$TRGP
Targa Resources Corp.

2022 Q4 Form 10-Q Financial Statement

#000095017022021813 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $4.555B $5.360B
YoY Change -16.3% 20.19%
Cost Of Revenue $3.324B $4.306B
YoY Change -27.25% 19.13%
Gross Profit $1.231B $1.054B
YoY Change 41.13% 24.71%
Gross Profit Margin 27.02% 19.66%
Selling, General & Admin $92.50M $79.10M
YoY Change 14.48% 17.53%
% of Gross Profit 7.52% 7.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $329.8M $287.2M
YoY Change 50.11% 28.9%
% of Gross Profit 26.8% 27.25%
Operating Expenses $679.1M $623.8M
YoY Change 32.84% 30.37%
Operating Profit $551.4M $430.0M
YoY Change 52.87% 17.33%
Interest Expense -$145.2M -$125.8M
YoY Change -12.79% 38.24%
% of Operating Profit -26.33% -29.26%
Other Income/Expense, Net -$500.0K -$14.60M
YoY Change -350.0% -7400.0%
Pretax Income $405.7M $291.3M
YoY Change -257.31% 0.45%
Income Tax $9.800M $12.00M
% Of Pretax Income 2.42% 4.12%
Net Earnings $317.9M $193.1M
YoY Change -201.37% 5.98%
Net Earnings / Revenue 6.98% 3.6%
Basic Earnings Per Share $0.85
Diluted Earnings Per Share $1.38 $0.84
COMMON SHARES
Basic Shares Outstanding 226.4M 226.6M
Diluted Shares Outstanding 230.3M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $219.0M $192.9M
YoY Change 38.17% -15.62%
Cash & Equivalents $219.0M $192.9M
Short-Term Investments
Other Short-Term Assets $155.5M $112.4M
YoY Change 87.58% -28.36%
Inventory $393.8M $471.3M
Prepaid Expenses
Receivables $1.408B $1.535B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.357B $2.497B
YoY Change 33.16% 25.28%
LONG-TERM ASSETS
Property, Plant & Equipment $14.21B $13.72B
YoY Change 21.83% 15.05%
Goodwill $45.20M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $131.3M $136.4M
YoY Change -77.61% -79.78%
Other Assets $98.40M $149.9M
YoY Change 20.44% 52.65%
Total Long-Term Assets $17.20B $16.89B
YoY Change 28.02% 20.84%
TOTAL ASSETS
Total Short-Term Assets $2.357B $2.497B
Total Long-Term Assets $17.20B $16.89B
Total Assets $19.56B $19.39B
YoY Change 28.61% 21.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.449B $1.806B
YoY Change 3.32% 9.33%
Accrued Expenses $273.3M $293.7M
YoY Change 0.4% -8.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $834.3M $766.5M
YoY Change 412.47% 117.39%
Total Short-Term Liabilities $3.067B $3.394B
YoY Change 33.42% 18.32%
LONG-TERM LIABILITIES
Long-Term Debt $10.70B $10.60B
YoY Change 66.33% 64.69%
Other Long-Term Liabilities $341.2M $367.0M
YoY Change 13.13% -16.97%
Total Long-Term Liabilities $341.2M $367.0M
YoY Change 13.13% -94.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.067B $3.394B
Total Long-Term Liabilities $341.2M $367.0M
Total Liabilities $3.408B $3.761B
YoY Change 31.07% -71.16%
SHAREHOLDERS EQUITY
Retained Earnings -$626.8M -$944.8M
YoY Change -65.6%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $464.7M $432.0M
YoY Change 127.68%
Treasury Stock Shares $11.90M $11.43M
Shareholders Equity $2.666B $2.385B
YoY Change
Total Liabilities & Shareholders Equity $19.56B $19.39B
YoY Change 28.61% 21.39%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $317.9M $193.1M
YoY Change -201.37% 5.98%
Depreciation, Depletion And Amortization $329.8M $287.2M
YoY Change 50.11% 28.9%
Cash From Operating Activities $537.5M $459.6M
YoY Change 6.63% -7.19%
INVESTING ACTIVITIES
Capital Expenditures $520.4M -$395.9M
YoY Change -383.6% 222.66%
Acquisitions
YoY Change
Other Investing Activities $18.30M -$3.500B
YoY Change 84.85% -38990.0%
Cash From Investing Activities -$502.1M -$3.896B
YoY Change 189.23% 3326.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.300M 3.475B
YoY Change -97.68% -1060.29%
NET CHANGE
Cash From Operating Activities 537.5M 459.6M
Cash From Investing Activities -502.1M -3.896B
Cash From Financing Activities -9.300M 3.475B
Net Change In Cash 26.10M 38.90M
YoY Change -137.23% 98.47%
FREE CASH FLOW
Cash From Operating Activities $537.5M $459.6M
Capital Expenditures $520.4M -$395.9M
Free Cash Flow $17.10M $855.5M
YoY Change -97.51% 38.45%

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<p id="note_1_organization_operations" style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Note 1 — Organizati</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">on and Operations</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Our Organization</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic midstream infrastructure assets.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In this Quarterly Report, unless the context requires otherwise, references to “we,” “us,” “our,” “the Company,” “Targa” or “TRGP” are intended to mean our consolidated business and operations. TRGP controls the general partner of and owns all of the outstanding common units representing limited partner interests in Targa Resources Partners LP, referred to herein as the “Partnership”. Targa consolidated the Partnership and its subsidiaries under GAAP, and prepared accompanying consolidated financial statements under the rules and regulations of the SEC. Targa’s consolidated financial statements include differences from the consolidated financial statements of the Partnership. The most noteworthy differences are:</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the inclusion of the TRGP senior revolving credit facility and term loan facility;</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the inclusion of the TRGP senior notes;</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the inclusion of the TRGP commercial paper notes;</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the inclusion of Series A Preferred Stock (“Series A Preferred”); and</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the impacts of TRGP’s treatment as a corporation for U.S. federal income tax purposes.</span></div></div><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Our Operations</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company is primarily engaged in the business of:</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas;</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.447919145106397%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">gathering, storing, terminaling, and purchasing and selling crude oil.</span></div></div><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">See Note 18 – Segment Information for certain financial information regarding our business segments.</span></p>
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trgp Premium On Repurchase Of Noncontrolling Interests Net Of Tax
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us-gaap Earnings Per Share Basic
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CY2021Q3 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2022Q3 trgp Derivative Liability Before Effects Of Master Netting Arrangements Noncurrent
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CY2021Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements Noncurrent
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CY2021Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements
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CY2022Q3 us-gaap Derivative Liabilities Noncurrent
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CY2022Q3 us-gaap Derivative Fair Value Of Derivative Asset
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CY2022Q3 us-gaap Derivative Asset Fair Value Gross Liability
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CY2022Q3 trgp Derivative Collateral Obligation Right To Return Reclaim Securities
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CY2022Q3 us-gaap Derivative Assets
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CY2022Q3 us-gaap Derivative Liabilities
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CY2021Q4 us-gaap Derivative Liabilities Current
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214300000
CY2021Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
300000
CY2021Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
98800000
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
50800000
CY2021Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
367500000
CY2021Q4 trgp Derivative Collateral Obligation Right To Return Reclaim Securities
DerivativeCollateralObligationRightToReturnReclaimSecurities
8100000
CY2021Q4 us-gaap Derivative Assets
DerivativeAssets
4500000
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
313100000
CY2022Q3 trgp Derivative Collateral Amount
DerivativeCollateralAmount
77400000
CY2022Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
330100000
CY2022Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-121700000
CY2021Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-100400000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-425200000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-303800000
CY2022Q3 trgp Price Risk Cash Flow Hedge Gain Loss Expected To Reclassify Into Earnings
PriceRiskCashFlowHedgeGainLossExpectedToReclassifyIntoEarnings
-15500000
CY2022Q3 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
11800000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Revenues
Revenues
11508200000
trgp Changes In Accrued Distributions To Noncontrolling Interests
ChangesInAccruedDistributionsToNoncontrollingInterests
-43100000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
9500000
CY2022Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
330100000
CY2022Q3 trgp Derivative Fair Value Of Asset Liability Net If Commodity Price Increases By10 Percent
DerivativeFairValueOfAssetLiabilityNetIfCommodityPriceIncreasesBy10Percent
-556200000
CY2022Q3 trgp Derivative Fair Value Of Asset Liability Net If Commodity Price Decreases By10 Percent
DerivativeFairValueOfAssetLiabilityNetIfCommodityPriceDecreasesBy10Percent
-103800000
trgp Number Of Derivative Contract Categorized As Level3
NumberOfDerivativeContractCategorizedAsLevel3
0
CY2021 trgp Number Of Derivative Contract Categorized As Level3
NumberOfDerivativeContractCategorizedAsLevel3
0
trgp Cumulative Interest On Award
CumulativeInterestOnAward
39600000
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
99100000
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-111500000
CY2022Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
301400000
us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
On October 6, 2021 and April 7, 2022, we received notice from the IRS that it intends to audit three direct and indirectly wholly-owned subsidiaries of the Company (Targa Resources Partners LP, Targa Downstream LLC and Targa Midstream Services LLC) treated as partnerships for federal tax purposes for the 2019 and 2020 tax years.
us-gaap Interest Paid Net
InterestPaidNet
332600000
us-gaap Interest Paid Net
InterestPaidNet
327800000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1100000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1200000
trgp Transfers From Materials And Supplies To Property Plant And Equipment
TransfersFromMaterialsAndSuppliesToPropertyPlantAndEquipment
2400000
trgp Changes In Accrued Distributions To Noncontrolling Interests
ChangesInAccruedDistributionsToNoncontrollingInterests
-18000000.0
CY2022Q3 us-gaap Revenues
Revenues
5360100000
CY2021Q3 us-gaap Revenues
Revenues
4459700000
us-gaap Revenues
Revenues
16375000000.0
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5043500000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4201800000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15733400000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10905900000
CY2022Q3 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-243200000
CY2021Q3 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-83700000
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-742700000
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
-328600000
CY2022Q3 us-gaap Revenues
Revenues
5360100000
CY2021Q3 us-gaap Revenues
Revenues
4459700000
us-gaap Revenues
Revenues
16375000000.0
us-gaap Revenues
Revenues
11508200000
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
287200000
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
222800000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
766200000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
650900000
CY2022Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
79100000
CY2021Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
67300000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
217200000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
192400000
CY2022Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-125800000
CY2021Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-91000000.0
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-300500000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-284200000
CY2022Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1700000
CY2021Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
14300000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
8700000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
38900000
CY2022Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
6500000
CY2021Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
1500000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
8100000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
1700000
CY2022Q3 trgp Write Downs Of Asset
WriteDownsOfAsset
2700000
CY2021Q3 trgp Write Downs Of Asset
WriteDownsOfAsset
500000
trgp Write Downs Of Asset
WriteDownsOfAsset
3700000
trgp Write Downs Of Asset
WriteDownsOfAsset
5000000.0
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
-49600000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
-16600000
us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
435900000
CY2022Q3 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-14700000
CY2021Q3 trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
200000
trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
-14700000
trgp Other Operating And Non Operating Income Expense Net
OtherOperatingAndNonOperatingIncomeExpenseNet
200000
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
291300000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
290000000.0
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1257500000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
694800000

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