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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 135.9 $ 158.5
Trade receivables, net of allowances of $0.1 million and $0.1 million at March 31, 2022 and December 31, 2021 1,567.2 1,331.9
Inventories 97.5 153.4
Assets from risk management activities 22.0 43.1
Other current assets 77.9 82.9
Total current assets 1,900.5 1,769.8
Property, plant and equipment, net 11,653.0 11,667.7
Intangible assets, net 1,066.8 1,094.8
Long-term assets from risk management activities 7.3 7.7
Investments in unconsolidated affiliates 579.8 586.5
Other long-term assets 88.0 81.7
Total assets 15,295.4 15,208.2
Current liabilities:    
Accounts payable 1,803.5 1,402.3
Accrued liabilities 202.5 272.2
Distributions payable 46.3 64.5
Interest payable 74.5 138.5
Liabilities from risk management activities 499.8 258.2
Current debt obligations 283.8 162.8
Total current liabilities 2,910.4 2,298.5
Long-term debt [1] 6,964.9 6,434.4
Long-term liabilities from risk management activities 267.2 109.3
Deferred income taxes, net 88.0 136.0
Other long-term liabilities 297.9 301.6
Contingencies (see Note 15) 0.0 0.0
Targa Resources Corp. stockholders' equity:    
Common stock ($0.001 par value, 450,000,000 shares authorized as of March 31, 2022 and December 31, 2021) 0.2 0.2
Preferred stock ($0.001 par value, after designation of Series A Preferred Stock: 98,800,000 shares authorized, no shares issued and outstanding) 0.0 0.0
Additional paid-in capital 4,125.8 4,268.9
Retained earnings (deficit) (1,734.3) (1,822.3)
Accumulated other comprehensive income (loss) (418.4) (230.9)
Treasury stock, at cost (9,018,551 shares as of March 31, 2022 and 7,884,171 shares as of December 31, 2021) (276.3) (204.1)
Total Targa Resources Corp. stockholders' equity 1,697.0 2,011.8
Noncontrolling interests 2,320.3 3,166.9
Total owners' equity 4,017.3 5,178.7
Total liabilities, Series A Preferred Stock and owners' equity 15,295.4 15,208.2
Series A Preferred Stock [Member]    
Current liabilities:    
Series A Preferred 9.5% Stock, $1,000 per share liquidation preference (1,200,000 shares authorized, 919,300 shares issued and outstanding as of March 31, 2022 and December 31, 2021), net of discount (see Note 9) $ 749.7 $ 749.7
[1] In April 2022, we, along with certain of our subsidiaries as guarantors thereto, completed an underwritten public offering of (i) $750.0 million aggregate principal amount of our 4.200% Senior Notes due 2033 (the “4.200% Notes”) and (ii) $750.0 million aggregate principal amount of our 4.950% Senior Notes due 2052 (the “4.950% Notes”), resulting in net proceeds of approximately $1.5 billion.