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Partnership Units and Related Matters | 6 Months Ended
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Jun. 30, 2020
Partners Capital [Abstract] |
Partnership Units and Related Matters | Note 9 — 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 table details the distributions declared and paid by the Partnership for the six months ended June 30, 2020:
Three Months Ended |  | Date Paid or To Be Paid |  | Total Distributions |  |  | Distributions to Targa Resources Corp. |
June 30, 2020 |  | August 13, 2020 | $ |  | 51.7 |  | $ |  | 48.9 |
March 31, 2020 |  | May 13, 2020 |  |  | 53.1 |  |  |  | 50.3 |
December 31, 2019 |  | February 13, 2020 |  |  | 241.9 |  |  |  | 239.1 |
Contributions All capital contributions to the Partnership continue to be allocated 98% to the limited partner and 2% to the general partner; however, no units will be issued for those contributions. During the second quarter of 2020, we made contributions to the Partnership of $50.0 million. Preferred Units The Partnership’s issued and outstanding Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Preferred Units”) rank senior to the Partnership’s common units with respect to the distribution rights. 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 are 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 Partnership paid $2.8 million and $5.6 million of distributions to the holders of Preferred Units (“Preferred Unitholders”) for the three and six months ended June 30, 2020. The Preferred Units are reported as noncontrolling interests in our financial statements. Subsequent Event In July 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 that will be paid on August 17, 2020.

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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