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Year Ended December 31, |
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2024 |
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2023 |
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2022 |
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Cash: |
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Interest paid, net of capitalized interest (1) |
$ |
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712.7 |
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$ |
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618.6 |
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$ |
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401.3 |
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Income taxes paid, net of refunds |
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16.7 |
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8.5 |
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1.6 |
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Non-cash investing activities: |
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Change in deadstock commodity inventory |
$ |
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3.7 |
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$ |
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(13.7 |
) |
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$ |
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(3.8 |
) |
Impact of net accruals on capital expenditures |
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221.7 |
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58.2 |
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60.1 |
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Change in ARO liability and property, plant and equipment, net due to revised cash flow estimate and additions |
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64.1 |
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4.9 |
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0.8 |
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Non-cash financing activities: |
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Changes in accrued distributions to noncontrolling interests |
$ |
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(3.6 |
) |
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$ |
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8.9 |
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$ |
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(26.1 |
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Reduction of owner's equity related to accrued dividends on unvested equity awards under share compensation arrangements |
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3.8 |
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3.9 |
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7.1 |
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Non-cash distributions to noncontrolling interests (2) |
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— |
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— |
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64.2 |
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Lease liabilities arising from recognition of right-of-use assets: |
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Operating lease |
$ |
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66.8 |
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$ |
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53.1 |
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$ |
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9.7 |
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Finance lease (3) |
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59.8 |
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104.8 |
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220.7 |
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(1)Interest capitalized on major projects was $74.8 million, $41.1 million and $16.3 million for the years ended December 31, 2024, 2023 and 2022. (2)Represents the transfer of an undivided interest in certain gas gathering and processing facilities to a joint owner upon Targa’s recovery of a specified payout amount for our initial full funding of the facilities. (3)The December 31, 2022 amount includes $171.2 million related to compressor leases from the Delaware Basin Acquisition that were subsequently amended and extended.
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