2023 Q3 Form 10-Q Financial Statement

#000095017023037748 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $3.897B $3.404B $6.056B
YoY Change -27.3% -43.79% 77.28%
Cost Of Revenue $2.690B $2.069B $5.047B
YoY Change -37.53% -59.01% 86.32%
Gross Profit $1.207B $1.335B $1.009B
YoY Change 14.5% 32.35% 42.67%
Gross Profit Margin 30.97% 39.22% 16.65%
Selling, General & Admin $90.00M $81.00M $71.00M
YoY Change 13.78% 14.08% 11.46%
% of Gross Profit 7.46% 6.07% 7.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $331.3M $332.1M $269.9M
YoY Change 15.36% 23.05% 27.37%
% of Gross Profit 27.46% 24.88% 26.76%
Operating Expenses $701.5M $685.7M $556.6M
YoY Change 12.46% 23.19% 20.71%
Operating Profit $505.1M $649.1M $451.9M
YoY Change 17.47% 43.64% 83.85%
Interest Expense -$175.1M -$163.2M -$81.20M
YoY Change 39.19% 100.99% -14.35%
% of Operating Profit -34.67% -25.14% -17.97%
Other Income/Expense, Net -$100.0K -$2.000M $500.0K
YoY Change -99.32% -500.0% 400.0%
Pretax Income $332.9M $483.9M $774.7M
YoY Change 14.28% -37.54% 378.21%
Income Tax $53.90M $96.40M $87.10M
% Of Pretax Income 16.19% 19.92% 11.24%
Net Earnings $220.0M $329.3M $596.4M
YoY Change 13.93% -44.79% 961.21%
Net Earnings / Revenue 5.65% 9.67% 9.85%
Basic Earnings Per Share $0.97 $1.44 $1.64
Diluted Earnings Per Share $0.97 $1.45 $1.61
COMMON SHARES
Basic Shares Outstanding 223.7M 226.0M 227.8M
Diluted Shares Outstanding 225.1M 226.8M 231.7M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $140.0M $169.4M $154.0M
YoY Change -27.42% 10.0% -26.32%
Cash & Equivalents $139.5M $169.4M $154.0M
Short-Term Investments
Other Short-Term Assets $138.3M $259.0M $114.5M
YoY Change 23.04% 126.2% -19.08%
Inventory $536.2M $312.3M $202.2M
Prepaid Expenses
Receivables $1.241B $988.1M $1.613B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.139B $1.729B $2.164B
YoY Change -14.34% -20.11% 64.21%
LONG-TERM ASSETS
Property, Plant & Equipment $15.33B $14.89B $11.88B
YoY Change 11.79% 25.36% -0.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $138.3M $131.8M $137.1M
YoY Change 1.39% -3.87% -79.99%
Other Assets $114.2M $168.2M $95.50M
YoY Change -23.82% 76.13% 0.32%
Total Long-Term Assets $18.05B $17.73B $13.17B
YoY Change 6.85% 34.64% -6.55%
TOTAL ASSETS
Total Short-Term Assets $2.139B $1.729B $2.164B
Total Long-Term Assets $18.05B $17.73B $13.17B
Total Assets $20.19B $19.46B $15.33B
YoY Change 4.12% 26.92% -0.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.581B $1.173B $1.901B
YoY Change -12.46% -38.28% 83.76%
Accrued Expenses $292.0M $510.2M $255.2M
YoY Change -0.58% 99.92% -19.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $602.0M $586.0M $414.6M
YoY Change -21.46% 41.34% 11.54%
Total Short-Term Liabilities $2.682B $2.321B $3.153B
YoY Change -20.97% -26.41% 50.01%
LONG-TERM LIABILITIES
Long-Term Debt $12.32B $11.81B $7.066B
YoY Change 16.25% 67.18% 7.0%
Other Long-Term Liabilities $358.2M $383.1M $288.1M
YoY Change -2.4% 32.97% -33.86%
Total Long-Term Liabilities $358.2M $12.20B $288.1M
YoY Change -2.4% 4133.22% -95.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.682B $2.321B $3.153B
Total Long-Term Liabilities $358.2M $12.20B $288.1M
Total Liabilities $3.040B $16.79B $3.442B
YoY Change -19.16% 387.77% -72.41%
SHAREHOLDERS EQUITY
Retained Earnings $305.5M $199.5M -$1.138B
YoY Change -132.33% -117.53%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $855.8M $701.1M $350.4M
YoY Change 98.1% 100.09%
Treasury Stock Shares $10.14M
Shareholders Equity $2.506B $2.675B $2.070B
YoY Change
Total Liabilities & Shareholders Equity $20.19B $19.46B $15.33B
YoY Change 4.12% 26.92% -0.5%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $220.0M $329.3M $596.4M
YoY Change 13.93% -44.79% 961.21%
Depreciation, Depletion And Amortization $331.3M $332.1M $269.9M
YoY Change 15.36% 23.05% 27.37%
Cash From Operating Activities $407.3M $676.8M $635.5M
YoY Change -11.38% 6.5% 1.88%
INVESTING ACTIVITIES
Capital Expenditures $591.7M $598.0M -$215.1M
YoY Change -249.46% -378.01% 109.44%
Acquisitions
YoY Change
Other Investing Activities -$7.500M $4.200M $660.5M
YoY Change -99.79% -99.36% 9613.24%
Cash From Investing Activities -$599.2M -$593.8M $445.4M
YoY Change -84.62% -233.32% -564.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 162.0M -125.4M -1.063B
YoY Change -95.34% -88.2% 87.31%
NET CHANGE
Cash From Operating Activities 407.3M 676.8M 635.5M
Cash From Investing Activities -599.2M -593.8M 445.4M
Cash From Financing Activities 162.0M -125.4M -1.063B
Net Change In Cash -29.90M -42.40M 18.10M
YoY Change -176.86% -334.25% -145.82%
FREE CASH FLOW
Cash From Operating Activities $407.3M $676.8M $635.5M
Capital Expenditures $591.7M $598.0M -$215.1M
Free Cash Flow -$184.4M $78.80M $850.6M
YoY Change -121.55% -90.74% 17.08%

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us-gaap Nature Of Operations
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<p id="note_1_organization_operations" style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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;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;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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;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;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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;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;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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 the 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;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;"> </span></p><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;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;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;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;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”) prior to full redemption in May 2022; and</span></div></div><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;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;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;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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;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;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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;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;"> </span></p><div style="margin-left:3.333%;text-indent:0.0%;display:flex;margin-top:0.0pt;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;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;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;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;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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 16 – Segment Information for certain financial information regarding our business segments.</span></p>
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2734600000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
192000000
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25005600000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23913200000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10115200000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9698600000
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14890400000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14214600000
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4378000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4379700000
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1835400000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1645100000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2542600000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2734600000
CY2023Q2 us-gaap Depreciation
Depreciation
236100000
us-gaap Depreciation
Depreciation
464900000
CY2022Q2 us-gaap Depreciation
Depreciation
241900000
us-gaap Depreciation
Depreciation
423000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
384000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
373200000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
326000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
279800000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
252200000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2542600000
CY2023Q2 us-gaap Collateralized Financings
CollateralizedFinancings
547900000
CY2022Q4 us-gaap Collateralized Financings
CollateralizedFinancings
800000000
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
38100000
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
34300000
CY2023Q2 trgp Debt Current Net Of Issuance Cost
DebtCurrentNetOfIssuanceCost
586000000
CY2022Q4 trgp Debt Current Net Of Issuance Cost
DebtCurrentNetOfIssuanceCost
834300000
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
11653600000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10574700000
CY2023Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
65600000
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
65600000
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
224800000
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
193000000
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
11812800000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
10702100000
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
12398800000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
11536400000
CY2023Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
18800000
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
33200000
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
200100000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
198800000
CY2023Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
104300000
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
97900000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
39600000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28600000
CY2023Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
15000000
CY2022Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
15900000
CY2023Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
359000000
CY2022Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
341200000
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
200100000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
198800000
CY2020Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
942700000
CY2023Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2088062
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2812202
CY2023Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
71.37
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
71.49
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
149000000
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
201000000
CY2022Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1121925
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1859724
CY2022Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
66.07
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
66.59
CY2022Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
74100000
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
123800000
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.5
CY2023Q1 trgp Common Stock Annualized Dividends Per Share Declared
CommonStockAnnualizedDividendsPerShareDeclared
2
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
329300000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
596400000
us-gaap Net Income Loss
NetIncomeLoss
826300000
us-gaap Net Income Loss
NetIncomeLoss
684400000
trgp Premium On Repurchase Of Noncontrolling Interests Net Of Tax
PremiumOnRepurchaseOfNoncontrollingInterestsNetOfTax
490700000
trgp Premium On Repurchase Of Noncontrolling Interests Net Of Tax
PremiumOnRepurchaseOfNoncontrollingInterestsNetOfTax
53100000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
329300000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
372700000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
335600000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
385800000
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
3600000
CY2023Q2 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
75200000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2800000
CY2023Q2 trgp Derivative Asset Before Effects Of Master Netting Arrangements
DerivativeAssetBeforeEffectsOfMasterNettingArrangements
242700000
CY2023Q2 trgp Derivative Liability Before Effects Of Master Netting Arrangements
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangements
-75200000
CY2022Q4 trgp Derivative Asset Before Effects Of Master Netting Arrangements
DerivativeAssetBeforeEffectsOfMasterNettingArrangements
204400000
CY2022Q4 trgp Derivative Liability Before Effects Of Master Netting Arrangements
DerivativeLiabilityBeforeEffectsOfMasterNettingArrangements
-460200000
CY2023Q2 trgp Net Income Loss Allocated To Common Shareholders For Basic Earnings Per Share
NetIncomeLossAllocatedToCommonShareholdersForBasicEarningsPerShare
325700000
CY2022Q2 trgp Net Income Loss Allocated To Common Shareholders For Basic Earnings Per Share
NetIncomeLossAllocatedToCommonShareholdersForBasicEarningsPerShare
372700000
trgp Net Income Loss Allocated To Common Shareholders For Basic Earnings Per Share
NetIncomeLossAllocatedToCommonShareholdersForBasicEarningsPerShare
332800000
trgp Net Income Loss Allocated To Common Shareholders For Basic Earnings Per Share
NetIncomeLossAllocatedToCommonShareholdersForBasicEarningsPerShare
385800000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
225600000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
227800000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
226000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228100000
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1200000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3900000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023Q2 us-gaap Revenues
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CY2023Q2 us-gaap Income Loss From Equity Method Investments
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CY2022Q2 us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Gain Loss On Repurchase Of Debt Instrument
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CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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