Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Income tax reconciliation: | |||
| Income (loss) before income taxes | $ 1,938.0 | $ 1,942.5 | $ 1,663.2 |
| Less: Net income attributable to noncontrolling interest | (241.5) | (233.4) | (335.9) |
| Income attributable to Targa Resources Corp. before income taxes | $ 1,696.5 | $ 1,709.1 | $ 1,327.3 |
| Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
| Provision for federal income taxes | $ 356.3 | $ 358.9 | $ 278.7 |
| Valuation allowance | (1.2) | (29.8) | (177.5) |
| State income taxes, net of federal tax benefit | 36.4 | 37.8 | 33.6 |
| Return-to-provision | 2.4 | (5.7) | (0.6) |
| Change in income tax rate | (12.4) | 11.5 | (1.7) |
| Permanent adjustments | 7.7 | 6.2 | 5.6 |
| Stock compensation shortfall/(windfall) | (13.5) | (15.8) | (6.3) |
| Other, net | 8.8 | 0.1 | 0.0 |
| Total income tax expense (benefit) | $ 384.5 | $ 363.2 | $ 131.8 |
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- Definition Income (loss) from continuing operations, before tax. No definition available.
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- Definition Income tax reconciliation return to provision. No definition available.
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- Definition Percentage of domestic federal statutory tax rate applicable to pretax income (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying domestic federal statutory income tax rate to pretax income (loss) from continuing operation, attributable to expense for award under share-based payment arrangement. Excludes expense determined to be nondeductible upon grant or after for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to increase (decrease) in the valuation allowance for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations, attributable to increase (decrease) in the income tax rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying statutory federal (national) tax rate to pretax income (loss) from continuing operation attributable to other reconciling item. Excludes state and local income tax expense (benefit), federal tax expense (benefit), statutory income tax expense (benefit) outside of country of domicile, tax credit, nondeductible expense, deduction, income tax settlement, income tax contingency, and cross-border tax law. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to state and local income tax expense (benefit). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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