate splitter. In December 2018, Vitol elected to terminate the Splitter Agreement. The Splitter Agreement provides that the first three annual payments are ours if Vitol elects to terminate, which Vitol disputes. The timing of revenue recognition related to the Splitter Agreement deferred revenue is dependent on the outcome of current litigation with Vitol. Deferred revenue also includes nonmonetary consideration received in a 2015 amendment to a gas gathering and processing agreement and consideration received for other construction activities of facilities connected to our systems. |
Partnership Units and Related M
Partnership Units and Related Matters | 3 Months Ended |
Mar. 31, 2020 | |
Partners Capital [Abstract] | |
Partnership Units and Related Matters | Note 9 — Partnership Units and Related Matters Distributions TRC is entitled to receive all Partnership distributions after payment of preferred unit distributions each quarter. The following table details the distributions declared and paid by us for the three months ended March 31, 2020: Three Months Ended Date Paid or To be Paid Total Distributions Distributions to Targa Resources Corp. March 31, 2020 May 13, 2020 $ 53.1 $ 50.3 December 31, 2019 February 13, 2020 241.9 239.1 Contributions All capital contributions to us continue to be allocated 98% to the limited partner and 2% to our general partner; however, no units will be issued for those contributions. During the three months ended March 31, 2020, TRC did not make any contributions to us. Preferred Units Our Preferred Units rank senior to our common units with respect to the distribution rights. Distributions on our 5,000,000 Preferred Units are cumulative from the date of original issue in October 2015 and are payable monthly in arrears on the 15th day of each month of each year, when, as and if declared by the board of directors of our general partner. Distributions on our Preferred Units are payable out of amounts legally available at a rate equal to 9.0% per annum. On and after November 1, 2020, distributions on our Preferred Units will accumulate at an annual floating rate equal to the one-month LIBOR plus a spread of 7.71%. We paid $2.8 million of distributions to the holders of Preferred Units (“Preferred Unitholders”) for the three months ended March 31, 2020. Subsequent Event In April 2020, the board of directors of our general partner declared a cash distribution of $0.1875 per Preferred Unit, resulting in approximately $0.9 million in distributions that will be paid on May 15, 2020. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 10 — Derivative Instruments and Hedging Activities The primary purposes of our commodity risk management activities are to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have entered into derivative instruments to hedge the commodity price risks associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation segment. The hedge positions associated with (i) and (ii) above will move favorably in periods of falling commodity prices and unfavorably in periods of rising commodity prices and are designated as cash flow hedges for accounting purposes. The hedges generally match the NGL product composition and the NGL delivery points of our physical equity volumes. Our natural gas hedges are a mixture of specific gas delivery points and Henry Hub. The NGL hedges may be transacted as specific NGL hedges or as baskets of ethane, propane, normal butane, isobutane and natural gasoline based upon our expected equity NGL composition. We believe this approach avoids uncorrelated risks resulting from employing hedges on crude oil or other petroleum products as “proxy” hedges of NGL prices. Our natural gas and NGL hedges are settled using published index prices for delivery at various locations. We hedge a portion of our condensate equity volumes using crude oil hedges that are based on the NYMEX futures contracts for West Texas Intermediate light, sweet crude, which approximates the prices received for condensate. This exposes us to a market differential risk if the NYMEX futures do not move in exact parity with the sales price of our underlying condensate equity volumes. We also enter into derivative instruments to help manage other short-term commodity-related business risks. We have not designated these derivatives as hedges and record changes in fair value and cash settlements to revenues. At March 31, 2020, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2020 2021 2022 2023 2024 Natural Gas Swaps MMBtu/d 167,230 165,121 86,100 20,000 - Natural Gas Basis Swaps MMBtu/d 436,064 399,360 268,363 220,000 50,000 NGL Swaps Bbl/d 26,012 14,151 8,991 - - NGL Futures Bbl/d 15,527 3,521 - - - Condensate Swaps Bbl/d 6,390 4,204 1,610 - - Our derivative contracts are subject to netting arrangements that permit our contracting subsidiaries to net cash settle offsetting asset and liability positions with the same counterparty within the same Targa entity. We record derivative assets and liabilities on our Consolidated Balance Sheets on a gross basis, without considering the effect of master netting arrangements. The following schedules reflect the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis: Fair Value as of March 31, 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 $ 190.9 $ 15.6 $ 102.1 $ 11.6 Long-term 69.3 24.9 33.7 6.4 Total derivatives designated as hedging instruments $ 260.2 $ 40.5 $ 135.8 $ 18.0 Derivatives not designated as hedging instruments Commodity contracts Current $ 8.8 $ 26.2 $ 1.2 $ 92.5 Long-term 12.9 5.3 1.8 34.4 Total derivatives not designated as hedging instruments $ 21.7 $ 31.5 $ 3.0 $ 126.9 Total current position $ 199.7 $ 41.8 $ 103.3 $ 104.1 Total long-term position 82.2 30.2 35.5 40.8 Total derivatives $ 281.9 $ 72.0 $ 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 March 31, 2020 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 157.2 $ (41.8 ) $ (11.9 ) $ 120.8 $ (17.3 ) Counterparties without offsetting positions - assets 42.5 - - 42.5 - Counterparties without offsetting positions - liabilities - - - - - 199.7 (41.8 ) (11.9 ) 163.3 (17.3 ) Long Term Position Counterparties with offsetting positions or collateral 61.4 (30.2 ) - 31.4 (0.2 ) Counterparties without offsetting positions - assets 20.8 - - 20.8 - Counterparties without offsetting positions - liabilities - - - - - 82.2 (30.2 ) - 52.2 (0.2 ) Total Derivatives Counterparties with offsetting positions or collateral 218.6 (72.0 ) (11.9 ) 152.2 (17.5 ) Counterparties without offsetting positions - assets 63.3 - - 63.3 - Counterparties without offsetting positions - liabilities - - - - - $ 281.9 $ (72.0 ) $ (11.9 ) $ 215.5 $ (17.5 ) 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 ) Our payment obligations in connection with a majority of these hedging transactions are secured by a first priority lien in the collateral securing the TRP Revolver that ranks equal in right of payment with liens granted in favor of our senior secured lenders. Some of our hedges are futures contracts executed through brokers that clear the hedges through an exchange. We maintain a margin deposit with the brokers in an amount sufficient enough to cover the fair value of our open futures positions. The margin deposit is considered collateral, which is located within other current assets on our Consolidated Balance Sheets and is not offset against the fair value of our derivative instruments. The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net asset of $209.9 million as of March 31, 2020. The estimated fair value is net of an adjustment for credit risk based on the default probabilities as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was immaterial for all periods presented. Our futures contracts that are cleared through an exchange are margined daily and do not require any credit adjustment. The following tables reflect amounts recorded in Other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated: Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Derivatives in Cash Flow Three Months Ended March 31, Hedging Relationships 2020 2019 Commodity contracts $ 158.9 $ (38.8 ) Gain (Loss) Reclassified from OCI into Income (Effective Portion) Three Months Ended March 31, Location of Gain (Loss) 2020 2019 Revenues $ 59.9 $ 21.3 Based on valuations as of March 31, 2020, we expect to reclassify commodity hedge-related deferred gains of $218.3 million included in accumulated other comprehensive income into earnings before income taxes through the end of 2023, with $173.9 million of gains to be reclassified over the next twelve months. Our consolidated earnings are also affected by the use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on the balance sheet and through earnings rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three months ended March 31, 2020, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward basis prices. Location of Gain Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended March 31, as Hedging Instruments Derivatives 2020 2019 Commodity contracts Revenue $ 100.0 $ (9.5 ) See Note 11 – Fair Value Measurements and Note 16 – Segment Information for additional disclosures related to derivative instruments and hedging activities. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11 — Fair Value Measurements Under GAAP, our Consolidated Balance Sheets reflect a mixture of measurement methods for financial assets and liabilities (“financial instruments”). Derivative financial instruments and contingent consideration related to business acquisitions are reported at fair value on our Consolidated Balance Sheets. Other financial instruments are reported at historical cost or amortized cost on our Consolidated Balance Sheets. The following are additional qualitative and quantitative disclosures regarding fair value measurements of financial instruments. Fair Value of Derivative Financial Instruments Our derivative instruments consist of financially settled commodity swaps, futures, option contracts and fixed-price forward commodity contracts with certain counterparties. We determine the fair value of our derivative contracts using present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. We have consistently applied these valuation techniques in all periods presented and we believe we have obtained the most accurate information available for the types of derivative contracts we hold. The fair values of our derivative instruments are sensitive to changes in forward pricing on natural gas, NGLs and crude oil. The financial position of these derivatives at March 31, 2020, a net asset position of $209.9 million, reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive or pay in the future on our derivative contracts. If forward pricing on natural gas, NGLs and crude oil were to increase by 10%, the result would be a fair value reflecting a net asset of $121.9 million, ignoring an adjustment for counterparty credit risk. If forward pricing on natural gas, NGLs and crude oil were to decrease by 10%, the result would be a fair value reflecting a net asset of $298.0 million, ignoring an adjustment for counterparty credit risk. Fair Value of Other Financial Instruments Due to their cash or near-cash nature, the carrying value of other financial instruments included in working capital (i.e., cash and cash equivalents, accounts receivable, accounts payable) approximates their fair value. Long-term debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. We determined the supplemental fair value disclosures for our long-term debt as follows: • The TRP Revolver and the Securitization Facility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market rates; and • 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 We categorize the inputs to the fair value measurements of financial assets and liabilities at each balance sheet reporting date using a three-tier fair value hierarchy that prioritizes the significant inputs used in measuring fair value: • Level 1 – observable inputs such as quoted prices in active markets; • Level 2 – inputs other than quoted prices in active markets that we can directly or indirectly observe to the extent that the markets are liquid for the relevant settlement periods; and • Level 3 – unobservable inputs in which little or no market data exists, therefore we must develop our own assumptions. The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included on our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: March 31, 2020 Fair Value Carrying 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) $ 277.8 $ 277.8 $ — $ 277.8 $ — Liabilities from commodity derivative contracts (1) 67.9 67.9 — 67.9 — 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 340.2 340.2 — — — TRP Revolver 360.0 360.0 — 360.0 — Senior unsecured notes 6,865.8 5,742.7 — 5,742.7 — Securitization Facility 268.1 268.1 — 268.1 — December 31, 2019 Fair Value Carrying 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 291.1 291.1 — — — TRP Revolver — — — — — Senior unsecured notes 7,028.5 7,376.9 — 7,376.9 — Securitization Facility 370.0 370.0 — 370.0 — (1) The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 10– Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes. (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 We reported certain of our swaps and option contracts at fair value using Level 3 inputs due to such derivatives not having observable market prices or implied volatilities for substantially the full term of the derivative asset or liability. For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations whose contract length extends into unobservable periods. The fair value of these swaps is determined using a discounted cash flow valuation technique based on a forward commodity basis curve. For these derivatives, the primary input to the valuation model is the forward commodity basis curve, which is based on observable or public data sources and extrapolated when observable prices are not available. As of March 31, 2020, we had no commodity swap and option contracts categorized as Level 3. The significant unobservable inputs used in the fair value measurements of our Level 3 derivatives are (i) the forward natural gas liquids pricing curves, for which a significant portion of the derivative’s term is beyond available forward pricing and (ii) implied volatilities, which are unobservable as a result of inactive natural gas liquids options trading. The change in the fair value of Level 3 derivatives associated with a 10% change in the forward basis curve where prices are not observable is immaterial. The fair value of the TPL contingent consideration was determined using a probability-based model measuring the likelihood of meeting certain volumetric measures. The inputs are not observable; therefore, the entire valuation of the contingent consideration is categorized in Level 3. The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy: Commodity Derivative Contracts Contingent Asset/(Liability) Consideration Balance, December 31, 2019 $ (0.3 ) $ (2.3 ) Transfers out of Level 3 (1) 0.3 — Balance, March 31, 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 Nonfinancial assets and liabilities, such as long-lived assets, are measured at fair value on a nonrecurring basis upon impairment. For the three months ended March 31, 2020, we recorded non-cash pre-tax impairments of $2,442.8 million. The impairment charge is primarily associated with the partial impairment of gas processing facilities and gathering systems associated with our Mid-Continent operations and full impairment of our Coastal operations. For disclosures related to valuation techniques, see Note 4 – Property, Plant and Equipment and Intangible Assets. The techniques described above may produce a fair value calculation that may not be indicative or reflective of future fair values. Furthermore, while we believe our valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial and nonfinancial assets and liabilities could result in a different fair value measurement at the reporting date. |
Related Party Transactions - Ta
Related Party Transactions - Targa | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions - Targa | Note 12 — Related Party Transactions – Targa Relationship with Targa We do not have any employees. Targa provides operational, general and administrative and other services to us associated with our existing assets and assets acquired from third parties. Targa performs centralized corporate functions for us, such as legal, accounting, treasury, insurance, risk management, health, safety and environmental, information technology, human resources, credit, payroll, internal audit, taxes, engineering and marketing. Our Partnership Agreement governs the reimbursement of costs incurred by Targa on behalf of us. Targa charges us for all the direct costs of the employees assigned to our operations, as well as all general and administrative support costs other than costs attributable to Targa’s status as a separate reporting company. We generally reimburse Targa monthly for cost allocations to the extent that Targa has made a cash outlay. The following table summarizes transactions with Targa: Three Months Ended March 31, 2020 2019 Targa billings of payroll and related costs included in operating expenses $ 65.6 $ 54.1 Targa allocation of general and administrative expense 52.6 67.8 Cash distributions to Targa based on general partner and limited partner ownership 239.1 238.5 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Loss Contingency [Abstract] | |
Contingencies | Note 1 3 – Contingencie s Legal Proceedings We are a party to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business. We are also a party to various proceedings with governmental environmental agencies, including but not limited to the U.S. Environmental Protection Agency, Texas Commission on Environmental Quality, Oklahoma Department of Environmental Quality, New Mexico Environment Department, Louisiana Department of Environmental Quality and North Dakota Department of Environmental Quality, which assert monetary sanctions for alleged violations of environmental regulations, including air emissions, discharges into the environment and reporting deficiencies, related to events that have arisen at certain of our facilities in the ordinary course of our business. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 14 – Revenue Fixed consideration allocated to remaining performance obligations The following table includes the estimated minimum revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments and for which a guaranteed amount of revenue can be calculated . These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements. 2020 2021 2022 and after Fixed consideration to be recognized as of March 31, 2020 $ 403.7 $ 513.5 $ 3,226.5 In accordance with the optional exemptions that we elected to apply, the amounts presented in the table above exclude variable consideration for which the allocation exception is met and consideration associated with performance obligations of short-term contracts. In addition, consideration from contracts for which we recognize revenue at the amount that we have the right to invoice for services performed is also excluded from the table above, with the exception of any fixed consideration attributable to such contracts. The nature of the performance obligations for which the consideration has been excluded is consistent with the performance obligations described within our revenue recognition accounting policy; the estimated remaining duration of such contracts primarily ranges from 1 to 19 years. In addition, variability exists in the consideration excluded due to the unknown quantity and composition of volumes to be serviced or sold as well as fluctuations in the market price of commodities to be received as consideration or sold over the applicable remaining contract terms. Such variability is resolved at the end of each future month or quarter. For disclosures related to disaggregated revenue, see Note 16 – Segment Information. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 15 — Supplemental Cash Flow Information Three Months Ended March 31, 2020 2019 Cash: Interest paid, net of capitalized interest (1) $ 109.7 $ 61.2 Income taxes paid, net of refunds 0.1 0.3 Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment $ (39.6 ) $ (38.4 ) Transfers from materials and supplies inventory to property, plant and equipment 1.7 1.1 Non-cash financing activities: Impact of accrued distributions on noncontrolling interests $ (3.9 ) $ — __________________ (1) Interest capitalized on major projects was $12.3 million and $18.9 million for the three months ended March 31, 2020 and 2019. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Note 16 — Segment Information We operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Transportation (also referred to as the Downstream Business). Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided. Our Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting NGLs and removing impurities; and assets used for crude oil gathering and terminaling. The Gathering and Processing segment's assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast and the Gulf of Mexico. Our Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling and marketing of NGLs and NGL products, including services to LPG exporters; and certain natural gas supply and marketing activities in support of our other businesses. The associated assets are generally connected to and supplied in part by our Gathering and Processing segment and, except for pipelines and smaller terminals, are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana. Other contains the mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. Elimination of inter-segment transactions are reflected in the corporate and eliminations column. Reportable segment information is shown in the following tables: Three Months Ended March 31, 2020 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 243.8 $ 1,419.6 $ 116.3 $ — $ 1,779.7 Fees from midstream services 118.2 151.0 — — 269.2 362.0 1,570.6 116.3 — 2,048.9 Intersegment revenues Sales of commodities 443.2 56.5 — (499.7 ) — Fees from midstream services 1.7 8.2 — (9.9 ) — 444.9 64.7 — (509.6 ) — Revenues $ 806.9 $ 1,635.3 $ 116.3 $ (509.6 ) $ 2,048.9 Operating margin $ 255.7 $ 294.0 $ 116.3 $ — $ 666.0 Other financial information: Total assets (1) $ 9,403.7 $ 6,347.7 $ 16.3 $ 155.6 $ 15,923.3 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 116.1 $ 177.9 $ — $ 9.8 $ 303.8 (1) Assets in the Corporate and Eliminations column primarily include cash, prepaids and debt issuance costs for our TRP Revolver. Three Months Ended March 31, 2019 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 256.9 $ 1,726.8 $ (7.2 ) $ — $ 1,976.5 Fees from midstream services 199.9 123.0 — — 322.9 456.8 1,849.8 (7.2 ) — 2,299.4 Intersegment revenues Sales of commodities 822.8 38.4 — (861.2 ) — Fees from midstream services 1.9 5.5 — (7.4 ) — 824.7 43.9 — (868.6 ) — Revenues $ 1,281.5 $ 1,893.7 $ (7.2 ) $ (868.6 ) $ 2,299.4 Operating margin $ 238.3 $ 152.1 $ (7.2 ) $ — $ 383.2 Other financial information: Total assets (1) $ 11,798.2 $ 5,644.9 $ 3.6 $ 84.3 $ 17,531.0 Goodwill $ 46.6 $ — $ — $ — $ 46.6 Capital expenditures $ 417.8 $ 470.9 $ — $ 16.9 $ 905.6 (1) Assets in the Corporate and Eliminations column primarily include cash, prepaids and debt issuance costs for our TRP Revolver. The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended March 31, 2020 2019 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 273.3 $ 411.3 NGL 1,161.0 1,396.6 Condensate and crude oil 135.7 137.7 Petroleum products 49.8 19.1 1,619.8 1,964.7 Non-customer revenue: Derivative activities - Hedge 59.9 21.3 Derivative activities - Non-hedge (1) 100.0 (9.5 ) 159.9 11.8 Total sales of commodities 1,779.7 1,976.5 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 115.9 194.5 NGL transportation, fractionation and services 40.6 36.2 Storage, terminaling and export 99.7 79.6 Other 13.0 12.6 Total fees from midstream services 269.2 322.9 Total revenues $ 2,048.9 $ 2,299.4 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815. The following table shows a reconciliation of reportable segment operating margin to income (loss) before income taxes for the periods presented: Three Months Ended March 31, 2020 2019 Reconciliation of reportable segment operating margin to income (loss) before income taxes: Gathering and Processing operating margin $ 255.7 $ 238.3 Logistics and Transportation operating margin 294.0 152.1 Other operating margin 116.3 (7.2 ) Depreciation and amortization expense (239.1 ) (237.4 ) General and administrative expense (57.0 ) (77.7 ) Impairment of long-lived assets (2,442.8 ) — Interest expense, net (93.8 ) (75.4 ) Equity earnings (loss) 20.6 2.8 Gain (loss) on sale or disposition of business and assets (0.6 ) (3.2 ) Gain (loss) from financing activities 39.3 (1.4 ) Change in contingent considerations — (9.7 ) Other, net (0.5 ) (0.2 ) Income (loss) before income taxes $ (2,107.9 ) $ (19.0 ) |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently adopted accounting pronouncements Fair Value Measurements Disclosure Requirements In August 2018, the Financial Accounting Standards Board (“ Accounting Standards Update (“ Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements 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 amendment requires 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_2
Property, Plant and Equipment and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment And Intangible Assets [Abstract] | |
Property, Plant and Equipment and Intangible Assets | March 31, 2020 December 31, 2019 Estimated Useful Lives (In Years) Gathering systems $ 9,027.1 $ 8,976.8 5 to 20 Processing and fractionation facilities 5,363.7 5,137.0 5 to 25 Terminaling and storage facilities 1,498.3 1,495.5 5 to 25 Transportation assets 2,313.1 2,292.4 10 to 50 Other property, plant and equipment 297.8 183.9 3 to 25 Land 159.2 159.7 — Construction in progress 1,424.9 1,576.5 — Finance lease right-of-use assets 51.2 48.8 Property, plant and equipment 20,135.3 19,870.6 Accumulated depreciation, amortization and impairment (7,724.0 ) (5,321.6 ) Property, plant and equipment, net $ 12,411.3 $ 14,549.0 Intangible assets $ 2,643.5 $ 2,643.5 10 to 20 Accumulated amortization and impairment (1,155.5 ) (908.5 ) Intangible assets, net $ 1,488.0 $ 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 (38.4 ) Balance at March 31, 2020 $ 1,488.0 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Activity Related to Investment in Unconsolidated Affiliate | The following table shows the activity related to our investments in unconsolidated affiliates: Balance at December 31, 2019 Equity Earnings (Loss) Distributions Contributions Balance at March 31, 2020 GCX (1) $ 447.5 $ 16.4 $ (21.0 ) $ 1.4 $ 444.3 Little Missouri 4 103.7 3.3 — — 107.0 T2 Eagle Ford (2) 89.6 (2.2 ) (0.9 ) — 86.5 T2 LaSalle (2) 44.8 (1.2 ) (0.4 ) — 43.2 GCF 37.2 2.4 (1.6 ) — 38.0 Cayenne 15.9 1.9 — — 17.8 Total $ 738.7 $ 20.6 $ (23.9 ) $ 1.4 $ 736.8 ( 1 ) Our 25% interest in GCX is owned by Targa GCX Pipeline LLC (“GCX DevCo JV”), of which we own a 20% interest. GCX DevCo JV is accounted for on a consolidated basis in our consolidated financial statements. ( 2 ) As of March 31, 2020, $22.7 million of unamortized excess fair value over the T2 LaSalle and T2 Eagle Ford capital accounts remained. These basis differences, which are attributable to the underlying depreciable tangible gathering assets, are being amortized on a straight-line basis as components of equity earnings over the estimated 20-year useful lives of the underlying assets. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | March 31, 2020 December 31, 2019 Commodities $ 318.6 $ 683.6 Other goods and services 264.1 311.5 Interest 107.5 125.4 Income and other taxes 36.2 62.0 Accrued distributions to noncontrolling interests 87.8 91.7 Other 10.2 9.5 $ 824.4 $ 1,283.7 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | March 31, 2020 December 31, 2019 Current: Accounts receivable securitization facility, due December 2020 $ 268.1 $ 370.0 Finance lease liabilities 12.5 12.2 Current debt obligations 280.6 382.2 Long-term: Senior secured revolving credit facility, variable rate, due June 2023 360.0 — Senior unsecured notes: 5¼ May 2023 559.6 559.6 4¼ November 2023 583.9 583.9 6¾ March 2024 580.1 580.1 5⅛ February 2025 491.9 500.0 5⅞ April 2026 992.7 1,000.0 5⅜ February 2027 490.1 500.0 6½ July 2027 714.9 750.0 5% fixed rate, due January 2028 719.9 750.0 6⅞ January 2029 689.9 750.0 5½ March 2030 988.0 1,000.0 TPL notes, 4¾ November 2021 6.5 6.5 TPL notes, 5⅞ August 2023 48.1 48.1 Unamortized premium 0.2 0.3 7,225.8 7,028.5 Debt issuance costs, net of amortization (46.2 ) (49.1 ) Finance lease liabilities 25.2 25.8 Long-term debt 7,204.8 7,005.2 Total debt obligations $ 7,485.4 $ 7,387.4 Irrevocable standby letters of credit outstanding (2) $ 73.1 $ 88.2 (1) As of March 31, 2020, we had $268.1 million of qualifying receivables under our $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in zero availability. (2) As of March 31, 2020, availability under our $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,766.9 million. (3) “TPL” refers to Targa Pipeline Partners LP. |
Interest Rates Incurred on Variable-Rate Debt Obligations | The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the three months ended March 31, 2020: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRP Revolver 2.5% - 6.0% 3.4% Securitization Facility 1.5% - 2.7% 2.3% |
Summary of Debt Repurchased on Open Market Portion of Outstanding Senior Notes | During the three months ended March 31, 2020, we repurchased on the open market a portion of our outstanding senior notes as follows: Debt Repurchased Book Value Payment Gain/(Loss) Write-off of Debt Issuance Costs Net Gain/(Loss) 5⅛% Senior Notes due 2025 $ 8.1 $ (5.3 ) $ 2.8 $ - $ 2.8 5⅞% Senior Notes due 2026 7.3 (5.1 ) 2.2 - 2.2 5⅜% Senior Notes due 2027 9.9 (7.7 ) 2.2 (0.1 ) 2.1 6½% Senior Notes due 2027 35.1 (27.1 ) 8.0 (0.3 ) 7.7 5% Senior Notes due 2028 30.1 (21.5 ) 8.6 (0.2 ) 8.4 6⅞% Senior Notes due 2029 60.2 (46.6 ) 13.6 (0.6 ) 13.0 5½% Senior Notes due 2030 12.0 (8.8 ) 3.2 (0.1 ) 3.1 $ 162.7 $ (122.1 ) $ 40.6 $ (1.3 ) $ 39.3 In April, we repurchased on the open market a portion of our outstanding senior notes as follows: Debt Repurchased Book Value Payment 5⅛% Senior Notes due 2025 $ 10.9 $ (9.3 ) 5⅞% Senior Notes due 2026 29.5 (24.6 ) 5⅜% Senior Notes due 2027 22.0 (18.9 ) 6½% Senior Notes due 2027 9.7 (8.4 ) 5% Senior Notes due 2028 19.5 (16.5 ) 6⅞% Senior Notes due 2029 10.5 (8.7 ) 5½% Senior Notes due 2030 38.4 (31.4 ) $ 140.5 $ (117.8 ) |
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) $ 7,225.6 $ - $ 6.5 $ 2,623.6 $ 4,595.5 Interest on debt obligations (2) 2,605.2 394.9 794.1 645.4 770.8 $ 9,830.8 $ 394.9 $ 800.6 $ 3,269.0 $ 5,366.3 ____________________________________________________________________________________________ (1) Represents scheduled future maturities of consolidated debt obligations for the periods indicated. (2) Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing March 31, 2020 rates for floating debt. |
Partnership Units and Related_2
Partnership Units and Related Matters (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Partners Capital [Abstract] | |
Schedule of Distributions | The following table details the distributions declared and paid by us for the three months ended March 31, 2020: Three Months Ended Date Paid or To be Paid Total Distributions Distributions to Targa Resources Corp. March 31, 2020 May 13, 2020 $ 53.1 $ 50.3 December 31, 2019 February 13, 2020 241.9 239.1 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Notional Volume of Commodity Hedges | At March 31, 2020, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2020 2021 2022 2023 2024 Natural Gas Swaps MMBtu/d 167,230 165,121 86,100 20,000 - Natural Gas Basis Swaps MMBtu/d 436,064 399,360 268,363 220,000 50,000 NGL Swaps Bbl/d 26,012 14,151 8,991 - - NGL Futures Bbl/d 15,527 3,521 - - - Condensate Swaps Bbl/d 6,390 4,204 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 March 31, 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 $ 190.9 $ 15.6 $ 102.1 $ 11.6 Long-term 69.3 24.9 33.7 6.4 Total derivatives designated as hedging instruments $ 260.2 $ 40.5 $ 135.8 $ 18.0 Derivatives not designated as hedging instruments Commodity contracts Current $ 8.8 $ 26.2 $ 1.2 $ 92.5 Long-term 12.9 5.3 1.8 34.4 Total derivatives not designated as hedging instruments $ 21.7 $ 31.5 $ 3.0 $ 126.9 Total current position $ 199.7 $ 41.8 $ 103.3 $ 104.1 Total long-term position 82.2 30.2 35.5 40.8 Total derivatives $ 281.9 $ 72.0 $ 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 March 31, 2020 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 157.2 $ (41.8 ) $ (11.9 ) $ 120.8 $ (17.3 ) Counterparties without offsetting positions - assets 42.5 - - 42.5 - Counterparties without offsetting positions - liabilities - - - - - 199.7 (41.8 ) (11.9 ) 163.3 (17.3 ) Long Term Position Counterparties with offsetting positions or collateral 61.4 (30.2 ) - 31.4 (0.2 ) Counterparties without offsetting positions - assets 20.8 - - 20.8 - Counterparties without offsetting positions - liabilities - - - - - 82.2 (30.2 ) - 52.2 (0.2 ) Total Derivatives Counterparties with offsetting positions or collateral 218.6 (72.0 ) (11.9 ) 152.2 (17.5 ) Counterparties without offsetting positions - assets 63.3 - - 63.3 - Counterparties without offsetting positions - liabilities - - - - - $ 281.9 $ (72.0 ) $ (11.9 ) $ 215.5 $ (17.5 ) 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 March 31, Hedging Relationships 2020 2019 Commodity contracts $ 158.9 $ (38.8 ) Gain (Loss) Reclassified from OCI into Income (Effective Portion) Three Months Ended March 31, Location of Gain (Loss) 2020 2019 Revenues $ 59.9 $ 21.3 |
Gain (Loss) Recognized in Income on Derivatives | The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three months ended March 31, 2020, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward basis prices. Location of Gain Gain (Loss) Recognized in Income on Derivatives Derivatives Not Designated Recognized in Income on Three Months Ended March 31, as Hedging Instruments Derivatives 2020 2019 Commodity contracts Revenue $ 100.0 $ (9.5 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Breakdown by Fair Value Hierarchy Category for Financial Instruments Included on Consolidated Balance Sheets | The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included on our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: March 31, 2020 Fair Value Carrying 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) $ 277.8 $ 277.8 $ — $ 277.8 $ — Liabilities from commodity derivative contracts (1) 67.9 67.9 — 67.9 — 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 340.2 340.2 — — — TRP Revolver 360.0 360.0 — 360.0 — Senior unsecured notes 6,865.8 5,742.7 — 5,742.7 — Securitization Facility 268.1 268.1 — 268.1 — December 31, 2019 Fair Value Carrying 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 291.1 291.1 — — — TRP Revolver — — — — — Senior unsecured notes 7,028.5 7,376.9 — 7,376.9 — Securitization Facility 370.0 370.0 — 370.0 — (1) The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 10– Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes. (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, March 31, 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. |
Related Party Transactions - _2
Related Party Transactions - Targa (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Transactions with Affiliates | The following table summarizes transactions with Targa: Three Months Ended March 31, 2020 2019 Targa billings of payroll and related costs included in operating expenses $ 65.6 $ 54.1 Targa allocation of general and administrative expense 52.6 67.8 Cash distributions to Targa based on general partner and limited partner ownership 239.1 238.5 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations | The following table includes the estimated minimum revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments and for which a guaranteed amount of revenue can be calculated . These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements. 2020 2021 2022 and after Fixed consideration to be recognized as of March 31, 2020 $ 403.7 $ 513.5 $ 3,226.5 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Three Months Ended March 31, 2020 2019 Cash: Interest paid, net of capitalized interest (1) $ 109.7 $ 61.2 Income taxes paid, net of refunds 0.1 0.3 Non-cash investing activities: Impact of capital expenditure accruals on property, plant and equipment $ (39.6 ) $ (38.4 ) Transfers from materials and supplies inventory to property, plant and equipment 1.7 1.1 Non-cash financing activities: Impact of accrued distributions on noncontrolling interests $ (3.9 ) $ — __________________ (1) Interest capitalized on major projects was $12.3 million and $18.9 million for the three months ended March 31, 2020 and 2019. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Information by Segment | Reportable segment information is shown in the following tables: Three Months Ended March 31, 2020 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 243.8 $ 1,419.6 $ 116.3 $ — $ 1,779.7 Fees from midstream services 118.2 151.0 — — 269.2 362.0 1,570.6 116.3 — 2,048.9 Intersegment revenues Sales of commodities 443.2 56.5 — (499.7 ) — Fees from midstream services 1.7 8.2 — (9.9 ) — 444.9 64.7 — (509.6 ) — Revenues $ 806.9 $ 1,635.3 $ 116.3 $ (509.6 ) $ 2,048.9 Operating margin $ 255.7 $ 294.0 $ 116.3 $ — $ 666.0 Other financial information: Total assets (1) $ 9,403.7 $ 6,347.7 $ 16.3 $ 155.6 $ 15,923.3 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 116.1 $ 177.9 $ — $ 9.8 $ 303.8 (1) Assets in the Corporate and Eliminations column primarily include cash, prepaids and debt issuance costs for our TRP Revolver. Three Months Ended March 31, 2019 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 256.9 $ 1,726.8 $ (7.2 ) $ — $ 1,976.5 Fees from midstream services 199.9 123.0 — — 322.9 456.8 1,849.8 (7.2 ) — 2,299.4 Intersegment revenues Sales of commodities 822.8 38.4 — (861.2 ) — Fees from midstream services 1.9 5.5 — (7.4 ) — 824.7 43.9 — (868.6 ) — Revenues $ 1,281.5 $ 1,893.7 $ (7.2 ) $ (868.6 ) $ 2,299.4 Operating margin $ 238.3 $ 152.1 $ (7.2 ) $ — $ 383.2 Other financial information: Total assets (1) $ 11,798.2 $ 5,644.9 $ 3.6 $ 84.3 $ 17,531.0 Goodwill $ 46.6 $ — $ — $ — $ 46.6 Capital expenditures $ 417.8 $ 470.9 $ — $ 16.9 $ 905.6 (1) Assets in the Corporate and Eliminations column primarily include cash, prepaids and debt issuance costs for our TRP Revolver. |
Revenues Disaggregated by Product and Service | The following table shows our consolidated revenues disaggregated by product and service for the periods presented: Three Months Ended March 31, 2020 2019 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 273.3 $ 411.3 NGL 1,161.0 1,396.6 Condensate and crude oil 135.7 137.7 Petroleum products 49.8 19.1 1,619.8 1,964.7 Non-customer revenue: Derivative activities - Hedge 59.9 21.3 Derivative activities - Non-hedge (1) 100.0 (9.5 ) 159.9 11.8 Total sales of commodities 1,779.7 1,976.5 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 115.9 194.5 NGL transportation, fractionation and services 40.6 36.2 Storage, terminaling and export 99.7 79.6 Other 13.0 12.6 Total fees from midstream services 269.2 322.9 Total revenues $ 2,048.9 $ 2,299.4 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815. |
Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes | The following table shows a reconciliation of reportable segment operating margin to income (loss) before income taxes for the periods presented: Three Months Ended March 31, 2020 2019 Reconciliation of reportable segment operating margin to income (loss) before income taxes: Gathering and Processing operating margin $ 255.7 $ 238.3 Logistics and Transportation operating margin 294.0 152.1 Other operating margin 116.3 (7.2 ) Depreciation and amortization expense (239.1 ) (237.4 ) General and administrative expense (57.0 ) (77.7 ) Impairment of long-lived assets (2,442.8 ) — Interest expense, net (93.8 ) (75.4 ) Equity earnings (loss) 20.6 2.8 Gain (loss) on sale or disposition of business and assets (0.6 ) (3.2 ) Gain (loss) from financing activities 39.3 (1.4 ) Change in contingent considerations — (9.7 ) Other, net (0.5 ) (0.2 ) Income (loss) before income taxes $ (2,107.9 ) $ (19.0 ) |
Organization and Operations (De
Organization and Operations (Details) - Series A Cumulative Redeemable Perpetual Preferred Units [Member] - shares | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2015 | Mar. 31, 2020 | Dec. 31, 2019 | |
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items] | |||
Preferred units, outstanding | 5,000,000 | 5,000,000 | |
Preferred units dividend percentage | 9.00% | 9.00% |
Property, Plant and Equipment_3
Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | $ 20,135.3 | $ 19,870.6 |
Accumulated depreciation, amortization and impairment | (7,724) | (5,321.6) |
Property, plant and equipment, net | 12,411.3 | 14,549 |
Intangible assets | 2,643.5 | 2,643.5 |
Accumulated amortization and impairment | (1,155.5) | (908.5) |
Intangible assets, net | $ 1,488 | 1,735 |
Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 20 years | |
Gathering Systems [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | $ 9,027.1 | 8,976.8 |
Gathering Systems [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Gathering Systems [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 20 years | |
Processing and Fractionation Facilities [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | $ 5,363.7 | 5,137 |
Processing and Fractionation Facilities [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Processing and Fractionation Facilities [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 25 years | |
Terminaling and Storage Facilities [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | $ 1,498.3 | 1,495.5 |
Terminaling and Storage Facilities [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Terminaling and Storage Facilities [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 25 years | |
Transportation Assets [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | $ 2,313.1 | 2,292.4 |
Transportation Assets [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Transportation Assets [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 50 years | |
Other Property, Plant and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | $ 297.8 | 183.9 |
Other Property, Plant and Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Other Property, Plant and Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 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 | 1,424.9 | 1,576.5 |
Finance Lease Right-of-Use Assets [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | $ 51.2 | $ 48.8 |
Property, Plant and Equipment_4
Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 200.7 | $ 194.4 |
Weighted average discount rate percentage | 14.00% | |
Non-cash pre-tax impairments | $ 2,442.8 | 0 |
Restatement Adjustment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 12.5 |
Property, Plant and Equipment_5
Property, Plant and Equipment and Intangible Assets - Intangible Assets (Details) $ in Millions | Mar. 31, 2020USD ($) |
Estimated amortization expense for intangible assets [Abstract] | |
2020 | $ 139.1 |
2021 | 129.2 |
2022 | 120.9 |
2023 | 115.7 |
2024 | $ 111.9 |
Property, Plant and Equipment_6
Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Intangible Assets, net [Roll Forward] | |
Balance at December 31, 2019 | $ 1,735 |
Impairment | (208.6) |
Amortization | (38.4) |
Balance at March 31, 2020 | $ 1,488 |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates - Additional Information (Details) | Mar. 31, 2020JointVenture |
T2 Joint Ventures [Member] | Gathering and Processing [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Number of operated joint ventures acquired in Atlas mergers | 2 |
T2 La Salle [Member] | Gathering and Processing [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest | 75.00% |
T2 Eagle Ford [Member] | Gathering and Processing [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest | 50.00% |
Little Missouri 4 [Member] | Gathering and Processing [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest | 50.00% |
GCX [Member] | Logistics and Transportation [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest | 25.00% |
Gulf Coast Fractionators LP [Member] | Logistics and Transportation [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest | 38.80% |
Cayenne [Member] | Logistics and Transportation [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest | 50.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Schedule Of Equity Method Investments [Line Items] | |||
Balance at beginning of period | $ 738.7 | ||
Equity earnings (loss) | 20.6 | $ 2.8 | |
Distributions | (23.9) | ||
Contributions | 1.4 | ||
Balance at end of period | 736.8 | ||
GCX [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance at beginning of period | [1] | 447.5 | |
Equity earnings (loss) | [1] | 16.4 | |
Distributions | [1] | (21) | |
Contributions | [1] | 1.4 | |
Balance at end of period | [1] | 444.3 | |
T2 Eagle Ford [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance at beginning of period | [2] | 89.6 | |
Equity earnings (loss) | [2] | (2.2) | |
Distributions | [2] | (0.9) | |
Contributions | [2] | 0 | |
Balance at end of period | [2] | 86.5 | |
Little Missouri 4 [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance at beginning of period | 103.7 | ||
Equity earnings (loss) | 3.3 | ||
Distributions | 0 | ||
Contributions | 0 | ||
Balance at end of period | 107 | ||
T2 La Salle [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance at beginning of period | [2] | 44.8 | |
Equity earnings (loss) | [2] | (1.2) | |
Distributions | [2] | (0.4) | |
Contributions | [2] | 0 | |
Balance at end of period | [2] | 43.2 | |
Gulf Coast Fractionators LP [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance at beginning of period | 37.2 | ||
Equity earnings (loss) | 2.4 | ||
Distributions | (1.6) | ||
Contributions | 0 | ||
Balance at end of period | 38 | ||
Cayenne Joint Venture [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance at beginning of period | 15.9 | ||
Equity earnings (loss) | 1.9 | ||
Distributions | 0 | ||
Contributions | 0 | ||
Balance at end of period | $ 17.8 | ||
[1] | Our 25% interest in GCX is owned by Targa GCX Pipeline LLC (“GCX DevCo JV”), of which we own a 20% interest. GCX DevCo JV is accounted for on a consolidated basis in our consolidated financial statements. | ||
[2] | As of March 31, 2020, $22.7 million of unamortized excess fair value over the T2 LaSalle and T2 Eagle Ford capital accounts remained. These basis differences, which are attributable to the underlying depreciable tangible gathering assets, are being amortized on a straight-line basis as components of equity earnings over the estimated 20-year useful lives of the underlying assets. |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Parenthetical) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
T2 LaSalle and T2 Eagle Ford [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Unamortized excess fair value | $ 22.7 |
Preliminary estimated useful lives of the underlying assets | 20 years |
GCX DevCo JV [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest | 20.00% |
GCX DevCo JV [Member] | GCX [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest | 25.00% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Components of accounts payable and accrued liabilities [Abstract] | ||
Commodities | $ 318.6 | $ 683.6 |
Other goods and services | 264.1 | 311.5 |
Interest | 107.5 | 125.4 |
Income and other taxes | 36.2 | 62 |
Accrued distributions to noncontrolling interests | 87.8 | 91.7 |
Other | 10.2 | 9.5 |
Accounts payable and accrued liabilities | $ 824.4 | $ 1,283.7 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Outstanding checks | $ 9.4 | $ 21.6 |
Debt Obligations (Details)
Debt Obligations (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Accounts receivable securitization facility, due December 2020 | [1] | $ 268.1 | $ 370 |
Finance lease liabilities | 12.5 | 12.2 | |
Current debt obligations | 280.6 | 382.2 | |
Long-term [Abstract] | |||
Long-term debt including unamortized premium (discount) | 7,225.8 | 7,028.5 | |
Debt issuance costs, net of amortization | (46.2) | (49.1) | |
Finance lease liabilities | 25.2 | 25.8 | |
Long-term debt | 7,204.8 | 7,005.2 | |
Total debt obligations | 7,485.4 | 7,387.4 | |
Irrevocable standby letters of credit outstanding | [2] | 73.1 | 88.2 |
Senior Unsecured Notes [Member] | Senior Unsecured 5 1/4% Notes due May 2023 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | 559.6 | 559.6 | |
Senior Unsecured Notes [Member] | Senior Unsecured 4 1/4% Notes due November 2023 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | 583.9 | 583.9 | |
Senior Unsecured Notes [Member] | Senior Unsecured 6 3/4% Notes due March 2024 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | 580.1 | 580.1 | |
Senior Unsecured Notes [Member] | Senior Unsecured 5 1/8% Notes due February 2025 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | 491.9 | 500 | |
Senior Unsecured Notes [Member] | Senior Unsecured 5⅞% Notes due April 2026 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | 992.7 | 1,000 | |
Senior Unsecured Notes [Member] | Senior Unsecured 5 3/8% Notes due February 2027 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | 490.1 | 500 | |
Senior Unsecured Notes [Member] | Senior Unsecured 6 1/2% Notes due July 2027 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | 714.9 | 750 | |
Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | 719.9 | 750 | |
Senior Unsecured Notes [Member] | Senior Unsecured 6 7/8% Notes due January 2029 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | 689.9 | 750 | |
Senior Unsecured Notes [Member] | Senior Unsecured 5 1/2 % Notes due March 2030 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | 988 | 1,000 | |
Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 4 3/4% Notes due November 2021 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [3] | 6.5 | 6.5 |
Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [3] | 48.1 | 48.1 |
Unamortized premium | 0.2 | $ 0.3 | |
Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility, Variable Rate, due June 2023 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [2] | $ 360 | |
[1] | As of March 31, 2020, we had $268.1 million of qualifying receivables under our $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in zero availability. | ||
[2] | As of March 31, 2020, availability under our $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,766.9 million. | ||
[3] | “TPL” refers to Targa Pipeline Partners LP. |
Debt Obligations (Parenthetical
Debt Obligations (Parenthetical) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | ||||
Proceeds from borrowings under accounts receivable securitization facility | $ 130,000,000 | $ 378,000,000 | ||
Accounts receivable securitization facility, due December 2020 | [1] | $ 268,100,000 | $ 370,000,000 | |
Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility, Variable Rate, due June 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | [2] | Jun. 30, 2023 | ||
Maximum borrowing capacity | $ 2,200,000,000 | |||
Remaining borrowing capacity | $ 1,766,900,000 | |||
Securitization Facility [Member] | Securitization Facility Due December 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | [1] | Dec. 31, 2020 | ||
Accounts Receivable Securitization Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from borrowings under accounts receivable securitization facility | $ 268,100,000 | |||
Accounts receivable securitization facility, due December 2020 | 400,000,000 | |||
Availability amount under accounts receivable securitization | $ 0 | |||
Senior Unsecured Notes [Member] | Senior Unsecured 5 1/4% Notes due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | May 31, 2023 | |||
Interest rate on fixed rate debt | 5.25% | |||
Senior Unsecured Notes [Member] | Senior Unsecured 4 1/4% Notes due November 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Nov. 30, 2023 | |||
Interest rate on fixed rate debt | 4.25% | |||
Senior Unsecured Notes [Member] | Senior Unsecured 6 3/4% Notes due March 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Mar. 31, 2024 | |||
Interest rate on fixed rate debt | 6.75% | |||
Senior Unsecured Notes [Member] | Senior Unsecured 5 1/8% Notes due February 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Feb. 28, 2025 | |||
Interest rate on fixed rate debt | 5.125% | |||
Senior Unsecured Notes [Member] | Senior Unsecured 6 1/2% Notes due July 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Jul. 31, 2027 | |||
Interest rate on fixed rate debt | 6.50% | |||
Senior Unsecured Notes [Member] | Senior Unsecured 5⅞% Notes due April 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Apr. 30, 2026 | |||
Interest rate on fixed rate debt | 5.875% | |||
Senior Unsecured Notes [Member] | Senior Unsecured 5 3/8% Notes due February 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Feb. 28, 2027 | |||
Interest rate on fixed rate debt | 5.375% | |||
Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Jan. 31, 2028 | |||
Interest rate on fixed rate debt | 5.00% | |||
Senior Unsecured Notes [Member] | Senior Unsecured 6 7/8% Notes due January 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Jan. 31, 2029 | |||
Interest rate on fixed rate debt | 6.875% | |||
Senior Unsecured Notes [Member] | Senior Unsecured 5 1/2 % Notes due March 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Mar. 31, 2030 | |||
Interest rate on fixed rate debt | 5.50% | |||
Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 4 3/4% Notes due November 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | [3] | Nov. 30, 2021 | ||
Interest rate on fixed rate debt | 4.75% | |||
Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | [3] | Aug. 31, 2023 | ||
Interest rate on fixed rate debt | 5.875% | |||
[1] | As of March 31, 2020, we had $268.1 million of qualifying receivables under our $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in zero availability. | |||
[2] | As of March 31, 2020, availability under our $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,766.9 million. | |||
[3] | “TPL” refers to Targa Pipeline Partners LP. |
Debt Obligations - Interest Rat
Debt Obligations - Interest Rates on Variable-Rate Debt Obligations (Details) | Mar. 31, 2020 |
Securitization Facility [Member] | |
Range of interest rates and weighted average interest rate [Abstract] | |
Weighted average interest rate incurred | 2.30% |
Minimum [Member] | Securitization Facility [Member] | |
Range of interest rates and weighted average interest rate [Abstract] | |
Range of interest rates incurred | 1.50% |
Maximum [Member] | Securitization Facility [Member] | |
Range of interest rates and weighted average interest rate [Abstract] | |
Range of interest rates incurred | 2.70% |
TRP Revolver [Member] | |
Range of interest rates and weighted average interest rate [Abstract] | |
Weighted average interest rate incurred | 3.40% |
TRP Revolver [Member] | Minimum [Member] | |
Range of interest rates and weighted average interest rate [Abstract] | |
Range of interest rates incurred | 2.50% |
TRP Revolver [Member] | Maximum [Member] | |
Range of interest rates and weighted average interest rate [Abstract] | |
Range of interest rates incurred | 6.00% |
Debt Obligations - Summary of D
Debt Obligations - Summary of Debt Repurchased on Open Market Portion of Outstanding Senior Notes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Apr. 30, 2020 | |
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | $ 162.7 | ||
Debt Repurchased, Payment | (122.1) | ||
Debt Repurchased, Gain/(Loss) | 40.6 | ||
Debt Repurchased, Write-off of Debt Issuance Costs | (1.3) | ||
Debt Repurchased, Net Gain/(Loss) | 39.3 | $ (1.4) | |
Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | $ 140.5 | ||
Debt Repurchased, Payment | (117.8) | ||
5⅛% Senior Notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 8.1 | ||
Debt Repurchased, Payment | (5.3) | ||
Debt Repurchased, Gain/(Loss) | 2.8 | ||
Debt Repurchased, Net Gain/(Loss) | 2.8 | ||
5⅛% Senior Notes due 2025 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 10.9 | ||
Debt Repurchased, Payment | (9.3) | ||
5⅞% Senior Notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 7.3 | ||
Debt Repurchased, Payment | (5.1) | ||
Debt Repurchased, Gain/(Loss) | 2.2 | ||
Debt Repurchased, Net Gain/(Loss) | 2.2 | ||
5⅞% Senior Notes due 2026 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 29.5 | ||
Debt Repurchased, Payment | (24.6) | ||
5⅜% Senior Notes due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 9.9 | ||
Debt Repurchased, Payment | (7.7) | ||
Debt Repurchased, Gain/(Loss) | 2.2 | ||
Debt Repurchased, Write-off of Debt Issuance Costs | (0.1) | ||
Debt Repurchased, Net Gain/(Loss) | 2.1 | ||
5⅜% Senior Notes due 2027 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 22 | ||
Debt Repurchased, Payment | (18.9) | ||
6½% Senior Notes due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 35.1 | ||
Debt Repurchased, Payment | (27.1) | ||
Debt Repurchased, Gain/(Loss) | 8 | ||
Debt Repurchased, Write-off of Debt Issuance Costs | (0.3) | ||
Debt Repurchased, Net Gain/(Loss) | 7.7 | ||
6½% Senior Notes due 2027 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 9.7 | ||
Debt Repurchased, Payment | (8.4) | ||
5% Senior Notes due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 30.1 | ||
Debt Repurchased, Payment | (21.5) | ||
Debt Repurchased, Gain/(Loss) | 8.6 | ||
Debt Repurchased, Write-off of Debt Issuance Costs | (0.2) | ||
Debt Repurchased, Net Gain/(Loss) | 8.4 | ||
5% Senior Notes due 2028 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 19.5 | ||
Debt Repurchased, Payment | (16.5) | ||
6⅞% Senior Notes due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 60.2 | ||
Debt Repurchased, Payment | (46.6) | ||
Debt Repurchased, Gain/(Loss) | 13.6 | ||
Debt Repurchased, Write-off of Debt Issuance Costs | (0.6) | ||
Debt Repurchased, Net Gain/(Loss) | 13 | ||
6⅞% Senior Notes due 2029 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 10.5 | ||
Debt Repurchased, Payment | (8.7) | ||
5½% Senior Notes due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 12 | ||
Debt Repurchased, Payment | (8.8) | ||
Debt Repurchased, Gain/(Loss) | 3.2 | ||
Debt Repurchased, Write-off of Debt Issuance Costs | (0.1) | ||
Debt Repurchased, Net Gain/(Loss) | $ 3.1 | ||
5½% Senior Notes due 2030 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchased, Book Value | 38.4 | ||
Debt Repurchased, Payment | $ (31.4) |
Debt Obligations - Summary of P
Debt Obligations - Summary of Payment Obligations for Debt Instruments (Details) $ in Millions | Mar. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Total | $ 9,830.8 | |
Less Than 1 Year | 394.9 | |
1-3 Years | 800.6 | |
3-5 Years | 3,269 | |
More Than 5 Years | 5,366.3 | |
Long-Term Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total | 7,225.6 | [1] |
1-3 Years | 6.5 | [1] |
3-5 Years | 2,623.6 | [1] |
More Than 5 Years | 4,595.5 | [1] |
Interest on Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total | 2,605.2 | [2] |
Less Than 1 Year | 394.9 | [2] |
1-3 Years | 794.1 | [2] |
3-5 Years | 645.4 | [2] |
More Than 5 Years | $ 770.8 | [2] |
[1] | Represents scheduled future maturities of consolidated debt obligations for the periods indicated. | |
[2] | Represents interest expense on debt obligations based on both fixed debt interest rates and prevailing March 31, 2020 rates for floating debt. |
Debt Obligations - Additional I
Debt Obligations - Additional Information (Details) - Accounts Receivable Securitization Facility [Member] - Subsequent Event [Member] - USD ($) | Apr. 22, 2020 | Apr. 21, 2020 |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 250,000,000 | $ 400,000,000 |
Maturity date | Apr. 21, 2021 |
Other Long-term Liabilities - A
Other Long-term Liabilities - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Revenue [Abstract] | |||||
Deferred revenue | $ 171.4 | $ 172 | |||
Channelview Splitter [Member] | Noble Americas Corp [Member] | |||||
Deferred Revenue [Abstract] | |||||
Deferred revenue | $ 129 | $ 129 | $ 129 |
Partnership Units and Related_3
Partnership Units and Related Matters - Distributions (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Distributions declared and/or paid by the Partnership [Abstract] | |||
Date Paid or To be Paid | May 13, 2020 | Feb. 13, 2020 | |
Total Distributions | $ 241.9 | $ 241.3 | |
Distributions Paid [Member] | |||
Distributions declared and/or paid by the Partnership [Abstract] | |||
Total Distributions | 53.1 | $ 241.9 | |
Distributions to Targa Resources Corp. | $ 50.3 | $ 239.1 |
Partnership Units and Related_4
Partnership Units and Related Matters (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2020 | Oct. 31, 2015 | Mar. 31, 2020 | Dec. 31, 2019 | |
Limited Partners Capital Account [Line Items] | ||||
Distributions payable date | May 13, 2020 | Feb. 13, 2020 | ||
Subsequent Event [Member] | ||||
Limited Partners Capital Account [Line Items] | ||||
Date of declaration for cash distribution | 2020-04 | |||
Cash distribution declared per unit (in dollars per share) | $ 0.1875 | |||
Distributions to Targa Resources Corp. | $ 900,000 | |||
Distributions payable date | May 15, 2020 | |||
Series A Preferred Limited Partner Units [Member] | ||||
Limited Partners Capital Account [Line Items] | ||||
Series A preferred limited partners units issued (in units) | 5,000,000 | 5,000,000 | ||
Preferred units dividend percentage | 9.00% | 9.00% | ||
Distribution to holders of preferred units | $ 2,800,000 | |||
Series A Preferred Limited Partner Units [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% | |||
TRC/TRP Merger [Member] | Limited Partners [Member] | ||||
Limited Partners Capital Account [Line Items] | ||||
Percentage of capital contribution towards partner's interest maintained | 98.00% | |||
TRC/TRP Merger [Member] | Targa Resources GP LLC [Member] | ||||
Limited Partners Capital Account [Line Items] | ||||
Percentage of general partner's interest maintained | 2.00% | |||
Contributions from Targa Resources Corp. (in units) | 0 | |||
TRC/TRP Merger [Member] | Targa Resources Corp [Member] | ||||
Limited Partners Capital Account [Line Items] | ||||
Contributions from Targa Resources Corp. | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Notional Volumes Of The Partnership's Commodity Derivative Contracts (Details) | 3 Months Ended |
Mar. 31, 2020MMBTUbbl | |
Year 2020 [Member] | Swaps [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 167,230 |
Year 2020 [Member] | Swaps [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 26,012 |
Year 2020 [Member] | Swaps [Member] | Condensate [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 6,390 |
Year 2020 [Member] | Basis Swaps [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 436,064 |
Year 2020 [Member] | Future | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 15,527 |
Year 2021 [Member] | Swaps [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 165,121 |
Year 2021 [Member] | Swaps [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 14,151 |
Year 2021 [Member] | Swaps [Member] | Condensate [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 4,204 |
Year 2021 [Member] | Basis Swaps [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 399,360 |
Year 2021 [Member] | Future | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 3,521 |
Year 2022 [Member] | Swaps [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 86,100 |
Year 2022 [Member] | Swaps [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 8,991 |
Year 2022 [Member] | Swaps [Member] | Condensate [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 1,610 |
Year 2022 [Member] | Basis Swaps [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 268,363 |
Year 2022 [Member] | Future | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Year 2024 [Member] | Swaps [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 0 |
Year 2024 [Member] | Swaps [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Year 2024 [Member] | Swaps [Member] | Condensate [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Year 2024 [Member] | Basis Swaps [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 50,000 |
Year 2024 [Member] | Future | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Year 2023 [Member] | Swaps [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 20,000 |
Year 2023 [Member] | Swaps [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Year 2023 [Member] | Swaps [Member] | Condensate [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Year 2023 [Member] | Basis Swaps [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 220,000 |
Year 2023 [Member] | Future | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 281.9 | $ 138.8 |
Derivative assets | 199.7 | 103.3 |
Derivative assets | 82.2 | 35.5 |
Derivative liabilities | 72 | 144.9 |
Derivative liabilities | 41.8 | 104.1 |
Derivative liabilities | 30.2 | 40.8 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 260.2 | 135.8 |
Derivative liabilities | 40.5 | 18 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 190.9 | 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 | 69.3 | 33.7 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 15.6 | 11.6 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 24.9 | 6.4 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 21.7 | 3 |
Derivative liabilities | 31.5 | 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 | 8.8 | 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 | 12.9 | 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 | 26.2 | 92.5 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 5.3 | $ 34.4 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Pro Forma Impact - Offsetting Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Asset [Abstract] | ||
Gross asset | $ 281.9 | $ 138.8 |
Pro forma net presentation, asset, total | 215.5 | 79.8 |
Counterparties with Offsetting Position or Collateral [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 218.6 | 133.1 |
Pro forma net presentation, asset | 152.2 | 74.1 |
Counterparties without Offsetting Position [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 63.3 | 5.7 |
Pro forma net presentation, asset | 63.3 | 5.7 |
Current Position [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 199.7 | 103.3 |
Pro forma net presentation, asset, current | 163.3 | 59.5 |
Current Position [Member] | Counterparties with Offsetting Position or Collateral [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 157.2 | 99.8 |
Pro forma net presentation, asset | 120.8 | 56 |
Current Position [Member] | Counterparties without Offsetting Position [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 42.5 | 3.5 |
Pro forma net presentation, asset | 42.5 | 3.5 |
Long-term Position [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 82.2 | 35.5 |
Pro forma net presentation, asset, noncurrent | 52.2 | 20.3 |
Long-term Position [Member] | Counterparties with Offsetting Position or Collateral [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 61.4 | 33.3 |
Pro forma net presentation, asset | 31.4 | 18.1 |
Long-term Position [Member] | Counterparties without Offsetting Position [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 20.8 | 2.2 |
Pro forma net presentation, asset | $ 20.8 | $ 2.2 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Pro Forma Impact - Offsetting Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Liability [Abstract] | ||
Gross liability | $ (72) | $ (144.9) |
Pro forma net presentation, liability, total | (17.5) | (90.8) |
Counterparties with Offsetting Position or Collateral [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (72) | (125.5) |
Pro forma net presentation, liability, total | (17.5) | (71.4) |
Counterparties without Offsetting Position [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (19.4) | |
Pro forma net presentation, liability, total | (19.4) | |
Current Position [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (41.8) | (104.1) |
Pro forma net presentation, liability, current | (17.3) | (65.2) |
Current Position [Member] | Counterparties with Offsetting Position or Collateral [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (41.8) | (85) |
Pro forma net presentation, liability, current | (17.3) | (46.1) |
Current Position [Member] | Counterparties without Offsetting Position [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (19.1) | |
Pro forma net presentation, liability, current | (19.1) | |
Long-term Position [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (30.2) | (40.8) |
Pro forma net presentation, liability, noncurrent | (0.2) | (25.6) |
Long-term Position [Member] | Counterparties with Offsetting Position or Collateral [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (30.2) | (40.5) |
Pro forma net presentation, liability, noncurrent | $ (0.2) | (25.3) |
Long-term Position [Member] | Counterparties without Offsetting Position [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (0.3) | |
Pro forma net presentation, liability, noncurrent | $ (0.3) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Pro Forma Impact - Offsetting Collateral (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Asset [Abstract] | ||
Gross collateral | $ (11.9) | $ (4.9) |
Counterparties with Offsetting Position or Collateral [Member] | ||
Derivative Asset [Abstract] | ||
Gross collateral | (11.9) | (4.9) |
Current Position [Member] | ||
Derivative Asset [Abstract] | ||
Gross collateral | (11.9) | (4.9) |
Current Position [Member] | Counterparties with Offsetting Position or Collateral [Member] | ||
Derivative Asset [Abstract] | ||
Gross collateral | $ (11.9) | $ (4.9) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions | Mar. 31, 2020USD ($) |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Estimated fair value of derivative instruments, net asset | $ 209.9 |
Amount expected to reclassify commodity hedge related deferred gains to earnings before income taxes | 218.3 |
Amount of deferred gains to be reclassified into earnings before income taxes over next twelve months | $ 173.9 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | $ 59.9 | $ 21.3 |
Commodity Contracts [Member] | Revenues [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income on Derivatives | 100 | (9.5) |
Cash Flow Hedging [Member] | Commodity Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ 158.9 | $ (38.8) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)Swap | Mar. 31, 2019USD ($) | |
Fair Value Disclosures [Abstract] | ||
Derivatives financial instruments, fair value, net | $ 209.9 | |
Derivative fair value of net asset if commodity price increases by 10 percent | 121.9 | |
Derivative fair value of net asset if commodity price decreases by 10 percent | $ 298 | |
Number of natural gas basis swaps categorized as Level 3 | Swap | 0 | |
Non-cash pre-tax impairment charges | $ 2,442.8 | $ 0 |
Fair Value Measurements - Break
Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | |||
Assets from commodity derivative contracts | $ 215.5 | $ 79.8 | |
Liabilities from commodity derivative contracts | 17.5 | 90.8 | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | |||
Securitization Facility | [1] | 268.1 | 370 |
Carrying Value [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | |||
Assets from commodity derivative contracts | [2] | 277.8 | 136.5 |
Liabilities from commodity derivative contracts | [2] | 67.9 | 142.6 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | |||
Cash and cash equivalents | 340.2 | 291.1 | |
Securitization Facility | 268.1 | 370 | |
Carrying Value [Member] | TRP Revolver [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | |||
Long-term debt | 360 | ||
Carrying Value [Member] | Targa Pipeline Partners LP [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | |||
Contingent consideration | [3] | 2.3 | 2.3 |
Carrying Value [Member] | Senior Unsecured Notes [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | |||
Long-term debt | 6,865.8 | 7,028.5 | |
Fair Value [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | |||
Assets from commodity derivative contracts | [2] | 277.8 | 136.5 |
Liabilities from commodity derivative contracts | [2] | 67.9 | 142.6 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | |||
Cash and cash equivalents | 340.2 | 291.1 | |
Securitization Facility | 268.1 | 370 | |
Fair Value [Member] | TRP Revolver [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | |||
Long-term debt | 360 | ||
Fair Value [Member] | Targa Pipeline Partners LP [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | |||
Contingent consideration | [3] | 2.3 | 2.3 |
Fair Value [Member] | Senior Unsecured Notes [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | |||
Long-term debt | 5,742.7 | 7,376.9 | |
Fair Value [Member] | Level 2 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | |||
Assets from commodity derivative contracts | [2] | 277.8 | 136.2 |
Liabilities from commodity derivative contracts | [2] | 67.9 | 142 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | |||
Securitization Facility | 268.1 | 370 | |
Fair Value [Member] | Level 2 [Member] | TRP Revolver [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | |||
Long-term debt | 360 | ||
Fair Value [Member] | Level 2 [Member] | Senior Unsecured Notes [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract] | |||
Long-term debt | 5,742.7 | 7,376.9 | |
Fair Value [Member] | Level 3 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | |||
Assets from commodity derivative contracts | [2] | 0.3 | |
Liabilities from commodity derivative contracts | [2] | 0.6 | |
Fair Value [Member] | Level 3 [Member] | Targa Pipeline Partners LP [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract] | |||
Contingent consideration | [3] | $ 2.3 | $ 2.3 |
[1] | As of March 31, 2020, we had $268.1 million of qualifying receivables under our $400.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in zero availability. | ||
[2] | The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 10– Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes. | ||
[3] | 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 - Chang
Fair Value Measurements - Changes in Fair Value of Financial Instruments Classified as Level 3 (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($) | ||
Contingent Consideration [Member] | ||
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward] | ||
Balance, beginning of period | $ (2.3) | |
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] |
[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. |
Related Party Transactions - _3
Related Party Transactions - Targa - Summary of Transactions with Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Summary of transactions with Targa [Abstract] | ||
Cash distributions to Targa based on general partner and limited partner ownership | $ 241.9 | $ 241.3 |
Targa Resources Corp. [Member] | ||
Summary of transactions with Targa [Abstract] | ||
Targa billings of payroll and related costs included in operating expenses | 65.6 | 54.1 |
Targa allocation of general and administrative expense | 52.6 | 67.8 |
Cash distributions to Targa based on general partner and limited partner ownership | $ 239.1 | $ 238.5 |
Revenue - Estimated Minimum Rev
Revenue - Estimated Minimum Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations (Details) - Fixed Price Contract [Member] $ in Millions | Mar. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Fixed consideration to be recognized | $ 403.7 |
Estimated remaining duration of contracts | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Fixed consideration to be recognized | $ 513.5 |
Estimated remaining duration of contracts | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Fixed consideration to be recognized | $ 3,226.5 |
Estimated remaining duration of contracts |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01 | Mar. 31, 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 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Cash: | |||
Interest paid, net of capitalized interest | [1] | $ 109.7 | $ 61.2 |
Income taxes paid, net of refunds | 0.1 | 0.3 | |
Non-cash investing activities: | |||
Impact of capital expenditure accruals on property, plant and equipment | (39.6) | (38.4) | |
Transfers from materials and supplies inventory to property, plant and equipment | 1.7 | $ 1.1 | |
Non-cash financing activities: | |||
Impact of accrued distributions on noncontrolling interests | $ (3.9) | ||
[1] | Interest capitalized on major projects was $12.3 million and $18.9 million for the three months ended March 31, 2020 and 2019. |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest capitalized on major projects | $ 12.3 | $ 18.9 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Revenues
Segment Information - Revenues and Operating Margin (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues [Abstract] | ||
Revenues | $ 2,048.9 | $ 2,299.4 |
Operating margin | 666 | 383.2 |
Sales of Commodities [Member] | ||
Revenues [Abstract] | ||
Revenues | 1,779.7 | 1,976.5 |
Fees from Midstream Services [Member] | ||
Revenues [Abstract] | ||
Revenues | 269.2 | 322.9 |
Gathering and Processing [Member] | ||
Revenues [Abstract] | ||
Revenues | 806.9 | 1,281.5 |
Operating margin | 255.7 | 238.3 |
Logistics and Transportation [Member] | ||
Revenues [Abstract] | ||
Revenues | 1,635.3 | 1,893.7 |
Operating margin | 294 | 152.1 |
Other [Member] | ||
Revenues [Abstract] | ||
Revenues | 116.3 | (7.2) |
Operating margin | 116.3 | (7.2) |
Corporate and Elimination [Member] | ||
Revenues [Abstract] | ||
Revenues | (509.6) | (868.6) |
Operating Segments [Member] | ||
Revenues [Abstract] | ||
Revenues | 2,048.9 | 2,299.4 |
Operating Segments [Member] | Sales of Commodities [Member] | ||
Revenues [Abstract] | ||
Revenues | 1,779.7 | 1,976.5 |
Operating Segments [Member] | Fees from Midstream Services [Member] | ||
Revenues [Abstract] | ||
Revenues | 269.2 | 322.9 |
Operating Segments [Member] | Gathering and Processing [Member] | ||
Revenues [Abstract] | ||
Revenues | 362 | 456.8 |
Operating Segments [Member] | Gathering and Processing [Member] | Sales of Commodities [Member] | ||
Revenues [Abstract] | ||
Revenues | 243.8 | 256.9 |
Operating Segments [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member] | ||
Revenues [Abstract] | ||
Revenues | 118.2 | 199.9 |
Operating Segments [Member] | Logistics and Transportation [Member] | ||
Revenues [Abstract] | ||
Revenues | 1,570.6 | 1,849.8 |
Operating Segments [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member] | ||
Revenues [Abstract] | ||
Revenues | 1,419.6 | 1,726.8 |
Operating Segments [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member] | ||
Revenues [Abstract] | ||
Revenues | 151 | 123 |
Operating Segments [Member] | Other [Member] | ||
Revenues [Abstract] | ||
Revenues | 116.3 | (7.2) |
Operating Segments [Member] | Other [Member] | Sales of Commodities [Member] | ||
Revenues [Abstract] | ||
Revenues | 116.3 | (7.2) |
Intersegment Eliminations [Member] | Gathering and Processing [Member] | ||
Revenues [Abstract] | ||
Revenues | 444.9 | 824.7 |
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Sales of Commodities [Member] | ||
Revenues [Abstract] | ||
Revenues | 443.2 | 822.8 |
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member] | ||
Revenues [Abstract] | ||
Revenues | 1.7 | 1.9 |
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | ||
Revenues [Abstract] | ||
Revenues | 64.7 | 43.9 |
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member] | ||
Revenues [Abstract] | ||
Revenues | 56.5 | 38.4 |
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member] | ||
Revenues [Abstract] | ||
Revenues | 8.2 | 5.5 |
Intersegment Eliminations [Member] | Corporate and Elimination [Member] | ||
Revenues [Abstract] | ||
Revenues | (509.6) | (868.6) |
Intersegment Eliminations [Member] | Corporate and Elimination [Member] | Sales of Commodities [Member] | ||
Revenues [Abstract] | ||
Revenues | (499.7) | (861.2) |
Intersegment Eliminations [Member] | Corporate and Elimination [Member] | Fees from Midstream Services [Member] | ||
Revenues [Abstract] | ||
Revenues | $ (9.9) | $ (7.4) |
Segment Information - Other Fin
Segment Information - Other Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Other financial information [Abstract] | ||||
Total assets | $ 15,923.3 | $ 18,744.5 | ||
Operating Segments [Member] | ||||
Other financial information [Abstract] | ||||
Total assets | [1] | 15,923.3 | $ 17,531 | |
Goodwill | 45.2 | 46.6 | ||
Capital expenditures | 303.8 | 905.6 | ||
Gathering and Processing [Member] | Operating Segments [Member] | ||||
Other financial information [Abstract] | ||||
Total assets | [1] | 9,403.7 | 11,798.2 | |
Goodwill | 45.2 | 46.6 | ||
Capital expenditures | 116.1 | 417.8 | ||
Logistics and Transportation [Member] | Operating Segments [Member] | ||||
Other financial information [Abstract] | ||||
Total assets | [1] | 6,347.7 | 5,644.9 | |
Capital expenditures | 177.9 | 470.9 | ||
Other [Member] | Operating Segments [Member] | ||||
Other financial information [Abstract] | ||||
Total assets | [1] | 16.3 | 3.6 | |
Corporate and Elimination [Member] | Operating Segments [Member] | ||||
Other financial information [Abstract] | ||||
Total assets | [1] | 155.6 | 84.3 | |
Capital expenditures | $ 9.8 | $ 16.9 | ||
[1] | Assets in the Corporate and Eliminations column primarily include cash, prepaids and debt issuance costs for our TRP Revolver. |
Segment Information - Revenue_2
Segment Information - Revenues Disaggregated by Product and Service (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenue from External Customer [Line Items] | |||
Revenue recognized from customer and non-customer | $ 1,619.8 | $ 1,964.7 | |
Non-customer revenue | 159.9 | 11.8 | |
Total revenues | 2,048.9 | 2,299.4 | |
Designated as Hedging Instrument [Member] | |||
Revenue from External Customer [Line Items] | |||
Non-customer revenue | 59.9 | 21.3 | |
Not Designated as Hedging Instrument [Member] | |||
Revenue from External Customer [Line Items] | |||
Non-customer revenue | [1] | 100 | (9.5) |
Natural Gas [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue recognized from customer and non-customer | 273.3 | 411.3 | |
NGL [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue recognized from customer and non-customer | 1,161 | 1,396.6 | |
Condensate and Crude Oil [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue recognized from customer and non-customer | 135.7 | 137.7 | |
Petroleum Products [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue recognized from customer and non-customer | 49.8 | 19.1 | |
Sales of Commodities [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenues | 1,779.7 | 1,976.5 | |
Gathering and Processing [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue recognized from customer and non-customer | 115.9 | 194.5 | |
NGL Transportation, Fractionation and Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue recognized from customer and non-customer | 40.6 | 36.2 | |
Storage, Terminaling and Export [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue recognized from customer and non-customer | 99.7 | 79.6 | |
Other [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue recognized from customer and non-customer | 13 | 12.6 | |
Fees from Midstream Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue recognized from customer and non-customer | 269.2 | 322.9 | |
Total revenues | $ 269.2 | $ 322.9 | |
[1] | Represents derivative activities that are not designated as hedging instruments under ASC 815. |
Segment Information - Reconcili
Segment Information - Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reconciliation of reportable segment operating margin to income (loss) before income taxes: | ||
Operating margin | $ 666 | $ 383.2 |
Depreciation and amortization expense | (239.1) | (237.4) |
General and administrative expense | (57) | (77.7) |
Impairment of long-lived assets | (2,442.8) | 0 |
Interest expense, net | (93.8) | (75.4) |
Equity earnings (loss) | 20.6 | 2.8 |
Gain (loss) on sale or disposition of business and assets | (0.6) | (3.2) |
Gain (loss) from financing activities | 39.3 | (1.4) |
Change in contingent considerations | 0 | (9.7) |
Other, net | (0.5) | (0.2) |
Income (loss) before income taxes | (2,107.9) | (19) |
Gathering and Processing [Member] | ||
Reconciliation of reportable segment operating margin to income (loss) before income taxes: | ||
Operating margin | 255.7 | 238.3 |
Logistics and Transportation [Member] | ||
Reconciliation of reportable segment operating margin to income (loss) before income taxes: | ||
Operating margin | 294 | 152.1 |
Other [Member] | ||
Reconciliation of reportable segment operating margin to income (loss) before income taxes: | ||
Operating margin | $ 116.3 | $ (7.2) |