Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2020

	December 31, 2020			December 31, 2019
Current:
Obligations of the Partnership: (1)
Accounts receivable securitization facility, due April 2021 (2)	$	350.0		$	370.0
TPL notes, 4¾% fixed rate, due November 2021 (5)		6.5			—
		356.5			370.0
Debt issuance costs, net of amortization		—			—
Finance lease liabilities		12.1			12.2
Current debt obligations		368.6			382.2

Long-term:
TRC obligations:
TRC Senior secured revolving credit facility, variable rate, due June 2023 (3)		555.0			435.0
Obligations of the Partnership: (1)
Senior secured revolving credit facility, variable rate, due June 2023 (4)		280.0			—
Senior unsecured notes:
5¼% fixed rate, due May 2023		—			559.6
4¼% fixed rate, due November 2023		583.9			583.9
6¾% fixed rate, due March 2024		—			580.1
5⅛% fixed rate, due February 2025		481.0			500.0
5⅞% fixed rate, due April 2026		963.2			1,000.0
5⅜% fixed rate, due February 2027		468.1			500.0
5% fixed rate, due January 2028		700.3			750.0
6½% fixed rate, due July 2027		705.2			750.0
6⅞% fixed rate, due January 2029		679.3			750.0
5½% fixed rate, due March 2030		949.6			1,000.0
4⅞% fixed rate, due February 2031		1,000.0			—
TPL notes, 4¾% fixed rate, due November 2021 (5)		—			6.5
TPL notes, 5⅞% fixed rate, due August 2023 (5)		48.1			48.1
Unamortized premium		0.2			0.3
		7,413.9			7,463.5
Debt issuance costs, net of amortization		(45.5	)		(49.1	)
Finance lease liabilities		18.7			25.8
Long-term debt		7,387.1			7,440.2
Total debt obligations	$	7,755.7		$	7,822.4
Irrevocable standby letters of credit:
Letters of credit outstanding under the TRC Senior secured credit facility (3)	$	—		$	—
Letters of credit outstanding under the Partnership senior secured revolving credit facility (4)		44.4			88.2
	$	44.4		$	88.2

(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, 2020, the Partnership had $350.0 million of qualifying receivables under its $350.0 million Securitization Facility, resulting in zero availability.

(3)	As of December 31, 2020, availability under TRC’s $670.0 million senior secured revolving credit facility (“TRC Revolver”) was $115.0 million.

(4)	As of December 31, 2020, availability under the Partnership’s $2.2 billion senior secured revolving credit facility (“TRP Revolver”) was $1,875.6 million.

(5)	“TPL” refers to Targa Pipeline Partners LP.

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, 2020:

	Range of Interest Rates Incurred	Weighted Average Interest Rate Incurred
TRC Revolver	1.9% - 3.5%	2.3%
TRP Revolver	1.9% - 6.0%	2.2%
Partnership's Securitization Facility	1.5% - 2.7%	2.0%

Results of Tender Offers

The following table summarizes the impact of debt repurchases and extinguishments that are included in our Consolidated Statements of Operations:

	2020			2019			2018
Discount (premium) over face value paid upon redemption:
Partnership 6¾% Senior Notes due 2024	$	(11.1	)	$	—		$	—
Partnership 5⅛% Senior Notes due 2025		4.4			—			—
Partnership 5⅞% Senior Notes due 2026		7.1			—			—
Partnership 5⅜% Senior Notes due 2027		5.3			—			—
Partnership 5% Senior Notes due 2028		11.7			—			—
Partnership 6½% Senior Notes due 2027		9.3			—			—
Partnership 6⅞% Senior Notes due 2029		15.5			—			—
Partnership 5½% Senior Notes due 2030		10.2			—			—
Write-off of debt issuance costs:
TRP Revolver		—			—			(1.3	)
TRC Revolver		—			—			(0.7	)
Partnership 5¼% Senior Notes due 2023		(1.8	)		—			—
Partnership 6¾% Senior Notes due 2024		(2.6	)		—			—
Partnership 5⅛% Senior Notes due 2025		(0.1	)		—			—
Partnership 5⅞% Senior Notes due 2026		(0.2	)		—			—
Partnership 5⅜% Senior Notes due 2027		(0.2	)		—			—
Partnership 5% Senior Notes due 2028		(0.4	)		—			—
Partnership 6½% Senior Notes due 2027		(0.4	)		—			—
Partnership 6⅞% Senior Notes due 2029		(0.6	)		—			—
Partnership 5½% Senior Notes due 2030		(0.5	)		—			—
Partnership 4⅛% Senior Notes due 2019		—			(1.4	)		—
Gain (loss) from financing activities	$	45.6		$	(1.4	)	$	(2.0	)

Schedule of Contractual Maturities of Outstanding Debt Obligations

The following table shows the contractually scheduled maturities of our debt obligations outstanding at December 31, 2020, for the next five years, and in total thereafter:

	Scheduled Maturities of Debt
	Total		2021		2022		2023		2024		2025		After 2025

TRC Revolver	$	555.0	$	—	$	—	$	555.0	$	—	$	—	$	—
TRP Revolver		280.0		—		—		280.0		—		—		—
Partnership's Senior unsecured notes		6,585.4		6.5		—		632.0		—		481.0		5,465.9
Partnership's Securitization Facility		350.0		350.0		—		—		—		—		—
Total	$	7,770.4	$	356.5	$	—	$	1,467.0	$	—	$	481.0	$	5,465.9

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		2021		2022		2023		2024		2025		Thereafter
Land sites and rights of way (1)	$	187.2	$	4.0	$	4.3	$	4.3	$	4.6	$	6.1	$	163.9

(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.