CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents		$ 166.1	$ 157.3
Trade receivables, net of allowances of $0.7 million and $2.5 million as of December 31, 2025 and 2024		1,474.6	1,618.3
Inventories		429.3	334.3
Assets from risk management activities		154.7	61.8
Other current assets		138.0	124.6
Total current assets		2,362.7	2,296.3
Property, plant and equipment, net		20,534.8	18,062.7
Intangible assets, net		1,651.4	1,977.4
Long-term assets from risk management activities		35.0	25.3
Investments in unconsolidated affiliates		307.1	193.3
Other long-term assets		327.4	179.1
Total assets	[1]	25,218.4	22,734.1
Current liabilities:
Accounts payable		1,873.0	2,012.5
Accrued liabilities		358.6	336.0
Interest payable		311.0	269.1
Liabilities from risk management activities		234.1	167.3
Current debt obligations		770.1	387.7
Total current liabilities		3,546.8	3,172.6
Long-term debt		16,662.4	13,786.9
Long-term liabilities from risk management activities		22.5	92.0
Deferred income taxes, net		1,393.5	872.1
Other long-term liabilities		395.0	392.3
Commitments and Contingencies (see Notes 16 and 17)		0.0	0.0
Targa Resources Corp. stockholders' equity:
Common Stock ($0.001 par value, 450,000,000 shares authorized as of December 31, 2025 and 2024)		0.2	0.2
Additional paid-in capital		3,088.1	3,089.1
Retained earnings (deficit)		2,294.4	1,190.0
Accumulated other comprehensive income (loss)		113.8	27.5
Treasury stock, at cost (26,823,261 shares and 24,000,284 shares as of December 31, 2025 and 2024)		(2,428.6)	(1,714.4)
Total Targa Resources Corp. stockholders' equity		3,067.9	2,592.4
Noncontrolling interests		130.3	1,825.8
Total owners' equity		3,198.2	4,418.2
Total liabilities and owners' equity		$ 25,218.4	$ 22,734.1

[1] Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.