XML 65 R53.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurements - Breakdown by Fair Value Hierarchy Category for Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]    
Assets from commodity derivative contracts $ 108.1 $ 79.8
Liabilities from commodity derivative contracts 28.0 90.8
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]    
Securitization Facility [1] 250.0 370.0
Carrying Value [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]    
Assets from commodity derivative contracts [2] 164.0 136.5
Liabilities from commodity derivative contracts [2] 132.1 142.6
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]    
Cash and cash equivalents 173.6 291.1
Securitization Facility 250.0 370.0
Carrying Value [Member] | TRP Revolver [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]    
Long-term debt 440.0  
Carrying Value [Member] | Targa Pipeline Partners LP [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]    
Contingent consideration [3] 2.3 2.3
Carrying Value [Member] | Senior Unsecured Notes [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]    
Long-term debt 6,725.1 7,028.5
Fair Value [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]    
Assets from commodity derivative contracts [2] 164.0 136.5
Liabilities from commodity derivative contracts [2] 132.1 142.6
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]    
Cash and cash equivalents 173.6 291.1
Securitization Facility 250.0 370.0
Fair Value [Member] | TRP Revolver [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]    
Long-term debt 440.0  
Fair Value [Member] | Targa Pipeline Partners LP [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]    
Contingent consideration [3] 2.3 2.3
Fair Value [Member] | Senior Unsecured Notes [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]    
Long-term debt 6,627.2 7,376.9
Fair Value [Member] | Level 2 [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]    
Assets from commodity derivative contracts [2] 164.0 136.2
Liabilities from commodity derivative contracts [2] 132.1 142.0
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]    
Securitization Facility 250.0 370.0
Fair Value [Member] | Level 2 [Member] | TRP Revolver [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]    
Long-term debt 440.0  
Fair Value [Member] | Level 2 [Member] | Senior Unsecured Notes [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value [Abstract]    
Long-term debt 6,627.2 7,376.9
Fair Value [Member] | Level 3 [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]    
Assets from commodity derivative contracts [2]   0.3
Liabilities from commodity derivative contracts [2]   0.6
Fair Value [Member] | Level 3 [Member] | Targa Pipeline Partners LP [Member]    
Financial Instruments Recorded on Our Consolidated Balance Sheets at Fair Value [Abstract]    
Contingent consideration [3] $ 2.3 $ 2.3
[1] As of June 30, 2020, we had $250.0 million of qualifying receivables under our $250.0 million accounts receivable securitization facility (“Securitization Facility”), resulting in zero availability. During the second quarter of 2020, we amended the Securitization Facility to decrease the facility size from $400.0 million to $250.0 million to more closely align with our expectations for borrowing needs given commodity prices and to extend the facility termination date to April 21, 2021.
[2] 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 8– Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes.
[3] We have a contingent consideration liability for TPL’s previous acquisition of a gas gathering system and related assets, which is carried at fair value.