Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 17, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | TARGA RESOURCES CORP. | ||
Trading Symbol | TRGP | ||
Entity Central Index Key | 0001389170 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 233,046,042 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Tax Identification Number | 20-3701075 | ||
Entity File Number | 001-34991 | ||
Entity Address, Address Line One | 811 Louisiana Street | ||
Entity Address, Address Line Two | Suite 2100 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77002 | ||
City Area Code | 713 | ||
Local Phone Number | 584-1000 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 8,974 | ||
Entity Voluntary Filers | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 331.1 | $ 232.1 |
Trade receivables, net of allowances of $0.0 and $0.1 million at December 31, 2019 and December 31, 2018 | 855 | 865.5 |
Inventories | 161.5 | 164.7 |
Assets from risk management activities | 103.3 | 115.3 |
Other current assets | 69.7 | 41.3 |
Held for sale assets (see Note 4) | 137.7 | 0 |
Total current assets | 1,658.3 | 1,418.9 |
Property, plant and equipment | 19,876.8 | 17,220.7 |
Accumulated depreciation and amortization | 5,328.3 | 4,292.3 |
Property, plant and equipment, net | 14,548.5 | 12,928.4 |
Intangible assets, net | 1,735 | 1,983.2 |
Goodwill, net | 45.2 | 46.6 |
Long-term assets from risk management activities | 35.5 | 34.1 |
Investments in unconsolidated affiliates | 738.7 | 490.5 |
Other long-term assets | 53.9 | 36.5 |
Total assets | 18,815.1 | 16,938.2 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,379.9 | 1,737.3 |
Liabilities from risk management activities | 104.1 | 33.6 |
Current debt obligations | 382.2 | 1,027.9 |
Held for sale liabilities (see Note 4) | 6.4 | 0 |
Total current liabilities | 1,872.6 | 2,798.8 |
Long-term debt | 7,440.2 | 5,632.4 |
Long-term liabilities from risk management activities | 40.8 | 3.1 |
Deferred income taxes, net | 434.2 | 525.2 |
Other long-term liabilities | 305.6 | 262.2 |
Contingencies (see Note 21) | 0 | 0 |
Targa Resources Corp. stockholders' equity: | ||
Common stock value | 0.2 | 0.2 |
Preferred stock ($0.001 par value, after designation of Series A Preferred Stock: 98,800,000 shares authorized, no shares issued and outstanding) | 0 | 0 |
Additional paid-in capital | 5,221.2 | 6,154.9 |
Retained earnings (deficit) | (339.6) | (130.4) |
Accumulated other comprehensive income (loss) | 92.5 | 94.3 |
Treasury stock, at cost (1,009,284 shares as of December 31, 2019 and 665,753 shares as of December 31, 2018) | (53.5) | (39.6) |
Total Targa Resources Corp. stockholders' equity | 4,920.8 | 6,079.4 |
Noncontrolling interests | 3,522.1 | 1,391.4 |
Total owners' equity | 8,442.9 | 7,470.8 |
Total liabilities, Series A Preferred Stock and owners' equity | 18,815.1 | 16,938.2 |
Series A Preferred Stock [Member] | ||
Current liabilities: | ||
Series A Preferred 9.5% Stock, $1,000 per share liquidation preference, (1,200,000 shares authorized, 965,100 shares issued and outstanding), net of discount (see Note 13) | $ 278.8 | $ 245.7 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Trade receivables, allowances | $ 0 | $ 0.1 |
Targa Resources Corp. stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 233,852,810 | 232,964,765 |
Common stock, shares outstanding (in shares) | 232,843,526 | 231,790,530 |
Preferred stock, par value (in dollar per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 98,800,000 | 98,800,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 1,009,284 | 665,753 |
Series A Preferred Stock [Member] | ||
LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY | ||
Preferred Series A Liquidation Stock Percentage | 9.50% | 9.50% |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized | 1,200,000 | 1,200,000 |
Preferred Stock, Shares Issued | 965,100 | 965,100 |
Preferred Stock, Shares Outstanding | 965,100 | 965,100 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Revenues: | |||||
Total revenues | $ 8,671,100,000 | $ 10,484,000,000 | $ 8,814,900,000 | ||
Costs and expenses: | |||||
Product purchases | 6,118,500,000 | 8,238,200,000 | 6,906,100,000 | ||
Operating expenses | 792,900,000 | 722,000,000 | 622,900,000 | ||
Depreciation and amortization expense | 971,600,000 | 815,900,000 | 809,500,000 | ||
General and administrative expense | 280,700,000 | 256,900,000 | 203,400,000 | ||
Impairment of property, plant and equipment | 243,200,000 | 378,000,000 | |||
Impairment of goodwill | 0 | 210,000,000 | |||
Other operating (income) expense | 71,300,000 | 3,500,000 | 17,400,000 | ||
Income (loss) from operations | 192,900,000 | [1] | 237,500,000 | [2] | (122,400,000) |
Other income (expense): | |||||
Interest expense, net | (337,800,000) | (185,800,000) | (233,700,000) | ||
Equity earnings (loss) | 39,000,000 | 7,300,000 | (17,000,000) | ||
Gain (loss) from financing activities | (1,400,000) | (2,000,000) | (16,800,000) | ||
Gain (loss) from sale of equity-method investment | 69,300,000 | ||||
Change in contingent considerations | (8,700,000) | 8,800,000 | 99,600,000 | ||
Other, net | 100,000 | (2,600,000) | |||
Income (loss) before income taxes | (46,700,000) | 65,900,000 | (292,900,000) | ||
Income tax (expense) benefit | 87,900,000 | (5,500,000) | 397,100,000 | ||
Net income (loss) | 41,200,000 | 60,400,000 | 104,200,000 | ||
Less: Net income (loss) attributable to noncontrolling interests | 250,400,000 | 58,800,000 | 50,200,000 | ||
Net income (loss) attributable to Targa Resources Corp. | (209,200,000) | 1,600,000 | 54,000,000 | ||
Dividends on Series A Preferred Stock | 91,700,000 | 91,700,000 | 91,700,000 | ||
Deemed dividends on Series A Preferred Stock | 33,100,000 | 29,200,000 | 25,700,000 | ||
Net income (loss) attributable to common shareholders | $ (334,000,000) | $ (119,300,000) | $ (63,400,000) | ||
Net income (loss) per common share - basic | $ (1.44) | $ (0.53) | $ (0.31) | ||
Net income (loss) per common share - diluted | $ (1.44) | $ (0.53) | [3] | $ (0.31) | |
Weighted average shares outstanding - basic | 232.5 | 224.2 | 206.9 | ||
Weighted average shares outstanding - diluted | 232.5 | 224.2 | 206.9 | ||
Sales of Commodities [Member] | |||||
Revenues: | |||||
Total revenues | $ 7,393,800,000 | $ 9,278,700,000 | $ 7,751,100,000 | ||
Fees from Midstream Services [Member] | |||||
Revenues: | |||||
Total revenues | $ 1,277,300,000 | $ 1,205,300,000 | $ 1,063,800,000 | ||
[1] | Includes a non-cash pre-tax impairment charge of $229.0 million in the fourth quarter of 2019. See Note 6 — Property, Plant and Equipment and Intangible Assets. | ||||
[2] | Includes | ||||
[3] | Includes dilutive effects of common stock equivalents in the second quarter of 2018. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) | $ 41.2 | $ 60.4 | $ 104.2 |
Commodity hedging contracts: | |||
Other comprehensive income (loss), pre-tax | (2.4) | 170.9 | 15.8 |
Other comprehensive income (loss), related income tax | 0.6 | (41.5) | (7.4) |
Other comprehensive income (loss), after tax | (1.8) | 129.4 | 8.4 |
Comprehensive income (loss) | 39.4 | 189.8 | 112.6 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 250.4 | 58.8 | 50.2 |
Comprehensive income (loss) attributable to Targa Resources Corp. | (211) | 131 | 62.4 |
Commodity Contracts [Member] | |||
Commodity hedging contracts: | |||
Change in fair value, pre-tax | 135.6 | 132.5 | (28.8) |
Change in fair value, related income tax | (32.3) | (32.2) | 13.5 |
Change in fair value, after tax | 103.3 | 100.3 | (15.3) |
Settlements reclassified to revenues, pre-tax | (138) | 38.4 | 44.6 |
Settlements reclassified to revenues, related income tax | 32.9 | (9.3) | (20.9) |
Settlements reclassified to revenues, after tax | $ (105.1) | $ 29.1 | $ 23.7 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Shares [Member] | Noncontrolling Interests [Member] | Series A Preferred Stock [Member] |
Balance at Dec. 31, 2016 | $ 5,724.4 | $ 0.2 | $ 5,506.2 | $ (187.3) | $ (38.3) | $ (32.2) | $ 475.8 | |
Balance (in shares) at Dec. 31, 2016 | 184,721,000 | 514,000 | ||||||
Series A Preferred Stock at Dec. 31, 2016 | $ 190.8 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Impact of accounting standard adoption | 56.1 | 56.1 | ||||||
Compensation on equity grants | 42.3 | 42.3 | ||||||
Distribution equivalent rights | (9.7) | (9.7) | ||||||
Shares issued under compensation program (in shares) | 285,000 | |||||||
Shares and units tendered for tax withholding obligations | (3.4) | $ (3.4) | ||||||
Shares and units tendered for tax withholding obligations (in shares) | (72,000) | 72,000 | ||||||
Issuance of common stock | 1,644.4 | 1,644.4 | ||||||
Issuance of common stock (in shares) | 32,633,000 | |||||||
Series A Preferred Stock dividends | ||||||||
Preferred stock dividends | (91.7) | (91.7) | ||||||
Dividends in excess of retained earnings | (91.7) | 91.7 | ||||||
Deemed dividends - accretion of beneficial conversion feature | (25.7) | (25.7) | 25.7 | |||||
Common stock dividends | ||||||||
Common stock dividends | (749.4) | (749.4) | ||||||
Dividends in excess of retained earnings | (749.4) | 749.4 | ||||||
Distributions to noncontrolling interests | (59.4) | (59.4) | ||||||
Contributions from noncontrolling interests | 141.6 | 141.6 | ||||||
Purchase of noncontrolling interests in subsidiary | (26.1) | (13.6) | (12.5) | |||||
Other comprehensive income (loss) | 8.4 | 8.4 | ||||||
Net income (loss) | 104.2 | 54 | 50.2 | |||||
Balance at Dec. 31, 2017 | 6,756 | $ 0.2 | 6,302.8 | (77.2) | (29.9) | $ (35.6) | 595.7 | 216.5 |
Balance (in shares) at Dec. 31, 2017 | 217,567,000 | 586 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Impact of accounting standard adoption | 5.2 | 5.2 | (5.2) | |||||
Compensation on equity grants | 56.3 | 56.3 | ||||||
Distribution equivalent rights | (13.7) | (13.7) | ||||||
Shares issued under compensation program (in shares) | 401,000 | |||||||
Shares and units tendered for tax withholding obligations | (4) | $ (4) | ||||||
Shares and units tendered for tax withholding obligations (in shares) | (80,000) | 80 | ||||||
Issuance of common stock | 683.5 | 683.5 | ||||||
Issuance of common stock (in shares) | 13,844,000 | |||||||
Exercise of warrants - shares settled | 59,000 | |||||||
Series A Preferred Stock dividends | ||||||||
Preferred stock dividends | (91.7) | (91.7) | ||||||
Dividends in excess of retained earnings | (31.7) | 31.7 | ||||||
Deemed dividends - accretion of beneficial conversion feature | (29.2) | (29.2) | 29.2 | |||||
Common stock dividends | ||||||||
Common stock dividends | (813.1) | (813.1) | ||||||
Dividends in excess of retained earnings | (813.1) | 813.1 | ||||||
Distributions to noncontrolling interests | (82) | (82) | ||||||
Contributions from noncontrolling interests | 817.9 | 817.9 | ||||||
Acquisition of related party | 1.1 | 1.1 | ||||||
Purchase of noncontrolling interests in subsidiary | (0.1) | (0.1) | ||||||
Other comprehensive income (loss) | 129.4 | 129.4 | ||||||
Net income (loss) | 60.4 | 1.6 | 58.8 | |||||
Balance at Dec. 31, 2018 | 7,470.8 | $ 0.2 | 6,154.9 | (130.4) | 94.3 | $ (39.6) | 1,391.4 | |
Balance (in shares) at Dec. 31, 2018 | 231,791,000 | 666,000 | ||||||
Series A Preferred Stock at Dec. 31, 2018 | 245.7 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Compensation on equity grants | 60.3 | 60.3 | ||||||
Distribution equivalent rights | (14.2) | (14.2) | ||||||
Shares issued under compensation program (in shares) | 1,397,000 | |||||||
Shares and units tendered for tax withholding obligations | (13.9) | $ (13.9) | ||||||
Shares and units tendered for tax withholding obligations (in shares) | (344,000) | 344,000 | ||||||
Series A Preferred Stock dividends | ||||||||
Preferred stock dividends | (91.7) | (91.7) | ||||||
Dividends in excess of retained earnings | (91.7) | 91.7 | ||||||
Deemed dividends - accretion of beneficial conversion feature | (33.1) | (33.1) | 33.1 | |||||
Common stock dividends | ||||||||
Common stock dividends | (846.8) | (846.8) | ||||||
Dividends in excess of retained earnings | (846.8) | 846.8 | ||||||
Distributions to noncontrolling interests | (294.7) | (294.7) | ||||||
Contributions from noncontrolling interests | 555.3 | 555.3 | ||||||
Sale of ownership interest in subsidiaries, net | 1,611.5 | (8.2) | 1,619.7 | |||||
Other comprehensive income (loss) | (1.8) | (1.8) | ||||||
Net income (loss) | 41.2 | (209.2) | 250.4 | |||||
Balance at Dec. 31, 2019 | $ 8,442.9 | $ 0.2 | $ 5,221.2 | $ (339.6) | $ 92.5 | $ (53.5) | $ 3,522.1 | |
Balance (in shares) at Dec. 31, 2019 | 232,844,000 | 1,010,000 | ||||||
Series A Preferred Stock at Dec. 31, 2019 | $ 278.8 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY AND SERIES A PREFERRED STOCK (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||
Preferred stock dividends, per share | $ 95 | $ 95 | $ 95 |
Common stock dividends, per share | $ 3.64 | $ 3.64 | $ 3.64 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income (loss) | $ 41,200,000 | $ 60,400,000 | $ 104,200,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Amortization in interest expense | 10,300,000 | 10,800,000 | 11,500,000 |
Compensation on equity grants | 60,300,000 | 56,300,000 | 42,300,000 |
Depreciation and amortization expense | 971,600,000 | 815,900,000 | 809,500,000 |
Impairment of property, plant and equipment | 243,200,000 | 378,000,000 | |
Impairment of goodwill | 0 | 210,000,000 | |
Accretion of asset retirement obligations | 4,700,000 | 3,700,000 | 3,900,000 |
Increase (decrease) in redemption value of mandatorily redeemable preferred interests | (72,100,000) | (72,100,000) | 3,300,000 |
Deferred income tax expense (benefit) | (87,900,000) | 5,500,000 | (392,700,000) |
Equity (earnings) loss of unconsolidated affiliates | (39,000,000) | (7,300,000) | 17,000,000 |
Distributions of earnings received from unconsolidated affiliates | 49,600,000 | 20,800,000 | 12,500,000 |
Risk management activities | 112,800,000 | 9,800,000 | 10,000,000 |
(Gain) loss on sale or disposition of business and assets | 71,100,000 | (100,000) | 15,900,000 |
(Gain) loss from financing activities | 1,400,000 | 2,000,000 | 16,800,000 |
(Gain) loss from sale of equity-method investment | (69,300,000) | ||
Change in contingent considerations | 8,700,000 | (8,800,000) | (99,600,000) |
Changes in operating assets and liabilities, net of business acquisitions: | |||
Receivables and other assets | (24,700,000) | (6,200,000) | (20,100,000) |
Inventories | (45,000,000) | (13,900,000) | (73,200,000) |
Accounts payable and other liabilities | 80,800,000 | 57,200,000 | 100,200,000 |
Net cash provided by operating activities | 1,389,800,000 | 1,144,000,000 | 939,500,000 |
Cash flows from investing activities | |||
Outlays for property, plant and equipment | (2,877,800,000) | (3,114,800,000) | (1,297,500,000) |
Outlays for business acquisition, net of cash acquired | (570,800,000) | ||
Proceeds from sale of business and assets | 14,800,000 | 256,900,000 | 2,700,000 |
Investments in unconsolidated affiliates | (266,800,000) | (282,000,000) | (9,500,000) |
Proceeds from sale of equity-method investment | 70,300,000 | ||
Return of capital from unconsolidated affiliates | 3,500,000 | 5,500,000 | 200,000 |
Other, net | (15,900,000) | (12,500,000) | (17,800,000) |
Net cash used in investing activities | (3,071,900,000) | (3,146,900,000) | (1,892,700,000) |
Debt obligations: | |||
Proceeds from borrowings under credit facilities | 3,100,000,000 | 2,235,000,000 | 2,701,000,000 |
Repayments of credit facilities | (3,800,000,000) | (1,555,000,000) | (2,671,000,000) |
Proceeds from borrowings under accounts receivable securitization facility | 944,200,000 | 546,600,000 | 666,600,000 |
Repayments of accounts receivable securitization facility | (854,200,000) | (616,600,000) | (591,600,000) |
Proceeds from issuance of senior notes and term loan | 2,500,000,000 | 1,000,000,000 | 750,000,000 |
Redemption of senior notes and term loan | (749,400,000) | (698,100,000) | |
Principal payments of finance leases | (11,500,000) | ||
Proceeds from issuance of common stock | 689,000,000 | 1,660,400,000 | |
Costs incurred in connection with financing arrangements | (35,500,000) | (24,700,000) | (23,500,000) |
Payment of contingent consideration | (317,100,000) | ||
Repurchase of shares and units under compensation plans | (13,900,000) | (4,000,000) | (3,400,000) |
Sale of ownership interests in subsidiaries | 1,619,700,000 | ||
Purchase of noncontrolling interests in subsidiary | (100,000) | (12,500,000) | |
Contributions from noncontrolling interests | 555,300,000 | 817,900,000 | 141,600,000 |
Distributions to noncontrolling interests | (191,700,000) | (70,700,000) | (48,100,000) |
Distributions to Partnership unitholders | (11,300,000) | (11,300,000) | (11,300,000) |
Dividends paid to common and Series A preferred shareholders | (953,500,000) | (908,300,000) | (843,200,000) |
Net cash provided by financing activities | 1,781,100,000 | 2,097,800,000 | 1,016,900,000 |
Net change in cash and cash equivalents | 99,000,000 | 94,900,000 | 63,700,000 |
Cash and cash equivalents, beginning of period | 232,100,000 | 137,200,000 | 73,500,000 |
Cash and cash equivalents, end of period | $ 331,100,000 | $ 232,100,000 | $ 137,200,000 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2019 | |
Organization [Abstract] | |
Organization and Operations | Note 1 — Organization and Operations Our Organization Targa Resources Corp. (“TRC”) is a publicly traded Delaware corporation formed in October 2005. Our common stock is listed on the New York Stock Exchange under the symbol “TRGP.” In this Annual Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company” or “Targa” are intended to mean our consolidated business and operations. TRC is the parent company of Targa Resources Partners LP, referred to herein as the “Partnership” or “TRP.” Our Operations The Company is primarily engaged in the business of: • gathering, compressing, treating, processing, transporting and selling natural gas; • transporting, storing, fractionating, treating and selling NGLs and NGL products, including services to LPG exporters; and • gathering, storing, terminaling and selling crude oil. See Note 28 – Segment Information for certain financial information regarding our business segments. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 2 — Basis of Presentation These accompanying financial statements and related notes present our consolidated financial position as of December 31, 2019 and 2018, and the results of operations, comprehensive income, cash flows, and changes in owners’ equity for the years ended December 31, 2019, 2018 and 2017. We have prepared these consolidated financial statements in accordance with GAAP. 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3 — Significant Accounting Policies Consolidation Policy Our consolidated financial statements include the accounts of all entities that we control and our proportionate interest in the accounts of certain gas gathering and processing facilities in which we own an undivided interest and are responsible for our proportionate share of the costs and expenses of the facilities. Third party ownership interests in our controlled subsidiaries are presented as noncontrolling interests within the equity section of our Consolidated Balance Sheets. In our Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income, noncontrolling interests reflects the attribution of results to third-party investors. All intercompany balances and transactions have been eliminated in consolidation. We apply the equity method of accounting to investments over which we exercise significant influence over the operating and financial policies of our investee, but do not exercise control. We evaluate our equity investments for impairment when evidence indicates the carrying amount of our investment is no longer recoverable. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the equity method investee to sustain an earnings capacity that would justify the carrying amount of the investment. When the estimated fair value of an equity investment is less than its carrying value and the loss in value is determined to be other than temporary, we recognize the excess of the carrying value over the estimated fair value as an impairment loss within equity earnings (loss) in our Consolidated Statements of Operations. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Estimates and judgments are based on information available at the time such estimates and judgments are made . among other things, (1) estimating unbilled revenues, product purchases and operating and general and administrative cost accruals, (2) developing fair value assumptions, including estimates of future cash flows and discount rates, (3) analyzing long-lived assets for possible impairment, (4) estimating the useful lives of assets, (5) estimating contingencies, guarantees and indemnifications and (6) estimating redemption value of mandatorily redeemable preferred interests. Cash and Cash Equivalents Cash and cash equivalents include all cash on hand, demand deposits, and short-term, highly liquid investments that are readily convertible into cash, and have original maturities of three months or less. Allowance for Doubtful Accounts Estimated losses on accounts receivable are provided through an allowance for doubtful accounts. In evaluating the adequacy of the allowance, we make judgments regarding each party’s ability and history of making required payments, economic events and other factors. We assess the need for adjustments to our allowance when the financial condition of any party changes or additional information becomes available. Inventories Our inventories consist primarily of NGL product inventories, which are valued at the lower of cost or net realizable value, using the average cost method. Most NGL product inventories turn over monthly, but some inventory, primarily propane, is acquired and held during the year to meet anticipated heating season requirements of our customers. Commodity inventories that are not physically or contractually available for sale under normal operations (“deadstock”) are included in Property, Plant and Equipment. Product Exchanges Exchanges of NGL products are executed to satisfy timing and logistical needs of the exchange parties. Volumes received and delivered under exchange agreements are recorded as inventory. If the locations of receipt and delivery are in different markets, an exchange differential may be billed or owed. The exchange differential is recorded as either accounts receivable or accrued liabilities. Gas Processing Imbalances Quantities of natural gas and/or NGLs over-delivered or under-delivered, related to certain gas plant operational balancing agreements, are recorded monthly as inventory or as a payable using the weighted average price at the time the imbalance was created. Inventory imbalances receivable are valued at the lower of cost or net realizable value using the average cost method; inventory imbalances payable are valued at replacement cost. These imbalances are settled either by current cash-out settlements or by adjusting future receipts or deliveries of natural gas or NGLs. Derivative Instruments We utilize derivative instruments to manage the volatility of our cash flows due to fluctuating energy commodity prices. For balance sheet classification purposes, we analyze the fair values of the derivative instruments on a contract by contract basis and report the related fair values and any related collateral by counterparty on a gross basis. Cash flows from derivative instruments designated as hedges are recognized in the same financial statement line item as the cash flows from the respective item being hedged. We formally document all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge. This documentation includes the specific identification of the hedging instrument and the hedged item, the nature of the risk being hedged and the manner in which the hedging instrument’s effectiveness will be assessed. At the inception of the hedge and on an ongoing basis, we assess whether the We record all derivative instruments at fair value with the exception of those that we apply the normal purchases and normal sales election. The table below summarizes the accounting treatment for our derivative instruments, and the impact on our consolidated financial statements: Recognition and Measurement Derivative Treatment Balance Sheet Income Statement Normal Purchases and Normal Sales Fair value not recorded Earnings recognized when volumes are physically delivered or received Mark-to-Market Recorded at fair value Change in fair value recognized currently in earnings Cash Flow Hedge Recorded at fair value with changes in fair value deferred in Accumulated Other Comprehensive Income ("AOCI") The gain/loss on the derivative instrument is reclassified out of AOCI into earnings when the forecasted transaction occurs We will discontinue hedge accounting on a prospective basis when a hedge instrument is terminated, ceases to be highly effective or the forecasted transaction is no longer probable to occur. Property, Plant and Equipment Property, plant and equipment is recorded at acquisition cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The determination of the useful lives of property, plant and equipment requires us to make various assumptions, including our expected use of the asset and the supply of and demand for hydrocarbons in the markets served, normal wear and tear of the facilities, and the extent and frequency of maintenance programs. Upon disposition or retirement of property, plant and equipment, any gain or loss is recorded to operations. Expenditures for routine maintenance and repairs are expensed as incurred. Expenditures to refurbish an asset that increases its existing service potential or prevents environmental contamination are capitalized and depreciated over the remaining useful life of the asset or major asset component. Certain costs directly related to the construction of assets, including internal labor costs, interest and engineering costs, are capitalized. Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events or changes in circumstances indicate our carrying amount of an asset may not be recoverable. Asset recoverability is measured by comparing the carrying value of the asset or asset group with its expected future pre-tax undiscounted cash flows. If the carrying amount exceeds the expected future undiscounted cash flows, we recognize an impairment equal to the excess of net book value over fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. The determination of the fair value using present value techniques requires us to make projections and assumptions regarding the probability of a range of outcomes and the rates of interest used in the present value calculations. Any changes we make to these projections and assumptions could result in significant revisions to our evaluation of recoverability of our long-lived assets and the recognition of additional impairments. Goodwill Goodwill is a residual intangible asset that results when the cost of an acquisition exceeds the fair value of the net identifiable assets of the acquired business. Goodwill is not subject to amortization but is tested for impairment at least annually. This test requires us to attribute goodwill to an appropriate reporting unit, which is an operating segment or one level below an operating segment (also known as a component). We evaluate goodwill for impairment on November 30 of each year, or whenever impairment indicators are present. Prior to us conducting the goodwill impairment test, we complete a review of the carrying values of our long-lived assets, including property, plant and equipment and other intangible assets. If it is determined that the carrying values are not recoverable, we reduce the carrying values of the long-lived assets pursuant to our policy on property, plant and equipment. As part of our goodwill impairment test, we may first assess qualitative factors to determine if the quantitative goodwill impairment test is necessary. If we choose to bypass this qualitative assessment or determine that a goodwill impairment test is required, our annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount (including attributed goodwill). We recognize an impairment loss in our Consolidated Statements of Operations and a corresponding reduction of goodwill on our Consolidated Balance Sheets for the amount by which the carrying amount exceeds the reporting unit’s fair value. The goodwill impairment loss will not exceed the total amount of goodwill allocated to that reporting unit. Additionally, when measuring goodwill, we consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit, if applicable . Intangible Assets Our intangible assets include producer dedications under long-term contracts and customer relationships associated with business and asset acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. We amortize the costs of our assets in a manner that closely resembles the expected benefit pattern of the intangible assets or on a straight-line basis, where such pattern is not readily determinable, over the periods in which we benefit from services provided to customers. Asset Retirement Obligations Asset retirement obligations (“AROs”) are legal obligations associated with the retirement of tangible long-lived assets that result from their acquisition, construction, development and/or normal operation. We record a liability and increase the basis in the underlying asset for the present value of each expected asset retirement obligation (“ARO”) when there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction. Our obligations are estimated based on discounted cash flow estimates. Over time, the ARO liability is accreted to its present value as a period cost and the capitalized amount is depreciated over the asset’s respective useful life. At least annually, we review the projected timing and amount of asset retirement obligations and reflect revisions as an increase or decrease in the carrying amount of the liability and the basis in the underlying asset. Upon settlement, we will recognize any difference between the recorded amount and the actual settlement cost as a gain or loss. Debt Issuance Costs Costs incurred in connection with the issuance of long-term debt and any original issue discount or premium are deferred and charged to interest expense over the term of the related debt. Debt issuance costs related to revolving credit facilities are presented as other long-term assets, and debt issuance costs related to long-term debt obligations with scheduled maturities are reflected as a deduction to the carrying amount of long-term debt on the Consolidated Balance Sheets. Gains or losses on debt repurchases, redemptions and debt extinguishments include any associated unamortized debt issuance costs. Accounts Receivable Securitization Facility Proceeds from the sale or contribution of certain receivables under the Partnership’s accounts receivable securitization facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. Proceeds and repayments under the Securitization Facility are reflected as cash flows from financing activities in our Consolidated Statements of Cash Flows. Environmental Liabilities and Other Loss Contingencies We accrue a liability for loss contingencies, including environmental remediation costs arising from claims, assessments, litigation, fines, penalties and other sources, when the loss is probable and reasonably estimable. Income Taxes We file many income tax returns with the United States Department of the Treasury, as well as numerous states. We are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax payable and related tax expense, together with assessing temporary differences resulting from differing treatment of certain items, such as depreciation, for tax and accounting purposes. These differences can result in deferred tax assets and liabilities, which are reported on a net basis by jurisdiction within our Consolidated Balance Sheets. We report these timing differences based on statutory tax rates applicable to the scheduled timing difference reversal periods. We assess the likelihood that we will recover our deferred tax assets from future taxable income. We establish a valuation allowance if we believe that it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. Any change in the valuation allowance would impact our income tax provision and net income in the period in which such a determination is made. We consider all available evidence to determine whether, based on the weight of the evidence, we need a valuation allowance. Evidence used includes information about our current financial position and our results of operations for the current and preceding years, as well as all currently available information about future years, including our anticipated future performance, the reversal of deferred tax liabilities and tax planning strategies . Dividends Preferred and Common dividends declared are recorded as a reduction of retained earnings to the extent that retained earnings was available at the close of the prior quarter, with any excess recorded as a reduction of additional paid-in capital. Mandatorily Redeemable Preferred Interests Mandatorily redeemable preferred interests are included in other long-term liabilities on our Consolidated Balance Sheets. Mandatorily redeemable preferred interests with multiple or indeterminate redemption dates are reported at their estimated redemption value as of the reporting date. This point-in-time value does not represent the amount that ultimately would be redeemed in the future. Changes in the redemption value are included in interest expense, net in our Consolidated Statements of Operations. Comprehensive Income Comprehensive income includes net income and other comprehensive income (“OCI”), which includes changes in the fair value of derivative instruments that are designated as cash flow hedges. Revenue Recognition Our operating revenues are primarily derived from the following activities: • sales of natural gas, NGLs, condensate and crude oil; • services related to compressing, gathering, treating, and processing of natural gas; and • services related to NGL fractionation, terminaling and storage, transportation and treating. We have multiple types of contracts with commercial counterparties and many of these may result in cash inflows to Targa due to the structure of settlement provisions with embedded fees. The commercial relationship of the counterparty in such contracts is inherently one of a supplier, rather than a customer, and therefore, such contracts are excluded from the provisions of the revenue recognition guidance in Topic 606. Any cash inflows or fees that are realized on these supply type contracts are reported as a reduction of Product purchases. Our revenues, therefore, are measured based on consideration specified in a contract with parties designated as customers. We recognize revenue when we satisfy a performance obligation by transferring control over a commodity or service to a customer. Sales and other taxes we collect, that are both imposed on and concurrent with revenue-producing activities, are excluded from revenues. We generally report sales revenues on a gross basis in our Consolidated Statements of Operations, as we typically act as the principal in the transactions where we receive and control commodities. However, buy-sell transactions that involve purchases and sales of inventory with the same counterparty, which are legally contingent or in contemplation of one another, as well as other instances where we do not control the commodities, but rather are acting as an agent to the supplier, are reported as a single revenue transaction on a combined net basis. Our commodity sales contracts typically contain multiple performance obligations, whereby each distinct unit of commodity to be transferred to the customer is a separate performance obligation. Under such contracts, revenue is recognized at the point in time each unit is transferred to the customer because the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the commodity at that time. In certain instances, it may be determinable that the customer receives and consumes the benefits of each unit as it is transferred. Under such contracts, we have a single performance obligation comprised of a series of distinct units of commodity; and in such instance, revenue is recognized over time using the units delivered output method, as each distinct unit is transferred to the customer. Our commodity sales contracts are typically priced at a market index, but may also be set at a fixed price. When our sales are priced at a market index, we apply the allocation exception for variable consideration and allocate the market price to each distinct unit when it is transferred to the customer. The fixed price in our commodity sales contracts generally represents the standalone selling price, and therefore, when each distinct unit is transferred to the customer, we recognize revenue at the fixed price. Our service contracts typically contain a single performance obligation. The underlying activities performed by us are considered inputs to an integrated service and not separable because such activities in combination are required to successfully transfer the single overall service that the customer has contracted for and expects to receive. Therefore, the underlying activities in such contracts are not considered to be distinct services. However, in certain instances, the customer may contract for additional distinct services and therefore additional performance obligations may exist. In such instances, the transaction price is allocated to the multiple performance obligations based on their relative standalone selling prices. The performance obligation(s) in our service contracts is a series of distinct days of the applicable service over the life of the contract (fundamentally a stand-ready service), whereby we recognize revenue over time using an output method of progress based on the passage of time (i.e., each day of service). This output method is appropriate because it directly relates to the value of service transferred to the customer to date, relative to the remaining days of service promised under the contract. The transaction price for our service contracts is typically comprised of variable consideration, which is primarily dependent on the volume and composition of the commodities delivered and serviced. The variable consideration is generally commensurate with our efforts to perform the service and the terms of the variable payments relate specifically to our efforts to satisfy each day of distinct service. Therefore, the variable consideration is typically not estimated at contract inception, but rather the allocation exception for variable consideration is applied, whereby the variable consideration is allocated to each day of service and recognized as revenue when each day of service is provided. When we are entitled to noncash consideration in the form of commodities, the variability related to the form of consideration (market price) and reasons other than form (volume and composition) are interrelated to the service, and therefore, we measure the noncash consideration at the point in time when the volume, mix and market price related to the commodities retained in-kind are known. This results in the recognition of revenue based on the market price of the commodity when the service is performed. In addition, if the transaction price includes a fixed component (i.e., a fixed capacity reservation fee), the fixed component is recognized ratably on a straight line basis over the contract term, as each day of service has elapsed, which is consistent with the output method of progress selected for the performance obligation. Our customers are typically billed on a monthly basis, or earlier, if final delivery and sale of commodities is made prior to month-end, and payment is typically due within 10 to 30 days. As a practical matter, we define the unit of account for revenue recognition purposes based on the passage of time ranging from one month to one quarter, rather than each day. This is because the financial reporting outcome is the same regardless of whether each day or month/quarter is treated as the distinct service in the series. That is, at the end of each month or quarter, the variability associated with the amount of consideration for which we are entitled to, is resolved, and can be included in that month or quarter’s revenue. We have certain long-term contractual arrangements under which we have received consideration, but for which all conditions for revenue recognition have not been met. These arrangements result in deferred revenue, which will be recognized over the periods that performance will be provided. Significant Judgments Certain provisions of our service contracts (i.e., tiered price structures) require further assessment to determine if the allocation exception for variable consideration is met. If the allocation exception is not met, we estimate the total consideration that we expect to be entitled to for the applicable term of the contract, based on projections of future activity. In such instance, revenue is recognized using an output method of progress based on the volume of commodities serviced during the reporting period. Our estimate of total consideration is reassessed each reporting period until contract completion. For contracts with minimum volume commitments, we generally expect the customer to meet the commitment. However, such contracts are reassessed throughout the term of the commitment, and if we no longer expect the customer to meet the commitment, the allocation exception for variable consideration would not be met. That is, from that point onwards, an allocation based on the applicable fee applied to the volumes serviced does not depict the amount of consideration which we expect to be entitled to, in exchange for the service. In such instance, revenue will be recognized up to the minimum volume commitment in proportion to the days of service elapsed and the remaining duration of the commitment. Contract Assets We classify our contract assets as receivables because we generally have an unconditional right to payment for the commodities sold or services performed at the end of reporting period. Share-Based Compensation We award share-based compensation to employees, directors and non-management directors in the form of restricted stock, restricted stock units and performance share units. Compensation expense on our equity-classified awards is recorded at grant-date fair value. Compensation expense on liability-classified awards is initially recorded at grant-date fair value, and re-measured subsequently at each reporting date through the settlement period. Compensation expense is recognized in general and administrative expense over the requisite service period of each award, and forfeitures are recognized as they occur. We may withhold shares to satisfy employees’ tax withholding obligations on vested awards. The withheld shares are recorded in treasury stock, at cost. Cash paid when directly withholding shares for tax-withholding purposes is classified as a financing activity on the statement of cash flows. All excess tax benefits and tax deficiencies related to share-based compensation are recognized as income tax benefit or expense in the income statement, with the tax effects of exercised or vested awards treated as discrete items in the reporting period which they occur. Excess tax benefits are classified as an operating activity. Earnings per Share Basic earnings (loss) per common share (“EPS”) is based on the sum of the weighted-average number of common shares outstanding and vested restricted stock, restricted stock units and performance share units. Diluted EPS includes any dilutive effect of preferred stock, unvested restricted stock, restricted stock units and performance share units. The dilutive effect is calculated through the application of i) the if-converted method for convertible preferred stock, and ii) the treasury stock method for unvested stock awards. Recent Accounting Pronouncements Recently adopted accounting pronouncements Leases In February 2016 Financial Accounting Standards Board Accounting Standards Update (“ASU”) Leases supersede (net of $16.3 million of lease incentives/deferred rent) • The package for transition relief, which among other things, allows us to carry forward our historical lease classification; • The land easements transition, which allows us to carry forward our historical accounting treatment for land easements prior to the effective date of the new leases standard, and evaluate only new or modified land easements on or after January 1, 2019 under Topic 842; • The short-term lease election, which allows us to elect not to record leases with an initial term of twelve months or less, for all asset classes; • The election to not separate non-lease components from lease components for all the asset classes in our current lease portfolio, where Targa is the lessee; and • The election to not separate non-lease components from lease components for gathering, processing and storage assets, where Targa is the lessor. Based on our election, we determined the non-lease component in certain of these arrangements is the predominant component and therefore account for the arrangements under ASC 606. We recognize the following for all leases (with the exception of short-term leases) at the commencement date: • A lease liability, which is a lessee’s obligation to make lease payments arising from a lease. • A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. We determine if an arrangement is or contains a lease at inception. Leases with an initial term of twelve months or less are considered short-term leases, which are excluded from the balance sheet. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of future lease payments over the lease term. The right-of-use asset also includes any lease prepayments and excludes lease incentives. As most of the Company’s leases do not provide an implicit interest rate, we use our incremental borrowing rate as the discount rate to compute the present value of our lease liability. The discount rate applied is determined based on information available on the date of adoption for all leases existing as of that date, and on the date of lease commencement for all subsequent leases. Our lease arrangements may include variable lease payments based on an index or market rate , or may be based on performance. For variable lease payments based on an index or market rate, we estimate and apply a rate based on information available at the commencement date. Variable lease payments based on performance are excluded from the calculation of the right-of-use asset and lease liability, and are recognized in our Consolidated Statements of Operations when the contingency underlying such variable lease payments is resolved. Our lease terms may include options to extend or terminate the lease. Such options are included in the measurement of our right-of-use asset and liability, provided we determine that we are reasonably certain to exercise the option. See Note 12 – Leases for additional details |
Joint Ventures, Acquisitions an
Joint Ventures, Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Joint Ventures, Acquisitions and Divestitures | Note 4 – Joint Ventures, Acquisitions and Divestitures Joint Ventures Grand Prix Joint Venture In May 2017, we announced plans to construct the Grand Prix pipeline (“Grand Prix”) , a new common carrier NGL pipeline Grand Prix transports NGLs from the Permian Basin, North Texas, and Southern Oklahoma to our fractionation and storage complex in the NGL market hub at Mont Belvieu, Texas . In September 2017, we sold a 25% interest in our consolidated subsidiary, Grand Prix Pipeline LLC (the “Grand Prix Joint Venture”), which owns the portion of Grand Prix extending from the Permian Basin to Mont Belvieu, Texas, Grand Prix Joint Venture is included in our Logistics and Transportation segment. Grand Prix is comprised of three primary segments: • Permian Basin Segment – Connects our Gathering and Processing positions (as well as third-party positions) throughout the Delaware and Midland Basins to North Texas. • Southern Oklahoma Extension – Connects our SouthOK and North Texas Gathering and Processing positions (as well as third-party positions) to our North Texas to Mont Belvieu Segment. • North Texas to Mont Belvieu Segment – The Permian Basin Segment and Southern Oklahoma Extension connect to a 30-inch diameter pipeline segment in North Texas, which connects Permian, North Texas and Oklahoma volumes to Mont Belvieu. Grand Prix volumes flowing on the pipeline from the Permian Basin to Mont Belvieu are included in Grand Prix Joint Venture, while the volumes flowing from North Texas and Oklahoma to Mont Belvieu accrue solely to Targa’s benefit. Cayenne In July 2017, we entered into the Cayenne Pipeline, LLC joint venture (“Cayenne with American Midstream LLC to convert an existing 62-mile gas pipeline to an NGL pipeline connecting the VESCO plant in Venice, Louisiana to the Enterprise Products Operating LLC (“Enterprise”) pipeline at Toca, Louisiana, for delivery to Enterprise’s Norco Fractionator. We own a 50% interest in Cayenne See Note 8 – Investments in Unconsolidated Affiliates for activity related to Cayenne. Gulf Coast Express Joint Venture In December 2017, we entered into definitive joint venture agreements to form Gulf Coast Express Pipeline LLC (“GCX”) with Kinder Morgan Texas Pipeline LLC (“KMTP”) and DCP Midstream Partners, LP (“DCP”) for the purpose of developing the Gulf Coast Express Pipeline (“GCX Pipeline”), a natural gas pipeline from the Waha hub, including direct connections to the tailgate of many of our Midland Basin processing facilities, to Agua Dulce in South Texas. Targa GCX Pipeline LLC (“ GCX DevCo JV”) Infrastructure Partners (“Stonepeak”) See Note 8 – Investments in Unconsolidated Affiliates for activity related to GCX. Little Missouri 4 Joint Venture In January 2018, we formed a 50/50 joint venture in Little Missouri 4 LLC (“Little Missouri 4”) with Hess Midstream Partners LP to construct a new 200 MMcf/d natural gas processing plant (“LM4 Plant”) at Targa’s existing Little Missouri facility. Little Missouri 4 began operations in the third quarter of 2019. Targa is the operator of the LM4 Plant. See Note 8 – Investments in Unconsolidated Affiliates for activity related to Little Missouri 4. DevCo Joint Ventures In February 2018 , we formed three development joint ventures (“DevCo JVs”) with investment vehicles affiliated with Stonepeak to fund portions of Grand Prix, GCX and an approximately 100 MBbl/d fractionator in Mont Belvieu, Texas (“Train 6”). Stonepeak owns a 95% interest in the Grand Prix DevCo JV, which owns a 20% interest in the Grand Prix Joint Venture (which does not include the extensions into Southern Oklahoma and Central Oklahoma) . Stonepeak owns an 80% interest in both DevCo JV, which owns our 25% interest in GCX , and Targa Train 6 LLC (“Train 6 DevCo JV”), which owns a 100% interest in the fractionation train. The Train 6 DevCo JV does not include certain fractionation-related infrastructure such as brine and storage, which were funded and are owned 100% by us. We hold the remaining interests in the DevCo JVs as well as control the management and operation of Grand Prix and Train 6. The following diagram displays the ownership structure of the DevCo JVs: For a four-year period beginning on the date that all three projects commenced commercial operations, we have the option to acquire all or part of Stonepeak’s interests in the DevCo JVs. We may acquire up to 50% of Stonepeak’s invested capital in multiple increments with a minimum of $100 million, and Stonepeak’s remaining 50% interest in a single final purchase. The purchase price payable for such partial or full interests is based on a predetermined fixed return or multiple on invested capital, including distributions received by Stonepeak from the DevCo JVs. Targa controls the management of the DevCo JVs unless and until Targa declines to exercise its option to acquire Stonepeak's interests. Train 6 began operations in the second quarter of 2019. Grand Prix began full service in the third quarter of 2019. X Pipeline was placed in service late in the third quarter of 2019. We . We continue to account for the Grand Prix Joint Venture on a consolidated basis in o an equity method investment as disclosed in Note 8 – Investments in Unconsolidated Affiliates. Carnero Joint Venture In May 2018, Sanchez Midstream Partners LP and we merged our respective 50% interests in the Carnero gathering and Carnero processing joint ventures, which own the high-pressure Carnero gathering line and Raptor natural gas processing plant, to form an expanded 50/50 joint venture in South Texas (the “Carnero Joint Venture”). We operate the gas gathering and processing facilities in the joint venture. The Carnero Joint Venture is a consolidated subsidiary and its financial results are presented on a gross basis in our reported financials. Acquisitions Permian Acquisition On March 1, 2017, we completed the purchase of 100% of the membership interests of Outrigger Delaware Operating, LLC, Outrigger Southern Delaware Operating, LLC (together “New Delaware”) and Outrigger Midland Operating, LLC (“New Midland” and together with New Delaware, the “Permian Acquisition”). We paid $484.1 million in cash at closing on March 1, 2017, and paid an additional $90.0 million in cash on May 30, 2017 (collectively, the “initial purchase price”). Subject to certain performance-linked measures and other conditions, additional cash of up to $935.0 million could have been payable to the sellers of New Delaware and New Midland in potential earn-out payments. The first earn-out payment was due in May 2018 and expired with no required payment. The second earn-out payment was based on a multiple of realized gross margin through February 28, 2019 and resulted in a $317.1 million final payment made in May 2019. The cash portion of the acquisition was funded primarily through the January 2017 public offering of 9,200,000 shares of common stock (including the shares sold pursuant to the underwriters’ overallotment option) at a price to the public of $57.65, providing net proceeds of $524.2 million. Since March 1, 2017, financial and statistical data of New Delaware and New Midland have been included in Permian Delaware operations. The acquired businesses, which contributed revenues of $127.9 million and a net loss of $19.8 million to us for the period from March 1, 2017 to December 31, 2017, are included in our Gathering and Processing segment. As of December 31, 2017, we had incurred $5.6 million of acquisition-related costs. These expenses are included in Other expense in our Consolidated Statements of Operations for the year ended December 31, 2017. Pro Forma Impact of Permian Acquisition on Consolidated Statements of Operations The following summarized unaudited pro forma Consolidated Statements of Operations information for the year ended December 31, 2017 assumes that the Permian Acquisition occurred as of January 1, 2016. We prepared the following summarized unaudited pro forma financial results for comparative purposes only. The summarized unaudited pro forma information may not be indicative of the results that would have occurred had we completed this acquisition as of January 1, 2016, or that would be attained in the future. December 31, 2017 Pro Forma Revenues $ 8,829.0 Net income (loss) 103.2 The pro forma consolidated results of operations amounts have been calculated after applying our accounting policies, and making the following adjustments to the unaudited results of the acquired businesses for the periods indicated: • Reflect the amortization expense resulting from the fair value of intangible assets recognized as part of the Permian Acquisition. • Reflect the change in depreciation expense resulting from the difference between the historical balances of the Permian Acquisition’s property, plant and equipment, net, and the fair value of property, plant and equipment acquired. • Exclude $5.6 million of acquisition-related costs incurred as of December 31, 2017 from pro forma net income for the year ended December 31, 2017. • Reflect the income tax effects of the above pro forma adjustments. The initial fair value of the acquired New Delaware and New Midland assets included $570.8 million cash paid, net of $3.3 million cash acquired, and contingent consideration valued at $416.3 million as of the acquisition date. We accounted for the Permian Acquisition as an acquisition of a business under purchase accounting rules. The assets acquired and liabilities assumed related to the Permian Acquisition were recorded at their fair values as of the closing date of March 1, 2017. The fair value of the assets acquired and liabilities assumed at the acquisition date is shown below: Fair value determination (final): March 1, 2017 Trade and other current receivables, net $ 6.7 Other current assets 0.6 Property, plant and equipment 255.8 Intangible assets 692.3 Current liabilities (14.1 ) Other long-term liabilities (0.8 ) Total identifiable net assets 940.5 Goodwill 46.6 Total fair value of assets acquired and liabilities assumed $ 987.1 Under the acquisition method of accounting, the assets acquired and liabilities assumed are recognized at their estimated fair values, with any excess of the purchase price over the estimated fair value of the identifiable net assets acquired recorded as goodwill . operational and capital synergies and Contingent Consideration A contingent consideration liability arising from potential earn-out payments in connection with the Permian Acquisition was recognized at its fair value, which was based on inputs that are not observable in the market and therefore represent level 3 inputs (see Note 18 – Fair Value Measurements). We agreed to pay up to an additional $935.0 million in aggregate potential earn-out payments in May 2018 and May 2019. The acquisition date fair value of the potential earn-out payments was recorded within Other long-term liabilities on our Consolidated Balance Sheets. The final earn-out payment of $317.1 million was made in May 2019. As discussed in Note 18 — Fair Value Measurements, changes in the fair value of the liability (that were not accounted for as revisions of the acquisition date fair value) have been included in Other income (expense). Flag City Acquisition and Centrahoma Contributions On May 9, 2017, we purchased all of the equity interests in Flag City Processing Partners, LLC ("FCPP") from Boardwalk Midstream, LLC (“Boardwalk”) and all of the equity interests in FCPP Pipeline, LLC from Boardwalk Field Services, LLC (“BFS”) for a base purchase price of $60.0 million subject to customary closing adjustments. The final adjustment to the base purchase price paid to Boardwalk was an additional $3.6 million. As part of the acquisition (the “Flag City Acquisition”), we acquired a natural gas processing plant with 150 MMcf/d of operating capacity (the “Flag City Plant”) located in Jackson County, Texas; 24 miles of gas gathering pipeline systems and related rights of ways located in Bee and Karnes counties in Texas; 102.1 acres of land surrounding the Flag City Plant; and a limited number of gas supply contracts. In 2017, due to the redirection of the gas processing activities under the Flag City Plant contracts Flag City Plant was decommissioned and its assets were later contributed to Centrahoma Processing, LLC (“Centrahoma”), a consolidated subsidiary and joint venture that we operate, in which we have a 60% ownership interest. The remaining 40% ownership interest in Centrahoma is held by MPLX LP (“MPLX”). In 2018, utilizing the Flag City Plant assets, Centrahoma constructed the Hickory Hills Plant in Hughes County, Oklahoma (the “Hickory Hills Plant”). In October 2018, Targa also contributed the 120 MMcf/d cryogenic Tupelo Plant in Coal County, Oklahoma (the “Tupelo Plant”) to Centrahoma. In conjunction with Targa’s contribution of both the Flag City Plant assets and the Tupelo Plant, MPLX made cash contributions to Centrahoma in order to maintain its 40% ownership interest. We accounted for the Flag City Acquisition as an asset acquisition and capitalized less than $0.1 million of acquisition related costs as a component of the cost of assets acquired, which resulted in an allocation of $52.3 million of property, plant and equipment, $7.7 million of intangible assets for customer contracts and $3.6 million of current assets and liabilities, net. Divestitures Sale of Venice Gathering System, L.L.C. Through our 76.8% ownership interest in Venice Energy Services Company, L.L.C. (“VESCO”), we have operated the Venice Gas Plant and the Venice gathering system. On April 4, 2017, VESCO entered into a purchase and sale agreement with Rosefield Pipeline Company, LLC, an affiliate of Arena Energy, LP, to sell its 100% ownership interests in Venice Gathering System, L.L.C. (“VGS”), a Delaware limited liability company engaged in the business of transporting natural gas in interstate commerce, under authorization granted by and subject to the jurisdiction of the Federal Energy Regulatory Commission (“FERC”), for approximately $0.4 million in cash. Historically, VGS has been reported in our Gathering and Processing segment. After the sale of VGS, we continue to operate the Venice Gas Plant through our ownership in VESCO. As a result of the sale, we recognized a loss of $16.1 million in our Consolidated Statements of Operations for the year ended December 31, 2017 as part of our Other operating (income) expense. Sale of Refined Products and Crude Oil Storage and Terminaling Facilities On September 12, 2018, we executed agreements to sell our Downstream refined products and crude oil storage and terminaling facilities in Tacoma, Washington, and Baltimore, Maryland, to a third party for approximately $165 million. The sale closed on October 31, 2018 and resulted in a loss of $57.5 million included within Other operating income (expense) in our Consolidated Statements of Operations. We used the proceeds to repay debt and to fund a portion of our growth capital program. The sale of these businesses is included in our Logistics and Transportation segment and does not qualify for reporting as discontinued operations as it did not represent a strategic shift that would have a major effect on our operations and financial results. Sale of Interest in Train 7 In February 2019, we announced an extension of the Grand Prix from Southern Oklahoma to the STACK region of Central Oklahoma where it will connect with the Williams Companies, Inc. (“Williams”) Bluestem Pipeline and link the Conway, Kansas, and Mont Belvieu, Texas, NGL markets. In connection with this project, Williams has committed significant volumes to us that we will transport on Grand Prix and fractionate at our Mont Belvieu facilities. Williams also exercised its option to acquire a 20% equity interest in Train 7 and subsequently executed a joint venture agreement with us in the second quarter of 2019. Certain fractionation-related infrastructure for Train 7, including storage caverns and brine handling, will be funded and owned 100% by Targa. We present Train 7 on a consolidated basis in our consolidated financial statements. Sale of Interest in Targa Badlands LLC On April 3, 2019, we closed on the sale of a 45% interest After the seventh anniversary We continue to be the operator of Targa Badlands and hold majority governance rights. As a result, we continue to present Targa Badlands on a consolidated basis in our consolidated financial statements and Blackstone’s contributions are reflected as noncontrolling interests. The sale of interest in Targa Badlands is included in our Gathering and Processing segment. Targa Badlands is a discrete entity and the assets and credit of Targa Badlands are not available to satisfy the debts and other obligations of Targa or its other subsidiaries. Sale of Crude Gathering and Storage Facilities Assets and liabilities held for sale In November 2019, we executed agreements to sell our crude gathering and storage business in Permian Delaware for approximately $134 million. The sale closed on January 22, 2020 and we used the net proceeds to repay debt and to fund a portion of our growth capital program. The adjusted carrying amounts of the assets and liabilities held for sale are as follows: December 31, 2019 Current assets: Trade receivables $ 6.9 Intangible assets, net accumulated amortization and estimated loss on sale 52.1 Goodwill 1.4 Property, plant and equipment, net of accumulated depreciation and estimated loss on sale 77.3 Total assets held for sale $ 137.7 Current liabilities: Accounts payable and accrued liabilities $ 6.2 Other long-term obligations 0.2 Total liabilities held for sale $ 6.4 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5 — Inventories December 31, 2019 December 31, 2018 Commodities $ 156.5 $ 151.1 Materials and supplies 5.0 13.6 $ 161.5 $ 164.7 |
Property, Plant and Equipment a
Property, Plant and Equipment and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment And Intangible Assets [Abstract] | |
Property, Plant and Equipment and Intangible Assets | Note 6 — Property, Plant and Equipment and Intangible Assets Property, Plant and Equipment December 31, 2019 December 31, 2018 Estimated Useful Lives (In Years) Gathering systems $ 8,976.8 $ 7,547.9 5 to 20 Processing and fractionation facilities 5,143.0 4,007.7 5 to 25 Terminaling and storage facilities 1,495.5 1,138.7 5 to 25 Transportation assets 2,292.4 445.1 10 to 50 Other property, plant and equipment 184.1 334.5 3 to 25 Land 159.7 144.3 — Construction in progress 1,576.5 3,602.5 — Finance lease right-of-use assets 48.8 — — Property, plant and equipment 19,876.8 17,220.7 Accumulated depreciation and amortization (5,328.3 ) (4,292.3 ) Property, plant and equipment, net $ 14,548.5 $ 12,928.4 Intangible assets $ 2,643.5 $ 2,736.6 10 to 20 Accumulated amortization (908.5 ) (753.4 ) Intangible assets, net $ 1,735.0 $ 1,983.2 During the preparation of the Company's first quarter 2019 consolidated financial statements, 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 recorded the cumulative impact of the adjustment in the period of identification, resulting in a one-time $12.5 million overstatement of depreciation expense. For each of the years ended December 31, 2019, 2018, and 2017 depreciation expense was $800.0 million, $633.3 million and $621.3 million. Asset Impairments We have recorded non-cash pre-tax impairments during the years ended December 31, 2019 and 2017. The impairments were a result of our assessment that forecasted undiscounted future net cash flows from operations, while positive, will not be sufficient to recover the existing total net book value of the underlying assets. For each analysis, we measured the impairment of property, plant and equipment using discounted estimated future cash flows (“DCF”) including a terminal value (a Level 3 fair value measurement). The future cash flows were based on our estimates of operating and cash flow results, economic obsolescence, the business climate, contractual, legal, and other factors. We took into account current and expected industry and market conditions, including commodity prices and volumetric forecasts. The discount rate used in our DCF analysis was based on a weighted average cost of capital determined from relevant market comparisons. These carrying value adjustments are included in Impairment of property, plant and equipment in our Consolidated Statements of Operations. In the fourth quarter of 2019, we recorded an impairment charge of $225.3 million for the partial impairment of gas processing facilities and gathering systems associated with our North Texas and Coastal operations in our Gathering and Processing segment. Underlying our assessment was the expected continuing decline in natural gas production across the Barnett Shale in North Texas and Gulf of Mexico due to the sustained low commodity price environment. During 2017, we recorded an impairment charge of $378.0 million for the partial impairment of gas processing facilities and gathering systems associated with our North Texas operations in our Gathering and Processing segment. Given the price environment at the time, we projected a continuing decline in natural gas production across the Barnett Shale in North Texas. Write-down of Assets In 2019, we recorded an asset write-down of $17.9 million primarily associated with certain treating units in our Gathering and Processing segment. We wrote down the assets to their recoverable amounts using third party pricing to assess a discounted replacement cost based on the existing condition and location of the units. We consider such input to be a level 2 input in the fair value hierarchy. The write-down of assets is included in Impairment of property, plant and equipment in our Consolidated Statements of Operations. 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. For each of the years ended December 31, 2019, 2018, and 2017 amortization expense for our intangible assets was $171.6 million, $182.6 million and $188.2 million. The estimated annual amortization expense for intangible assets is approximately $159.4 million, $149.5 million, $141.2 million, $136.0 million and $132.2 million for each of the years 2020 through 2024. As of December 31, 2019, the weighted average amortization period for our intangible assets was approximately 14.2 years. The changes in our intangible assets are as follows: December 31, 2019 December 31, 2018 Beginning of period $ 1,983.2 $ 2,165.8 Held for sale assets (76.6 ) — Amortization (171.6 ) (182.6 ) End of period $ 1,735.0 $ 1,983.2 Asset Sales During the second quarter of 2018, we sold our inland marine barge business, which was included in our Logistics and Transportation segment, to a third party for $69.3 million. As a result of the sale, we recognized a gain of $48.1 million in our Consolidated Statements of Operations for the year ended December 31, 2018 as part of Other operating (income) expense. We continue to own and operate two ocean-going barges. During the fourth quarter of 2018, we exchanged a portion of our Versado gathering system, located primarily in Yoakum County, Texas, and Lea County, New Mexico, and associated contracts and assets, with a third party for consideration that includes 1) a gathering system located primarily in Lea County, New Mexico, and associated contracts and assets, 2) an initial cash payment and 3) deferred payments due semi-annually beginning on June 30, 2019, through December 31, 2022. The acquired gathering system has been integrated into the Versado gathering system. Due to the significant monetary portion of the consideration received, the exchange of these assets was accounted for as a derecognition of nonfinancial assets, and a gain of $44.4 million was recognized in our Consolidated Statements of Operations for the year ended December 31, 2018 as part of Other operating (income) expense. The gain was calculated as the difference between the fair value of the consideration received, including the fair value of acquired gathering system, less our book basis of the assets transferred. The fair value of the acquired assets was determined using the indirect cost method of valuation, adjusted for any physical and economic obsolescence, and other management estimates. The fair value measurements of assets acquired are based on inputs that are a combination of Level 2 and Level 3 inputs, as defined in Note 18 – Fair Value Measurements. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 7 – Goodwill Goodwill attributable to the WestTX and SouthTX reporting units in our Gathering and Processing segment was related to our acquisition of Atlas Energy L.P. and Atlas Pipeline Partners L.P. in 2015 (collectively the “Atlas mergers”). We also recognized goodwill of approximately $46.6 million related to the Permian Acquisition on March 1, 2017, which was attributed to the New Midland and Delaware Supersystem reporting units in our Gathering and Processing segment. Changes in the net amounts of our goodwill are as follows: WestTX SouthTX New Midland New Delaware Delaware Supersystem Total Balance as of December 31, 2017: Goodwill $ 364.5 $ 160.3 $ 23.2 $ 23.4 $ — $ 571.4 Accumulated impairment losses (189.8 ) (125.0 ) — — — (314.8 ) Net 174.7 35.3 23.2 23.4 — 256.6 Impairment (174.7 ) (35.3 ) — — — (210.0 ) Balance as of December 31, 2018: Goodwill 364.5 160.3 23.2 23.4 — 571.4 Accumulated impairment losses (364.5 ) (160.3 ) — — — (524.8 ) Net — — 23.2 23.4 — 46.6 Impairment — — — — — — Reporting unit aggregation (1) — — — (23.4 ) 23.4 — Balance as of December 31, 2019: Goodwill 364.5 160.3 23.2 — 23.4 571.4 Goodwill allocated to held for sale assets — — — — (1.4 ) (1.4 ) Accumulated impairment losses (364.5 ) (160.3 ) — — — (524.8 ) Net — — 23.2 — 22.0 45.2 (1) In 2019, we began aggregating the results of Delaware Supersystem activity, including New Delaware. Discrete financial information for New Delaware is no longer available and management now reviews aggregate Delaware Supersystem operating results. The future cash flows and resulting fair values of these reporting units are sensitive to changes in crude oil, natural gas and NGL prices. The direct and indirect effects of significant declines in commodity prices from the date of acquisition would likely cause the fair values of these reporting units to fall below their carrying values, and could result in an impairment of goodwill. As described in Note 3 – Significant Accounting Policies, we evaluate goodwill for impairment at least annually on November 30, or more frequently if we believe necessary based on events or changes in circumstances. Our annual evaluations utilized an income approach including a terminal value to estimate the fair values of our reporting units based on a DCF analysis . The future cash flows for our reporting units are based on our estimates, at that time, of future revenues, income from operations and other factors, such as working capital and timing of capital expenditures. We take into account current and expected industry and market conditions, including commodity pricing and volumetric forecasts in the basins in which the reporting units operate. The discount rates used in our DCF analysis are based on a weighted average cost of capital determined from relevant market comparisons. The fair value measurements utilized for the evaluation of goodwill for impairment are based on inputs that are not observable in the market and therefore represent Level 3 inputs, as defined in Note 18 – Fair Value Measurements. These inputs require significant judgments and estimates at the time of valuation. Our 2018 annual evaluation of goodwill for impairment was completed in the fourth quarter of 2018. Due to the impact of lower forecasted commodity prices and a reduction in forecasted volumes as a result of changes in producers’ drilling activity, We did not record any goodwill impairment charges for the year ended December 31, 2019, as the fair values of all reporting units exceeded their accounting carrying values. While no impairment is indicated, there is goodwill being allocated to held for sale assets. |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Note 8 – Investments in Unconsolidated Affiliates Our Gathering and Processing Segment • two (together the “T2 Joint Ventures”) ; and • a 50 Logistics and Transportation Segment • a 25% non-operated ownership interest in GCX ; • a 38.8% non-operated ownership interest in Gulf Coast Fractionators LP (“GCF”); and • a 50 operated ownership interest in Cayenne . The terms of these joint venture agreements do not afford us the degree of control required for consolidating them in our consolidated financial statements, but do afford us the significant influence required to employ the equity method of accounting. See Note 4 –Joint Ventures, Acquisitions and Divestitures for discussion of the formation of our GCX and Little Missouri 4 and our acquisition of interests in Cayenne. The following table shows the activity related to our investments in unconsolidated affiliates: Balance at December 31, 2016 Equity Earnings (Loss) Cash Distributions Acquisition Contributions Balance at December 31, 2017 GCX $ — $ — $ — $ — $ — $ — Little Missouri 4 — — — — — — T2 Eagle Ford 118.6 (10.6 ) — — 1.2 109.2 T2 LaSalle 58.6 (4.9 ) — — 0.4 54.1 GCF 46.1 12.4 (12.7 ) — — 45.8 Cayenne — — — 5.0 3.6 8.6 T2 EF Cogen 17.5 (13.9 ) — — 0.3 3.9 Agua Blanca — — — — — — Total $ 240.8 $ (17.0 ) $ (12.7 ) $ 5.0 $ 5.5 $ 221.6 Balance at December 31, 2017 Equity Earnings (Loss) Cash Distributions (1) Acquisition (Disposition) Contributions (2) Balance at December 31, 2018 GCX (3) $ — $ 0.8 $ — $ — $ 210.8 $ 211.6 Little Missouri 4 — — (8.0 ) — 75.3 67.3 T2 Eagle Ford 109.2 (10.2 ) — — — 99.0 T2 LaSalle 54.1 (4.9 ) — — 0.1 49.3 GCF 45.8 16.8 (22.3 ) — — 40.3 Cayenne 8.6 6.4 (4.0 ) — 5.6 16.6 T2 EF Cogen 3.9 (1.8 ) — (2.1 ) — — Agua Blanca — 0.2 — 3.5 2.7 6.4 Total $ 221.6 $ 7.3 $ (34.3 ) $ 1.4 $ 294.5 $ 490.5 Balance at December 31, 2018 Equity Earnings (Loss) Cash Distributions Disposition Contributions Balance at December 31, 2019 GCX (3) $ 211.6 $ 27.7 $ (25.3 ) $ — $ 233.5 $ 447.5 Little Missouri 4 67.3 3.4 — — 33.0 103.7 T2 Eagle Ford (4) 99.0 (9.4 ) — — — 89.6 T2 LaSalle (4) 49.3 (4.5 ) — — — 44.8 GCF 40.3 16.1 (19.2 ) — — 37.2 Cayenne 16.6 7.2 (8.2 ) — 0.3 15.9 Agua Blanca 6.4 (1.5 ) (0.4 ) (4.5 ) — — Total $ 490.5 $ 39.0 $ (53.1 ) $ (4.5 ) $ 266.8 $ 738.7 ( 1 ) Includes an $8.0 million distribution from Little Missouri 4 as a reimbursement of pre-formation expenditures. ( 2 ) Includes a $16.0 million initial contribution of property, plant and equipment to Little Missouri 4 ( 3 ) As discussed in Note 4 –Joint Ventures, Acquisitions and Divestitures, our 25% interest in GCX is owned by 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. (4) The carrying values of the T2 Joint Ventures include the effects of the Atlas mergers purchase accounting, which determined fair values for the joint ventures as of the date of acquisition. As of December 31, 2019, $23.1 million Our equity loss for the year ended December 31, 2017 includes the effect of an impairment in the carrying value of our investment in T2 EF Cogen. As a result of the decrease in current and expected future utilization of the underlying cogeneration assets, we determined that factors indicated that a decrease in the value of our investment occurred that was other than temporary. As a result of this evaluation, we recorded an impairment loss of approximately $12.0 million in the first quarter of 2017, which represented our proportionate share (50%) of an impairment charge recorded by the joint venture, as well as our impairment of the unamortized excess fair value resulting from the Atlas mergers. Effective December 31, 2018: (i) we conveyed our 50% ownership interest in T2 EF Cogen to our joint venture partner and received a distribution of certain assets from the joint venture; and, (ii) we were named as operator of the T2 Joint Ventures. On April 1, 2019, we assumed the operatorship of the T2 Joint Ventures. During 2019, we closed on the sale of an equity-method investment for $73.8 million, of which $3.5 million contingent consideration was received in January 2020. As a result of the sale, we recognized a gain of $69.3 million reported in Gain (loss) from sale of equity-method investment The following tables summarize the combined financial information of our investments in unconsolidated affiliates (all data presented on a 100% basis): December 31, 2019 December 31, 2018 (In millions) Current assets $ 136.3 $ 200.7 Non-current assets $ 2,291.6 $ 1,329.7 Current liabilities $ 93.8 $ 233.9 Non-current liabilities $ 3.4 $ 179.2 Net assets $ 2,330.7 $ 1,117.3 Year Ended December 31, 2019 2018 2017 (In millions) Operating revenues $ 265.5 $ 130.6 $ 84.3 Operating expenses $ 144.2 $ 96.9 $ 80.5 Net income (loss) $ 87.7 $ 34.7 $ 3.4 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 9 — Accounts Payable and Accrued Liabilities December 31, 2019 December 31, 2018 Commodities $ 683.6 $ 721.9 Other goods and services 313.5 478.6 Interest 125.7 79.9 Income and other taxes 62.4 47.7 Permian Acquisition contingent consideration — 308.2 Compensation and benefits 62.0 57.3 Preferred Series A dividends payable 22.9 22.9 Accrued distributions to noncontrolling interests 91.7 — Other 18.1 20.8 $ 1,379.9 $ 1,737.3 Accounts payable and accrued liabilities includes $21.9 million and $52.6 million of liabilities to creditors to whom we have issued checks that remain outstanding as of December 31, 2019 and December 31, 2018. Permian Acquisition Contingent Consideration As a result of the Permian Acquisition, we included the fair value of the contingent consideration in accounts payable and accrued liabilities as of December 31, 2018. The contingent consideration earn-out period ended on February 28, 2019 and resulted in a $317.1 million payment in May 2019. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Note 10 — Debt Obligations December 31, 2019 December 31, 2018 Current: Obligations of the Partnership: (1) Securitization Facility, due December 2020 $ 370.0 $ 280.0 Senior unsecured notes, 4⅛ November 2019 — 749.4 370.0 1,029.4 Debt issuance costs, net of amortization — (1.5 ) Finance lease liabilities 12.2 — Current debt obligations 382.2 1,027.9 Long-term: TRC obligations: TRC Senior secured revolving credit facility, variable rate, due June 2023 435.0 435.0 Obligations of the Partnership: (1) Senior secured revolving credit facility, variable rate, due June 2023 — 700.0 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 500.0 500.0 5⅞ April 2026 1,000.0 1,000.0 5⅜ February 2027 500.0 500.0 6½ July 2027 750.0 — 5% fixed rate, due January 2028 750.0 750.0 6⅞ January 2029 750.0 — 5½ March 2030 1,000.0 — TPL notes, 4¾ November 2021 6.5 6.5 TPL notes, 5⅞ August 2023 48.1 48.1 Unamortized premium 0.3 0.3 7,463.5 5,663.5 Debt issuance costs, net of amortization (49.1 ) (31.1 ) Finance lease liabilities 25.8 — Long-term debt 7,440.2 5,632.4 Total debt obligations $ 7,822.4 $ 6,660.3 Irrevocable standby letters of credit: Letters of credit outstanding under the TRC Senior secured credit facility (4) $ — $ — Letters of credit outstanding under the Partnership senior secured revolving credit facility (5) 88.2 79.5 $ 88.2 $ 79.5 (1) While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. (2) As of December 31, 2019, the Partnership had $400.0 million of qualifying receivables under its $400.0 million Securitization Facility, resulting in availability of $30.0 million. (3) The 4⅛% Senior Notes due 2019 were redeemed in full on February 11, 2019. (4) As of December 31, 2019, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million. (5) As of December 31, 2019, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $2,111.8 million. (6) “TPL” refers to Targa Pipeline Partners LP. The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2019, for the next five years, and in total thereafter: Scheduled Maturities of Debt Total 2020 2021 2022 2023 2024 After 2024 (in millions) TRC Revolver $ 435.0 $ — $ — $ — $ 435.0 $ — $ — Partnership's Senior unsecured notes 7,028.2 — 6.5 — 1,191.6 580.1 5,250.0 Partnership's Securitization Facility 370.0 370.0 — — — — — Total $ 7,833.2 $ 370.0 $ 6.5 $ — $ 1,626.6 $ 580.1 $ 5,250.0 The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the year ended December 31, 2019: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRC Revolver 3.5% - 4.3% 4.0% TRP Revolver 3.5% - 4.7% 4.1% Partnership's Securitization Facility 2.6% - 3.4% 3.1% Compliance with Debt Covenants As of December 31, 2019, we were in compliance with the covenants contained in our various debt agreements. Debt Obligations TRC Credit Agreement The TRC Revolver, which has a maturity date of June 2023, provides available commitments up to $670.0 million and allows us to request up to $200.0 million in additional commitments. The TRC Revolver bears interest costs that are dependent on the consolidated leverage ratio of non-Partnership consolidated funded indebtedness to consolidated Adjusted EBITDA, as defined in the TRC Revolver. We are required to pay a commitment fee ranging from 0.375% to 0.5% (dependent upon the Company’s consolidated leverage ratio) on the daily average unused portion of the TRC Revolver. Loans under the TRC Revolver bear interest at either a base rate or LIBOR (at our option) plus (i) for revolving loans, a margin of 0.75% to 1.75% (in the case of base rate loans) or 1.75% to 2.75% (in the case of LIBOR loans), in each case based on our consolidated leverage ratio and (ii) for term loans, 3.75% (in the case of base rate loans) or 4.75% (in the case of LIBOR loans). The TRC Revolver is secured by a pledge of the Company’s equity interests in the Partnership and requires us to maintain a consolidated leverage ratio (the ratio of consolidated funded non-partnership indebtedness to consolidated Adjusted EBITDA) of no more than 4.00 to 1.00 for each fiscal quarter. The TRC Revolver restricts our ability to pay dividends to shareholders if, on a pro forma basis after giving effect to such dividend, (a) any default or event of default has occurred and is continuing or (b) we are not in compliance with our consolidated leverage ratio as of the last day of the most recent test period. In addition, it includes various covenants that may limit, among other things, our ability to incur indebtedness, grant liens, make investments, repay or amend the terms of certain other indebtedness, merge or consolidate, sell assets, and engage in transactions with affiliates. The Partnership’s Revolving Credit Facility The TRP Revolver, which has a maturity date of June 2023 The TRP Revolver provides for certain changes to occur upon the Partnership receiving an investment grade credit rating from Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P”), including the release of the security interests in all collateral at the request of the Partnership. The TRP Revolver bears interest, at the Partnership’s option, either at the base rate or the Eurodollar rate. The base rate is equal to the highest of: (i) Bank of America’s prime rate; (ii) the federal funds rate plus 0.5%; or (iii) the one-month LIBOR rate plus 1.0%, plus an applicable margin (a) before the collateral release date, ranging from 0.25% to 1.25% dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated Adjusted EBITDA and (b) upon and after the collateral release date, ranging from 0.125% to 0.75% dependent on the Partnership’s non-credit-enhanced senior unsecured long-term debt ratings. The Eurodollar rate is equal to LIBOR rate plus an applicable margin (i) before the collateral release date, ranging from 1.25% to 2.25% dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated Adjusted EBITDA and (ii) upon and after the collateral release date, ranging from 1.125% to 1.75% dependent on the Partnership’s non-credit-enhanced senior unsecured long-term debt ratings. The Partnership is required to pay a commitment fee equal to an applicable rate ranging from (a) before the collateral release date, 0.25% to 0.375% (dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated Adjusted EBITDA) and (b) upon and after the collateral release date, 0.125% to 0.35% (dependent on the Partnership’s non-credit-enhanced senior unsecured long-term debt ratings), in each case, times the actual daily average unused portion of the TRP Revolver. Additionally, issued and undrawn letters of credit bear interest at an applicable margin (i) before the collateral release date, ranging from 1.25% to 2.25% dependent on the Partnership’s ratio of consolidated funded indebtedness to consolidated Adjusted EBITDA and (ii) upon and after the collateral release date, ranging from 1.125% to 1.75% dependent on the Partnership’s non-credit-enhanced senior unsecured long-term debt ratings. The TRP Revolver is collateralized by a pledge of assets and equity from certain of the Partnership’s subsidiaries. Borrowings are guaranteed by the Partnership’s restricted subsidiaries. The TRP Revolver requires the Partnership to maintain a total leverage ratio (the ratio of consolidated indebtedness to the Partnership’s consolidated Adjusted EBITDA, in each case as defined in the TRP Revolver), determined as of the last day of each quarter for the four-fiscal quarter period ending on the date of determination, of no more than (a) before the collateral release date, 5.50 to 1.00 and (b) upon and after the collateral release date, 5.25 to 1.00 (or 5.50 to 1.00 during a specified acquisition period). The TRP Revolver also requires the Partnership to maintain an interest coverage ratio of no less than 2.25 to 1.00 determined as of the last day of each quarter for the four-fiscal quarter period ending on the date of determination. For any four-fiscal quarter period during which a material acquisition or disposition occurs, the total leverage ratio and interest coverage ratio will be determined on a pro forma basis as though such event had occurred as of the first day of such four-fiscal quarter period. The TRP Revolver restricts the Partnership’s ability to make distributions of available cash to unitholders if a default or an event of default (as defined in the TRP Revolver) exists or would result from such distribution. In addition, the TRP Revolver contains various covenants that may limit, among other things, the Partnership’s ability to incur indebtedness, grant liens, make investments, repay or amend the terms of certain other indebtedness, merge or consolidate, sell assets, and engage in transactions with affiliates (in each case, subject to the Partnership’s right to incur indebtedness or grant liens in connection with, and convey accounts receivable as part of, a permitted receivables financing, the aggregate principal of which shall not exceed $400,000,000). On June 7, 2019, the Partnership entered into the First Amendment to the TRP Revolver (the “First Amendment”). The First Amendment, among other things, amended the TRP Revolver to (a) increase the maximum percentage of Consolidated EBITDA attributable to Material Project EBITDA. Adjustments from 20% to 30% solely for the fiscal periods from and including the fiscal period ending June 30, 2019 until and including the fiscal period ending June 30, 2020, after which time the maximum percentage of Consolidated EBITDA attributable to Material Project EBITDA. Adjustments shall revert to 20% of Consolidated EBITDA and (b) include in the calculation of Consolidated EBITDA for a period certain cash distributions received by the Partnership (or and of its consolidated restricted subsidiaries) from unrestricted subsidiaries (or entities that are not subsidiaries) after the end of such period but on or prior to the date that TRP calculates Consolidated EBITDA for such period. The Partnership’s Accounts Receivable Securitization Facility On December 6, 2019, we renewed and amended the Securitization Facility by changing the termination date from December 6, 2019 to December 4, 2020. As of December 31, 2019, total funding under the Securitization Facility was $370.0 million. The Securitization Facility provides up to $400.0 million of borrowing capacity at LIBOR market index rates plus a margin through December 4, 2020. Under the Securitization Facility, certain Partnership subsidiaries sell or contribute certain qualifying receivables, without recourse, to another of its consolidated subsidiaries (Targa Receivables LLC or “TRLLC”), a special purpose consolidated subsidiary created for the sole purpose of the Securitization Facility. TRLLC, in turn, sells an undivided percentage ownership in the eligible receivables to third-party financial institutions. Sold or contributed receivables up to the amount of the outstanding debt under the Securitization Facility are not available to satisfy the claims of the creditors of the selling or contributing subsidiaries or the Partnership. Any excess receivables are eligible to satisfy the claims. The Partnership’s Senior Unsecured Notes All issues of senior unsecured notes are pari passu with existing and future senior indebtedness. They are senior in right of payment to any of our future subordinated indebtedness and are unconditionally guaranteed by the Partnership and the Partnership’s restricted subsidiaries. These notes are effectively subordinated to all secured indebtedness under the TRP Revolver and the Partnership’s Securitization Facility, which is secured by accounts receivable pledged under the facility, to the extent of the value of the collateral securing that indebtedness. Interest on all issues of senior unsecured notes is payable semi-annually in arrears. The Partnership’s senior unsecured notes and associated indenture agreements restrict the Partnership’s ability to make distributions to unitholders in the event of default (as defined in the indentures). The indentures also restrict the Partnership’s ability and the ability of certain of its subsidiaries to: (i) incur additional debt or enter into sale and leaseback transactions; (ii) pay certain distributions on or repurchase equity interests (only if such distributions do not meet specified conditions); (iii) make certain investments; (iv) incur liens; (v) enter into transactions with affiliates; (vi) merge or consolidate with another company; and (vii) transfer and sell assets. These covenants are subject to a number of important exceptions and qualifications. If at any time when the notes are rated investment grade by either Moody’s or S&P and no Default or Event of Default (each as defined in the indentures) has occurred and is continuing, many of such covenants will terminate and the Partnership and its subsidiaries will cease to be subject to such covenants. The Partnership may redeem the senior unsecured notes, in whole or in part, at any time prior to their maturity at a redemption price equal to the principal amount plus an applicable make-whole premium, plus accrued and unpaid interest and liquidation damages, if any, to the redemption date, as specified in the indenture of each series. The Partnership may also redeem up to 35% of the aggregate principal amount of each series of notes at the redemption dates and prices set forth in the indentures plus accrued and unpaid interest and liquidation damages, if any, to the redemption date with the net cash proceeds of one or more equity offerings, provided that: (i) at least 65% of the aggregate principal amount of each of the notes (excluding notes held by us) remains outstanding immediately after the occurrence of such redemption; and (ii) the redemption occurs within 180 days of the date of the closing of such equity offering. The Partnership may also redeem all or part of each of the series of senior unsecured notes on or after the redemption dates as specified in the indenture of each series at the redemption prices as specified in the indenture of each series plus accrued and unpaid interest to the redemption date and liquidation damages, if any, on the notes redeemed. Senior Unsecured Notes Issuances In October 2017, the Partnership issued $750.0 million aggregate principal amount of 5% senior notes due January 2028 (the “5% Senior Notes due 2028”). The Partnership used the net proceeds of $744.1 million after costs from this offering to redeem its 5% Senior Notes, reduce borrowings under its credit facilities, and for general partnership purposes. In April 2018, the Partnership issued $1.0 billion aggregate principal amount of 5 ⅞ April 2026 ⅞ In January 2019, the Partnership issued $750.0 million of 6½% Senior Notes due July 2027 January 2029 In November 2019, the Partnership issued $1.0 billion aggregate principal amount of 5½% Senior Notes due March 2030 May 2019 Shelf Registration Our universal shelf registration statement on Form S-3 filed in May 2016 (the “May 2016 Shelf”) expired in May 2019. Accordingly, in May 2019, we filed with the SEC a universal shelf registration statement on Form S-3 that registers the issuance and sale of certain debt and equity securities from time to time in one or more offerings (the “May 2019 Shelf”). The May 2019 Shelf will expire in May 2022. See Note 14 – Common Stock and Related Matters. Debt Repurchases & Extinguishments In March 2017, we repaid the entirety of the TRC Senior secured term loan in the amount of $160.0 million. The repayment resulted in write offs of $2.2 million of discount and $3.7 million of debt issuance costs, which are reflected as Gain (loss) from financing activities in our Consolidated Statements of Operations for the year ended December 31, 2017. In June 2017, the Partnership redeemed its outstanding 6⅜ In October 2017, the Partnership redeemed its outstanding 5% Senior Notes due 2018 at par value plus accrued interest through the redemption date. The redemption resulted in a non-cash Gain (loss) from financing activities to write-off $0.2 million of unamortized debt issuance costs . In February 2019, the Partnership redeemed in full its outstanding 4⅛% Senior Notes due 2019 at par value plus accrued interest through the redemption date. The redemption resulted in a non-cash loss to write-off $1.4 million of unamortized debt issuance costs, which is included in Gain (loss) from financing activities in the Consolidated Statements of Operations. We or the Partnership may retire or purchase various series of the Partnership’s outstanding debt through cash purchases and/or exchanges for other debt, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Debt Repurchases and Extinguishments Summary The following table summarizes the impact of debt repurchases and extinguishments that are included in our Consolidated Statements of Operations: 2019 2018 2017 Premium over face value paid upon redemption: Partnership 6⅜% Senior Notes $ — $ — $ 8.9 Recognition of unamortized discount: TRC Senior secured term loan — — 2.2 Write-off of debt issuance costs: TRP Revolver — 1.3 — TRC Revolver — 0.7 — TRC Senior secured term loan — — 3.7 Partnership 4⅛% Senior Notes 1.4 — — Partnership 5% Senior Notes — — 0.2 Partnership 6⅜% Senior Notes — — 1.8 Loss (gain) from financing activities $ 1.4 $ 2.0 $ 16.8 |
Other Long-term Liabilities
Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Noncurrent [Abstract] | |
Other Long-term Liabilities | Note 11 — Other Long-term Liabilities Other long-term liabilities are comprised of the following obligations: December 31, 2019 December 31, 2018 Asset retirement obligations $ 66.3 $ 55.5 Deferred revenue 172.0 175.5 Operating lease liabilities 47.2 — Other liabilities 20.1 31.2 Total long-term liabilities $ 305.6 $ 262.2 Asset Retirement Obligations Our ARO primarily relate to certain gas gathering pipelines and processing facilities and NGL pipelines. The changes in our ARO are as follows: 2019 2018 Beginning of period $ 55.5 $ 50.8 Additions (1) 11.8 — Change in cash flow estimate (5.1 ) 1.8 Accretion expense 4.7 3.7 Retirement of ARO (0.6 ) (0.8 ) End of period $ 66.3 $ 55.5 (1) Amount reflects additions of ARO related to the commencement of operations of Grand Prix. Mandatorily Redeemable Preferred Interests Our consolidated financial statements include our interest in two joint ventures that, separately, own a 100% interest in the WestOK natural gas gathering and processing system and a 72.8% undivided interest in the WestTX natural gas gathering and processing system. Our partner in the joint ventures holds preferred interests in each joint venture that are redeemable: (i) at our or our partner’s election, on or after July 27, 2022; and (ii) mandatorily, in July 2037. The joint ventures, collectively, hold $1.9 billion face value in notes receivable from our partner, which are due July 2042 In February 2018, the parties amended the agreements governing each joint venture to: (i) increase the priority return for capital contributions made on or after January 1, 2017; and (ii) add a non-consent feature effective with respect to certain capital projects undertaken on or after January 1, 2017. During the year ended December 31, 2018, the change in estimated redemption value of the mandatorily redeemable preferred interests of $72.1 million is primarily attributable to the amendments. Income attributable to mandatorily redeemable preferred interests totaled $4.1 million during the year ended December 31, 2018. The estimated redemption value did not change during the year ended December 31, 2019. Deferred Revenue Deferred revenue as of December 31, 2019 and December 31, 2018, was $ 172.0 175.5 129.0 Deferred revenue also includes nonmonetary consideration received in a 2015 amendment (the “gas contract amendment”) to a gas gathering and processing agreement. We measured the estimated fair value of the gathering assets transferred to us using significant other observable inputs representative of a Level 2 fair value measurement. In December 2017, we received monetary consideration to further amend the terms of the gas gathering and processing agreement. The deferred revenue related to these amendments is being recognized on a straight-line basis through the end of the agreement’s term in 2035. Deferred revenue also includes consideration received for other construction activities of facilities connected to our systems. The deferred revenue related to these other construction activities is being recognized over the periods that future performance will be provided, which extend through 2023. For the years ended December 31, 2019, 2018 and 2017, we recognized approximately $3.9 million, $3.9 million and $3.1 million of revenue for these transactions. The following table shows the components of deferred revenue: December 31, 2019 December 31, 2018 Splitter agreement $ 129.0 $ 129.0 Gas contract amendment 39.8 42.2 Other deferred revenue 3.2 4.3 Total deferred revenue $ 172.0 $ 175.5 The following table shows the changes in deferred revenue: 2019 2018 Balance at December 31, 2018 $ 175.5 $ 136.2 Additions 0.4 43.2 Revenue recognized (3.9 ) (3.9 ) Balance at December 31, 2019 $ 172.0 $ 175.5 Permian Acquisition Contingent Consideration Upon closing of the Permian Acquisition, a contingent consideration liability arising from potential earn-out provisions was recognized at its preliminary fair value. The first potential earn-out payment would have occurred in May 2018 while the second potential earn-out payment would occur in May 2019. The acquisition date fair value of the contingent consideration of $416.3 million was recorded within Other long-term liabilities on our Consolidated Balance Sheets. For the period from the acquisition date to December 31, 2017, the fair value of the contingent consideration decreased by $99.3 million, primarily related to reductions in forecasted volumes and gross margin as a result of changes in producers’ drilling activity in the region since the acquisition date, bringing the total Permian Acquisition contingent consideration to $317.0 million at December 31, 2017, of which $6.8 million was a current liability. The portion of the earn-out due in 2018 expired with no required payment. For the period from December 31, 2017 to December 31, 2018, the fair value of the contingent consideration decreased by $8.8 million, primarily attributable to lower actual and forecasted volumes for the remainder of the earn-out period, partially offset by a shorter discount period The following table shows the changes in the fair value of the contingent consideration related to the Permian Acquisition: Year Ended December 31, 2019 Year Ended December 31, 2018 March 1, 2017 to December 31, 2017 Beginning of period $ 308.2 $ 317.0 $ 416.3 Increase (decrease) in fair value, included in Other income (expense) 8.9 (8.8 ) (99.3 ) Earn-out payment (317.1 ) — — End of period — 308.2 317.0 Less: Current portion — (308.2 ) (6.8 ) Long-term balance at end of period $ — $ — 310.2 See Note 18 – Fair Value Measurements for additional discussion of the fair value methodology. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 12 – Leases We have non-cancellable operating leases primarily associated with our office facilities, rail assets, land, and storage and terminal assets. We have finance leases primarily associated with our tractors and vehicles. Our leases have remaining lease terms of 1 to 10 years, some of which include options to extend the lease term for up to 20 years. The balances of right-of-use assets and liabilities of finance leases and operating leases, and their locations on our Consolidated Balance Sheets are as follows: Balance Sheet Location December 31, 2019 Right-of-use assets Operating leases, gross Other long-term assets $ 42.0 Finance leases, gross Property, plant and equipment 48.8 Lease liabilities Current: Operating leases Accounts payable and accrued liabilities $ 7.8 Finance leases Current debt obligations 12.2 Non-current: Operating leases Other long-term liabilities $ 47.2 Finance leases Long-term debt 25.8 Operating lease costs and short-term lease costs are included in Operating expenses or General and administrative expense in our Consolidated Statements of Operations, depending on the nature of the leases. Finance lease costs are included in Depreciation and amortization expense and Interest income (expense) in our Consolidated Statements of Operations. The components of lease expense were as follows: Year Ended December 31, 2019 Lease cost Operating lease cost $ 9.9 Short-term lease cost 30.0 Variable lease cost 6.7 Finance lease cost Amortization of right-of-use assets 13.1 Interest expense 1.6 Total lease cost $ 61.3 During t he years ended December 31, 2018 and otal operating leases expense incurred were $56.0 million and $49.6 million, which includes short-term leases for compressors and equipment. Other supplemental information related to our leases are as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 8.7 Operating cash flows for finance leases 1.6 Financing cash flows for finance leases 11.5 The weighted-average remaining lease terms for operating leases and finance leases are 7 years and 3 years, respectively. The weighted-average discount rates for operating leases and finance leases are 4.0% and 3.9%, respectively. The following table presents the maturities of our lease liabilities under non-cancellable leases as of December 31, 2019: Operating Leases Finance Leases Future Minimum Lease Payments Beginning After December 31, 2019 $ 9.9 $ 13.4 2020 10.4 11.7 2021 9.6 10.2 2022 8.0 4.7 2023 6.2 0.5 Thereafter 19.7 — Total undiscounted cash flows 63.8 40.5 Less imputed interest (8.8 ) (2.5 ) Total lease liabilities $ 55.0 $ 38.0 The following table presents future minimum payments under non-cancellable leases as of December 31, 2018: Leases 2019 $ 20.9 2020 20.2 2021 18.5 2022 16.5 2023 9.8 Thereafter 24.9 Total payments $ 110.8 |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Preferred Stock | Note 13 – Preferred Stock Preferred Stock and Detachable Warrants Our Series A Preferred Stock (“Series A Preferred”) has a liquidation value of $1,000 per share and bears a cumulative 9.5% fixed dividend payable quarterly 45 days after the end of each fiscal quarter. The Series A Preferred has no mandatory redemption date, but is redeemable at our election in year six for a 10% premium to the liquidation preference and for a 5% premium to the liquidation preference thereafter. If the Series A Preferred is not redeemed by the end of year twelve, the investors have the right to convert the Series A Preferred into TRC common stock at an exercise price of $20.77, which represented a 10% premium over the ten-day volume weighted average price (“VWAP”) prior to the February 18, 2016 signing date ($18.88) of the Purchase Agreement underlying the first of two tranches of Series A Preferred sold to investors in a private placement in the first quarter of 2016. If the investors do not elect to convert their Series A Preferred into TRC common stock, Targa has a right after year twelve to force conversion, but only if the VWAP for the ten preceding trading days is greater than 120% of the conversion price. A change of control provision could result in forced redemption, at the option of the investor, if the Series A Preferred could not otherwise remain outstanding or be replaced with a “substantially equivalent security.” The change of control premium to the liquidation preference on the redemption is 10% in years four through six and 5% thereafter. The Series A Preferred ranks senior to the common outstanding stock with respect to the payment of dividends and distributions in liquidation. The holders of Series A Preferred generally only have voting rights in certain circumstances, subject to certain exceptions, which include: • the issuance or the increase by the Company of any specific class or series of stock that is senior to the Series A Preferred, • the issuance or the increase by any of the Company’s consolidated subsidiaries of any specific class or series of securities, • changes to the Certificates of Incorporation or Designations of the Series A Preferred that would materially and adversely affect the Preferred Stock holder, • the issuance of stock on parity with the Series A Preferred, subject to certain exceptions, if the Company has exceeded a stipulated fixed charge coverage ratio or an aggregate amount of net proceeds from all future issuances of Parity Stock, or would use the proceeds of such issuance to pay dividends, • the incurrence of indebtedness, other than indebtedness that complies with a stipulated fixed charge coverage ratio or under the TRC and TRP Credit Agreements (or replacement commercial bank facilities) in an aggregate amount up to $2.75 billion. The Series A Preferred does not qualify as a liability instrument The Series A Preferred has detachable warrants (the “Warrants”) that have a seven-year Beneficial Conversion Feature The BCF is defined under GAAP as a nondetachable conversion feature that is in the money at the issuance date, which required us to allocate a portion of the proceeds from the preferred offering equal to the intrinsic value of the BCF to additional paid-in capital. The intrinsic value of the BCF was calculated at the issuance date as the difference between the “accounting conversion price” and the market price of our common shares multiplied by the number of shares into which our Series A Preferred is convertible. The accounting conversion price of $17.02 per share is different from the $20.77 per share contractual conversion price. It was derived by dividing the proceeds allocated to the Series A Preferred by the number of common shares into which the Series A Preferred is convertible. We are recording the accretion of the $614.4 million Series A Preferred discount attributable to the BCF as a deemed dividend using the effective yield method over the twelve-year period prior to the effective date of the holders’ conversion right. We have the right to redeem the Series A Preferred beginning after year five. As such, we can effectively mitigate or limit the Series A Preferred Holders’ ability to benefit from their conversion right after year twelve by paying either a $96.5 million (10%) redemption premium in year six or a $48.3 million (5%) redemption premium in years seven through twelve. In either case, the redemption premium would be significantly less than the $614.4 million BCF required to be recognized under GAAP. Upon exercise of our redemption rights, any previously recognized accretion of deemed dividends would be reversed in the period of redemption and reflected as income attributable to common shareholders in our Consolidated Statements of Operations and related per share amounts. Preferred Stock Dividends As of December 31, 2019, we have accrued cumulative preferred dividends of $22.9 million, which were paid on February 14, 2020. During the years ended December 31, 2019, 2018 and 2017, we paid $91.7 million, $91.7 million and $91.7 million of dividends at a rate of $23.75 per share each quarter to preferred shareholders, and recorded deemed dividends of $33.1 million, $29.2 million and $25.7 million attributable to accretion of the preferred discount resulting from the BCF accounting described above. Such accretion is included in the book value of the Series A Preferred Stock. |
Common Stock and Related Matter
Common Stock and Related Matters | 12 Months Ended |
Dec. 31, 2019 | |
Class Of Stock Disclosures [Abstract] | |
Common Stock and Related Matters | Note 14 — Common Stock and Related Matters Public Offerings of Common Stock On January 26, 2017, we completed a public offering of 9,200,000 shares of our common stock (including the shares sold pursuant to the underwriters’ overallotment option) at a price to the public of $57.65, providing net proceeds of $524.2 million. We used the net proceeds from this public offering to fund the cash portion of the Permian Acquisition purchase price due upon closing and for general corporate purposes. On May 9, 2017, we entered into an equity distribution agreement under the May 2016 Shelf (the “May 2017 EDA”), pursuant to which we may sell through our sales agents, at our option, up to an aggregated amount of $750.0 million of our common stock(“2017 ATM Program”). For the year ended December 31, 2017, no shares of common stock were issued under the May 2017 EDA. For the year ended December 31, 2018, we issued 7,527,902 shares of common stock under the May 2017 EDA, receiving net proceeds of $364.9 million. On June 1, 2017, we completed a public offering of 17,000,000 shares of our common stock at a price to the public of $46.10, providing net proceeds after underwriting discounts, commissions and other expenses of $777.3 million. We used the net proceeds from this public offering to fund a portion of the capital expenditures related to the construction of the Grand Prix NGL pipeline, repay outstanding borrowings under our credit facilities, redeem the Partnership’s 6 ⅜ On September 20, 2018, we entered into an equity distribution agreement under the May 2016 Shelf (the “September 2018 EDA”), pursuant to which we may sell through our sales agents, at our option, up to an aggregated amount of $750.0 million of our common stock (“2018 ATM Program”). The May 2016 Shelf expired in May 2019. Accordingly, in May 2019, we filed (i) the May 2019 Shelf, (ii) a new prospectus supplement to continue the 2017 ATM Program and (iii) a new prospectus supplement to continue the 2018 ATM Program. During 2019, no shares of common stock were issued under either the May 2017 EDA or the September 2018 EDA. As a result, we have $382.1 million and $750.0 million remaining under the May 2017 EDA and September 2018 EDA, respectively, as of December 31, 2019. Warrants 19,983,843 Warrants were exercised and net settled for 11,336,856 shares of common stock in 2016, and the remaining 99,888 Warrants were exercised and net settled for 58,814 shares of common stock in the first quarter of 2018. Common Stock Dividends The following table details the dividends declared and/or paid by us to common shareholders for the years ended December 31, 2019, 2018 and 2017: Three Months Ended Date Paid Total Common Dividends Declared Amount of Common Dividends Paid Accrued Dividends (1) Dividends Declared per Share of Common Stock (In millions, except per share amounts) 2019 December 31, 2019 February 18, 2020 $ 216.0 $ 212.0 $ 4.0 $ 0.91000 September 30, 2019 November 15, 2019 215.5 211.8 3.7 0.91000 June 30, 2019 August 15, 2019 215.1 211.5 3.6 0.91000 March 31, 2019 May 15, 2019 215.2 211.5 3.7 0.91000 2018 December 31, 2018 February 15, 2019 215.2 211.2 4.0 0.91000 September 30, 2018 November 15, 2018 212.5 208.6 3.9 0.91000 June 30, 2018 August 15, 2018 208.9 205.2 3.7 0.91000 March 31, 2018 May 16, 2018 203.1 199.7 3.4 0.91000 2017 December 31, 2017 February 15, 2018 $ 202.4 $ 199.1 $ 3.3 $ 0.91000 September 30, 2017 November 15, 2017 199.0 196.2 2.8 0.91000 June 30, 2017 August 15, 2017 198.6 196.2 2.4 0.91000 March 31, 2017 May 16, 2017 182.8 180.3 2.5 0.91000 (1) Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting. |
Partnership Units and Related M
Partnership Units and Related Matters | 12 Months Ended |
Dec. 31, 2019 | |
Partners Capital [Abstract] | |
Partnership Units and Related Matters | Note 15 — Partnership Units and Related Matters Distributions We are entitled to receive all Partnership distributions from available cash on the Partnership’s common units after payment of preferred unit distributions each quarter. The following details the distributions declared or paid by the Partnership during 2019, 2018 and 2017: Three Months Ended Date Paid Total Distributions Distributions to Targa Resources Corp. 2019 December 31, 2019 February 13, 2020 $ 241.9 $ 239.1 September 30, 2019 November 13, 2019 242.1 239.3 June 30, 2019 August 13, 2019 242.4 239.6 March 31, 2019 April 5, 2019 437.8 435.0 2018 December 31, 2018 February 13, 2019 241.3 238.5 September 30, 2018 November 13, 2018 237.6 234.8 June 30, 2018 August 13, 2018 234.0 231.2 March 31, 2018 May 11, 2018 229.7 226.9 2017 December 31, 2017 February 12, 2018 228.5 225.7 September 30, 2017 November 10, 2017 225.4 222.6 June 30, 2017 August 10, 2017 225.4 222.6 March 31, 2017 May 11, 2017 209.6 206.8 Contributions All capital contributions to the Partnership are allocated 98% to the limited partner and 2% to the general partner; however, no units will be issued for those contributions. For the years ended December 31, 2019, 2018 and 2017, we made total capital contributions to the Partnership of $200.0 million, $600.0 million and $1,720.0 million. Preferred Units The Partnership’s Preferred Units are listed on the NYSE under the symbol “NGLS/PA.” Distributions on the Partnership’s 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 the Partnership’s general partner. Distributions on the Preferred Units will be payable out of amounts legally available at a rate equal to 9.0% per annum. On and after November 1, 2020, distributions on the Preferred Units will accumulate at an annual floating rate equal to the one-month LIBOR plus a spread of 7.71%. The Preferred Units, with respect to anticipated monthly distributions, rank: • senior to the Partnership’s common units and to each other class or series of Partnership interests or other equity securities established after the original issue date of the Preferred Units that is not expressly made senior to or pari passu with the Preferred Units as to the payment of distributions; • pari passu with any class or series of Partnership interests or other equity securities established after the original issue date of the Preferred Units that is not expressly made senior or subordinated to the Preferred Units as to the payment of distributions; • junior to all of the Partnership’s existing and future indebtedness (including (i) indebtedness outstanding under the TRP Revolver, (ii) the Partnership’s senior notes and (iii) indebtedness outstanding under the Securitization Facility and other liabilities with respect to assets available to satisfy claims against the Partnership; and • junior to each other class or series of Partnership interests or other equity securities established after the original issue date of the Preferred Units that is expressly made senior to the Preferred Units as to the payment of distributions. At any time on or after November 1, 2020, the Partnership may redeem the Preferred Units, in whole or in part, from any source of funds legally available for such purpose, by paying $25.00 per unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared. In addition, the Partnership (or a third party with our prior written consent) may redeem the Preferred Units following certain changes of control, as described in our Partnership Agreement. If the Partnership does not (or a third party with our prior written consent does not) exercise this option, then the holders of the Preferred Units (“Preferred Unitholders”) have the option to convert the Preferred Units into a number of common units per Preferred Unit as set forth in the Partnership Agreement. If the Partnership exercises (or a third party with our prior written consent exercises) its redemption rights relating to any Preferred Units, the holders of those Preferred Units will not have the conversion right described above with respect to the Preferred Units called for redemption. The Preferred Unitholders have no voting rights except for certain exceptions set forth in the Partnership Agreement. As of December 31, 2019, the Partnership has 5,000,000 Preferred Units outstanding. The Partnership paid $11.3 million of distributions each year to the Preferred Unitholders for 2019, 2018 and 2017. The Preferred Units are reported as noncontrolling interests in our financial statements. In January and February 2020, the board of directors of the general partner of the Partnership declared a cash distribution of $0.1875 per Preferred Unit, resulting in approximately $0.9 million in distributions each month. The distributions declared in January were paid on February 18, 2020 and the distributions declared in February will be paid on March 16, 2020. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 16 — Earnings per Common Share The following table sets forth a reconciliation of net income and weighted average shares outstanding (in millions) used in computing basic and diluted net income per common share: 2019 2018 2017 Net income (loss) $ 41.2 $ 60.4 $ 104.2 Less: Net income attributable to noncontrolling interests 250.4 58.8 50.2 Less: Dividends on preferred stock 124.8 120.9 117.4 Net income (loss) attributable to common shareholders for basic earnings per share $ (334.0 ) $ (119.3 ) $ (63.4 ) Weighted average shares outstanding - basic 232.5 224.2 206.9 Net income (loss) available per common share - basic $ (1.44 ) $ (0.53 ) $ (0.31 ) Weighted average shares outstanding 232.5 224.2 206.9 Weighted average shares outstanding - diluted 232.5 224.2 206.9 Net income (loss) available per common share - diluted $ (1.44 ) $ (0.53 ) $ (0.31 ) The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis): 2019 2018 2017 Unvested restricted stock awards 1.2 1.7 1.2 Warrants to purchase common stock (1) — — 0.1 Series A Preferred Stock (2) 46.5 46.5 46.5 (1) During the first quarter of 2018, the remaining Warrants were exercised and net settled by us for shares of common stock. (2) The Series A Preferred has no mandatory redemption date, but is redeemable at our election in year six for a 10% premium to the liquidation preference and for a 5% premium to the liquidation preference in year seven thereafter. If the Series A Preferred is not redeemed by the end of year twelve, the investors have the right to convert the Series A Preferred into TRC common stock. See Note 13 – Preferred Stock. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 17 — Derivative Instruments and Hedging Activities The primary purpose of our commodity risk management activities is to manage our exposure to commodity price risk and reduce volatility in our operating cash flow due to fluctuations in commodity prices. We have entered into derivative instruments to hedge the commodity price risks associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation segment The 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 December 31, 2019, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2020 2021 2022 2023 2024 Natural Gas Swaps MMBtu/d 127,230 123,751 46,100 - - Natural Gas Basis Swaps MMBtu/d 364,275 344,292 210,000 200,000 40,000 NGL Swaps Bbl/d 23,105 11,196 6,036 - - NGL Futures Bbl/d 16,844 - - - - Condensate Swaps Bbl/d 5,471 3,654 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 December 31, 2019 Fair Value as of December 31, 2018 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 102.1 $ 11.6 $ 112.5 $ 18.9 Long-term 33.7 6.4 31.6 1.5 Total derivatives designated as hedging instruments $ 135.8 $ 18.0 $ 144.1 $ 20.4 Derivatives not designated as hedging instruments Commodity contracts Current $ 1.2 $ 92.5 $ 2.8 $ 14.7 Long-term 1.8 34.4 2.5 1.6 Total derivatives not designated as hedging instruments $ 3.0 $ 126.9 $ 5.3 $ 16.3 Total current position $ 103.3 $ 104.1 $ 115.3 $ 33.6 Total long-term position 35.5 40.8 34.1 3.1 Total derivatives $ 138.8 $ 144.9 $ 149.4 $ 36.7 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 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 ) Gross Presentation Pro Forma Net Presentation December 31, 2018 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 100.0 $ (33.6 ) $ (14.2 ) $ 70.0 $ (17.8 ) Counterparties without offsetting positions - assets 15.3 - - 15.3 - Counterparties without offsetting positions - liabilities - - - - - 115.3 (33.6 ) (14.2 ) 85.3 (17.8 ) Long Term Position Counterparties with offsetting positions or collateral 8.9 (3.1 ) - 5.9 (0.1 ) Counterparties without offsetting positions - assets 25.2 - - 25.2 - Counterparties without offsetting positions - liabilities - - - - - 34.1 (3.1 ) - 31.1 (0.1 ) Total Derivatives Counterparties with offsetting positions or collateral 108.9 (36.7 ) (14.2 ) 75.9 (17.9 ) Counterparties without offsetting positions - assets 40.5 - - 40.5 - Counterparties without offsetting positions - liabilities - - - - - $ 149.4 $ (36.7 ) $ (14.2 ) $ 116.4 $ (17.9 ) Our payment obligations in connection with a majority of these hedging transactions are secured by a first priority lien in the collateral securing the TRP Revolver that ranks equal in right of payment with liens granted in favor of the Partnership’s senior secured lenders. Some of our hedges are futures contracts executed through brokers that clear the hedges through an exchange. We maintain a margin deposit with the brokers in an amount sufficient enough to cover the fair value of our open futures positions. The margin deposit is considered collateral, which is located within other current assets on our Consolidated Balance Sheets and is not offset against the fair value of our derivative instruments. The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net liability of $6.1 million as of December 31, 2019. 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 and amounts reclassified from OCI to revenue for the periods indicated: Derivatives in Cash Flow Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Hedging Relationships 2019 2018 2017 Commodity contracts $ 135.6 $ 132.5 $ (28.8 ) Gain (Loss) Reclassified from OCI into Income (Effective Portion) Location of Gain (Loss) 2019 2018 2017 Revenues 138.0 (38.4 ) (44.6 ) Based on valuations as of December 31, 2019, we expect to reclassify commodity hedge related deferred gains of $117.7 million included in accumulated other comprehensive income into earnings before income taxes through the end of 2022, with $90.9 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 year ended December 31, 2019, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward basis prices. Derivatives Not Designated Location of Gain Recognized in Gain (Loss) Recognized in Income on Derivatives as Hedging Instruments Income on Derivatives 2019 2018 2017 Commodity contracts Revenue $ (142.1 ) $ (32.5 ) $ (5.1 ) See Note 18 – Fair Value Measurements and Note 28 – Segment Information for additional disclosures related to derivative instruments and hedging activities. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 18 — 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 December 31, 2019, a net liability position of $6.1 million, reflects the present value, adjusted for counterparty credit risk, of the amount we expect to receive or pay in the future on our derivative contracts. If forward pricing on natural gas, NGLs and crude oil were to increase by 10%, the result would be a fair value reflecting a net liability of $114.2 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 $102.1 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 TRC Revolver, TRP Revolver, and the Partnership’s accounts receivable securitization facility are based on carrying value, which approximates fair value as their interest rates are based on prevailing market rates; and • The Partnership’s senior unsecured notes are based on quoted market prices derived from trades of the debt. 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: December 31, 2019 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: Assets from commodity derivative contracts (1) $ 136.5 $ 136.5 $ — $ 136.2 $ 0.3 Liabilities from commodity derivative contracts (1) 142.6 142.6 — 142.0 0.6 TPL contingent consideration (2) 2.3 2.3 — — 2.3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 331.1 331.1 — — — TRC Revolver 435.0 435.0 — 435.0 — TRP Revolver — — — — — Partnership's Senior unsecured notes 7,028.5 7,376.9 — 7,376.9 — Partnership's accounts receivable securitization facility 370.0 370.0 — 370.0 — December 31, 2018 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: Assets from commodity derivative contracts (1) $ 144.4 $ 144.4 $ — $ 137.5 $ 6.9 Liabilities from commodity derivative contracts (1) 31.7 31.7 — 31.3 0.4 Permian Acquisition contingent consideration (3) 308.2 308.2 — — 308.2 TPL contingent consideration (2) 2.4 2.4 — — 2.4 Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 232.1 232.1 — — — TRC Revolver 435.0 435.0 — 435.0 — TRP Revolver 700.0 700.0 — 700.0 — Partnership's Senior unsecured notes 5,277.9 5,088.9 — 5,088.9 — Partnership's accounts receivable securitization facility 280.0 280.0 — 280.0 — (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 17 – 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 . (3) We had a contingent consideration liability related to the Permian Acquisition, which was carried at fair value. See Note 4 – Joint Ventures, Acquisitions and Divestitures . 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 December 31, 2019, we had nine 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 Permian Acquisition contingent consideration was determined using a Monte Carlo simulation model. Significant inputs used in the fair value measurement include expected gross margin (calculated in accordance with the terms of the purchase and sale agreements), term of the earn-out period, risk adjusted discount rate and volatility associated with the underlying assets. A significant decrease in expected gross margin during the earn-out period, or significant increase in the discount rate or volatility would have resulted in a lower fair value estimate. 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 for both models are not observable; therefore, the entire valuations of the contingent considerations are categorized in Level 3. The Permian Acquisition contingent consideration earn-out period ended on February 28, 2019 and resulted in a $317.1 million payment in May 2019. See Note 9 – Accounts Payable and Accrued Liabilities for additional discussion of the Permian Acquisition contingent consideration. Changes in the fair value of these liabilities are included in Other income (expense) in our Consolidated Statements of Operations. 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, 2018 $ 6.5 $ (310.6 ) Change in fair value of TPL contingent consideration — 0.1 Completion of Permian Acquisition contingent consideration earn-out period — 308.2 New Level 3 derivative instruments (0.7 ) — Transfers out of Level 3 (1) (6.5 ) — Unrealized gain/(loss) included in OCI 0.4 — Balance, December 31, 2019 $ (0.3 ) $ (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
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 19 — Related Party Transactions Transactions with Unconsolidated Affiliates The following table summarizes transactions with unconsolidated affiliates: GCF T2 Joint Ventures Cayenne GCX Little Missouri 4 Agua Blanca Total 2019: Revenues $ 0.3 $ 3.7 $ — $ 0.8 $ 6.3 $ — $ 11.0 Product purchases (7.9 ) — (7.9 ) (24.7 ) — — (40.5 ) Operating expenses — (2.0 ) (0.2 ) — — (1.2 ) (3.4 ) General and administrative expenses — — — — (0.3 ) — (0.3 ) 2018: Revenues $ 0.3 $ 5.2 $ — $ 0.1 $ — $ — $ 5.6 Product purchases (5.1 ) (0.6 ) (7.2 ) (1.2 ) — — (14.1 ) Operating expenses — (3.6 ) — — — — (3.6 ) 2017: Revenues $ 0.3 $ 2.1 $ — $ — $ — $ — $ 2.4 Product purchases (4.4 ) (1.1 ) — — — — (5.5 ) Operating expenses — (3.8 ) — — — — (3.8 ) Relationship with Targa Resources Partners LP We provide general and administrative and other services to the Partnership, associated with the Partnership’s existing assets and assets acquired from third parties. The Partnership Agreement between the Partnership and us, as general partner of the Partnership, governs the reimbursement of costs incurred on behalf of the Partnership. The employees supporting the Partnership’s operations are employees of us. The Partnership reimburses us for the payment of certain operating expenses, including compensation and benefits of operating personnel assigned to the Partnership’s assets, and for the provision of various general and administrative services for the benefit of the Partnership. We perform centralized corporate functions for the Partnership, such as legal, accounting, treasury, insurance, risk management, health, safety and environmental, information technology, human resources, credit, payroll, internal audit, taxes, engineering and marketing. Since October 1, 2010, after the final conveyance of assets by us to the Partnership, substantially all of our general and administrative costs have been and will continue to be allocated to the Partnership, other than (1) costs attributable to our status as a separate reporting company and (2) until March 2018, our costs of providing management and support services to certain unaffiliated spun-off entities. Relationship with Sajet Resources LLC In December 2010, immediately prior to Targa’s initial public offering, Sajet Resources LLC (“Sajet”) was spun-off from Targa. At the time, The primary assets of Sajet are real property. Sajet also holds (i) an ownership interest in Floridian Natural Gas Storage Company, LLC through a December 2016 merger with Tesla Resources LLC and (ii) an ownership interest in Allied CNG Ventures LLC. Former holders of our pre-IPO common equity, including certain of our current and former executives, managers and directors collectively own an 18% interest in Sajet. We provided general and administrative services to Sajet and were reimbursed for these amounts at our actual cost. Fees for services provided to Sajet totaled less than $0.1 million in January and February of 2018 and $0.3 million in the year ended December 31, 2017. In March 2018, we acquired the 82% interest in Sajet that was held by Warburg Pincus sponsored funds for $5.0 million in cash (the “Warburg Funds Transaction”) and extinguished Sajet’s third-party debt in exchange for a promissory note from Sajet of $9.9 million. Minority shareholders had the right to join the transaction and sell up to 100% of their membership interests in Sajet to us at substantially the same terms and price as the Warburg Funds Transaction (the “Tag-Along Rights”). Minority shareholders who currently hold, or formerly held, executive positions at Targa, and minority shareholders who are board members of Targa, agreed not to exercise their Tag-Along Rights resulting from the Warburg Funds Transaction. Certain minority shareholders chose to sell interests totaling 1.6% for approximately $0.1 million in April 2018. We hold three outstanding promissory notes from Sajet in the amounts of $9.9 million, $0.5 million and $0.2 million. The interest rate on each of the promissory notes accrues at the prime rate plus six percent |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Commitments | Note 20 — Commitments Future non-cancelable commitments related to certain contractual obligations are presented below for each of the next five fiscal years and in aggregate thereafter: In Aggregate 2020 2021 2022 2023 2024 Thereafter Land sites and rights of way (1) $ 150.4 $ 3.8 $ 4.0 $ 4.4 $ 4.3 $ 4.5 $ 129.4 (1) Land site lease and rights of way provides for surface and underground access for gathering, processing and distribution assets that are located on property not owned by us. These agreements expire at various dates, with varying terms, some of which are perpetual. Total expenses incurred under the above non-cancelable commitments were: 2019 2018 2017 Land sites and rights of way $ 6.1 $ 6.1 $ 5.2 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Loss Contingency [Abstract] | |
Contingencies | Note 21 – Contingencies Legal Proceedings We and the Partnership are parties to various legal, administrative and regulatory proceedings that have arisen in the ordinary course of our business. We and the Partnership are also parties to various proceedings with governmental environmental agencies, including, but not limited to the 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. |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2019 | |
Risks And Uncertainties [Abstract] | |
Significant Risks and Uncertainties | Note 22 – Significant Risks and Uncertainties Nature of Our Operations in Midstream Energy Industry We operate in the midstream energy industry. Our business activities include gathering, processing, transporting, fractionating and storage of natural gas, NGLs and crude oil. Our results of operations, cash flows and financial condition may be affected by changes in the commodity prices of these hydrocarbon products and changes in the relative price levels among these hydrocarbon products. In general, the prices of natural gas, NGLs, condensate and other hydrocarbon products are subject to fluctuations in response to changes in supply, market uncertainty and a variety of additional factors that are beyond our control. Our profitability could be impacted by a decline in the volume of crude oil, natural gas, NGLs and condensate transported, gathered or processed at our facilities. A material decrease in natural gas or condensate production or condensate refining, as a result of depressed commodity prices, a decrease in exploration and development activities, or otherwise, could result in a decline in the volume of crude oil, natural gas, NGLs and condensate handled by our facilities. A reduction in demand for NGL products by the petrochemical, refining or heating industries, whether because of (i) general economic conditions, (ii) reduced demand by consumers for the end products made with NGL products, (iii) increased competition from petroleum-based products due to the pricing differences, (iv) adverse weather conditions, (v) government regulations affecting commodity prices and production levels of hydrocarbons or the content of motor gasoline or (vi) other reasons, could also adversely affect our results of operations, cash flows and financial position. Our principal market risks are exposure to changes in commodity prices, particularly to the prices of natural gas, NGLs and crude oil, and changes in interest rates. Commodity Price Risk A significant portion of our revenues are derived from percent-of-proceeds contracts under which we receive a portion of the proceeds from the sale of commodities as payment for services. The prices of natural gas, NGLs and crude oil are subject to fluctuations in response to changes in supply, demand, market uncertainty and a variety of additional factors beyond our control. In response to these price risks, we monitor NGL inventory levels in order to mitigate losses related to downward price exposure. In an effort to reduce the variability of our cash flows, we have entered into derivative financial instruments to hedge the commodity price associated with a significant portion of our expected natural gas, NGL and condensate equity volumes, future commodity purchases and sales, and transportation basis risk. Historically, these transactions have included both swaps and purchased puts (or floors) and calls (or caps) to hedge additional expected equity commodity volumes without creating volumetric risk. We hedge a higher percentage of our expected equity volumes in the earlier future periods. With swaps, we typically receive an agreed upon fixed price for a specified notional quantity and pay the hedge counterparty a floating price for that same quantity based upon published index prices. Since we receive from our customers substantially the same floating index price from the sale of the underlying physical commodity, these transactions are designed to effectively lock-in the agreed fixed price in advance for the volumes hedged. In order to avoid having a greater volume hedged than actual equity volumes, we limit our use of swaps to hedge the prices of less than our expected equity volumes. Our commodity hedges may expose us to the risk of financial loss in certain circumstances. We also enter into commodity price hedging transactions using futures contracts on futures exchanges. Exchange traded futures are subject to exchange margin requirements, so we may have to increase our cash deposit due to a rise in natural gas, NGL and crude oil prices. Counterparty Risk – Credit and Concentration Derivative Counterparty Risk Where we are exposed to credit risk in our financial instrument transactions, management analyzes the counterparty’s financial condition prior to entering into an agreement, establishes credit and/or margin limits and monitors the appropriateness of these limits on an ongoing basis. Generally, management does not require collateral and does not anticipate nonperformance by our counterparties. We have master netting provisions in the International Swap Dealers Association agreements with our derivative counterparties. These netting provisions allow us to net settle asset and liability positions with the same counterparties, which reduced our maximum loss due to counterparty credit risk by $21.0 million as of December 31, 2019. The range of losses attributable to our individual counterparties would be between $0.2 million and $21.8 million, depending on the counterparty in default. The credit exposure related to commodity derivative instruments is represented by the fair value of contracts with a net positive fair value, representing expected future receipts, at the reporting date. At such times, these outstanding instruments expose us to losses in the event of nonperformance by the counterparties to the agreements. Should the creditworthiness of one or more of the counterparties decline, the ability to mitigate nonperformance risk is limited to a counterparty agreeing to either a voluntary termination and subsequent cash settlement or a novation of the derivative contract to a third party. In the event of a counterparty default, we may sustain a loss and our cash receipts could be negatively impacted. Customer Credit Risk We extend credit to customers and other parties in the normal course of business. We have established various procedures to manage our credit exposure, including initial credit approvals, credit limits and terms, letters of credit, and rights of offset. We also use prepayments and guarantees to limit credit risk to ensure that our established credit criteria are met. Our allowance for doubtful accounts was $0.0 million as of December 31, 2019 and $0.1 million as of December 31, 2018. Significant Commercial Relationship During the years ended December 31, 2019 and 2018, sales of commodities and fees from midstream services provided to Petredec (Europe) Limited comprised approximately 12% and 15% No customer comprised greater than 10% of our consolidated revenues in the year ended December 31, 2017. Interest Rate Risk We are exposed to changes in interest rates, primarily as a result of variable rate borrowings under the TRC Revolver, the TRP Revolver and the Securitization Facility. Casualty or Other Risks We maintain coverage in various insurance programs, which provides us with property damage, business interruption and other coverages which are customary for the nature and scope of our operations. Management believes that we have adequate insurance coverage, although insurance may not cover every type of interruption that might occur. As a result of insurance market conditions, premiums and deductibles may change overtime, and in some instances, certain insurance may become unavailable, or available for only reduced amounts of coverage. As a result, we may not be able to renew existing insurance policies or procure other desirable insurance on commercially reasonable terms, if at all. If we were to incur a significant liability for which we were not fully insured, it could have a material impact on our consolidated financial position and results of operations. In addition, the proceeds of any such insurance may not be paid in a timely manner and may be insufficient if such an event were to occur. Any event that interrupts the revenues generated by us, or which causes us to make significant expenditures not covered by insurance, could reduce our ability to meet our financial obligations. Furthermore, even when a business interruption event is covered, it could affect interperiod results as we would not recognize the contingent gain until realized in a period following the incident. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 23 – 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 December 31, 2019 $ 495.1 $ 500.0 $ 3,209.8 In accordance with the optional exemptions that we elected to apply, the amounts presented in the table 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 to which 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 and 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 additional information on our revenue recognition policy, see Note 3 – Significant Accounting Policies. For disclosures related to disaggregated revenue, see Note 28 – Segment Information. |
Other Operating (Income) Expens
Other Operating (Income) Expense | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Other Operating (Income) Expense | Note 24 – Other Operating (Income) Expense Other Operating (Income) Expense is comprised of the following: Year Ended December 31, 2019 2018 2017 (Gain) loss on sale of disposition of business and assets $ 71.1 $ (0.1 ) $ 15.9 Miscellaneous business tax 0.2 3.2 0.8 Other — 0.4 0.7 $ 71.3 $ 3.5 $ 17.4 The (Gain) loss on sale or disposal of business and assets is comprised of the following: Year Ended December 31, 2019 2018 2017 Delaware crude gathering - held for sale $ 59.5 $ — $ — Sale of inland marine barge business — (48.1 ) — Exchange of a portion of Versado gathering system — (44.4 ) — Sale of storage and terminaling facilities — 59.1 — Disposal of benzene treating unit — 20.5 — Sale of Venice gathering system — — 16.1 Other 11.6 12.8 (0.2 ) $ 71.1 $ (0.1 ) $ 15.9 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 25 – Income Taxes Components of the federal and state income tax provisions for the periods indicated are as follows: 2019 2018 2017 Current expense (benefit) $ — $ - $ (4.4 ) Deferred expense (benefit) (87.9 ) 5.5 (392.7 ) Total income tax expense (benefit) $ (87.9 ) $ 5.5 $ (397.1 ) Our deferred income tax assets and liabilities at December 31, 2019 and 2018 consist of differences related to the timing of recognition of certain types of costs as follows: 2019 2018 Deferred tax assets: Net operating loss $ 1,235.6 $ 680.7 Other 2.3 2.3 Deferred tax assets before valuation allowance 1,237.9 683.0 Valuation allowance (2.3 ) (2.3 ) Deferred tax assets $ 1,235.6 $ 680.7 Deferred tax liabilities: Investments (1) $ (1,647.7 ) $ (1,183.6 ) Property, plant, and equipment (15.6 ) (15.8 ) Other (6.5 ) (6.5 ) Deferred tax liabilities (1,669.8 ) (1,205.9 ) Net deferred tax asset (liability) $ (434.2 ) $ (525.2 ) Net deferred tax asset (liability) Federal $ (363.5 ) $ (429.1 ) Foreign 0.6 0.6 State (71.3 ) (96.7 ) Long-term deferred tax liability, net $ (434.2 ) $ (525.2 ) (1) Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of our investment in the Partnership. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"), which significantly changed United States corporate income tax laws beginning, generally, in 2018. These changes included, among others, (1) a permanent reduction of the United States corporate income tax rate from a top marginal rate of 35% to a flat rate of 21%; (2) elimination of the corporate alternative minimum tax (“AMT”); (3) immediate deductions for certain new investments instead of deductions for depreciation expense over time, (4) limitation on the tax deduction for interest expense to 30% of adjusted taxable income; (5) limitation of the deduction for net operating losses to 80% of current year taxable income and elimination of net operating loss carrybacks; and (6) elimination of many business deductions and credits, including the domestic production activities deduction, and the deduction for entertainment expenditures. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. We included provisional impacts of the Tax Act in the fourth quarter of 2017. We completed the accounting for the 2017 provisional items in 2018 as outlined below: • We reclassified $4.2 million of AMT credits from deferred tax assets to long term assets. We expect to receive this amount as a refund in 2019-2021. We received a refund of $2.1 million in 2019. • The Tax Act reduced the corporate tax rate to 21%, effective January 1, 2018. We recorded a provisional deferred tax benefit of $269.5 million for the year ended December 31, 2017. • In the year ended December 31, 2017, we recorded a provisional tax depreciation expense of $1.9 billion, which did not include full expensing of all qualifying capital expenditures. In the year ended December 31, 2018, we completed our analysis of capital expenditures that qualify for bonus expensing and recorded additional tax depreciation expense of $286.4 million • Congress enacted several modifications to the compensation deduction limitation for covered employees under IRC Section 162(m). The modifications do not apply to compensation agreements entered into on or before November 2, 2017. Targa’s covered employees’ compensation is attributable to compensation agreements entered into on or before November 2, 2017. Consequently, we determined the Tax Act’s modifications do not impact Targa’s covered employees’ compensation agreements, and we have not recorded any adjustments. As of December 31, 2019, we have total net operating loss carryforwards of $5.1 billion, $1.7 billion of which will expire between 2036 and 2037. The remaining $3.4 billion net operating loss will not expire, but is limited to offset 80% of taxable income per year. Management believes it more likely than not that the deferred tax asset will be fully utilized. Set forth below is the reconciliation between our income tax provision (benefit) computed at the United States statutory rate on income before income taxes and the income tax provision in our Consolidated Statements of Operations for the periods indicated: Income tax reconciliation: 2019 2018 2017 Income (loss) before income taxes $ (46.7 ) $ 65.9 $ (292.9 ) Less: Net income attributable to noncontrolling interest (250.4 ) (58.8 ) (50.2 ) Income attributable to TRC before income taxes (297.1 ) 7.1 (343.1 ) Federal statutory income tax rate 21 % 21 % 35 % Provision for federal income taxes (62.4 ) 1.5 (120.1 ) State income taxes, net of federal tax benefit (5.8 ) 2.5 (11.7 ) State rate re-measurement (14.4 ) — — Permanent adjustments (6.3 ) — — Tax reform rate change — — (269.5 ) Other, net 1.0 1.5 4.2 Income tax provision (benefit) $ (87.9 ) $ 5.5 $ (397.1 ) We have not identified any uncertain tax positions. We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material adverse effect on our financial condition, results of operations or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Note 26 - Supplemental Cash Flow Information Year Ended December 31, 2019 2018 2017 Cash: Interest paid, net of capitalized interest (1) $ 287.7 $ 217.2 $ 212.2 Income taxes paid, net of refunds (1.9 ) (0.5 ) (67.5 ) Non-cash investing activities: Deadstock commodity inventory transferred to property, plant and equipment $ 21.8 $ 49.0 $ 9.0 Impact of capital expenditure accruals on property, plant and equipment (194.4 ) 216.2 205.4 Transfers from materials and supplies inventory to property, plant and equipment 25.1 12.7 3.6 Contribution of property, plant and equipment to investments in unconsolidated affiliates — 16.0 1.0 Change in ARO liability and property, plant and equipment due to revised cash flow estimate and additions 6.7 1.8 3.9 Property, plant and equipment received in asset exchange — 24.1 — Receivable for asset exchange — 15.0 — Asset received related to conveyance of ownership interest in investment in unconsolidated affiliate — 3.0 — Non-cash financing activities: Accrued distributions to noncontrolling interests $ 91.7 $ — $ — Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements 14.2 13.7 9.7 Accretion of deemed dividends on Series A Preferred Stock 33.1 29.2 25.7 Transfer within additional paid-in capital for exercise of Warrants — 0.9 — Impact of accounting standard adoption recorded in retained earnings — 5.2 56.1 Non-cash balance sheet movements related to assets held for sale (See Note 4 - Joint Ventures, Acquisitions and Divestitures): Trade receivables $ 6.9 $ — $ — Intangible assets, net accumulated amortization and estimated loss on sale 52.1 — — Goodwill 1.4 — — Property, plant and equipment, net of accumulated depreciation and estimated loss on sale 77.3 — — Accounts payable and accrued liabilities 6.2 — — Other long-term obligations 0.2 — — Non-cash balance sheet movements related to the Permian Acquisition (See Note 4 - Joint Ventures, Acquisitions and Divestitures): Contingent consideration recorded at the acquisition date $ — $ — $ 416.3 Non-cash balance sheet movements related to the purchase of noncontrolling interests in subsidiary (See Note 4 - Joint Ventures, Acquisitions and Divestitures): Additional paid-in capital $ — $ — $ (13.9 ) Deferred tax liability — — 13.9 Lease liabilities arising from recognition of right-of-use assets: Operating lease $ 6.9 $ — $ — Finance lease 10.1 — — (1) Interest capitalized on major projects was $61.8 million, $46.3 million and $14.3 million for the years ended December 31, 2019, 2018 and 2017. |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Compensation Plans | Note 27 – Compensation Plans 2010 TRC Stock Incentive Plan In December 2010, we adopted the Targa Resources Corp. 2010 Stock Incentive Plan for employees, consultants and non-employee directors of the Company. In May 2017, the 2010 TRC Plan was amended and restated (the “2010 TRC Plan”). Total authorized shares of common stock under the plan is 15,000,000, comprised of 5,000,000 shares originally available and an additional 10,000,000 shares that became available in May 2017. The 2010 TRC Plan allows for the grant of (i) incentive stock options qualified as such under U.S. federal income tax laws (“Incentive Options”), (ii) stock options that do not qualify as incentive options (“Non-statutory Options,” and together with Incentive Options, “Options”), (iii) stock appreciation rights (“SARs”) granted in conjunction with Options or Phantom Stock Awards, (iv) restricted stock awards (“Restricted Stock Awards”), (v) phantom stock awards (“Phantom Stock Awards”), (vi) bonus stock awards, (vii) performance unit awards, or (viii) any combination of such awards (collectively referred to as “Awards”). Unless otherwise specified, the compensation costs for the awards listed below were recognized as expenses over related vesting periods based on the grant-date fair values, reduced by forfeitures incurred. Restricted Stock Awards - Restricted stock entitles the recipient to cash dividends. Dividends on unvested restricted stock will be accrued when declared and recorded as short-term or long-term liabilities, dependent on the time remaining until payment of the dividends, and paid in cash when the award vests. The restricted stock awards will be included in the outstanding shares of our common stock upon issuance. Director Grants – The committee awarded our common stock to our outside directors. In 2019, 2018 and 2017, we issued 25,344, 16,955 and 13,818 shares of director grants with the weighted average grant-date fair value of $42.83, $51.21 and $60.48. Starting from January 1, 2018, director grants are restricted stock awards that vest in one year. In prior years, directors were granted shares of common stock with no vesting requirement. Restricted Stock Units Awards – Restricted Stock Units (“RSUs”) are similar to restricted stock, except that shares of common stock are not issued until the RSUs vest. The vesting periods vary from one year to six years. In 2019, 2018 and 2017, we issued 1,042,344, 1,393,812 and 1,193,942 shares of RSUs with the weighted average grant-date fair value of $39.95, $51.71 and $54.18. The 2019 and 2018 issuances include 85,547 and 275,076 shares of RSUs for our new retention program. These shares will vest in October 2022. Restricted Stock in Lieu of Bonus – In 2019, 2018 and 2017, we issued 95,687, 112,438 and 84,221 shares of restricted stock awards in lieu of cash bonuses in the form of RSUs for our executives at the weighted average grant-date fair value of $42.83, $51.09 and $55.94. These awards will cliff vest over three years. Dividends on bonus awards issued after 2017 are paid quarterly. The following table summarizes the restricted stock and RSUs under the 2010 TRC Plan in shares and in dollars for the year indicated. Number of shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2018 3,594,135 $ 45.31 Granted 1,067,688 40.02 Forfeited (175,861 ) 51.90 Vested (1,093,901 ) 28.31 Outstanding at December 31, 2019 3,392,061 48.79 Performance Share Units During 2019, 2018 and 2017, we issued 261,245, 182,849 and 113,901 shares of performance share units (“PSUs”) to executive management and employees for the 2019, 2018 and 2017 compensation cycle that will vest/have vested in January 2022, January 2021 and January 2020. The PSUs granted under the 2010 TRC Plan are three-year The vesting of the PSUs is dependent on the satisfaction of a combination of certain service-related conditions and the Company’s total shareholder return (“TSR”) relative to the TSR of the members of a specified comparator group of publicly-traded midstream companies (the “LTIP Peer Group”) measured over designated periods. The TSR performance factor is determined by the Committee at the end of the overall performance period based on relative performance over the designated weighting periods as follows: (i) 25% based on annual relative TSR for the first year; (ii) 25% based on annual relative TSR for the second year; (iii) 25% based on annual relative TSR for the third year; and (iv) the remaining 25% based on cumulative three-year relative TSR over the entirety of the performance period. With respect to each weighting period, the Committee determines the “guideline performance percentage,” which could range from 0% to 250%, based upon the Company’s relative TSR performance for the applicable period. The TSR performance factor will be calculated by averaging the guideline performance percentage for each weighting period, and the average percentage may then be decreased or increased by the Committee at its discretion. The grantee will become vested in a number of PSUs equal to the target number awarded multiplied by the TSR performance factor, and vested PSUs will be settled by the issuance of Company common stock. The value of dividend equivalent rights will be paid in cash when the awards vest. Compensation cost for equity-settled PSUs was recognized as an expense over the performance period based on fair value at the grant date. The compensation cost will be reduced if forfeitures occur. Fair value was calculated using a simulated share price that incorporates peer ranking. DERs associated with equity-settled PSUs were accrued over the performance period as a reduction of owners’ equity. We evaluated the grant date fair value using a Monte Carlo simulation model and historical volatility assumption with an expected term of three years. The expected volatilities were 32% - 37% for PSUs granted in 2019, 29% - 53% for PSUs granted in 2018 and 55% - 61% for PSUs granted in 2017. The following table summarizes the PSUs under the 2010 TRC Plan in shares and in dollars for the years indicated. Number of shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2018 296,750 $ 88.19 Granted 261,245 64.46 Forfeited (29,276 ) 86.57 Outstanding at December 31, 2019 528,719 76.56 Cash-settled Awards During 2019 and 2018, we issued 7,836 and 69,042 shares of cash-settled awards for our retention program. These awards are liability awards and vest each quarter for one year. The fair value of the awards is evaluated based on the average of TRC stock prices for the last ten trading days at the end of each quarter. All cash-settled awards vested in 2019. Payments for the cash-settled awards are classified within operating activities in the Consolidated Statements of Cash Flows. The following table summarizes the cash-settled restricted stock units for the year ended 2019. Number of shares Outstanding as of December 31, 2018 50,228 Granted 7,836 Vested and paid (54,313 ) Forfeited (3,672 ) Outstanding as of December 31, 2019 79 We made $2.9 million in payments for the cash-settled restricted units during 2019 and no payments in 2018 TRC Equity Compensation Plan In connection with the TRC/TRP Merger, we adopted and assumed the Partnership’s Long-term Incentive Plan and outstanding awards thereunder, and amended and restated the plan and renamed it the Targa Resources Corp. Equity Compensation Plan (the “Plan”). We continued to maintain the Equity Compensation Plan during 2017. However, since the number of shares reserved under the Equity Compensation Plan had been substantially exhausted as of the end of 2016, we no longer made grants under the Plan, which terminated in February 2017 The RSUs remaining under this Plan are the converted TRP awards and the RSUs made in lieu of cash bonus for our nonexecutives. The following table summarizes the RSUs for the year ended December 31, 2019, under the Plan: Number of shares Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2018 301,691 $ 27.10 Vested (294,237 ) 26.48 Outstanding as of December 31, 2019 7,454 51.49 TRC Long Term Incentive Plan The TRC LTIP is administered by the Compensation Committee of the Targa board of directors. Prior to the TRC/TRP Merger, the TRC LTIP provided for the grant of cash-settled performance units only. In connection with the TRC/TRP Merger, performance unit grant agreements were amended to convert TRP’s outstanding cash-settled performance unit obligation to cash-settled restricted stock units. During 2018, the remaining 112,550 shares of cash-settled awards vested and we paid $6.9 million related to those awards. The cash settled for the awards under TRC LTIP were $6.9 million and $4.1 million for 2018 and 2017. Stock compensation expense under our plans totaled $61.8 million, $59.0 million, and $44.2 million for the years ended December 31, 2019, 2018, and 2017. As of December 31, 2019, we have $97.7 million of unrecognized compensation expense associated with share-based awards and an approximate remaining weighted average vesting periods of 2.2 years related to our various compensation plans. The fair values of share-based awards vested in 2019, 2018 and 2017 were $55.4 million, $18.8 million and $14.4 million. Cash dividends paid for the vested awards were $15.0 million, $3.5 million and $2.5 million for 2019, 2018 and 2017. We recognized a $7.7 million windfall tax benefit for the year ended December 31, 2019, and $0.7 million and $3.1 million tax deficiencies as income tax expenses for the years ended December 31, 2018 and 2017. Subsequent Events In January 2020, the Compensation Committee of the Targa board of directors made the following awards under the 2010 TRC Plan. • 29,472 • 283,015 • 283,015 • 81,336 In January 2020, 25,344 shares of director grants vested with no shares withheld to satisfy tax withholding obligations. In January 2020, 121,239 shares of 2017 PSUs vested with 30,804 shares withheld to satisfy tax withholding obligations. In January 2020, total 111,808 shares of RSUs vested with 29,199 shares withheld to satisfy tax withholding obligations. Targa 401(k) Plan We have a 401(k) plan whereby we match 100% of up to 5% of an employee’s contribution (subject to certain limitations in the plan). We also contribute an amount equal to 3% of each employee’s eligible compensation to the plan as a retirement contribution and may make additional contributions at our sole discretion. All Targa contributions are made 100% in cash. We made contributions to the 401(k) plan totaling $23.7 million, $19.5 million and $16.5 million during 2019, 2018, and 2017. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Note 28 — 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. In the fourth quarter of 2019, we made the following changes to the presentation of our reportable segments: • Renamed the Logistics and Marketing segment as Logistics and Transportation. The updated name better describes the business composition and activity of the segment given the recent completion of Grand Prix. The change in naming convention did not impact previously reported results for the segment. This segment is also referred to as the Downstream Business. • Due to changes in how our executive team evaluates segment performance, results of commodity derivative activities related to our equity volume hedges that are designated as accounting hedges are now reported in the Gathering and Processing segment. These hedge activities were previously reported in Other. Our prior period segment information has been updated to reflect the change. There was no impact to our Consolidated Statements of Operations. 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: Year Ended December 31, 2019 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 1,101.6 $ 6,406.1 $ (113.9 ) $ — $ 7,393.8 Fees from midstream services 728.0 549.3 — — 1,277.3 1,829.6 6,955.4 (113.9 ) — 8,671.1 Intersegment revenues Sales of commodities 2,628.4 132.2 — (2,760.6 ) — Fees from midstream services 7.4 28.7 — (36.1 ) — 2,635.8 160.9 — (2,796.7 ) — Revenues $ 4,465.4 $ 7,116.3 $ (113.9 ) $ (2,796.7 ) $ 8,671.1 Operating margin $ 1,006.4 $ 867.2 $ (113.9 ) $ — $ 1,759.7 Other financial information: Total assets (1) $ 11,929.8 $ 6,741.8 $ 1.0 $ 142.5 $ 18,815.1 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 1,273.3 $ 1,412.2 $ — $ 23.0 $ 2,708.5 (1) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Year Ended December 31, 2018 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 1,228.2 $ 8,058.4 $ (7.9 ) $ — $ 9,278.7 Fees from midstream services 715.6 489.7 — — 1,205.3 1,943.8 8,548.1 (7.9 ) — 10,484.0 Intersegment revenues Sales of commodities 3,636.0 317.1 — (3,953.1 ) — Fees from midstream services 7.2 30.8 — (38.0 ) — 3,643.2 347.9 — (3,991.1 ) — Revenues $ 5,587.0 $ 8,896.0 $ (7.9 ) $ (3,991.1 ) $ 10,484.0 Operating margin $ 939.2 $ 592.5 $ (7.9 ) $ — $ 1,523.8 Other financial information: Total assets (1) $ 11,602.7 $ 5,180.6 $ 3.2 $ 151.7 $ 16,938.2 Goodwill $ 46.6 $ — $ — $ — $ 46.6 Capital expenditures $ 1,548.6 $ 1,767.0 $ — $ 12.1 $ 3,327.7 (1) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Year Ended December 31, 2017 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 774.0 $ 6,979.3 $ (2.2 ) $ — $ 7,751.1 Fees from midstream services 566.3 497.5 — — 1,063.8 1,340.3 7,476.8 (2.2 ) — 8,814.9 Intersegment revenues Sales of commodities 3,154.2 321.9 — (3,476.1 ) — Fees from midstream services 6.9 28.0 — (34.9 ) — 3,161.1 349.9 — (3,511.0 ) — Revenues $ 4,501.4 $ 7,826.7 $ (2.2 ) $ (3,511.0 ) $ 8,814.9 Operating margin $ 776.4 $ 511.8 $ (2.2 ) $ (0.1 ) $ 1,285.9 Other financial information: Total assets (1) $ 10,789.0 $ 3,507.4 $ 0.1 $ 92.1 $ 14,388.6 Goodwill $ 256.6 $ — $ — $ — $ 256.6 Capital expenditures $ 1,008.9 $ 470.4 $ — $ 27.2 $ 1,506.5 Business acquisitions $ 987.1 $ — $ — $ — $ 987.1 (1) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. The following table shows our consolidated revenues by product and service for the periods presented: 2019 2018 2017 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 1,321.7 $ 1,810.0 $ 2,005.9 NGL 5,233.8 6,886.9 5,454.2 Condensate and crude oil 716.1 457.9 196.0 Petroleum products 126.3 196.1 144.7 7,397.9 9,350.9 7,800.8 Non-customer revenue: Derivative activities - Hedge 138.0 (39.7 ) (44.7 ) Derivative activities - Non-hedge (1) (142.1 ) (32.5 ) (5.0 ) (4.1 ) (72.2 ) (49.7 ) Total sales of commodities 7,393.8 9,278.7 7,751.1 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 722.4 698.1 523.3 NGL transportation, fractionation and services 169.4 154.6 170.7 Storage, terminaling and export 356.4 313.0 300.8 Other 29.1 39.6 69.0 Total fees from midstream services 1,277.3 1,205.3 1,063.8 Total revenues $ 8,671.1 $ 10,484.0 $ 8,814.9 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815. The following table shows a reconciliation of operating margin to net income (loss) for the periods presented: 2019 2018 2017 Reconciliation of reportable segment operating margin to income (loss) before income taxes: Gathering and Processing operating margin $ 1,006.4 $ 939.2 $ 776.4 Logistics and Transportation operating margin 867.2 592.5 511.8 Other operating margin (113.9 ) (7.9 ) (2.2 ) Depreciation and amortization expense (971.6 ) (815.9 ) (809.5 ) General and administrative expense (280.7 ) (256.9 ) (203.4 ) Impairment of property, plant and equipment (243.2 ) — (378.0 ) Impairment of goodwill — (210.0 ) — Interest expense, net (337.8 ) (185.8 ) (233.7 ) Equity earnings (loss) 39.0 7.3 (17.0 ) Gain (loss) on sale or disposition of business and assets (71.1 ) 0.1 (15.9 ) Gain (loss) from sale of equity-method investment 69.3 — — Gain (loss) from financing activities (1.4 ) (2.0 ) (16.8 ) Change in contingent considerations (8.7 ) 8.8 99.6 Other, net (0.2 ) (3.5 ) (4.2 ) Income (loss) before income taxes $ (46.7 ) $ 65.9 $ (292.9 ) |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 29 — Selected Quarterly Financial Data (Unaudited) Our results of operations by quarter for the years ended December 31, 2019 and 2018 were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Total 2019 Revenues $ 2,299.4 $ 1,995.3 $ 1,902.5 $ 2,473.9 $ 8,671.1 Gross margin 573.4 633.7 574.4 771.1 2,552.6 Income (loss) from operations (1) 61.3 113.7 41.6 (23.7 ) 192.9 Net income (loss) (24.7 ) 48.9 32.1 (15.1 ) 41.2 Net income (loss) attributable to common shareholders (69.7 ) (41.2 ) (78.6 ) (144.5 ) (334.0 ) Net income (loss) per common share - basic (0.30 ) (0.18 ) (0.34 ) (0.62 ) (1.44 ) Net income (loss) per common share - diluted (0.30 ) (0.18 ) (0.34 ) (0.62 ) (1.44 ) 2018 Revenues $ 2,455.6 $ 2,444.4 $ 2,986.4 $ 2,597.6 $ 10,484.0 Gross margin 514.6 539.1 602.9 589.2 2,245.8 Income (loss) from operations (2) 86.3 155.4 76.7 (80.9 ) 237.5 Net income (loss) 38.9 121.1 (11.2 ) (88.4 ) 60.4 Net income (loss) attributable to common shareholders (7.0 ) 79.0 (54.0 ) (137.3 ) (119.3 ) Net income (loss) per common share - basic (0.03 ) 0.36 (0.24 ) (0.60 ) (0.53 ) Net income (loss) per common share - diluted (3) (0.03 ) 0.35 (0.24 ) (0.60 ) (0.53 ) (1) Includes a non-cash pre-tax impairment charge of $229.0 million in the fourth quarter of 2019. See Note 6 — Property, Plant and Equipment and Intangible Assets. (2) Includes ( 3 ) Includes dilutive effects of common stock equivalents in the second quarter of 2018. |
Condensed Parent Only Financial
Condensed Parent Only Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Only Financial Statements | Note 30 — Condensed Parent Only Financial Statements The condensed parent only financial statements represent the financial information required by Rule 5-04 of the Securities and Exchange Commission Regulation S-X for Targa Resources Corp. In the condensed financial statements, Targa’s investments in consolidated subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of affiliates are not consolidated. The investments in net assets of the consolidated subsidiaries are recorded in the balance sheets. The income (loss) from operations of the consolidated subsidiaries is reported as equity in income (loss) of consolidated subsidiaries. Other comprehensive income has been adjusted for Targa’s share of the investees’ currently reported other comprehensive income. A substantial amount of Targa’s operating, investing and financing activities are conducted by its affiliates. The condensed financial statements should be read in conjunction with Targa’s consolidated financial statements, which begin on page F-1 in this Annual Report. TARGA RESOURCES CORP. PARENT ONLY CONDENSED BALANCE SHEETS December 31, 2019 2018 ASSETS Investment in consolidated subsidiaries $ 5,643.4 $ 6,757.0 Deferred income taxes 53.8 46.7 Debt issuance costs 4.0 5.1 Other long-term assets 9.8 — Total assets $ 5,711.0 $ 6,808.8 LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY Accrued current liabilities $ 31.6 $ 36.8 Long-term debt 435.0 435.0 Other long-term liabilities 44.8 11.9 Contingencies Series A Preferred 9.5% Stock, net of discount 278.8 245.7 Targa Resources Corp. stockholders' equity 4,920.8 6,079.4 Total liabilities, Series A Preferred Stock and owners' equity $ 5,711.0 $ 6,808.8 TARGA RESOURCES CORP. PARENT ONLY CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2019 2018 2017 Equity in net income (loss) of consolidated subsidiaries $ (186.2 ) $ 27.4 $ 103.3 General and administrative expense (13.1 ) (16.1 ) (12.9 ) Income (loss) from operations (199.3 ) 11.3 90.4 Other income (expense): Loss on debt extinguishment — (0.7 ) (5.9 ) Interest expense (17.0 ) (15.8 ) (15.9 ) Income (loss) before income taxes (216.3 ) (5.2 ) 68.6 Deferred income tax (expense) benefit 7.1 6.8 (14.6 ) Net income (loss) attributable to Targa Resources Corp. (209.2 ) 1.6 54.0 Other comprehensive income (loss) (1.8 ) 129.4 8.4 Total comprehensive income (loss) $ (211.0 ) $ 131.0 $ 62.4 Dividends on Series A Preferred Stock 91.7 91.7 91.7 Deemed dividends on Series A Preferred Stock 33.1 29.2 25.7 Net income (loss) attributable to common shareholders (334.0 ) (119.3 ) (63.4 ) Net income (loss) attributable to Targa Resources Corp. $ (209.2 ) $ 1.6 $ 54.0 TARGA RESOURCES CORP. PARENT ONLY CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 2017 Net cash provided by operating activities $ 48.3 $ 55.2 $ 115.1 Cash flows from investing activities Advances to consolidated subsidiaries (222.5 ) (714.5 ) (1,656.9 ) Distributions from consolidated subsidiaries (1) 1,152.4 891.1 744.0 Net cash provided by (used in) investing activities 929.9 176.6 (912.9 ) Cash flows from financing activities Proceeds from long-term debt borrowings (450.0 ) 365.0 965.0 Repayments of long-term debt 450.0 (365.0 ) (965.0 ) Costs incurred in connection with financing arrangements — (8.5 ) (16.0 ) Transaction costs incurred related to sale of ownership interests (10.8 ) — — Proceeds from issuance of common stock, preferred stock and warrants — 689.0 1,660.4 Repurchase of common stock (13.9 ) (4.0 ) (3.4 ) Dividends paid to common and preferred shareholders (953.5 ) (908.3 ) (843.2 ) Net cash provided by (used in) financing activities (978.2 ) (231.8 ) 797.8 Net increase (decrease) in cash and cash equivalents — — — Cash and cash equivalents - beginning of year — — — Cash and cash equivalents - end of year $ — $ — $ — _________ (1) Amounts reflect distributions from consolidated subsidiaries in excess of earnings. Total distributions from consolidated subsidiaries were $1,152.4 million, $918.5 million and $847.3 million for the years ended December 31, 2019, 2018 and 2017. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation Policy | Consolidation Policy Our consolidated financial statements include the accounts of all entities that we control and our proportionate interest in the accounts of certain gas gathering and processing facilities in which we own an undivided interest and are responsible for our proportionate share of the costs and expenses of the facilities. Third party ownership interests in our controlled subsidiaries are presented as noncontrolling interests within the equity section of our Consolidated Balance Sheets. In our Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income, noncontrolling interests reflects the attribution of results to third-party investors. All intercompany balances and transactions have been eliminated in consolidation. We apply the equity method of accounting to investments over which we exercise significant influence over the operating and financial policies of our investee, but do not exercise control. We evaluate our equity investments for impairment when evidence indicates the carrying amount of our investment is no longer recoverable. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the equity method investee to sustain an earnings capacity that would justify the carrying amount of the investment. When the estimated fair value of an equity investment is less than its carrying value and the loss in value is determined to be other than temporary, we recognize the excess of the carrying value over the estimated fair value as an impairment loss within equity earnings (loss) in our Consolidated Statements of Operations. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Estimates and judgments are based on information available at the time such estimates and judgments are made . among other things, (1) estimating unbilled revenues, product purchases and operating and general and administrative cost accruals, (2) developing fair value assumptions, including estimates of future cash flows and discount rates, (3) analyzing long-lived assets for possible impairment, (4) estimating the useful lives of assets, (5) estimating contingencies, guarantees and indemnifications and (6) estimating redemption value of mandatorily redeemable preferred interests. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all cash on hand, demand deposits, and short-term, highly liquid investments that are readily convertible into cash, and have original maturities of three months or less. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Estimated losses on accounts receivable are provided through an allowance for doubtful accounts. In evaluating the adequacy of the allowance, we make judgments regarding each party’s ability and history of making required payments, economic events and other factors. We assess the need for adjustments to our allowance when the financial condition of any party changes or additional information becomes available. |
Inventories | Inventories Our inventories consist primarily of NGL product inventories, which are valued at the lower of cost or net realizable value, using the average cost method. Most NGL product inventories turn over monthly, but some inventory, primarily propane, is acquired and held during the year to meet anticipated heating season requirements of our customers. Commodity inventories that are not physically or contractually available for sale under normal operations (“deadstock”) are included in Property, Plant and Equipment. |
Product Exchanges | Product Exchanges Exchanges of NGL products are executed to satisfy timing and logistical needs of the exchange parties. Volumes received and delivered under exchange agreements are recorded as inventory. If the locations of receipt and delivery are in different markets, an exchange differential may be billed or owed. The exchange differential is recorded as either accounts receivable or accrued liabilities. |
Gas Processing Imbalances | Gas Processing Imbalances Quantities of natural gas and/or NGLs over-delivered or under-delivered, related to certain gas plant operational balancing agreements, are recorded monthly as inventory or as a payable using the weighted average price at the time the imbalance was created. Inventory imbalances receivable are valued at the lower of cost or net realizable value using the average cost method; inventory imbalances payable are valued at replacement cost. These imbalances are settled either by current cash-out settlements or by adjusting future receipts or deliveries of natural gas or NGLs. |
Derivative Instruments | Derivative Instruments We utilize derivative instruments to manage the volatility of our cash flows due to fluctuating energy commodity prices. For balance sheet classification purposes, we analyze the fair values of the derivative instruments on a contract by contract basis and report the related fair values and any related collateral by counterparty on a gross basis. Cash flows from derivative instruments designated as hedges are recognized in the same financial statement line item as the cash flows from the respective item being hedged. We formally document all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge. This documentation includes the specific identification of the hedging instrument and the hedged item, the nature of the risk being hedged and the manner in which the hedging instrument’s effectiveness will be assessed. At the inception of the hedge and on an ongoing basis, we assess whether the We record all derivative instruments at fair value with the exception of those that we apply the normal purchases and normal sales election. The table below summarizes the accounting treatment for our derivative instruments, and the impact on our consolidated financial statements: Recognition and Measurement Derivative Treatment Balance Sheet Income Statement Normal Purchases and Normal Sales Fair value not recorded Earnings recognized when volumes are physically delivered or received Mark-to-Market Recorded at fair value Change in fair value recognized currently in earnings Cash Flow Hedge Recorded at fair value with changes in fair value deferred in Accumulated Other Comprehensive Income ("AOCI") The gain/loss on the derivative instrument is reclassified out of AOCI into earnings when the forecasted transaction occurs We will discontinue hedge accounting on a prospective basis when a hedge instrument is terminated, ceases to be highly effective or the forecasted transaction is no longer probable to occur. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at acquisition cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The determination of the useful lives of property, plant and equipment requires us to make various assumptions, including our expected use of the asset and the supply of and demand for hydrocarbons in the markets served, normal wear and tear of the facilities, and the extent and frequency of maintenance programs. Upon disposition or retirement of property, plant and equipment, any gain or loss is recorded to operations. Expenditures for routine maintenance and repairs are expensed as incurred. Expenditures to refurbish an asset that increases its existing service potential or prevents environmental contamination are capitalized and depreciated over the remaining useful life of the asset or major asset component. Certain costs directly related to the construction of assets, including internal labor costs, interest and engineering costs, are capitalized. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate long-lived assets for impairment when events or changes in circumstances indicate our carrying amount of an asset may not be recoverable. Asset recoverability is measured by comparing the carrying value of the asset or asset group with its expected future pre-tax undiscounted cash flows. If the carrying amount exceeds the expected future undiscounted cash flows, we recognize an impairment equal to the excess of net book value over fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. The determination of the fair value using present value techniques requires us to make projections and assumptions regarding the probability of a range of outcomes and the rates of interest used in the present value calculations. Any changes we make to these projections and assumptions could result in significant revisions to our evaluation of recoverability of our long-lived assets and the recognition of additional impairments. |
Goodwill | Goodwill Goodwill is a residual intangible asset that results when the cost of an acquisition exceeds the fair value of the net identifiable assets of the acquired business. Goodwill is not subject to amortization but is tested for impairment at least annually. This test requires us to attribute goodwill to an appropriate reporting unit, which is an operating segment or one level below an operating segment (also known as a component). We evaluate goodwill for impairment on November 30 of each year, or whenever impairment indicators are present. Prior to us conducting the goodwill impairment test, we complete a review of the carrying values of our long-lived assets, including property, plant and equipment and other intangible assets. If it is determined that the carrying values are not recoverable, we reduce the carrying values of the long-lived assets pursuant to our policy on property, plant and equipment. As part of our goodwill impairment test, we may first assess qualitative factors to determine if the quantitative goodwill impairment test is necessary. If we choose to bypass this qualitative assessment or determine that a goodwill impairment test is required, our annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount (including attributed goodwill). We recognize an impairment loss in our Consolidated Statements of Operations and a corresponding reduction of goodwill on our Consolidated Balance Sheets for the amount by which the carrying amount exceeds the reporting unit’s fair value. The goodwill impairment loss will not exceed the total amount of goodwill allocated to that reporting unit. Additionally, when measuring goodwill, we consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit, if applicable . |
Intangible Assets | Intangible Assets Our intangible assets include producer dedications under long-term contracts and customer relationships associated with business and asset acquisitions. The fair value of these acquired intangible assets was determined at the date of acquisition based on the present value of estimated future cash flows. We amortize the costs of our assets in a manner that closely resembles the expected benefit pattern of the intangible assets or on a straight-line basis, where such pattern is not readily determinable, over the periods in which we benefit from services provided to customers. |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations (“AROs”) are legal obligations associated with the retirement of tangible long-lived assets that result from their acquisition, construction, development and/or normal operation. We record a liability and increase the basis in the underlying asset for the present value of each expected asset retirement obligation (“ARO”) when there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction. Our obligations are estimated based on discounted cash flow estimates. Over time, the ARO liability is accreted to its present value as a period cost and the capitalized amount is depreciated over the asset’s respective useful life. At least annually, we review the projected timing and amount of asset retirement obligations and reflect revisions as an increase or decrease in the carrying amount of the liability and the basis in the underlying asset. Upon settlement, we will recognize any difference between the recorded amount and the actual settlement cost as a gain or loss. |
Debt Issuance Costs | Debt Issuance Costs Costs incurred in connection with the issuance of long-term debt and any original issue discount or premium are deferred and charged to interest expense over the term of the related debt. Debt issuance costs related to revolving credit facilities are presented as other long-term assets, and debt issuance costs related to long-term debt obligations with scheduled maturities are reflected as a deduction to the carrying amount of long-term debt on the Consolidated Balance Sheets. Gains or losses on debt repurchases, redemptions and debt extinguishments include any associated unamortized debt issuance costs. |
Accounts Receivable Securitization Facility | Accounts Receivable Securitization Facility Proceeds from the sale or contribution of certain receivables under the Partnership’s accounts receivable securitization facility (the “Securitization Facility”) are treated as collateralized borrowings in our financial statements. Proceeds and repayments under the Securitization Facility are reflected as cash flows from financing activities in our Consolidated Statements of Cash Flows. |
Environmental Liabilities and Other Loss Contingencies | Environmental Liabilities and Other Loss Contingencies We accrue a liability for loss contingencies, including environmental remediation costs arising from claims, assessments, litigation, fines, penalties and other sources, when the loss is probable and reasonably estimable. |
Income Taxes | Income Taxes We file many income tax returns with the United States Department of the Treasury, as well as numerous states. We are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax payable and related tax expense, together with assessing temporary differences resulting from differing treatment of certain items, such as depreciation, for tax and accounting purposes. These differences can result in deferred tax assets and liabilities, which are reported on a net basis by jurisdiction within our Consolidated Balance Sheets. We report these timing differences based on statutory tax rates applicable to the scheduled timing difference reversal periods. We assess the likelihood that we will recover our deferred tax assets from future taxable income. We establish a valuation allowance if we believe that it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. Any change in the valuation allowance would impact our income tax provision and net income in the period in which such a determination is made. We consider all available evidence to determine whether, based on the weight of the evidence, we need a valuation allowance. Evidence used includes information about our current financial position and our results of operations for the current and preceding years, as well as all currently available information about future years, including our anticipated future performance, the reversal of deferred tax liabilities and tax planning strategies . |
Dividends | Dividends Preferred and Common dividends declared are recorded as a reduction of retained earnings to the extent that retained earnings was available at the close of the prior quarter, with any excess recorded as a reduction of additional paid-in capital. |
Mandatorily Redeemable Preferred Interests | Mandatorily Redeemable Preferred Interests Mandatorily redeemable preferred interests are included in other long-term liabilities on our Consolidated Balance Sheets. Mandatorily redeemable preferred interests with multiple or indeterminate redemption dates are reported at their estimated redemption value as of the reporting date. This point-in-time value does not represent the amount that ultimately would be redeemed in the future. Changes in the redemption value are included in interest expense, net in our Consolidated Statements of Operations. |
Comprehensive Income | Comprehensive Income Comprehensive income includes net income and other comprehensive income (“OCI”), which includes changes in the fair value of derivative instruments that are designated as cash flow hedges. |
Revenue Recognition | Revenue Recognition Our operating revenues are primarily derived from the following activities: • sales of natural gas, NGLs, condensate and crude oil; • services related to compressing, gathering, treating, and processing of natural gas; and • services related to NGL fractionation, terminaling and storage, transportation and treating. We have multiple types of contracts with commercial counterparties and many of these may result in cash inflows to Targa due to the structure of settlement provisions with embedded fees. The commercial relationship of the counterparty in such contracts is inherently one of a supplier, rather than a customer, and therefore, such contracts are excluded from the provisions of the revenue recognition guidance in Topic 606. Any cash inflows or fees that are realized on these supply type contracts are reported as a reduction of Product purchases. Our revenues, therefore, are measured based on consideration specified in a contract with parties designated as customers. We recognize revenue when we satisfy a performance obligation by transferring control over a commodity or service to a customer. Sales and other taxes we collect, that are both imposed on and concurrent with revenue-producing activities, are excluded from revenues. We generally report sales revenues on a gross basis in our Consolidated Statements of Operations, as we typically act as the principal in the transactions where we receive and control commodities. However, buy-sell transactions that involve purchases and sales of inventory with the same counterparty, which are legally contingent or in contemplation of one another, as well as other instances where we do not control the commodities, but rather are acting as an agent to the supplier, are reported as a single revenue transaction on a combined net basis. Our commodity sales contracts typically contain multiple performance obligations, whereby each distinct unit of commodity to be transferred to the customer is a separate performance obligation. Under such contracts, revenue is recognized at the point in time each unit is transferred to the customer because the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the commodity at that time. In certain instances, it may be determinable that the customer receives and consumes the benefits of each unit as it is transferred. Under such contracts, we have a single performance obligation comprised of a series of distinct units of commodity; and in such instance, revenue is recognized over time using the units delivered output method, as each distinct unit is transferred to the customer. Our commodity sales contracts are typically priced at a market index, but may also be set at a fixed price. When our sales are priced at a market index, we apply the allocation exception for variable consideration and allocate the market price to each distinct unit when it is transferred to the customer. The fixed price in our commodity sales contracts generally represents the standalone selling price, and therefore, when each distinct unit is transferred to the customer, we recognize revenue at the fixed price. Our service contracts typically contain a single performance obligation. The underlying activities performed by us are considered inputs to an integrated service and not separable because such activities in combination are required to successfully transfer the single overall service that the customer has contracted for and expects to receive. Therefore, the underlying activities in such contracts are not considered to be distinct services. However, in certain instances, the customer may contract for additional distinct services and therefore additional performance obligations may exist. In such instances, the transaction price is allocated to the multiple performance obligations based on their relative standalone selling prices. The performance obligation(s) in our service contracts is a series of distinct days of the applicable service over the life of the contract (fundamentally a stand-ready service), whereby we recognize revenue over time using an output method of progress based on the passage of time (i.e., each day of service). This output method is appropriate because it directly relates to the value of service transferred to the customer to date, relative to the remaining days of service promised under the contract. The transaction price for our service contracts is typically comprised of variable consideration, which is primarily dependent on the volume and composition of the commodities delivered and serviced. The variable consideration is generally commensurate with our efforts to perform the service and the terms of the variable payments relate specifically to our efforts to satisfy each day of distinct service. Therefore, the variable consideration is typically not estimated at contract inception, but rather the allocation exception for variable consideration is applied, whereby the variable consideration is allocated to each day of service and recognized as revenue when each day of service is provided. When we are entitled to noncash consideration in the form of commodities, the variability related to the form of consideration (market price) and reasons other than form (volume and composition) are interrelated to the service, and therefore, we measure the noncash consideration at the point in time when the volume, mix and market price related to the commodities retained in-kind are known. This results in the recognition of revenue based on the market price of the commodity when the service is performed. In addition, if the transaction price includes a fixed component (i.e., a fixed capacity reservation fee), the fixed component is recognized ratably on a straight line basis over the contract term, as each day of service has elapsed, which is consistent with the output method of progress selected for the performance obligation. Our customers are typically billed on a monthly basis, or earlier, if final delivery and sale of commodities is made prior to month-end, and payment is typically due within 10 to 30 days. As a practical matter, we define the unit of account for revenue recognition purposes based on the passage of time ranging from one month to one quarter, rather than each day. This is because the financial reporting outcome is the same regardless of whether each day or month/quarter is treated as the distinct service in the series. That is, at the end of each month or quarter, the variability associated with the amount of consideration for which we are entitled to, is resolved, and can be included in that month or quarter’s revenue. We have certain long-term contractual arrangements under which we have received consideration, but for which all conditions for revenue recognition have not been met. These arrangements result in deferred revenue, which will be recognized over the periods that performance will be provided. Significant Judgments Certain provisions of our service contracts (i.e., tiered price structures) require further assessment to determine if the allocation exception for variable consideration is met. If the allocation exception is not met, we estimate the total consideration that we expect to be entitled to for the applicable term of the contract, based on projections of future activity. In such instance, revenue is recognized using an output method of progress based on the volume of commodities serviced during the reporting period. Our estimate of total consideration is reassessed each reporting period until contract completion. For contracts with minimum volume commitments, we generally expect the customer to meet the commitment. However, such contracts are reassessed throughout the term of the commitment, and if we no longer expect the customer to meet the commitment, the allocation exception for variable consideration would not be met. That is, from that point onwards, an allocation based on the applicable fee applied to the volumes serviced does not depict the amount of consideration which we expect to be entitled to, in exchange for the service. In such instance, revenue will be recognized up to the minimum volume commitment in proportion to the days of service elapsed and the remaining duration of the commitment. Contract Assets We classify our contract assets as receivables because we generally have an unconditional right to payment for the commodities sold or services performed at the end of reporting period. |
Share-Based Compensation | Share-Based Compensation We award share-based compensation to employees, directors and non-management directors in the form of restricted stock, restricted stock units and performance share units. Compensation expense on our equity-classified awards is recorded at grant-date fair value. Compensation expense on liability-classified awards is initially recorded at grant-date fair value, and re-measured subsequently at each reporting date through the settlement period. Compensation expense is recognized in general and administrative expense over the requisite service period of each award, and forfeitures are recognized as they occur. We may withhold shares to satisfy employees’ tax withholding obligations on vested awards. The withheld shares are recorded in treasury stock, at cost. Cash paid when directly withholding shares for tax-withholding purposes is classified as a financing activity on the statement of cash flows. All excess tax benefits and tax deficiencies related to share-based compensation are recognized as income tax benefit or expense in the income statement, with the tax effects of exercised or vested awards treated as discrete items in the reporting period which they occur. Excess tax benefits are classified as an operating activity. |
Earnings per Share | Earnings per Share Basic earnings (loss) per common share (“EPS”) is based on the sum of the weighted-average number of common shares outstanding and vested restricted stock, restricted stock units and performance share units. Diluted EPS includes any dilutive effect of preferred stock, unvested restricted stock, restricted stock units and performance share units. The dilutive effect is calculated through the application of i) the if-converted method for convertible preferred stock, and ii) the treasury stock method for unvested stock awards. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently adopted accounting pronouncements Leases In February 2016 Financial Accounting Standards Board Accounting Standards Update (“ASU”) Leases supersede (net of $16.3 million of lease incentives/deferred rent) • The package for transition relief, which among other things, allows us to carry forward our historical lease classification; • The land easements transition, which allows us to carry forward our historical accounting treatment for land easements prior to the effective date of the new leases standard, and evaluate only new or modified land easements on or after January 1, 2019 under Topic 842; • The short-term lease election, which allows us to elect not to record leases with an initial term of twelve months or less, for all asset classes; • The election to not separate non-lease components from lease components for all the asset classes in our current lease portfolio, where Targa is the lessee; and • The election to not separate non-lease components from lease components for gathering, processing and storage assets, where Targa is the lessor. Based on our election, we determined the non-lease component in certain of these arrangements is the predominant component and therefore account for the arrangements under ASC 606. We recognize the following for all leases (with the exception of short-term leases) at the commencement date: • A lease liability, which is a lessee’s obligation to make lease payments arising from a lease. • A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. We determine if an arrangement is or contains a lease at inception. Leases with an initial term of twelve months or less are considered short-term leases, which are excluded from the balance sheet. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of future lease payments over the lease term. The right-of-use asset also includes any lease prepayments and excludes lease incentives. As most of the Company’s leases do not provide an implicit interest rate, we use our incremental borrowing rate as the discount rate to compute the present value of our lease liability. The discount rate applied is determined based on information available on the date of adoption for all leases existing as of that date, and on the date of lease commencement for all subsequent leases. Our lease arrangements may include variable lease payments based on an index or market rate , or may be based on performance. For variable lease payments based on an index or market rate, we estimate and apply a rate based on information available at the commencement date. Variable lease payments based on performance are excluded from the calculation of the right-of-use asset and lease liability, and are recognized in our Consolidated Statements of Operations when the contingency underlying such variable lease payments is resolved. Our lease terms may include options to extend or terminate the lease. Such options are included in the measurement of our right-of-use asset and liability, provided we determine that we are reasonably certain to exercise the option. See Note 12 – Leases for additional details |
Joint Ventures, Acquisitions _2
Joint Ventures, Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Pro Forma Consolidated Information of Operations | The following summarized unaudited pro forma Consolidated Statements of Operations information for the year ended December 31, 2017 assumes that the Permian Acquisition occurred as of January 1, 2016. We prepared the following summarized unaudited pro forma financial results for comparative purposes only. The summarized unaudited pro forma information may not be indicative of the results that would have occurred had we completed this acquisition as of January 1, 2016, or that would be attained in the future. December 31, 2017 Pro Forma Revenues $ 8,829.0 Net income (loss) 103.2 |
Fair Value of the Assets and Liabilities Assumed at Acquisition Date | We accounted for the Permian Acquisition as an acquisition of a business under purchase accounting rules. The assets acquired and liabilities assumed related to the Permian Acquisition were recorded at their fair values as of the closing date of March 1, 2017. The fair value of the assets acquired and liabilities assumed at the acquisition date is shown below: Fair value determination (final): March 1, 2017 Trade and other current receivables, net $ 6.7 Other current assets 0.6 Property, plant and equipment 255.8 Intangible assets 692.3 Current liabilities (14.1 ) Other long-term liabilities (0.8 ) Total identifiable net assets 940.5 Goodwill 46.6 Total fair value of assets acquired and liabilities assumed $ 987.1 |
Schedule of Carrying Amounts of Assets and Liabilities Held for Sale | The adjusted carrying amounts of the assets and liabilities held for sale are as follows: December 31, 2019 Current assets: Trade receivables $ 6.9 Intangible assets, net accumulated amortization and estimated loss on sale 52.1 Goodwill 1.4 Property, plant and equipment, net of accumulated depreciation and estimated loss on sale 77.3 Total assets held for sale $ 137.7 Current liabilities: Accounts payable and accrued liabilities $ 6.2 Other long-term obligations 0.2 Total liabilities held for sale $ 6.4 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | December 31, 2019 December 31, 2018 Commodities $ 156.5 $ 151.1 Materials and supplies 5.0 13.6 $ 161.5 $ 164.7 |
Property, Plant and Equipment_2
Property, Plant and Equipment and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment And Intangible Assets [Abstract] | |
Property Plant and Equipment and Intangible Assets | Property, Plant and Equipment December 31, 2019 December 31, 2018 Estimated Useful Lives (In Years) Gathering systems $ 8,976.8 $ 7,547.9 5 to 20 Processing and fractionation facilities 5,143.0 4,007.7 5 to 25 Terminaling and storage facilities 1,495.5 1,138.7 5 to 25 Transportation assets 2,292.4 445.1 10 to 50 Other property, plant and equipment 184.1 334.5 3 to 25 Land 159.7 144.3 — Construction in progress 1,576.5 3,602.5 — Finance lease right-of-use assets 48.8 — — Property, plant and equipment 19,876.8 17,220.7 Accumulated depreciation and amortization (5,328.3 ) (4,292.3 ) Property, plant and equipment, net $ 14,548.5 $ 12,928.4 Intangible assets $ 2,643.5 $ 2,736.6 10 to 20 Accumulated amortization (908.5 ) (753.4 ) Intangible assets, net $ 1,735.0 $ 1,983.2 |
Schedule of Changes in Intangible Assets | The changes in our intangible assets are as follows: December 31, 2019 December 31, 2018 Beginning of period $ 1,983.2 $ 2,165.8 Held for sale assets (76.6 ) — Amortization (171.6 ) (182.6 ) End of period $ 1,735.0 $ 1,983.2 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Net Amounts of Goodwill | Changes in the net amounts of our goodwill are as follows: WestTX SouthTX New Midland New Delaware Delaware Supersystem Total Balance as of December 31, 2017: Goodwill $ 364.5 $ 160.3 $ 23.2 $ 23.4 $ — $ 571.4 Accumulated impairment losses (189.8 ) (125.0 ) — — — (314.8 ) Net 174.7 35.3 23.2 23.4 — 256.6 Impairment (174.7 ) (35.3 ) — — — (210.0 ) Balance as of December 31, 2018: Goodwill 364.5 160.3 23.2 23.4 — 571.4 Accumulated impairment losses (364.5 ) (160.3 ) — — — (524.8 ) Net — — 23.2 23.4 — 46.6 Impairment — — — — — — Reporting unit aggregation (1) — — — (23.4 ) 23.4 — Balance as of December 31, 2019: Goodwill 364.5 160.3 23.2 — 23.4 571.4 Goodwill allocated to held for sale assets — — — — (1.4 ) (1.4 ) Accumulated impairment losses (364.5 ) (160.3 ) — — — (524.8 ) Net — — 23.2 — 22.0 45.2 (1) In 2019, we began aggregating the results of Delaware Supersystem activity, including New Delaware. Discrete financial information for New Delaware is no longer available and management now reviews aggregate Delaware Supersystem operating results. |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Activity Related to Partnership's Investments and Combined Financial Information in Unconsolidated Affiliates | The following table shows the activity related to our investments in unconsolidated affiliates: Balance at December 31, 2016 Equity Earnings (Loss) Cash Distributions Acquisition Contributions Balance at December 31, 2017 GCX $ — $ — $ — $ — $ — $ — Little Missouri 4 — — — — — — T2 Eagle Ford 118.6 (10.6 ) — — 1.2 109.2 T2 LaSalle 58.6 (4.9 ) — — 0.4 54.1 GCF 46.1 12.4 (12.7 ) — — 45.8 Cayenne — — — 5.0 3.6 8.6 T2 EF Cogen 17.5 (13.9 ) — — 0.3 3.9 Agua Blanca — — — — — — Total $ 240.8 $ (17.0 ) $ (12.7 ) $ 5.0 $ 5.5 $ 221.6 Balance at December 31, 2017 Equity Earnings (Loss) Cash Distributions (1) Acquisition (Disposition) Contributions (2) Balance at December 31, 2018 GCX (3) $ — $ 0.8 $ — $ — $ 210.8 $ 211.6 Little Missouri 4 — — (8.0 ) — 75.3 67.3 T2 Eagle Ford 109.2 (10.2 ) — — — 99.0 T2 LaSalle 54.1 (4.9 ) — — 0.1 49.3 GCF 45.8 16.8 (22.3 ) — — 40.3 Cayenne 8.6 6.4 (4.0 ) — 5.6 16.6 T2 EF Cogen 3.9 (1.8 ) — (2.1 ) — — Agua Blanca — 0.2 — 3.5 2.7 6.4 Total $ 221.6 $ 7.3 $ (34.3 ) $ 1.4 $ 294.5 $ 490.5 Balance at December 31, 2018 Equity Earnings (Loss) Cash Distributions Disposition Contributions Balance at December 31, 2019 GCX (3) $ 211.6 $ 27.7 $ (25.3 ) $ — $ 233.5 $ 447.5 Little Missouri 4 67.3 3.4 — — 33.0 103.7 T2 Eagle Ford (4) 99.0 (9.4 ) — — — 89.6 T2 LaSalle (4) 49.3 (4.5 ) — — — 44.8 GCF 40.3 16.1 (19.2 ) — — 37.2 Cayenne 16.6 7.2 (8.2 ) — 0.3 15.9 Agua Blanca 6.4 (1.5 ) (0.4 ) (4.5 ) — — Total $ 490.5 $ 39.0 $ (53.1 ) $ (4.5 ) $ 266.8 $ 738.7 ( 1 ) Includes an $8.0 million distribution from Little Missouri 4 as a reimbursement of pre-formation expenditures. ( 2 ) Includes a $16.0 million initial contribution of property, plant and equipment to Little Missouri 4 ( 3 ) As discussed in Note 4 –Joint Ventures, Acquisitions and Divestitures, our 25% interest in GCX is owned by 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. (4) The carrying values of the T2 Joint Ventures include the effects of the Atlas mergers purchase accounting, which determined fair values for the joint ventures as of the date of acquisition. As of December 31, 2019, $23.1 million The following tables summarize the combined financial information of our investments in unconsolidated affiliates (all data presented on a 100% basis): December 31, 2019 December 31, 2018 (In millions) Current assets $ 136.3 $ 200.7 Non-current assets $ 2,291.6 $ 1,329.7 Current liabilities $ 93.8 $ 233.9 Non-current liabilities $ 3.4 $ 179.2 Net assets $ 2,330.7 $ 1,117.3 Year Ended December 31, 2019 2018 2017 (In millions) Operating revenues $ 265.5 $ 130.6 $ 84.3 Operating expenses $ 144.2 $ 96.9 $ 80.5 Net income (loss) $ 87.7 $ 34.7 $ 3.4 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, 2019 December 31, 2018 Commodities $ 683.6 $ 721.9 Other goods and services 313.5 478.6 Interest 125.7 79.9 Income and other taxes 62.4 47.7 Permian Acquisition contingent consideration — 308.2 Compensation and benefits 62.0 57.3 Preferred Series A dividends payable 22.9 22.9 Accrued distributions to noncontrolling interests 91.7 — Other 18.1 20.8 $ 1,379.9 $ 1,737.3 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | December 31, 2019 December 31, 2018 Current: Obligations of the Partnership: (1) Securitization Facility, due December 2020 $ 370.0 $ 280.0 Senior unsecured notes, 4⅛ November 2019 — 749.4 370.0 1,029.4 Debt issuance costs, net of amortization — (1.5 ) Finance lease liabilities 12.2 — Current debt obligations 382.2 1,027.9 Long-term: TRC obligations: TRC Senior secured revolving credit facility, variable rate, due June 2023 435.0 435.0 Obligations of the Partnership: (1) Senior secured revolving credit facility, variable rate, due June 2023 — 700.0 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 500.0 500.0 5⅞ April 2026 1,000.0 1,000.0 5⅜ February 2027 500.0 500.0 6½ July 2027 750.0 — 5% fixed rate, due January 2028 750.0 750.0 6⅞ January 2029 750.0 — 5½ March 2030 1,000.0 — TPL notes, 4¾ November 2021 6.5 6.5 TPL notes, 5⅞ August 2023 48.1 48.1 Unamortized premium 0.3 0.3 7,463.5 5,663.5 Debt issuance costs, net of amortization (49.1 ) (31.1 ) Finance lease liabilities 25.8 — Long-term debt 7,440.2 5,632.4 Total debt obligations $ 7,822.4 $ 6,660.3 Irrevocable standby letters of credit: Letters of credit outstanding under the TRC Senior secured credit facility (4) $ — $ — Letters of credit outstanding under the Partnership senior secured revolving credit facility (5) 88.2 79.5 $ 88.2 $ 79.5 (1) While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. (2) As of December 31, 2019, the Partnership had $400.0 million of qualifying receivables under its $400.0 million Securitization Facility, resulting in availability of $30.0 million. (3) The 4⅛% Senior Notes due 2019 were redeemed in full on February 11, 2019. (4) As of December 31, 2019, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million. (5) As of December 31, 2019, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $2,111.8 million. (6) “TPL” refers to Targa Pipeline Partners LP. |
Schedule of Contractual Maturities of Outstanding Debt Obligations | The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2019, for the next five years, and in total thereafter: Scheduled Maturities of Debt Total 2020 2021 2022 2023 2024 After 2024 (in millions) TRC Revolver $ 435.0 $ — $ — $ — $ 435.0 $ — $ — Partnership's Senior unsecured notes 7,028.2 — 6.5 — 1,191.6 580.1 5,250.0 Partnership's Securitization Facility 370.0 370.0 — — — — — Total $ 7,833.2 $ 370.0 $ 6.5 $ — $ 1,626.6 $ 580.1 $ 5,250.0 Future non-cancelable commitments related to certain contractual obligations are presented below for each of the next five fiscal years and in aggregate thereafter: In Aggregate 2020 2021 2022 2023 2024 Thereafter Land sites and rights of way (1) $ 150.4 $ 3.8 $ 4.0 $ 4.4 $ 4.3 $ 4.5 $ 129.4 (1) Land site lease and rights of way provides for surface and underground access for gathering, processing and distribution assets that are located on property not owned by us. These agreements expire at various dates, with varying terms, some of which are perpetual. |
Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations | The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the year ended December 31, 2019: Range of Interest Rates Incurred Weighted Average Interest Rate Incurred TRC Revolver 3.5% - 4.3% 4.0% TRP Revolver 3.5% - 4.7% 4.1% Partnership's Securitization Facility 2.6% - 3.4% 3.1% |
Results of Tender Offers | The following table summarizes the impact of debt repurchases and extinguishments that are included in our Consolidated Statements of Operations: 2019 2018 2017 Premium over face value paid upon redemption: Partnership 6⅜% Senior Notes $ — $ — $ 8.9 Recognition of unamortized discount: TRC Senior secured term loan — — 2.2 Write-off of debt issuance costs: TRP Revolver — 1.3 — TRC Revolver — 0.7 — TRC Senior secured term loan — — 3.7 Partnership 4⅛% Senior Notes 1.4 — — Partnership 5% Senior Notes — — 0.2 Partnership 6⅜% Senior Notes — — 1.8 Loss (gain) from financing activities $ 1.4 $ 2.0 $ 16.8 |
Other Long-term Liabilities (Ta
Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Noncurrent [Line Items] | |
Schedule of Other Long-term Liabilities | Other long-term liabilities are comprised of the following obligations: December 31, 2019 December 31, 2018 Asset retirement obligations $ 66.3 $ 55.5 Deferred revenue 172.0 175.5 Operating lease liabilities 47.2 — Other liabilities 20.1 31.2 Total long-term liabilities $ 305.6 $ 262.2 |
Changes in Aggregate Asset Retirement Obligations | The changes in our ARO are as follows: 2019 2018 Beginning of period $ 55.5 $ 50.8 Additions (1) 11.8 — Change in cash flow estimate (5.1 ) 1.8 Accretion expense 4.7 3.7 Retirement of ARO (0.6 ) (0.8 ) End of period $ 66.3 $ 55.5 (1) Amount reflects additions of ARO related to the commencement of operations of Grand Prix. |
Components of deferred revenue | The following table shows the components of deferred revenue: December 31, 2019 December 31, 2018 Splitter agreement $ 129.0 $ 129.0 Gas contract amendment 39.8 42.2 Other deferred revenue 3.2 4.3 Total deferred revenue $ 172.0 $ 175.5 |
Changes in Deferred revenue | The following table shows the changes in deferred revenue: 2019 2018 Balance at December 31, 2018 $ 175.5 $ 136.2 Additions 0.4 43.2 Revenue recognized (3.9 ) (3.9 ) Balance at December 31, 2019 $ 172.0 $ 175.5 |
Permian Acquisition [Member] | |
Other Liabilities Noncurrent [Line Items] | |
Schedule of Changes in Fair Value of Contingent Consideration | The following table shows the changes in the fair value of the contingent consideration related to the Permian Acquisition: Year Ended December 31, 2019 Year Ended December 31, 2018 March 1, 2017 to December 31, 2017 Beginning of period $ 308.2 $ 317.0 $ 416.3 Increase (decrease) in fair value, included in Other income (expense) 8.9 (8.8 ) (99.3 ) Earn-out payment (317.1 ) — — End of period — 308.2 317.0 Less: Current portion — (308.2 ) (6.8 ) Long-term balance at end of period $ — $ — 310.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Balances of Right of Use Assets and Liabilities of Finance Leases and Operating Leases | The balances of right-of-use assets and liabilities of finance leases and operating leases, and their locations on our Consolidated Balance Sheets are as follows: Balance Sheet Location December 31, 2019 Right-of-use assets Operating leases, gross Other long-term assets $ 42.0 Finance leases, gross Property, plant and equipment 48.8 Lease liabilities Current: Operating leases Accounts payable and accrued liabilities $ 7.8 Finance leases Current debt obligations 12.2 Non-current: Operating leases Other long-term liabilities $ 47.2 Finance leases Long-term debt 25.8 |
Summary of Components of Lease Expense | Operating lease costs and short-term lease costs are included in Operating expenses or General and administrative expense in our Consolidated Statements of Operations, depending on the nature of the leases. Finance lease costs are included in Depreciation and amortization expense and Interest income (expense) in our Consolidated Statements of Operations. The components of lease expense were as follows: Year Ended December 31, 2019 Lease cost Operating lease cost $ 9.9 Short-term lease cost 30.0 Variable lease cost 6.7 Finance lease cost Amortization of right-of-use assets 13.1 Interest expense 1.6 Total lease cost $ 61.3 |
Summary of Other Supplemental Information Related to Leases | During t he years ended December 31, 2018 and otal operating leases expense incurred were $56.0 million and $49.6 million, which includes short-term leases for compressors and equipment. Other supplemental information related to our leases are as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 8.7 Operating cash flows for finance leases 1.6 Financing cash flows for finance leases 11.5 |
Summary of Maturities of Lease Liabilities Under Non-cancellable Leases | The following table presents the maturities of our lease liabilities under non-cancellable leases as of December 31, 2019: Operating Leases Finance Leases Future Minimum Lease Payments Beginning After December 31, 2019 $ 9.9 $ 13.4 2020 10.4 11.7 2021 9.6 10.2 2022 8.0 4.7 2023 6.2 0.5 Thereafter 19.7 — Total undiscounted cash flows 63.8 40.5 Less imputed interest (8.8 ) (2.5 ) Total lease liabilities $ 55.0 $ 38.0 |
Summary of Future Minimum Payments under Non-cancellable Leases | The following table presents future minimum payments under non-cancellable leases as of December 31, 2018: Leases 2019 $ 20.9 2020 20.2 2021 18.5 2022 16.5 2023 9.8 Thereafter 24.9 Total payments $ 110.8 |
Common Stock and Related Matt_2
Common Stock and Related Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Class Of Stock Disclosures [Abstract] | |
Dividends Declared and/or Paid | The following table details the dividends declared and/or paid by us to common shareholders for the years ended December 31, 2019, 2018 and 2017: Three Months Ended Date Paid Total Common Dividends Declared Amount of Common Dividends Paid Accrued Dividends (1) Dividends Declared per Share of Common Stock (In millions, except per share amounts) 2019 December 31, 2019 February 18, 2020 $ 216.0 $ 212.0 $ 4.0 $ 0.91000 September 30, 2019 November 15, 2019 215.5 211.8 3.7 0.91000 June 30, 2019 August 15, 2019 215.1 211.5 3.6 0.91000 March 31, 2019 May 15, 2019 215.2 211.5 3.7 0.91000 2018 December 31, 2018 February 15, 2019 215.2 211.2 4.0 0.91000 September 30, 2018 November 15, 2018 212.5 208.6 3.9 0.91000 June 30, 2018 August 15, 2018 208.9 205.2 3.7 0.91000 March 31, 2018 May 16, 2018 203.1 199.7 3.4 0.91000 2017 December 31, 2017 February 15, 2018 $ 202.4 $ 199.1 $ 3.3 $ 0.91000 September 30, 2017 November 15, 2017 199.0 196.2 2.8 0.91000 June 30, 2017 August 15, 2017 198.6 196.2 2.4 0.91000 March 31, 2017 May 16, 2017 182.8 180.3 2.5 0.91000 (1) Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting. |
Partnership Units and Related_2
Partnership Units and Related Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Partners Capital [Abstract] | |
Schedule of Distributions | The following details the distributions declared or paid by the Partnership during 2019, 2018 and 2017: Three Months Ended Date Paid Total Distributions Distributions to Targa Resources Corp. 2019 December 31, 2019 February 13, 2020 $ 241.9 $ 239.1 September 30, 2019 November 13, 2019 242.1 239.3 June 30, 2019 August 13, 2019 242.4 239.6 March 31, 2019 April 5, 2019 437.8 435.0 2018 December 31, 2018 February 13, 2019 241.3 238.5 September 30, 2018 November 13, 2018 237.6 234.8 June 30, 2018 August 13, 2018 234.0 231.2 March 31, 2018 May 11, 2018 229.7 226.9 2017 December 31, 2017 February 12, 2018 228.5 225.7 September 30, 2017 November 10, 2017 225.4 222.6 June 30, 2017 August 10, 2017 225.4 222.6 March 31, 2017 May 11, 2017 209.6 206.8 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share | The following table sets forth a reconciliation of net income and weighted average shares outstanding (in millions) used in computing basic and diluted net income per common share: 2019 2018 2017 Net income (loss) $ 41.2 $ 60.4 $ 104.2 Less: Net income attributable to noncontrolling interests 250.4 58.8 50.2 Less: Dividends on preferred stock 124.8 120.9 117.4 Net income (loss) attributable to common shareholders for basic earnings per share $ (334.0 ) $ (119.3 ) $ (63.4 ) Weighted average shares outstanding - basic 232.5 224.2 206.9 Net income (loss) available per common share - basic $ (1.44 ) $ (0.53 ) $ (0.31 ) Weighted average shares outstanding 232.5 224.2 206.9 Weighted average shares outstanding - diluted 232.5 224.2 206.9 Net income (loss) available per common share - diluted $ (1.44 ) $ (0.53 ) $ (0.31 ) |
Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share | The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis): 2019 2018 2017 Unvested restricted stock awards 1.2 1.7 1.2 Warrants to purchase common stock (1) — — 0.1 Series A Preferred Stock (2) 46.5 46.5 46.5 (1) During the first quarter of 2018, the remaining Warrants were exercised and net settled by us for shares of common stock. (2) The Series A Preferred has no mandatory redemption date, but is redeemable at our election in year six for a 10% premium to the liquidation preference and for a 5% premium to the liquidation preference in year seven thereafter. If the Series A Preferred is not redeemed by the end of year twelve, the investors have the right to convert the Series A Preferred into TRC common stock. See Note 13 – Preferred Stock. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Notional Volume of Commodity Hedges | At December 31, 2019, the notional volumes of our commodity derivative contracts were: Commodity Instrument Unit 2020 2021 2022 2023 2024 Natural Gas Swaps MMBtu/d 127,230 123,751 46,100 - - Natural Gas Basis Swaps MMBtu/d 364,275 344,292 210,000 200,000 40,000 NGL Swaps Bbl/d 23,105 11,196 6,036 - - NGL Futures Bbl/d 16,844 - - - - Condensate Swaps Bbl/d 5,471 3,654 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 December 31, 2019 Fair Value as of December 31, 2018 Balance Sheet Derivative Derivative Derivative Derivative Location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Commodity contracts Current $ 102.1 $ 11.6 $ 112.5 $ 18.9 Long-term 33.7 6.4 31.6 1.5 Total derivatives designated as hedging instruments $ 135.8 $ 18.0 $ 144.1 $ 20.4 Derivatives not designated as hedging instruments Commodity contracts Current $ 1.2 $ 92.5 $ 2.8 $ 14.7 Long-term 1.8 34.4 2.5 1.6 Total derivatives not designated as hedging instruments $ 3.0 $ 126.9 $ 5.3 $ 16.3 Total current position $ 103.3 $ 104.1 $ 115.3 $ 33.6 Total long-term position 35.5 40.8 34.1 3.1 Total derivatives $ 138.8 $ 144.9 $ 149.4 $ 36.7 |
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 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 ) Gross Presentation Pro Forma Net Presentation December 31, 2018 Asset Liability Collateral Asset Liability Current Position Counterparties with offsetting positions or collateral $ 100.0 $ (33.6 ) $ (14.2 ) $ 70.0 $ (17.8 ) Counterparties without offsetting positions - assets 15.3 - - 15.3 - Counterparties without offsetting positions - liabilities - - - - - 115.3 (33.6 ) (14.2 ) 85.3 (17.8 ) Long Term Position Counterparties with offsetting positions or collateral 8.9 (3.1 ) - 5.9 (0.1 ) Counterparties without offsetting positions - assets 25.2 - - 25.2 - Counterparties without offsetting positions - liabilities - - - - - 34.1 (3.1 ) - 31.1 (0.1 ) Total Derivatives Counterparties with offsetting positions or collateral 108.9 (36.7 ) (14.2 ) 75.9 (17.9 ) Counterparties without offsetting positions - assets 40.5 - - 40.5 - Counterparties without offsetting positions - liabilities - - - - - $ 149.4 $ (36.7 ) $ (14.2 ) $ 116.4 $ (17.9 ) |
Amounts Recorded in Other Comprehensive Income and Amounts Reclassified from OCI to Revenue | The following tables reflect amounts recorded in Other Comprehensive Income and amounts reclassified from OCI to revenue for the periods indicated: Derivatives in Cash Flow Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Hedging Relationships 2019 2018 2017 Commodity contracts $ 135.6 $ 132.5 $ (28.8 ) Gain (Loss) Reclassified from OCI into Income (Effective Portion) Location of Gain (Loss) 2019 2018 2017 Revenues 138.0 (38.4 ) (44.6 ) |
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 year ended December 31, 2019, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward basis prices. Derivatives Not Designated Location of Gain Recognized in Gain (Loss) Recognized in Income on Derivatives as Hedging Instruments Income on Derivatives 2019 2018 2017 Commodity contracts Revenue $ (142.1 ) $ (32.5 ) $ (5.1 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Breakdown by Fair Value Hierarchy Category for Financial Instruments Included in Consolidated Balance Sheets | The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included on our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments: December 31, 2019 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: Assets from commodity derivative contracts (1) $ 136.5 $ 136.5 $ — $ 136.2 $ 0.3 Liabilities from commodity derivative contracts (1) 142.6 142.6 — 142.0 0.6 TPL contingent consideration (2) 2.3 2.3 — — 2.3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 331.1 331.1 — — — TRC Revolver 435.0 435.0 — 435.0 — TRP Revolver — — — — — Partnership's Senior unsecured notes 7,028.5 7,376.9 — 7,376.9 — Partnership's accounts receivable securitization facility 370.0 370.0 — 370.0 — December 31, 2018 Carrying Fair Value Value Total Level 1 Level 2 Level 3 Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: Assets from commodity derivative contracts (1) $ 144.4 $ 144.4 $ — $ 137.5 $ 6.9 Liabilities from commodity derivative contracts (1) 31.7 31.7 — 31.3 0.4 Permian Acquisition contingent consideration (3) 308.2 308.2 — — 308.2 TPL contingent consideration (2) 2.4 2.4 — — 2.4 Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: Cash and cash equivalents 232.1 232.1 — — — TRC Revolver 435.0 435.0 — 435.0 — TRP Revolver 700.0 700.0 — 700.0 — Partnership's Senior unsecured notes 5,277.9 5,088.9 — 5,088.9 — Partnership's accounts receivable securitization facility 280.0 280.0 — 280.0 — (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 17 – 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 . (3) We had a contingent consideration liability related to the Permian Acquisition, which was carried at fair value. See Note 4 – Joint Ventures, Acquisitions and Divestitures . |
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, 2018 $ 6.5 $ (310.6 ) Change in fair value of TPL contingent consideration — 0.1 Completion of Permian Acquisition contingent consideration earn-out period — 308.2 New Level 3 derivative instruments (0.7 ) — Transfers out of Level 3 (1) (6.5 ) — Unrealized gain/(loss) included in OCI 0.4 — Balance, December 31, 2019 $ (0.3 ) $ (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 (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Transactions with Unconsolidated Affiliates | The following table summarizes transactions with unconsolidated affiliates: GCF T2 Joint Ventures Cayenne GCX Little Missouri 4 Agua Blanca Total 2019: Revenues $ 0.3 $ 3.7 $ — $ 0.8 $ 6.3 $ — $ 11.0 Product purchases (7.9 ) — (7.9 ) (24.7 ) — — (40.5 ) Operating expenses — (2.0 ) (0.2 ) — — (1.2 ) (3.4 ) General and administrative expenses — — — — (0.3 ) — (0.3 ) 2018: Revenues $ 0.3 $ 5.2 $ — $ 0.1 $ — $ — $ 5.6 Product purchases (5.1 ) (0.6 ) (7.2 ) (1.2 ) — — (14.1 ) Operating expenses — (3.6 ) — — — — (3.6 ) 2017: Revenues $ 0.3 $ 2.1 $ — $ — $ — $ — $ 2.4 Product purchases (4.4 ) (1.1 ) — — — — (5.5 ) Operating expenses — (3.8 ) — — — — (3.8 ) |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Contractual Maturities of Outstanding Debt Obligations | The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2019, for the next five years, and in total thereafter: Scheduled Maturities of Debt Total 2020 2021 2022 2023 2024 After 2024 (in millions) TRC Revolver $ 435.0 $ — $ — $ — $ 435.0 $ — $ — Partnership's Senior unsecured notes 7,028.2 — 6.5 — 1,191.6 580.1 5,250.0 Partnership's Securitization Facility 370.0 370.0 — — — — — Total $ 7,833.2 $ 370.0 $ 6.5 $ — $ 1,626.6 $ 580.1 $ 5,250.0 Future non-cancelable commitments related to certain contractual obligations are presented below for each of the next five fiscal years and in aggregate thereafter: In Aggregate 2020 2021 2022 2023 2024 Thereafter Land sites and rights of way (1) $ 150.4 $ 3.8 $ 4.0 $ 4.4 $ 4.3 $ 4.5 $ 129.4 (1) Land site lease and rights of way provides for surface and underground access for gathering, processing and distribution assets that are located on property not owned by us. These agreements expire at various dates, with varying terms, some of which are perpetual. |
Total Expenses on Non-Cancelable Commitments | Total expenses incurred under the above non-cancelable commitments were: 2019 2018 2017 Land sites and rights of way $ 6.1 $ 6.1 $ 5.2 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 $ 495.1 $ 500.0 $ 3,209.8 |
Other Operating (Income) Expe_2
Other Operating (Income) Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Other Operating (Income) Expense | Other Operating (Income) Expense is comprised of the following: Year Ended December 31, 2019 2018 2017 (Gain) loss on sale of disposition of business and assets $ 71.1 $ (0.1 ) $ 15.9 Miscellaneous business tax 0.2 3.2 0.8 Other — 0.4 0.7 $ 71.3 $ 3.5 $ 17.4 |
Summary of (Gain) Loss on Sale or Disposal of Business and Assets | The (Gain) loss on sale or disposal of business and assets is comprised of the following: Year Ended December 31, 2019 2018 2017 Delaware crude gathering - held for sale $ 59.5 $ — $ — Sale of inland marine barge business — (48.1 ) — Exchange of a portion of Versado gathering system — (44.4 ) — Sale of storage and terminaling facilities — 59.1 — Disposal of benzene treating unit — 20.5 — Sale of Venice gathering system — — 16.1 Other 11.6 12.8 (0.2 ) $ 71.1 $ (0.1 ) $ 15.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Federal and State Income Tax Provisions | Components of the federal and state income tax provisions for the periods indicated are as follows: 2019 2018 2017 Current expense (benefit) $ — $ - $ (4.4 ) Deferred expense (benefit) (87.9 ) 5.5 (392.7 ) Total income tax expense (benefit) $ (87.9 ) $ 5.5 $ (397.1 ) |
Deferred Tax Assets and Liabilities | Our deferred income tax assets and liabilities at December 31, 2019 and 2018 consist of differences related to the timing of recognition of certain types of costs as follows: 2019 2018 Deferred tax assets: Net operating loss $ 1,235.6 $ 680.7 Other 2.3 2.3 Deferred tax assets before valuation allowance 1,237.9 683.0 Valuation allowance (2.3 ) (2.3 ) Deferred tax assets $ 1,235.6 $ 680.7 Deferred tax liabilities: Investments (1) $ (1,647.7 ) $ (1,183.6 ) Property, plant, and equipment (15.6 ) (15.8 ) Other (6.5 ) (6.5 ) Deferred tax liabilities (1,669.8 ) (1,205.9 ) Net deferred tax asset (liability) $ (434.2 ) $ (525.2 ) Net deferred tax asset (liability) Federal $ (363.5 ) $ (429.1 ) Foreign 0.6 0.6 State (71.3 ) (96.7 ) Long-term deferred tax liability, net $ (434.2 ) $ (525.2 ) (1) Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of our investment in the Partnership. |
Reconciliation of Income Tax Provision (Benefit) | Set forth below is the reconciliation between our income tax provision (benefit) computed at the United States statutory rate on income before income taxes and the income tax provision in our Consolidated Statements of Operations for the periods indicated: Income tax reconciliation: 2019 2018 2017 Income (loss) before income taxes $ (46.7 ) $ 65.9 $ (292.9 ) Less: Net income attributable to noncontrolling interest (250.4 ) (58.8 ) (50.2 ) Income attributable to TRC before income taxes (297.1 ) 7.1 (343.1 ) Federal statutory income tax rate 21 % 21 % 35 % Provision for federal income taxes (62.4 ) 1.5 (120.1 ) State income taxes, net of federal tax benefit (5.8 ) 2.5 (11.7 ) State rate re-measurement (14.4 ) — — Permanent adjustments (6.3 ) — — Tax reform rate change — — (269.5 ) Other, net 1.0 1.5 4.2 Income tax provision (benefit) $ (87.9 ) $ 5.5 $ (397.1 ) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Year Ended December 31, 2019 2018 2017 Cash: Interest paid, net of capitalized interest (1) $ 287.7 $ 217.2 $ 212.2 Income taxes paid, net of refunds (1.9 ) (0.5 ) (67.5 ) Non-cash investing activities: Deadstock commodity inventory transferred to property, plant and equipment $ 21.8 $ 49.0 $ 9.0 Impact of capital expenditure accruals on property, plant and equipment (194.4 ) 216.2 205.4 Transfers from materials and supplies inventory to property, plant and equipment 25.1 12.7 3.6 Contribution of property, plant and equipment to investments in unconsolidated affiliates — 16.0 1.0 Change in ARO liability and property, plant and equipment due to revised cash flow estimate and additions 6.7 1.8 3.9 Property, plant and equipment received in asset exchange — 24.1 — Receivable for asset exchange — 15.0 — Asset received related to conveyance of ownership interest in investment in unconsolidated affiliate — 3.0 — Non-cash financing activities: Accrued distributions to noncontrolling interests $ 91.7 $ — $ — Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements 14.2 13.7 9.7 Accretion of deemed dividends on Series A Preferred Stock 33.1 29.2 25.7 Transfer within additional paid-in capital for exercise of Warrants — 0.9 — Impact of accounting standard adoption recorded in retained earnings — 5.2 56.1 Non-cash balance sheet movements related to assets held for sale (See Note 4 - Joint Ventures, Acquisitions and Divestitures): Trade receivables $ 6.9 $ — $ — Intangible assets, net accumulated amortization and estimated loss on sale 52.1 — — Goodwill 1.4 — — Property, plant and equipment, net of accumulated depreciation and estimated loss on sale 77.3 — — Accounts payable and accrued liabilities 6.2 — — Other long-term obligations 0.2 — — Non-cash balance sheet movements related to the Permian Acquisition (See Note 4 - Joint Ventures, Acquisitions and Divestitures): Contingent consideration recorded at the acquisition date $ — $ — $ 416.3 Non-cash balance sheet movements related to the purchase of noncontrolling interests in subsidiary (See Note 4 - Joint Ventures, Acquisitions and Divestitures): Additional paid-in capital $ — $ — $ (13.9 ) Deferred tax liability — — 13.9 Lease liabilities arising from recognition of right-of-use assets: Operating lease $ 6.9 $ — $ — Finance lease 10.1 — — (1) Interest capitalized on major projects was $61.8 million, $46.3 million and $14.3 million for the years ended December 31, 2019, 2018 and 2017. |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Awards | The following table summarizes the restricted stock and RSUs under the 2010 TRC Plan in shares and in dollars for the year indicated. Number of shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2018 3,594,135 $ 45.31 Granted 1,067,688 40.02 Forfeited (175,861 ) 51.90 Vested (1,093,901 ) 28.31 Outstanding at December 31, 2019 3,392,061 48.79 The following table summarizes the RSUs for the year ended December 31, 2019, under the Plan: Number of shares Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2018 301,691 $ 27.10 Vested (294,237 ) 26.48 Outstanding as of December 31, 2019 7,454 51.49 |
PSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Units | The following table summarizes the PSUs under the 2010 TRC Plan in shares and in dollars for the years indicated. Number of shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2018 296,750 $ 88.19 Granted 261,245 64.46 Forfeited (29,276 ) 86.57 Outstanding at December 31, 2019 528,719 76.56 |
Cash-Settled Performance Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Units | The following table summarizes the cash-settled restricted stock units for the year ended 2019. Number of shares Outstanding as of December 31, 2018 50,228 Granted 7,836 Vested and paid (54,313 ) Forfeited (3,672 ) Outstanding as of December 31, 2019 79 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | Reportable segment information is shown in the following tables: Year Ended December 31, 2019 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 1,101.6 $ 6,406.1 $ (113.9 ) $ — $ 7,393.8 Fees from midstream services 728.0 549.3 — — 1,277.3 1,829.6 6,955.4 (113.9 ) — 8,671.1 Intersegment revenues Sales of commodities 2,628.4 132.2 — (2,760.6 ) — Fees from midstream services 7.4 28.7 — (36.1 ) — 2,635.8 160.9 — (2,796.7 ) — Revenues $ 4,465.4 $ 7,116.3 $ (113.9 ) $ (2,796.7 ) $ 8,671.1 Operating margin $ 1,006.4 $ 867.2 $ (113.9 ) $ — $ 1,759.7 Other financial information: Total assets (1) $ 11,929.8 $ 6,741.8 $ 1.0 $ 142.5 $ 18,815.1 Goodwill $ 45.2 $ — $ — $ — $ 45.2 Capital expenditures $ 1,273.3 $ 1,412.2 $ — $ 23.0 $ 2,708.5 (1) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Year Ended December 31, 2018 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 1,228.2 $ 8,058.4 $ (7.9 ) $ — $ 9,278.7 Fees from midstream services 715.6 489.7 — — 1,205.3 1,943.8 8,548.1 (7.9 ) — 10,484.0 Intersegment revenues Sales of commodities 3,636.0 317.1 — (3,953.1 ) — Fees from midstream services 7.2 30.8 — (38.0 ) — 3,643.2 347.9 — (3,991.1 ) — Revenues $ 5,587.0 $ 8,896.0 $ (7.9 ) $ (3,991.1 ) $ 10,484.0 Operating margin $ 939.2 $ 592.5 $ (7.9 ) $ — $ 1,523.8 Other financial information: Total assets (1) $ 11,602.7 $ 5,180.6 $ 3.2 $ 151.7 $ 16,938.2 Goodwill $ 46.6 $ — $ — $ — $ 46.6 Capital expenditures $ 1,548.6 $ 1,767.0 $ — $ 12.1 $ 3,327.7 (1) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. Year Ended December 31, 2017 Gathering and Processing Logistics and Transportation Other Corporate and Eliminations Total Revenues Sales of commodities $ 774.0 $ 6,979.3 $ (2.2 ) $ — $ 7,751.1 Fees from midstream services 566.3 497.5 — — 1,063.8 1,340.3 7,476.8 (2.2 ) — 8,814.9 Intersegment revenues Sales of commodities 3,154.2 321.9 — (3,476.1 ) — Fees from midstream services 6.9 28.0 — (34.9 ) — 3,161.1 349.9 — (3,511.0 ) — Revenues $ 4,501.4 $ 7,826.7 $ (2.2 ) $ (3,511.0 ) $ 8,814.9 Operating margin $ 776.4 $ 511.8 $ (2.2 ) $ (0.1 ) $ 1,285.9 Other financial information: Total assets (1) $ 10,789.0 $ 3,507.4 $ 0.1 $ 92.1 $ 14,388.6 Goodwill $ 256.6 $ — $ — $ — $ 256.6 Capital expenditures $ 1,008.9 $ 470.4 $ — $ 27.2 $ 1,506.5 Business acquisitions $ 987.1 $ — $ — $ — $ 987.1 (1) Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. |
Revenues by Product and Service | The following table shows our consolidated revenues by product and service for the periods presented: 2019 2018 2017 Sales of commodities: Revenue recognized from contracts with customers: Natural gas $ 1,321.7 $ 1,810.0 $ 2,005.9 NGL 5,233.8 6,886.9 5,454.2 Condensate and crude oil 716.1 457.9 196.0 Petroleum products 126.3 196.1 144.7 7,397.9 9,350.9 7,800.8 Non-customer revenue: Derivative activities - Hedge 138.0 (39.7 ) (44.7 ) Derivative activities - Non-hedge (1) (142.1 ) (32.5 ) (5.0 ) (4.1 ) (72.2 ) (49.7 ) Total sales of commodities 7,393.8 9,278.7 7,751.1 Fees from midstream services: Revenue recognized from contracts with customers: Gathering and processing 722.4 698.1 523.3 NGL transportation, fractionation and services 169.4 154.6 170.7 Storage, terminaling and export 356.4 313.0 300.8 Other 29.1 39.6 69.0 Total fees from midstream services 1,277.3 1,205.3 1,063.8 Total revenues $ 8,671.1 $ 10,484.0 $ 8,814.9 (1) Represents derivative activities that are not designated as hedging instruments under ASC 815. |
Reconciliation of Operating Margin to Net Income (Loss) | The following table shows a reconciliation of operating margin to net income (loss) for the periods presented: 2019 2018 2017 Reconciliation of reportable segment operating margin to income (loss) before income taxes: Gathering and Processing operating margin $ 1,006.4 $ 939.2 $ 776.4 Logistics and Transportation operating margin 867.2 592.5 511.8 Other operating margin (113.9 ) (7.9 ) (2.2 ) Depreciation and amortization expense (971.6 ) (815.9 ) (809.5 ) General and administrative expense (280.7 ) (256.9 ) (203.4 ) Impairment of property, plant and equipment (243.2 ) — (378.0 ) Impairment of goodwill — (210.0 ) — Interest expense, net (337.8 ) (185.8 ) (233.7 ) Equity earnings (loss) 39.0 7.3 (17.0 ) Gain (loss) on sale or disposition of business and assets (71.1 ) 0.1 (15.9 ) Gain (loss) from sale of equity-method investment 69.3 — — Gain (loss) from financing activities (1.4 ) (2.0 ) (16.8 ) Change in contingent considerations (8.7 ) 8.8 99.6 Other, net (0.2 ) (3.5 ) (4.2 ) Income (loss) before income taxes $ (46.7 ) $ 65.9 $ (292.9 ) |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Results of Operations by Quarter | Our results of operations by quarter for the years ended December 31, 2019 and 2018 were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Total 2019 Revenues $ 2,299.4 $ 1,995.3 $ 1,902.5 $ 2,473.9 $ 8,671.1 Gross margin 573.4 633.7 574.4 771.1 2,552.6 Income (loss) from operations (1) 61.3 113.7 41.6 (23.7 ) 192.9 Net income (loss) (24.7 ) 48.9 32.1 (15.1 ) 41.2 Net income (loss) attributable to common shareholders (69.7 ) (41.2 ) (78.6 ) (144.5 ) (334.0 ) Net income (loss) per common share - basic (0.30 ) (0.18 ) (0.34 ) (0.62 ) (1.44 ) Net income (loss) per common share - diluted (0.30 ) (0.18 ) (0.34 ) (0.62 ) (1.44 ) 2018 Revenues $ 2,455.6 $ 2,444.4 $ 2,986.4 $ 2,597.6 $ 10,484.0 Gross margin 514.6 539.1 602.9 589.2 2,245.8 Income (loss) from operations (2) 86.3 155.4 76.7 (80.9 ) 237.5 Net income (loss) 38.9 121.1 (11.2 ) (88.4 ) 60.4 Net income (loss) attributable to common shareholders (7.0 ) 79.0 (54.0 ) (137.3 ) (119.3 ) Net income (loss) per common share - basic (0.03 ) 0.36 (0.24 ) (0.60 ) (0.53 ) Net income (loss) per common share - diluted (3) (0.03 ) 0.35 (0.24 ) (0.60 ) (0.53 ) (1) Includes a non-cash pre-tax impairment charge of $229.0 million in the fourth quarter of 2019. See Note 6 — Property, Plant and Equipment and Intangible Assets. (2) Includes ( 3 ) Includes dilutive effects of common stock equivalents in the second quarter of 2018. |
Condensed Parent Only Financi_2
Condensed Parent Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Statements | The condensed financial statements should be read in conjunction with Targa’s consolidated financial statements, which begin on page F-1 in this Annual Report. TARGA RESOURCES CORP. PARENT ONLY CONDENSED BALANCE SHEETS December 31, 2019 2018 ASSETS Investment in consolidated subsidiaries $ 5,643.4 $ 6,757.0 Deferred income taxes 53.8 46.7 Debt issuance costs 4.0 5.1 Other long-term assets 9.8 — Total assets $ 5,711.0 $ 6,808.8 LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY Accrued current liabilities $ 31.6 $ 36.8 Long-term debt 435.0 435.0 Other long-term liabilities 44.8 11.9 Contingencies Series A Preferred 9.5% Stock, net of discount 278.8 245.7 Targa Resources Corp. stockholders' equity 4,920.8 6,079.4 Total liabilities, Series A Preferred Stock and owners' equity $ 5,711.0 $ 6,808.8 TARGA RESOURCES CORP. PARENT ONLY CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2019 2018 2017 Equity in net income (loss) of consolidated subsidiaries $ (186.2 ) $ 27.4 $ 103.3 General and administrative expense (13.1 ) (16.1 ) (12.9 ) Income (loss) from operations (199.3 ) 11.3 90.4 Other income (expense): Loss on debt extinguishment — (0.7 ) (5.9 ) Interest expense (17.0 ) (15.8 ) (15.9 ) Income (loss) before income taxes (216.3 ) (5.2 ) 68.6 Deferred income tax (expense) benefit 7.1 6.8 (14.6 ) Net income (loss) attributable to Targa Resources Corp. (209.2 ) 1.6 54.0 Other comprehensive income (loss) (1.8 ) 129.4 8.4 Total comprehensive income (loss) $ (211.0 ) $ 131.0 $ 62.4 Dividends on Series A Preferred Stock 91.7 91.7 91.7 Deemed dividends on Series A Preferred Stock 33.1 29.2 25.7 Net income (loss) attributable to common shareholders (334.0 ) (119.3 ) (63.4 ) Net income (loss) attributable to Targa Resources Corp. $ (209.2 ) $ 1.6 $ 54.0 TARGA RESOURCES CORP. PARENT ONLY CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 2017 Net cash provided by operating activities $ 48.3 $ 55.2 $ 115.1 Cash flows from investing activities Advances to consolidated subsidiaries (222.5 ) (714.5 ) (1,656.9 ) Distributions from consolidated subsidiaries (1) 1,152.4 891.1 744.0 Net cash provided by (used in) investing activities 929.9 176.6 (912.9 ) Cash flows from financing activities Proceeds from long-term debt borrowings (450.0 ) 365.0 965.0 Repayments of long-term debt 450.0 (365.0 ) (965.0 ) Costs incurred in connection with financing arrangements — (8.5 ) (16.0 ) Transaction costs incurred related to sale of ownership interests (10.8 ) — — Proceeds from issuance of common stock, preferred stock and warrants — 689.0 1,660.4 Repurchase of common stock (13.9 ) (4.0 ) (3.4 ) Dividends paid to common and preferred shareholders (953.5 ) (908.3 ) (843.2 ) Net cash provided by (used in) financing activities (978.2 ) (231.8 ) 797.8 Net increase (decrease) in cash and cash equivalents — — — Cash and cash equivalents - beginning of year — — — Cash and cash equivalents - end of year $ — $ — $ — _________ (1) Amounts reflect distributions from consolidated subsidiaries in excess of earnings. Total distributions from consolidated subsidiaries were $1,152.4 million, $918.5 million and $847.3 million for the years ended December 31, 2019, 2018 and 2017. |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | Jan. 01, 2019 | Dec. 31, 2019 |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Effect on retained earnings | $ 0 | |
Net right-of-use asset | 74,600,000 | |
Lease incentives and deferred rent | 16,300,000 | |
Lease liability | $ 90,900,000 | |
Minimum [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Payment of commodities due period | 10 days | |
Maximum [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Payment of commodities due period | 30 days |
Joint Ventures, Acquisitions _3
Joint Ventures, Acquisitions and Divestitures - Additional Information Joint Ventures (Details) $ in Millions | Feb. 06, 2018USD ($)MBbls / dJointVenture | Jan. 31, 2018MMcf / d | Dec. 31, 2019inBcf | Dec. 31, 2018 | May 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 31, 2017mi |
Business Acquisition [Line Items] | ||||||||
Fractionation-related infrastructure funded and owned percentage | 100.00% | |||||||
Stonepeak Infrastructure Partners [Member] | DevCo JVs [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Option to acquire interest, minimum capital increments | $ | $ 100 | |||||||
Option to acquire, percentage of single final purchase | 50.00% | |||||||
Stonepeak Infrastructure Partners [Member] | DevCo JVs [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of option to purchase equity stake | 50.00% | |||||||
Mont Belvieu, Texas [Member] | Train 6 [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Capacity of pipeline | MBbls / d | 100 | |||||||
Grand Prix Joint Venture [Member] | Texas [Member] | Permian Basin [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Diameter length of pipeline | in | 30 | |||||||
Hess Midstream Partners LP [Member] | LM4 Plant [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest | 50.00% | |||||||
Processing capacity | MMcf / d | 200 | |||||||
Targa Resources Partners LP [Member] | Altus Midstream Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of interest acquired through option exercised | 16.00% | |||||||
Stonepeak Infrastructure Partners [Member] | GCX DevCo JV [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of development joint ventures | JointVenture | 3 | |||||||
Ownership interest | 80.00% | |||||||
Stonepeak Infrastructure Partners [Member] | Train 6 DevCo JV [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest | 80.00% | |||||||
Stonepeak Infrastructure Partners [Member] | Grand Prix DevCo JV [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest | 95.00% | |||||||
GCX DevCo JV [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest | 20.00% | 20.00% | ||||||
GCX DevCo JV [Member] | GCX [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest | 25.00% | 25.00% | 25.00% | |||||
Train 6 DevCo JV [Member] | Mont Belvieu, Texas [Member] | Train 6 [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest in assets | 100.00% | |||||||
Grand Prix DevCo JV [Member] | Grand Prix Joint Venture [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest | 20.00% | |||||||
Grand Prix Joint Venture [Member] | Blackstone Energy Partners [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of interest sold | 25.00% | |||||||
Cayenne Joint Venture [Member] | Targa Resources Partners LP [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Conversion of existing mile gas pipeline | mi | 62 | |||||||
Ownership interest | 50.00% | |||||||
GCX [Member] | Targa Resources Partners LP [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Capacity of natural gas transported per day | Bcf | 1.98 | |||||||
GCX [Member] | Targa Resources Partners LP [Member] | DCP [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest | 25.00% | |||||||
GCX [Member] | Targa Resources Partners LP [Member] | KMTP [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest | 34.00% | |||||||
Carnero Joint Venture [Member] | Texas [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest | 50.00% |
Joint Ventures, Acquisitions _4
Joint Ventures, Acquisitions and Divestitures - Additional Information Acquisitions (Details) | Jun. 02, 2017USD ($)$ / sharesshares | May 30, 2017USD ($) | May 09, 2017USD ($)amiMMcf | Mar. 01, 2017USD ($) | Jan. 26, 2017USD ($)$ / sharesshares | May 31, 2019USD ($) | Oct. 31, 2018MMcf | Jan. 31, 2017USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Public offering of common shares (including underwriters' overallotment option) | shares | 17,000,000 | 9,200,000 | 9,200,000 | |||||||||
Shares issued price | $ / shares | $ 46.10 | $ 57.65 | ||||||||||
Proceeds from issuance of common stock | $ 777,300,000 | $ 524,200,000 | $ 524,200,000 | $ 689,000,000 | $ 1,660,400,000 | |||||||
Cash paid, net of cash acquired | 570,800,000 | |||||||||||
Permian Acquisition [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Cash payments related to acquisition | $ 484,100,000 | |||||||||||
Acquired debt and all other assumed liabilities included in purchase consideration | $ 90,000,000 | |||||||||||
Additional cash that may be paid based on potential earn-out payment | 416,300,000 | $ 317,000,000 | $ 308,200,000 | 317,000,000 | ||||||||
Fair value of earn-out payment | $ 317,100,000 | $ 317,100,000 | ||||||||||
Revenues from acquired businesses | 127,900,000 | |||||||||||
Net loss from acquired business | $ 19,800,000 | |||||||||||
Acquisition-related expenses | $ 5,600,000 | |||||||||||
Cash paid, net of cash acquired | 570,800,000 | |||||||||||
Contingent consideration valuation as of the acquisition date | 416,300,000 | |||||||||||
Cash acquired from acquisition | 3,300,000 | |||||||||||
Allocation of property, plant and equipment | 255,800,000 | |||||||||||
Allocation of intangible assets for customer contracts | 692,300,000 | |||||||||||
Permian Acquisition [Member] | Maximum [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Additional cash that may be paid based on potential earn-out payment | $ 935,000,000 | $ 935,000,000 | ||||||||||
Flag City Acquisition [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash payments related to acquisition | $ 60,000,000 | |||||||||||
Acquisition date | May 9, 2017 | |||||||||||
Additional final adjustment due on base purchase price paid | $ 3,600,000 | |||||||||||
Gas processing capacity | MMcf | 150 | |||||||||||
Number of miles of gas gathering pipeline systems | mi | 24 | |||||||||||
Business acquisition area of land acquired | a | 102.1 | |||||||||||
Allocation of property, plant and equipment | $ 52,300,000 | |||||||||||
Allocation of intangible assets for customer contracts | 7,700,000 | |||||||||||
Allocation of current assets and liabilities, net | 3,600,000 | |||||||||||
Flag City Acquisition [Member] | Oklahoma [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Capacity of cryogenic plant | MMcf | 120 | |||||||||||
Flag City Acquisition [Member] | MPLX, LP [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership interest | 40.00% | 40.00% | 40.00% | |||||||||
Flag City Acquisition [Member] | Centrahoma Processing, LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership interest | 60.00% | 60.00% | ||||||||||
Flag City Acquisition [Member] | Maximum [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition-related expenses | $ 100,000 |
Joint Ventures, Acquisitions _5
Joint Ventures, Acquisitions and Divestitures - Pro Forma Impact of Permian Acquisition on Consolidated Statement of Operations (Details) - Permian Acquisition [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Pro forma consolidated results of operations [Abstract] | |
Revenues | $ 8,829 |
Net income (loss) | $ 103.2 |
Joint Ventures, Acquisitions _6
Joint Ventures, Acquisitions and Divestitures - Fair Value of the Assets and Liabilities Assumed at Acquisition Date (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2017 |
Fair value determination [Abstract] | ||||
Goodwill | $ 45.2 | $ 46.6 | $ 256.6 | |
Permian Acquisition [Member] | ||||
Fair value determination [Abstract] | ||||
Trade and other current receivables, net | $ 6.7 | |||
Other current assets | 0.6 | |||
Property, plant and equipment | 255.8 | |||
Intangible assets | 692.3 | |||
Current liabilities | (14.1) | |||
Other long-term liabilities | (0.8) | |||
Total identifiable net assets | 940.5 | |||
Goodwill | $ 46.6 | 46.6 | ||
Total fair value of assets acquired and liabilities assumed | $ 987.1 |
Joint Ventures, Acquisitions _7
Joint Ventures, Acquisitions and Divestitures - Additional Information Pro Forma Impact of Permian Acquisition on Consolidated Statement of Operations (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2017 |
Measurement-period adjustments to preliminary acquisition date fair values [Abstract] | ||||
Goodwill | $ 45.2 | $ 46.6 | $ 256.6 | |
Permian Acquisition [Member] | ||||
Measurement-period adjustments to preliminary acquisition date fair values [Abstract] | ||||
Goodwill | $ 46.6 | $ 46.6 |
Joint Ventures, Acquisitions _8
Joint Ventures, Acquisitions and Divestitures - Additional Information Contingent Liability (Details) - Permian Acquisition [Member] - USD ($) | 1 Months Ended | 12 Months Ended | |||
May 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2017 | |
Business Acquisition [Line Items] | |||||
Additional cash paid in potential earn-out payment | $ 308,200,000 | $ 317,000,000 | $ 416,300,000 | ||
Fair value of earn-out payment | $ 317,100,000 | $ 317,100,000 | |||
Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Additional cash paid in potential earn-out payment | $ 935,000,000 | $ 935,000,000 |
Joint Ventures, Acquisitions _9
Joint Ventures, Acquisitions and Divestitures - Additional Information Divestitures (Details) - USD ($) $ in Millions | Apr. 03, 2019 | Sep. 12, 2018 | Apr. 04, 2017 | Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2017 | Nov. 30, 2019 | Feb. 06, 2018 | Jun. 30, 2017 |
Assets And Liabilities Held For Sale [Line Items] | |||||||||
Fractionation-related infrastructure funded and owned percentage | 100.00% | ||||||||
Sale price of crude gathering and storage business | $ 134 | ||||||||
Other Operating Income (Expense) [Member] | |||||||||
Assets And Liabilities Held For Sale [Line Items] | |||||||||
Gain (loss) on sale or disposal of assets | $ (59.5) | ||||||||
Targa Badlands LLC [Member] | |||||||||
Assets And Liabilities Held For Sale [Line Items] | |||||||||
Subsidiary ownership interest sale percentage | 45.00% | ||||||||
Option to purchase equity interest percentage | 7.50% | ||||||||
Consideration received on sale of interest on subsidiary | $ 1,600 | ||||||||
Refined Products And Crude Oil Storage And Terminaling Facilities [Member] | Tacoma, Washington and Baltimore, Maryland [Member] | |||||||||
Assets And Liabilities Held For Sale [Line Items] | |||||||||
Proceeds from sale of property | $ 165 | ||||||||
Refined Products And Crude Oil Storage And Terminaling Facilities [Member] | Tacoma, Washington and Baltimore, Maryland [Member] | Other Operating Income (Expense) [Member] | |||||||||
Assets And Liabilities Held For Sale [Line Items] | |||||||||
Gain (loss) on sale or disposal of assets | $ (57.5) | ||||||||
Train 7 [Member] | |||||||||
Assets And Liabilities Held For Sale [Line Items] | |||||||||
Option to purchase equity interest percentage | 20.00% | ||||||||
Train 7 Joint Venture [Member] | Fractionation Related Infrastructure [Member] | Targa Resources Corp [Member] | |||||||||
Assets And Liabilities Held For Sale [Line Items] | |||||||||
Fractionation-related infrastructure funded and owned percentage | 100.00% | ||||||||
Venice Gathering System, L.L.C. [Member] | Not Qualify as Discontinued Operations [Member] | |||||||||
Assets And Liabilities Held For Sale [Line Items] | |||||||||
Subsidiary ownership interest sale percentage | 100.00% | ||||||||
Proceeds from divestiture of businesses | $ 0.4 | ||||||||
Gain (loss) on sale or disposal of assets | $ (16.1) | ||||||||
Venice Energy Services Company, L.L.C. [Member] | |||||||||
Assets And Liabilities Held For Sale [Line Items] | |||||||||
Ownership interest | 76.80% |
Joint Ventures, Acquisitions_10
Joint Ventures, Acquisitions and Divestitures - Carrying Amounts of Assets and Liabilities Held For Sale (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Trade receivables | $ 6.9 | |
Intangible assets, net accumulated amortization and estimated loss on sale | 52.1 | |
Goodwill | 1.4 | |
Property, plant and equipment, net of accumulated depreciation and estimated loss on sale | 77.3 | |
Total assets held for sale | 137.7 | $ 0 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 6.2 | |
Other long-term obligations | 0.2 | |
Total liabilities held for sale | $ 6.4 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Commodities | $ 156.5 | $ 151.1 |
Materials and supplies | 5 | 13.6 |
Total inventory | $ 161.5 | $ 164.7 |
Property, Plant and Equipment_3
Property, Plant and Equipment and Intangible Assets - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 19,876.8 | $ 17,220.7 | |
Accumulated depreciation and amortization | (5,328.3) | (4,292.3) | |
Property, plant and equipment, net | 14,548.5 | 12,928.4 | |
Intangible assets | 2,643.5 | 2,736.6 | |
Accumulated amortization | (908.5) | (753.4) | |
Intangible assets, net | $ 1,735 | 1,983.2 | $ 2,165.8 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Gathering Systems [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 8,976.8 | 7,547.9 | |
Gathering Systems [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Gathering Systems [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Processing and Fractionation Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 5,143 | 4,007.7 | |
Processing and Fractionation Facilities [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Processing and Fractionation Facilities [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 25 years | ||
Terminaling and Storage Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 1,495.5 | 1,138.7 | |
Terminaling and Storage Facilities [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Terminaling and Storage Facilities [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 25 years | ||
Transportation Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 2,292.4 | 445.1 | |
Transportation Assets [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years | ||
Transportation Assets [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 50 years | ||
Other Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 184.1 | 334.5 | |
Other Property, Plant and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 3 years | ||
Other Property, Plant and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 25 years | ||
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 159.7 | 144.3 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,576.5 | $ 3,602.5 | |
Finance Lease Right-of-Use Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 48.8 |
Property, Plant and Equipment_4
Property, Plant and Equipment and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 800 | $ 633.3 | $ 621.3 | ||
Write-down/impairment charge of assets | $ 225.3 | 378 | |||
Estimated amortization expense for intangible assets [Abstract] | |||||
Amortization | 171.6 | 182.6 | 188.2 | ||
2020 | 159.4 | 159.4 | |||
2021 | 149.5 | 149.5 | |||
2022 | 141.2 | 141.2 | |||
2023 | 136 | 136 | |||
2024 | $ 132.2 | $ 132.2 | |||
Weighted average amortization period, intangible assets | 14 years 2 months 12 days | ||||
Gain Loss On Sale Of Business | 48.1 | ||||
Gain recognized in exchange of assets | $ (71.1) | 0.1 | $ (15.9) | ||
Versado Gathering System [Member] | |||||
Estimated amortization expense for intangible assets [Abstract] | |||||
Gain recognized in exchange of assets | $ 44.4 | ||||
Gathering and Processing [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Write-down/impairment charge of assets | 17.9 | ||||
Logistics and Transportation [Member] | |||||
Estimated amortization expense for intangible assets [Abstract] | |||||
Proceeds from sale of property | $ 69.3 | ||||
Cumulative Impact of Adjustment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 12.5 |
Property, Plant and Equipment_5
Property, Plant and Equipment and Intangible Assets - Schedule of Changes in Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite Lived Intangible Assets Roll Forward | |||
Beginning of period | $ 1,983.2 | $ 2,165.8 | |
Held for sale assets | (76.6) | ||
Amortization | (171.6) | (182.6) | $ (188.2) |
End of period | $ 1,735 | $ 1,983.2 | $ 2,165.8 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2017 | |
Goodwill [Line Items] | |||||
Goodwill | $ 46,600,000 | $ 45,200,000 | $ 46,600,000 | $ 256,600,000 | |
Goodwill impairment | $ 210,000,000 | $ 0 | $ 210,000,000 | ||
Permian [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 46,600,000 |
Goodwill - Changes in Net Amoun
Goodwill - Changes in Net Amounts of Goodwill (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Goodwill [Roll Forward] | |||||
Goodwill | $ 571,400,000 | $ 571,400,000 | $ 571,400,000 | $ 571,400,000 | |
Goodwill allocated to held for sale assets | (1,400,000) | ||||
Accumulated impairment losses | (524,800,000) | (524,800,000) | (524,800,000) | (314,800,000) | |
Net | 46,600,000 | 45,200,000 | 46,600,000 | 256,600,000 | |
Impairment | (210,000,000) | 0 | (210,000,000) | ||
West Texas LPG Pipeline Limited Partnership [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill | 364,500,000 | 364,500,000 | 364,500,000 | 364,500,000 | |
Accumulated impairment losses | (364,500,000) | (364,500,000) | (364,500,000) | (189,800,000) | |
Net | 174,700,000 | ||||
Impairment | (174,700,000) | ||||
SouthTX [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill | 160,300,000 | 160,300,000 | 160,300,000 | 160,300,000 | |
Accumulated impairment losses | (160,300,000) | (160,300,000) | (160,300,000) | (125,000,000) | |
Net | 35,300,000 | ||||
Impairment | (35,300,000) | ||||
New Midland [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill | 23,200,000 | 23,200,000 | 23,200,000 | 23,200,000 | |
Net | 23,200,000 | 23,200,000 | 23,200,000 | 23,200,000 | |
New Delaware [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill | 23,400,000 | 23,400,000 | 23,400,000 | ||
Net | $ 23,400,000 | $ 23,400,000 | $ 23,400,000 | ||
Reporting unit aggregation | [1] | (23,400,000) | |||
Delaware Supersystem [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill | 23,400,000 | ||||
Goodwill allocated to held for sale assets | (1,400,000) | ||||
Net | 22,000,000 | ||||
Reporting unit aggregation | [1] | $ 23,400,000 | |||
[1] | In 2019, we began aggregating the results of Delaware Supersystem activity, including New Delaware. Discrete financial information for New Delaware is no longer available and management now reviews aggregate Delaware Supersystem operating results. |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates - Additional Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($) | Dec. 31, 2019USD ($)JointVenture | Jan. 31, 2020USD ($) | Dec. 31, 2018 | Jul. 31, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Sale price of equity-method investment | $ 73.8 | ||||
Gain on sale of equity-method investment | $ 69.3 | ||||
Subsequent Event [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Business combination, contingent consideration, liability, current | $ 3.5 | ||||
Targa Resources Partners LP [Member] | Gulf Coast Fractionators LP [Member] | Logistics and Transportation [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest | 38.80% | ||||
Targa Resources Partners LP [Member] | T2 Joint Ventures [Member] | Gathering and Processing [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of operated joint ventures | JointVenture | 2 | ||||
Targa Resources Partners LP [Member] | T2 LaSalle [Member] | Gathering and Processing [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest | 75.00% | ||||
Targa Resources Partners LP [Member] | T2 Eagle Ford [Member] | Gathering and Processing [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | ||||
Targa Resources Partners LP [Member] | Cayenne Joint Venture [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | ||||
Targa Resources Partners LP [Member] | Cayenne Joint Venture [Member] | Gathering and Processing [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | ||||
Targa Resources Partners LP [Member] | GCX [Member] | Logistics and Transportation [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest | 25.00% | ||||
Targa Resources Partners LP [Member] | Little Missouri 4 [Member] | Logistics and Transportation [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | ||||
Targa Resources Partners LP [Member] | T2 EF Cogen [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Equity (earnings) loss of unconsolidated affiliates | $ 12 |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Balance at beginning of period | $ 490.5 | $ 221.6 | ||||
Equity earnings (loss) | 39 | 7.3 | $ (17) | |||
Cash Distributions | (53.1) | (34.3) | [1] | |||
Acquisition (Disposition) | (4.5) | 1.4 | ||||
Contributions | 266.8 | 294.5 | [2] | |||
Balance at end of period | 738.7 | 490.5 | 221.6 | |||
Targa Resources Partners LP [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Balance at beginning of period | 221.6 | 240.8 | ||||
Equity earnings (loss) | (17) | |||||
Cash Distributions | (12.7) | |||||
Acquisition (Disposition) | 5 | |||||
Contributions | 5.5 | |||||
Balance at end of period | 221.6 | |||||
Targa Resources Partners LP [Member] | Gulf Coast Fractionators LP [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Balance at beginning of period | 40.3 | 45.8 | 46.1 | |||
Equity earnings (loss) | 16.1 | 16.8 | 12.4 | |||
Cash Distributions | (19.2) | (22.3) | [1] | (12.7) | ||
Balance at end of period | 37.2 | 40.3 | 45.8 | |||
Targa Resources Partners LP [Member] | T2 LaSalle [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Balance at beginning of period | 49.3 | [3] | 54.1 | 58.6 | ||
Equity earnings (loss) | (4.5) | [3] | (4.9) | (4.9) | ||
Contributions | 0.1 | [2] | 0.4 | |||
Balance at end of period | 44.8 | [3] | 49.3 | [3] | 54.1 | |
Targa Resources Partners LP [Member] | T2 Eagle Ford [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Balance at beginning of period | 99 | [3] | 109.2 | 118.6 | ||
Equity earnings (loss) | (9.4) | [3] | (10.2) | (10.6) | ||
Contributions | 1.2 | |||||
Balance at end of period | 89.6 | [3] | 99 | [3] | 109.2 | |
Targa Resources Partners LP [Member] | T2 EF Cogen [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Balance at beginning of period | 3.9 | 17.5 | ||||
Equity earnings (loss) | (1.8) | (13.9) | ||||
Acquisition (Disposition) | (2.1) | |||||
Contributions | 0.3 | |||||
Balance at end of period | 3.9 | |||||
Targa Resources Partners LP [Member] | Cayenne Joint Venture [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Balance at beginning of period | 16.6 | 8.6 | ||||
Equity earnings (loss) | 7.2 | 6.4 | ||||
Cash Distributions | (8.2) | (4) | [1] | |||
Acquisition (Disposition) | 5 | |||||
Contributions | 0.3 | 5.6 | [2] | 3.6 | ||
Balance at end of period | 15.9 | 16.6 | $ 8.6 | |||
Targa Resources Partners LP [Member] | GCX [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Balance at beginning of period | [4] | 211.6 | ||||
Equity earnings (loss) | [4] | 27.7 | 0.8 | |||
Cash Distributions | [4] | (25.3) | ||||
Contributions | [4] | 233.5 | 210.8 | [2] | ||
Balance at end of period | [4] | 447.5 | 211.6 | |||
Targa Resources Partners LP [Member] | Little Missouri 4 [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Balance at beginning of period | 67.3 | |||||
Equity earnings (loss) | 3.4 | |||||
Cash Distributions | [1] | (8) | ||||
Contributions | 33 | 75.3 | [2] | |||
Balance at end of period | 103.7 | 67.3 | ||||
Targa Resources Partners LP [Member] | Agua Blanca [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Balance at beginning of period | 6.4 | |||||
Equity earnings (loss) | (1.5) | 0.2 | ||||
Cash Distributions | (0.4) | |||||
Acquisition (Disposition) | $ (4.5) | 3.5 | ||||
Contributions | [2] | 2.7 | ||||
Balance at end of period | $ 6.4 | |||||
[1] | Includes an $8.0 million distribution from Little Missouri 4 as a reimbursement of pre-formation expenditures | |||||
[2] | Includes a $16.0 million initial contribution of property, plant and equipment to Little Missouri 4 | |||||
[3] | The carrying values of the T2 Joint Ventures include the effects of the Atlas mergers purchase accounting, which determined fair values for the joint ventures as of the date of acquisition. As of December 31, 2019, $23.1 million | |||||
[4] | As discussed in Note 4 –Joint Ventures, Acquisitions and Divestitures, our 25% interest in GCX is owned by GCX DevCo JV, of which we own a 20% interest. GCX DevCo JV is accounted for on a consolidated basis in our consolidated financial statements. |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates - Activity Related to Partnership's Investments in Unconsolidated Affiliates (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 06, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Return of capital from unconsolidated affiliate | $ 3.5 | $ 5.5 | $ 0.2 | |
Contribution of property, plant and equipment to investment in unconsolidated affiliates | 16 | $ 1 | ||
Targa Resources Partners LP [Member] | Little Missouri 4 [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Return of capital from unconsolidated affiliate | $ 8 | |||
Targa Resources Partners LP [Member] | T2 LaSalle and T2 Eagle Ford [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Unamortized excess fair value | $ 23.1 | |||
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% | 20.00% | ||
GCX DevCo JV [Member] | GCX [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ownership interest | 25.00% | 25.00% | 25.00% |
Investments in Unconsolidated_6
Investments in Unconsolidated Affiliates - Summary of Combined Financial Information of Investments in Unconsolidated Affiliates (Details) - Targa Resources Partners LP [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |||
Current assets | $ 136.3 | $ 200.7 | |
Non-current assets | 2,291.6 | 1,329.7 | |
Current liabilities | 93.8 | 233.9 | |
Non-current liabilities | 3.4 | 179.2 | |
Net assets | 2,330.7 | 1,117.3 | |
Operating revenues | 265.5 | 130.6 | $ 84.3 |
Operating expenses | 144.2 | 96.9 | 80.5 |
Net income (loss) | $ 87.7 | $ 34.7 | $ 3.4 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Components of accounts payable and accrued liabilities [Abstract] | |||
Commodities | $ 683.6 | $ 721.9 | |
Other goods and services | 313.5 | 478.6 | |
Interest | 125.7 | 79.9 | |
Income and other taxes | 62.4 | 47.7 | |
Compensation and benefits | 62 | 57.3 | |
Preferred Series A dividends payable | 22.9 | 22.9 | |
Accrued distributions to noncontrolling interests | 91.7 | ||
Other | 18.1 | 20.8 | |
Accounts payable and accrued liabilities | $ 1,379.9 | 1,737.3 | |
Permian Acquisition [Member] | |||
Components of accounts payable and accrued liabilities [Abstract] | |||
Permian Acquisition contingent consideration | $ 308.2 | $ 6.8 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
May 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Payable And Accrued Liabilities [Line Items] | |||
Outstanding checks | $ 21.9 | $ 52.6 | |
Permian Acquisition [Member] | |||
Accounts Payable And Accrued Liabilities [Line Items] | |||
Fair value of earn-out payment | $ 317.1 | $ 317.1 |
Debt Obligations - Summary Of D
Debt Obligations - Summary Of Debt Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Obligations of the Partnership [Abstract] | |||
Securitization Facility, due December 2020 | [1],[2] | $ 370 | $ 280 |
Current debt | 370 | 1,029.4 | |
Debt issuance costs, net of amortization | 0 | (1.5) | |
Finance lease liabilities | 12.2 | 0 | |
Current debt obligations | 382.2 | 1,027.9 | |
Long-term [Abstract] | |||
Long-term debt including Unamortized premium(discount) and Debt issuance costs | 7,463.5 | 5,663.5 | |
Debt issuance costs, net of amortization | (49.1) | (31.1) | |
Finance lease liabilities | 25.8 | 0 | |
Long-term debt | 7,440.2 | 5,632.4 | |
Total debt obligations | 7,822.4 | 6,660.3 | |
Letters of credit outstanding | 88.2 | 79.5 | |
TRP Senior Secured Revolving Credit Facility due June 2023 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1],[3] | 0 | 700 |
Senior Unsecured Notes [Member] | Senior Unsecured 4 1/8% Notes due November 2019 [Member] | |||
Current Obligations of the Partnership [Abstract] | |||
Long-term debt, current | [1],[4] | 0 | 749.4 |
Senior Unsecured Notes [Member] | Senior Unsecured 5 1/4% Notes due May 2023 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1] | 559.6 | 559.6 |
Senior Unsecured Notes [Member] | Senior Unsecured 4 1/4% Notes due November 2023 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1] | 583.9 | 583.9 |
Senior Unsecured Notes [Member] | Senior Unsecured 6 3/4% Notes due March 2024 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1] | 580.1 | 580.1 |
Senior Unsecured Notes [Member] | Senior Unsecured 5 1/8% Notes due February 2025 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1] | 500 | 500 |
Senior Unsecured Notes [Member] | Senior Unsecured 5 7/8% Notes due April 2026 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1] | 1,000 | 1,000 |
Senior Unsecured Notes [Member] | Senior Unsecured 5 3/8% Notes due February 2027 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1] | 500 | 500 |
Senior Unsecured Notes [Member] | Senior Unsecured 6½% Senior Notes due July 2027 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1] | 750 | 0 |
Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1] | 750 | 750 |
Senior Unsecured Notes [Member] | Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1] | 750 | 0 |
Senior Unsecured Notes [Member] | Senior Unsecured of 5½% Senior Notes due March 2030 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [1] | 1,000 | 0 |
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 | [1],[5] | 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 | [1],[5] | 48.1 | 48.1 |
Unamortized premium | [1] | 0.3 | 0.3 |
Secured Debt [Member] | TRC Senior Secured Revolving Credit Facility [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Letters of credit outstanding | [6] | 0 | 0 |
Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due June 2023 [Member] | |||
Long-term [Abstract] | |||
Long-term debt | [6] | 435 | 435 |
Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due June 2023 [Member] | Targa Resources Partners LP [Member] | |||
Long-term [Abstract] | |||
Letters of credit outstanding | [3] | $ 88.2 | $ 79.5 |
[1] | (1) While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. | ||
[2] | (2) As of December 31, 2019, the Partnership had $400.0 million of qualifying receivables under its $400.0 million Securitization Facility, resulting in availability of $30.0 million. | ||
[3] | (5) As of December 31, 2019, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $2,111.8 million. | ||
[4] | (3) The 4⅛% Senior Notes due 2019 were redeemed in full on February 11, 2019. | ||
[5] | (6) “TPL” refers to Targa Pipeline Partners LP. | ||
[6] | (4) As of December 31, 2019, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $235.0 million. |
Debt Obligations - Summary Of_2
Debt Obligations - Summary Of Debt Obligations (Parenthetical) (Details) - USD ($) | Dec. 06, 2019 | Nov. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | |
Debt Instrument [Line Items] | |||||||||
Proceeds from borrowings under accounts receivable securitization facility | $ 944,200,000 | $ 546,600,000 | $ 666,600,000 | ||||||
Accounts receivable securitization facility | [1],[2] | $ 370,000,000 | 280,000,000 | ||||||
Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jan. 31, 2029 | ||||||||
Interest rate on fixed rate debt | 6.875% | ||||||||
Senior Unsecured of 5½% Senior Notes due March 2030 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Mar. 31, 2030 | ||||||||
Interest rate on fixed rate debt | 5.50% | ||||||||
Accounts Receivable Securitization Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Dec. 4, 2020 | ||||||||
Proceeds from borrowings under accounts receivable securitization facility | $ 400,000,000 | ||||||||
Accounts receivable securitization facility | $ 400,000,000 | ||||||||
Remaining borrowing capacity | $ 30,000,000 | ||||||||
Maximum borrowing capacity | $ 400,000,000 | ||||||||
Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due June 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jun. 30, 2023 | ||||||||
Revolving Credit Facility [Member] | TRC Senior Secured Revolving Credit Facility due February 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Remaining borrowing capacity | $ 235,000,000 | ||||||||
Maximum borrowing capacity | $ 670,000,000 | ||||||||
Senior Unsecured Notes [Member] | Senior Unsecured 5 7/8% 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 6½% Senior 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 5% Notes due January 2028 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on fixed rate debt | 5.00% | ||||||||
Senior Unsecured Notes [Member] | Senior Unsecured of 6⅞% Senior 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 of 5½% Senior Notes due March 2030 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Mar. 31, 2030 | ||||||||
Interest rate on fixed rate debt | 5.50% | ||||||||
Targa Resources Partners LP [Member] | Accounts Receivable Securitization Facility [Member] | Accounts Receivable Securitization Facility Due December 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Dec. 31, 2020 | ||||||||
Targa Resources Partners LP [Member] | Revolving Credit Facility [Member] | TRP Senior Secured Revolving Credit Facility due June 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jun. 30, 2023 | ||||||||
Remaining borrowing capacity | $ 2,111,800,000 | ||||||||
Maximum borrowing capacity | $ 2,200,000,000 | ||||||||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 4 1/8% Notes due November 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Nov. 30, 2019 | ||||||||
Interest rate on fixed rate debt | 4.125% | ||||||||
Targa Resources Partners LP [Member] | 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% | ||||||||
Targa Resources Partners LP [Member] | 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% | ||||||||
Targa Resources Partners LP [Member] | 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% | ||||||||
Targa Resources Partners LP [Member] | 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% | ||||||||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5 7/8% Notes due April 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Apr. 30, 2026 | ||||||||
Interest rate on fixed rate debt | 5.875% | ||||||||
Targa Resources Partners LP [Member] | 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% | ||||||||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 6½% Senior Notes due July 2027 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jul. 31, 2027 | ||||||||
Interest rate on fixed rate debt | 6.50% | ||||||||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jan. 31, 2028 | ||||||||
Interest rate on fixed rate debt | 5.00% | ||||||||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 4 3/4% Notes due November 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Nov. 30, 2021 | ||||||||
Interest rate on fixed rate debt | 4.75% | ||||||||
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Targa Pipeline Partners LP [Member] | Senior Unsecured 5 7/8% Notes due August 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Aug. 31, 2023 | ||||||||
Interest rate on fixed rate debt | 5.875% | ||||||||
[1] | (1) While we consolidate the debt of the Partnership in our financial statements, we do not have the obligation to make interest payments or debt payments with respect to the debt of the Partnership. | ||||||||
[2] | (2) As of December 31, 2019, the Partnership had $400.0 million of qualifying receivables under its $400.0 million Securitization Facility, resulting in availability of $30.0 million. |
Debt Obligations - Schedule of
Debt Obligations - Schedule of Contractual Maturities of Debt Obligations (Details) $ in Millions | Dec. 31, 2019USD ($) |
Contractual Obligation [Line Items] | |
Total | $ 7,833.2 |
2020 | 370 |
2021 | 6.5 |
2022 | 0 |
2023 | 1,626.6 |
2024 | 580.1 |
After 2024 | 5,250 |
Securitization Facility [Member] | Targa Resources Partners LP [Member] | |
Contractual Obligation [Line Items] | |
Total | 370 |
2020 | 370 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
After 2024 | 0 |
Senior Unsecured Notes [Member] | Targa Resources Partners LP [Member] | |
Contractual Obligation [Line Items] | |
Total | 7,028.2 |
2020 | 0 |
2021 | 6.5 |
2022 | 0 |
2023 | 1,191.6 |
2024 | 580.1 |
After 2024 | 5,250 |
TRC Revolver [Member] | |
Contractual Obligation [Line Items] | |
Total | 435 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 435 |
2024 | 0 |
After 2024 | $ 0 |
Debt Obligations - Range of Int
Debt Obligations - Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations (Details) | Dec. 31, 2019 |
TRC Revolver [Member] | |
Debt Instrument [Line Items] | |
Weighted average interest rate incurred | 4.00% |
TRP Revolver [Member] | |
Debt Instrument [Line Items] | |
Weighted average interest rate incurred | 4.10% |
Targa Resources Partners LP [Member] | Securitization Facility [Member] | |
Debt Instrument [Line Items] | |
Weighted average interest rate incurred | 3.10% |
Minimum [Member] | TRC Revolver [Member] | |
Debt Instrument [Line Items] | |
Range of interest rates incurred | 3.50% |
Minimum [Member] | TRP Revolver [Member] | |
Debt Instrument [Line Items] | |
Range of interest rates incurred | 3.50% |
Minimum [Member] | Targa Resources Partners LP [Member] | Securitization Facility [Member] | |
Debt Instrument [Line Items] | |
Range of interest rates incurred | 2.60% |
Maximum [Member] | TRC Revolver [Member] | |
Debt Instrument [Line Items] | |
Range of interest rates incurred | 4.30% |
Maximum [Member] | TRP Revolver [Member] | |
Debt Instrument [Line Items] | |
Range of interest rates incurred | 4.70% |
Maximum [Member] | Targa Resources Partners LP [Member] | Securitization Facility [Member] | |
Debt Instrument [Line Items] | |
Range of interest rates incurred | 3.40% |
Debt Obligations - TRC Revolvin
Debt Obligations - TRC Revolving Credit Agreement - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2017 | |
TRC Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 670,000,000 | |
Line Of Credit Additional Commitment Increase Available Upon Request | 200,000,000 | |
Leverage ratio for each fiscal quarter in first year | 4 | |
Leverage ratio for each fiscal quarter thereafter | 1 | |
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 670,000,000 | |
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.375% | |
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.50% | |
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Leverage ratio for term loans | 4.75% | |
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] | London Interbank Offered Rate (LIBOR) | Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Leverage ratio for revolving loans | 1.75% | |
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] | London Interbank Offered Rate (LIBOR) | Maximum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Leverage ratio for revolving loans | 2.75% | |
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Leverage ratio for term loans | 3.75% | |
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] | Base Rate [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Leverage ratio for revolving loans | 0.75% | |
TRC Senior Secured Revolving Credit Facility due February 2020 [Member] | Base Rate [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Leverage ratio for revolving loans | 1.75% |
Debt Obligations - Partnership'
Debt Obligations - Partnership's Revolving Credit Facility - Additional Information (Details) - TRP Revolver [Member] | Jul. 01, 2020 | Feb. 17, 2016 | Jun. 29, 2019 | Jun. 30, 2020 | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||
Maturity date | Jun. 30, 2023 | ||||
Maximum borrowing capacity | $ 2,200,000,000 | ||||
Line Of Credit Additional Commitment Increase Available Upon Request | $ 500,000,000 | ||||
First Amendment [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum percentage of consolidated EBITDA | 20.00% | ||||
First Amendment [Member] | Scenario, Forecast [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum percentage of consolidated EBITDA | 20.00% | 30.00% | |||
Federal Funds Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Commitment fee percentage | 0.25% | ||||
Leverage ratio before collateral release date | 1 | ||||
Leverage ratio upon and after collateral release date | 1 | 1 | |||
Interest coverage ratio | 1 | ||||
Minimum [Member] | Letters of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on fixed rate debt | 1.25% | ||||
Minimum [Member] | Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] | |||||
Debt Instrument [Line Items] | |||||
Commitment fee percentage | 0.125% | ||||
Minimum [Member] | Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] | Letters of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on fixed rate debt | 1.125% | ||||
Minimum [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Minimum [Member] | Base Rate [Member] | Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.125% | ||||
Minimum [Member] | Eurodollar [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Minimum [Member] | Eurodollar [Member] | Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.125% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Commitment fee percentage | 0.375% | ||||
Leverage ratio before collateral release date | 5.50 | ||||
Leverage ratio upon and after collateral release date | 5.50 | 5.25 | |||
Interest coverage ratio | 2.25 | ||||
Aggregate principal amount issued | $ 400,000,000 | ||||
Maximum [Member] | Letters of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on fixed rate debt | 2.25% | ||||
Maximum [Member] | Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] | |||||
Debt Instrument [Line Items] | |||||
Commitment fee percentage | 0.35% | ||||
Maximum [Member] | Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] | Letters of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on fixed rate debt | 1.75% | ||||
Maximum [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Maximum [Member] | Base Rate [Member] | Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.75% | ||||
Maximum [Member] | Eurodollar [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
Maximum [Member] | Eurodollar [Member] | Non-Credit-Enhanced Senior Unsecured Long-Term Debt Ratings [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.75% |
Debt Obligations - Partnershi_2
Debt Obligations - Partnership's Accounts Receivable Securitization Facility - Additional Information (Details) - Accounts Receivable Securitization Facility [Member] - USD ($) $ in Millions | Dec. 06, 2019 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Termination date | Dec. 4, 2020 | |
Outstanding securitization facility | $ 370 | |
Maximum borrowing capacity | $ 400 |
Debt Obligations - The Partners
Debt Obligations - The Partnership's Senior Unsecured Notes - Additional Information (Details) - Senior Unsecured Notes [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Maximum percentage of aggregate principal amount of debt redeemable by the Partnership with equity offerings | 35.00% |
Redemption condition, minimum percentage of aggregate principal amount outstanding immediately after occurrence of redemption | 65.00% |
Redemption condition, maximum number of days from date of closing of equity offerings | 180 days |
Debt Obligations - Senior Unsec
Debt Obligations - Senior Unsecured Notes Issuances - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | Oct. 31, 2017 | Dec. 31, 2019 | |
Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on fixed rate debt | 6.875% | ||||
Maturity date | Jan. 31, 2029 | ||||
Senior Unsecured of 5½% Senior Notes due March 2030 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on fixed rate debt | 5.50% | ||||
Maturity date | Mar. 31, 2030 | ||||
Senior Unsecured Notes [Member] | Senior Unsecured 5% Notes due January 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount issued | $ 750 | ||||
Interest rate on fixed rate debt | 5.00% | ||||
Net proceeds from private placement of notes | $ 744.1 | ||||
Senior Unsecured Notes [Member] | Senior Unsecured 5 7/8% Notes due April 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount issued | $ 1,000 | ||||
Interest rate on fixed rate debt | 5.875% | ||||
Net proceeds from private placement of notes | $ 991.9 | ||||
Maturity date | Apr. 30, 2026 | ||||
Senior Unsecured Notes [Member] | Senior Unsecured 6½% Senior Notes due July 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount issued | $ 750 | ||||
Interest rate on fixed rate debt | 6.50% | ||||
Net proceeds from private placement of notes | $ 1,486.6 | ||||
Maturity date | Jul. 31, 2027 | ||||
Senior Unsecured Notes [Member] | Senior Unsecured of 6⅞% Senior Notes due January 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount issued | $ 750 | ||||
Interest rate on fixed rate debt | 6.875% | ||||
Maturity date | Jan. 31, 2029 | ||||
Senior Unsecured Notes [Member] | Senior Unsecured 4 1/8% notes due November 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on fixed rate debt | 4.125% | ||||
Senior Unsecured Notes [Member] | Senior Unsecured of 5½% Senior Notes due March 2030 [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount issued | $ 1,000 | ||||
Interest rate on fixed rate debt | 5.50% | ||||
Net proceeds from private placement of notes | $ 990.8 | ||||
Maturity date | Mar. 31, 2030 |
Debt Obligations - Debt Repurch
Debt Obligations - Debt Repurchases & Extinguishments - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Feb. 28, 2019 | Oct. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Jan. 31, 2019 |
Senior secured term loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of senior secured debt | $ 160 | |||||
Write off debt discounts | 2.2 | |||||
Write off debt issuance cost | $ 3.7 | |||||
Senior Unsecured Notes [Member] | Senior Unsecured 4 1/8% notes due November 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on fixed rate debt | 4.125% | |||||
Senior Unsecured Notes [Member] | Targa Resources Partners LP [Member] | Senior Unsecured 6 3/8% Notes due August 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Write off debt issuance cost | $ 1.8 | |||||
Interest rate on fixed rate debt | 6.375% | |||||
Aggregate principal amount of notes redeemed | $ 278.7 | |||||
Redemption price, percentage of face value | 103.188% | |||||
Gain (loss) on extinguishment of debt | $ (10.7) | |||||
Premium paid on redemption of debt | $ 8.9 | |||||
Senior Unsecured Notes [Member] | Partnership Issuers [Member] | Senior Unsecured 5% Notes due January 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Write off debt issuance cost | $ 0.2 | |||||
Redemption price, percentage of face value | 5.00% | |||||
Maturity year | 2018 | |||||
Senior Unsecured Notes [Member] | Partnership Issuers [Member] | Senior Unsecured 4 1/8% notes due November 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Write off debt issuance cost | $ 1.4 | |||||
Redemption price, percentage of face value | 4.125% | |||||
Maturity year | 2019 |
Debt Obligations, Debt Repurcha
Debt Obligations, Debt Repurchases Summary (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Loss (gain) from financing activities | $ 1.4 | $ 2 | $ 16.8 |
Senior Unsecured Notes [Member] | TRC Senior secured term loan [Member] | |||
Debt Instrument [Line Items] | |||
Recognition of unamortized discount and premium | 0 | 0 | 2.2 |
Write-off of debt issuance costs | 0 | 0 | 3.7 |
Senior Unsecured Notes [Member] | TRC Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Write-off of debt issuance costs | 0 | 0.7 | 0 |
Senior Unsecured Notes [Member] | TRP Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Write-off of debt issuance costs | 0 | 1.3 | 0 |
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Partnership 6⅜% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Premium paid on redemption of debt | 0 | 0 | 8.9 |
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Partnership 4⅛% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Write-off of debt issuance costs | 1.4 | 0 | 0 |
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Partnership 5% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Write-off of debt issuance costs | 0 | 0 | 0.2 |
Targa Resources Partners LP [Member] | Senior Unsecured Notes [Member] | Partnership 6⅜% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Write-off of debt issuance costs | $ 0 | $ 0 | $ 1.8 |
Other Long-term Liabilities - S
Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Noncurrent [Abstract] | |||
Asset retirement obligations | $ 66.3 | $ 55.5 | $ 50.8 |
Deferred revenue | 172 | 175.5 | $ 136.2 |
Operating lease liabilities | 47.2 | ||
Other liabilities | 20.1 | 31.2 | |
Total long-term liabilities | $ 305.6 | $ 262.2 |
Other Long-term Liabilities - C
Other Long-term Liabilities - Changes in Aggregate Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning of period | $ 55.5 | $ 50.8 | ||
Additions | [1] | 11.8 | ||
Change in cash flow estimate | (5.1) | 1.8 | ||
Accretion expense | 4.7 | 3.7 | $ 3.9 | |
Retirement of ARO | (0.6) | (0.8) | ||
End of period | $ 66.3 | $ 55.5 | $ 50.8 | |
[1] | Amount reflects additions of ARO related to the commencement of operations of Grand Prix. |
Other Long-term Liabilities - M
Other Long-term Liabilities - Mandatorily Redeemable Preferred Interests (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)JointVenture | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract] | |||
Interest expense, net | $ (337.8) | $ (185.8) | $ (233.7) |
Change in estimated redemption value included in interest (income) expense, net | $ 72.1 | 72.1 | (3.3) |
Income attributable to mandatorily redeemable preferred interests | 4.1 | ||
Mandatorily Redeemable Preferred Interests [Member] | West OK [Member] | |||
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract] | |||
Ownership interest | 100.00% | ||
Mandatorily Redeemable Preferred Interests [Member] | West TX [Member] | |||
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract] | |||
Ownership interest | 72.80% | ||
Mandatorily Redeemable Preferred Interests [Member] | Joint Ventures [Member] | |||
Changes in long-term liabilities attributable to mandatorily redeemable preferred interests [Abstract] | |||
Number of joint ventures | JointVenture | 2 | ||
Notes receivable, face amount | $ 1,900 | ||
Notes receivable, due date | Jul. 31, 2042 | ||
Interest expense, net | $ 10.2 | $ 9.7 | $ 10.3 |
Other Long-term Liabilities - D
Other Long-term Liabilities - Deferred Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Revenue and Other [Abstract] | |||
Deferred revenue | $ 172 | $ 175.5 | $ 136.2 |
Deferred revenue recognized related to gas gathering and processing agreement | $ 3.9 | $ 3.9 | 3.1 |
Channelview Splitter [Member] | |||
Deferred Revenue and Other [Abstract] | |||
Deferred revenue | $ 129 |
Other Long-term Liabilities -_2
Other Long-term Liabilities - Components of Deferred Revenue (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Revenue Arrangement [Line Items] | |||
Total deferred revenue | $ 172 | $ 175.5 | $ 136.2 |
Splitter Agreement [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Total deferred revenue | 129 | 129 | |
Gas Contract Amendment [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Total deferred revenue | 39.8 | 42.2 | |
Other Deferred Revenue [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Total deferred revenue | $ 3.2 | $ 4.3 |
Other Long-term Liabilities -_3
Other Long-term Liabilities - Changes in Deferred Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Liabilities Noncurrent [Abstract] | |||
Balance at December 31, 2018 | $ 175.5 | $ 136.2 | |
Additions | 0.4 | 43.2 | |
Revenue recognized | (3.9) | (3.9) | $ (3.1) |
Balance at December 31, 2019 | $ 172 | $ 175.5 | $ 136.2 |
Other Long-term Liabilities -_4
Other Long-term Liabilities - Contingent Consideration (Details) - USD ($) | 1 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |||
May 31, 2019 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2017 | |
Other Liabilities Noncurrent [Line Items] | |||||||
Change in contingent considerations | $ 8,700,000 | $ (8,800,000) | $ (99,600,000) | ||||
Permian Acquisition [Member] | |||||||
Other Liabilities Noncurrent [Line Items] | |||||||
Acquisition date fair value of the contingent consideration | $ 416,300,000 | $ 416,300,000 | 416,300,000 | $ 416,300,000 | |||
Change in contingent considerations | (99,300,000) | (99,300,000) | 8,900,000 | (8,800,000) | |||
Additional cash paid in potential earn-out payment | 317,000,000 | 317,000,000 | 308,200,000 | 317,000,000 | $ 416,300,000 | ||
Permian Acquisition contingent consideration | $ 6,800,000 | $ 6,800,000 | 308,200,000 | $ 6,800,000 | |||
Fair value of first potential earn-out payment | 0 | ||||||
Fair value of second potential earn-out payment | $ 308,200,000 | ||||||
Fair value of earn-out payment | $ 317,100,000 | $ 317,100,000 |
Other Long-term Liabilities -_5
Other Long-term Liabilities - Schedule of Changes in Fair Value of Contingent Consideration (Details) - USD ($) $ in Millions | 1 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||
May 31, 2019 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Liabilities Noncurrent [Line Items] | ||||||
Increase (decrease) in fair value, included in Other income (expense) | $ 8.7 | $ (8.8) | $ (99.6) | |||
Permian Acquisition [Member] | ||||||
Other Liabilities Noncurrent [Line Items] | ||||||
Beginning of period | $ 416.3 | 308.2 | 317 | |||
Increase (decrease) in fair value, included in Other income (expense) | (99.3) | $ (99.3) | 8.9 | (8.8) | ||
Earn-out payment | $ (317.1) | $ (317.1) | ||||
End of period | 317 | 317 | 308.2 | 317 | ||
Less: Current portion | (6.8) | (6.8) | $ (308.2) | (6.8) | ||
Long-term balance at end of period | $ 310.2 | $ 310.2 | $ 310.2 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Lessee Lease Description [Line Items] | |||
Weighted-average remaining lease terms for operating leases | 7 years | ||
Weighted-average remaining lease terms for finance leases | 3 years | ||
Weighted-average discount rates for operating leases | 4.00% | ||
Weighted-average discount rates for finance leases | 3.90% | ||
Compressors and Equipment [Member] | |||
Lessee Lease Description [Line Items] | |||
Operating Lease, Expense | $ 56 | $ 49.6 | |
Minimum [Member] | |||
Lessee Lease Description [Line Items] | |||
Remaining lease terms | 1 year | ||
Maximum [Member] | |||
Lessee Lease Description [Line Items] | |||
Remaining lease terms | 10 years | ||
Options to extend lease term | 20 years |
Leases - Summary of Balances of
Leases - Summary of Balances of Right of Use Assets and Liabilities of Finance Leases and Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Right-of-use assets | ||
Operating leases, gross | $ 42 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | |
Finance leases, gross | $ 48.8 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentGross | |
Current: | ||
Operating leases | $ 7.8 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | |
Finance leases | $ 12.2 | $ 0 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:LiabilitiesCurrent | |
Non-current: | ||
Operating leases | $ 47.2 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | |
Finance leases | $ 25.8 | $ 0 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LiabilitiesNoncurrent |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease cost | |
Operating lease cost | $ 9.9 |
Short-term lease cost | 30 |
Variable lease cost | 6.7 |
Finance lease cost | |
Amortization of right-of-use assets | 13.1 |
Interest expense | 1.6 |
Total lease cost | $ 61.3 |
Leases - Summary of Other Suppl
Leases - Summary of Other Supplemental Information Related to Leases (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Operating cash flows for operating leases | $ 8.7 |
Operating cash flows for finance leases | 1.6 |
Financing cash flows for finance leases | $ 11.5 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities Under Non-cancellable Leases (Details) $ in Millions | Dec. 31, 2019USD ($) |
Future Minimum Lease Payments - Operating Leases | |
2019 | $ 9.9 |
2020 | 10.4 |
2021 | 9.6 |
2022 | 8 |
2023 | 6.2 |
Thereafter | 19.7 |
Total undiscounted cash flows | 63.8 |
Less imputed interest | (8.8) |
Total lease liabilities | 55 |
Future Minimum Lease Payments - Finance Leases | |
2019 | 13.4 |
2020 | 11.7 |
2021 | 10.2 |
2022 | 4.7 |
2023 | 0.5 |
Total undiscounted cash flows | 40.5 |
Less imputed interest | (2.5) |
Total lease liabilities | $ 38 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments under Non-cancellable Leases (Details) $ in Millions | Dec. 31, 2019USD ($) |
Future non-cancelable commitments related to certain contractual obligations for each of the next five fiscal years and in aggregate thereafter [Abstract] | |
2019 | $ 20.9 |
2020 | 20.2 |
2021 | 18.5 |
2022 | 16.5 |
2023 | 9.8 |
Thereafter | 24.9 |
Total payments | $ 110.8 |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016Tranche | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | |
Class Of Stock [Line Items] | ||||
Number of tranches sold to investors | Tranche | 2 | |||
Term of preferred stock warrants | 7 years | |||
Accounting Conversion Price Of Convertible Preferred Stock | $ 17.02 | |||
Conversion price of preferred stock into common stock | $ 20.77 | |||
Preferred Series A dividends payable | $ | $ 22,900,000 | $ 22,900,000 | ||
Preferred stock dividend paid | $ | $ 91,700,000 | 91,700,000 | $ 91,700,000 | |
Accrued preferred dividends payable date | Feb. 14, 2020 | |||
Deemed dividends on Series A Preferred Stock | $ | $ 33,100,000 | $ 29,200,000 | $ 25,700,000 | |
Preferred stock dividend per share | $ 23.75 | |||
Series A Warrants [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares issued to investors | shares | 13,550,004 | |||
Exercise price of warrants | $ 18.88 | |||
Series B Warrants [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares issued to investors | shares | 6,533,727 | |||
Exercise price of warrants | $ 25.11 | |||
Series A Preferred Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, liquidation per share | $ 1,000 | $ 1,000 | ||
Preferred stock, percentage of dividend | 9.50% | |||
Preferred stock dividend payment terms | fixed dividend payable quarterly 45 days after the end of each fiscal quarter | |||
Preferred stock redemption premium percentage in sixth year | 10.00% | |||
Preferred stock redemption premium percentage in sixth year and thereafter | 5.00% | |||
Preferred stock redemption premium percentage in twelfth year | 10.00% | |||
Volume Weighted Average Share Price | $ 18.88 | |||
Preferred stock redemption premium percentage in twelfth year and thereafter | 120.00% | |||
Stock conversion, description | If the investors do not elect to convert their Series A Preferred into TRC common stock, Targa has a right after year twelve to force conversion, but only if the VWAP for the ten preceding trading days is greater than 120% of the conversion price | |||
Preferred stock premium change in year four through six | 10.00% | |||
Preferred stock premium change in year six and thereafter | 5.00% | |||
Maximum number of common share would be issued upon conversion of preferred share | shares | 46,466,057 | |||
Preferred stock, shares issued to investors | shares | 965,100 | 965,100 | ||
Series A Preferred Stock [Member] | 10% Redemption Premium | ||||
Class Of Stock [Line Items] | ||||
Preferred stock conversion redemption premium percentage in sixth year | 10.00% | |||
Benefit from conversion right by redemption premium | $ | $ 96,500,000 | |||
Series A Preferred Stock [Member] | 5% Redemption Premium | ||||
Class Of Stock [Line Items] | ||||
Benefit from conversion right by redemption premium | $ | $ 48,300,000 | |||
Preferred stock conversion redemption premium percentage in year seven through twelve year | 5.00% | |||
Series A Preferred Stock [Member] | Maximum [Member] | ||||
Class Of Stock [Line Items] | ||||
Incurrence of indebtedness other than stipulated fixed charge coverage | $ | $ 2,750,000,000 |
Common Stock and Related Matt_3
Common Stock and Related Matters - Additional Information (Details) - USD ($) | Jun. 02, 2017 | Jan. 26, 2017 | Jan. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 20, 2018 | Mar. 31, 2018 | May 09, 2017 |
Securities Financing Transaction [Line Items] | ||||||||||
Issuance of common stock (in shares) | 17,000,000 | 9,200,000 | 9,200,000 | |||||||
Shares issued price | $ 46.10 | $ 57.65 | ||||||||
Proceeds from issuance of common stock | $ 777,300,000 | $ 524,200,000 | $ 524,200,000 | $ 689,000,000 | $ 1,660,400,000 | |||||
Warrants exercised (in shares) | 19,983,843 | |||||||||
Warrants remaining | 99,888 | |||||||||
Common Stock [Member] | ||||||||||
Securities Financing Transaction [Line Items] | ||||||||||
Issuance of common stock (in shares) | 13,844,000 | 32,633,000 | ||||||||
Exercise of warrants - share settled (in shares) | 11,336,856 | 58,814 | ||||||||
2017 ATM Program [Member] | ||||||||||
Securities Financing Transaction [Line Items] | ||||||||||
Amount of common stock authorized under equity distribution agreement | $ 750,000,000 | |||||||||
Equity Distribution Agreement May 2017 [Member] | ||||||||||
Securities Financing Transaction [Line Items] | ||||||||||
Issuance of common stock (in shares) | 0 | 7,527,902 | 0 | |||||||
Proceeds from issuance of common stock | $ 364,900,000 | |||||||||
Amount of common stock authorized under equity distribution agreement | $ 382,100,000 | |||||||||
2018 ATM Program [Member] | ||||||||||
Securities Financing Transaction [Line Items] | ||||||||||
Amount of common stock authorized under equity distribution agreement | $ 750,000,000 | |||||||||
Equity Distribution Agreement September 2018 [Member] | ||||||||||
Securities Financing Transaction [Line Items] | ||||||||||
Issuance of common stock (in shares) | 0 | |||||||||
Amount of common stock authorized under equity distribution agreement | $ 750,000,000 |
Common Stock and Related Matt_4
Common Stock and Related Matters - Dividends Declared And Or Paid (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Dividends Payable [Line Items] | ||||
Dividends Declared per Share of Common Stock | $ 3.64 | $ 3.64 | $ 3.64 | |
Dividend Declared, Q4 2019 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | Feb. 18, 2020 | |||
Total Common Dividends Declared | $ 216 | |||
Amount of Common Dividends Paid | 212 | |||
Accrued Dividends | [1] | $ 4 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q3 2019 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | Nov. 15, 2019 | |||
Total Common Dividends Declared | $ 215.5 | |||
Amount of Common Dividends Paid | 211.8 | |||
Accrued Dividends | [1] | $ 3.7 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q2 2019 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | Aug. 15, 2019 | |||
Total Common Dividends Declared | $ 215.1 | |||
Amount of Common Dividends Paid | 211.5 | |||
Accrued Dividends | [1] | $ 3.6 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q1 2019 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | May 15, 2019 | |||
Total Common Dividends Declared | $ 215.2 | |||
Amount of Common Dividends Paid | 211.5 | |||
Accrued Dividends | [1] | $ 3.7 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q4 2018 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | Feb. 15, 2019 | |||
Total Common Dividends Declared | $ 215.2 | |||
Amount of Common Dividends Paid | 211.2 | |||
Accrued Dividends | [1] | $ 4 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q3 2018 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | Nov. 15, 2018 | |||
Total Common Dividends Declared | $ 212.5 | |||
Amount of Common Dividends Paid | 208.6 | |||
Accrued Dividends | [1] | $ 3.9 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q2 2018 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | Aug. 15, 2018 | |||
Total Common Dividends Declared | $ 208.9 | |||
Amount of Common Dividends Paid | 205.2 | |||
Accrued Dividends | [1] | $ 3.7 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q1 2018 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | May 16, 2018 | |||
Total Common Dividends Declared | $ 203.1 | |||
Amount of Common Dividends Paid | 199.7 | |||
Accrued Dividends | [1] | $ 3.4 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q4 2017 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | Feb. 15, 2018 | |||
Total Common Dividends Declared | $ 202.4 | |||
Amount of Common Dividends Paid | 199.1 | |||
Accrued Dividends | [1] | $ 3.3 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q3 2017 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | Nov. 15, 2017 | |||
Total Common Dividends Declared | $ 199 | |||
Amount of Common Dividends Paid | 196.2 | |||
Accrued Dividends | [1] | $ 2.8 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q2 2017 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | Aug. 15, 2017 | |||
Total Common Dividends Declared | $ 198.6 | |||
Amount of Common Dividends Paid | 196.2 | |||
Accrued Dividends | [1] | $ 2.4 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
Dividend Declared, Q1 2017 [Member] | ||||
Dividends Payable [Line Items] | ||||
Accrued preferred dividends paid date | May 16, 2017 | |||
Total Common Dividends Declared | $ 182.8 | |||
Amount of Common Dividends Paid | 180.3 | |||
Accrued Dividends | [1] | $ 2.5 | ||
Dividends Declared per Share of Common Stock | $ 0.91000 | |||
[1] | Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting. |
Partnership Units and Related_3
Partnership Units and Related Matters - Summary of Distributions Declared or Paid by the Partnership (Details) - Distributions Paid [Member] - USD ($) $ in Millions | 3 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Distributions Made To Members Or Limited Partners [Abstract] | ||||||||||||
Distributions payable date | Feb. 13, 2020 | Nov. 13, 2019 | Aug. 13, 2019 | Apr. 5, 2019 | Feb. 13, 2019 | Nov. 13, 2018 | Aug. 13, 2018 | May 11, 2018 | Feb. 12, 2018 | Nov. 10, 2017 | Aug. 10, 2017 | May 11, 2017 |
Total Distributions | $ 241.9 | $ 242.1 | $ 242.4 | $ 437.8 | $ 241.3 | $ 237.6 | $ 234 | $ 229.7 | $ 228.5 | $ 225.4 | $ 225.4 | $ 209.6 |
Distributions to Targa Resources Corp. | $ 239.1 | $ 239.3 | $ 239.6 | $ 435 | $ 238.5 | $ 234.8 | $ 231.2 | $ 226.9 | $ 225.7 | $ 222.6 | $ 222.6 | $ 206.8 |
Partnership Units and Related_4
Partnership Units and Related Matters - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Feb. 29, 2020 | Jan. 31, 2020 | Oct. 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Limited Partners Capital Account [Line Items] | ||||||
Capital contributions to partnership | $ 200 | $ 600 | $ 1,720 | |||
Preferred unit, issued | 5,000,000 | |||||
Distributions from partnership | $ 11.3 | 11.3 | 11.3 | |||
Subsequent Event [Member] | ||||||
Limited Partners Capital Account [Line Items] | ||||||
Distributions declaration month | 2020-02 | 2020-01 | ||||
Distribution declared | $ 0.1875 | $ 0.1875 | ||||
Distributions from partnership | $ 0.9 | $ 0.9 | ||||
Distributions payable date | Mar. 16, 2020 | Feb. 18, 2020 | ||||
Series A Preferred Units due November 1, 2020 [Member] | ||||||
Limited Partners Capital Account [Line Items] | ||||||
Preferred unit, redemption price (in dollars per share) | $ 25 | |||||
Series A Cumulative Redeemable Perpetual Preferred Units [Member] | ||||||
Limited Partners Capital Account [Line Items] | ||||||
Preferred units, outstanding | 5,000,000 | |||||
Distribution to preferred unitholders | $ 11.3 | $ 11.3 | $ 11.3 | |||
London Interbank Offered Rate (LIBOR) | Series A Preferred Units due November 1, 2020 [Member] | ||||||
Limited Partners Capital Account [Line Items] | ||||||
Percentage of variable interest rate for distribution on preferred units upon maturity | 7.71% | |||||
April 2013 Shelf [Member] | Series A Preferred Units [Member] | ||||||
Limited Partners Capital Account [Line Items] | ||||||
Preferred unit, dividend interest rate | 9.00% | |||||
Holders of Limited Partner Interests [Member] | ||||||
Limited Partners Capital Account [Line Items] | ||||||
Limited partner capital contribution allocation percentage | 98.00% | |||||
Targa Resources Genaral Partner LLC [Member] | ||||||
Limited Partners Capital Account [Line Items] | ||||||
General partner capital contribution allocation percentage | 2.00% |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Net income (loss) | $ (15.1) | $ 32.1 | $ 48.9 | $ (24.7) | $ (88.4) | $ (11.2) | $ 121.1 | $ 38.9 | $ 41.2 | $ 60.4 | $ 104.2 | |||||
Less: Net income (loss) attributable to noncontrolling interests | 250.4 | 58.8 | 50.2 | |||||||||||||
Less: Dividends on preferred stock | 124.8 | 120.9 | 117.4 | |||||||||||||
Net income (loss) attributable to common shareholders | $ (144.5) | $ (78.6) | $ (41.2) | $ (69.7) | $ (137.3) | $ (54) | $ 79 | $ (7) | $ (334) | $ (119.3) | $ (63.4) | |||||
Weighted average shares outstanding - basic (in shares) | 232.5 | 224.2 | 206.9 | |||||||||||||
Net income (loss) available per common share - basic (in dollars per share) | $ (0.62) | $ (0.34) | $ (0.18) | $ (0.30) | $ (0.60) | $ (0.24) | $ 0.36 | $ (0.03) | $ (1.44) | $ (0.53) | $ (0.31) | |||||
Weighted average shares outstanding - basic (in shares) | 232.5 | 224.2 | 206.9 | |||||||||||||
Weighted average shares outstanding - diluted (in shares) | 232.5 | 224.2 | 206.9 | |||||||||||||
Net income (loss) available per common share - diluted (in dollars per share) | $ (0.62) | $ (0.34) | $ (0.18) | $ (0.30) | $ (0.60) | [1] | $ (0.24) | [1] | $ 0.35 | [1] | $ (0.03) | [1] | $ (1.44) | $ (0.53) | [1] | $ (0.31) |
[1] | Includes dilutive effects of common stock equivalents in the second quarter of 2018. |
Earnings per Common Share - Sum
Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Details) - shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Unvested Restricted Stock Awards [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares) | 1.2 | 1.7 | 1.2 | |
Warrants to Purchase Common Stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares) | [1] | 0.1 | ||
Series A Preferred Stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the determination of diluted earnings per share (in shares) | [2] | 46.5 | 46.5 | 46.5 |
[1] | During the first quarter of 2018, the remaining Warrants were exercised and net settled by us for shares of common stock. | |||
[2] | The Series A Preferred has no mandatory redemption date, but is redeemable at our election in year six for a 10% premium to the liquidation preference and for a 5% premium to the liquidation preference in year seven thereafter. If the Series A Preferred is not redeemed by the end of year twelve, the investors have the right to convert the Series A Preferred into TRC common stock. See Note 13 – Preferred Stock |
Earnings per Common Share - S_2
Earnings per Common Share - Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share (Parenthetical) (Details) - Series A Preferred Stock [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Preferred stock redemption premium percentage in sixth year | 10.00% |
Preferred stock redemption premium percentage in year seven thereafter | 5.00% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Notional Volumes Of The Partnership's Commodity Derivative Contracts (Details) - Targa Resources Partners LP [Member] | 12 Months Ended |
Dec. 31, 2019MMBTUbbl | |
Swaps [Member] | Year 2020 [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 127,230 |
Swaps [Member] | Year 2020 [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 23,105 |
Swaps [Member] | Year 2021 [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 123,751 |
Swaps [Member] | Year 2021 [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 11,196 |
Swaps [Member] | Year 2022 [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 46,100 |
Swaps [Member] | Year 2022 [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 6,036 |
Swaps [Member] | Year 2023 [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 0 |
Swaps [Member] | Year 2023 [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Swaps [Member] | Year 2024 [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 0 |
Swaps [Member] | Year 2024 [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Basis Swaps [Member] | Year 2020 [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 364,275 |
Basis Swaps [Member] | Year 2021 [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 344,292 |
Basis Swaps [Member] | Year 2022 [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 210,000 |
Basis Swaps [Member] | Year 2023 [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 200,000 |
Basis Swaps [Member] | Year 2024 [Member] | Natural Gas [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in MMBtu per day) | MMBTU | 40,000 |
Future [Member] | Year 2020 [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 16,844 |
Future [Member] | Year 2021 [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Future [Member] | Year 2022 [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Future [Member] | Year 2023 [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Future [Member] | Year 2024 [Member] | NGL [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Options [Member] | Year 2020 [Member] | Condensate [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 5,471 |
Options [Member] | Year 2021 [Member] | Condensate [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 3,654 |
Options [Member] | Year 2022 [Member] | Condensate [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 1,610 |
Options [Member] | Year 2023 [Member] | Condensate [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Options [Member] | Year 2024 [Member] | Condensate [Member] | |
Derivative [Line Items] | |
Notional volumes of commodity hedges (in Bbl per day) | 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 138.8 | $ 149.4 |
Derivative assets | 103.3 | 115.3 |
Derivative assets | 35.5 | 34.1 |
Derivative liabilities | 144.9 | 36.7 |
Derivative liabilities | 104.1 | 33.6 |
Derivative liabilities | 40.8 | 3.1 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 135.8 | 144.1 |
Derivative liabilities | 18 | 20.4 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 102.1 | 112.5 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-Term Assets from Risk Management Activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 33.7 | 31.6 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 11.6 | 18.9 |
Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 6.4 | 1.5 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3 | 5.3 |
Derivative liabilities | 126.9 | 16.3 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Assets from Risk Management Activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1.2 | 2.8 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-Term Assets from Risk Management Activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1.8 | 2.5 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Current Liabilities from Risk Management Activities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 92.5 | 14.7 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts [Member] | Long-term Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 34.4 | $ 1.6 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Asset [Abstract] | ||
Gross asset | $ 138.8 | $ 149.4 |
Gross asset | 138.8 | 149.4 |
Pro forma net presentation, asset, total | 79.8 | 116.4 |
Counterparties with Offsetting Positions or Collateral [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 133.1 | 108.9 |
Pro forma net presentation, asset | 74.1 | 75.9 |
Counterparties without Offsetting Position [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 5.7 | 40.5 |
Pro forma net presentation, asset, total | 5.7 | 40.5 |
Current Assets from Risk Management Activities [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 103.3 | 115.3 |
Pro forma net presentation, asset, current | 59.5 | 85.3 |
Current Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 99.8 | 100 |
Pro forma net presentation, asset | 56 | 70 |
Current Assets from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 3.5 | 15.3 |
Pro forma net presentation, asset, current | 3.5 | 15.3 |
Long-Term Assets from Risk Management Activities [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 35.5 | 34.1 |
Pro forma net presentation, asset, noncurrent | 20.3 | 31.1 |
Long-Term Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 33.3 | 8.9 |
Pro forma net presentation, asset | 18.1 | 5.9 |
Long-Term Assets from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member] | ||
Derivative Asset [Abstract] | ||
Gross asset | 2.2 | 25.2 |
Pro forma net presentation, asset, noncurrent | $ 2.2 | $ 25.2 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Pro Forma Impact Of Offsetting Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Liability [Abstract] | ||
Gross liability | $ (144.9) | $ (36.7) |
Pro forma net presentation, liability, total | (90.8) | (17.9) |
Counterparties with Offsetting Positions or Collateral [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (125.5) | (36.7) |
Pro forma net presentation, liability, total | (71.4) | (17.9) |
Counterparties without Offsetting Position [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (19.4) | |
Pro forma net presentation, liability, total | (19.4) | |
Current Liabilities from Risk Management Activities [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (104.1) | (33.6) |
Pro forma net presentation, liability, current | (65.2) | (17.8) |
Current Liabilities from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (85) | (33.6) |
Pro forma net presentation, liability, current | (46.1) | (17.8) |
Current Liabilities from Risk Management Activities [Member] | Counterparties without Offsetting Position [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (19.1) | |
Pro forma net presentation, liability, current | (19.1) | |
Long-Term Liabilities from Risk Management Activities [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (40.8) | (3.1) |
Pro forma net presentation, liability, noncurrent | (25.6) | (0.1) |
Long-Term Liabilities from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member] | ||
Derivative Liability [Abstract] | ||
Gross liability | (40.5) | (3.1) |
Pro forma net presentation, liability, noncurrent | (25.3) | $ (0.1) |
Long-Term Liabilities from Risk Management Activities [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 | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Asset [Abstract] | ||
Gross collateral | $ (4.9) | $ (14.2) |
Counterparties with Offsetting Positions or Collateral [Member] | ||
Derivative Asset [Abstract] | ||
Gross collateral | (4.9) | (14.2) |
Current Assets from Risk Management Activities [Member] | ||
Derivative Asset [Abstract] | ||
Gross collateral | (4.9) | (14.2) |
Current Assets from Risk Management Activities [Member] | Counterparties with Offsetting Positions or Collateral [Member] | ||
Derivative Asset [Abstract] | ||
Gross collateral | $ (4.9) | $ (14.2) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions | Dec. 31, 2019USD ($) |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Estimated fair value of derivative instruments, net liability | $ 6.1 |
Amount expected to reclassify commodity hedge related deferred gains to earnings before income taxes | 117.7 |
Amount of deferred gains to be reclassified into earnings before income taxes over next twelve months | $ 90.9 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Amounts Included in OCI, Income and AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from OCI into income (effective portion) | $ 138 | $ (38.4) | $ (44.6) |
Commodity Contracts [Member] | Revenues [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income on derivatives | (142.1) | (32.5) | (5.1) |
Cash Flow Hedging [Member] | Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI on derivatives (effective portion) | $ 135.6 | $ 132.5 | $ (28.8) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Millions | May 31, 2019USD ($) | Dec. 31, 2019USD ($)Swap |
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Estimated fair value of derivative instruments, net liability | $ 6.1 | |
Derivative fair value of net liability if commodity price increases by 10 percent | 114.2 | |
Derivative fair value of net asset if commodity price decreases by 10 percent | $ 102.1 | |
Number of natural gas basis swaps categorized as Level 3 | Swap | 9 | |
Permian Acquisition [Member] | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of earn-out payment | $ 317.1 |
Fair Value Measurements - Break
Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Assets from commodity derivative contracts | $ 79.8 | $ 116.4 | |
Liabilities from commodity derivative contracts | 90.8 | 17.9 | |
Carrying Value [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Assets from commodity derivative contracts | [1] | 136.5 | 144.4 |
Liabilities from commodity derivative contracts | [1] | 142.6 | 31.7 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Cash and cash equivalents | 331.1 | 232.1 | |
Carrying Value [Member] | TRC Revolver [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 435 | 435 | |
Carrying Value [Member] | TRP Revolver [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 700 | |
Carrying Value [Member] | Partnership's Accounts Receivable Securitization Facility [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 370 | 280 | |
Carrying Value [Member] | Senior Unsecured Notes [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 7,028.5 | 5,277.9 | |
Carrying Value [Member] | Outrigger Permian Acquisition | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Additional cash paid in potential earn-out payment | [2] | 308.2 | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Additional cash paid in potential earn-out payment | [2] | 308.2 | |
Carrying Value [Member] | Targa Pipeline Partners LP [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Additional cash paid in potential earn-out payment | [3] | 2.3 | 2.4 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Additional cash paid in potential earn-out payment | [3] | 2.3 | 2.4 |
Fair Value [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Assets from commodity derivative contracts | [1] | 136.5 | 144.4 |
Liabilities from commodity derivative contracts | [1] | 142.6 | 31.7 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Cash and cash equivalents | 331.1 | 232.1 | |
Fair Value [Member] | Level 1 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Assets from commodity derivative contracts | [1] | 0 | 0 |
Liabilities from commodity derivative contracts | [1] | 0 | 0 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Cash and cash equivalents | 0 | 0 | |
Fair Value [Member] | Level 2 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Assets from commodity derivative contracts | [1] | 136.2 | 137.5 |
Liabilities from commodity derivative contracts | [1] | 142 | 31.3 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Cash and cash equivalents | 0 | 0 | |
Fair Value [Member] | Level 3 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Assets from commodity derivative contracts | [1] | 0.3 | 6.9 |
Liabilities from commodity derivative contracts | [1] | 0.6 | 0.4 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Cash and cash equivalents | 0 | 0 | |
Fair Value [Member] | TRC Revolver [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 435 | 435 | |
Fair Value [Member] | TRC Revolver [Member] | Level 1 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 0 | |
Fair Value [Member] | TRC Revolver [Member] | Level 2 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 435 | 435 | |
Fair Value [Member] | TRC Revolver [Member] | Level 3 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 0 | |
Fair Value [Member] | TRP Revolver [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 700 | |
Fair Value [Member] | TRP Revolver [Member] | Level 1 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 0 | |
Fair Value [Member] | TRP Revolver [Member] | Level 2 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 700 | |
Fair Value [Member] | TRP Revolver [Member] | Level 3 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 0 | |
Fair Value [Member] | Partnership's Accounts Receivable Securitization Facility [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 370 | 280 | |
Fair Value [Member] | Partnership's Accounts Receivable Securitization Facility [Member] | Level 1 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 0 | |
Fair Value [Member] | Partnership's Accounts Receivable Securitization Facility [Member] | Level 2 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 370 | 280 | |
Fair Value [Member] | Partnership's Accounts Receivable Securitization Facility [Member] | Level 3 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 0 | |
Fair Value [Member] | Senior Unsecured Notes [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 7,376.9 | 5,088.9 | |
Fair Value [Member] | Senior Unsecured Notes [Member] | Level 1 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 0 | |
Fair Value [Member] | Senior Unsecured Notes [Member] | Level 2 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 7,376.9 | 5,088.9 | |
Fair Value [Member] | Senior Unsecured Notes [Member] | Level 3 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Long-term debt | 0 | 0 | |
Fair Value [Member] | Outrigger Permian Acquisition | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Additional cash paid in potential earn-out payment | [2] | 308.2 | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Additional cash paid in potential earn-out payment | [2] | 308.2 | |
Fair Value [Member] | Outrigger Permian Acquisition | Level 1 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Additional cash paid in potential earn-out payment | [2] | 0 | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Additional cash paid in potential earn-out payment | [2] | 0 | |
Fair Value [Member] | Outrigger Permian Acquisition | Level 2 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Additional cash paid in potential earn-out payment | [2] | 0 | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Additional cash paid in potential earn-out payment | [2] | 0 | |
Fair Value [Member] | Outrigger Permian Acquisition | Level 3 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Additional cash paid in potential earn-out payment | [2] | 308.2 | |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Additional cash paid in potential earn-out payment | [2] | 308.2 | |
Fair Value [Member] | Targa Pipeline Partners LP [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Additional cash paid in potential earn-out payment | [3] | 2.3 | 2.4 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Additional cash paid in potential earn-out payment | [3] | 2.3 | 2.4 |
Fair Value [Member] | Targa Pipeline Partners LP [Member] | Level 1 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Additional cash paid in potential earn-out payment | [3] | 0 | 0 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Additional cash paid in potential earn-out payment | [3] | 0 | 0 |
Fair Value [Member] | Targa Pipeline Partners LP [Member] | Level 2 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Additional cash paid in potential earn-out payment | [3] | 0 | 0 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Additional cash paid in potential earn-out payment | [3] | 0 | 0 |
Fair Value [Member] | Targa Pipeline Partners LP [Member] | Level 3 [Member] | |||
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value: | |||
Additional cash paid in potential earn-out payment | [3] | 2.3 | 2.4 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: | |||
Additional cash paid in potential earn-out payment | [3] | $ 2.3 | $ 2.4 |
[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 17 – 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 had a contingent consideration liability related to the Permian Acquisition, which was carried at fair value. See Note 4 – Joint Ventures, Acquisitions and Divestitures . | ||
[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) - USD ($) $ in Millions | 10 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward] | ||||||
Change in contingent considerations | $ 8.7 | $ (8.8) | $ (99.6) | |||
Contingent Consideration [Member] | ||||||
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward] | ||||||
Balance, beginning of period | (310.6) | |||||
New Level 3 derivative instruments | 0 | |||||
Transfers out of Level 3 | [1] | 0 | ||||
Unrealized gain/(loss) included in OCI | 0 | |||||
Balance, end of period | (2.3) | (310.6) | ||||
Targa Pipeline Partners LP [Member] | Contingent Consideration [Member] | ||||||
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward] | ||||||
Change in contingent considerations | 0.1 | |||||
Permian Acquisition [Member] | ||||||
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward] | ||||||
Change in contingent considerations | $ (99.3) | $ (99.3) | 8.9 | (8.8) | ||
Permian Acquisition [Member] | Contingent Consideration [Member] | ||||||
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward] | ||||||
Completion of contingent consideration earn-out period | 308.2 | |||||
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 | 6.5 | |||||
New Level 3 derivative instruments | (0.7) | |||||
Transfers out of Level 3 | [1] | (6.5) | ||||
Unrealized gain/(loss) included in OCI | 0.4 | |||||
Balance, end of period | (0.3) | $ 6.5 | ||||
Commodity Derivative Contracts Asset/(Liability) [Member] | Permian Acquisition [Member] | ||||||
Changes in fair value of financial instruments classified as Level 3 in fair value hierarchy [Roll Forward] | ||||||
Completion of contingent consideration earn-out period | $ 0 | |||||
[1] | Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term. |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions with Unconsolidated Affiliates (Details) - Targa Resources Partners LP [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 11 | $ 5.6 | $ 2.4 |
Product purchases | (40.5) | (14.1) | (5.5) |
Operating expenses | (3.4) | (3.6) | (3.8) |
General and administrative expenses | (0.3) | ||
Gulf Coast Fractionators LP [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 0.3 | 0.3 | 0.3 |
Product purchases | (7.9) | (5.1) | (4.4) |
T2 Joint Ventures [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 3.7 | 5.2 | 2.1 |
Product purchases | (0.6) | (1.1) | |
Operating expenses | (2) | (3.6) | $ (3.8) |
Cayenne [Member] | |||
Related Party Transaction [Line Items] | |||
Product purchases | (7.9) | (7.2) | |
Operating expenses | (0.2) | ||
GCX [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 0.8 | 0.1 | |
Product purchases | (24.7) | $ (1.2) | |
Little Missouri 4 [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 6.3 | ||
General and administrative expenses | (0.3) | ||
Agua Blanca [Member] | |||
Related Party Transaction [Line Items] | |||
Operating expenses | $ (1.2) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)PromissoryNote | Apr. 30, 2018USD ($) | Feb. 28, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
SAJET Resources LLC [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership interest | 100.00% | |||||
Former Holders of Pre-IPO Common Equity Including Current and Former Executives Managers and Directors [Member] | SAJET Resources LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Collective own interest rate | 18.00% | |||||
SAJET Resources LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amount charged to related parties for service. | $ 0.3 | |||||
Extinguishment of debt in exchange for promissory note | $ 9.9 | |||||
Minority shareholders interest sold | 1.60% | |||||
Minority shareholders interest amount | $ 0.1 | |||||
Number of outstanding promissory notes | PromissoryNote | 3 | |||||
SAJET Resources LLC [Member] | Promissory Note One [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Promissory notes outstanding | $ 9.9 | |||||
Basis spread on variable rate | 6.00% | |||||
Variable rate basis | prime rate | |||||
SAJET Resources LLC [Member] | Promissory Note Two [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Promissory notes outstanding | $ 0.2 | |||||
Basis spread on variable rate | 6.00% | |||||
Variable rate basis | prime rate | |||||
SAJET Resources LLC [Member] | Promissory Note Three [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Promissory notes outstanding | $ 0.5 | |||||
Basis spread on variable rate | 6.00% | |||||
Variable rate basis | prime rate | |||||
SAJET Resources LLC [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amount charged to related parties for service. | $ 0.1 | $ 0.1 | ||||
Warburg Funds Transaction [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 82.00% | |||||
Cash payments related to acquisition | $ 5 |
Commitments (Details)
Commitments (Details) - Land Sites and Rights-of-Way [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Future non-cancelable commitments related to certain contractual obligations for each of the next five fiscal years and in aggregate thereafter [Abstract] | ||||
In Aggregate | [1] | $ 150.4 | ||
2020 | [1] | 3.8 | ||
2021 | [1] | 4 | ||
2022 | [1] | 4.4 | ||
2023 | [1] | 4.3 | ||
2024 | [1] | 4.5 | ||
Thereafter | [1] | 129.4 | ||
Total expenses on non-cancelable commitments | $ 6.1 | $ 6.1 | $ 5.2 | |
[1] | Land site lease and rights of way provides for surface and underground access for gathering, processing and distribution assets that are located on property not owned by us. These agreements expire at various dates, with varying terms, some of which are perpetual |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||
Reduction of maximum loss due to counterparty credit risk by master netting provision | $ 21 | |
Allowance for doubtful accounts | $ 0 | $ 0.1 |
Commercial Relationship [Member] | Consolidated Revenues [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of consolidated revenues | 12.00% | 15.00% |
Maximum [Member] | ||
Concentration Risk [Line Items] | ||
Potential loss attributable to individual counterparties | $ 21.8 | |
Minimum [Member] | ||
Concentration Risk [Line Items] | ||
Potential loss attributable to individual counterparties | $ 0.2 |
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 | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Fixed consideration to be recognized | $ 495.1 |
Estimated remaining duration of contracts | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Fixed consideration to be recognized | $ 500 |
Estimated remaining duration of contracts | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Fixed consideration to be recognized | $ 3,209.8 |
Estimated remaining duration of contracts |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | Dec. 31, 2019 |
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 |
Other Operating (Income) Expe_3
Other Operating (Income) Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income And Expenses [Abstract] | |||
(Gain) loss on sale or disposition of business and assets | $ 71.1 | $ (0.1) | $ 15.9 |
Miscellaneous business tax | 0.2 | 3.2 | 0.8 |
Other | 0.4 | 0.7 | |
Total other operating (income) expense | $ 71.3 | $ 3.5 | $ 17.4 |
Other Operating (Income) Expe_4
Other Operating (Income) Expense - Summary of (Gain) Loss on Sale or Disposal of Business and Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Operating Income Expense [Line Items] | |||
Total (gain) loss on sale or disposal of business and assets | $ 71.1 | $ (0.1) | $ 15.9 |
Delaware Crude Gathering [Member] | |||
Other Operating Income Expense [Line Items] | |||
Total (gain) loss on sale or disposal of business and assets | 59.5 | ||
Inland Marine Barge Business [Member] | |||
Other Operating Income Expense [Line Items] | |||
Total (gain) loss on sale or disposal of business and assets | (48.1) | ||
Versado Gathering System [Member] | |||
Other Operating Income Expense [Line Items] | |||
Total (gain) loss on sale or disposal of business and assets | (44.4) | ||
Storage and Terminaling Facilities [Member] | |||
Other Operating Income Expense [Line Items] | |||
Total (gain) loss on sale or disposal of business and assets | 59.1 | ||
Benzene Treating Unit [Member] | |||
Other Operating Income Expense [Line Items] | |||
Total (gain) loss on sale or disposal of business and assets | 20.5 | ||
Venice Gathering System [Member] | |||
Other Operating Income Expense [Line Items] | |||
Total (gain) loss on sale or disposal of business and assets | 16.1 | ||
Other [Member] | |||
Other Operating Income Expense [Line Items] | |||
Total (gain) loss on sale or disposal of business and assets | $ 11.6 | $ 12.8 | $ (0.2) |
Income Taxes - Components of Fe
Income Taxes - Components of Federal and State Income Tax Provisions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax (expense) benefit: | |||
Current expense (benefit) | $ 0 | $ 0 | $ (4.4) |
Deferred expense (benefit) | (87.9) | 5.5 | (392.7) |
Total income tax expense (benefit) | $ (87.9) | $ 5.5 | $ (397.1) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred tax assets: | |||
Net operating loss | $ 1,235.6 | $ 680.7 | |
Other | 2.3 | 2.3 | |
Deferred tax assets before valuation allowance | 1,237.9 | 683 | |
Valuation allowance | (2.3) | (2.3) | |
Deferred tax assets | 1,235.6 | 680.7 | |
Deferred tax liabilities: | |||
Investments | [1] | (1,647.7) | (1,183.6) |
Property, plant, and equipment | (15.6) | (15.8) | |
Other | (6.5) | (6.5) | |
Deferred tax liabilities | (1,669.8) | (1,205.9) | |
Net deferred tax asset (liability) | (434.2) | (525.2) | |
Net deferred tax asset (liability) | |||
Federal | (363.5) | (429.1) | |
Foreign | 0.6 | 0.6 | |
State | (71.3) | (96.7) | |
Net deferred tax asset (liability) | $ (434.2) | $ (525.2) | |
[1] | Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of our investment in the Partnership. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Tax basis statutory rate | 21.00% | 21.00% | 35.00% |
Percentage of tax deduction for interest expense to adjusted taxable income | 30.00% | ||
Percentage of tax deduction for net operating loss to current year taxable income | 80.00% | ||
Reclassification of alternative minimum tax credits from deferred tax assets to long term assets | $ 4,200,000 | ||
Refund received | 2,100,000 | ||
Provisional deferred tax benefit | $ 269,500,000 | ||
Provisional tax depreciation expense | $ 1,900,000,000 | ||
Additional tax depreciation expense | $ 286,400,000 | ||
Total net operating loss carryforwards | $ 5,100,000,000 | ||
Maximum percentage of taxable income allowed to offset by net operating loss carryforwards per year | 80.00% | ||
Uncertain tax reserves | $ 0 | ||
Expire Between 2026 and 2027 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Total net operating loss carryforwards | 1,700,000,000 | ||
No Expiration Period [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Total net operating loss carryforwards | $ 3,400,000,000 | ||
Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax effects measurement period under tax act | 1 year | ||
Operating loss carryforwards expiry date | Dec. 31, 2037 | ||
Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards expiry date | Dec. 31, 2036 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax reconciliation: | |||
Income (loss) before income taxes | $ (46.7) | $ 65.9 | $ (292.9) |
Less: Net income attributable to noncontrolling interest | (250.4) | (58.8) | (50.2) |
Income attributable to TRC before income taxes | $ (297.1) | $ 7.1 | $ (343.1) |
Federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
Provision for federal income taxes | $ (62.4) | $ 1.5 | $ (120.1) |
State income taxes, net of federal tax benefit | (5.8) | 2.5 | (11.7) |
State rate re-measurement | (14.4) | 0 | 0 |
Permanent adjustments | (6.3) | 0 | 0 |
Tax reform rate change | 0 | 0 | (269.5) |
Other, net | 1 | 1.5 | 4.2 |
Total income tax expense (benefit) | $ (87.9) | $ 5.5 | $ (397.1) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2017 | ||
Cash: | |||||
Interest paid, net of capitalized interest | [1] | $ 287.7 | $ 217.2 | $ 212.2 | |
Income taxes paid, net of refunds | (1.9) | (0.5) | (67.5) | ||
Non-cash investing activities: | |||||
Deadstock commodity inventory transferred to property, plant and equipment | 21.8 | 49 | 9 | ||
Transfers from materials and supplies inventory to property, plant and equipment | 25.1 | 12.7 | 3.6 | ||
Contribution of property, plant and equipment to investments in unconsolidated affiliates | 16 | 1 | |||
Change in ARO liability and property, plant and equipment due to revised cash flow estimate and additions | 6.7 | 1.8 | 3.9 | ||
Property, plant and equipment received in asset exchange | 24.1 | ||||
Receivable for asset exchange | 15 | ||||
Asset received related to conveyance of ownership interest in investment in unconsolidated affiliate | 3 | ||||
Non-cash financing activities: | |||||
Accrued distributions to noncontrolling interests | 91.7 | ||||
Reduction of Owner's Equity related to accrued dividends on unvested equity awards under share compensation arrangements | 14.2 | 13.7 | 9.7 | ||
Accretion of deemed dividends on Series A Preferred Stock | 33.1 | 29.2 | 25.7 | ||
Transfer within additional paid-in capital for exercise of Warrants | 0.9 | ||||
Impact of accounting standard adoption recorded in retained earnings | 5.2 | 56.1 | |||
Non-cash balance sheet movements related to assets held for sale (See Note 4 - Joint Ventures, Acquisitions and Divestitures): | |||||
Trade receivables | 6.9 | ||||
Intangible assets, net accumulated amortization and estimated loss on sale | 52.1 | ||||
Goodwill | 1.4 | ||||
Property, plant and equipment, net of accumulated depreciation and estimated loss on sale | 77.3 | ||||
Accounts payable and accrued liabilities | 6.2 | ||||
Other long-term obligations | 0.2 | ||||
Non-cash balance sheet movements related to the purchase of noncontrolling interests in subsidiary (See Note 4 - Joint Ventures, Acquisitions and Divestitures): | |||||
Additional paid-in capital | (13.9) | ||||
Deferred tax liability | 13.9 | ||||
Lease liabilities arising from recognition of right-of-use assets: | |||||
Operating lease | 6.9 | ||||
Finance lease | 10.1 | ||||
Permian Acquisition [Member] | |||||
Non-cash balance sheet movements related to the Permian Acquisition (See Note 4 - Joint Ventures, Acquisitions and Divestitures): | |||||
Contingent consideration recorded at the acquisition date | 416.3 | $ 416.3 | |||
Retained Earnings [Member] | |||||
Non-cash investing activities: | |||||
Impact of capital expenditure accruals on property, plant and equipment | $ (194.4) | 216.2 | 205.4 | ||
Non-cash financing activities: | |||||
Impact of accounting standard adoption recorded in retained earnings | $ 5.2 | $ 56.1 | |||
[1] | Interest capitalized on major projects was $61.8 million, $46.3 million and $14.3 million for the years ended December 31, 2019, 2018 and 2017. |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest capitalized on major projects | $ 61.8 | $ 46.3 | $ 14.3 |
Compensation Plans - Additional
Compensation Plans - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Cash settled for awards | $ 6,900,000 | ||||
Stock compensation expense | $ 61,800,000 | 59,000,000 | $ 44,200,000 | ||
Unrecognized compensation expense | $ 97,700,000 | ||||
Remaining weighted average vesting periods of unrecognized compensation expenses | 2 years 2 months 12 days | ||||
Defined contribution plan name | 401(k) plan | ||||
Employer matching contribution percent | 100.00% | ||||
Percentage of employees' gross pay for which employer contributes matching contribution | 5.00% | ||||
Percentage of additional contribution per employee made by employer | 3.00% | ||||
Percentage of contributions made in cash | 100.00% | ||||
Contributions to defined contribution plan | $ 23,700,000 | 19,500,000 | 16,500,000 | ||
Accounting Standard Update 2016-09 [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Tax deficiencies of dividends on share-based compensation recognized as income tax expenses | $ 700,000 | $ 3,100,000 | |||
Accounting Standard Update 2016-09 [Member] | Windfall Tax Benefit [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Tax deficiencies of dividends on share-based compensation recognized as income tax expenses | $ 7,700,000 | ||||
Director Grants [Member] | Subsequent Event [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Cash-settled awards vested | 25,344 | ||||
Shares withheld to satisfy tax withholding obligations | 0 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Cash-settled awards vested | 294,237 | ||||
PSUs [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected volatility, minimum | 32.00% | 29.00% | 55.00% | ||
Expected volatility, maximum | 37.00% | 53.00% | 61.00% | ||
PSUs [Member] | Subsequent Event [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Cash-settled awards vested | 121,239 | ||||
Shares withheld to satisfy tax withholding obligations | 30,804 | ||||
Cash-Settled Restricted Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 7,836 | ||||
Cash settled for awards | $ 2,900,000 | $ 0 | |||
Cash-settled awards vested | 54,313 | ||||
Cash-Settled Performance Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Cash-settled awards vested | 112,550 | ||||
Restricted Stock and Restricted Stock Units [Member] | Subsequent Event [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Cash-settled awards vested | 111,808 | ||||
Shares withheld to satisfy tax withholding obligations | 29,199 | ||||
2010 TRC Stock Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total number of units authorized (in shares) | 15,000,000 | ||||
Total number of units available (in shares) | 5,000,000 | ||||
Total number of additional units available (in shares) | 10,000,000 | ||||
Fair values of share-based awards vested | $ 55,400,000 | $ 18,800,000 | $ 14,400,000 | ||
Cash dividends paid for the vested awards | $ 15,000,000 | $ 3,500,000 | $ 2,500,000 | ||
2010 TRC Stock Incentive Plan [Member] | 2017 Compensation Cycle [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 113,901 | ||||
Vesting date of awards | 2020-01 | ||||
2010 TRC Stock Incentive Plan [Member] | Director Grants [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 25,344 | 16,955 | 13,818 | ||
Granted (in dollars per shares) | $ 42.83 | $ 51.21 | $ 60.48 | ||
Vesting period of awards | 1 year | ||||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 1,042,344 | 1,393,812 | 1,193,942 | ||
Granted (in dollars per shares) | $ 39.95 | $ 51.71 | $ 54.18 | ||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | New retention program [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 85,547 | 275,076 | |||
Vesting date of awards | 2022-10 | ||||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Third Year [Member] | 2020 Compensation Cycle [Member] | Executive Management | Subsequent Event [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 283,015 | ||||
Vesting date of awards | 2023-01 | ||||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period of awards | 1 year | ||||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period of awards | 6 years | ||||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock In Lieu Of Bonus [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 95,687 | 112,438 | 84,221 | ||
Granted (in dollars per shares) | $ 42.83 | $ 51.09 | $ 55.94 | ||
Vesting period of awards | 3 years | ||||
Dividends payable nature | quarterly | ||||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock In Lieu Of Bonus [Member] | 2020 Compensation Cycle [Member] | Executive Management | Subsequent Event [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 81,336 | ||||
Vesting date of awards | 2021-01 | ||||
2010 TRC Stock Incentive Plan [Member] | PSUs [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 261,245 | ||||
Granted (in dollars per shares) | $ 64.46 | ||||
Vesting period of awards | 3 years | ||||
Expected term of grant date fair value | 3 years | ||||
2010 TRC Stock Incentive Plan [Member] | PSUs [Member] | 2019 Compensation Cycle [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 261,245 | ||||
Vesting date of awards | 2022-01 | ||||
2010 TRC Stock Incentive Plan [Member] | PSUs [Member] | 2018 Compensation Cycle [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 182,849 | ||||
Vesting date of awards | 2021-01 | ||||
2010 TRC Stock Incentive Plan [Member] | PSUs [Member] | 2020 Compensation Cycle [Member] | Executive Management | Subsequent Event [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 283,015 | ||||
Vesting date of awards | 2023-01 | ||||
2010 TRC Stock Incentive Plan [Member] | PSUs [Member] | First Year [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vesting percentage | 25.00% | ||||
2010 TRC Stock Incentive Plan [Member] | PSUs [Member] | Second Year [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vesting percentage | 25.00% | ||||
2010 TRC Stock Incentive Plan [Member] | PSUs [Member] | Third Year [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vesting percentage | 25.00% | ||||
2010 TRC Stock Incentive Plan [Member] | PSUs [Member] | Entirety of Performance Period [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vesting percentage | 25.00% | ||||
2010 TRC Stock Incentive Plan [Member] | PSUs [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Guideline performance percentage based on total shareholder return | 0.00% | ||||
2010 TRC Stock Incentive Plan [Member] | PSUs [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Guideline performance percentage based on total shareholder return | 250.00% | ||||
2010 TRC Stock Incentive Plan [Member] | Cash Settled Restricted Stock Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 7,836 | 69,042 | |||
Vesting period of awards | 1 year | ||||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock [Member] | Outside Directors [Member] | Subsequent Event [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 29,472 | ||||
Vesting date of awards | 2021-01 | ||||
2010 TRC Stock Incentive Plan [Member] | Restricted Stock and Restricted Stock Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Granted (in shares) | 1,067,688 | ||||
Granted (in dollars per shares) | $ 40.02 | ||||
Cash-settled awards vested | 1,093,901 | ||||
TRC Equity Compensation Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Termination date | Feb. 28, 2017 | ||||
TRC Long-term Incentive Plan [Member] | Cash-Settled Restricted Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Cash settled for awards | $ 6,900,000 | $ 4,100,000 |
Compensation Plans - 2010 TRC S
Compensation Plans - 2010 TRC Stock Incentive Plan (Details) - 2010 TRC Stock Incentive Plan [Member] - Restricted Stock and Restricted Stock Units [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Nonvested, number of shares [Roll Forward] | |
Outstanding, beginning of period (in shares) | shares | 3,594,135 |
Granted (in shares) | shares | 1,067,688 |
Forfeited (in shares) | shares | (175,861) |
Vested (in shares) | shares | (1,093,901) |
Outstanding, end of period (in shares) | shares | 3,392,061 |
Weighted-average grant-date fair value [Roll Forward] | |
Outstanding, beginning period (in dollars per share) | $ / shares | $ 45.31 |
Granted (in dollars per shares) | $ / shares | 40.02 |
Forfeited (in dollars per share) | $ / shares | 51.90 |
Vested (in dollars per share) | $ / shares | 28.31 |
Outstanding, end of period (in dollars per share) | $ / shares | $ 48.79 |
Compensation Plans - Summary of
Compensation Plans - Summary of PSUs Under 2010 TRC Stock Incentive Plan (Details) - 2010 TRC Stock Incentive Plan [Member] - PSUs [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Nonvested, number of shares [Roll Forward] | |
Outstanding, beginning of period (in shares) | shares | 296,750 |
Granted (in shares) | shares | 261,245 |
Forfeited (in shares) | shares | (29,276) |
Outstanding, end of period (in shares) | shares | 528,719 |
Weighted-average grant-date fair value [Roll Forward] | |
Outstanding, beginning period (in dollars per share) | $ / shares | $ 88.19 |
Granted (in dollars per shares) | $ / shares | 64.46 |
Forfeited (in dollars per share) | $ / shares | 86.57 |
Outstanding, end of period (in dollars per share) | $ / shares | $ 76.56 |
Compensation Plans - Summary _2
Compensation Plans - Summary of Cash-settled Restricted Stock Units (Details) - Cash-Settled Restricted Units [Member] | 12 Months Ended |
Dec. 31, 2019shares | |
Nonvested, number of shares [Roll Forward] | |
Outstanding, beginning of period (in shares) | 50,228 |
Granted (in shares) | 7,836 |
Vested (in shares) | (54,313) |
Forfeited (in shares) | (3,672) |
Outstanding, end of period (in shares) | 79 |
Compensation Plans - Summary _3
Compensation Plans - Summary of RSUs (Details) - RSUs [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Nonvested, number of shares [Roll Forward] | |
Outstanding, beginning of period (in shares) | shares | 301,691 |
Vested (in shares) | shares | (294,237) |
Outstanding, end of period (in shares) | shares | 7,454 |
Weighted-average grant-date fair value [Roll Forward] | |
Outstanding, beginning period (in dollars per share) | $ / shares | $ 27.10 |
Vested (in dollars per share) | $ / shares | 26.48 |
Outstanding, end of period (in dollars per share) | $ / shares | $ 51.49 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Revenues
Segment Information - Revenues and Operating Margin (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||||||||||
Revenues | $ 2,473.9 | $ 1,902.5 | $ 1,995.3 | $ 2,299.4 | $ 2,597.6 | $ 2,986.4 | $ 2,444.4 | $ 2,455.6 | $ 8,671.1 | $ 10,484 | $ 8,814.9 |
Operating margin | 1,759.7 | 1,523.8 | 1,285.9 | ||||||||
Sales of Commodities [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 7,393.8 | 9,278.7 | 7,751.1 | ||||||||
Fees from Midstream Services [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 1,277.3 | 1,205.3 | 1,063.8 | ||||||||
Gathering and Processing [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 4,465.4 | 5,587 | 4,501.4 | ||||||||
Operating margin | 1,006.4 | 939.2 | 776.4 | ||||||||
Logistics and Transportation [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 7,116.3 | 8,896 | 7,826.7 | ||||||||
Operating margin | 867.2 | 592.5 | 511.8 | ||||||||
Other [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | (113.9) | (7.9) | (2.2) | ||||||||
Operating margin | (113.9) | (7.9) | (2.2) | ||||||||
Corporate and Eliminations [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | (2,796.7) | (3,991.1) | (3,511) | ||||||||
Operating margin | (0.1) | ||||||||||
Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 8,671.1 | 10,484 | 8,814.9 | ||||||||
Operating Segments [Member] | Sales of Commodities [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 7,393.8 | 9,278.7 | 7,751.1 | ||||||||
Operating Segments [Member] | Fees from Midstream Services [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 1,277.3 | 1,205.3 | 1,063.8 | ||||||||
Operating Segments [Member] | Gathering and Processing [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 1,829.6 | 1,943.8 | 1,340.3 | ||||||||
Operating Segments [Member] | Gathering and Processing [Member] | Sales of Commodities [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 1,101.6 | 1,228.2 | 774 | ||||||||
Operating Segments [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 728 | 715.6 | 566.3 | ||||||||
Operating Segments [Member] | Logistics and Transportation [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 6,955.4 | 8,548.1 | 7,476.8 | ||||||||
Operating Segments [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 6,406.1 | 8,058.4 | 6,979.3 | ||||||||
Operating Segments [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 549.3 | 489.7 | 497.5 | ||||||||
Operating Segments [Member] | Other [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | (113.9) | (7.9) | (2.2) | ||||||||
Operating Segments [Member] | Other [Member] | Sales of Commodities [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | (113.9) | (7.9) | (2.2) | ||||||||
Intersegment Eliminations [Member] | Gathering and Processing [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 2,635.8 | 3,643.2 | 3,161.1 | ||||||||
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Sales of Commodities [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 2,628.4 | 3,636 | 3,154.2 | ||||||||
Intersegment Eliminations [Member] | Gathering and Processing [Member] | Fees from Midstream Services [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 7.4 | 7.2 | 6.9 | ||||||||
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 160.9 | 347.9 | 349.9 | ||||||||
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Sales of Commodities [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 132.2 | 317.1 | 321.9 | ||||||||
Intersegment Eliminations [Member] | Logistics and Transportation [Member] | Fees from Midstream Services [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | 28.7 | 30.8 | 28 | ||||||||
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | (2,796.7) | (3,991.1) | (3,511) | ||||||||
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Sales of Commodities [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | (2,760.6) | (3,953.1) | (3,476.1) | ||||||||
Intersegment Eliminations [Member] | Corporate and Eliminations [Member] | Fees from Midstream Services [Member] | |||||||||||
Revenues: | |||||||||||
Revenues | $ (36.1) | $ (38) | $ (34.9) |
Segment Information - Other Fin
Segment Information - Other Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Other financial information [Abstract] | ||||
Total assets | $ 18,815.1 | $ 16,938.2 | ||
Goodwill | 45.2 | 46.6 | $ 256.6 | |
Operating Segments [Member] | ||||
Other financial information [Abstract] | ||||
Total assets | [1] | 18,815.1 | 16,938.2 | 14,388.6 |
Goodwill | 45.2 | 46.6 | 256.6 | |
Capital expenditures | 2,708.5 | 3,327.7 | 1,506.5 | |
Business acquisitions | 987.1 | |||
Operating Segments [Member] | Gathering and Processing [Member] | ||||
Other financial information [Abstract] | ||||
Total assets | [1] | 11,929.8 | 11,602.7 | 10,789 |
Goodwill | 45.2 | 46.6 | 256.6 | |
Capital expenditures | 1,273.3 | 1,548.6 | 1,008.9 | |
Business acquisitions | 987.1 | |||
Operating Segments [Member] | Logistics and Transportation [Member] | ||||
Other financial information [Abstract] | ||||
Total assets | [1] | 6,741.8 | 5,180.6 | 3,507.4 |
Capital expenditures | 1,412.2 | 1,767 | 470.4 | |
Operating Segments [Member] | Other [Member] | ||||
Other financial information [Abstract] | ||||
Total assets | [1] | 1 | 3.2 | 0.1 |
Operating Segments [Member] | Corporate and Eliminations [Member] | ||||
Other financial information [Abstract] | ||||
Total assets | [1] | 142.5 | 151.7 | 92.1 |
Capital expenditures | $ 23 | $ 12.1 | $ 27.2 | |
[1] | Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities. |
Segment Information - Summary o
Segment Information - Summary of Consolidated Revenues by Product and Service (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue recognized | $ 7,397.9 | $ 9,350.9 | $ 7,800.8 | |||||||||
Non-customer revenue | (4.1) | (72.2) | (49.7) | |||||||||
Total revenues | $ 2,473.9 | $ 1,902.5 | $ 1,995.3 | $ 2,299.4 | $ 2,597.6 | $ 2,986.4 | $ 2,444.4 | $ 2,455.6 | 8,671.1 | 10,484 | 8,814.9 | |
Derivative Activities - Hedge [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Non-customer revenue | 138 | (39.7) | (44.7) | |||||||||
Derivative Activities - Non-hedge [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Non-customer revenue | [1] | (142.1) | (32.5) | (5) | ||||||||
Natural Gas [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue recognized | 1,321.7 | 1,810 | 2,005.9 | |||||||||
NGL [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue recognized | 5,233.8 | 6,886.9 | 5,454.2 | |||||||||
Condensate and Crude Oil [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue recognized | 716.1 | 457.9 | 196 | |||||||||
Petroleum Products [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue recognized | 126.3 | 196.1 | 144.7 | |||||||||
Sales of Commodities [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Total revenues | 7,393.8 | 9,278.7 | 7,751.1 | |||||||||
NGL Transportation, Fractionation and Services [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue recognized | 169.4 | 154.6 | 170.7 | |||||||||
Storage Terminaling and Export [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue recognized | 356.4 | 313 | 300.8 | |||||||||
Gathering and Processing [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue recognized | 722.4 | 698.1 | 523.3 | |||||||||
Other [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue recognized | 29.1 | 39.6 | 69 | |||||||||
Fees from Midstream Services [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue recognized | 1,277.3 | 1,205.3 | 1,063.8 | |||||||||
Total revenues | $ 1,277.3 | $ 1,205.3 | $ 1,063.8 | |||||||||
[1] | Represents derivative activities that are not designated as hedging instruments under ASC 815. |
Segment Information - Reconcili
Segment Information - Reconciliation of Operating Margin to Income (Loss) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of reportable segment operating margin to income (loss) before income taxes: | |||||
Operating margin | $ 1,759,700,000 | $ 1,523,800,000 | $ 1,285,900,000 | ||
Depreciation and amortization expense | (971,600,000) | (815,900,000) | (809,500,000) | ||
General and administrative expense | (280,700,000) | (256,900,000) | (203,400,000) | ||
Impairment of property, plant and equipment | $ (229,000,000) | (243,200,000) | (378,000,000) | ||
Impairment of goodwill | $ (210,000,000) | 0 | (210,000,000) | ||
Interest expense, net | (337,800,000) | (185,800,000) | (233,700,000) | ||
Equity earnings (loss) | 39,000,000 | 7,300,000 | (17,000,000) | ||
Gain (loss) on sale or disposition of business and assets | (71,100,000) | 100,000 | (15,900,000) | ||
Gain (loss) from sale of equity-method investment | 69,300,000 | ||||
Gain (loss) from financing activities | (1,400,000) | (2,000,000) | (16,800,000) | ||
Change in contingent considerations | (8,700,000) | 8,800,000 | 99,600,000 | ||
Other, net | (200,000) | (3,500,000) | (4,200,000) | ||
Income (loss) before income taxes | (46,700,000) | 65,900,000 | (292,900,000) | ||
Gathering and Processing [Member] | |||||
Reconciliation of reportable segment operating margin to income (loss) before income taxes: | |||||
Operating margin | 1,006,400,000 | 939,200,000 | 776,400,000 | ||
Logistics and Transportation [Member] | |||||
Reconciliation of reportable segment operating margin to income (loss) before income taxes: | |||||
Operating margin | 867,200,000 | 592,500,000 | 511,800,000 | ||
Other [Member] | |||||
Reconciliation of reportable segment operating margin to income (loss) before income taxes: | |||||
Operating margin | $ (113,900,000) | $ (7,900,000) | $ (2,200,000) |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||
Revenues | $ 2,473.9 | $ 1,902.5 | $ 1,995.3 | $ 2,299.4 | $ 2,597.6 | $ 2,986.4 | $ 2,444.4 | $ 2,455.6 | $ 8,671.1 | $ 10,484 | $ 8,814.9 | ||||||||||
Gross margin | 771.1 | 574.4 | 633.7 | 573.4 | 589.2 | 602.9 | 539.1 | 514.6 | 2,552.6 | 2,245.8 | |||||||||||
Income (loss) from operations | (23.7) | [1] | 41.6 | [1] | 113.7 | [1] | 61.3 | [1] | (80.9) | [2] | 76.7 | [2] | 155.4 | [2] | 86.3 | [2] | 192.9 | [1] | 237.5 | [2] | (122.4) |
Net income (loss) | (15.1) | 32.1 | 48.9 | (24.7) | (88.4) | (11.2) | 121.1 | 38.9 | 41.2 | 60.4 | 104.2 | ||||||||||
Net income (loss) attributable to common shareholders | $ (144.5) | $ (78.6) | $ (41.2) | $ (69.7) | $ (137.3) | $ (54) | $ 79 | $ (7) | $ (334) | $ (119.3) | $ (63.4) | ||||||||||
Net income (loss) per common share - basic | $ (0.62) | $ (0.34) | $ (0.18) | $ (0.30) | $ (0.60) | $ (0.24) | $ 0.36 | $ (0.03) | $ (1.44) | $ (0.53) | $ (0.31) | ||||||||||
Net income (loss) per common share - diluted | $ (0.62) | $ (0.34) | $ (0.18) | $ (0.30) | $ (0.60) | [3] | $ (0.24) | [3] | $ 0.35 | [3] | $ (0.03) | [3] | $ (1.44) | $ (0.53) | [3] | $ (0.31) | |||||
[1] | Includes a non-cash pre-tax impairment charge of $229.0 million in the fourth quarter of 2019. See Note 6 — Property, Plant and Equipment and Intangible Assets. | ||||||||||||||||||||
[2] | Includes | ||||||||||||||||||||
[3] | Includes dilutive effects of common stock equivalents in the second quarter of 2018. |
Selected Quarterly Financial _4
Selected Quarterly Financial Data (Unaudited) (Parenthetical) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||
Non-cash pre-tax impairment charges | $ 229,000,000 | $ 243,200,000 | $ 378,000,000 | ||
Impairment of goodwill | $ 210,000,000 | $ 0 | $ 210,000,000 |
Condensed Parent Only Financi_3
Condensed Parent Only Financial Statements, Condensed Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Other long-term assets | $ 53.9 | $ 36.5 |
Total assets | 18,815.1 | 16,938.2 |
LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY | ||
Other long-term liabilities | 305.6 | 262.2 |
Contingencies | 0 | 0 |
Targa Resources Corp. stockholders' equity | 4,920.8 | 6,079.4 |
Total liabilities, Series A Preferred Stock and owners' equity | 18,815.1 | 16,938.2 |
Parent Company [Member] | ||
ASSETS | ||
Investment in consolidated subsidiaries | 5,643.4 | 6,757 |
Deferred income taxes | 53.8 | 46.7 |
Debt issuance costs | 4 | 5.1 |
Other long-term assets | 9.8 | |
Total assets | 5,711 | 6,808.8 |
LIABILITIES, SERIES A PREFERRED STOCK AND OWNERS' EQUITY | ||
Accrued current liabilities | 31.6 | 36.8 |
Long-term debt | 435 | 435 |
Other long-term liabilities | 44.8 | 11.9 |
Contingencies | 0 | 0 |
Series A Preferred 9.5% Stock, net of discount | 278.8 | 245.7 |
Targa Resources Corp. stockholders' equity | 4,920.8 | 6,079.4 |
Total liabilities, Series A Preferred Stock and owners' equity | $ 5,711 | $ 6,808.8 |
Condensed Parent Only Financi_4
Condensed Parent Only Financial Statements, Condensed Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||||
CONDENSED STATEMENT OF OPERATIONS [Abstract] | |||||||||||||||||||||
Equity in net income (loss) of consolidated subsidiaries | $ 39 | $ 7.3 | $ (17) | ||||||||||||||||||
General and administrative expense | (280.7) | (256.9) | (203.4) | ||||||||||||||||||
Income (loss) from operations | $ (23.7) | [1] | $ 41.6 | [1] | $ 113.7 | [1] | $ 61.3 | [1] | $ (80.9) | [2] | $ 76.7 | [2] | $ 155.4 | [2] | $ 86.3 | [2] | 192.9 | [1] | 237.5 | [2] | (122.4) |
Other income (expense): | |||||||||||||||||||||
Income (loss) before income taxes | (46.7) | 65.9 | (292.9) | ||||||||||||||||||
Deferred income tax (expense) benefit | 87.9 | (5.5) | 392.7 | ||||||||||||||||||
Net income (loss) attributable to Targa Resources Corp. | (209.2) | 1.6 | 54 | ||||||||||||||||||
Comprehensive income (loss) attributable to Targa Resources Corp. | (211) | 131 | 62.4 | ||||||||||||||||||
Dividends on Series A Preferred Stock | 91.7 | 91.7 | 91.7 | ||||||||||||||||||
Deemed dividends on Series A Preferred Stock | 33.1 | 29.2 | 25.7 | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ (144.5) | $ (78.6) | $ (41.2) | $ (69.7) | $ (137.3) | $ (54) | $ 79 | $ (7) | (334) | (119.3) | (63.4) | ||||||||||
Parent Company [Member] | |||||||||||||||||||||
CONDENSED STATEMENT OF OPERATIONS [Abstract] | |||||||||||||||||||||
Equity in net income (loss) of consolidated subsidiaries | (186.2) | 27.4 | 103.3 | ||||||||||||||||||
General and administrative expense | (13.1) | (16.1) | (12.9) | ||||||||||||||||||
Income (loss) from operations | (199.3) | 11.3 | 90.4 | ||||||||||||||||||
Other income (expense): | |||||||||||||||||||||
Loss on debt extinguishment | (0.7) | (5.9) | |||||||||||||||||||
Interest expense | (17) | (15.8) | (15.9) | ||||||||||||||||||
Income (loss) before income taxes | (216.3) | (5.2) | 68.6 | ||||||||||||||||||
Deferred income tax (expense) benefit | 7.1 | 6.8 | (14.6) | ||||||||||||||||||
Net income (loss) attributable to Targa Resources Corp. | (209.2) | 1.6 | 54 | ||||||||||||||||||
Other comprehensive income (loss) | (1.8) | 129.4 | 8.4 | ||||||||||||||||||
Comprehensive income (loss) attributable to Targa Resources Corp. | (211) | 131 | 62.4 | ||||||||||||||||||
Dividends on Series A Preferred Stock | 91.7 | 91.7 | 91.7 | ||||||||||||||||||
Deemed dividends on Series A Preferred Stock | 33.1 | 29.2 | 25.7 | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ (334) | $ (119.3) | $ (63.4) | ||||||||||||||||||
[1] | Includes a non-cash pre-tax impairment charge of $229.0 million in the fourth quarter of 2019. See Note 6 — Property, Plant and Equipment and Intangible Assets. | ||||||||||||||||||||
[2] | Includes |
Condensed Parent Only Financi_5
Condensed Parent Only Financial Statements, Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
CONDENSED STATEMENTS OF CASH FLOWS [Abstract] | ||||
Net cash provided by operating activities | $ 1,389.8 | $ 1,144 | $ 939.5 | |
Cash flows from investing activities | ||||
Distributions from consolidated subsidiaries | 1,152.4 | 918.5 | 847.3 | |
Net cash used in investing activities | (3,071.9) | (3,146.9) | (1,892.7) | |
Cash flows from financing activities | ||||
Costs incurred in connection with financing arrangements | (35.5) | (24.7) | (23.5) | |
Net cash provided by financing activities | 1,781.1 | 2,097.8 | 1,016.9 | |
Cash and cash equivalents, beginning of period | 232.1 | 137.2 | 73.5 | |
Cash and cash equivalents, end of period | 331.1 | 232.1 | 137.2 | |
Parent Company [Member] | ||||
CONDENSED STATEMENTS OF CASH FLOWS [Abstract] | ||||
Net cash provided by operating activities | 48.3 | 55.2 | 115.1 | |
Cash flows from investing activities | ||||
Advances to consolidated subsidiaries | (222.5) | (714.5) | (1,656.9) | |
Distributions from consolidated subsidiaries | [1] | 1,152.4 | 891.1 | 744 |
Net cash used in investing activities | 929.9 | 176.6 | (912.9) | |
Cash flows from financing activities | ||||
Proceeds from long-term debt borrowings | (450) | 365 | 965 | |
Repayments of long-term debt | 450 | (365) | (965) | |
Costs incurred in connection with financing arrangements | 0 | (8.5) | (16) | |
Transaction costs incurred related to sale of ownership interests | (10.8) | 0 | 0 | |
Proceeds from issuance of common stock, preferred stock and warrants | 0 | 689 | 1,660.4 | |
Repurchase of common stock | (13.9) | (4) | (3.4) | |
Dividends paid to common and preferred shareholders | (953.5) | (908.3) | (843.2) | |
Net cash provided by financing activities | (978.2) | (231.8) | 797.8 | |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | |
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 | |
[1] | Amounts reflect distributions from consolidated subsidiaries in excess of earnings. Total distributions from consolidated subsidiaries were $1,152.4 million, $918.5 million and $847.3 million for the years ended December 31, 2019, 2018 and 2017 |
Condensed Parent Only Financi_6
Condensed Parent Only Financial Statements, Condensed Statements of Cash Flows (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||
Distributions from consolidated subsidiaries | $ 1,152.4 | $ 918.5 | $ 847.3 |