v3.25.2
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Unaudited) - USD ($)
$ in Millions
Total
Targa Badlands LLC [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Additional Paid-in Capital [Member]
Targa Badlands LLC [Member]
Retained Earnings (Accumulated Deficit) [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Treasury Stock [Member]
Noncontrolling Interests [Member]
Noncontrolling Interests [Member]
Targa Badlands LLC [Member]
Balance at Dec. 31, 2023 $ 4,610.0   $ 0.2 $ 3,058.8   $ 492.0 $ 85.6 $ (896.9) $ 1,870.3  
Balance (in shares) at Dec. 31, 2023     222,611,000              
Balance (in shares) at Dec. 31, 2023               17,484,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Compensation on equity grants 29.7     29.7            
Dividend equivalent rights (1.8)         (1.8)        
Shares issued under compensation program (in shares)     1,172,000              
Shares tendered for tax withholding obligations (36.7)             $ (36.7)    
Shares tendered for tax withholding obligations (in shares)     (441,000)         441,000    
Repurchases of common stock $ (478.8)             $ (478.8)    
Repurchases of common stock (in shares) (4,172,260)   (4,172,000)         4,172,000    
Excise tax on repurchases of common stock $ (4.1)             $ (4.1)    
Common stock dividends                    
Common stock dividends (280.0)         (280.0)        
Series A Preferred Stock dividends                    
Distributions to noncontrolling interests (112.7)               (112.7)  
Contributions from noncontrolling interests 6.0               6.0  
Other comprehensive income (loss) (74.2)           (74.2)      
Net income (loss) 691.6         573.7     117.9  
Balance at Jun. 30, 2024 4,349.0   $ 0.2 3,088.5   783.9 11.4 $ (1,416.5) 1,881.5  
Balance (in shares) at Jun. 30, 2024     219,170,000              
Balance (in shares) at Jun. 30, 2024               22,097,000    
Balance at Mar. 31, 2024 4,577.6   $ 0.2 3,073.4   654.1 33.9 $ (1,057.7) 1,873.7  
Balance (in shares) at Mar. 31, 2024     222,150,000              
Balance (in shares) at Mar. 31, 2024               19,110,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Compensation on equity grants 15.1     15.1            
Dividend equivalent rights (1.1)         (1.1)        
Shares issued under compensation program (in shares)     7,000              
Shares tendered for tax withholding obligations (0.2)             $ (0.2)    
Shares tendered for tax withholding obligations (in shares)     (1,000)         1,000    
Repurchases of common stock $ (355.1)             $ (355.1)    
Repurchases of common stock (in shares) (2,985,816)   (2,986,000)         2,986,000    
Excise tax on repurchases of common stock $ (3.5)             $ (3.5)    
Common stock dividends                    
Common stock dividends (167.6)         (167.6)        
Series A Preferred Stock dividends                    
Distributions to noncontrolling interests (56.8)               (56.8)  
Contributions from noncontrolling interests 4.2               4.2  
Other comprehensive income (loss) (22.5)           (22.5)      
Net income (loss) 358.9         298.5     60.4  
Balance at Jun. 30, 2024 4,349.0   $ 0.2 3,088.5   783.9 11.4 $ (1,416.5) 1,881.5  
Balance (in shares) at Jun. 30, 2024     219,170,000              
Balance (in shares) at Jun. 30, 2024               22,097,000    
Balance at Dec. 31, 2024 $ 4,418.2   $ 0.2 3,089.1   1,190.0 27.5 $ (1,714.4) 1,825.8  
Balance (in shares) at Dec. 31, 2024     217,764,000              
Balance (in shares) at Dec. 31, 2024 24,000,284             24,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Compensation on equity grants $ 34.7     34.7            
Dividend equivalent rights (1.4)         (1.4)        
Shares issued under compensation program (in shares)     568,000              
Shares tendered for tax withholding obligations (46.7)             $ (46.7)    
Shares tendered for tax withholding obligations (in shares)     (217,000)         217,000    
Repurchases of common stock $ (449.2)             $ (449.2)    
Repurchases of common stock (in shares) (2,606,262)   (2,606,000)         2,606,000    
Excise tax on repurchases of common stock $ (3.7)             $ (3.7)    
Common stock dividends                    
Common stock dividends (382.8)         (382.8)        
Series A Preferred Stock dividends                    
Distributions to noncontrolling interests (10.7)               (10.7)  
Repurchase of noncontrolling interests, net of tax   $ (1,779.7)     $ (70.5)         $ (1,709.2)
Other comprehensive income (loss) 15.7           15.7      
Net income (loss) 917.0         899.6     17.4  
Balance at Jun. 30, 2025 $ 2,711.4   $ 0.2 3,053.3   1,705.4 43.2 $ (2,214.0) 123.3  
Balance (in shares) at Jun. 30, 2025     215,509,000              
Balance (in shares) at Jun. 30, 2025 26,823,261             26,823,000    
Balance at Mar. 31, 2025 $ 2,572.7   $ 0.2 3,036.2   1,295.3 6.1 $ (1,886.3) 121.2  
Balance (in shares) at Mar. 31, 2025     217,461,000              
Balance (in shares) at Mar. 31, 2025               24,867,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Compensation on equity grants 17.1     17.1            
Dividend equivalent rights (0.7)         (0.7)        
Shares issued under compensation program (in shares)     4,000              
Shares tendered for tax withholding obligations (0.2)             $ (0.2)    
Shares tendered for tax withholding obligations (in shares)     (1,000)         1,000    
Repurchases of common stock $ (324.3)             $ (324.3)    
Repurchases of common stock (in shares) (1,955,099)   (1,955,000)         1,955,000    
Excise tax on repurchases of common stock $ (3.2)             $ (3.2)    
Common stock dividends                    
Common stock dividends (218.3)         (218.3)        
Series A Preferred Stock dividends                    
Distributions to noncontrolling interests (6.0)               (6.0)  
Other comprehensive income (loss) 37.1           37.1      
Net income (loss) 637.2         629.1     8.1  
Balance at Jun. 30, 2025 $ 2,711.4   $ 0.2 $ 3,053.3   $ 1,705.4 $ 43.2 $ (2,214.0) $ 123.3  
Balance (in shares) at Jun. 30, 2025     215,509,000              
Balance (in shares) at Jun. 30, 2025 26,823,261             26,823,000