CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2026		Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 100.1		$ 166.1
Trade receivables, net of allowances of [$0.7] million and $0.7 million as of March 31, 2026 and December 31, 2025	1,691.7		1,474.6
Inventories	334.4		429.3
Assets from risk management activities	100.6		154.7
Other current assets	211.4		138.0
Total current assets	2,438.2		2,362.7
Property, plant and equipment, net	21,770.9		20,534.8
Intangible assets, net	2,201.2		1,651.4
Long-term assets from risk management activities	38.5		35.0
Investments in unconsolidated affiliates	315.0		307.1
Other long-term assets	343.5		327.4
Total assets	27,107.3	[1]	25,218.4
Current liabilities:
Accounts payable	1,987.9		1,873.0
Accrued liabilities	193.2		358.6
Interest payable	149.8		311.0
Liabilities from risk management activities	368.1		234.1
Current debt obligations	696.9		770.1
Total current liabilities	3,395.9		3,546.8
Long-term debt	18,434.9		16,662.4
Long-term liabilities from risk management activities	112.8		22.5
Deferred income taxes, net	1,479.2		1,393.5
Other long-term liabilities	415.5		395.0
Contingencies (see Note 12)	0.0		0.0
Targa Resources Corp. stockholders' equity:
Common Stock ($0.001 par value, 450,000,000 shares authorized as of March 31, 2026 and December 31, 2025)	0.2		0.2
Additional paid-in capital	3,111.3		3,088.1
Retained earnings (deficit)	2,556.9		2,294.4
Accumulated other comprehensive income (loss)	(14.7)		113.8
Treasury stock, at cost (28,516,011 shares and 28,108,057 shares as of March 31, 2026 and December 31, 2025)	(2,517.2)		(2,428.6)
Total Targa Resources Corp. stockholders' equity	3,136.5		3,067.9
Noncontrolling interests	132.5		130.3
Total owners' equity	3,269.0		3,198.2
Total liabilities and owners' equity	$ 27,107.3		$ 25,218.4

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