Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Federal and State Income Tax Provisions

Components of the federal and state income tax provisions for the periods indicated are as follows:


	Year Ended December 31,
	2024				2023				2022
Current expense (benefit)	$	17.5			$	13.6			$	6.7
Deferred expense (benefit)		367.0				349.6				125.1
Total income tax expense (benefit)	$	384.5			$	363.2			$	131.8

Deferred Tax Assets and Liabilities

Our deferred income tax assets and liabilities as of the periods indicated consist of recognition differences related to certain types of costs as follows:


	December 31, 2024				December 31, 2023
Deferred tax assets:
Net operating loss and tax credit carryforwards	$	1,094.9			$	1,282.9
Disallowed business interest expense carryforward		113.5				79.3
Property, plant and equipment		1.9				—
Other		10.1				—
Deferred tax assets before valuation allowance		1,220.4				1,362.2
Valuation allowance		(5.9	)			(7.1	)
Deferred tax assets		1,214.5				1,355.1
Deferred tax liabilities:
Investments (1)		(2,086.6	)			(1,867.9	)
Property, plant, and equipment		—				(3.0	)
Other		—				(20.0	)
Deferred tax liabilities		(2,086.6	)			(1,890.9	)
Net deferred tax asset (liability)	$	(872.1	)		$	(535.8	)

Net deferred tax asset (liability)
Federal	$	(826.7	)		$	(507.0	)
State		(45.4	)			(28.8	)
Long-term deferred tax liability, net	$	(872.1	)		$	(535.8	)

(1)

Our deferred tax liability attributable to investments reflects the differences between the book and tax carrying values of our investment in the Partnership.

Reconciliation of Income Tax Provision (Benefit)

Set forth below is the reconciliation between our Income tax provision (benefit) computed at the United States statutory rate on income before income taxes and the income tax provision (benefit) in our Consolidated Statements of Operations for the periods indicated:


	Year Ended December 31,
Income tax reconciliation:	2024				2023				2022
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	%			21	%			21	%
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				—
Income tax provision (benefit)	$	384.5			$	363.2			$	131.8