Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Registrant Name | TAMPA ELECTRIC COMPANY | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-5007 | |
Entity Address, Address Line One | TECO Plaza | |
Entity Address, Address Line Two | 702 N. Franklin Street | |
Entity Address, City or Town | Tampa | |
Entity Address, State or Province | FL | |
Entity Tax Identification Number | 59-0475140 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Postal Zip Code | 33602 | |
City Area Code | 813 | |
Local Phone Number | 228-1111 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Central Index Key | 0000096271 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 10 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Property, plant and equipment | ||
Utility plant, at original costs | $ 14,176 | $ 13,655 |
Accumulated depreciation | (3,548) | (3,443) |
Utility plant, net | 10,628 | 10,212 |
Other property | 16 | 16 |
Total property, plant and equipment, net | 10,644 | 10,228 |
Current assets | ||
Cash and cash equivalents | 10 | 5 |
Restricted cash | 10 | 0 |
Receivables, less allowance for credit losses of $2 and $2 at June 30, 2024 and December 31, 2023, respectively | 301 | 286 |
Inventories, at average cost | ||
Regulatory assets | 80 | 161 |
Prepayments and other current assets | 36 | 32 |
Total current assets | 686 | 720 |
Other assets | ||
Regulatory assets | 829 | 827 |
Other | 80 | 56 |
Total other assets | 909 | 883 |
Total assets | 12,239 | 11,831 |
Capitalization | ||
Common stock | 4,925 | 4,505 |
Accumulated other comprehensive loss | (1) | (1) |
Retained earnings | 270 | 219 |
Total capital | 5,194 | 4,723 |
Long-term debt | 3,933 | 3,933 |
Total capitalization | 9,127 | 8,656 |
Current liabilities | ||
Long-term debt due within one year | 300 | 300 |
Notes payable | 65 | 209 |
Accounts payable | 298 | 354 |
Customer deposits | 123 | 121 |
Regulatory liabilities | 103 | 94 |
Accrued interest | 40 | 28 |
Accrued taxes | 60 | 14 |
Other | 47 | 43 |
Total current liabilities | 1,049 | 1,173 |
Long-term liabilities | ||
Deferred income taxes | 899 | 880 |
Regulatory liabilities | 737 | 701 |
Investment tax credits | 233 | 237 |
Deferred credits and other liabilities | 194 | 184 |
Total long-term liabilities | 2,063 | 2,002 |
Commitments and Contingencies (see Note 8) | ||
Total liabilities and capitalization | 12,239 | 11,831 |
Related Party [Member] | ||
Current assets | ||
Due from affiliates | 30 | 19 |
Current liabilities | ||
Due to affiliates | 13 | 10 |
Fuel [Member] | ||
Inventories, at average cost | ||
Utility inventories | 35 | 36 |
Materials and Supplies [Member] | ||
Inventories, at average cost | ||
Utility inventories | $ 184 | $ 181 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 2 | $ 2 |
Condensed Statements of Income
Condensed Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Electric | $ 672 | $ 677 | $ 1,220 | $ 1,229 |
Expenses | ||||
Fuel | 131 | 139 | 264 | 276 |
Purchased power | 35 | 24 | 43 | 34 |
Operations and maintenance | 142 | 157 | 276 | 275 |
Depreciation and amortization | 113 | 105 | 225 | 209 |
Taxes, other than income | 59 | 58 | 111 | 110 |
Total expenses | 480 | 483 | 919 | 904 |
Income from operations | 192 | 194 | 301 | 325 |
Other income | ||||
Allowance for equity funds used during construction | 6 | 4 | 11 | 7 |
Interest income from affiliates | 0 | 10 | 0 | 18 |
Other income, net | 3 | 9 | 9 | 19 |
Total other income | 9 | 23 | 20 | 44 |
Interest charges | ||||
Interest expense | 49 | 60 | 100 | 116 |
Interest expense to affiliates | 0 | 2 | 0 | 5 |
Allowance for borrowed funds used during construction | (2) | (1) | (4) | (2) |
Total interest charges | 47 | 61 | 96 | 119 |
Income before provision for income taxes | 154 | 156 | 225 | 250 |
Provision for income taxes | 18 | 24 | 26 | 39 |
Net income | 136 | 132 | 199 | 211 |
Comprehensive income | $ 136 | $ 132 | $ 199 | $ 211 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net income | $ 199 | $ 211 |
Adjustments to reconcile net income to cash from operating activities: | ||
Depreciation and amortization | 225 | 209 |
Deferred income taxes and investment tax credits | 0 | (3) |
Allowance for equity funds used during construction | (11) | (7) |
Deferred recovery clauses | 82 | 160 |
Regulatory assets and liabilities | 45 | 57 |
Pension and post-retirement asset and liabilities | (7) | (12) |
Other | 1 | 5 |
Changes in working capital: | ||
Receivables, less allowance for credit losses | (12) | (65) |
Inventories | (2) | (30) |
Taxes accrued | 32 | 37 |
Interest accrued | 12 | 6 |
Accounts payable | (65) | (119) |
Other | (4) | 15 |
Cash flows from operating activities | 495 | 464 |
Cash flows used in investing activities | ||
Capital expenditures | (607) | (571) |
Net proceeds from sale of assets | 3 | 0 |
Cash flows used in investing activities | (604) | (571) |
Cash flows from financing activities | ||
Equity contributions from Parent | 420 | 200 |
Proceeds from long-term debt issuance | 495 | 0 |
Net increase (decrease) in short-term debt (maturities of 90 days or less) | (641) | 205 |
Advances to affiliate | 0 | (132) |
Dividends to Parent | (148) | (170) |
Other | (2) | (1) |
Cash flows from financing activities | 124 | 102 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 15 | (5) |
Cash and cash equivalents at beginning of period | 5 | 10 |
Cash, cash equivalents and restricted cash at end of period | 20 | 5 |
Cash, cash equivalents and restricted cash consists of: | ||
Cash and cash equivalents | 10 | 5 |
Restricted cash | 10 | 0 |
Cash, cash equivalents and restricted cash | 20 | 5 |
Supplemental disclosure of non-cash activities | ||
Change in accrued capital expenditures | 15 | (14) |
Change in notes receivable from PGS | $ 0 | $ (736) |
Condensed Statements of Capital
Condensed Statements of Capitalization (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Beginning balance | $ 5,001 | $ 4,517 | $ 4,723 | $ 5,420 |
Net income | 136 | 132 | 199 | 211 |
Separation of PGS equity from TEC | (992) | |||
Equity contributions from Parent | 120 | 100 | 420 | 200 |
Dividends to Parent | (63) | (79) | (148) | (170) |
Other | 1 | |||
Ending balance | 5,194 | 4,670 | 5,194 | 4,670 |
Common Stock [Member] | ||||
Beginning balance | $ 4,805 | $ 4,305 | $ 4,505 | $ 5,075 |
Beginning balance | 10 | 10 | 10 | 10 |
Separation of PGS equity from TEC | $ (871) | |||
Equity contributions from Parent | $ 120 | $ 100 | $ 420 | 200 |
Other | 1 | |||
Ending balance | $ 4,925 | $ 4,405 | $ 4,925 | $ 4,405 |
Ending balance | 10 | 10 | 10 | 10 |
Retained Earnings [Member] | ||||
Beginning balance | $ 197 | $ 213 | $ 219 | $ 346 |
Net income | 136 | 132 | 199 | 211 |
Separation of PGS equity from TEC | (121) | |||
Dividends to Parent | (63) | (79) | (148) | (170) |
Ending balance | 270 | 266 | 270 | 266 |
Accumulated Other Comprehensive Loss [Member] | ||||
Beginning balance | (1) | (1) | (1) | (1) |
Ending balance | $ (1) | $ (1) | $ (1) | $ (1) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies See TEC’s Annual Report on Form 10-K for the year ended December 31, 2023 for a complete discussion of accounting policies. The significant accounting policies for TEC include: Principles of Consolidation and Basis of Presentation TEC is comprised of the electric division, referred to as Tampa Electric, and prior to January 1, 2023, the natural gas division, referred to as PGS. Prior to April 1, 2024, TEC was a wholly owned subsidiary of TECO Energy, which is an indirect, wholly owned subsidiary of Emera. On April 1, 2024, TECO Energy distributed its investment in TEC to TECO Holdings, Inc. in a transaction intended to qualify as a tax-free reorganization. This new corporation is also an indirect, wholly owned subsidiary of Emera. In the opinion of management, the unaudited condensed financial statements include all adjustments that are of a recurring nature and necessary to state fairly the financial position of TEC as of June 30, 2024 and December 31, 2023, and the results of operations and cash flows for the periods ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that can be expected for the entire fiscal year ending December 31, 2024. The use of estimates is inherent in the preparation of financial statements in accordance with U.S. GAAP. Actual results could differ from these estimates. The year-end Condensed Balance Sheet was derived from audited financial statements; however, this quarterly report on Form 10-Q does not include all year-end disclosures required for an annual report on Form 10-K by U.S. GAAP. Restricted Cash Restricted cash represents the amount of funds required to be set aside in escrow for upcoming acquisitions of land and other properties. Receivables and Allowance for Credit Losses Receivables on the Condensed Balance Sheets include receivables from contracts with customers, which consist of services to residential, commercial, industrial and other customers, totaling $ 301 million and $ 284 million as of June 30, 2024 and December 31, 2023, respectively. An allowance for credit losses is established based on TEC’s collection experience and reasonable and supportable forecasts that affect the collectibility of the reported amount. Circumstances that could affect TEC’s estimates of credit losses include, but are not limited to, customer credit issues, generating fuel prices, customer deposits and general economic conditions. Accounts are reserved in the allowance or written off once they are deemed to be uncollectible. As of June 30, 2024 and December 31, 2023, unbilled revenues of $ 91 million and $ 63 million, respectively, are included in the “Receivables” line item on the Condensed Balance Sheets. Accounting for Franchise Fees and Gross Receipts TEC is allowed to recover certain costs from customers on a dollar-for-dollar basis through rates approved by the FPSC. The amounts included in customers’ bills for franchise fees and gross receipt taxes are included as revenues on the Condensed Statements of Income. Franchise fees and gross receipt taxes payable by TEC are included as an expense on the Condensed Statements of Income in “Taxes, other than income”. These amounts totaled $ 31 million and $ 35 million for the three months ended June 30, 2024 and 2023, respectively, and totaled $ 57 million and $ 63 million for the six months ended June 30, 2024 and 2023, respectively. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The change in the standard improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The changes improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The guidance will be effective for annual reporting periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted. The standard will be applied retrospectively. TEC is currently evaluating the impact of adoption of the standard on its financial statement disclosures. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The standard enhances the transparency, decision usefulness and effectiveness of income tax disclosures by requiring consistent categories and greater disaggregation of information in the reconciliation of income taxes computed using the enacted statutory income tax rate to the actual income tax provision and effective income tax rate, as well as the disaggregation of income taxes paid (refunded) by jurisdiction. The standard also requires disclosure of income (loss) before provision for income taxes and income tax expense (benefit) in accordance with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application – General Notes to Financial Statements: Income Tax Expense, and the removal of disclosures no longer considered cost beneficial or relevant. The guidance will be effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted. The standard will be applied on a prospective basis, with retrospective application permitted. TEC is currently evaluating the impact of adoption of the standard on its financial statement disclosures. |
Regulatory
Regulatory | 6 Months Ended |
Jun. 30, 2024 | |
Regulated Operations [Abstract] | |
Regulatory | 3. Regulatory Tampa Electric Base Rates On April 2, 2024, Tampa Electric requested a base rate increase, reflecting a revenue requirement increase of $ 297 million, effective January 1, 2025, and additional adjustments of $ 100 million and $ 72 million for 2026 and 2027, respectively. Tampa Electric’s proposed rates include recovery of solar generation projects, energy storage capacity, a more resilient and modernized energy control center, and numerous other resiliency and reliability projects. A decision by the FPSC is expected by the end of 2024. Tampa Electric Mid-Course Adjustment to Fuel Recovery On April 2, 2024, Tampa Electric requested a mid-course adjustment to its fuel and capacity charges, reflecting a $ 138 million reduction over 12 months, from June 2024 through May 2025. The requested reduction is due to a significant decrease in actual and projected 2024 natural gas prices since Tampa Electric submitted its projected 2024 costs in the fall of 2023. On May 7, 2024, the FPSC voted to approve the mid-course adjustment. Regulatory Assets and Liabilities Details of the regulatory assets and liabilities are presented in the following table: Regulatory Assets and Liabilities (millions) June 30, 2024 December 31, 2023 Regulatory assets: Regulatory tax asset (1) $ 114 $ 112 Cost-recovery clauses (2) 15 94 Capital cost recovery for early retired assets (3) 515 507 Postretirement benefits (4) 235 236 Storm reserve (5) 0 7 Other 30 32 Total regulatory assets 909 988 Less: Current portion 80 161 Long-term regulatory assets $ 829 $ 827 Regulatory liabilities: Regulatory tax liability (6) $ 463 $ 477 Cost-recovery clauses - deferred balances (2) 22 20 Accumulated reserve - cost of removal (7) 304 271 Storm reserve (5) 5 0 Other 46 27 Total regulatory liabilities 840 795 Less: Current portion 103 94 Long-term regulatory liabilities $ 737 $ 701 (1) The regulatory tax asset is primarily associated with the depreciation and recovery of AFUDC-equity. This asset does not earn a return but rather is included in the capital structure, which is used in the calculation of the weighted cost of capital used to determine revenue requirements. It will be recovered over the expected life of the related assets. (2) These assets and liabilities are related to FPSC clauses and riders, primarily related to the fuel clause and the decrease in natural gas prices. They are recovered or refunded through cost-recovery mechanisms approved by the FPSC on a dollar-for-dollar basis in a subsequent period. (3) This asset is related to the remaining net book value of Big Bend Units 1 through 3 and meter assets that were retired. The balance earns a rate of return as permitted by the FPSC and will be recovered as a separate line item on customer bills for a period of 15 years , beginning in 2022 through 2036. (4) This asset is related to the deferred costs of postretirement benefits and it is amortized over the remaining service life of plan participants. Deferred costs of postretirement benefits that are included in expense are recognized as cost of service for rate-making purposes as permitted by the FPSC. (5) In the event of a named storm that results in damage to its system, Tampa Electric can petition the FPSC to seek recovery of those costs over a 12-month period or longer as determined by the FPSC, as well as replenish its reserve to $ 56 million, the level of the reserve as of October 31, 2013. The regulatory asset as of December 31, 2023 was related to the excess of the storm reserve balance associated with storm restoration cost recovery. The regulatory asset was included in rate base and earned interest as permitted by the FPSC. The regulatory liability as of June 30, 2024 is related to the replenishment of the balance in the reserve. (6) The regulatory tax liability is primarily related to the revaluation of TEC’s deferred income tax balances recorded on December 31, 2017 at the lower corporate income tax rate due to U.S. tax reform. The liability related to the revaluation of the deferred income tax balances is amortized and returned to customers through rate reductions or other revenue offsets based on IRS regulations and the settlement agreement for tax reform benefits approved by the FPSC. (7) This item represents the non-ARO cost of removal in the accumulated reserve for depreciation. AROs are costs for legally required removal of property, plant and equipment. Non-ARO cost of removal represents estimated funds received from customers through depreciation rates to cover future non-legally required cost of removal of property, plant and equipment, net of salvage value upon retirement, which reduces rate base for ratemaking purposes. This liability is reduced as costs of removal are incurred. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 4. Income Taxes Inflation Reduction Act On August 16, 2022, the Inflation Reduction Act was signed into legislation and includes numerous tax incentives for clean energy, such as the extension and modification of existing investment and production tax credits for projects placed in service through 2024, the expansion of ITC for energy storage technology beginning in 2023 and introduces new technology-neutral clean energy related credits beginning in 2025. TEC has determined that electing production tax credits for its solar plants placed in service through 2024 will be more beneficial for customers compared to ITCs and has recorded a regulatory lia bility in recognition of its obligation to pass the tax benefits to customers of $ 40 million and $ 23 million as of June 30, 2024 and December 31, 2023, respectively. Income Tax Expense TEC is included in a consolidated U.S. federal income tax return with EUSHI and its subsidiaries. TEC’s income tax expense is based upon a standalone return method, modified for the benefits-for-loss allocation in accordance with EUSHI's tax sharing agreement. To the extent that TEC’s cash tax positions are settled differently than the amount reported as realized under the tax sharing agreement, the difference is accounted for as either a capital contribution or a distribution. TEC’s effective tax rates for the six months ended June 30, 2024 and 2023 were 11.6 % and 15.6 %, respectively. The June 30, 2024 and 2023 effective tax rates are an estimate of the annual effective income tax rate. TEC’s effective tax rate for the six months ended June 30, 2024 and 2023 differed from the statutory rate principally due to production tax credits and amortization of the regulatory tax liability resulting from tax reform. The effective tax rate for the six months ended June 30, 2024 is lower compared to the same period in 2023 primarily due to production tax credits. See Note 3 for further information regarding the regulatory tax liability. Unrecognized Tax Benefits As of June 30, 2024 and December 31, 2023, the amount of unrecognized tax benefits was $ 11 million and $ 10 million, respectively, all of which was recorded as a reduction of deferred income tax assets for tax credit carryforwards. The unrecognized tax benefits, if recognized, would reduce TEC’s effective tax rate. |
Employee Postretirement Benefit
Employee Postretirement Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Employee Postretirement Benefits | 5. Employee Postretirement Benefits TEC is a participant in the comprehensive retirement plans of TECO Energy, LLC (formerly known as TECO Energy, Inc. prior to April 1, 2024). The following table presents detail related to TECO Energy’s periodic benefit cost for pension and other postretirement benefits. Amounts disclosed for TECO Energy’s pension benefits include the amounts related to its qualified pension plan and non-qualified, non-contributory SERP and Restoration Plan. TECO Energy Benefit Cost (millions) Pension Benefits Other Postretirement Benefits Three months ended June 30, 2024 2023 2024 2023 Components of net periodic benefit cost Service cost $ 5 $ 4 $ 0 $ 0 Interest cost 8 9 1 2 Expected return on assets ( 13 ) ( 13 ) 0 0 Amortization of actuarial loss (gain) 1 1 0 ( 1 ) Settlement cost (1) 0 2 0 0 Net periodic benefit cost $ 1 $ 3 $ 1 $ 1 Six months ended June 30, Components of net periodic benefit cost Service cost $ 9 $ 8 $ 0 $ 0 Interest cost 17 18 3 4 Expected return on assets ( 27 ) ( 27 ) 0 0 Amortization of actuarial loss (gain) 3 2 ( 1 ) ( 1 ) Settlement cost (1) 0 2 0 0 Net periodic benefit cost $ 2 $ 3 $ 2 $ 3 (1) Represents TEC's SERP and Restoration Plan settlement charges as a result of the prior retirements of certain executives. TEC’s portion of the net periodic benefit cost for the three months ended June 30, 2024 and 2023, respectively, was $ 0 million and $ 1 million for pension benefits, and $ 1 million and $ 2 million for other postretirement benefits. TEC’s portion of the net periodic benefit cost for the six months ended June 30, 2024 and 2023, respectively, was $ 0 million and $ 1 million for pension benefits, and $ 2 million and $ 3 million for other postretirement benefits. TEC’s portion of net periodic benefit costs for pension and other benefits is included as an expense on the Condensed Statements of Income in “Operations & maintenance”. TECO Energy assumed a long-term EROA of 7.05 % and a discount rate of 5.27 % for pension benefits under its qualified pension plan for 2024. For TECO Energy’s other postretirement benefits, TECO Energy used a discount rate of 5.28 % for 2024. TECO Energy made contributions of $ 12 million and $ 8 million to its qualified pension plan in the six months ended June 30, 2024 and 2023, respectively. TEC’s portion of these contributions was $ 7 million and $ 5 million during the six months ended June 30, 2024 and 2023, respectively. TECO Holdings expects to make contributions to the pension plan of $ 4 million for the remainder of 2024. See Note 1 for further information regarding TECO Holdings. TEC estimates its portion of the remaining 2024 contribution to be $ 3 million. Included in the benefit cost discussed above, for the three and six months ended June 30, 2024, $ 1 million and $ 2 million, respectively, of unamortized prior service benefits and costs and actuarial gains and losses were reclassified by TEC from regulatory assets to the Condensed Statement of Income, compared with $ 1 million and $ 1 million for the three and six months ended June 30, 2023, respectively. |
Short-Term Debt
Short-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Short-Term Debt | 6. Short-Term Debt Details of TEC’s short-term borrowings are presented in the following table: June 30, 2024 December 31, 2023 Borrowings Borrowings Letters Borrowings Borrowings Letters Credit Outstanding - Outstanding - of Credit Credit Outstanding - Outstanding - of Credit (millions) Facilities Credit Facilities (1) Commercial Paper (1) Outstanding Facilities Credit Facilities (1) Commercial Paper (1) Outstanding Credit facility (2) $ 800 $ 0 $ 65 $ 1 $ 800 $ 0 $ 706 $ 1 1-year term facility (3) 0 0 0 0 200 0 0 0 1-year term facility (4) 0 0 0 0 200 0 0 0 Total $ 800 $ 0 $ 65 $ 1 $ 1,200 $ 0 $ 706 $ 1 (1) Borrowings outstanding are reported as notes payable. (2) This credit facility was planned to mature on December 17, 2026. On April 1, 2024, TEC amended the credit facility agreement to extend the maturity date to December 1, 2028 . TEC also has an active commercial paper program for up to $ 800 million, of which the full amount outstanding is backed by TEC’s credit facility. The amount of commercial paper issued results in an equal amount of its credit facility being considered drawn and unavailable. On January 30, 2024 , TEC completed a sale of $ 500 million aggregate principal amount of 4.90 % Notes due March 1, 2029 . TEC used the net proceeds from this offering for the repayment of a portion of the borrowings outstanding under the credit facility. Therefore, $ 497 million of borrowings outstanding under the credit facility were reclassified as long-term debt on the Balance Sheet as of December 31, 2023. (3) On March 1, 2023, TEC entered into a 1-year term facility that matured on February 28, 2024 . (4) On April 3, 2023, TEC entered into a 1-year term facility that matured on April 1, 2024 . At June 30, 2024, these credit facilities required a commitment fee of 12.5 basis points. The weighted-average interest rate on borrowings outstanding under the credit facilities and commercial paper at June 30, 2024 and December 31, 2023 was 5.48 % and 5.68 %, respectively. As of June 30, 2024 and December 31, 2023, the carrying value of TEC’s short-term debt was not materially different from the fair value due to the short-term nature of the instruments and because the stated rates approximate market rates. The fair value of TEC’s short-term debt is determined using Level 2 measurements. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Fair Value of Long-Term Debt At June 30, 2024, TEC’s long-term debt, including the current portion, had a carrying amount of $ 4,233 million and an estimated fair market value of $ 3,728 million. At December 31, 2023, long-term debt had a carrying amount of $ 4,233 million and an estimated fair market value of $ 3,831 million. The fair value of the debt securities is determined using Level 2 measurements. TEC 4.90% Notes due 2029 On January 30, 2024 , TEC completed a sale of $ 500 million aggregate principal amount of 4.90 % Notes due March 1, 2029 (the 2029 Notes). Prior to February 1, 2029, in the case of the 2029 Notes, TEC may redeem all or any part of such series of Notes at its option at a redemption price equal to the greater of (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual basis at the Treasury Rate plus 15 basis points less interest accrued to the date of redemption or (ii) 100 % of the principal amount of the notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after February 1, 2029, TEC may redeem the 2029 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100 % of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date. TEC used the net proceeds from this offering for the repayment of a portion of the borrowings outstanding under the credit facility. Therefore, $ 497 million of borrowings outstanding under the credit facility were reclassified from notes payable to long-term debt on the Balance Sheet as of December 31, 2023. TEC 3.875% Notes due 2024 On July 12, 2024, TEC repaid a $ 300 million note upon maturity. This note was repaid with proceeds from commercial paper. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Legal Contingencies From time to time, TEC and its subsidiaries are involved in various legal, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies in the ordinary course of business. Where appropriate, accruals are made in accordance with accounting standards for contingencies to provide for matters that are probable of resulting in an estimable loss. Long-Term Commitments TEC has commitments for various purchases as disclosed below, including payment obligations under contractual agreements for fuel, fuel transportation and power purchases that are recovered from customers under regulatory clauses. The following is a schedule of future payments under net purchase obligations/commitments at June 30, 2024: Fuel Long-term Capital and Service (millions) Transportation Projects Gas Supply Agreements Other (1) Total 2024 $ 71 $ 515 $ 124 $ 7 $ 9 $ 726 2025 131 47 69 22 8 277 2026 130 15 17 23 2 187 2027 130 6 4 22 2 164 2028 102 0 1 17 1 121 Thereafter 840 0 0 33 75 948 Total future minimum payments $ 1,404 $ 583 $ 215 $ 124 $ 97 $ 2,423 (1) Other includes contractual obligations under operating leases, demand side management, and purchased power agreements. Debt Covenants TEC must meet certain financial tests, including a debt to capital ratio, as defined in the applicable debt agreements and has certain restrictive covenants in specific agreements and debt instruments. At June 30, 2024, TEC was in compliance with all required covenants. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenues [Abstract] | |
Revenue | 9. Revenue The following disaggregates TEC’s revenue by major source: (millions) Three months ended June 30, 2024 2023 Electric revenue Residential $ 385 $ 430 Commercial 177 201 Industrial 42 50 Regulatory deferrals ( 28 ) ( 97 ) Unbilled revenue 24 21 Other (1) 72 72 Total revenue $ 672 $ 677 Six months ended June 30, 2024 2023 Electric revenue Residential $ 689 $ 755 Commercial 332 371 Industrial 82 96 Regulatory deferrals ( 50 ) ( 160 ) Unbilled revenue 27 24 Other (1) 140 143 Total revenue $ 1,220 $ 1,229 (1) Other electric revenue includes sales to public authorities, off-system sales to other utilities and various other items. Remaining Performance Obligations Remaining performance obligations primarily represent lighting contracts with fixed contract terms. As of June 30, 2024 and December 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $ 78 million and $ 78 million, respectively. As allowed under ASC 606, Revenue from Contracts with Customers, these amounts exclude contracts with an original expected length of one year or less and variable amounts for which TEC recognizes revenue at the amount to which it has the right to invoice for services performed. TEC expects to recognize revenue for the remaining performance obligations through 2044 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation TEC is comprised of the electric division, referred to as Tampa Electric, and prior to January 1, 2023, the natural gas division, referred to as PGS. Prior to April 1, 2024, TEC was a wholly owned subsidiary of TECO Energy, which is an indirect, wholly owned subsidiary of Emera. On April 1, 2024, TECO Energy distributed its investment in TEC to TECO Holdings, Inc. in a transaction intended to qualify as a tax-free reorganization. This new corporation is also an indirect, wholly owned subsidiary of Emera. In the opinion of management, the unaudited condensed financial statements include all adjustments that are of a recurring nature and necessary to state fairly the financial position of TEC as of June 30, 2024 and December 31, 2023, and the results of operations and cash flows for the periods ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that can be expected for the entire fiscal year ending December 31, 2024. The use of estimates is inherent in the preparation of financial statements in accordance with U.S. GAAP. Actual results could differ from these estimates. The year-end Condensed Balance Sheet was derived from audited financial statements; however, this quarterly report on Form 10-Q does not include all year-end disclosures required for an annual report on Form 10-K by U.S. GAAP. |
Restricted Cash | Restricted Cash Restricted cash represents the amount of funds required to be set aside in escrow for upcoming acquisitions of land and other properties. |
Receivables and Allowance for Credit Losses | Receivables and Allowance for Credit Losses Receivables on the Condensed Balance Sheets include receivables from contracts with customers, which consist of services to residential, commercial, industrial and other customers, totaling $ 301 million and $ 284 million as of June 30, 2024 and December 31, 2023, respectively. An allowance for credit losses is established based on TEC’s collection experience and reasonable and supportable forecasts that affect the collectibility of the reported amount. Circumstances that could affect TEC’s estimates of credit losses include, but are not limited to, customer credit issues, generating fuel prices, customer deposits and general economic conditions. Accounts are reserved in the allowance or written off once they are deemed to be uncollectible. As of June 30, 2024 and December 31, 2023, unbilled revenues of $ 91 million and $ 63 million, respectively, are included in the “Receivables” line item on the Condensed Balance Sheets. |
Accounting for Franchise Fees and Gross Receipts | Accounting for Franchise Fees and Gross Receipts TEC is allowed to recover certain costs from customers on a dollar-for-dollar basis through rates approved by the FPSC. The amounts included in customers’ bills for franchise fees and gross receipt taxes are included as revenues on the Condensed Statements of Income. Franchise fees and gross receipt taxes payable by TEC are included as an expense on the Condensed Statements of Income in “Taxes, other than income”. These amounts totaled $ 31 million and $ 35 million for the three months ended June 30, 2024 and 2023, respectively, and totaled $ 57 million and $ 63 million for the six months ended June 30, 2024 and 2023, respectively. |
Regulatory (Tables)
Regulatory (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets and Regulatory Liabilities | Details of the regulatory assets and liabilities are presented in the following table: Regulatory Assets and Liabilities (millions) June 30, 2024 December 31, 2023 Regulatory assets: Regulatory tax asset (1) $ 114 $ 112 Cost-recovery clauses (2) 15 94 Capital cost recovery for early retired assets (3) 515 507 Postretirement benefits (4) 235 236 Storm reserve (5) 0 7 Other 30 32 Total regulatory assets 909 988 Less: Current portion 80 161 Long-term regulatory assets $ 829 $ 827 Regulatory liabilities: Regulatory tax liability (6) $ 463 $ 477 Cost-recovery clauses - deferred balances (2) 22 20 Accumulated reserve - cost of removal (7) 304 271 Storm reserve (5) 5 0 Other 46 27 Total regulatory liabilities 840 795 Less: Current portion 103 94 Long-term regulatory liabilities $ 737 $ 701 (1) The regulatory tax asset is primarily associated with the depreciation and recovery of AFUDC-equity. This asset does not earn a return but rather is included in the capital structure, which is used in the calculation of the weighted cost of capital used to determine revenue requirements. It will be recovered over the expected life of the related assets. (2) These assets and liabilities are related to FPSC clauses and riders, primarily related to the fuel clause and the decrease in natural gas prices. They are recovered or refunded through cost-recovery mechanisms approved by the FPSC on a dollar-for-dollar basis in a subsequent period. (3) This asset is related to the remaining net book value of Big Bend Units 1 through 3 and meter assets that were retired. The balance earns a rate of return as permitted by the FPSC and will be recovered as a separate line item on customer bills for a period of 15 years , beginning in 2022 through 2036. (4) This asset is related to the deferred costs of postretirement benefits and it is amortized over the remaining service life of plan participants. Deferred costs of postretirement benefits that are included in expense are recognized as cost of service for rate-making purposes as permitted by the FPSC. (5) In the event of a named storm that results in damage to its system, Tampa Electric can petition the FPSC to seek recovery of those costs over a 12-month period or longer as determined by the FPSC, as well as replenish its reserve to $ 56 million, the level of the reserve as of October 31, 2013. The regulatory asset as of December 31, 2023 was related to the excess of the storm reserve balance associated with storm restoration cost recovery. The regulatory asset was included in rate base and earned interest as permitted by the FPSC. The regulatory liability as of June 30, 2024 is related to the replenishment of the balance in the reserve. (6) The regulatory tax liability is primarily related to the revaluation of TEC’s deferred income tax balances recorded on December 31, 2017 at the lower corporate income tax rate due to U.S. tax reform. The liability related to the revaluation of the deferred income tax balances is amortized and returned to customers through rate reductions or other revenue offsets based on IRS regulations and the settlement agreement for tax reform benefits approved by the FPSC. (7) This item represents the non-ARO cost of removal in the accumulated reserve for depreciation. AROs are costs for legally required removal of property, plant and equipment. Non-ARO cost of removal represents estimated funds received from customers through depreciation rates to cover future non-legally required cost of removal of property, plant and equipment, net of salvage value upon retirement, which reduces rate base for ratemaking purposes. This liability is reduced as costs of removal are incurred. |
Employee Postretirement Benef_2
Employee Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
TECO Energy [Member] | |
Schedule of Net Periodic Benefit Cost | The following table presents detail related to TECO Energy’s periodic benefit cost for pension and other postretirement benefits. Amounts disclosed for TECO Energy’s pension benefits include the amounts related to its qualified pension plan and non-qualified, non-contributory SERP and Restoration Plan. TECO Energy Benefit Cost (millions) Pension Benefits Other Postretirement Benefits Three months ended June 30, 2024 2023 2024 2023 Components of net periodic benefit cost Service cost $ 5 $ 4 $ 0 $ 0 Interest cost 8 9 1 2 Expected return on assets ( 13 ) ( 13 ) 0 0 Amortization of actuarial loss (gain) 1 1 0 ( 1 ) Settlement cost (1) 0 2 0 0 Net periodic benefit cost $ 1 $ 3 $ 1 $ 1 Six months ended June 30, Components of net periodic benefit cost Service cost $ 9 $ 8 $ 0 $ 0 Interest cost 17 18 3 4 Expected return on assets ( 27 ) ( 27 ) 0 0 Amortization of actuarial loss (gain) 3 2 ( 1 ) ( 1 ) Settlement cost (1) 0 2 0 0 Net periodic benefit cost $ 2 $ 3 $ 2 $ 3 (1) Represents TEC's SERP and Restoration Plan settlement charges as a result of the prior retirements of certain executives. |
Short-Term Debt (Tables)
Short-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Short-Term Debt Credit Facilities | Details of TEC’s short-term borrowings are presented in the following table: June 30, 2024 December 31, 2023 Borrowings Borrowings Letters Borrowings Borrowings Letters Credit Outstanding - Outstanding - of Credit Credit Outstanding - Outstanding - of Credit (millions) Facilities Credit Facilities (1) Commercial Paper (1) Outstanding Facilities Credit Facilities (1) Commercial Paper (1) Outstanding Credit facility (2) $ 800 $ 0 $ 65 $ 1 $ 800 $ 0 $ 706 $ 1 1-year term facility (3) 0 0 0 0 200 0 0 0 1-year term facility (4) 0 0 0 0 200 0 0 0 Total $ 800 $ 0 $ 65 $ 1 $ 1,200 $ 0 $ 706 $ 1 (1) Borrowings outstanding are reported as notes payable. (2) This credit facility was planned to mature on December 17, 2026. On April 1, 2024, TEC amended the credit facility agreement to extend the maturity date to December 1, 2028 . TEC also has an active commercial paper program for up to $ 800 million, of which the full amount outstanding is backed by TEC’s credit facility. The amount of commercial paper issued results in an equal amount of its credit facility being considered drawn and unavailable. On January 30, 2024 , TEC completed a sale of $ 500 million aggregate principal amount of 4.90 % Notes due March 1, 2029 . TEC used the net proceeds from this offering for the repayment of a portion of the borrowings outstanding under the credit facility. Therefore, $ 497 million of borrowings outstanding under the credit facility were reclassified as long-term debt on the Balance Sheet as of December 31, 2023. (3) On March 1, 2023, TEC entered into a 1-year term facility that matured on February 28, 2024 . (4) On April 3, 2023, TEC entered into a 1-year term facility that matured on April 1, 2024 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Long-term Commitments | The following is a schedule of future payments under net purchase obligations/commitments at June 30, 2024: Fuel Long-term Capital and Service (millions) Transportation Projects Gas Supply Agreements Other (1) Total 2024 $ 71 $ 515 $ 124 $ 7 $ 9 $ 726 2025 131 47 69 22 8 277 2026 130 15 17 23 2 187 2027 130 6 4 22 2 164 2028 102 0 1 17 1 121 Thereafter 840 0 0 33 75 948 Total future minimum payments $ 1,404 $ 583 $ 215 $ 124 $ 97 $ 2,423 (1) Other includes contractual obligations under operating leases, demand side management, and purchased power agreements. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue Recognition [Abstract] | |
Summary of Disaggregates TEC Revenue by Major Source | The following disaggregates TEC’s revenue by major source: (millions) Three months ended June 30, 2024 2023 Electric revenue Residential $ 385 $ 430 Commercial 177 201 Industrial 42 50 Regulatory deferrals ( 28 ) ( 97 ) Unbilled revenue 24 21 Other (1) 72 72 Total revenue $ 672 $ 677 Six months ended June 30, 2024 2023 Electric revenue Residential $ 689 $ 755 Commercial 332 371 Industrial 82 96 Regulatory deferrals ( 50 ) ( 160 ) Unbilled revenue 27 24 Other (1) 140 143 Total revenue $ 1,220 $ 1,229 (1) Other electric revenue includes sales to public authorities, off-system sales to other utilities and various other items. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Receivables from contracts with customers | $ 301 | $ 301 | $ 284 | ||
Unbilled revenues | 91 | 91 | $ 63 | ||
Franchise fees and gross receipts taxes | $ 31 | $ 35 | $ 57 | $ 63 |
Regulatory - Additional Informa
Regulatory - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Jan. 31, 2027 | Jan. 31, 2026 | Jan. 31, 2025 | May 31, 2025 | Jun. 30, 2024 | Dec. 31, 2023 | |
Public Utilities General Disclosures [Line Items] | ||||||
Accumulated depreciation | $ 3,548 | $ 3,443 | ||||
Scenario Forecast [Member] | ||||||
Public Utilities General Disclosures [Line Items] | ||||||
Effect of base rate adjustment on revenue | $ 72 | $ 100 | $ 297 | |||
Adjustments to fuel and capacity charges reduction over period | $ 138 |
Regulatory - Schedule of Regula
Regulatory - Schedule of Regulatory Assets and Regulatory Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Regulatory assets: | ||
Regulatory assets | $ 909 | $ 988 |
Less: Current portion | 80 | 161 |
Long-term regulatory assets | 829 | 827 |
Regulatory liabilities: | ||
Regulatory liabilities | 840 | 795 |
Less: Current portion | 103 | 94 |
Long-term regulatory liabilities | 737 | 701 |
Regulatory Tax Asset [Member] | ||
Regulatory assets: | ||
Regulatory assets | 114 | 112 |
Cost-Recovery Clauses [Member] | ||
Regulatory assets: | ||
Regulatory assets | 15 | 94 |
Capital Cost Recovery for Early Retired Assets [Member] | ||
Regulatory assets: | ||
Regulatory assets | 515 | 507 |
Postretirement Benefits [Member] | ||
Regulatory assets: | ||
Regulatory assets | 235 | 236 |
Storm Reserve [Member] | ||
Regulatory assets: | ||
Regulatory assets | 0 | 7 |
Other [Member] | ||
Regulatory assets: | ||
Regulatory assets | 30 | 32 |
Regulatory Tax Liability [Member] | Non-Current Liabilities [Member] | ||
Regulatory liabilities: | ||
Regulatory liabilities | 463 | 477 |
Cost-recovery Clauses - Deferred Balances [Member] | ||
Regulatory liabilities: | ||
Regulatory liabilities | 22 | 20 |
Accumulated Reserve - Cost of Removal [Member] | ||
Regulatory liabilities: | ||
Regulatory liabilities | 304 | 271 |
Storm Reserve [Member] | ||
Regulatory liabilities: | ||
Regulatory liabilities | 5 | 0 |
Other [Member] | ||
Regulatory liabilities: | ||
Regulatory liabilities | $ 46 | $ 27 |
Regulatory - Schedule of Regu_2
Regulatory - Schedule of Regulatory Assets and Regulatory Liabilities (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Capital Cost Recovery for Early Retired Assets [Member] | |
Schedule Of Regulatory Assets And Liabilities [Line Items] | |
Settlement agreement cost recovery period | 15 years |
Storm Reserve [Member] | |
Schedule Of Regulatory Assets And Liabilities [Line Items] | |
Recovery of cost reserve | $ 56 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Income Taxes [Line Items] | |||
Regulatory liability due to obligation to transfer tax rate reduction expense benefit | $ 40 | $ 23 | |
Effective tax rate | 11.60% | 15.60% | |
Unrecognized tax benefit that would reduce effective tax rate | $ 11 | $ 10 |
Employee Postretirement Benef_3
Employee Postretirement Benefits - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Benefits [Member] | ||||
Amortization of: | ||||
Net periodic benefit cost | $ 0 | $ 1 | $ 0 | $ 1 |
Other Postretirement Benefits [Member] | ||||
Amortization of: | ||||
Net periodic benefit cost | 1 | 2 | 2 | 3 |
TECO Energy [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 4 | 9 | 8 |
Interest cost | 8 | 9 | 17 | 18 |
Expected return on assets | (13) | (13) | (27) | (27) |
Amortization of: | ||||
Amortization of actuarial loss (gain) | 1 | 1 | 3 | 2 |
Settlement cost | 0 | 2 | 0 | 2 |
Net periodic benefit cost | 1 | 3 | 2 | 3 |
TECO Energy [Member] | Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 1 | 2 | 3 | 4 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of: | ||||
Amortization of actuarial loss (gain) | 0 | (1) | (1) | (1) |
Settlement cost | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 1 | $ 1 | $ 2 | $ 3 |
Employee Postretirement Benef_4
Employee Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Reclassification of regulatory assets to net income as part of periodic benefit cost | $ 1 | $ 1 | $ 2 | $ 1 | |
TECO Energy [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Long-term EROA | 7.05% | ||||
Pension Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit cost | 0 | 1 | $ 0 | 1 | |
Employer contributions | 7 | 5 | |||
Pension Benefits [Member] | Scenario Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contributions | $ 3 | ||||
Pension Benefits [Member] | TECO Energy [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit cost | 1 | 3 | $ 2 | 3 | |
Discount rate | 5.27% | ||||
Employer contributions | $ 12 | 8 | |||
Pension Benefits [Member] | TECO Holdings [Member] | Scenario Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contributions | $ 4 | ||||
Other Postretirement Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit cost | 1 | 2 | 2 | 3 | |
Other Postretirement Benefits [Member] | TECO Energy [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit cost | $ 1 | $ 1 | $ 2 | $ 3 | |
Discount rate | 5.28% |
Short-Term Debt - Credit Facili
Short-Term Debt - Credit Facilities (Detail) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Line Of Credit Facility [Line Items] | ||
Credit Facilities | $ 800,000,000 | $ 1,200,000,000 |
Borrowings Outstanding | 65,000,000 | 209,000,000 |
Letters of Credit Outstanding | 1,000,000 | 1,000,000 |
Credit Facilities [Member] | ||
Line Of Credit Facility [Line Items] | ||
Borrowings Outstanding | 0 | 0 |
Commercial Paper [Member] | ||
Line Of Credit Facility [Line Items] | ||
Borrowings Outstanding | 65,000,000 | 706,000,000 |
Credit Facility [Member] | December 1, 2028 [Member] | ||
Line Of Credit Facility [Line Items] | ||
Credit Facilities | 800,000,000 | 800,000,000 |
Letters of Credit Outstanding | 1,000,000 | 1,000,000 |
Credit Facility [Member] | December 1, 2028 [Member] | Credit Facilities [Member] | ||
Line Of Credit Facility [Line Items] | ||
Borrowings Outstanding | 0 | 0 |
Credit Facility [Member] | December 1, 2028 [Member] | Commercial Paper [Member] | ||
Line Of Credit Facility [Line Items] | ||
Borrowings Outstanding | 65,000,000 | 706,000,000 |
1-year Term Facility [Member] | February 28, 2024 [Member] | ||
Line Of Credit Facility [Line Items] | ||
Credit Facilities | 0 | 200,000,000 |
Letters of Credit Outstanding | 0 | 0 |
1-year Term Facility [Member] | February 28, 2024 [Member] | Credit Facilities [Member] | ||
Line Of Credit Facility [Line Items] | ||
Borrowings Outstanding | 0 | 0 |
1-year Term Facility [Member] | February 28, 2024 [Member] | Commercial Paper [Member] | ||
Line Of Credit Facility [Line Items] | ||
Borrowings Outstanding | 0 | 0 |
1-year Term Facility [Member] | April 1, 2024 [Member] | ||
Line Of Credit Facility [Line Items] | ||
Credit Facilities | 0 | 200,000,000 |
Letters of Credit Outstanding | 0 | 0 |
1-year Term Facility [Member] | April 1, 2024 [Member] | Credit Facilities [Member] | ||
Line Of Credit Facility [Line Items] | ||
Borrowings Outstanding | 0 | 0 |
1-year Term Facility [Member] | April 1, 2024 [Member] | Commercial Paper [Member] | ||
Line Of Credit Facility [Line Items] | ||
Borrowings Outstanding | $ 0 | $ 0 |
Short-Term Debt - Credit Faci_2
Short-Term Debt - Credit Facilities (Parenthetical) (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jan. 30, 2024 | Apr. 03, 2023 | Mar. 01, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Line Of Credit Facility [Line Items] | |||||
Debt instrument, offering date | Jan. 30, 2024 | ||||
Aggregate principal amount issued | $ 500,000,000 | ||||
Stated interest rate | 4.90% | ||||
Debt instrument maturity date | Mar. 01, 2029 | ||||
Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Credit facility maturity date | Dec. 01, 2028 | Dec. 01, 2028 | |||
Credit Facility [Member] | Long-Term Debt [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Borrowings outstanding | $ 497,000,000 | ||||
1-year Term Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Credit facility maturity date | Apr. 01, 2024 | Feb. 28, 2024 | |||
Maximum [Member] | Commercial Paper Program [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Commercial paper issued | $ 800,000,000 |
Short-Term Debt - Additional In
Short-Term Debt - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Line Of Credit Facility [Line Items] | ||
Commitment fees, percentage | 0.125% | |
Weighted-average interest rate | 5.48% | 5.68% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | Jul. 12, 2024 | Jan. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 4,233 | $ 4,233 | ||
Estimated fair value | $ 3,728 | $ 3,831 | ||
Aggregate principal amount issued | $ 500 | |||
Stated interest rate | 4.90% | |||
Debt instrument maturity date | Mar. 01, 2029 | |||
Debt instrument, offering date | Jan. 30, 2024 | |||
3.875% Notes [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayment of notes | $ 300 | |||
4.90% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, maturity year | 2029 | |||
Aggregate principal amount issued | $ 500 | |||
Stated interest rate | 4.90% | |||
Debt instrument maturity date | Mar. 01, 2029 | |||
Redeemable principal amount percentage | 100% | |||
Basis spread on federal funds rate | 15% | |||
Redeemable principal amount percentage | 100% | |||
Debt instrument, offering date | Jan. 30, 2024 | |||
4.90% Notes [Member] | Long-Term Debt [Member] | Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings outstanding | $ 497 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Long-term Commitments (Detail) $ in Millions | Jun. 30, 2024 USD ($) |
Other Commitments [Line Items] | |
2024 | $ 726 |
2025 | 277 |
2026 | 187 |
2027 | 164 |
2028 | 121 |
Thereafter | 948 |
Total future minimum payments | 2,423 |
Transportation [Member] | |
Other Commitments [Line Items] | |
2024 | 71 |
2025 | 131 |
2026 | 130 |
2027 | 130 |
2028 | 102 |
Thereafter | 840 |
Total future minimum payments | 1,404 |
Capital Projects [Member] | |
Other Commitments [Line Items] | |
2024 | 515 |
2025 | 47 |
2026 | 15 |
2027 | 6 |
2028 | 0 |
Thereafter | 0 |
Total future minimum payments | 583 |
Fuel and Gas Supply [Member] | |
Other Commitments [Line Items] | |
2024 | 124 |
2025 | 69 |
2026 | 17 |
2027 | 4 |
2028 | 1 |
Thereafter | 0 |
Total future minimum payments | 215 |
Long-term Service Agreements [Member] | |
Other Commitments [Line Items] | |
2024 | 7 |
2025 | 22 |
2026 | 23 |
2027 | 22 |
2028 | 17 |
Thereafter | 33 |
Total future minimum payments | 124 |
Other [Member] | |
Other Commitments [Line Items] | |
2024 | 9 |
2025 | 8 |
2026 | 2 |
2027 | 2 |
2028 | 1 |
Thereafter | 75 |
Total future minimum payments | $ 97 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregates TEC Revenue by Major Source (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation Of Revenue [Line Items] | ||||
Total electric revenue | $ 672 | $ 677 | $ 1,220 | $ 1,229 |
Total revenue | 672 | 677 | 1,220 | 1,229 |
Residential [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total electric revenue | 385 | 430 | 689 | 755 |
Commercial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total electric revenue | 177 | 201 | 332 | 371 |
Industrial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total electric revenue | 42 | 50 | 82 | 96 |
Regulatory Deferrals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total electric revenue | (28) | (97) | (50) | (160) |
Unbilled Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total electric revenue | 24 | 21 | 27 | 24 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total electric revenue | $ 72 | $ 72 | $ 140 | $ 143 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Regulated Operating Revenue [Abstract] | ||
Remaining performance obligations, transaction price | $ 78 | $ 78 |
Remaining performance obligations, expected year of revenue recognition | 2044 |