Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'TECO ENERGY INC | ' |
Entity Central Index Key | '0000350563 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 217,301,601 |
Tampa Electric Company [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'TAMPA ELECTRIC CO | ' |
Entity Central Index Key | '0000096271 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 10 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $152.80 | $200.50 |
Receivables, less allowance for uncollectibles | 347.1 | 282.7 |
Inventories, at average cost | ' | ' |
Fuel | 119.6 | 123.6 |
Materials and supplies | 83 | 82.1 |
Regulatory assets | 40.9 | 70.3 |
Derivative assets | 0.2 | 0 |
Income tax receivables | 0.8 | 0.4 |
Deferred income taxes | 28.5 | 63.3 |
Prepayments and other current assets | 38.1 | 33.9 |
Total current assets | 811 | 856.8 |
Property, plant and equipment | ' | ' |
Electric | 6,862.50 | 6,655.80 |
Gas | 1,284.30 | 1,228.30 |
Construction work in progress | 356.6 | 336.1 |
Other property | 447.3 | 443.8 |
Property, plant and equipment, at original costs | 8,950.70 | 8,664 |
Accumulated depreciation | -2,869.80 | -2,695.50 |
Total property, plant and equipment, net | 6,080.90 | 5,968.50 |
Other assets | ' | ' |
Regulatory assets | 370.5 | 382.6 |
Derivative assets | 0 | 0.2 |
Deferred charges and other assets | 131.7 | 126.8 |
Total other assets | 502.2 | 509.6 |
Total assets | 7,394.10 | 7,334.90 |
Current liabilities | ' | ' |
Long-term debt due within one year | 83.3 | 0 |
Accounts payable | 241.3 | 232.8 |
Customer deposits | 164.5 | 162.9 |
Regulatory liabilities | 81.3 | 105.6 |
Derivative liabilities | 5.2 | 14.6 |
Interest accrued | 55.4 | 33.2 |
Taxes accrued | 79.3 | 32.1 |
Other | 17.4 | 19.9 |
Total current liabilities | 727.7 | 601.1 |
Other liabilities | ' | ' |
Deferred income taxes | 338 | 277.9 |
Investment tax credits | 9.4 | 9.7 |
Regulatory liabilities | 632.7 | 631.4 |
Derivative liabilities | 1.5 | 0.6 |
Deferred credits and other liabilities | 523.1 | 549.7 |
Long-term debt, less amount due within one year | 2,837.80 | 2,972.70 |
Total other liabilities | 4,342.50 | 4,442 |
Commitments and Contingencies | ' | ' |
Capital | ' | ' |
Common equity | 217.3 | 216.6 |
Additional paid in capital | 1,578.80 | 1,564.50 |
Retained earnings | 554.1 | 541.7 |
Accumulated other comprehensive loss | -26.3 | -31 |
Total capital | 2,323.90 | 2,291.80 |
Long-term debt, less amount due within one year | 2,837.80 | 2,972.70 |
Total liabilities and capital | 7,394.10 | 7,334.90 |
Tampa Electric Company [Member] | ' | ' |
Current assets | ' | ' |
Cash and cash equivalents | 14.3 | 45.2 |
Receivables, less allowance for uncollectibles | 275.3 | 213.8 |
Inventories, at average cost | ' | ' |
Fuel | 90.2 | 89.1 |
Materials and supplies | 73.9 | 72.4 |
Regulatory assets | 40.9 | 70.3 |
Derivative assets | 0.1 | 0 |
Income tax receivables | 0 | 22.1 |
Deferred income taxes | 22.6 | 20 |
Prepayments and other current assets | 16.6 | 11.5 |
Total current assets | 533.9 | 544.4 |
Property, plant and equipment | ' | ' |
Electric | 6,862.50 | 6,654.50 |
Gas | 1,227.90 | 1,171.90 |
Construction work in progress | 351.7 | 335 |
Property, plant and equipment, at original costs | 8,442.10 | 8,161.40 |
Accumulated depreciation | -2,528.10 | -2,373.60 |
Public utilities, property, plant and equipment, net | 5,914 | 5,787.80 |
Other property, net | 8.1 | 7.3 |
Total property, plant and equipment, net | 5,922.10 | 5,795.10 |
Other assets | ' | ' |
Unamortized debt expense | 0.1 | 16.1 |
Regulatory assets | 370.5 | 382.6 |
Derivative assets | 0 | 0.2 |
Other | 21.3 | 6.2 |
Total other assets | 391.9 | 405.1 |
Total assets | 6,847.90 | 6,744.60 |
Current liabilities | ' | ' |
Long-term debt due within one year | 83.3 | 0 |
Accounts payable | 192.7 | 188.6 |
Customer deposits | 164.5 | 163 |
Regulatory liabilities | 81.3 | 105.6 |
Derivative liabilities | 4.9 | 14.1 |
Interest accrued | 37.3 | 17.3 |
Taxes accrued | 81.2 | 13.7 |
Other | 11.8 | 11.8 |
Total current liabilities | 657 | 514.1 |
Other liabilities | ' | ' |
Deferred income taxes | 1,042.70 | 980.9 |
Investment tax credits | 9.4 | 9.7 |
Regulatory liabilities | 632.7 | 631.4 |
Derivative liabilities | 1.4 | 0.2 |
Other | 389.6 | 409.4 |
Long-term debt, less amount due within one year | 1,797.60 | 1,932.60 |
Total other liabilities | 2,075.80 | 2,031.60 |
Commitments and Contingencies | ' | ' |
Capital | ' | ' |
Common equity | 1,990.40 | 1,970.40 |
Retained earnings | 335.1 | 304.6 |
Accumulated other comprehensive loss | -8 | -8.7 |
Total capital | 2,317.50 | 2,266.30 |
Long-term debt, less amount due within one year | 1,797.60 | 1,932.60 |
Total capitalization | 4,115.10 | 4,198.90 |
Total liabilities and capital | $6,847.90 | $6,744.60 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Allowance for uncollectibles | $4.10 | $4.20 |
Common equity, shares authorized | 400 | 400 |
Common equity, par value | $1 | $1 |
Common equity, shares outstanding | 217.3 | 216.6 |
Tampa Electric Company [Member] | ' | ' |
Allowance for uncollectibles | $1.40 | $1.50 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Regulated electric and gas | $639.60 | $670.10 | $1,782.70 | $1,826.80 |
Unregulated | 126.3 | 188.5 | 380.2 | 481.4 |
Total revenues | 765.9 | 858.6 | 2,162.90 | 2,308.20 |
Expenses | ' | ' | ' | ' |
Fuel | 202.8 | 209.1 | 517.3 | 534.5 |
Purchased power | 15.7 | 25.8 | 50.8 | 85.2 |
Cost of natural gas sold | 26.7 | 40.5 | 116.9 | 118.5 |
Other | 127 | 115.4 | 377.4 | 342.2 |
Operation and maintenance other expense | ' | ' | ' | ' |
Mining related costs | 108.3 | 141.5 | 314 | 358.7 |
Other | 3.6 | 1.5 | 8.3 | 4.4 |
Depreciation and amortization | 85.4 | 83.4 | 251.3 | 246.9 |
Taxes, other than income | 55.9 | 58.3 | 162.8 | 170.8 |
Total expenses | 625.4 | 675.5 | 1,798.80 | 1,861.20 |
Income from continuing operations | 140.5 | 183.1 | 364.1 | 447 |
Other income | ' | ' | ' | ' |
Allowance for other funds used during construction | 1.8 | 0.7 | 4.3 | 1.6 |
Other income | -0.3 | 2.7 | 2.9 | 5.8 |
Total other income | 1.5 | 3.4 | 7.2 | 7.4 |
Interest charges | ' | ' | ' | ' |
Interest expense | 42.6 | 45 | 129.1 | 141.7 |
Allowance for borrowed funds used during construction | -1.1 | -0.4 | -2.5 | -0.9 |
Total interest charges | 41.5 | 44.6 | 126.6 | 140.8 |
Income from continuing operations before provision for income taxes | 100.5 | 141.9 | 244.7 | 313.6 |
Provision for income taxes | 37.6 | 51.7 | 89 | 113.2 |
Net income from continuing operations | 62.9 | 90.2 | 155.7 | 200.4 |
Discontinued operations | ' | ' | ' | ' |
Loss from discontinued operations | -0.2 | -27.4 | 0 | -7.9 |
(Benefit) Provision for income taxes | -0.1 | 18.7 | 0 | 24.6 |
Loss from discontinued operations, net | -0.1 | -46.1 | 0 | -32.5 |
Less: Income from discontinued operations attributable to noncontrolling interest | 0 | 0.1 | 0 | 0.3 |
Loss from discontinued operations attributable to TECO Energy, net | -0.1 | -46.2 | 0 | -32.8 |
Net income attributable to TECO Energy | $62.80 | $44 | $155.70 | $167.60 |
Average common shares outstanding - Basic | 215.2 | 214.5 | 214.9 | 214.2 |
Average common shares outstanding - Diluted | 215.6 | 215.4 | 215.4 | 215.3 |
Earnings per share from continuing operations - Basic | $0.29 | $0.42 | $0.72 | $0.93 |
Earnings per share from continuing operations - Diluted | $0.29 | $0.42 | $0.72 | $0.93 |
Earnings per share from discontinued operations - Basic | $0 | ($0.22) | $0 | ($0.15) |
Earnings per share from discontinued operations - Diluted | $0 | ($0.22) | $0 | ($0.15) |
Earnings per share attributable to TECO Energy - Basic | $0.29 | $0.20 | $0.72 | $0.78 |
Earnings per share attributable to TECO Energy - Diluted | $0.29 | $0.20 | $0.72 | $0.78 |
Dividends paid per common share outstanding | $0.22 | $0.22 | $0.66 | $0.66 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Franchise fees and gross receipts taxes | $29.70 | $31 | $81.80 | $85.40 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income attributable to TECO Energy | $62.80 | $44 | $155.70 | $167.60 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Net unrealized gains (loss) on cash flow hedges | 0.8 | 1.7 | 1.1 | -4.2 |
Amortization of unrecognized benefit costs | 0.6 | 0.5 | 2 | 1.1 |
Recognized benefit costs due to settlement | 1.6 | 0 | 1.6 | 0 |
Other comprehensive income (loss), net of tax | 3 | 2.2 | 4.7 | -3.1 |
Comprehensive income attributable to TECO Energy | $65.80 | $46.20 | $160.40 | $164.50 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $155.70 | $167.60 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 251.3 | 253.2 |
Deferred income taxes | 89.1 | 115.2 |
Investment tax credits | -0.3 | -0.3 |
Allowance for other funds used during construction | -4.3 | -1.6 |
Non-cash stock compensation | 10.2 | 8.5 |
(Loss) gain on sales of business/assets, pretax | -0.3 | 14.5 |
Deferred recovery clauses | -3.8 | -3.7 |
Asset impairment, pre-tax | 0 | 17.4 |
Receivables, less allowance for uncollectibles | -64.4 | -47.3 |
Inventories | 3.1 | 7.9 |
Prepayments and other current assets | -4.2 | -3.1 |
Taxes accrued | 44 | 58.7 |
Interest accrued | 22.2 | 23.6 |
Accounts payable | 10.6 | 22 |
Other | -2.8 | -25 |
Cash flows from operating activities | 506.1 | 607.6 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -370.9 | -355.2 |
Allowance for other funds used during construction | 4.3 | 1.6 |
Net proceeds from sales of business/assets | 0.4 | 7.4 |
Cash flows used in investing activities | -366.2 | -346.2 |
Cash flows from financing activities | ' | ' |
Dividends | -143.4 | -142.8 |
Proceeds from the sale of common stock | 7.4 | 3.2 |
Proceeds from long-term debt issuance | 0 | 538.3 |
Repayment of long-term debt/Purchase in lieu of redemption | -51.6 | -469.2 |
Dividends to noncontrolling interest | 0 | -0.3 |
Cash flows used in financing activities | -187.6 | -70.8 |
Net (decrease) increase in cash and cash equivalents | -47.7 | 190.6 |
Cash and cash equivalents at beginning of the period | 200.5 | 44 |
Cash and cash equivalents at beginning of the period | 200.5 | ' |
Cash and cash equivalents at end of the period | 152.8 | 234.6 |
Cash and cash equivalents at end of the period | 152.8 | ' |
Tampa Electric Company [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net income | 178.2 | 183.9 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 221.6 | 214.9 |
Deferred income taxes | 57.7 | 92.6 |
Investment tax credits | -0.3 | -0.2 |
Allowance for other funds used during construction | -4.3 | -1.6 |
(Loss) gain on sales of business/assets, pretax | 0 | -0.2 |
Deferred recovery clauses | -3.8 | -3.7 |
Receivables, less allowance for uncollectibles | -61.5 | -64 |
Inventories | -2.6 | 5.8 |
Prepayments | -5.1 | -4.3 |
Taxes accrued | 89.6 | 78.2 |
Interest accrued | 20 | 19.4 |
Accounts payable | 6.2 | 22.9 |
Other | 1.4 | 4.5 |
Cash flows from operating activities | 497.1 | 548.2 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -353.1 | -318.3 |
Allowance for other funds used during construction | 4.3 | 1.6 |
Net proceeds from sale of assets | 0 | 0.3 |
Cash flows used in investing activities | -348.8 | -316.4 |
Cash flows from financing activities | ' | ' |
Dividends | -147.6 | -149.5 |
Proceeds from the sale of common stock | 20 | 53 |
Proceeds from long-term debt issuance | 0 | 538.3 |
Repayment of long-term debt/Purchase in lieu of redemption | -51.6 | -460.9 |
Cash flows used in financing activities | -179.2 | -19.1 |
Net (decrease) increase in cash and cash equivalents | -30.9 | 212.7 |
Cash and cash equivalents at beginning of the period | 45.2 | 13.9 |
Cash and cash equivalents at end of the period | $14.30 | $226.60 |
Consolidated_Condensed_Stateme4
Consolidated Condensed Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Total revenues | $765.90 | $858.60 | $2,162.90 | $2,308.20 |
Expenses | ' | ' | ' | ' |
Fuel | 202.8 | 209.1 | 517.3 | 534.5 |
Purchased power | 15.7 | 25.8 | 50.8 | 85.2 |
Cost of natural gas sold | 26.7 | 40.5 | 116.9 | 118.5 |
Other | 127 | 115.4 | 377.4 | 342.2 |
Depreciation and amortization | 85.4 | 83.4 | 251.3 | 246.9 |
Taxes, other than income | 55.9 | 58.3 | 162.8 | 170.8 |
Total expenses | 625.4 | 675.5 | 1,798.80 | 1,861.20 |
Income from operations | 140.5 | 183.1 | 364.1 | 447 |
Other income | ' | ' | ' | ' |
Allowance for other funds used during construction | 1.8 | 0.7 | 4.3 | 1.6 |
Total other income | 1.5 | 3.4 | 7.2 | 7.4 |
Interest charges | ' | ' | ' | ' |
Interest on long-term debt | 42.6 | 45 | 129.1 | 141.7 |
Allowance for borrowed funds used during construction | -1.1 | -0.4 | -2.5 | -0.9 |
Total interest charges | 41.5 | 44.6 | 126.6 | 140.8 |
Income before provision for income taxes | 100.5 | 141.9 | 244.7 | 313.6 |
Provision for income taxes | 37.6 | 51.7 | 89 | 113.2 |
Net income attributable to TECO Energy | 62.8 | 44 | 155.7 | 167.6 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Net unrealized gain (loss) on cash flow hedges | 0.8 | 1.7 | 1.1 | -4.2 |
Other comprehensive income (loss), net of tax | 3 | 2.2 | 4.7 | -3.1 |
Comprehensive income | 65.8 | 46.2 | 160.4 | 164.5 |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Electric (includes franchise fees and gross receipts taxes of three months ended $25.6 in 2013 and $26.7 in 2012, nine months ended 66.1 in 2013 and $70.0 in 2012) | 556.3 | 575.1 | 1,477 | 1,528.30 |
Gas (includes franchise fees and gross receipts taxes of three months ended $4.1 in 2013 and $4.3 in 2012 nine months ended $15.7 in 2013 and $15.4 in 2012) | 83.1 | 95.2 | 306.3 | 298.9 |
Total revenues | 639.4 | 670.3 | 1,783.30 | 1,827.20 |
Expenses | ' | ' | ' | ' |
Fuel | 202.8 | 209.1 | 517.3 | 534.5 |
Purchased power | 15.7 | 25.8 | 50.8 | 85.2 |
Cost of natural gas sold | 27 | 40.5 | 117.4 | 118.6 |
Other | 126.8 | 115.5 | 376.9 | 341.8 |
Depreciation and amortization | 75.6 | 72.9 | 221.6 | 214.9 |
Taxes, other than income | 48.2 | 48.3 | 138.5 | 140.6 |
Total expenses | 496.1 | 512.1 | 1,422.50 | 1,435.60 |
Income from operations | 143.3 | 158.2 | 360.8 | 391.6 |
Other income | ' | ' | ' | ' |
Allowance for other funds used during construction | 1.8 | 0.7 | 4.3 | 1.6 |
Other income, net | 1.3 | 2.1 | 3.8 | 3 |
Total other income | 3.1 | 2.8 | 8.1 | 4.6 |
Interest charges | ' | ' | ' | ' |
Interest on long-term debt | 26.3 | 30 | 79.2 | 93 |
Other interest | 1 | 0.8 | 2.9 | 6.7 |
Allowance for borrowed funds used during construction | -1.1 | -0.4 | -2.5 | -0.9 |
Total interest charges | 26.2 | 30.4 | 79.6 | 98.8 |
Income before provision for income taxes | 120.2 | 130.6 | 289.3 | 297.4 |
Provision for income taxes | 46.1 | 50.1 | 111.1 | 113.5 |
Net income attributable to TECO Energy | 74.1 | 80.5 | 178.2 | 183.9 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Net unrealized gain (loss) on cash flow hedges | 0.2 | 0.2 | 0.7 | -4.3 |
Other comprehensive income (loss), net of tax | 0.2 | 0.2 | 0.7 | -4.3 |
Comprehensive income | $74.30 | $80.70 | $178.90 | $179.60 |
Consolidated_Condensed_Stateme5
Consolidated Condensed Statements of Income and Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Franchise fees and gross receipts taxes | $29.70 | $31 | $81.80 | $85.40 |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Franchise fees and gross receipts taxes | 29.7 | 31 | 81.8 | 85.4 |
Tampa Electric Company [Member] | Electric [Member] | ' | ' | ' | ' |
Franchise fees and gross receipts taxes | 25.6 | 26.7 | 66.1 | 70 |
Tampa Electric Company [Member] | Gas [Member] | ' | ' | ' | ' |
Franchise fees and gross receipts taxes | $4.10 | $4.30 | $15.70 | $15.40 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
See the company’s 2012 Annual Report on Form 10-K for a complete detailed discussion of accounting policies. The significant accounting policies for both utility and diversified operations include: | |
Principles of Consolidation and Basis of Presentation | |
The consolidated condensed financial statements include the accounts of TECO Energy, Inc., its majority-owned and controlled subsidiaries and the accounts of VIEs for which it is the primary beneficiary (TECO Energy or the company). TECO Energy is considered to be the primary beneficiary of VIEs if it has both 1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and 2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. For the periods presented, no VIEs have been consolidated in continuing operations (see Note 14). | |
All significant intercompany balances and intercompany transactions have been eliminated in consolidation. In the opinion of management, the unaudited consolidated condensed financial statements include all adjustments that are of a recurring nature and necessary to state fairly the financial position of TECO Energy, Inc. and its subsidiaries as of Sept. 30, 2013 and Dec. 31, 2012, and the results of operations and cash flows for the periods ended Sept. 30, 2013 and 2012. The results of operations for the three and nine months ended Sept. 30, 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ending Dec. 31, 2013. | |
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 consolidated condensed balance sheet data 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. | |
Revenues | |
As of Sept. 30, 2013 and Dec. 31, 2012, unbilled revenues of $51.8 million and $49.0 million, respectively, are included in the “Receivables” line item on the Consolidated Condensed Balance Sheets. | |
Accounting for Excise Taxes, Franchise Fees and Gross Receipts | |
TECO Coal incurs most of TECO Energy’s total excise taxes, which are accrued as an expense and reconciled to the actual cash payment of excise taxes. As general expenses, they are not specifically recovered through revenues. Excise taxes paid by the regulated utilities are not material and are expensed when incurred. | |
The regulated utilities are allowed to recover certain costs on a dollar-per-dollar basis incurred from customers through prices approved by the FPSC. The amounts included in customers’ bills for franchise fees and gross receipt taxes are included as revenues on the Consolidated Condensed Statements of Income. Franchise fees and gross receipt taxes payable by the regulated utilities are included as an expense on the Consolidated Condensed Statements of Income in “Taxes, other than income”. These amounts totaled $29.7 million and $81.8 million, respectively, for the three and nine months ended Sept. 30, 2013, compared to $31.0 million and $85.4 million, respectively, for the three and nine months ended Sept. 30, 2012. | |
Cash Flows Related to Derivatives and Hedging Activities | |
The company classifies cash inflows and outflows related to derivative and hedging instruments in the appropriate cash flow sections associated with the item being hedged. In the case of diesel fuel swaps, which are used to mitigate the fluctuations in the price of diesel fuel, the cash inflows and outflows are included in the operating section. For natural gas and ongoing interest rate swaps, the cash inflows and outflows are included in the operating section. For interest rate swaps that settle coincident with the debt issuance, the cash inflows and outflows are treated as premiums or discounts and included in the financing section of the Consolidated Condensed Statements of Cash Flows. | |
Reclassifications | |
Certain reclassifications were made to prior year amounts to conform to current period presentation. None of the reclassifications affected TECO Energy’s net income in any period. | |
Tampa Electric Company [Member] | ' |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
See TEC’s 2012 Annual Report on Form 10-K for a complete detailed discussion of accounting policies. The significant accounting policies for TEC include: | |
Principles of Consolidation and Basis of Presentation | |
TEC is a wholly-owned subsidiary of TECO Energy, Inc. For the purposes of its consolidated financial reporting, TEC is comprised of the electric division, generally referred to as Tampa Electric, the natural gas division, generally referred to as PGS, and potentially the accounts of VIEs for which it is the primary beneficiary. For the periods presented, no VIEs have been consolidated (see Note 13). | |
All significant intercompany balances and intercompany transactions have been eliminated in consolidation. In the opinion of management, the unaudited consolidated condensed financial statements include all adjustments that are of a recurring nature and necessary to state fairly the financial position of TEC as of Sept. 30, 2013 and Dec. 31, 2012, and the results of operations and cash flows for the periods ended Sept. 30, 2013 and 2012. The results of operations for the three and nine months ended Sept. 30, 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ending Dec. 31, 2013. | |
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 consolidated condensed balance sheet data 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. | |
Revenues | |
As of Sept. 30, 2013 and Dec. 31, 2012, unbilled revenues of $51.8 million and $49.0 million, respectively, are included in the “Receivables” line item on the Consolidated Condensed Balance Sheets. | |
Accounting for Franchise Fees and Gross Receipts | |
The regulated utilities are allowed to recover certain costs on a dollar-per-dollar basis incurred from customers through prices approved by the FPSC. The amounts included in customers’ bills for franchise fees and gross receipt taxes are included as revenues on the Consolidated Condensed Statements of Income. Franchise fees and gross receipt taxes payable by the regulated utilities are included as an expense on the Consolidated Condensed Statements of Income in “Taxes, other than income”. These amounts totaled $29.7 million and $81.8 million, respectively, for the three and nine months ended Sept. 30, 2013, compared to $31.0 million and $85.4 million, respectively, for the three and nine months ended Sept. 30, 2012. | |
Cash Flows Related to Derivatives and Hedging Activities | |
TEC classifies cash inflows and outflows related to derivative and hedging instruments in the appropriate cash flow sections associated with the item being hedged. For natural gas and ongoing interest rate swaps, the cash inflows and outflows are included in the operating section. For interest rate swaps that settle coincident with the debt issuance, the cash inflows and outflows are treated as premiums or discounts and included in the financing section of the Consolidated Condensed Statements of Cash Flows. | |
Reclassifications | |
Certain reclassifications were made to prior year amounts to conform to current period presentation. Income tax expense related to regulated operations was previously included within income from operations as it is part of the determination of utility revenue requirements. Income tax expense is now presented directly above net income to conform to the TECO Energy, Inc. presentation. For prior periods, this change results in an increase in income from operations for the amount of income tax expense reclassified. None of the reclassifications affected TEC’s net income in any period. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements | ' |
2. New Accounting Pronouncements | |
Unrecognized Tax Benefits | |
In July 2013, the FASB issued guidance regarding the presentation of unrecognized tax benefits in the statement of position when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. It requires that an unrecognized tax benefit be presented as a reduction to a deferred tax asset for net operating loss carryforwards, similar tax losses or tax credit carryforwards, with certain exceptions. The guidance is effective for interim and annual reporting periods beginning on or after Dec. 15, 2013. The guidance will have no effect on the company’s results of operations, financial position or cash flows. | |
Comprehensive Income | |
In February 2013, the FASB issued guidance requiring improved disclosures of significant reclassifications out of AOCI and their corresponding effect on net income. The guidance is effective for interim and annual reporting periods beginning on or after Dec. 15, 2012. The company has adopted this guidance as required. It has no effect on the company’s results of operations, financial position or cash flows. | |
Tampa Electric Company [Member] | ' |
New Accounting Pronouncements | ' |
2. New Accounting Pronouncements | |
Comprehensive Income | |
In February 2013, the FASB issued guidance requiring improved disclosures of significant reclassifications out of AOCI and their corresponding effect on net income. The guidance is effective for interim and annual reporting periods beginning on or after Dec. 15, 2012. TEC has adopted this guidance as required. It has no effect on TEC’s results of operations, financial position or cash flows. |
Regulatory
Regulatory | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Regulatory | ' | ||||||||
3. Regulatory | |||||||||
Tampa Electric’s and PGS’s retail businesses are regulated by the FPSC. Tampa Electric is also subject to regulation by the FERC under PUHCA 2005. However, pursuant to a waiver granted in accordance with the FERC’s regulations, TECO Energy is not subject to certain accounting, record-keeping and reporting requirements prescribed by the FERC’s regulations under PUHCA 2005. The operations of PGS are regulated by the FPSC separately from the operations of Tampa Electric. The FPSC has jurisdiction over rates, service, issuance of securities, safety, accounting and depreciation practices and other matters. In general, the FPSC sets rates at a level that allows utilities such as Tampa Electric and PGS to collect total revenues (revenue requirements) equal to their cost of providing service, plus a reasonable return on invested capital. | |||||||||
Base Rates-Tampa Electric | |||||||||
Tampa Electric’s 2013 and 2012 results reflect base rates established in March 2009, when the FPSC awarded $104 million higher revenue requirements effective in May 2009 that authorized an ROE midpoint of 11.25%, 54.0% equity in the capital structure and 2009 13-month average rate base of $3.4 billion. In a series of subsequent decisions in 2009 and 2010, related to a calculation error and a step increase for CTs and rail unloading facilities that entered service before the end of 2009, base rates increased an additional $33.5 million. | |||||||||
On Feb. 4, 2013, Tampa Electric delivered a letter to the FPSC notifying it of its intent to file a request for an increase in its retail base rates and service charges. On April 5, 2013, Tampa Electric filed a petition with the FPSC requesting, among other things, a permanent increase in rates and service charges sufficient to generate additional annual revenues of approximately $134.8 million, to be effective on or after Jan. 1, 2014. The request provided for a return on equity range of 10.25% to 12.25% with a midpoint of 11.25%. The petition also requested certain changes to existing rate schedules, as well as the adoption of new rate designs. | |||||||||
On Sept. 6, 2013, TEC and all of the intervenors in its Tampa Electric division base rate proceeding filed with the FPSC a joint motion for the FPSC to approve a stipulation and settlement agreement, which would resolve all matters in Tampa Electric’s pending base rate proceeding. | |||||||||
This agreement provided for the following revenue increases: $57.5 million effective Nov. 1, 2013, an additional $7.5 million effective Nov. 1, 2014, an additional $5.0 million effective Nov. 1, 2015, and an additional $110.0 million effective Jan. 1, 2017 or the date that the expansion of TEC’s Polk Power Station goes into service, whichever is later. The agreement provides that Tampa Electric’s allowed regulatory ROE would be a mid-point of 10.25% with a range of plus or minus 1%, with a potential increase to 10.50% if U.S. Treasury bond yields exceed a specified threshold. The agreement provides that Tampa Electric cannot file for additional rate increases until 2017 (to be effective in 2018), unless its earned ROE were to fall below 9.25% (or 9.5% if the allowed ROE is increased as described above) before that time. If its earned ROE were to rise above 11.25% (or 11.5% if the allowed ROE is increased as described above) any party to the agreement other than TEC could seek a review of Tampa Electric’s base rates. Under the agreement, the allowed equity in the capital structure is 54% from investor sources of capital and Tampa Electric will begin using a 15-year amortization period for all computer software retroactive to Jan. 1, 2013. | |||||||||
On Sept. 11, 2013, the FPSC unanimously voted to approve the stipulation and settlement agreement between TEC and all of the intervenors in its Tampa Electric division base rate proceeding, which resolved Tampa Electric’s base rate proceeding. | |||||||||
Storm Damage Cost Recovery | |||||||||
Tampa Electric is accruing $8.0 million annually to a FERC-authorized and FPSC-approved self-insured storm damage reserve. This reserve was created after Florida’s IOUs were unable to obtain transmission and distribution insurance coverage due to destructive acts of nature. Tampa Electric’s storm reserve was $55.4 million and $50.4 million as of Sept. 30, 2013 and Dec. 31, 2012, respectively. Effective Nov. 1, 2013, Tampa Electric will cease accruing for this storm damage reserve as a settlement provision of the base rate proceeding mentioned above. However, 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 the level as of Oct. 31, 2013. | |||||||||
Regulatory Assets and Liabilities | |||||||||
Tampa Electric and PGS maintain their accounts in accordance with recognized policies of the FPSC. In addition, Tampa Electric maintains its accounts in accordance with recognized policies prescribed or permitted by the FERC. | |||||||||
Tampa Electric and PGS apply the accounting standards for regulated operations. Areas of applicability include: deferral of revenues under approved regulatory agreements; revenue recognition resulting from cost-recovery clauses that provide for monthly billing charges to reflect increases or decreases in fuel, purchased power, conservation and environmental costs; and the deferral of costs as regulatory assets to the period in which the regulatory agency recognizes them, when cost recovery is ordered over a period longer than a fiscal year. | |||||||||
Details of the regulatory assets and liabilities as of Sept. 30, 2013 and Dec. 31, 2012 are presented in the following table: | |||||||||
Regulatory Assets and Liabilities | |||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||
2013 | 2012 | ||||||||
Regulatory assets: | |||||||||
Regulatory tax asset (1) | $ | 67.2 | $ | 67.2 | |||||
Other: | |||||||||
Cost-recovery clauses | 14.4 | 42.9 | |||||||
Postretirement benefit asset | 263.8 | 276.1 | |||||||
Deferred bond refinancing costs (2) | 8.3 | 9.2 | |||||||
Environmental remediation | 47.8 | 46.9 | |||||||
Competitive rate adjustment | 4.2 | 4.1 | |||||||
Other | 5.7 | 6.5 | |||||||
Total other regulatory assets | 344.2 | 385.7 | |||||||
Total regulatory assets | 411.4 | 452.9 | |||||||
Less: Current portion | 40.9 | 70.3 | |||||||
Long-term regulatory assets | $ | 370.5 | $ | 382.6 | |||||
Regulatory liabilities: | |||||||||
Regulatory tax liability (1) | $ | 13.7 | $ | 14.6 | |||||
Other: | |||||||||
Cost-recovery clauses | 49.4 | 73.9 | |||||||
Transmission and delivery storm reserve | 55.4 | 50.4 | |||||||
Deferred gain on property sales (3) | 2.3 | 3.4 | |||||||
Other | 1.3 | 1 | |||||||
Accumulated reserve - cost of removal | 591.9 | 593.7 | |||||||
Total other regulatory liabilities | 700.3 | 722.4 | |||||||
Total regulatory liabilities | 714 | 737 | |||||||
Less: Current portion | 81.3 | 105.6 | |||||||
Long-term regulatory liabilities | $ | 632.7 | $ | 631.4 | |||||
-1 | Primarily related to plant life and derivative positions. | ||||||||
-2 | Amortized over the term of the related debt instruments. | ||||||||
-3 | Amortized over a 5-year period with various ending dates. | ||||||||
All regulatory assets are recovered through the regulatory process. The following table further details the regulatory assets and the related recovery periods: | |||||||||
Regulatory Assets | |||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||
2013 | 2012 | ||||||||
Clause recoverable (1) | $ | 18.6 | $ | 47 | |||||
Components of rate base (2) | 266.7 | 279.1 | |||||||
Regulatory tax assets (3) | 67.2 | 67.2 | |||||||
Capital structure and other (3) | 58.9 | 59.6 | |||||||
Total | $ | 411.4 | $ | 452.9 | |||||
-1 | To be recovered through recovery mechanisms approved by the FPSC on a dollar-for-dollar basis in the next year. | ||||||||
-2 | Primarily reflects allowed working capital, which is included in rate base and earns a rate of return as permitted by the FPSC. | ||||||||
-3 | “Regulatory tax assets” and “Capital structure and other” regulatory assets have a recoverable period longer than a fiscal year and are recognized over the period authorized by the regulatory agency. Also included are unamortized loan costs, which are amortized over the life of the related debt instruments. See footnotes 1 and 2 in the prior table for additional information. | ||||||||
Tampa Electric Company [Member] | ' | ||||||||
Regulatory | ' | ||||||||
3. Regulatory | |||||||||
Tampa Electric’s and PGS’s retail businesses are regulated by the FPSC. Tampa Electric is also subject to regulation by the FERC under PUHCA 2005. However, pursuant to a waiver granted in accordance with the FERC’s regulations, TECO Energy is not subject to certain accounting, record-keeping and reporting requirements prescribed by the FERC’s regulations under PUHCA 2005. The operations of PGS are regulated by the FPSC separately from the operations of Tampa Electric. The FPSC has jurisdiction over rates, service, issuance of securities, safety, accounting and depreciation practices and other matters. In general, the FPSC sets rates at a level that allows utilities such as Tampa Electric and PGS to collect total revenues (revenue requirements) equal to their cost of providing service, plus a reasonable return on invested capital. | |||||||||
Base Rates-Tampa Electric | |||||||||
Tampa Electric’s 2013 and 2012 results reflect base rates established in March 2009, when the FPSC awarded $104 million higher revenue requirements effective in May 2009 that authorized an ROE midpoint of 11.25%, 54.0% equity in the capital structure and 2009 13-month average rate base of $3.4 billion. In a series of subsequent decisions in 2009 and 2010, related to a calculation error and a step increase for CTs and rail unloading facilities that entered service before the end of 2009, base rates increased an additional $33.5 million. | |||||||||
On Feb. 4, 2013, Tampa Electric delivered a letter to the FPSC notifying it of its intent to file a request for an increase in its retail base rates and service charges. On April 5, 2013, Tampa Electric filed a petition with the FPSC requesting, among other things, a permanent increase in rates and service charges sufficient to generate additional annual revenues of approximately $134.8 million, to be effective on or after Jan. 1, 2014. The request provided for a return on equity range of 10.25% to 12.25% with a midpoint of 11.25%. The petition also requested certain changes to existing rate schedules, as well as the adoption of new rate designs. | |||||||||
On Sept. 6, 2013, TEC and all of the intervenors in its Tampa Electric division base rate proceeding filed with the FPSC a joint motion for the FPSC to approve a stipulation and settlement agreement, which would resolve all matters in Tampa Electric’s pending base rate proceeding. | |||||||||
This agreement provided for the following revenue increases: $57.5 million effective Nov. 1, 2013, an additional $7.5 million effective Nov. 1, 2014, an additional $5.0 million effective Nov. 1, 2015, and an additional $110.0 million effective Jan. 1, 2017 or the date that the expansion of TEC’s Polk Power Station goes into service, whichever is later. The agreement provides that Tampa Electric’s allowed regulatory ROE would be a mid-point of 10.25% with a range of plus or minus 1%, with a potential increase to 10.50% if U.S. Treasury bond yields exceed a specified threshold. The agreement provides that Tampa Electric cannot file for additional rate increases until 2017 (to be effective in 2018), unless its earned ROE were to fall below 9.25% (or 9.5% if the allowed ROE is increased as described above) before that time. If its earned ROE were to rise above 11.25% (or 11.5% if the allowed ROE is increased as described above) any party to the agreement other than TEC could seek a review of Tampa Electric’s base rates. Under the agreement, the allowed equity in the capital structure is 54% from investor sources of capital and Tampa Electric will begin using a 15-year amortization period for all computer software retroactive to Jan. 1, 2013. | |||||||||
On Sept. 11, 2013, the FPSC unanimously voted to approve the stipulation and settlement agreement between TEC and all of the intervenors in its Tampa Electric division base rate proceeding, which resolved Tampa Electric’s base rate proceeding. | |||||||||
Storm Damage Cost Recovery | |||||||||
Tampa Electric is accruing $8.0 million annually to a FERC-authorized and FPSC-approved self-insured storm damage reserve. This reserve was created after Florida’s IOUs were unable to obtain transmission and distribution insurance coverage due to destructive acts of nature. Tampa Electric’s storm reserve was $55.4 million and $50.4 million as of Sept. 30, 2013 and Dec. 31, 2012, respectively. Effective Nov. 1, 2013, Tampa Electric will cease accruing for this storm damage reserve as a settlement provision of the base rate proceeding mentioned above. However, 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 the level as of Oct. 31, 2013. | |||||||||
Regulatory Assets and Liabilities | |||||||||
Tampa Electric and PGS maintain their accounts in accordance with recognized policies of the FPSC. In addition, Tampa Electric maintains its accounts in accordance with recognized policies prescribed or permitted by the FERC. | |||||||||
Tampa Electric and PGS apply the accounting standards for regulated operations. Areas of applicability include: deferral of revenues under approved regulatory agreements; revenue recognition resulting from cost-recovery clauses that provide for monthly billing charges to reflect increases or decreases in fuel, purchased power, conservation and environmental costs; and the deferral of costs as regulatory assets to the period in which the regulatory agency recognizes them, when cost recovery is ordered over a period longer than a fiscal year. | |||||||||
Details of the regulatory assets and liabilities as of Sept. 30, 2013 and Dec. 31, 2012 are presented in the following table: | |||||||||
Regulatory Assets and Liabilities | |||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||
2013 | 2012 | ||||||||
Regulatory assets: | |||||||||
Regulatory tax asset (1) | $ | 67.2 | $ | 67.2 | |||||
Other: | |||||||||
Cost-recovery clauses | 14.4 | 42.9 | |||||||
Postretirement benefit asset | 263.8 | 276.1 | |||||||
Deferred bond refinancing costs (2) | 8.3 | 9.2 | |||||||
Environmental remediation | 47.8 | 46.9 | |||||||
Competitive rate adjustment | 4.2 | 4.1 | |||||||
Other | 5.7 | 6.5 | |||||||
Total other regulatory assets | 344.2 | 385.7 | |||||||
Total regulatory assets | 411.4 | 452.9 | |||||||
Less: Current portion | 40.9 | 70.3 | |||||||
Long-term regulatory assets | $ | 370.5 | $ | 382.6 | |||||
Regulatory liabilities: | |||||||||
Regulatory tax liability (1) | $ | 13.7 | $ | 14.6 | |||||
Other: | |||||||||
Cost-recovery clauses | 49.4 | 73.9 | |||||||
Transmission and delivery storm reserve | 55.4 | 50.4 | |||||||
Deferred gain on property sales (3) | 2.3 | 3.4 | |||||||
Other | 1.3 | 1 | |||||||
Accumulated reserve - cost of removal | 591.9 | 593.7 | |||||||
Total other regulatory liabilities | 700.3 | 722.4 | |||||||
Total regulatory liabilities | 714 | 737 | |||||||
Less: Current portion | 81.3 | 105.6 | |||||||
Long-term regulatory liabilities | $ | 632.7 | $ | 631.4 | |||||
-1 | Primarily related to plant life and derivative positions. | ||||||||
-2 | Amortized over the term of the related debt instruments. | ||||||||
-3 | Amortized over a 5-year period with various ending dates. | ||||||||
All regulatory assets are recovered through the regulatory process. The following table further details the regulatory assets and the related recovery periods: | |||||||||
Regulatory Assets | |||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||
2013 | 2012 | ||||||||
Clause recoverable (1) | $ | 18.6 | $ | 47 | |||||
Components of rate base (2) | 266.7 | 279.1 | |||||||
Regulatory tax assets (3) | 67.2 | 67.2 | |||||||
Capital structure and other (3) | 58.9 | 59.6 | |||||||
Total | $ | 411.4 | $ | 452.9 | |||||
-1 | To be recovered through recovery mechanisms approved by the FPSC on a dollar-for-dollar basis in the next year. | ||||||||
-2 | Primarily reflects allowed working capital, which is included in rate base and earns a rate of return as permitted by the FPSC. | ||||||||
-3 | “Regulatory tax assets” and “Capital structure and other” regulatory assets have a recoverable period longer than a fiscal year and are recognized over the period authorized by the regulatory agency. Also included are unamortized loan costs, which are amortized over the life of the related debt instruments. See footnotes 1 and 2 in the prior table for additional information. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
4. Income Taxes | |
The company’s subsidiaries join in the filing of a U.S. federal consolidated income tax return. The IRS concluded its examination of the company’s 2011 consolidated federal income tax return during 2012. The statute of limitations remains open for years 2010 and forward. Years 2012 and 2013 are currently being examined by the IRS under their Compliance Assurance Program. TECO Energy does not expect the settlement of current IRS examinations to significantly change the total amount of unrecognized tax benefits by the end of 2013. U.S. state jurisdictions have statutes of limitations generally ranging from three to four years from the filing of an income tax return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. Years still open to examination by tax authorities in major state and foreign jurisdictions include 2009 and forward. | |
The company recognizes interest and penalties associated with uncertain tax positions in “Operation & maintenance other expense-Other” on the Consolidated Condensed Statements of Income in accordance with standards for accounting for uncertainty in income taxes. For the nine months ended Sept. 30, 2013 and Sept. 30, 2012, the company recorded $0.1 million and $0.1 million of interest charges respectively. No amounts were recorded in continuing operations for penalties for the nine months ended Sept. 30, 2013 or Sept. 30, 2012. | |
The company expects to recognize the remaining unrecognized tax benefits by the end of 2013 as a result of a lapse of the statute of limitations, which would affect the annual effective tax rate. | |
During the three months ended Sept. 30, 2012, the company incurred an after-tax charge of $22.6 million for foreign tax credits associated with its Guatemalan operations being reclassified as an asset held for sale. See Note 15 for more information. | |
The effective tax rate for continuing operations increased to 36.37% for the nine months ended Sept. 30, 2013 from 36.09% for the same period in 2012. The increase is principally due to decreased depletion. | |
Tampa Electric Company [Member] | ' |
Income Taxes | ' |
4. Income Taxes | |
TEC is included in the filing of a consolidated federal income tax return with TECO Energy and its affiliates. TEC’s income tax expense is based upon a separate return computation. TEC’s effective tax rates for the nine months ended Sept. 30, 2013 and 2012 differ from the statutory rate principally due to state income taxes, the domestic activity production deduction and the AFUDC-equity. | |
The IRS concluded its examination of the company’s 2011 consolidated federal income tax return during 2012. The U.S. federal statute of limitations remains open for the year 2010 and forward. Years 2012 and 2013 are currently being examined by the IRS under the Compliance Assurance Program. TECO Energy does not expect the settlement of current IRS examinations to significantly change the total amount of unrecognized tax benefits by the end of 2013. Florida’s statute of limitations is three years from the filing of an income tax return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. Years still open to examination by Florida’s tax authorities include 2009 and forward. |
Employee_Postretirement_Benefi
Employee Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Employee Postretirement Benefits | ' | ||||||||||||||||
5. Employee Postretirement Benefits | |||||||||||||||||
Included in the table below is the periodic expense for pension and other postretirement benefits offered by the company. | |||||||||||||||||
Pension Expense | |||||||||||||||||
(millions) | Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three months ended Sept. 30, | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Components of net periodic benefit expense | |||||||||||||||||
Service cost | $ | 4.5 | $ | 4.3 | $ | 0.7 | $ | 0.6 | |||||||||
Interest cost on projected benefit obligations | 7.3 | 7.5 | 2.3 | 2.5 | |||||||||||||
Expected return on assets | (9.6 | ) | (9.3 | ) | 0 | 0 | |||||||||||
Amortization of: | |||||||||||||||||
Transition obligation | 0 | 0 | 0 | 0.4 | |||||||||||||
Prior service (benefit) cost | (0.1 | ) | (0.1 | ) | (0.1 | ) | 0.2 | ||||||||||
Actuarial loss | 5.1 | 3.9 | 0.2 | 0.1 | |||||||||||||
Settlement cost | 1 | 0 | 0 | 0 | |||||||||||||
Net pension expense recognized in the Consolidated Condensed Statements of Income | $ | 8.2 | $ | 6.3 | $ | 3.1 | $ | 3.8 | |||||||||
Nine months ended Sept. 30, | |||||||||||||||||
Components of net periodic benefit expense | |||||||||||||||||
Service cost | $ | 13.6 | $ | 12.8 | $ | 1.9 | $ | 1.8 | |||||||||
Interest cost on projected benefit obligations | 21.7 | 22.5 | 7 | 7.6 | |||||||||||||
Expected return on assets | (28.8 | ) | (27.8 | ) | 0 | 0 | |||||||||||
Amortization of: | |||||||||||||||||
Transition obligation | 0 | 0 | 0 | 1.3 | |||||||||||||
Prior service (benefit) cost | (0.3 | ) | (0.3 | ) | (0.3 | ) | 0.6 | ||||||||||
Actuarial loss | 15.4 | 11.5 | 0.7 | 0.1 | |||||||||||||
Settlement cost | 1 | 0 | 0 | 0 | |||||||||||||
Net pension expense recognized in the Consolidated Condensed Statements of Income | $ | 22.6 | $ | 18.7 | $ | 9.3 | $ | 11.4 | |||||||||
For the fiscal 2013 plan year, TECO Energy assumed a long-term EROA of 7.50% and a discount rate of 4.196% for pension benefits under its qualified pension plan, and a discount rate of 4.180% for its other postretirement benefits as of their Jan. 1, 2013 measurement dates. The SERP was remeasured as of Jun. 30, 2013 using a discount rate of 4.96% due to a settlement. Additionally, TECO Energy made contributions of $32.9 million to its pension plan for the nine months ended Sept. 30, 2013. | |||||||||||||||||
For the three and nine months ended Sept. 30, 2013, TECO Energy and its subsidiaries reclassed $1.0 million and $3.2 million pretax, respectively, of unamortized transition obligation, prior service cost and actuarial losses from AOCI to net income as part of periodic benefit expense. In addition, during the three and nine months ended Sept. 30, 2013, TEC reclassed $4.1 million and $12.3 million, respectively, of unamortized transition obligation, prior service cost and actuarial losses from regulatory assets to net income as part of periodic benefit expense. | |||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||
Employee Postretirement Benefits | ' | ||||||||||||||||
5. Employee Postretirement Benefits | |||||||||||||||||
TEC is a participant in the comprehensive retirement plans of TECO Energy. Amounts allocable to all participants of the TECO Energy retirement plans are found in Note 5, Employee Postretirement Benefits, in the TECO Energy, Inc. Notes to Consolidated Condensed Financial Statements. TEC’s portion of the net pension expense for the three months ended Sept. 30, 2013 and 2012, respectively, was $5.4 million and $4.5 million for pension benefits, and $2.5 million and $3.1 million for other postretirement benefits. TEC’s portion of the net pension expense for the nine months ended Sept. 30, 2013 and 2012, respectively, was $16.3 million and $13.7 million for pension benefits, and $7.5 million and $9.3 million for other postretirement benefits. | |||||||||||||||||
For the fiscal 2013 plan year, TECO Energy assumed a long-term EROA of 7.50% and a discount rate of 4.196% for pension benefits under its qualified pension plan, and a discount rate of 4.180% for its other postretirement benefits as of their Jan. 1, 2013 measurement dates. The SERP was remeasured as of Jun. 30, 2013 using a discount rate of 4.96% due to a settlement. Additionally, TECO Energy made contributions of $32.9 million to its pension plan in the nine months ended Sept. 30, 2013. TEC’s portion of the contributions was $26.1 million. | |||||||||||||||||
Included in the benefit expenses discussed above, for the three and nine months ended Sept. 30, 2013, TEC reclassed $4.1 million and $12.3 million, respectively, of unamortized transition obligation, prior service cost and actuarial losses from regulatory assets to net income. |
ShortTerm_Debt
Short-Term Debt | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Short-Term Debt | ' | ||||||||||||||||||||||||
6. Short-Term Debt | |||||||||||||||||||||||||
At Sept. 30, 2013 and Dec. 31, 2012, the following credit facilities and related borrowings existed: | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
Sept. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||
(millions) | Credit | Borrowings | Letters | Credit | Borrowings | Letters | |||||||||||||||||||
Facilities | Outstanding (1) | of Credit | Facilities | Outstanding (1) | of Credit | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Tampa Electric Company: | |||||||||||||||||||||||||
5-year facility (2) | $ | 325 | $ | 0 | $ | 1.5 | $ | 325 | $ | 0 | $ | 1.5 | |||||||||||||
1-year accounts receivable facility | 150 | 0 | 0 | 150 | 0 | 0 | |||||||||||||||||||
TECO Energy/TECO Finance: | |||||||||||||||||||||||||
5-year facility (2)(3) | 200 | 0 | 0 | 200 | 0 | 0 | |||||||||||||||||||
Total | $ | 675 | $ | 0 | $ | 1.5 | $ | 675 | $ | 0 | $ | 1.5 | |||||||||||||
-1 | Borrowings outstanding are reported as notes payable. | ||||||||||||||||||||||||
-2 | This 5-year facility matures Oct. 25, 2016. | ||||||||||||||||||||||||
-3 | TECO Finance is the borrower and TECO Energy is the guarantor of this facility. | ||||||||||||||||||||||||
At Sept. 30, 2013, these credit facilities require commitment fees ranging from 12.5 to 25.0 basis points. There were no outstanding borrowings at Sept. 30, 2013 or Dec. 31, 2012. | |||||||||||||||||||||||||
Tampa Electric Company Accounts Receivable Facility | |||||||||||||||||||||||||
On Feb. 15, 2013, TEC and TRC amended their $150 million accounts receivable collateralized borrowing facility, entering into Amendment No. 11 to the Loan and Servicing Agreement with certain lenders named therein and Citibank, N.A. as Program Agent. The amendment (i) extends the maturity date to Feb. 14, 2014, (ii) provides that TRC will pay program and liquidity fees, which will total 52.5 basis points, (iii) continues to provide that the interest rates on the borrowings will be based on prevailing asset-backed commercial paper rates, unless such rates are not available from conduit lenders, in which case the rates will be at an interest rate equal to, at TEC’s option, either Citibank’s prime rate (or the federal funds rate plus 50 basis points, if higher) or a rate based on the LIBOR (if available) plus a margin and (iv) makes other technical changes. | |||||||||||||||||||||||||
Amendment of TECO Energy/TECO Finance Credit Facility | |||||||||||||||||||||||||
On June 24, 2013, TECO Energy and TECO Finance entered into an Amendment No. 1 (Amendment) to the TECO Energy/TECO Finance Third Amended and Restated Credit Agreement dated Oct. 25, 2011 (TECO Credit Facility). Pursuant to the TECO Credit Facility, TECO Finance may borrow up to $200 million from time to time on a revolving basis. The TECO Credit Facility matures on Oct. 25, 2016. | |||||||||||||||||||||||||
The Amendment was entered into to accommodate the acquisition of NMGI, as described in Note 16 herein, by (i) temporarily changing the total debt-to-total capitalization financial covenant such that, during the four fiscal quarters commencing with the quarter in which the acquisition closes, TECO Energy must maintain a total debt to total capitalization ratio of no greater than 0.70 to 1.00, instead of the previous capitalization ratio of 0.65 to 1.00 and (ii) changing the definition of Permitted Liens as defined in the TECO Credit Facility to permit the acquisition of a significant subsidiary that carries secured debt and making other changes matching the corresponding covenant in the Bridge Facility, as described in Note 16 herein. More specifically, the Amendment adds to the definition of Permitted Liens, (i) liens existing on any property or asset prior to the acquisition thereof by any significant subsidiary or existing on any property or assets of any person that becomes a significant subsidiary after the date of the Amendment prior to the time such person becomes a significant subsidiary, (ii) liens on assets subject to existing liens to secure additional obligations and (iii) mortgage bonds issued by certain regulated significant subsidiaries including NMGC in a principal amount not exceeding 66 2/3% of the value of such significant subsidiary’s plant, property and equipment. The Amendment also contains other minor changes to the TECO Credit Facility. | |||||||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||||||
Short-Term Debt | ' | ||||||||||||||||||||||||
6. Short-Term Debt | |||||||||||||||||||||||||
At Sept. 30, 2013 and Dec. 31, 2012, the following credit facilities and related borrowings existed: | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
Sept. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||
(millions) | Credit | Borrowings | Letters | Credit | Borrowings | Letters | |||||||||||||||||||
Facilities | Outstanding (1) | of Credit | Facilities | Outstanding (1) | of Credit | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Tampa Electric Company: | |||||||||||||||||||||||||
5-year facility (2) | $ | 325 | $ | 0 | $ | 1.5 | $ | 325 | $ | 0 | $ | 1.5 | |||||||||||||
1-year accounts receivable facility | 150 | 0 | 0 | 150 | 0 | 0 | |||||||||||||||||||
Total | $ | 475 | $ | 0 | $ | 1.5 | $ | 475 | $ | 0 | $ | 1.5 | |||||||||||||
-1 | Borrowings outstanding are reported as notes payable. | ||||||||||||||||||||||||
-2 | This 5-year facility matures Oct. 25, 2016. | ||||||||||||||||||||||||
At Sept. 30, 2013, these credit facilities require commitment fees ranging from 12.5 to 25.0 basis points. There were no outstanding borrowings at Sept. 30, 2013 or Dec. 31, 2012. | |||||||||||||||||||||||||
Tampa Electric Company Accounts Receivable Facility | |||||||||||||||||||||||||
On Feb. 15, 2013, TEC and TRC amended their $150 million accounts receivable collateralized borrowing facility, entering into Amendment No. 11 to the Loan and Servicing Agreement with certain lenders named therein and Citibank, N.A. as Program Agent. The amendment (i) extends the maturity date to Feb. 14, 2014, (ii) provides that TRC will pay program and liquidity fees, which will total 52.5 basis points, (iii) continues to provide that the interest rates on the borrowings will be based on prevailing asset-backed commercial paper rates, unless such rates are not available from conduit lenders, in which case the rates will be at an interest rate equal to, at TEC’s option, either Citibank’s prime rate (or the federal funds rate plus 50 basis points, if higher) or a rate based on the LIBOR (if available) plus a margin and (iv) makes other technical changes. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2013 | |
Long-Term Debt | ' |
7. Long-Term Debt | |
Fair Value of Long-Term Debt | |
At Sept. 30, 2013, total long-term debt had a carrying amount of $2,921.1 million and an estimated fair market value of $3,178.1 million. At Dec. 31, 2012, total long-term debt had a carrying amount of $2,972.7 million and an estimated fair market value of $3,439.4 million. The company uses the market approach in determining fair value. The majority of the outstanding debt is valued using real-time financial market data obtained from Bloomberg Professional Service. The remaining securities are valued using prices obtained from the Municipal Securities Rulemaking Board and by applying estimated credit spreads obtained from a third party to the par value of the security. All debt securities are level 2 instruments. | |
Purchase in Lieu of Redemption of Hillsborough County Industrial Development Authority Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2007B | |
On Sept. 3, 2013, TEC purchased in lieu of redemption $51.6 million HCIDA Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2007 B (the Series 2007 B HCIDA Bonds). On Mar. 26, 2008, the HCIDA had remarketed the Series 2007 B HCIDA Bonds in a term-rate mode pursuant to the terms of the Loan and Trust Agreement governing those bonds. The Series 2007 B HCIDA Bonds bore interest at a term rate of 5.15% per annum from March 26, 2008 to Sept. 1, 2013. TEC is responsible for payment of the interest and principal associated with the Series 2007 B HCIDA Bonds. | |
On March 15, 2012, TEC purchased in lieu of redemption $86.0 million HCIDA Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2006 (Non-AMT) (the Series 2006 HCIDA Bonds). On March 19, 2008, the HCIDA had remarketed the Series 2006 HCIDA Bonds in a term-rate mode pursuant to the terms of the Loan and Trust Agreement governing those bonds. The Series 2006 HCIDA Bonds bore interest at a term rate of 5.00% per annum from March 19, 2008 to March 15, 2012. TEC is responsible for payment of the interest and principal associated with the Series 2006 HCIDA Bonds. Regularly scheduled principal and interest when due, are insured by Ambac Assurance Corporation. | |
On March 1, 2011, TEC purchased in lieu of redemption $75.0 million PCIDA Solid Waste Disposal Facility Revenue Refunding Bonds (Tampa Electric Company Project), Series 2010 (the PCIDA Bonds). On Nov. 23, 2010, the PCIDA had issued the PCIDA Bonds in a term-rate mode pursuant to the terms of the Loan and Trust Agreement governing those bonds. Proceeds of the PCIDA Bonds were used to redeem $75.0 million PCIDA Solid Waste Disposal Facility Revenue Refunding Bonds (Tampa Electric Company Project), Series 2007, which previously had been in auction rate mode and had been held by TEC since Mar. 26, 2008. The PCIDA Bonds bore interest at the initial term rate of 1.50% per annum from Nov. 23, 2010 to March 1, 2011. | |
On March 26, 2008, TEC purchased in lieu of redemption $20 million HCIDA Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2007C. | |
After the Sept. 3, 2013 purchase of the Series 2007 B HCIDA Bonds, $232.6 million in bonds purchased in lieu of redemption were held by the trustee at the direction of TEC as of Sept. 30, 2013 to provide an opportunity to evaluate refinancing alternatives. | |
Tampa Electric Company [Member] | ' |
Long-Term Debt | ' |
7. Long-Term Debt | |
Fair Value of Long-Term Debt | |
At Sept. 30, 2013, total long-term debt had a carrying amount of $1,880.9 million and an estimated fair market value of $2,031.4 million. At Dec. 31, 2012, total long-term debt had a carrying amount of $1,932.6 million and an estimated fair market value of $2,270.3 million. The company uses the market approach in determining fair value. The majority of the outstanding debt is valued using real-time financial market data obtained from Bloomberg Professional Service. The remaining securities are valued using prices obtained from the Municipal Securities Rulemaking Board and by applying estimated credit spreads obtained from a third party to the par value of the security. All debt securities are level 2 instruments. | |
Purchase in Lieu of Redemption of Hillsborough County Industrial Development Authority Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2007B | |
On Sept. 3, 2013, TEC purchased in lieu of redemption $51.6 million HCIDA Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2007 B (the Series 2007 B HCIDA Bonds). On Mar. 26, 2008, the HCIDA had remarketed the Series 2007 B HCIDA Bonds in a term-rate mode pursuant to the terms of the Loan and Trust Agreement governing those bonds. The Series 2007 B HCIDA Bonds bore interest at a term rate of 5.15% per annum from March 26, 2008 to Sept. 1, 2013. TEC is responsible for payment of the interest and principal associated with the Series 2007 B HCIDA Bonds. | |
On March 15, 2012, TEC purchased in lieu of redemption $86.0 million HCIDA Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2006 (Non-AMT) (the Series 2006 HCIDA Bonds). On March 19, 2008, the HCIDA had remarketed the Series 2006 HCIDA Bonds in a term-rate mode pursuant to the terms of the Loan and Trust Agreement governing those bonds. The Series 2006 HCIDA Bonds bore interest at a term rate of 5.00% per annum from March 19, 2008 to March 15, 2012. TEC is responsible for payment of the interest and principal associated with the Series 2006 HCIDA Bonds. Regularly scheduled principal and interest when due, are insured by Ambac Assurance Corporation. | |
On March 1, 2011, TEC purchased in lieu of redemption $75.0 million PCIDA Solid Waste Disposal Facility Revenue Refunding Bonds (Tampa Electric Company Project), Series 2010 (the PCIDA Bonds). On Nov. 23, 2010, the PCIDA had issued the PCIDA Bonds in a term-rate mode pursuant to the terms of the Loan and Trust Agreement governing those bonds. Proceeds of the PCIDA Bonds were used to redeem $75.0 million PCIDA Solid Waste Disposal Facility Revenue Refunding Bonds (Tampa Electric Company Project), Series 2007, which previously had been in auction rate mode and had been held by TEC since Mar. 26, 2008. The PCIDA Bonds bore interest at the initial term rate of 1.50% per annum from Nov. 23, 2010 to March 1, 2011. | |
On March 26, 2008, TEC purchased in lieu of redemption $20 million HCIDA Pollution Control Revenue Refunding Bonds (Tampa Electric Company Project), Series 2007C. | |
After the Sept. 3, 2013 purchase of the Series 2007 B HCIDA Bonds, $232.6 million in bonds purchased in lieu of redemption were held by the trustee at the direction of TEC as of Sept. 30, 2013 to provide an opportunity to evaluate refinancing alternatives. |
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||||||
8. Other Comprehensive Income | |||||||||||||||||||||||||
TECO Energy reported the following OCI for the three and nine months ended Sept. 30, 2013 and 2012, related to changes in the fair value of cash flow hedges and amortization of unrecognized benefit costs associated with the company’s postretirement plans: | |||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||
Three months ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||||||||||||
(millions) | Gross | Tax | Net | Gross | Tax | Net | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Unrealized gain on cash flow hedges | $ | 1.1 | $ | (0.4 | ) | $ | 0.7 | $ | 0.7 | $ | (0.3 | ) | $ | 0.4 | |||||||||||
Reclassification from AOCI to net income (1) | 0.1 | 0 | 0.1 | 1 | (0.3 | ) | 0.7 | ||||||||||||||||||
Gain on cash flow hedges | 1.2 | (0.4 | ) | 0.8 | 1.7 | (0.6 | ) | 1.1 | |||||||||||||||||
Amortization of unrecognized benefit costs (2) | 1 | (0.4 | ) | 0.6 | 3.2 | (1.2 | ) | 2 | |||||||||||||||||
Recognized benefit costs due to settlement | 2.6 | (1.0 | ) | 1.6 | 2.6 | (1.0 | ) | 1.6 | |||||||||||||||||
Total other comprehensive income | $ | 4.8 | $ | (1.8 | ) | $ | 3 | $ | 7.5 | $ | (2.8 | ) | $ | 4.7 | |||||||||||
2012 | |||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | $ | 2.5 | $ | (0.9 | ) | $ | 1.6 | $ | (7.2 | ) | $ | 2.7 | $ | (4.5 | ) | ||||||||||
Reclassification from AOCI to net income (1) | 0.2 | (0.1 | ) | 0.1 | 0.5 | (0.2 | ) | 0.3 | |||||||||||||||||
Gain (Loss) on cash flow hedges | 2.7 | (1.0 | ) | 1.7 | (6.7 | ) | 2.5 | (4.2 | ) | ||||||||||||||||
Amortization of unrecognized benefit costs (2) | 0.8 | (0.3 | ) | 0.5 | 2.3 | (1.2 | ) | 1.1 | |||||||||||||||||
Total other comprehensive income (loss) | $ | 3.5 | $ | (1.3 | ) | $ | 2.2 | $ | (4.4 | ) | $ | 1.3 | $ | (3.1 | ) | ||||||||||
-1 | Related to interest rate contracts recognized in Interest expense and commodity contracts recognized in Mining related costs. | ||||||||||||||||||||||||
-2 | Related to postretirement benefits. See Note 5 for additional information. | ||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||
(millions) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||
Unrecognized pension loss and prior service (benefit) credit (1) | $ | (29.3 | ) | $ | (32.9 | ) | |||||||||||||||||||
Unrecognized other benefit loss, prior service (benefit) cost and transition obligation (2) | 11.1 | 11.1 | |||||||||||||||||||||||
Net unrealized losses from cash flow hedges (3) | (8.1 | ) | (9.2 | ) | |||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (26.3 | ) | $ | (31.0 | ) | |||||||||||||||||||
-1 | Net of tax benefit of $17.9 million and $20.1 million as of Sept. 30, 2013 and Dec. 31, 2012, respectively. | ||||||||||||||||||||||||
-2 | Net of tax expense of $6.7 million and $6.7 million as of Sept. 30, 2013 and Dec. 31, 2012, respectively. | ||||||||||||||||||||||||
-3 | Net of tax benefit of $5.2 million and $5.8 million as of Sept. 30, 2013 and Dec. 31, 2012, respectively. | ||||||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||||||
8. Other Comprehensive Income | |||||||||||||||||||||||||
Other Comprehensive Income | Three months ended Sept. 30, | Nine months ended Sept. 30, | |||||||||||||||||||||||
(millions) | Gross | Tax | Net | Gross | Tax | Net | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Unrealized loss on cash flow hedges | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Reclassification from AOCI to net income | 0.4 | (0.2 | ) | 0.2 | 1.1 | (0.4 | ) | 0.7 | |||||||||||||||||
Gain on cash flow hedges | 0.4 | (0.2 | ) | 0.2 | 1.1 | (0.4 | ) | 0.7 | |||||||||||||||||
Total other comprehensive income | $ | 0.4 | ($ | 0.2 | ) | $ | 0.2 | $ | 1.1 | ($ | 0.4 | ) | $ | 0.7 | |||||||||||
2012 | |||||||||||||||||||||||||
Unrealized loss on cash flow hedges | $ | 0 | $ | 0 | $ | 0 | ($ | 8 | ) | $ | 3.1 | ($ | 4.9 | ) | |||||||||||
Reclassification from AOCI to net income | 0.4 | (0.2 | ) | 0.2 | 1 | (0.4 | ) | 0.6 | |||||||||||||||||
Gain (Loss) on cash flow hedges | 0.4 | (0.2 | ) | 0.2 | (7.0 | ) | 2.7 | (4.3 | ) | ||||||||||||||||
Total other comprehensive income (loss) | $ | 0.4 | ($ | 0.2 | ) | $ | 0.2 | ($ | 7 | ) | $ | 2.7 | ($ | 4.3 | ) | ||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
(millions) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||
Net unrealized losses from cash flow hedges (1) | ($ | 8 | ) | ($ | 8.7 | ) | |||||||||||||||||||
Total accumulated other comprehensive loss | ($ | 8 | ) | ($ | 8.7 | ) | |||||||||||||||||||
-1 | Net of tax benefit of $5.1 million and $5.5 million as of Sept. 30, 2013 and Dec. 31, 2012, respectively. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
9. Earnings Per Share | |||||||||||||||||
For the three months ended Sept. 30, | For the nine months ended Sept. 30, | ||||||||||||||||
(millions, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic earnings per share | |||||||||||||||||
Net income from continuing operations | $ | 62.9 | $ | 90.2 | $ | 155.7 | $ | 200.4 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.3 | ) | (0.5 | ) | (0.7 | ) | |||||||||
Income before discontinued operations available to common shareholders - Basic | $ | 62.7 | $ | 89.9 | $ | 155.2 | $ | 199.7 | |||||||||
(Loss) Income from discontinued operations attributable to TECO Energy, net | ($ | 0.1 | ) | ($ | 46.2 | ) | $ | 0 | ($ | 32.8 | ) | ||||||
Amount allocated to nonvested participating shareholders | 0 | 0.1 | 0 | 0.1 | |||||||||||||
(Loss) Income from discontinued operations attributable to TECO Energy available to common shareholders - Basic | ($ | 0.1 | ) | ($ | 46.1 | ) | $ | 0 | ($ | 32.7 | ) | ||||||
Net income attributable to TECO Energy | $ | 62.8 | $ | 44 | $ | 155.7 | $ | 167.6 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.5 | ) | (0.6 | ) | |||||||||
Net income attributable to TECO Energy available to common shareholders - Basic | $ | 62.6 | $ | 43.8 | $ | 155.2 | $ | 167 | |||||||||
Average common shares outstanding - Basic | 215.2 | 214.5 | 214.9 | 214.2 | |||||||||||||
Earnings per share from continuing operations available to common shareholders - Basic | $ | 0.29 | $ | 0.42 | $ | 0.72 | $ | 0.93 | |||||||||
Earnings per share from discontinued operations attributable to TECO Energy available to common shareholders - Basic | $ | 0 | ($ | 0.22 | ) | $ | 0 | ($ | 0.15 | ) | |||||||
Earnings per share attributable to TECO Energy available to common shareholders - Basic | $ | 0.29 | $ | 0.2 | $ | 0.72 | $ | 0.78 | |||||||||
Diluted earnings per share | |||||||||||||||||
Net income from continuing operations | $ | 62.9 | $ | 90.2 | $ | 155.7 | $ | 200.4 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.3 | ) | (0.5 | ) | (0.7 | ) | |||||||||
Income before discontinued operations available to common shareholders - Diluted | $ | 62.7 | $ | 89.9 | $ | 155.2 | $ | 199.7 | |||||||||
(Loss) Income from discontinued operations attributable to TECO Energy, net | ($ | 0.1 | ) | ($ | 46.2 | ) | $ | 0 | ($ | 32.8 | ) | ||||||
Amount allocated to nonvested participating shareholders | 0 | 0.1 | 0 | 0.1 | |||||||||||||
(Loss) Income from discontinued operations attributable to TECO Energy available to common shareholders - Diluted | ($ | 0.1 | ) | ($ | 46.1 | ) | $ | 0 | ($ | 32.7 | ) | ||||||
Net income attributable to TECO Energy | $ | 62.8 | $ | 44 | $ | 155.7 | $ | 167.6 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.5 | ) | (0.6 | ) | |||||||||
Net income attributable to TECO Energy available to common shareholders - Diluted | $ | 62.6 | $ | 43.8 | $ | 155.2 | $ | 167 | |||||||||
Unadjusted average common shares outstanding - Diluted | 215.2 | 214.5 | 214.9 | 214.2 | |||||||||||||
Assumed conversion of stock options, unvested restricted stock and contingent performance shares, net | 0.4 | 0.9 | 0.5 | 1.1 | |||||||||||||
Average common shares outstanding - Diluted | 215.6 | 215.4 | 215.4 | 215.3 | |||||||||||||
Earnings per share from continuing operations available to common shareholders - Diluted | $ | 0.29 | $ | 0.42 | $ | 0.72 | $ | 0.93 | |||||||||
Earnings per share from discontinued operations attributable to TECO Energy available to common shareholders - Diluted | $ | 0 | ($ | 0.22 | ) | $ | 0 | ($ | 0.15 | ) | |||||||
Earnings per share attributable to TECO Energy available to common shareholders - Diluted | $ | 0.29 | $ | 0.2 | $ | 0.72 | $ | 0.78 | |||||||||
Anti-dilutive shares | 0 | 0 | 0 | 0.6 | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
10. Commitments and Contingencies | |||||||||||||||||||||
Legal Contingencies | |||||||||||||||||||||
From time to time, TECO Energy 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 its 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. While the outcome of such proceedings is uncertain, management does not believe that their ultimate resolution will have a material adverse effect on the company’s results of operations, financial condition or cash flows. | |||||||||||||||||||||
Legal Proceedings | |||||||||||||||||||||
In November 2010, heavy equipment operated at a road construction site being conducted by Posen Construction, Inc. struck a natural gas line causing a rupture and ignition of the gas and an outage in the natural gas service to Lee and Collier counties, Florida. Two commercial PGS customers filed a purported class action in Lee County Circuit Court, Florida against PGS on behalf of PGS commercial customers affected by the outage, seeking damages for loss of revenue and other costs related to the gas outage. Posen Construction, Inc., the company conducting construction at the site where the incident occurred, is also a defendant in the action. In June 2013, the court denied the plaintiffs’ motion for class certification and dismissed the plaintiffs’ underlying claim. The Court recently denied plaintiffs’ motion for reconsideration of the ruling. PGS’s suit against Posen Construction in Federal Court for the Middle District of Florida to recover damages for repair and restoration relating to the incident remains pending, as does the Posen Construction counter-claim against PGS alleging negligence. In addition, the suit filed by the Posen Construction employee operating the heavy equipment involved in the incident in Lee County Circuit Court against PGS, Posen Construction and the engineering company on the construction project, seeking damages for his injuries, also remains pending. | |||||||||||||||||||||
In addition, three former or inactive TEC employees are maintaining a suit against TEC in Hillsborough County Circuit Court, Florida for personal injuries allegedly caused by exposure to a chemical substance at one of TEC’s power stations. The suit was originally filed in 2002, and recently the trial judge allowed the plaintiffs to seek punitive damages in connection with their case. A trial is expected sometime in 2014. | |||||||||||||||||||||
The company believes the claims in each of the pending actions described above in this item are without merit and intends to defend each matter vigorously. The company is unable at this time to estimate the possible loss or range of loss with respect to these matters. | |||||||||||||||||||||
Superfund and Former Manufactured Gas Plant Sites | |||||||||||||||||||||
TEC, through its Tampa Electric and Peoples Gas divisions, is a PRP for certain superfund sites and, through its Peoples Gas division, for certain former manufactured gas plant sites. While the joint and several liability associated with these sites presents the potential for significant response costs, as of Sept. 30, 2013, TEC has estimated its ultimate financial liability to be $37.2 million, primarily at PGS. This amount has been accrued and is primarily reflected in the long-term liability section under “Other” on the Consolidated Condensed Balance Sheets. The environmental remediation costs associated with these sites, which are expected to be paid over many years, are not expected to have a significant impact on customer prices. | |||||||||||||||||||||
The estimated amounts represent only the portion of the cleanup costs attributable to TEC. The estimates to perform the work are based on TEC’s experience with similar work, adjusted for site-specific conditions and agreements with the respective governmental agencies. The estimates are made in current dollars, are not discounted and do not assume any insurance recoveries. | |||||||||||||||||||||
In instances where other PRPs are involved, most of those PRPs are creditworthy and are likely to continue to be creditworthy for the duration of the remediation work. However, in those instances that they are not, TEC could be liable for more than TEC’s actual percentage of the remediation costs. | |||||||||||||||||||||
Factors that could impact these estimates include the ability of other PRPs to pay their pro-rata portion of the cleanup costs, additional testing and investigation which could expand the scope of the cleanup activities, additional liability that might arise from the cleanup activities themselves or changes in laws or regulations that could require additional remediation. Under current regulations, these costs are recoverable through customer rates established in subsequent base rate proceedings. | |||||||||||||||||||||
Environmental Protection Agency Section 114 Letter | |||||||||||||||||||||
On Feb. 11, 2013, TEC received an information request from the EPA under Section 114(a) of the CAA seeking documents and other information concerning the compliance status of its sulfuric acid plant at its Polk Power Station in Polk County, Florida with the “New Source Review” requirements of the CAA. The request received by TEC appears to be part of a broader EPA national enforcement initiative focusing on sulfuric acid plants. TEC cannot predict at this time what the scope of this matter will ultimately be or the range of outcomes, and therefore it is not able to estimate the possible loss or range of loss, if any, with respect to this matter. TEC responded with the requested information on April 26, 2013 and has not received any response from the EPA on this matter. | |||||||||||||||||||||
Environmental Protection Agency Administrative Order | |||||||||||||||||||||
In December 2010, Clintwood Elkhorn Mining Company, a subsidiary of TECO Coal, received an Administrative Order from the EPA relating to the discharge of wastewater associated with inactive mining operations in Pike County, Kentucky. A consent agreement and final order with the EPA with respect to this matter became effective on July 23, 2013, the costs associated with which were not material to the financial results or financial position of TECO Energy. | |||||||||||||||||||||
Guarantees and Letters of Credit | |||||||||||||||||||||
A summary of the face amount or maximum theoretical obligation under TECO Energy’s letters of credit and guarantees as of Sept. 30, 2013 is as follows: | |||||||||||||||||||||
Guarantees - TECO Energy | |||||||||||||||||||||
(millions) | 2013 | 2014-2017 | After (1) | Total | Liabilities Recognized | ||||||||||||||||
Guarantees for the Benefit of: | 2017 | at Sept. 30, 2013 | |||||||||||||||||||
TECO Coal | |||||||||||||||||||||
Fuel purchase related (2) | $ | 0 | $ | 1.4 | $ | 4 | $ | 5.4 | $ | 2.3 | |||||||||||
Other subsidiaries | |||||||||||||||||||||
Guaranty under sale agreement (3) | 0 | 4.9 | 0 | 4.9 | 4.9 | ||||||||||||||||
Fuel purchase/energy management (2) | 0 | 10 | 94.3 | 104.3 | 0.4 | ||||||||||||||||
Total | $ | 0 | $ | 16.3 | $ | 98.3 | $ | 114.6 | $ | 7.6 | |||||||||||
Letters of Credit - Tampa Electric Company | |||||||||||||||||||||
(millions) | 2013 | 2014-2017 | After (1) | Total | Liabilities Recognized | ||||||||||||||||
Letters of Credit for the Benefit of: | 2017 | at Sept. 30, 2013 | |||||||||||||||||||
Tampa Electric (2) | $ | 0.8 | $ | 0.0 | $ | 0.7 | $ | 1.5 | $ | 0.3 | |||||||||||
-1 | These letters of credit and guarantees renew annually and are shown on the basis that they will continue to renew beyond 2017. | ||||||||||||||||||||
-2 | The amounts shown are the maximum theoretical amounts guaranteed under current agreements. Liabilities recognized represent the associated obligation of TECO Energy under these agreements at Sept. 30, 2013. The obligations under these letters of credit and guarantees include net accounts payable and net derivative liabilities. | ||||||||||||||||||||
-3 | The liability recognized relates to an indemnification provision for an uncertain tax position at TCAE that was provided for in the purchase agreement of the TECO Guatemala equity interests. | ||||||||||||||||||||
Financial Covenants | |||||||||||||||||||||
In order to utilize their respective bank facilities, TECO Energy and its subsidiaries must meet certain financial tests, including a debt to capital ratio, as defined in the applicable agreements. In addition, TECO Energy, TECO Finance, TEC and the other operating companies have certain restrictive covenants in specific agreements and debt instruments. At Sept. 30, 2013, TECO Energy, TECO Finance, TEC and the other operating companies were in compliance with all applicable financial covenants. | |||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
9. 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 its 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. While the outcome of such proceedings is uncertain, management does not believe that their ultimate resolution will have a material adverse effect on TEC’s results of operations, financial condition or cash flows. | |||||||||||||||||||||
Legal Proceedings | |||||||||||||||||||||
In November 2010, heavy equipment operated at a road construction site being conducted by Posen Construction, Inc. struck a natural gas line causing a rupture and ignition of the gas and an outage in the natural gas service to Lee and Collier counties, Florida. Two commercial PGS customers filed a purported class action in Lee County Circuit Court, Florida against PGS on behalf of PGS commercial customers affected by the outage, seeking damages for loss of revenue and other costs related to the gas outage. Posen Construction, Inc., the company conducting construction at the site where the incident occurred, is also a defendant in the action. In June 2013, the court denied the plaintiffs’ motion for class certification and dismissed the plaintiffs’ underlying claim. The Court recently denied plaintiffs’ motion for reconsideration of the ruling. PGS’s suit against Posen Construction in Federal Court for the Middle District of Florida to recover damages for repair and restoration relating to the incident remains pending, as does the Posen Construction counter-claim against PGS alleging negligence. In addition, the suit filed by the Posen Construction employee operating the heavy equipment involved in the incident in Lee County Circuit Court against PGS, Posen Construction and the engineering company on the construction project, seeking damages for his injuries, also remains pending. | |||||||||||||||||||||
In addition, three former or inactive TEC employees are maintaining a suit against TEC in Hillsborough County Circuit Court, Florida for personal injuries allegedly caused by exposure to a chemical substance at one of TEC’s power stations. The suit was originally filed in 2002 and recently the trial judge allowed the plaintiffs to seek punitive damages in connection with their case. A trial is expected sometime in 2014. | |||||||||||||||||||||
TEC believes the claims in each of the pending actions described above in this item are without merit and intends to defend each matter vigorously. TEC is unable at this time to estimate the possible loss or range of loss with respect to these matters. | |||||||||||||||||||||
Superfund and Former Manufactured Gas Plant Sites | |||||||||||||||||||||
TEC, through its Tampa Electric and Peoples Gas divisions, is a PRP for certain superfund sites and, through its Peoples Gas division, for certain former manufactured gas plant sites. While the joint and several liability associated with these sites presents the potential for significant response costs, as of Sept. 30, 2013, TEC has estimated its ultimate financial liability to be $37.2 million, primarily at PGS. This amount has been accrued and is primarily reflected in the long-term liability section under “Other” on the Consolidated Condensed Balance Sheets. The environmental remediation costs associated with these sites, which are expected to be paid over many years, are not expected to have a significant impact on customer prices. | |||||||||||||||||||||
The estimated amounts represent only the portion of the cleanup costs attributable to TEC. The estimates to perform the work are based on TEC’s experience with similar work, adjusted for site-specific conditions and agreements with the respective governmental agencies. The estimates are made in current dollars, are not discounted and do not assume any insurance recoveries. | |||||||||||||||||||||
In instances where other PRPs are involved, most of those PRPs are creditworthy and are likely to continue to be creditworthy for the duration of the remediation work. However, in those instances that they are not, TEC could be liable for more than TEC’s actual percentage of the remediation costs. | |||||||||||||||||||||
Factors that could impact these estimates include the ability of other PRPs to pay their pro-rata portion of the cleanup costs, additional testing and investigation which could expand the scope of the cleanup activities, additional liability that might arise from the cleanup activities themselves or changes in laws or regulations that could require additional remediation. Under current regulations, these costs are recoverable through customer rates established in subsequent base rate proceedings. | |||||||||||||||||||||
Environmental Protection Agency Section 114 Letter | |||||||||||||||||||||
On Feb. 11, 2013, TEC received an information request from the EPA under Section 114(a) of the CAA seeking documents and other information concerning the compliance status of its sulfuric acid plant at its Polk Power Station in Polk County, Florida with the “New Source Review” requirements of the CAA. The request received by TEC appears to be part of a broader EPA national enforcement initiative focusing on sulfuric acid plants. TEC cannot predict at this time what the scope of this matter will ultimately be or the range of outcomes, and therefore it is not able to estimate the possible loss or range of loss, if any, with respect to this matter. TEC responded with the requested information on April 26, 2013 and has not received any response from the EPA on this matter. | |||||||||||||||||||||
Guarantees and Letters of Credit | |||||||||||||||||||||
A summary of the face amount or maximum theoretical obligation under TEC’s letters of credit as of Sept. 30, 2013 is as follows: | |||||||||||||||||||||
Letters of Credit - Tampa Electric Company | |||||||||||||||||||||
(millions) | 2013 | 2014-2017 | After(1) | Total | Liabilities Recognized | ||||||||||||||||
Letters of Credit for the Benefit of: | 2017 | at Sept. 30, 2013 | |||||||||||||||||||
Tampa Electric (2) | $ | 0.8 | $ | 0 | $ | 0.7 | $ | 1.5 | $ | 0.3 | |||||||||||
-1 | These letters of credit renew annually and are shown on the basis that they will continue to renew beyond 2017. | ||||||||||||||||||||
-2 | The amounts shown are the maximum theoretical amounts guaranteed under current agreements. Liabilities recognized represent the associated obligation of TEC under these agreements at Sept. 30, 2013. The obligations under these letters of credit include net accounts payable and net derivative liabilities. | ||||||||||||||||||||
Financial Covenants | |||||||||||||||||||||
In order to utilize its bank credit facilities, TEC must meet certain financial tests, including a debt to capital ratio, as defined in the applicable agreements. In addition, TEC has certain restrictive covenants in specific agreements and debt instruments. At Sept. 30, 2013, TEC was in compliance with all applicable financial covenants. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
11. Segment Information | |||||||||||||||||||||||||
TECO Energy is an electric and gas utility holding company with significant diversified activities. Segments are determined based on how management evaluates, measures and makes decisions with respect to the operations of the entity. The management of TECO Energy reports segments based on each subsidiary’s contribution of revenues, net income and total assets as required by the accounting guidance for disclosures about segments of an enterprise and related information. All significant intercompany transactions are eliminated in the Consolidated Condensed Financial Statements of TECO Energy, but are included in determining reportable segments. | |||||||||||||||||||||||||
Segment Information (1) | |||||||||||||||||||||||||
(millions) | Tampa | Peoples | TECO | TECO | Other & | TECO | |||||||||||||||||||
Three months ended Sept. 30, | Electric | Gas | Coal | Guatemala (2) | Eliminations | Energy | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues - external | $ | 556.2 | $ | 83.1 | $ | 123.7 | $ | 0 | $ | 2.9 | $ | 765.9 | |||||||||||||
Sales to affiliates | 0.2 | 0.3 | 0 | 0 | (0.5 | ) | 0 | ||||||||||||||||||
Total revenues | 556.4 | 83.4 | 123.7 | 0 | 2.4 | 765.9 | |||||||||||||||||||
Depreciation and amortization | 62.2 | 13.4 | 9.3 | 0 | 0.5 | 85.4 | |||||||||||||||||||
Total interest charges (1) | 22.8 | 3.4 | 1.6 | 0 | 13.7 | 41.5 | |||||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 1.5 | 0 | (1.5 | ) | 0 | ||||||||||||||||||
Provision (benefit) for income taxes | 42.7 | 3.4 | (1.2 | ) | 0 | (7.3 | ) | 37.6 | |||||||||||||||||
Net income from continuing operations | 68.7 | 5.4 | (1.4 | ) | 0 | (9.8 | ) | 62.9 | |||||||||||||||||
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | 0 | (0.1 | ) | (0.1 | ) | |||||||||||||||||
Net income attributable to TECO Energy | $ | 68.7 | $ | 5.4 | ($ | 1.4 | ) | $ | 0 | ($ | 9.9 | ) | $ | 62.8 | |||||||||||
2012 | |||||||||||||||||||||||||
Revenues - external | $ | 574.9 | $ | 95.2 | $ | 186 | $ | 0 | $ | 2.5 | $ | 858.6 | |||||||||||||
Sales to affiliates | 0.3 | 0 | 0 | 0 | (0.3 | ) | 0 | ||||||||||||||||||
Total revenues | 575.2 | 95.2 | 186 | 0 | 2.2 | 858.6 | |||||||||||||||||||
Depreciation and amortization | 60.2 | 12.7 | 10.2 | 0 | 0.3 | 83.4 | |||||||||||||||||||
Total interest charges (1) | 26.7 | 3.7 | 1.9 | 0 | 12.3 | 44.6 | |||||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 1.7 | 0 | (1.7 | ) | 0 | ||||||||||||||||||
Provision (benefit) for income taxes | 45.7 | 4.4 | 6 | 0 | (4.4 | ) | 51.7 | ||||||||||||||||||
Net income from continuing operations | 73.5 | 7 | 17.4 | 0 | (7.7 | ) | 90.2 | ||||||||||||||||||
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | (42.6 | ) | (3.6 | ) | (46.2 | ) | ||||||||||||||||
Net income attributable to TECO Energy | $ | 73.5 | $ | 7 | $ | 17.4 | ($ | 42.6 | ) | ($ | 11.3 | ) | $ | 44 | |||||||||||
(millions) | |||||||||||||||||||||||||
Nine months ended Sept. 30, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues - external | $ | 1,476.60 | $ | 306.3 | $ | 370 | $ | 0 | $ | 10 | $ | 2,162.90 | |||||||||||||
Sales to affiliates | 0.7 | 0.8 | 0 | 0 | (1.5 | ) | 0 | ||||||||||||||||||
Total revenues | 1,477.30 | 307.1 | 370 | 0 | 8.5 | 2,162.90 | |||||||||||||||||||
Depreciation and amortization | 182 | 39.6 | 28.5 | 0 | 1.2 | 251.3 | |||||||||||||||||||
Total interest charges (1) | 69.5 | 10.1 | 5 | 0 | 42 | 126.6 | |||||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 4.8 | 0 | (4.8 | ) | 0 | ||||||||||||||||||
Provision (benefit) for income taxes | 94 | 17.1 | (2.2 | ) | 0 | (19.9 | ) | 89 | |||||||||||||||||
Net income from continuing operations | 151.1 | 27.1 | 2.3 | 0 | (24.8 | ) | 155.7 | ||||||||||||||||||
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Net income attributable to TECO Energy | $ | 151.1 | $ | 27.1 | $ | 2.3 | $ | 0 | ($ | 24.8 | ) | $ | 155.7 | ||||||||||||
2012 | |||||||||||||||||||||||||
Revenues - external | $ | 1,527.80 | $ | 298.9 | $ | 474.1 | $ | 0 | $ | 7.4 | $ | 2,308.20 | |||||||||||||
Sales to affiliates | 0.8 | 1.3 | 0 | 0 | (2.1 | ) | 0 | ||||||||||||||||||
Total revenues | 1,528.60 | 300.2 | 474.1 | 0 | 5.3 | 2,308.20 | |||||||||||||||||||
Depreciation and amortization | 177.2 | 37.7 | 31 | 0 | 1 | 246.9 | |||||||||||||||||||
Total interest charges (1) | 86.2 | 12.6 | 5.5 | 0 | 36.5 | 140.8 | |||||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 5.2 | 0 | (5.2 | ) | 0 | ||||||||||||||||||
Provision (benefit) for income taxes | 96.5 | 17 | 13.2 | 0 | (13.5 | ) | 113.2 | ||||||||||||||||||
Net income from continuing operations | 156.9 | 27 | 39.4 | 0 | (22.9 | ) | 200.4 | ||||||||||||||||||
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | (28.6 | ) | (4.2 | ) | (32.8 | ) | ||||||||||||||||
Net income attributable to TECO Energy | $ | 156.9 | $ | 27 | $ | 39.4 | ($ | 28.6 | ) | ($ | 27.1 | ) | $ | 167.6 | |||||||||||
Segment Information (1) | |||||||||||||||||||||||||
(millions) | Tampa | Peoples | TECO | TECO | Other & | TECO | |||||||||||||||||||
Electric | Gas | Coal | Guatemala (2) | Eliminations | Energy | ||||||||||||||||||||
At Sept. 30, 2013 | |||||||||||||||||||||||||
Total assets | $ | 6,149.80 | $ | 1,014.30 | $ | 339.3 | $ | 0 | ($ | 109.3 | ) | $ | 7,394.10 | ||||||||||||
At Dec. 31, 2012 | |||||||||||||||||||||||||
Total assets | $ | 6,042.30 | $ | 1,009.90 | $ | 356.6 | $ | 164.9 | ($ | 238.8 | ) | $ | 7,334.90 | ||||||||||||
-1 | Segment net income is reported on a basis that includes internally allocated financing costs. Total interest charges include internally allocated interest costs that for January 2012 through September 2013 were at a pretax rate of 6.00% based on an average of each subsidiary’s equity and indebtedness to TECO Energy assuming a 50/50 debt/equity capital structure. | ||||||||||||||||||||||||
-2 | All periods have been adjusted to reflect the reclassification of results from operations to discontinued operations for TECO Guatemala, Inc. and certain charges at Parent that directly relate to TECO Guatemala, Inc. Revenues for TECO Guatemala, Inc. that were reclassified to discontinued operations were $31.5 million and $100.4 million for the three and nine months ended Sept. 30, 2012, respectively. There were no revenues reclassified for the three or nine months ended Sept. 30, 2013. See Note 15 for additional information. | ||||||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
10. Segment Information | |||||||||||||||||||||||||
(millions) | Tampa | Peoples | Other & | Tampa Electric | |||||||||||||||||||||
Three months ended Sept. 30, | Electric | Gas | Eliminations | Company | |||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues - external | $ | 556.3 | $ | 83.1 | $ | 0 | $ | 639.4 | |||||||||||||||||
Sales to affiliates | 0.1 | 0.3 | (0.4 | ) | 0 | ||||||||||||||||||||
Total revenues | 556.4 | 83.4 | (0.4 | ) | 639.4 | ||||||||||||||||||||
Depreciation and amortization | 62.2 | 13.4 | 0 | 75.6 | |||||||||||||||||||||
Total interest charges | 22.8 | 3.4 | 0 | 26.2 | |||||||||||||||||||||
Provision for income taxes | 42.7 | 3.4 | 0 | 46.1 | |||||||||||||||||||||
Net income | $ | 68.7 | $ | 5.4 | $ | 0 | $ | 74.1 | |||||||||||||||||
2012 | |||||||||||||||||||||||||
Revenues - external | $ | 575.1 | $ | 95.2 | $ | 0 | $ | 670.3 | |||||||||||||||||
Sales to affiliates | 0.1 | 0 | (0.1 | ) | 0 | ||||||||||||||||||||
Total revenues | 575.2 | 95.2 | (0.1 | ) | 670.3 | ||||||||||||||||||||
Depreciation and amortization | 60.2 | 12.7 | 0 | 72.9 | |||||||||||||||||||||
Total interest charges | 26.7 | 3.7 | 0 | 30.4 | |||||||||||||||||||||
Provision for income taxes | 45.7 | 4.4 | 0 | 50.1 | |||||||||||||||||||||
Net income | $ | 73.5 | $ | 7 | $ | 0 | $ | 80.5 | |||||||||||||||||
Nine months ended Sept. 30, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues - external | $ | 1,477.00 | $ | 306.3 | $ | 0 | $ | 1,783.30 | |||||||||||||||||
Sales to affiliates | 0.3 | 0.8 | (1.1 | ) | 0 | ||||||||||||||||||||
Total revenues | 1,477.30 | 307.1 | (1.1 | ) | 1,783.30 | ||||||||||||||||||||
Depreciation and amortization | 182 | 39.6 | 0 | 221.6 | |||||||||||||||||||||
Total interest charges | 69.5 | 10.1 | 0 | 79.6 | |||||||||||||||||||||
Provision for income taxes | 94 | 17.1 | 0 | 111.1 | |||||||||||||||||||||
Net income | $ | 151.1 | $ | 27.1 | $ | 0 | $ | 178.2 | |||||||||||||||||
Total assets at Sept. 30, 2013 | $ | 5,885.50 | $ | 979.1 | ($ | 16.7 | ) | $ | 6,847.90 | ||||||||||||||||
2012 | |||||||||||||||||||||||||
Revenues - external | $ | 1,528.30 | $ | 298.9 | $ | 0 | $ | 1,827.20 | |||||||||||||||||
Sales to affiliates | 0.3 | 1.3 | (1.6 | ) | 0 | ||||||||||||||||||||
Total revenues | 1,528.60 | 300.2 | (1.6 | ) | 1,827.20 | ||||||||||||||||||||
Depreciation and amortization | 177.2 | 37.7 | 0 | 214.9 | |||||||||||||||||||||
Total interest charges | 86.2 | 12.6 | 0 | 98.8 | |||||||||||||||||||||
Provision for income taxes | 96.5 | 17 | 0 | 113.5 | |||||||||||||||||||||
Net income | $ | 156.9 | $ | 27 | $ | 0 | $ | 183.9 | |||||||||||||||||
Total assets at Dec. 31, 2012 | $ | 5,760.40 | $ | 970.9 | $ | 13.3 | $ | 6,744.60 | |||||||||||||||||
Accounting_for_Derivative_Inst
Accounting for Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | ' | ||||||||||||||||
12. Accounting for Derivative Instruments and Hedging Activities | |||||||||||||||||
From time to time, TECO Energy and its affiliates enter into futures, forwards, swaps and option contracts for the following purposes: | |||||||||||||||||
• | to limit the cash flow exposure to price fluctuations for physical purchases and sales of natural gas in the course of normal operations at Tampa Electric and PGS, | ||||||||||||||||
• | to limit the exposure to interest rate fluctuations on debt securities at TECO Energy and its affiliates, and | ||||||||||||||||
• | to limit the exposure to price fluctuations for physical purchases of fuel at TECO Coal. | ||||||||||||||||
TECO Energy and its affiliates use derivatives only to reduce normal operating and market risks, not for speculative purposes. The company’s primary objective in using derivative instruments for regulated operations is to reduce the impact of market price volatility on ratepayers. | |||||||||||||||||
The risk management policies adopted by TECO Energy provide a framework through which management monitors various risk exposures. Daily and periodic reporting of positions and other relevant metrics are performed by a centralized risk management group which is independent of all operating companies. | |||||||||||||||||
The company applies the accounting standards for derivative instruments and hedging activities. These standards require companies to recognize derivatives as either assets or liabilities in the financial statements, to measure those instruments at fair value and to reflect the changes in the fair value of those instruments as either components of OCI or in net income, depending on the designation of those instruments. The changes in fair value that are recorded in OCI are not immediately recognized in current net income. As the underlying hedged transaction matures or the physical commodity is delivered, the deferred gain or loss on the related hedging instrument must be reclassified from OCI to earnings based on its value at the time of the instrument’s settlement. For effective hedge transactions, the amount reclassified from OCI to earnings is offset in net income by the market change of the amount paid or received on the underlying physical transaction. The company has designated all derivatives as cash flow hedges. | |||||||||||||||||
The company applies the accounting standards for regulated operations to financial instruments used to hedge the purchase of natural gas for its regulated companies. These standards, in accordance with the FPSC, permit the changes in fair value of natural gas derivatives to be recorded as regulatory assets or liabilities reflecting the impact of hedging activities on the fuel recovery clause. As a result, these changes are not recorded in OCI (see Note 3). | |||||||||||||||||
A company’s physical contracts qualify for the NPNS exception to derivative accounting rules, provided they meet certain criteria. Generally, NPNS applies if the company deems the counterparty creditworthy, if the counterparty owns or controls resources within the proximity to allow for physical delivery of the commodity, if the company intends to receive physical delivery and if the transaction is reasonable in relation to the company’s business needs. As of Sept. 30, 2013, all of the company’s physical contracts qualify for the NPNS exception. | |||||||||||||||||
The following table presents the derivatives that are designated as cash flow hedges at Sept. 30, 2013 and Dec. 31, 2012: | |||||||||||||||||
Total Derivatives(1) | |||||||||||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 0.2 | $ | 0 | |||||||||||||
Long-term assets | 0 | 0.2 | |||||||||||||||
Total assets | $ | 0.2 | $ | 0.2 | |||||||||||||
Current liabilities | $ | 5.2 | $ | 14.6 | |||||||||||||
Long-term liabilities | 1.5 | 0.6 | |||||||||||||||
Total liabilities | $ | 6.7 | $ | 15.2 | |||||||||||||
-1 | Amounts presented above are on a gross basis, with asset and liability positions netted by counterparty in accordance with accounting standards for derivatives and hedging. | ||||||||||||||||
The following table presents the gross amounts of derivatives and their related offset amounts as permitted by their respective master netting agreements at Sept. 30, 2013 and Dec. 31, 2012. There was no collateral posted with or received from any counterparties. | |||||||||||||||||
Offsetting of Derivative Assets and Liabilities | |||||||||||||||||
(millions) | |||||||||||||||||
Gross Amounts | Gross | Net Amounts of | |||||||||||||||
of Recognized | Amounts Offset | Assets (Liabilities) | |||||||||||||||
Assets | on the Balance | Presented on the | |||||||||||||||
(Liabilities) | Sheet | Balance Sheet | |||||||||||||||
Sept. 30, 2013 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 1.2 | $ | (1.0 | ) | $ | 0.2 | ||||||||||
Derivative liabilities | $ | (7.7 | ) | $ | 1 | $ | (6.7 | ) | |||||||||
Dec. 31, 2012 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 1 | $ | (0.8 | ) | $ | 0.2 | ||||||||||
Derivative liabilities | $ | (16.0 | ) | $ | 0.8 | $ | (15.2 | ) | |||||||||
The following table presents the derivative hedges of diesel fuel contracts at Sept. 30, 2013 and Dec. 31, 2012 to limit the exposure to changes in the market price for diesel fuel used in the production of coal: | |||||||||||||||||
Diesel Fuel Derivatives | |||||||||||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 0.1 | $ | 0 | |||||||||||||
Long-term assets | 0 | 0 | |||||||||||||||
Total assets | $ | 0.1 | $ | 0 | |||||||||||||
Current liabilities | $ | 0.3 | $ | 0.5 | |||||||||||||
Long-term liabilities | 0.1 | 0.4 | |||||||||||||||
Total liabilities | $ | 0.4 | $ | 0.9 | |||||||||||||
The following table presents the derivative hedges of natural gas contracts at Sept. 30, 2013 and Dec. 31, 2012 to limit the exposure to changes in market price for natural gas used to produce energy and natural gas purchased for resale to customers: | |||||||||||||||||
Natural Gas Derivatives | |||||||||||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 0.1 | $ | 0 | |||||||||||||
Long-term assets | 0 | 0.2 | |||||||||||||||
Total assets | $ | 0.1 | $ | 0.2 | |||||||||||||
Current liabilities | $ | 4.9 | $ | 14.1 | |||||||||||||
Long-term liabilities | 1.4 | 0.2 | |||||||||||||||
Total liabilities | $ | 6.3 | $ | 14.3 | |||||||||||||
The ending balance in AOCI related to the cash flow hedges and previously settled interest rate swaps at Sept. 30, 2013 is a net loss of $8.1 million after tax and accumulated amortization. This compares to a net loss of $9.2 million in AOCI after tax and accumulated amortization at Dec. 31, 2012. | |||||||||||||||||
The following tables present the fair values and locations of derivative instruments recorded on the balance sheet at Sept. 30, 2013 and Dec. 31, 2012: | |||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Sept. 30, 2013 | Location | Value | Location | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Diesel fuel derivatives: | |||||||||||||||||
Current | Derivative assets | $ | 0.1 | Derivative liabilities | $ | 0.3 | |||||||||||
Long-term | Derivative assets | 0 | Derivative liabilities | 0.1 | |||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Derivative assets | 0.1 | Derivative liabilities | 4.9 | |||||||||||||
Long-term | Derivative assets | 0 | Derivative liabilities | 1.4 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 0.2 | $ | 6.7 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Dec. 31, 2012 | Location | Value | Location | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Diesel fuel derivatives: | |||||||||||||||||
Current | Derivative assets | $ | 0 | Derivative liabilities | $ | 0.5 | |||||||||||
Long-term | Derivative assets | 0 | Derivative liabilities | 0.4 | |||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Derivative assets | 0 | Derivative liabilities | 14.1 | |||||||||||||
Long-term | Derivative assets | 0.2 | Derivative liabilities | 0.2 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 0.2 | $ | 15.2 | |||||||||||||
The following tables present the effect of energy related derivatives on the fuel recovery clause mechanism in the Consolidated Condensed Balance Sheet as of Sept. 30, 2013 and Dec. 31, 2012: | |||||||||||||||||
Energy Related Derivatives | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Sept. 30, 2013 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 0.1 | Regulatory assets | $ | 4.9 | |||||||||||
Long-term | Regulatory liabilities | 0 | Regulatory assets | 1.4 | |||||||||||||
Total | $ | 0.1 | $ | 6.3 | |||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Dec. 31, 2012 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 0 | Regulatory assets | $ | 14.1 | |||||||||||
Long-term | Regulatory liabilities | 0.2 | Regulatory assets | 0.2 | |||||||||||||
Total | $ | 0.2 | $ | 14.3 | |||||||||||||
-1 | Natural gas derivatives are deferred in accordance with accounting standards for regulated operations and all increases and decreases in the cost of natural gas supply are passed on to customers with the fuel recovery clause mechanism. As gains and losses are realized in future periods, they will be recorded as fuel costs in the Consolidated Condensed Statements of Income. | ||||||||||||||||
Based on the fair value of the instruments at Sept. 30, 2013, net pretax losses of $4.8 million are expected to be reclassified from regulatory assets or liabilities to the Consolidated Condensed Statements of Income within the next 12 months. | |||||||||||||||||
The following table presents the effect of hedging instruments on OCI and income for the three and nine months ended Sept. 30: | |||||||||||||||||
For the three months ended Sept. 30: | Amount of | Amount of | |||||||||||||||
(millions) | Gain/(Loss) on | Location of Gain/(Loss) | Gain/(Loss) | ||||||||||||||
Derivatives | Reclassified From AOCI | Reclassified | |||||||||||||||
Recognized in | Into Income | From AOCI | |||||||||||||||
OCI | Into Income | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective | Effective | |||||||||||||||
Portion (1) | Portion (1) | ||||||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 0.7 | Mining related costs | 0.1 | ||||||||||||||
Total | $ | 0.7 | ($ | 0.1 | ) | ||||||||||||
2012 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 1.6 | Mining related costs | 0.1 | ||||||||||||||
Total | $ | 1.6 | ($ | 0.1 | ) | ||||||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
For the nine months ended Sept. 30: | Amount of | Amount of | |||||||||||||||
(millions) | Gain/(Loss) on | Location of Gain/(Loss) | Gain/(Loss) | ||||||||||||||
Derivatives | Reclassified From AOCI | Reclassified | |||||||||||||||
Recognized in | Into Income | From AOCI | |||||||||||||||
OCI | Into Income | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective | Effective | |||||||||||||||
Portion (1) | Portion (1) | ||||||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.7 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 0.4 | Mining related costs | 0 | ||||||||||||||
Total | $ | 0.4 | ($ | 0.7 | ) | ||||||||||||
2012 | |||||||||||||||||
Interest rate contracts | ($ | 4.9 | ) | Interest expense | ($ | 0.6 | ) | ||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 0.4 | Mining related costs | 0.3 | ||||||||||||||
Total | ($ | 4.5 | ) | ($ | 0.3 | ) | |||||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
For derivative instruments that meet cash flow hedge criteria, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or period during which the hedged transaction affects earnings. Gains and losses on the derivatives representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. For the nine months ended Sept. 30, 2013 and 2012, all hedges were effective. | |||||||||||||||||
The following table presents the derivative activity for instruments classified as qualifying cash flow hedges for the nine months ended Sept. 30: | |||||||||||||||||
(millions) | Fair Value | Amount of | Amount of | ||||||||||||||
Asset/ | Gain/(Loss) | Gain/(Loss) | |||||||||||||||
(Liability) | Recognized | Reclassified From | |||||||||||||||
in OCI (1) | AOCI Into Income | ||||||||||||||||
2013 | |||||||||||||||||
Interest rate swaps | $ | 0 | $ | 0 | ($ | 0.7 | ) | ||||||||||
Diesel fuel derivatives | (0.3 | ) | 0.4 | 0 | |||||||||||||
Total | ($ | 0.3 | ) | $ | 0.4 | ($ | 0.7 | ) | |||||||||
2012 | |||||||||||||||||
Interest rate swaps | $ | 0 | ($ | 4.9 | ) | ($ | 0.6 | ) | |||||||||
Diesel fuel derivatives | (0.2 | ) | 0.4 | 0.3 | |||||||||||||
Total | ($ | 0.2 | ) | ($ | 4.5 | ) | ($ | 0.3 | ) | ||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
The maximum length of time over which the company is hedging its exposure to the variability in future cash flows extends to Dec. 31, 2015 for financial natural gas and Dec. 31, 2014 for financial diesel fuel contracts. The following table presents by commodity type the company’s derivative volumes that, as of Sept. 30, 2013, are expected to settle during the 2013, 2014 and 2015 fiscal years: | |||||||||||||||||
(millions) | Diesel Fuel Contracts | Natural Gas Contracts | |||||||||||||||
(Gallons) | (MMBTUs) | ||||||||||||||||
Year | Physical | Financial | Physical | Financial | |||||||||||||
2013 | 0 | 1.8 | 0 | 9.8 | |||||||||||||
2014 | 0 | 2 | 0 | 35 | |||||||||||||
2015 | 0 | 0 | 0 | 5.9 | |||||||||||||
Total | 0 | 3.8 | 0 | 50.7 | |||||||||||||
The company is exposed to credit risk primarily through entering into derivative instruments with counterparties to limit its exposure to the commodity price fluctuations associated with diesel fuel and natural gas. Credit risk is the potential loss resulting from a counterparty’s nonperformance under an agreement. The company manages credit risk with policies and procedures for, among other things, counterparty analysis, exposure measurement and monitoring and mitigation. | |||||||||||||||||
It is possible that volatility in commodity prices could cause the company to have material credit risk exposures with one or more counterparties. If such counterparties fail to perform their obligations under one or more agreements, the company could suffer a material financial loss. However, as of Sept. 30, 2013, substantially all of the counterparties with transaction amounts outstanding in the company’s energy portfolio are rated investment grade by the major rating agencies. The company assesses credit risk internally for counterparties that are not rated. | |||||||||||||||||
The company has entered into commodity master arrangements with its counterparties to mitigate credit exposure to those counterparties. The company generally enters into the following master arrangements: (1) EEI agreements - standardized power sales contracts in the electric industry; (2) ISDA agreements - standardized financial gas and electric contracts; and (3) NAESB agreements - standardized physical gas contracts. The company believes that entering into such agreements reduces the risk from default by creating contractual rights relating to creditworthiness, collateral and termination. | |||||||||||||||||
The company has implemented procedures to monitor the creditworthiness of its counterparties and to consider nonperformance in valuing counterparty positions. The company monitors counterparties’ credit standings, including those that are experiencing financial problems, have significant swings in credit default swap rates, have credit rating changes by external rating agencies or have changes in ownership. Net liability positions are generally not adjusted as the company uses derivative transactions as hedges and has the ability and intent to perform under each of these contracts. In the instance of net asset positions, the company considers general market conditions and the observable financial health and outlook of specific counterparties, forward-looking data such as credit default swaps, when available, and historical default probabilities from credit rating agencies in evaluating the potential impact of nonperformance risk to derivative positions. | |||||||||||||||||
Certain TECO Energy derivative instruments contain provisions that require the company’s debt, or in the case of derivative instruments where TEC is the counterparty, TEC’s debt, to maintain an investment grade credit rating from any or all of the major credit rating agencies. If debt ratings, including TEC’s, were to fall below investment grade, it could trigger these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The company has no other contingent risk features associated with any derivative instruments. | |||||||||||||||||
The table below presents the fair value of the overall contractual contingent liability positions for the company’s derivative activity at Sept. 30, 2013: | |||||||||||||||||
Contingent Features | |||||||||||||||||
(millions) | Fair Value | Derivative | Posted | ||||||||||||||
At Sept. 30, 2013 | Asset/ | Exposure | Collateral | ||||||||||||||
(Liability) | Asset/ | ||||||||||||||||
(Liability) | |||||||||||||||||
Credit Rating | ($ | 6.6 | ) | ($ | 6.6 | ) | $ | 0 | |||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | ' | ||||||||||||||||
11. Accounting for Derivative Instruments and Hedging Activities | |||||||||||||||||
From time to time, TEC enters into futures, forwards, swaps and option contracts for the following purposes: | |||||||||||||||||
• | to limit the cash flow exposure to price fluctuations for physical purchases and sales of natural gas in the course of normal operations, and | ||||||||||||||||
• | to limit the exposure to interest rate fluctuations on debt securities. | ||||||||||||||||
TEC uses derivatives only to reduce normal operating and market risks, not for speculative purposes. TEC’s primary objective in using derivative instruments for regulated operations is to reduce the impact of market price volatility on ratepayers. | |||||||||||||||||
The risk management policies adopted by TEC provide a framework through which management monitors various risk exposures. Daily and periodic reporting of positions and other relevant metrics are performed by a centralized risk management group which is independent of all operating companies. | |||||||||||||||||
TEC applies the accounting standards for derivatives and hedging. These standards require companies to recognize derivatives as either assets or liabilities in the financial statements, to measure those instruments at fair value and to reflect the changes in the fair value of those instruments as either components of OCI or in net income, depending on the designation of those instruments. The changes in fair value that are recorded in OCI are not immediately recognized in current net income. As the underlying hedged transaction matures or the physical commodity is delivered, the deferred gain or loss on the related hedging instrument must be reclassified from OCI to earnings based on its value at the time of the instrument’s settlement. For effective hedge transactions, the amount reclassified from OCI to earnings is offset in net income by the market change of the amount paid or received on the underlying physical transaction. TEC has designated all derivatives as cash flow hedges. | |||||||||||||||||
TEC applies accounting standards for regulated operations to financial instruments used to hedge the purchase of natural gas for the regulated companies. These standards, in accordance with the FPSC, permit the changes in fair value of natural gas derivatives to be recorded as regulatory assets or liabilities reflecting the impact of hedging activities on the fuel recovery clause. As a result, these changes are not recorded in OCI (see Note 3). | |||||||||||||||||
A company’s physical contracts qualify for the NPNS exception to derivative accounting rules, provided they meet certain criteria. Generally, NPNS applies if the company deems the counterparty creditworthy, if the counterparty owns or controls resources within the proximity to allow for physical delivery of the commodity, if the company intends to receive physical delivery and if the transaction is reasonable in relation to the company’s business needs. As of Sept. 30, 2013, all of TEC’s physical contracts qualify for the NPNS exception. | |||||||||||||||||
The following table presents the derivative hedges of natural gas contracts at Sept. 30, 2013 and Dec. 31, 2012 to limit the exposure to changes in the market price for natural gas used to produce energy and natural gas purchased for resale to customers: | |||||||||||||||||
Natural Gas Derivatives | |||||||||||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 0.1 | $ | 0 | |||||||||||||
Long-term assets | 0 | 0.2 | |||||||||||||||
Total assets | $ | 0.1 | $ | 0.2 | |||||||||||||
Current liabilities (1) | $ | 4.9 | $ | 14.1 | |||||||||||||
Long-term liabilities | 1.4 | 0.2 | |||||||||||||||
Total liabilities | $ | 6.3 | $ | 14.3 | |||||||||||||
-1 | Amounts presented above are on a gross basis, with asset and liability positions netted by counterparty in accordance with accounting standards for derivatives and hedging. | ||||||||||||||||
The ending balance in AOCI related to previously settled interest rate swaps at Sept. 30, 2013 is a net loss of $8.0 million after tax and accumulated amortization. This compares to a net loss of $8.7 million in AOCI after tax and accumulated amortization at Dec. 31, 2012. | |||||||||||||||||
The following table presents the gross amounts of derivatives and their related offset amounts as permitted by their respective master netting agreements at Sept. 30, 2013 and Dec. 31, 2012. There was no collateral posted with or received from any counterparties. | |||||||||||||||||
Offsetting of Derivative Assets and Liabilities | |||||||||||||||||
(millions) | |||||||||||||||||
Gross Amounts | Gross | Net Amounts of | |||||||||||||||
of Recognized | Amounts Offset | Assets (Liabilities) | |||||||||||||||
Assets | on the Balance | Presented on the | |||||||||||||||
(Liabilities) | Sheet | Balance Sheet | |||||||||||||||
Sept. 30, 2013 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 1.1 | $ | (1.0 | ) | $ | 0.1 | ||||||||||
Derivative liabilities | $ | (7.3 | ) | $ | 1 | $ | (6.3 | ) | |||||||||
Dec. 31, 2012 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 1 | $ | (0.8 | ) | $ | 0.2 | ||||||||||
Derivative liabilities | $ | (15.1 | ) | $ | 0.8 | $ | (14.3 | ) | |||||||||
The following table presents the effect of energy related derivatives on the fuel recovery clause mechanism in the Consolidated Condensed Balance Sheet as of Sept. 30, 2013 and Dec. 31, 2012: | |||||||||||||||||
Energy Related Derivatives | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Sept. 30, 2013 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 0.1 | Regulatory assets | $ | 4.9 | |||||||||||
Long-term | Regulatory liabilities | 0 | Regulatory assets | 1.4 | |||||||||||||
Total | $ | 0.1 | $ | 6.3 | |||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Dec. 31, 2012 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 0 | Regulatory assets | $ | 14.1 | |||||||||||
Long-term | Regulatory liabilities | 0.2 | Regulatory assets | 0.2 | |||||||||||||
Total | $ | 0.2 | $ | 14.3 | |||||||||||||
-1 | Natural gas derivatives are deferred in accordance with accounting standards for regulated operations and all increases and decreases in the cost of natural gas supply are passed on to customers with the fuel recovery clause mechanism. As gains and losses are realized in future periods, they will be recorded as fuel costs in the Consolidated Condensed Statements of Income. | ||||||||||||||||
Based on the fair value of the instruments at Sept. 30, 2013, net pretax losses of $4.8 million are expected to be reclassified from regulatory assets to the Consolidated Condensed Statements of Income within the next 12 months. | |||||||||||||||||
The following tables present the effect of hedging instruments on OCI and income for the three and nine months ended Sept. 30: | |||||||||||||||||
For the three months ended Sept. 30: | Amount of | Amount of | |||||||||||||||
(millions) | Gain/(Loss) on | Location of Gain/(Loss) | Gain/(Loss) | ||||||||||||||
Derivatives | Reclassified From AOCI | Reclassified | |||||||||||||||
Recognized in | Into Income | From AOCI | |||||||||||||||
OCI | Into Income | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective Portion (1) | Effective Portion (1) | |||||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Total | $ | 0 | ($ | 0.2 | ) | ||||||||||||
2012 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Total | $ | 0 | ($ | 0.2 | ) | ||||||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
For the nine months ended Sept. 30: | Amount of | Location of Gain/(Loss) | Amount of | ||||||||||||||
Gain/(Loss) on | Reclassified From AOCI | Gain/(Loss) | |||||||||||||||
Derivatives | Into Income | Reclassified | |||||||||||||||
Recognized in | From AOCI | ||||||||||||||||
(millions) | OCI | Into Income | |||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective Portion (1) | Effective Portion (1) | |||||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.7 | ) | |||||||||||
Total | $ | 0 | ($ | 0.7 | ) | ||||||||||||
2012 | |||||||||||||||||
Interest rate contracts | ($ | 4.9 | ) | Interest expense | ($ | 0.6 | ) | ||||||||||
Total | ($ | 4.9 | ) | ($ | 0.6 | ) | |||||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
The following table presents the derivative activity for instruments classified as qualifying cash flow hedges for the nine months ended Sept. 30: | |||||||||||||||||
(millions) | Fair Value | Amount of | Amount of | ||||||||||||||
Asset/ | Gain/(Loss) | Gain/(Loss) | |||||||||||||||
(Liability) | Recognized | Reclassified | |||||||||||||||
in OCI (1) | From AOCI | ||||||||||||||||
Into Income | |||||||||||||||||
2013 | |||||||||||||||||
Interest rate swaps | $ | 0 | $ | 0 | ($ | 0.7 | ) | ||||||||||
Total | $ | 0 | $ | 0 | ($ | 0.7 | ) | ||||||||||
2012 | |||||||||||||||||
Interest rate swaps | $ | 0 | ($ | 4.9 | ) | ($ | 0.6 | ) | |||||||||
Total | $ | 0 | ($ | 4.9 | ) | ($ | 0.6 | ) | |||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
For derivative instruments that meet cash flow hedge criteria, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or period during which the hedged transaction affects earnings. Gains and losses on the derivatives representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. For the three and nine months ended Sept. 30, 2013 and 2012, all hedges were effective. | |||||||||||||||||
The maximum length of time over which TEC is hedging its exposure to the variability in future cash flows extends to Dec. 31, 2015 for the financial natural gas contracts. The following table presents by commodity type TEC’s derivative volumes that, as of Sept. 30, 2013, are expected to settle during the 2013, 2014 and 2015 fiscal years: | |||||||||||||||||
(millions) | Natural Gas Contracts | ||||||||||||||||
(MMBTUs) | |||||||||||||||||
Year | Physical | Financial | |||||||||||||||
2013 | 0 | 9.8 | |||||||||||||||
2014 | 0 | 35 | |||||||||||||||
2015 | 0 | 5.9 | |||||||||||||||
Total | 0 | 50.7 | |||||||||||||||
TEC is exposed to credit risk primarily through entering into derivative instruments with counterparties to limit its exposure to the commodity price fluctuations associated with natural gas. Credit risk is the potential loss resulting from a counterparty’s nonperformance under an agreement. TEC manages credit risk with policies and procedures for, among other things, counterparty analysis, exposure measurement and exposure monitoring and mitigation. | |||||||||||||||||
It is possible that volatility in commodity prices could cause TEC to have material credit risk exposures with one or more counterparties. If such counterparties fail to perform their obligations under one or more agreements, TEC could suffer a material financial loss. However, as of Sept. 30, 2013, substantially all of the counterparties with transaction amounts outstanding in TEC’s energy portfolio are rated investment grade by the major rating agencies. TEC assesses credit risk internally for counterparties that are not rated. | |||||||||||||||||
TEC has entered into commodity master arrangements with its counterparties to mitigate credit exposure to those counterparties. TEC generally enters into the following master arrangements: (1) EEI agreements - standardized power sales contracts in the electric industry; (2) ISDA agreements - standardized financial gas and electric contracts; and (3) NAESB agreements - standardized physical gas contracts. TEC believes that entering into such agreements reduces the risk from default by creating contractual rights relating to creditworthiness, collateral and termination. | |||||||||||||||||
TEC has implemented procedures to monitor the creditworthiness of its counterparties and to consider nonperformance in valuing counterparty positions. TEC monitors counterparties’ credit standings, including those that are experiencing financial problems, have significant swings in credit default swap rates, have credit rating changes by external rating agencies or have changes in ownership. Net liability positions are generally not adjusted as TEC uses derivative transactions as hedges and has the ability and intent to perform under each of these contracts. In the instance of net asset positions, TEC considers general market conditions and the observable financial health and outlook of specific counterparties, forward-looking data such as credit default swaps, when available, and historical default probabilities from credit rating agencies in evaluating the potential impact of nonperformance risk to derivative positions. | |||||||||||||||||
Certain TEC derivative instruments contain provisions that require TEC’s debt to maintain an investment grade credit rating from any or all of the major credit rating agencies. If debt ratings were to fall below investment grade, it could trigger these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. TEC has no other contingent risk features associated with any derivative instruments. | |||||||||||||||||
The table below presents the fair value of the overall contractual contingent liability positions for TEC’s derivative activity at Sept. 30, 2013: | |||||||||||||||||
Contingent Features | |||||||||||||||||
(millions) | Fair Value | Derivative | Posted | ||||||||||||||
Sept. 30, 2013 | Asset/ | Exposure | Collateral | ||||||||||||||
(Liability) | Asset/ | ||||||||||||||||
(Liability) | |||||||||||||||||
Credit Rating | ($ | 6.3 | ) | ($ | 6.3 | ) | $ | 0 |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
13. Fair Value Measurements | |||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The following tables set forth by level within the fair value hierarchy the company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of Sept. 30, 2013 and Dec. 31, 2012. As required by accounting standards for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. For natural gas and diesel fuel swaps, the market approach was used in determining fair value. | |||||||||||||||||
Recurring Fair Value Measures | |||||||||||||||||
At fair value as of Sept. 30, 2013 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.1 | $ | 0 | $ | 0.1 | |||||||||
Diesel fuel swaps | 0 | 0.1 | 0 | 0.1 | |||||||||||||
Total | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 6.3 | $ | 0 | $ | 6.3 | |||||||||
Diesel fuel swaps | 0 | 0.4 | 0 | 0.4 | |||||||||||||
Total | $ | 0 | $ | 6.7 | $ | 0 | $ | 6.7 | |||||||||
At fair value as of Dec. 31, 2012 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Diesel fuel swaps | 0 | 0 | 0 | 0 | |||||||||||||
Total | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 14.3 | $ | 0 | $ | 14.3 | |||||||||
Diesel fuel swaps | 0 | 0.9 | 0 | 0.9 | |||||||||||||
Total | $ | 0 | $ | 15.2 | $ | 0 | $ | 15.2 | |||||||||
Natural gas and diesel fuel swaps are OTC swap instruments. The primary pricing inputs in determining the fair value of these swaps are the NYMEX quoted closing prices of exchange-traded instruments. These prices are applied to the notional amounts of active positions to determine the reported fair value (see Note 12). | |||||||||||||||||
The company considered the impact of nonperformance risk in determining the fair value of derivatives. The company considered the net position with each counterparty, past performance of both parties, the intent of the parties, indications of credit deterioration and whether the markets in which the company transacts have experienced dislocation. At Sept. 30, 2013, the fair value of derivatives was not materially affected by nonperformance risk. There were no Level 3 assets or liabilities for the periods presented. | |||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
12. Fair Value Measurements | |||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The following tables set forth by level within the fair value hierarchy TEC’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of Sept. 30, 2013 and Dec. 31, 2012. As required by accounting standards for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. TEC’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. For all assets and liabilities presented below, the market approach was used in determining fair value. | |||||||||||||||||
Recurring Derivative Fair Value Measures | |||||||||||||||||
At fair value as of Sept. 30, 2013 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.1 | $ | 0 | $ | 0.1 | |||||||||
Total | $ | 0 | $ | 0.1 | $ | 0 | $ | 0.1 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 6.3 | $ | 0 | $ | 6.3 | |||||||||
Total | $ | 0 | $ | 6.3 | $ | 0 | $ | 6.3 | |||||||||
At fair value as of Dec. 31, 2012 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Total | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 14.3 | $ | 0 | $ | 14.3 | |||||||||
Total | $ | 0 | $ | 14.3 | $ | 0 | $ | 14.3 | |||||||||
Natural gas swaps are OTC swap instruments. The primary pricing inputs in determining the fair value of natural gas swaps are the NYMEX quoted closing prices of exchange-traded instruments. These prices are applied to the notional amounts of active positions to determine the reported fair value (see Note 11). | |||||||||||||||||
TEC considered the impact of nonperformance risk in determining the fair value of derivatives. TEC considered the net position with each counterparty, past performance of both parties, the intent of the parties, indications of credit deterioration and whether the markets in which TEC transacts have experienced dislocation. At Sept. 30, 2013, the fair value of derivatives was not materially affected by nonperformance risk. There were no Level 3 assets or liabilities for the periods presented. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2013 | |
Variable Interest Entities | ' |
14. Variable Interest Entities | |
In the determination of a VIE’s primary beneficiary, the primary beneficiary is the enterprise that has both 1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and 2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. | |
TEC has entered into multiple PPAs with wholesale energy providers in Florida to ensure the ability to meet customer energy demand and to provide lower cost options in the meeting of this demand. These agreements range in size from 117 MW to 370 MW of available capacity, are with similar entities and contain similar provisions. Because some of these provisions provide for the transfer or sharing of a number of risks inherent in the generation of energy, these agreements meet the definition of being VIEs. These risks include: operating and maintenance, regulatory, credit, commodity/fuel and energy market risk. TEC has reviewed these risks and has determined that the owners of these entities have retained the majority of these risks over the expected life of the underlying generating assets, have the power to direct the most significant activities, the obligation or right to absorb losses or benefits and hence remain the primary beneficiaries. As a result, TEC is not required to consolidate any of these entities. TEC purchased $6.5 million and $16.4 million of capacity pursuant to PPAs for the three and nine months ended Sept. 30, 2013, respectively, and $19.0 million and $62.3 million for the three and nine months ended Sept. 30, 2012, respectively. | |
In one instance, TEC’s agreement with an entity for 370 MW of capacity was entered into prior to Dec. 31, 2003, the effective date of these standards. Under these standards, TEC was required to make an exhaustive effort to obtain sufficient information to determine if this entity was a VIE and which holder of the variable interests is the primary beneficiary. The owners of this entity were not willing to provide the information necessary to make these determinations, had no obligation to do so and the information was not available publicly. As a result, TEC was unable to determine if this entity was a VIE and, if so, which variable interest holder, if any, was the primary beneficiary. TEC had no obligation to this entity beyond the purchase of capacity; therefore, the maximum exposure for TEC was the obligation to pay for such capacity under terms of the PPA at rates that could be unfavorable to the wholesale market. TEC purchased $13.1 million and $38.3 million for the three and nine months ended Sept. 30, 2012, respectively, under this PPA. This PPA expired on Dec. 31, 2012. | |
The company does not provide any material financial or other support to any of the VIEs it is involved with, nor is the company under any obligation to absorb losses associated with these VIEs. In the normal course of business, the company’s involvement with these VIEs does not affect its Consolidated Condensed Balance Sheets, Statements of Income or Cash Flows. | |
Tampa Electric Company [Member] | ' |
Variable Interest Entities | ' |
13. Variable Interest Entities | |
In the determination of a VIE’s primary beneficiary, the primary beneficiary is the enterprise that has both 1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and 2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. | |
TEC has entered into multiple PPAs with wholesale energy providers in Florida to ensure the ability to meet customer energy demand and to provide lower cost options in the meeting of this demand. These agreements range in size from 117 MW to 370 MW of available capacity, are with similar entities and contain similar provisions. Because some of these provisions provide for the transfer or sharing of a number of risks inherent in the generation of energy, these agreements meet the definition of being VIEs. These risks include: operating and maintenance, regulatory, credit, commodity/fuel and energy market risk. TEC has reviewed these risks and has determined that the owners of these entities have retained the majority of these risks over the expected life of the underlying generating assets, have the power to direct the most significant activities, the obligation or right to absorb losses or benefits and hence remain the primary beneficiaries. As a result, TEC is not required to consolidate any of these entities. TEC purchased $6.5 million and $16.4 million of capacity pursuant to PPAs for the three and nine months ended Sept. 30, 2013, respectively, and $19.0 million and $62.3 million for the three and nine months ended Sept. 30, 2012, respectively. | |
In one instance, TEC’s agreement with an entity for 370 MW of capacity was entered into prior to Dec. 31, 2003, the effective date of these standards. Under these standards, TEC was required to make an exhaustive effort to obtain sufficient information to determine if this entity was a VIE and which holder of the variable interests is the primary beneficiary. The owners of this entity were not willing to provide the information necessary to make these determinations, had no obligation to do so and the information was not available publicly. As a result, TEC was unable to determine if this entity was a VIE and, if so, which variable interest holder, if any, was the primary beneficiary. TEC had no obligation to this entity beyond the purchase of capacity; therefore, the maximum exposure for TEC was the obligation to pay for such capacity under terms of the PPA at rates that could be unfavorable to the wholesale market. TEC purchased $13.1 million and $38.3 million for the three and nine months ended Sept. 30, 2012, respectively, under this PPA. This PPA expired on Dec. 31, 2012. | |
TEC does not provide any material financial or other support to any of the VIEs it is involved with, nor is TEC under any obligation to absorb losses associated with these VIEs. In the normal course of business, TEC’s involvement with these VIEs does not affect its Consolidated Condensed Balance Sheets, Statements of Income or Cash Flows. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
15. Discontinued Operations | |||||||||||||||||
In 2012, TECO Guatemala, Inc. completed the sale of its interests in the Alborada and San José power stations, and related solid fuel handling and port facilities in Guatemala. All periods have been adjusted to reflect the reclassification of results from operations to discontinued operations for TECO Guatemala and certain charges at Parent that directly relate to TECO Guatemala. The following table provides selected components of discontinued operations: | |||||||||||||||||
Components of income from discontinued operations attributable to TECO Energy | Three months ended | Nine months ended | |||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 0 | $ | 31.5 | $ | 0 | $ | 100.4 | |||||||||
(Loss) Income from operations | (0.2 | ) | 3.8 | 0 | 23.3 | ||||||||||||
(Loss) gain on assets sold, including transaction costs | 0 | (31.2 | ) | 0 | (31.2 | ) | |||||||||||
(Loss) Income from discontinued operations | (0.2 | ) | (27.4 | ) | 0 | (7.9 | ) | ||||||||||
(Benefit) Provision for income taxes | (0.1 | ) | 18.7 | 0 | 24.6 | ||||||||||||
(Loss) Income from discontinued operations, net | (0.1 | ) | (46.1 | ) | 0 | (32.5 | ) | ||||||||||
Less: Income from discontinued operations attributable to noncontrolling interest | 0 | 0.1 | 0 | 0.3 | |||||||||||||
(Loss) Income from discontinued operations attributable to TECO Energy, net | ($ | 0.1 | ) | ($ | 46.2 | ) | $ | 0 | ($ | 32.8 | ) | ||||||
Pending_Acquisition_of_New_Mex
Pending Acquisition of New Mexico Gas Company | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Pending Acquisition of New Mexico Gas Company | ' |
16. Pending Acquisition of New Mexico Gas Company | |
Stock Purchase Agreement | |
On May 25, 2013, the company entered into an SPA by and among the company, NMGI and Continental Energy Systems LLC (CES). NMGI is the parent company of NMGC. Pursuant to the terms and subject to the conditions set forth in the SPA, the company will acquire from CES all of the outstanding capital stock of its subsidiary, NMGI, for an aggregate purchase price of $950 million, which includes the assumption of $200 million of senior secured notes at NMGC. The purchase price is subject to certain closing adjustments in accordance with the terms of the SPA. The permanent financing is expected to be a combination of TECO Energy common equity, cash on hand and long-term debt at NMGI and NMGC. | |
The closing of the acquisition is subject to various customary closing conditions, including, among others (i) clearance under the Hart-Scott-Rodino Antitrust Improvements Act, (ii) receipt of all required regulatory approvals from the New Mexico Public Regulation Commission, and (iii) subject to certain materiality exceptions, the accuracy of the representations and warranties made by the parties to the SPA and compliance with their respective obligations under the SPA. The Hart-Scott-Rodino waiting period expired without any further request for information. The company filed for approval from the New Mexico Public Regulation Commission on July 9, 2013. The closing of the acquisition is expected to occur either late in the first quarter or early in the second of 2014, subject to satisfaction of closing conditions. | |
The SPA contains customary representations and warranties of the parties, and covenants to, among other things, cooperate on seeking necessary regulatory approvals and access to information. NMGI also agreed to conduct its business and the business of its subsidiary, NMGC, in the ordinary course until the acquisition is consummated and has agreed to cooperate with the company’s efforts to obtain permanent financing. The acquisition is not subject to any financing condition and the company has entered into a credit agreement to provide bridge financing, as described in the section titled TECO Finance Bridge Facility below. The parties have agreed to indemnify each other for breaches of representations, warranties and covenants. Subject to certain exceptions, CES’s aggregate liability with respect to such indemnification obligations is capped at $30 million (subject to a $9.25 million deductible), which will be placed initially into an escrow account at closing to be available to fund indemnification claims. | |
The SPA contains certain termination rights for CES and the company, including, among others, the right to terminate if the acquisition is not completed by May 25, 2014 (subject to up to a four month extension under certain circumstances related to obtaining required regulatory approvals). | |
TECO Finance Bridge Facility | |
On June 24, 2013, the company and TECO Finance entered into a $1.075 billion Senior Unsecured Bridge Credit Agreement (Bridge Facility) among the company as guarantor, TECO Finance as borrower, Morgan Stanley as administrative agent, sole lead arranger and sole book runner, and the lenders named in the Bridge Facility. The Bridge Facility is sized to cover the $950 million purchase price and provide a $125 million credit facility for the operations of NMGC. Under the terms of the Bridge Facility, as of the closing of the NMGI acquisition, the Bridge Facility permits NMGC to be added to the Bridge Facility as a borrower. | |
Pursuant to the Bridge Facility, upon satisfaction of certain conditions precedent contained therein, the borrowers may borrow up to $1.075 billion. TECO Finance’s obligations under the Bridge Facility are unconditionally guaranteed by the company. The Bridge Facility matures 364 days after the closing of the acquisition. Repaid amounts under the Bridge Facility may not be reborrowed. | |
The availability of funds under the Bridge Facility is subject to certain conditions including, among others, and in each case, subject to certain exceptions: (i) the absence of a “material adverse effect” on NMGC, consistent with the definitions in the SPA; (ii) the accuracy of the representations and warranties in the Bridge Facility; (iii) the consummation of the acquisition and the absence of certain changes or waivers to the SPA; (iv) the absence of defaults under the Bridge Facility and under certain other credit facilities of the company and its subsidiaries (Existing Credit Facilities); (v) the delivery of certain financial information pertaining to the company and its subsidiaries; (vi) the solvency of the company and its subsidiaries on a consolidated basis, and compliance, on a pro forma basis after giving effect to the acquisition, with all covenants in the Existing Credit Facilities of the company and its subsidiaries; (vii) the amendment of the TECO Credit Agreement to permit the acquisition (which amendment has been completed, as described in Note 6); (viii) the payment of certain transaction fees; and (ix) the delivery of customary closing documents. | |
The interest rate applicable to the Bridge Facility is, at the borrower’s option, either a floating base rate or a floating Eurodollar rate, in each case, plus an applicable margin ranging from 0.25% to 2.0% depending on the company’s credit rating, and subject to a 0.25% increase for each 90-day period that elapses after the closing of the acquisition. | |
The Bridge Facility contains certain covenants that, among other things, restrict (i) certain mergers, consolidations, liquidations and dissolutions of the company and certain subsidiaries, (ii) sales by the company and certain subsidiaries of all or a substantial part of its assets and, (iii) certain liens by of the company or certain subsidiaries on all or substantially all of such party’s assets, in each case subject to exceptions substantially similar to those exceptions in the TECO Credit Facility. Under the Bridge Facility, the company must maintain, on a consolidated basis, a total debt to total capitalization ratio of no greater than 0.65 to 1.00 (except with respect to the four fiscal quarters commencing with the quarter in which the acquisition closes, during which it must maintain a total debt to total capitalization ratio of no greater than 0.70 to 1.00). | |
Additionally, the Bridge Facility also contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain other material indebtedness, certain events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts, certain impairments to the guarantee and changes in control. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Principles of Consolidation and Basis of Presentation | ' |
Principles of Consolidation and Basis of Presentation | |
The consolidated condensed financial statements include the accounts of TECO Energy, Inc., its majority-owned and controlled subsidiaries and the accounts of VIEs for which it is the primary beneficiary (TECO Energy or the company). TECO Energy is considered to be the primary beneficiary of VIEs if it has both 1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and 2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. For the periods presented, no VIEs have been consolidated in continuing operations (see Note 14). | |
All significant intercompany balances and intercompany transactions have been eliminated in consolidation. In the opinion of management, the unaudited consolidated condensed financial statements include all adjustments that are of a recurring nature and necessary to state fairly the financial position of TECO Energy, Inc. and its subsidiaries as of Sept. 30, 2013 and Dec. 31, 2012, and the results of operations and cash flows for the periods ended Sept. 30, 2013 and 2012. The results of operations for the three and nine months ended Sept. 30, 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ending Dec. 31, 2013. | |
Use of Estimates | ' |
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 consolidated condensed balance sheet data 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. | |
Revenues | ' |
Revenues | |
As of Sept. 30, 2013 and Dec. 31, 2012, unbilled revenues of $51.8 million and $49.0 million, respectively, are included in the “Receivables” line item on the Consolidated Condensed Balance Sheets. | |
Accounting for Excise Taxes, Franchise Fees and Gross Receipts | ' |
Accounting for Excise Taxes, Franchise Fees and Gross Receipts | |
TECO Coal incurs most of TECO Energy’s total excise taxes, which are accrued as an expense and reconciled to the actual cash payment of excise taxes. As general expenses, they are not specifically recovered through revenues. Excise taxes paid by the regulated utilities are not material and are expensed when incurred. | |
The regulated utilities are allowed to recover certain costs on a dollar-per-dollar basis incurred from customers through prices approved by the FPSC. The amounts included in customers’ bills for franchise fees and gross receipt taxes are included as revenues on the Consolidated Condensed Statements of Income. Franchise fees and gross receipt taxes payable by the regulated utilities are included as an expense on the Consolidated Condensed Statements of Income in “Taxes, other than income”. These amounts totaled $29.7 million and $81.8 million, respectively, for the three and nine months ended Sept. 30, 2013, compared to $31.0 million and $85.4 million, respectively, for the three and nine months ended Sept. 30, 2012. | |
Cash Flows Related to Derivatives and Hedging Activities | ' |
Cash Flows Related to Derivatives and Hedging Activities | |
The company classifies cash inflows and outflows related to derivative and hedging instruments in the appropriate cash flow sections associated with the item being hedged. In the case of diesel fuel swaps, which are used to mitigate the fluctuations in the price of diesel fuel, the cash inflows and outflows are included in the operating section. For natural gas and ongoing interest rate swaps, the cash inflows and outflows are included in the operating section. For interest rate swaps that settle coincident with the debt issuance, the cash inflows and outflows are treated as premiums or discounts and included in the financing section of the Consolidated Condensed Statements of Cash Flows. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications were made to prior year amounts to conform to current period presentation. None of the reclassifications affected TECO Energy’s net income in any period. | |
Tampa Electric Company [Member] | ' |
Principles of Consolidation and Basis of Presentation | ' |
Principles of Consolidation and Basis of Presentation | |
TEC is a wholly-owned subsidiary of TECO Energy, Inc. For the purposes of its consolidated financial reporting, TEC is comprised of the electric division, generally referred to as Tampa Electric, the natural gas division, generally referred to as PGS, and potentially the accounts of VIEs for which it is the primary beneficiary. For the periods presented, no VIEs have been consolidated (see Note 13). | |
All significant intercompany balances and intercompany transactions have been eliminated in consolidation. In the opinion of management, the unaudited consolidated condensed financial statements include all adjustments that are of a recurring nature and necessary to state fairly the financial position of TEC as of Sept. 30, 2013 and Dec. 31, 2012, and the results of operations and cash flows for the periods ended Sept. 30, 2013 and 2012. The results of operations for the three and nine months ended Sept. 30, 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ending Dec. 31, 2013. | |
Use of Estimates | ' |
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 consolidated condensed balance sheet data 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. | |
Revenues | ' |
Revenues | |
As of Sept. 30, 2013 and Dec. 31, 2012, unbilled revenues of $51.8 million and $49.0 million, respectively, are included in the “Receivables” line item on the Consolidated Condensed Balance Sheets. | |
Accounting for Excise Taxes, Franchise Fees and Gross Receipts | ' |
Accounting for Franchise Fees and Gross Receipts | |
The regulated utilities are allowed to recover certain costs on a dollar-per-dollar basis incurred from customers through prices approved by the FPSC. The amounts included in customers’ bills for franchise fees and gross receipt taxes are included as revenues on the Consolidated Condensed Statements of Income. Franchise fees and gross receipt taxes payable by the regulated utilities are included as an expense on the Consolidated Condensed Statements of Income in “Taxes, other than income”. These amounts totaled $29.7 million and $81.8 million, respectively, for the three and nine months ended Sept. 30, 2013, compared to $31.0 million and $85.4 million, respectively, for the three and nine months ended Sept. 30, 2012. | |
Cash Flows Related to Derivatives and Hedging Activities | ' |
Cash Flows Related to Derivatives and Hedging Activities | |
TEC classifies cash inflows and outflows related to derivative and hedging instruments in the appropriate cash flow sections associated with the item being hedged. For natural gas and ongoing interest rate swaps, the cash inflows and outflows are included in the operating section. For interest rate swaps that settle coincident with the debt issuance, the cash inflows and outflows are treated as premiums or discounts and included in the financing section of the Consolidated Condensed Statements of Cash Flows. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications were made to prior year amounts to conform to current period presentation. Income tax expense related to regulated operations was previously included within income from operations as it is part of the determination of utility revenue requirements. Income tax expense is now presented directly above net income to conform to the TECO Energy, Inc. presentation. For prior periods, this change results in an increase in income from operations for the amount of income tax expense reclassified. None of the reclassifications affected TEC’s net income in any period. |
Regulatory_Tables
Regulatory (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Schedule of Regulatory Assets and Regulatory Liabilities | ' | ||||||||
Details of the regulatory assets and liabilities as of Sept. 30, 2013 and Dec. 31, 2012 are presented in the following table: | |||||||||
Regulatory Assets and Liabilities | |||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||
2013 | 2012 | ||||||||
Regulatory assets: | |||||||||
Regulatory tax asset (1) | $ | 67.2 | $ | 67.2 | |||||
Other: | |||||||||
Cost-recovery clauses | 14.4 | 42.9 | |||||||
Postretirement benefit asset | 263.8 | 276.1 | |||||||
Deferred bond refinancing costs (2) | 8.3 | 9.2 | |||||||
Environmental remediation | 47.8 | 46.9 | |||||||
Competitive rate adjustment | 4.2 | 4.1 | |||||||
Other | 5.7 | 6.5 | |||||||
Total other regulatory assets | 344.2 | 385.7 | |||||||
Total regulatory assets | 411.4 | 452.9 | |||||||
Less: Current portion | 40.9 | 70.3 | |||||||
Long-term regulatory assets | $ | 370.5 | $ | 382.6 | |||||
Regulatory liabilities: | |||||||||
Regulatory tax liability (1) | $ | 13.7 | $ | 14.6 | |||||
Other: | |||||||||
Cost-recovery clauses | 49.4 | 73.9 | |||||||
Transmission and delivery storm reserve | 55.4 | 50.4 | |||||||
Deferred gain on property sales (3) | 2.3 | 3.4 | |||||||
Other | 1.3 | 1 | |||||||
Accumulated reserve - cost of removal | 591.9 | 593.7 | |||||||
Total other regulatory liabilities | 700.3 | 722.4 | |||||||
Total regulatory liabilities | 714 | 737 | |||||||
Less: Current portion | 81.3 | 105.6 | |||||||
Long-term regulatory liabilities | $ | 632.7 | $ | 631.4 | |||||
-1 | Primarily related to plant life and derivative positions. | ||||||||
-2 | Amortized over the term of the related debt instruments. | ||||||||
-3 | Amortized over a 5-year period with various ending dates. | ||||||||
Regulatory Assets and Related Recovery Period | ' | ||||||||
All regulatory assets are recovered through the regulatory process. The following table further details the regulatory assets and the related recovery periods: | |||||||||
Regulatory Assets | |||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||
2013 | 2012 | ||||||||
Clause recoverable (1) | $ | 18.6 | $ | 47 | |||||
Components of rate base (2) | 266.7 | 279.1 | |||||||
Regulatory tax assets (3) | 67.2 | 67.2 | |||||||
Capital structure and other (3) | 58.9 | 59.6 | |||||||
Total | $ | 411.4 | $ | 452.9 | |||||
-1 | To be recovered through recovery mechanisms approved by the FPSC on a dollar-for-dollar basis in the next year. | ||||||||
-2 | Primarily reflects allowed working capital, which is included in rate base and earns a rate of return as permitted by the FPSC. | ||||||||
-3 | “Regulatory tax assets” and “Capital structure and other” regulatory assets have a recoverable period longer than a fiscal year and are recognized over the period authorized by the regulatory agency. Also included are unamortized loan costs, which are amortized over the life of the related debt instruments. See footnotes 1 and 2 in the prior table for additional information. | ||||||||
Tampa Electric Company [Member] | ' | ||||||||
Schedule of Regulatory Assets and Regulatory Liabilities | ' | ||||||||
Details of the regulatory assets and liabilities as of Sept. 30, 2013 and Dec. 31, 2012 are presented in the following table: | |||||||||
Regulatory Assets and Liabilities | |||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||
2013 | 2012 | ||||||||
Regulatory assets: | |||||||||
Regulatory tax asset (1) | $ | 67.2 | $ | 67.2 | |||||
Other: | |||||||||
Cost-recovery clauses | 14.4 | 42.9 | |||||||
Postretirement benefit asset | 263.8 | 276.1 | |||||||
Deferred bond refinancing costs (2) | 8.3 | 9.2 | |||||||
Environmental remediation | 47.8 | 46.9 | |||||||
Competitive rate adjustment | 4.2 | 4.1 | |||||||
Other | 5.7 | 6.5 | |||||||
Total other regulatory assets | 344.2 | 385.7 | |||||||
Total regulatory assets | 411.4 | 452.9 | |||||||
Less: Current portion | 40.9 | 70.3 | |||||||
Long-term regulatory assets | $ | 370.5 | $ | 382.6 | |||||
Regulatory liabilities: | |||||||||
Regulatory tax liability (1) | $ | 13.7 | $ | 14.6 | |||||
Other: | |||||||||
Cost-recovery clauses | 49.4 | 73.9 | |||||||
Transmission and delivery storm reserve | 55.4 | 50.4 | |||||||
Deferred gain on property sales (3) | 2.3 | 3.4 | |||||||
Other | 1.3 | 1 | |||||||
Accumulated reserve - cost of removal | 591.9 | 593.7 | |||||||
Total other regulatory liabilities | 700.3 | 722.4 | |||||||
Total regulatory liabilities | 714 | 737 | |||||||
Less: Current portion | 81.3 | 105.6 | |||||||
Long-term regulatory liabilities | $ | 632.7 | $ | 631.4 | |||||
-1 | Primarily related to plant life and derivative positions. | ||||||||
-2 | Amortized over the term of the related debt instruments. | ||||||||
-3 | Amortized over a 5-year period with various ending dates. | ||||||||
Regulatory Assets and Related Recovery Period | ' | ||||||||
All regulatory assets are recovered through the regulatory process. The following table further details the regulatory assets and the related recovery periods: | |||||||||
Regulatory Assets | |||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||
2013 | 2012 | ||||||||
Clause recoverable (1) | $ | 18.6 | $ | 47 | |||||
Components of rate base (2) | 266.7 | 279.1 | |||||||
Regulatory tax assets (3) | 67.2 | 67.2 | |||||||
Capital structure and other (3) | 58.9 | 59.6 | |||||||
Total | $ | 411.4 | $ | 452.9 | |||||
-1 | To be recovered through recovery mechanisms approved by the FPSC on a dollar-for-dollar basis in the next year. | ||||||||
-2 | Primarily reflects allowed working capital, which is included in rate base and earns a rate of return as permitted by the FPSC. | ||||||||
-3 | “Regulatory tax assets” and “Capital structure and other” regulatory assets have a recoverable period longer than a fiscal year and are recognized over the period authorized by the regulatory agency. Also included are unamortized loan costs, which are amortized over the life of the related debt instruments. See footnotes 1 and 2 in the prior table for additional information. |
Employee_Postretirement_Benefi1
Employee Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Periodic Benefit Cost | ' | ||||||||||||||||
Included in the table below is the periodic expense for pension and other postretirement benefits offered by the company. | |||||||||||||||||
Pension Expense | |||||||||||||||||
(millions) | Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three months ended Sept. 30, | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Components of net periodic benefit expense | |||||||||||||||||
Service cost | $ | 4.5 | $ | 4.3 | $ | 0.7 | $ | 0.6 | |||||||||
Interest cost on projected benefit obligations | 7.3 | 7.5 | 2.3 | 2.5 | |||||||||||||
Expected return on assets | (9.6 | ) | (9.3 | ) | 0 | 0 | |||||||||||
Amortization of: | |||||||||||||||||
Transition obligation | 0 | 0 | 0 | 0.4 | |||||||||||||
Prior service (benefit) cost | (0.1 | ) | (0.1 | ) | (0.1 | ) | 0.2 | ||||||||||
Actuarial loss | 5.1 | 3.9 | 0.2 | 0.1 | |||||||||||||
Settlement cost | 1 | 0 | 0 | 0 | |||||||||||||
Net pension expense recognized in the Consolidated Condensed Statements of Income | $ | 8.2 | $ | 6.3 | $ | 3.1 | $ | 3.8 | |||||||||
Nine months ended Sept. 30, | |||||||||||||||||
Components of net periodic benefit expense | |||||||||||||||||
Service cost | $ | 13.6 | $ | 12.8 | $ | 1.9 | $ | 1.8 | |||||||||
Interest cost on projected benefit obligations | 21.7 | 22.5 | 7 | 7.6 | |||||||||||||
Expected return on assets | (28.8 | ) | (27.8 | ) | 0 | 0 | |||||||||||
Amortization of: | |||||||||||||||||
Transition obligation | 0 | 0 | 0 | 1.3 | |||||||||||||
Prior service (benefit) cost | (0.3 | ) | (0.3 | ) | (0.3 | ) | 0.6 | ||||||||||
Actuarial loss | 15.4 | 11.5 | 0.7 | 0.1 | |||||||||||||
Settlement cost | 1 | 0 | 0 | 0 | |||||||||||||
Net pension expense recognized in the Consolidated Condensed Statements of Income | $ | 22.6 | $ | 18.7 | $ | 9.3 | $ | 11.4 | |||||||||
ShortTerm_Debt_Tables
Short-Term Debt (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Short-Term Debt Credit Facilities | ' | ||||||||||||||||||||||||
At Sept. 30, 2013 and Dec. 31, 2012, the following credit facilities and related borrowings existed: | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
Sept. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||
(millions) | Credit | Borrowings | Letters | Credit | Borrowings | Letters | |||||||||||||||||||
Facilities | Outstanding (1) | of Credit | Facilities | Outstanding (1) | of Credit | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Tampa Electric Company: | |||||||||||||||||||||||||
5-year facility (2) | $ | 325 | $ | 0 | $ | 1.5 | $ | 325 | $ | 0 | $ | 1.5 | |||||||||||||
1-year accounts receivable facility | 150 | 0 | 0 | 150 | 0 | 0 | |||||||||||||||||||
TECO Energy/TECO Finance: | |||||||||||||||||||||||||
5-year facility (2)(3) | 200 | 0 | 0 | 200 | 0 | 0 | |||||||||||||||||||
Total | $ | 675 | $ | 0 | $ | 1.5 | $ | 675 | $ | 0 | $ | 1.5 | |||||||||||||
-1 | Borrowings outstanding are reported as notes payable. | ||||||||||||||||||||||||
-2 | This 5-year facility matures Oct. 25, 2016. | ||||||||||||||||||||||||
-3 | TECO Finance is the borrower and TECO Energy is the guarantor of this facility. | ||||||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||||||
Short-Term Debt Credit Facilities | ' | ||||||||||||||||||||||||
At Sept. 30, 2013 and Dec. 31, 2012, the following credit facilities and related borrowings existed: | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
Sept. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||
(millions) | Credit | Borrowings | Letters | Credit | Borrowings | Letters | |||||||||||||||||||
Facilities | Outstanding (1) | of Credit | Facilities | Outstanding (1) | of Credit | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Tampa Electric Company: | |||||||||||||||||||||||||
5-year facility (2) | $ | 325 | $ | 0 | $ | 1.5 | $ | 325 | $ | 0 | $ | 1.5 | |||||||||||||
1-year accounts receivable facility | 150 | 0 | 0 | 150 | 0 | 0 | |||||||||||||||||||
Total | $ | 475 | $ | 0 | $ | 1.5 | $ | 475 | $ | 0 | $ | 1.5 | |||||||||||||
-1 | Borrowings outstanding are reported as notes payable. | ||||||||||||||||||||||||
-2 | This 5-year facility matures Oct. 25, 2016. |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||
Three months ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||||||||||||
(millions) | Gross | Tax | Net | Gross | Tax | Net | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Unrealized gain on cash flow hedges | $ | 1.1 | $ | (0.4 | ) | $ | 0.7 | $ | 0.7 | $ | (0.3 | ) | $ | 0.4 | |||||||||||
Reclassification from AOCI to net income (1) | 0.1 | 0 | 0.1 | 1 | (0.3 | ) | 0.7 | ||||||||||||||||||
Gain on cash flow hedges | 1.2 | (0.4 | ) | 0.8 | 1.7 | (0.6 | ) | 1.1 | |||||||||||||||||
Amortization of unrecognized benefit costs (2) | 1 | (0.4 | ) | 0.6 | 3.2 | (1.2 | ) | 2 | |||||||||||||||||
Recognized benefit costs due to settlement | 2.6 | (1.0 | ) | 1.6 | 2.6 | (1.0 | ) | 1.6 | |||||||||||||||||
Total other comprehensive income | $ | 4.8 | $ | (1.8 | ) | $ | 3 | $ | 7.5 | $ | (2.8 | ) | $ | 4.7 | |||||||||||
2012 | |||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | $ | 2.5 | $ | (0.9 | ) | $ | 1.6 | $ | (7.2 | ) | $ | 2.7 | $ | (4.5 | ) | ||||||||||
Reclassification from AOCI to net income (1) | 0.2 | (0.1 | ) | 0.1 | 0.5 | (0.2 | ) | 0.3 | |||||||||||||||||
Gain (Loss) on cash flow hedges | 2.7 | (1.0 | ) | 1.7 | (6.7 | ) | 2.5 | (4.2 | ) | ||||||||||||||||
Amortization of unrecognized benefit costs (2) | 0.8 | (0.3 | ) | 0.5 | 2.3 | (1.2 | ) | 1.1 | |||||||||||||||||
Total other comprehensive income (loss) | $ | 3.5 | $ | (1.3 | ) | $ | 2.2 | $ | (4.4 | ) | $ | 1.3 | $ | (3.1 | ) | ||||||||||
-1 | Related to interest rate contracts recognized in Interest expense and commodity contracts recognized in Mining related costs. | ||||||||||||||||||||||||
-2 | Related to postretirement benefits. See Note 5 for additional information. | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||
(millions) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||
Unrecognized pension loss and prior service (benefit) credit (1) | $ | (29.3 | ) | $ | (32.9 | ) | |||||||||||||||||||
Unrecognized other benefit loss, prior service (benefit) cost and transition obligation (2) | 11.1 | 11.1 | |||||||||||||||||||||||
Net unrealized losses from cash flow hedges (3) | (8.1 | ) | (9.2 | ) | |||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (26.3 | ) | $ | (31.0 | ) | |||||||||||||||||||
-1 | Net of tax benefit of $17.9 million and $20.1 million as of Sept. 30, 2013 and Dec. 31, 2012, respectively. | ||||||||||||||||||||||||
-2 | Net of tax expense of $6.7 million and $6.7 million as of Sept. 30, 2013 and Dec. 31, 2012, respectively. | ||||||||||||||||||||||||
-3 | Net of tax benefit of $5.2 million and $5.8 million as of Sept. 30, 2013 and Dec. 31, 2012, respectively. | ||||||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||||||
Other Comprehensive Income | Three months ended Sept. 30, | Nine months ended Sept. 30, | |||||||||||||||||||||||
(millions) | Gross | Tax | Net | Gross | Tax | Net | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Unrealized loss on cash flow hedges | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Reclassification from AOCI to net income | 0.4 | (0.2 | ) | 0.2 | 1.1 | (0.4 | ) | 0.7 | |||||||||||||||||
Gain on cash flow hedges | 0.4 | (0.2 | ) | 0.2 | 1.1 | (0.4 | ) | 0.7 | |||||||||||||||||
Total other comprehensive income | $ | 0.4 | ($ | 0.2 | ) | $ | 0.2 | $ | 1.1 | ($ | 0.4 | ) | $ | 0.7 | |||||||||||
2012 | |||||||||||||||||||||||||
Unrealized loss on cash flow hedges | $ | 0 | $ | 0 | $ | 0 | ($ | 8 | ) | $ | 3.1 | ($ | 4.9 | ) | |||||||||||
Reclassification from AOCI to net income | 0.4 | (0.2 | ) | 0.2 | 1 | (0.4 | ) | 0.6 | |||||||||||||||||
Gain (Loss) on cash flow hedges | 0.4 | (0.2 | ) | 0.2 | (7.0 | ) | 2.7 | (4.3 | ) | ||||||||||||||||
Total other comprehensive income (loss) | $ | 0.4 | ($ | 0.2 | ) | $ | 0.2 | ($ | 7 | ) | $ | 2.7 | ($ | 4.3 | ) | ||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
(millions) | Sept. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||
Net unrealized losses from cash flow hedges (1) | ($ | 8 | ) | ($ | 8.7 | ) | |||||||||||||||||||
Total accumulated other comprehensive loss | ($ | 8 | ) | ($ | 8.7 | ) | |||||||||||||||||||
-1 | Net of tax benefit of $5.1 million and $5.5 million as of Sept. 30, 2013 and Dec. 31, 2012, respectively. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share | ' | ||||||||||||||||
For the three months ended Sept. 30, | For the nine months ended Sept. 30, | ||||||||||||||||
(millions, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic earnings per share | |||||||||||||||||
Net income from continuing operations | $ | 62.9 | $ | 90.2 | $ | 155.7 | $ | 200.4 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.3 | ) | (0.5 | ) | (0.7 | ) | |||||||||
Income before discontinued operations available to common shareholders - Basic | $ | 62.7 | $ | 89.9 | $ | 155.2 | $ | 199.7 | |||||||||
(Loss) Income from discontinued operations attributable to TECO Energy, net | ($ | 0.1 | ) | ($ | 46.2 | ) | $ | 0 | ($ | 32.8 | ) | ||||||
Amount allocated to nonvested participating shareholders | 0 | 0.1 | 0 | 0.1 | |||||||||||||
(Loss) Income from discontinued operations attributable to TECO Energy available to common shareholders - Basic | ($ | 0.1 | ) | ($ | 46.1 | ) | $ | 0 | ($ | 32.7 | ) | ||||||
Net income attributable to TECO Energy | $ | 62.8 | $ | 44 | $ | 155.7 | $ | 167.6 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.5 | ) | (0.6 | ) | |||||||||
Net income attributable to TECO Energy available to common shareholders - Basic | $ | 62.6 | $ | 43.8 | $ | 155.2 | $ | 167 | |||||||||
Average common shares outstanding - Basic | 215.2 | 214.5 | 214.9 | 214.2 | |||||||||||||
Earnings per share from continuing operations available to common shareholders - Basic | $ | 0.29 | $ | 0.42 | $ | 0.72 | $ | 0.93 | |||||||||
Earnings per share from discontinued operations attributable to TECO Energy available to common shareholders - Basic | $ | 0 | ($ | 0.22 | ) | $ | 0 | ($ | 0.15 | ) | |||||||
Earnings per share attributable to TECO Energy available to common shareholders - Basic | $ | 0.29 | $ | 0.2 | $ | 0.72 | $ | 0.78 | |||||||||
Diluted earnings per share | |||||||||||||||||
Net income from continuing operations | $ | 62.9 | $ | 90.2 | $ | 155.7 | $ | 200.4 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.3 | ) | (0.5 | ) | (0.7 | ) | |||||||||
Income before discontinued operations available to common shareholders - Diluted | $ | 62.7 | $ | 89.9 | $ | 155.2 | $ | 199.7 | |||||||||
(Loss) Income from discontinued operations attributable to TECO Energy, net | ($ | 0.1 | ) | ($ | 46.2 | ) | $ | 0 | ($ | 32.8 | ) | ||||||
Amount allocated to nonvested participating shareholders | 0 | 0.1 | 0 | 0.1 | |||||||||||||
(Loss) Income from discontinued operations attributable to TECO Energy available to common shareholders - Diluted | ($ | 0.1 | ) | ($ | 46.1 | ) | $ | 0 | ($ | 32.7 | ) | ||||||
Net income attributable to TECO Energy | $ | 62.8 | $ | 44 | $ | 155.7 | $ | 167.6 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.5 | ) | (0.6 | ) | |||||||||
Net income attributable to TECO Energy available to common shareholders - Diluted | $ | 62.6 | $ | 43.8 | $ | 155.2 | $ | 167 | |||||||||
Unadjusted average common shares outstanding - Diluted | 215.2 | 214.5 | 214.9 | 214.2 | |||||||||||||
Assumed conversion of stock options, unvested restricted stock and contingent performance shares, net | 0.4 | 0.9 | 0.5 | 1.1 | |||||||||||||
Average common shares outstanding - Diluted | 215.6 | 215.4 | 215.4 | 215.3 | |||||||||||||
Earnings per share from continuing operations available to common shareholders - Diluted | $ | 0.29 | $ | 0.42 | $ | 0.72 | $ | 0.93 | |||||||||
Earnings per share from discontinued operations attributable to TECO Energy available to common shareholders - Diluted | $ | 0 | ($ | 0.22 | ) | $ | 0 | ($ | 0.15 | ) | |||||||
Earnings per share attributable to TECO Energy available to common shareholders - Diluted | $ | 0.29 | $ | 0.2 | $ | 0.72 | $ | 0.78 | |||||||||
Anti-dilutive shares | 0 | 0 | 0 | 0.6 | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Letters of Credit and Guarantees | ' | ||||||||||||||||||||
A summary of the face amount or maximum theoretical obligation under TECO Energy’s letters of credit and guarantees as of Sept. 30, 2013 is as follows: | |||||||||||||||||||||
Guarantees - TECO Energy | |||||||||||||||||||||
(millions) | 2013 | 2014-2017 | After (1) | Total | Liabilities Recognized | ||||||||||||||||
Guarantees for the Benefit of: | 2017 | at Sept. 30, 2013 | |||||||||||||||||||
TECO Coal | |||||||||||||||||||||
Fuel purchase related (2) | $ | 0 | $ | 1.4 | $ | 4 | $ | 5.4 | $ | 2.3 | |||||||||||
Other subsidiaries | |||||||||||||||||||||
Guaranty under sale agreement (3) | 0 | 4.9 | 0 | 4.9 | 4.9 | ||||||||||||||||
Fuel purchase/energy management (2) | 0 | 10 | 94.3 | 104.3 | 0.4 | ||||||||||||||||
Total | $ | 0 | $ | 16.3 | $ | 98.3 | $ | 114.6 | $ | 7.6 | |||||||||||
Letters of Credit - Tampa Electric Company | |||||||||||||||||||||
(millions) | 2013 | 2014-2017 | After (1) | Total | Liabilities Recognized | ||||||||||||||||
Letters of Credit for the Benefit of: | 2017 | at Sept. 30, 2013 | |||||||||||||||||||
Tampa Electric (2) | $ | 0.8 | $ | 0.0 | $ | 0.7 | $ | 1.5 | $ | 0.3 | |||||||||||
-1 | These letters of credit and guarantees renew annually and are shown on the basis that they will continue to renew beyond 2017. | ||||||||||||||||||||
-2 | The amounts shown are the maximum theoretical amounts guaranteed under current agreements. Liabilities recognized represent the associated obligation of TECO Energy under these agreements at Sept. 30, 2013. The obligations under these letters of credit and guarantees include net accounts payable and net derivative liabilities. | ||||||||||||||||||||
-3 | The liability recognized relates to an indemnification provision for an uncertain tax position at TCAE that was provided for in the purchase agreement of the TECO Guatemala equity interests. | ||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||
Letters of Credit and Guarantees | ' | ||||||||||||||||||||
A summary of the face amount or maximum theoretical obligation under TEC’s letters of credit as of Sept. 30, 2013 is as follows: | |||||||||||||||||||||
Letters of Credit - Tampa Electric Company | |||||||||||||||||||||
(millions) | 2013 | 2014-2017 | After(1) | Total | Liabilities Recognized | ||||||||||||||||
Letters of Credit for the Benefit of: | 2017 | at Sept. 30, 2013 | |||||||||||||||||||
Tampa Electric (2) | $ | 0.8 | $ | 0 | $ | 0.7 | $ | 1.5 | $ | 0.3 | |||||||||||
-1 | These letters of credit renew annually and are shown on the basis that they will continue to renew beyond 2017. | ||||||||||||||||||||
-2 | The amounts shown are the maximum theoretical amounts guaranteed under current agreements. Liabilities recognized represent the associated obligation of TEC under these agreements at Sept. 30, 2013. The obligations under these letters of credit include net accounts payable and net derivative liabilities. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Schedule of Segment Information | ' | ||||||||||||||||||||||||
The management of TECO Energy reports segments based on each subsidiary’s contribution of revenues, net income and total assets as required by the accounting guidance for disclosures about segments of an enterprise and related information. All significant intercompany transactions are eliminated in the Consolidated Condensed Financial Statements of TECO Energy, but are included in determining reportable segments. | |||||||||||||||||||||||||
Segment Information (1) | |||||||||||||||||||||||||
(millions) | Tampa | Peoples | TECO | TECO | Other & | TECO | |||||||||||||||||||
Three months ended Sept. 30, | Electric | Gas | Coal | Guatemala (2) | Eliminations | Energy | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues - external | $ | 556.2 | $ | 83.1 | $ | 123.7 | $ | 0 | $ | 2.9 | $ | 765.9 | |||||||||||||
Sales to affiliates | 0.2 | 0.3 | 0 | 0 | (0.5 | ) | 0 | ||||||||||||||||||
Total revenues | 556.4 | 83.4 | 123.7 | 0 | 2.4 | 765.9 | |||||||||||||||||||
Depreciation and amortization | 62.2 | 13.4 | 9.3 | 0 | 0.5 | 85.4 | |||||||||||||||||||
Total interest charges (1) | 22.8 | 3.4 | 1.6 | 0 | 13.7 | 41.5 | |||||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 1.5 | 0 | (1.5 | ) | 0 | ||||||||||||||||||
Provision (benefit) for income taxes | 42.7 | 3.4 | (1.2 | ) | 0 | (7.3 | ) | 37.6 | |||||||||||||||||
Net income from continuing operations | 68.7 | 5.4 | (1.4 | ) | 0 | (9.8 | ) | 62.9 | |||||||||||||||||
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | 0 | (0.1 | ) | (0.1 | ) | |||||||||||||||||
Net income attributable to TECO Energy | $ | 68.7 | $ | 5.4 | ($ | 1.4 | ) | $ | 0 | ($ | 9.9 | ) | $ | 62.8 | |||||||||||
2012 | |||||||||||||||||||||||||
Revenues - external | $ | 574.9 | $ | 95.2 | $ | 186 | $ | 0 | $ | 2.5 | $ | 858.6 | |||||||||||||
Sales to affiliates | 0.3 | 0 | 0 | 0 | (0.3 | ) | 0 | ||||||||||||||||||
Total revenues | 575.2 | 95.2 | 186 | 0 | 2.2 | 858.6 | |||||||||||||||||||
Depreciation and amortization | 60.2 | 12.7 | 10.2 | 0 | 0.3 | 83.4 | |||||||||||||||||||
Total interest charges (1) | 26.7 | 3.7 | 1.9 | 0 | 12.3 | 44.6 | |||||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 1.7 | 0 | (1.7 | ) | 0 | ||||||||||||||||||
Provision (benefit) for income taxes | 45.7 | 4.4 | 6 | 0 | (4.4 | ) | 51.7 | ||||||||||||||||||
Net income from continuing operations | 73.5 | 7 | 17.4 | 0 | (7.7 | ) | 90.2 | ||||||||||||||||||
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | (42.6 | ) | (3.6 | ) | (46.2 | ) | ||||||||||||||||
Net income attributable to TECO Energy | $ | 73.5 | $ | 7 | $ | 17.4 | ($ | 42.6 | ) | ($ | 11.3 | ) | $ | 44 | |||||||||||
(millions) | |||||||||||||||||||||||||
Nine months ended Sept. 30, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues - external | $ | 1,476.60 | $ | 306.3 | $ | 370 | $ | 0 | $ | 10 | $ | 2,162.90 | |||||||||||||
Sales to affiliates | 0.7 | 0.8 | 0 | 0 | (1.5 | ) | 0 | ||||||||||||||||||
Total revenues | 1,477.30 | 307.1 | 370 | 0 | 8.5 | 2,162.90 | |||||||||||||||||||
Depreciation and amortization | 182 | 39.6 | 28.5 | 0 | 1.2 | 251.3 | |||||||||||||||||||
Total interest charges (1) | 69.5 | 10.1 | 5 | 0 | 42 | 126.6 | |||||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 4.8 | 0 | (4.8 | ) | 0 | ||||||||||||||||||
Provision (benefit) for income taxes | 94 | 17.1 | (2.2 | ) | 0 | (19.9 | ) | 89 | |||||||||||||||||
Net income from continuing operations | 151.1 | 27.1 | 2.3 | 0 | (24.8 | ) | 155.7 | ||||||||||||||||||
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Net income attributable to TECO Energy | $ | 151.1 | $ | 27.1 | $ | 2.3 | $ | 0 | ($ | 24.8 | ) | $ | 155.7 | ||||||||||||
2012 | |||||||||||||||||||||||||
Revenues - external | $ | 1,527.80 | $ | 298.9 | $ | 474.1 | $ | 0 | $ | 7.4 | $ | 2,308.20 | |||||||||||||
Sales to affiliates | 0.8 | 1.3 | 0 | 0 | (2.1 | ) | 0 | ||||||||||||||||||
Total revenues | 1,528.60 | 300.2 | 474.1 | 0 | 5.3 | 2,308.20 | |||||||||||||||||||
Depreciation and amortization | 177.2 | 37.7 | 31 | 0 | 1 | 246.9 | |||||||||||||||||||
Total interest charges (1) | 86.2 | 12.6 | 5.5 | 0 | 36.5 | 140.8 | |||||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 5.2 | 0 | (5.2 | ) | 0 | ||||||||||||||||||
Provision (benefit) for income taxes | 96.5 | 17 | 13.2 | 0 | (13.5 | ) | 113.2 | ||||||||||||||||||
Net income from continuing operations | 156.9 | 27 | 39.4 | 0 | (22.9 | ) | 200.4 | ||||||||||||||||||
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | (28.6 | ) | (4.2 | ) | (32.8 | ) | ||||||||||||||||
Net income attributable to TECO Energy | $ | 156.9 | $ | 27 | $ | 39.4 | ($ | 28.6 | ) | ($ | 27.1 | ) | $ | 167.6 | |||||||||||
Segment Information (1) | |||||||||||||||||||||||||
(millions) | Tampa | Peoples | TECO | TECO | Other & | TECO | |||||||||||||||||||
Electric | Gas | Coal | Guatemala (2) | Eliminations | Energy | ||||||||||||||||||||
At Sept. 30, 2013 | |||||||||||||||||||||||||
Total assets | $ | 6,149.80 | $ | 1,014.30 | $ | 339.3 | $ | 0 | ($ | 109.3 | ) | $ | 7,394.10 | ||||||||||||
At Dec. 31, 2012 | |||||||||||||||||||||||||
Total assets | $ | 6,042.30 | $ | 1,009.90 | $ | 356.6 | $ | 164.9 | ($ | 238.8 | ) | $ | 7,334.90 | ||||||||||||
-1 | Segment net income is reported on a basis that includes internally allocated financing costs. Total interest charges include internally allocated interest costs that for January 2012 through September 2013 were at a pretax rate of 6.00% based on an average of each subsidiary’s equity and indebtedness to TECO Energy assuming a 50/50 debt/equity capital structure. | ||||||||||||||||||||||||
-2 | All periods have been adjusted to reflect the reclassification of results from operations to discontinued operations for TECO Guatemala, Inc. and certain charges at Parent that directly relate to TECO Guatemala, Inc. Revenues for TECO Guatemala, Inc. that were reclassified to discontinued operations were $31.5 million and $100.4 million for the three and nine months ended Sept. 30, 2012, respectively. There were no revenues reclassified for the three or nine months ended Sept. 30, 2013. See Note 15 for additional information. | ||||||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||||||
Schedule of Segment Information | ' | ||||||||||||||||||||||||
(millions) | Tampa | Peoples | Other & | Tampa Electric | |||||||||||||||||||||
Three months ended Sept. 30, | Electric | Gas | Eliminations | Company | |||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues - external | $ | 556.3 | $ | 83.1 | $ | 0 | $ | 639.4 | |||||||||||||||||
Sales to affiliates | 0.1 | 0.3 | (0.4 | ) | 0 | ||||||||||||||||||||
Total revenues | 556.4 | 83.4 | (0.4 | ) | 639.4 | ||||||||||||||||||||
Depreciation and amortization | 62.2 | 13.4 | 0 | 75.6 | |||||||||||||||||||||
Total interest charges | 22.8 | 3.4 | 0 | 26.2 | |||||||||||||||||||||
Provision for income taxes | 42.7 | 3.4 | 0 | 46.1 | |||||||||||||||||||||
Net income | $ | 68.7 | $ | 5.4 | $ | 0 | $ | 74.1 | |||||||||||||||||
2012 | |||||||||||||||||||||||||
Revenues - external | $ | 575.1 | $ | 95.2 | $ | 0 | $ | 670.3 | |||||||||||||||||
Sales to affiliates | 0.1 | 0 | (0.1 | ) | 0 | ||||||||||||||||||||
Total revenues | 575.2 | 95.2 | (0.1 | ) | 670.3 | ||||||||||||||||||||
Depreciation and amortization | 60.2 | 12.7 | 0 | 72.9 | |||||||||||||||||||||
Total interest charges | 26.7 | 3.7 | 0 | 30.4 | |||||||||||||||||||||
Provision for income taxes | 45.7 | 4.4 | 0 | 50.1 | |||||||||||||||||||||
Net income | $ | 73.5 | $ | 7 | $ | 0 | $ | 80.5 | |||||||||||||||||
Nine months ended Sept. 30, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues - external | $ | 1,477.00 | $ | 306.3 | $ | 0 | $ | 1,783.30 | |||||||||||||||||
Sales to affiliates | 0.3 | 0.8 | (1.1 | ) | 0 | ||||||||||||||||||||
Total revenues | 1,477.30 | 307.1 | (1.1 | ) | 1,783.30 | ||||||||||||||||||||
Depreciation and amortization | 182 | 39.6 | 0 | 221.6 | |||||||||||||||||||||
Total interest charges | 69.5 | 10.1 | 0 | 79.6 | |||||||||||||||||||||
Provision for income taxes | 94 | 17.1 | 0 | 111.1 | |||||||||||||||||||||
Net income | $ | 151.1 | $ | 27.1 | $ | 0 | $ | 178.2 | |||||||||||||||||
Total assets at Sept. 30, 2013 | $ | 5,885.50 | $ | 979.1 | ($ | 16.7 | ) | $ | 6,847.90 | ||||||||||||||||
2012 | |||||||||||||||||||||||||
Revenues - external | $ | 1,528.30 | $ | 298.9 | $ | 0 | $ | 1,827.20 | |||||||||||||||||
Sales to affiliates | 0.3 | 1.3 | (1.6 | ) | 0 | ||||||||||||||||||||
Total revenues | 1,528.60 | 300.2 | (1.6 | ) | 1,827.20 | ||||||||||||||||||||
Depreciation and amortization | 177.2 | 37.7 | 0 | 214.9 | |||||||||||||||||||||
Total interest charges | 86.2 | 12.6 | 0 | 98.8 | |||||||||||||||||||||
Provision for income taxes | 96.5 | 17 | 0 | 113.5 | |||||||||||||||||||||
Net income | $ | 156.9 | $ | 27 | $ | 0 | $ | 183.9 | |||||||||||||||||
Total assets at Dec. 31, 2012 | $ | 5,760.40 | $ | 970.9 | $ | 13.3 | $ | 6,744.60 | |||||||||||||||||
Accounting_for_Derivative_Inst1
Accounting for Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Values and Locations of Derivative Instruments Recorded on Balance Sheet | ' | ||||||||||||||||
The following table presents the derivatives that are designated as cash flow hedges at Sept. 30, 2013 and Dec. 31, 2012: | |||||||||||||||||
Total Derivatives(1) | |||||||||||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 0.2 | $ | 0 | |||||||||||||
Long-term assets | 0 | 0.2 | |||||||||||||||
Total assets | $ | 0.2 | $ | 0.2 | |||||||||||||
Current liabilities | $ | 5.2 | $ | 14.6 | |||||||||||||
Long-term liabilities | 1.5 | 0.6 | |||||||||||||||
Total liabilities | $ | 6.7 | $ | 15.2 | |||||||||||||
-1 | Amounts presented above are on a gross basis, with asset and liability positions netted by counterparty in accordance with accounting standards for derivatives and hedging. | ||||||||||||||||
Gross Amounts of Derivatives and Their Related Offset Amounts | ' | ||||||||||||||||
The following table presents the gross amounts of derivatives and their related offset amounts as permitted by their respective master netting agreements at Sept. 30, 2013 and Dec. 31, 2012. There was no collateral posted with or received from any counterparties. | |||||||||||||||||
Offsetting of Derivative Assets and Liabilities | |||||||||||||||||
(millions) | |||||||||||||||||
Gross Amounts | Gross | Net Amounts of | |||||||||||||||
of Recognized | Amounts Offset | Assets (Liabilities) | |||||||||||||||
Assets | on the Balance | Presented on the | |||||||||||||||
(Liabilities) | Sheet | Balance Sheet | |||||||||||||||
Sept. 30, 2013 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 1.2 | $ | (1.0 | ) | $ | 0.2 | ||||||||||
Derivative liabilities | $ | (7.7 | ) | $ | 1 | $ | (6.7 | ) | |||||||||
Dec. 31, 2012 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 1 | $ | (0.8 | ) | $ | 0.2 | ||||||||||
Derivative liabilities | $ | (16.0 | ) | $ | 0.8 | $ | (15.2 | ) | |||||||||
Effect of Hedging Instruments on OCI and Income | ' | ||||||||||||||||
The following table presents the effect of hedging instruments on OCI and income for the three and nine months ended Sept. 30: | |||||||||||||||||
For the three months ended Sept. 30: | Amount of | Amount of | |||||||||||||||
(millions) | Gain/(Loss) on | Location of Gain/(Loss) | Gain/(Loss) | ||||||||||||||
Derivatives | Reclassified From AOCI | Reclassified | |||||||||||||||
Recognized in | Into Income | From AOCI | |||||||||||||||
OCI | Into Income | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective | Effective | |||||||||||||||
Portion (1) | Portion (1) | ||||||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 0.7 | Mining related costs | 0.1 | ||||||||||||||
Total | $ | 0.7 | ($ | 0.1 | ) | ||||||||||||
2012 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 1.6 | Mining related costs | 0.1 | ||||||||||||||
Total | $ | 1.6 | ($ | 0.1 | ) | ||||||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
For the nine months ended Sept. 30: | Amount of | Amount of | |||||||||||||||
(millions) | Gain/(Loss) on | Location of Gain/(Loss) | Gain/(Loss) | ||||||||||||||
Derivatives | Reclassified From AOCI | Reclassified | |||||||||||||||
Recognized in | Into Income | From AOCI | |||||||||||||||
OCI | Into Income | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective | Effective | |||||||||||||||
Portion (1) | Portion (1) | ||||||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.7 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 0.4 | Mining related costs | 0 | ||||||||||||||
Total | $ | 0.4 | ($ | 0.7 | ) | ||||||||||||
2012 | |||||||||||||||||
Interest rate contracts | ($ | 4.9 | ) | Interest expense | ($ | 0.6 | ) | ||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 0.4 | Mining related costs | 0.3 | ||||||||||||||
Total | ($ | 4.5 | ) | ($ | 0.3 | ) | |||||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
Derivative Volumes Expected to Settle | ' | ||||||||||||||||
The following table presents by commodity type the company’s derivative volumes that, as of Sept. 30, 2013, are expected to settle during the 2013, 2014 and 2015 fiscal years: | |||||||||||||||||
(millions) | Diesel Fuel Contracts | Natural Gas Contracts | |||||||||||||||
(Gallons) | (MMBTUs) | ||||||||||||||||
Year | Physical | Financial | Physical | Financial | |||||||||||||
2013 | 0 | 1.8 | 0 | 9.8 | |||||||||||||
2014 | 0 | 2 | 0 | 35 | |||||||||||||
2015 | 0 | 0 | 0 | 5.9 | |||||||||||||
Total | 0 | 3.8 | 0 | 50.7 | |||||||||||||
Fair Value of Overall Contractual Contingent Liability Positions | ' | ||||||||||||||||
The table below presents the fair value of the overall contractual contingent liability positions for the company’s derivative activity at Sept. 30, 2013: | |||||||||||||||||
Contingent Features | |||||||||||||||||
(millions) | Fair Value | Derivative | Posted | ||||||||||||||
At Sept. 30, 2013 | Asset/ | Exposure | Collateral | ||||||||||||||
(Liability) | Asset/ | ||||||||||||||||
(Liability) | |||||||||||||||||
Credit Rating | ($ | 6.6 | ) | ($ | 6.6 | ) | $ | 0 | |||||||||
Derivatives Designated as Hedging Instruments [Member] | ' | ||||||||||||||||
Fair Values and Locations of Derivative Instruments Recorded on Balance Sheet | ' | ||||||||||||||||
The following tables present the fair values and locations of derivative instruments recorded on the balance sheet at Sept. 30, 2013 and Dec. 31, 2012: | |||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Sept. 30, 2013 | Location | Value | Location | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Diesel fuel derivatives: | |||||||||||||||||
Current | Derivative assets | $ | 0.1 | Derivative liabilities | $ | 0.3 | |||||||||||
Long-term | Derivative assets | 0 | Derivative liabilities | 0.1 | |||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Derivative assets | 0.1 | Derivative liabilities | 4.9 | |||||||||||||
Long-term | Derivative assets | 0 | Derivative liabilities | 1.4 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 0.2 | $ | 6.7 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Dec. 31, 2012 | Location | Value | Location | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Diesel fuel derivatives: | |||||||||||||||||
Current | Derivative assets | $ | 0 | Derivative liabilities | $ | 0.5 | |||||||||||
Long-term | Derivative assets | 0 | Derivative liabilities | 0.4 | |||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Derivative assets | 0 | Derivative liabilities | 14.1 | |||||||||||||
Long-term | Derivative assets | 0.2 | Derivative liabilities | 0.2 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 0.2 | $ | 15.2 | |||||||||||||
Cash Flow Hedging [Member] | ' | ||||||||||||||||
Effect of Hedging Instruments on OCI and Income | ' | ||||||||||||||||
The following table presents the derivative activity for instruments classified as qualifying cash flow hedges for the nine months ended Sept. 30: | |||||||||||||||||
(millions) | Fair Value | Amount of | Amount of | ||||||||||||||
Asset/ | Gain/(Loss) | Gain/(Loss) | |||||||||||||||
(Liability) | Recognized | Reclassified From | |||||||||||||||
in OCI (1) | AOCI Into Income | ||||||||||||||||
2013 | |||||||||||||||||
Interest rate swaps | $ | 0 | $ | 0 | ($ | 0.7 | ) | ||||||||||
Diesel fuel derivatives | (0.3 | ) | 0.4 | 0 | |||||||||||||
Total | ($ | 0.3 | ) | $ | 0.4 | ($ | 0.7 | ) | |||||||||
2012 | |||||||||||||||||
Interest rate swaps | $ | 0 | ($ | 4.9 | ) | ($ | 0.6 | ) | |||||||||
Diesel fuel derivatives | (0.2 | ) | 0.4 | 0.3 | |||||||||||||
Total | ($ | 0.2 | ) | ($ | 4.5 | ) | ($ | 0.3 | ) | ||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
Diesel Fuel Derivatives [Member] | ' | ||||||||||||||||
Fair Values and Locations of Derivative Instruments Recorded on Balance Sheet | ' | ||||||||||||||||
The following table presents the derivative hedges of diesel fuel contracts at Sept. 30, 2013 and Dec. 31, 2012 to limit the exposure to changes in the market price for diesel fuel used in the production of coal: | |||||||||||||||||
Diesel Fuel Derivatives | |||||||||||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 0.1 | $ | 0 | |||||||||||||
Long-term assets | 0 | 0 | |||||||||||||||
Total assets | $ | 0.1 | $ | 0 | |||||||||||||
Current liabilities | $ | 0.3 | $ | 0.5 | |||||||||||||
Long-term liabilities | 0.1 | 0.4 | |||||||||||||||
Total liabilities | $ | 0.4 | $ | 0.9 | |||||||||||||
Natural Gas Derivatives [Member] | ' | ||||||||||||||||
Fair Values and Locations of Derivative Instruments Recorded on Balance Sheet | ' | ||||||||||||||||
The following table presents the derivative hedges of natural gas contracts at Sept. 30, 2013 and Dec. 31, 2012 to limit the exposure to changes in market price for natural gas used to produce energy and natural gas purchased for resale to customers: | |||||||||||||||||
Natural Gas Derivatives | |||||||||||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 0.1 | $ | 0 | |||||||||||||
Long-term assets | 0 | 0.2 | |||||||||||||||
Total assets | $ | 0.1 | $ | 0.2 | |||||||||||||
Current liabilities | $ | 4.9 | $ | 14.1 | |||||||||||||
Long-term liabilities | 1.4 | 0.2 | |||||||||||||||
Total liabilities | $ | 6.3 | $ | 14.3 | |||||||||||||
Energy Related Derivatives [Member] | ' | ||||||||||||||||
Fair Values and Locations of Derivative Instruments Recorded on Balance Sheet | ' | ||||||||||||||||
The following tables present the effect of energy related derivatives on the fuel recovery clause mechanism in the Consolidated Condensed Balance Sheet as of Sept. 30, 2013 and Dec. 31, 2012: | |||||||||||||||||
Energy Related Derivatives | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Sept. 30, 2013 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 0.1 | Regulatory assets | $ | 4.9 | |||||||||||
Long-term | Regulatory liabilities | 0 | Regulatory assets | 1.4 | |||||||||||||
Total | $ | 0.1 | $ | 6.3 | |||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Dec. 31, 2012 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 0 | Regulatory assets | $ | 14.1 | |||||||||||
Long-term | Regulatory liabilities | 0.2 | Regulatory assets | 0.2 | |||||||||||||
Total | $ | 0.2 | $ | 14.3 | |||||||||||||
-1 | Natural gas derivatives are deferred in accordance with accounting standards for regulated operations and all increases and decreases in the cost of natural gas supply are passed on to customers with the fuel recovery clause mechanism. As gains and losses are realized in future periods, they will be recorded as fuel costs in the Consolidated Condensed Statements of Income. | ||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||
Fair Values and Locations of Derivative Instruments Recorded on Balance Sheet | ' | ||||||||||||||||
The following table presents the effect of energy related derivatives on the fuel recovery clause mechanism in the Consolidated Condensed Balance Sheet as of Sept. 30, 2013 and Dec. 31, 2012: | |||||||||||||||||
Energy Related Derivatives | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Sept. 30, 2013 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 0.1 | Regulatory assets | $ | 4.9 | |||||||||||
Long-term | Regulatory liabilities | 0 | Regulatory assets | 1.4 | |||||||||||||
Total | $ | 0.1 | $ | 6.3 | |||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
Dec. 31, 2012 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 0 | Regulatory assets | $ | 14.1 | |||||||||||
Long-term | Regulatory liabilities | 0.2 | Regulatory assets | 0.2 | |||||||||||||
Total | $ | 0.2 | $ | 14.3 | |||||||||||||
-1 | Natural gas derivatives are deferred in accordance with accounting standards for regulated operations and all increases and decreases in the cost of natural gas supply are passed on to customers with the fuel recovery clause mechanism. As gains and losses are realized in future periods, they will be recorded as fuel costs in the Consolidated Condensed Statements of Income. | ||||||||||||||||
Gross Amounts of Derivatives and Their Related Offset Amounts | ' | ||||||||||||||||
The following table presents the gross amounts of derivatives and their related offset amounts as permitted by their respective master netting agreements at Sept. 30, 2013 and Dec. 31, 2012. There was no collateral posted with or received from any counterparties. | |||||||||||||||||
Offsetting of Derivative Assets and Liabilities | |||||||||||||||||
(millions) | |||||||||||||||||
Gross Amounts | Gross | Net Amounts of | |||||||||||||||
of Recognized | Amounts Offset | Assets (Liabilities) | |||||||||||||||
Assets | on the Balance | Presented on the | |||||||||||||||
(Liabilities) | Sheet | Balance Sheet | |||||||||||||||
Sept. 30, 2013 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 1.1 | $ | (1.0 | ) | $ | 0.1 | ||||||||||
Derivative liabilities | $ | (7.3 | ) | $ | 1 | $ | (6.3 | ) | |||||||||
Dec. 31, 2012 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 1 | $ | (0.8 | ) | $ | 0.2 | ||||||||||
Derivative liabilities | $ | (15.1 | ) | $ | 0.8 | $ | (14.3 | ) | |||||||||
Effect of Hedging Instruments on OCI and Income | ' | ||||||||||||||||
The following tables present the effect of hedging instruments on OCI and income for the three and nine months ended Sept. 30: | |||||||||||||||||
For the three months ended Sept. 30: | Amount of | Amount of | |||||||||||||||
(millions) | Gain/(Loss) on | Location of Gain/(Loss) | Gain/(Loss) | ||||||||||||||
Derivatives | Reclassified From AOCI | Reclassified | |||||||||||||||
Recognized in | Into Income | From AOCI | |||||||||||||||
OCI | Into Income | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective Portion (1) | Effective Portion (1) | |||||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Total | $ | 0 | ($ | 0.2 | ) | ||||||||||||
2012 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Total | $ | 0 | ($ | 0.2 | ) | ||||||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
For the nine months ended Sept. 30: | Amount of | Location of Gain/(Loss) | Amount of | ||||||||||||||
Gain/(Loss) on | Reclassified From AOCI | Gain/(Loss) | |||||||||||||||
Derivatives | Into Income | Reclassified | |||||||||||||||
Recognized in | From AOCI | ||||||||||||||||
(millions) | OCI | Into Income | |||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective Portion (1) | Effective Portion (1) | |||||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.7 | ) | |||||||||||
Total | $ | 0 | ($ | 0.7 | ) | ||||||||||||
2012 | |||||||||||||||||
Interest rate contracts | ($ | 4.9 | ) | Interest expense | ($ | 0.6 | ) | ||||||||||
Total | ($ | 4.9 | ) | ($ | 0.6 | ) | |||||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
Derivative Volumes Expected to Settle | ' | ||||||||||||||||
The following table presents by commodity type TEC’s derivative volumes that, as of Sept. 30, 2013, are expected to settle during the 2013, 2014 and 2015 fiscal years: | |||||||||||||||||
(millions) | Natural Gas Contracts | ||||||||||||||||
(MMBTUs) | |||||||||||||||||
Year | Physical | Financial | |||||||||||||||
2013 | 0 | 9.8 | |||||||||||||||
2014 | 0 | 35 | |||||||||||||||
2015 | 0 | 5.9 | |||||||||||||||
Total | 0 | 50.7 | |||||||||||||||
Fair Value of Overall Contractual Contingent Liability Positions | ' | ||||||||||||||||
The table below presents the fair value of the overall contractual contingent liability positions for TEC’s derivative activity at Sept. 30, 2013: | |||||||||||||||||
Contingent Features | |||||||||||||||||
(millions) | Fair Value | Derivative | Posted | ||||||||||||||
Sept. 30, 2013 | Asset/ | Exposure | Collateral | ||||||||||||||
(Liability) | Asset/ | ||||||||||||||||
(Liability) | |||||||||||||||||
Credit Rating | ($ | 6.3 | ) | ($ | 6.3 | ) | $ | 0 | |||||||||
Tampa Electric Company [Member] | Cash Flow Hedging [Member] | ' | ||||||||||||||||
Effect of Hedging Instruments on OCI and Income | ' | ||||||||||||||||
The following table presents the derivative activity for instruments classified as qualifying cash flow hedges for the nine months ended Sept. 30: | |||||||||||||||||
(millions) | Fair Value | Amount of | Amount of | ||||||||||||||
Asset/ | Gain/(Loss) | Gain/(Loss) | |||||||||||||||
(Liability) | Recognized | Reclassified | |||||||||||||||
in OCI (1) | From AOCI | ||||||||||||||||
Into Income | |||||||||||||||||
2013 | |||||||||||||||||
Interest rate swaps | $ | 0 | $ | 0 | ($ | 0.7 | ) | ||||||||||
Total | $ | 0 | $ | 0 | ($ | 0.7 | ) | ||||||||||
2012 | |||||||||||||||||
Interest rate swaps | $ | 0 | ($ | 4.9 | ) | ($ | 0.6 | ) | |||||||||
Total | $ | 0 | ($ | 4.9 | ) | ($ | 0.6 | ) | |||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
Tampa Electric Company [Member] | Natural Gas Derivatives [Member] | ' | ||||||||||||||||
Fair Values and Locations of Derivative Instruments Recorded on Balance Sheet | ' | ||||||||||||||||
The following table presents the derivative hedges of natural gas contracts at Sept. 30, 2013 and Dec. 31, 2012 to limit the exposure to changes in the market price for natural gas used to produce energy and natural gas purchased for resale to customers: | |||||||||||||||||
Natural Gas Derivatives | |||||||||||||||||
(millions) | Sept. 30, | Dec. 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 0.1 | $ | 0 | |||||||||||||
Long-term assets | 0 | 0.2 | |||||||||||||||
Total assets | $ | 0.1 | $ | 0.2 | |||||||||||||
Current liabilities (1) | $ | 4.9 | $ | 14.1 | |||||||||||||
Long-term liabilities | 1.4 | 0.2 | |||||||||||||||
Total liabilities | $ | 6.3 | $ | 14.3 | |||||||||||||
-1 | Amounts presented above are on a gross basis, with asset and liability positions netted by counterparty in accordance with accounting standards for derivatives and hedging. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Schedule of Recurring Fair Value Measurements | ' | ||||||||||||||||
For natural gas and diesel fuel swaps, the market approach was used in determining fair value. | |||||||||||||||||
Recurring Fair Value Measures | |||||||||||||||||
At fair value as of Sept. 30, 2013 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.1 | $ | 0 | $ | 0.1 | |||||||||
Diesel fuel swaps | 0 | 0.1 | 0 | 0.1 | |||||||||||||
Total | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 6.3 | $ | 0 | $ | 6.3 | |||||||||
Diesel fuel swaps | 0 | 0.4 | 0 | 0.4 | |||||||||||||
Total | $ | 0 | $ | 6.7 | $ | 0 | $ | 6.7 | |||||||||
At fair value as of Dec. 31, 2012 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Diesel fuel swaps | 0 | 0 | 0 | 0 | |||||||||||||
Total | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 14.3 | $ | 0 | $ | 14.3 | |||||||||
Diesel fuel swaps | 0 | 0.9 | 0 | 0.9 | |||||||||||||
Total | $ | 0 | $ | 15.2 | $ | 0 | $ | 15.2 | |||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||
Schedule of Recurring Fair Value Measurements | ' | ||||||||||||||||
For all assets and liabilities presented below, the market approach was used in determining fair value. | |||||||||||||||||
Recurring Derivative Fair Value Measures | |||||||||||||||||
At fair value as of Sept. 30, 2013 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.1 | $ | 0 | $ | 0.1 | |||||||||
Total | $ | 0 | $ | 0.1 | $ | 0 | $ | 0.1 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 6.3 | $ | 0 | $ | 6.3 | |||||||||
Total | $ | 0 | $ | 6.3 | $ | 0 | $ | 6.3 | |||||||||
At fair value as of Dec. 31, 2012 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Total | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 14.3 | $ | 0 | $ | 14.3 | |||||||||
Total | $ | 0 | $ | 14.3 | $ | 0 | $ | 14.3 | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) (TECO Guatemala [Member]) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
TECO Guatemala [Member] | ' | ||||||||||||||||
Components of Discontinued Operations | ' | ||||||||||||||||
The following table provides selected components of discontinued operations: | |||||||||||||||||
Components of income from discontinued operations attributable to TECO Energy | Three months ended | Nine months ended | |||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 0 | $ | 31.5 | $ | 0 | $ | 100.4 | |||||||||
(Loss) Income from operations | (0.2 | ) | 3.8 | 0 | 23.3 | ||||||||||||
(Loss) gain on assets sold, including transaction costs | 0 | (31.2 | ) | 0 | (31.2 | ) | |||||||||||
(Loss) Income from discontinued operations | (0.2 | ) | (27.4 | ) | 0 | (7.9 | ) | ||||||||||
(Benefit) Provision for income taxes | (0.1 | ) | 18.7 | 0 | 24.6 | ||||||||||||
(Loss) Income from discontinued operations, net | (0.1 | ) | (46.1 | ) | 0 | (32.5 | ) | ||||||||||
Less: Income from discontinued operations attributable to noncontrolling interest | 0 | 0.1 | 0 | 0.3 | |||||||||||||
(Loss) Income from discontinued operations attributable to TECO Energy, net | ($ | 0.1 | ) | ($ | 46.2 | ) | $ | 0 | ($ | 32.8 | ) | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Unbilled Revenues [Member] | Unbilled Revenues [Member] | Unbilled Revenues [Member] | Unbilled Revenues [Member] | |||||
Tampa Electric Company [Member] | Tampa Electric Company [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unbilled revenues | ' | ' | ' | ' | ' | ' | ' | ' | $51.80 | $49 | $51.80 | $49 |
Franchise fees and gross receipts taxes | $29.70 | $31 | $81.80 | $85.40 | $29.70 | $31 | $81.80 | $85.40 | ' | ' | ' | ' |
Regulatory_Additional_Informat
Regulatory - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | ||
Feb. 28, 2013 | Sep. 30, 2013 | Apr. 05, 2013 | Dec. 31, 2012 | |
Percentage of return on equity | ' | 11.25% | ' | ' |
Allowed equity in the capital structure | ' | 54.00% | ' | ' |
Period of average base rate | ' | '13 months | ' | ' |
Revenue due to average base rate | ' | $3,400,000,000 | ' | ' |
Increase in revenue by modification in base rate | ' | 33,500,000 | ' | ' |
Additional Revenue generated from increase in service charge | ' | ' | 134,800,000 | ' |
Return on equity maximum range | 11.25% | ' | ' | ' |
Potential increase in ROE | ' | 10.25% | ' | ' |
Return on equity range | ' | 'Range of plus or minus 1% | ' | ' |
Amortization period for computer software under regulatory requirement description | ' | 'Tampa Electric will begin using a 15-year amortization period for all computer software | ' | ' |
Annual accrual storm damage reserve | ' | 8,000,000 | ' | ' |
Storm damage reserve | ' | 55,400,000 | ' | 50,400,000 |
Condition One [Member] | ' | ' | ' | ' |
ROE lower range limit | ' | 9.25% | ' | ' |
ROE upper range limit | ' | 11.25% | ' | ' |
Condition Two [Member] | ' | ' | ' | ' |
ROE lower range limit | ' | 9.50% | ' | ' |
ROE upper range limit | ' | 11.50% | ' | ' |
November 1, 2013 [Member] | ' | ' | ' | ' |
Additional Revenue generated from increase in service charge | ' | 57,500,000 | ' | ' |
1-Nov-14 | ' | ' | ' | ' |
Additional Revenue generated from increase in service charge | ' | 7,500,000 | ' | ' |
1-Nov-15 | ' | ' | ' | ' |
Additional Revenue generated from increase in service charge | ' | 5,000,000 | ' | ' |
January 1,2017 | ' | ' | ' | ' |
Additional Revenue generated from increase in service charge | ' | 110,000,000 | ' | ' |
Transmission and Delivery Storm Reserve [Member] | ' | ' | ' | ' |
Storm damage cost recovery period | ' | '12 months | ' | ' |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Percentage of return on equity | ' | 11.25% | ' | ' |
Allowed equity in the capital structure | ' | 54.00% | ' | ' |
Period of average base rate | ' | '13 months | ' | ' |
Revenue due to average base rate | ' | 3,400,000,000 | ' | ' |
Increase in revenue by modification in base rate | ' | 33,500,000 | ' | ' |
Additional Revenue generated from increase in service charge | ' | ' | 134,800,000 | ' |
Return on equity maximum range | 11.25% | ' | ' | ' |
Potential increase in ROE | ' | 10.25% | ' | ' |
Return on equity range | ' | 'Range of plus or minus 1% | ' | ' |
Amortization period for computer software under regulatory requirement description | ' | 'Tampa Electric will begin using a 15-year amortization period for all computer software | ' | ' |
Annual accrual storm damage reserve | ' | 8,000,000 | ' | ' |
Storm damage reserve | ' | 55,400,000 | ' | 50,400,000 |
Tampa Electric Company [Member] | Condition One [Member] | ' | ' | ' | ' |
ROE lower range limit | ' | 9.25% | ' | ' |
ROE upper range limit | ' | 11.25% | ' | ' |
Tampa Electric Company [Member] | Condition Two [Member] | ' | ' | ' | ' |
ROE lower range limit | ' | 9.50% | ' | ' |
ROE upper range limit | ' | 11.50% | ' | ' |
Tampa Electric Company [Member] | November 1, 2013 [Member] | ' | ' | ' | ' |
Additional Revenue generated from increase in service charge | ' | 57,500,000 | ' | ' |
Tampa Electric Company [Member] | November 1, 2014 | ' | ' | ' | ' |
Additional Revenue generated from increase in service charge | ' | 7,500,000 | ' | ' |
Tampa Electric Company [Member] | November 1, 2015 | ' | ' | ' | ' |
Additional Revenue generated from increase in service charge | ' | 5,000,000 | ' | ' |
Tampa Electric Company [Member] | January 1,2017 | ' | ' | ' | ' |
Additional Revenue generated from increase in service charge | ' | 110,000,000 | ' | ' |
Tampa Electric Company [Member] | Transmission and Delivery Storm Reserve [Member] | ' | ' | ' | ' |
Storm damage cost recovery period | ' | '12 months | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Higher Revenue Requirements | ' | 104,000,000 | ' | ' |
Return on equity maximum range | 12.25% | ' | ' | ' |
Potential increase in ROE | ' | 10.50% | ' | ' |
Maximum [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Higher Revenue Requirements | ' | $104,000,000 | ' | ' |
Return on equity maximum range | 12.25% | ' | ' | ' |
Potential increase in ROE | ' | 10.50% | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Return on equity maximum range | 10.25% | ' | ' | ' |
Minimum [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Return on equity maximum range | 10.25% | ' | ' | ' |
Regulatory_Schedule_of_Regulat
Regulatory - Schedule of Regulatory Assets and Regulatory Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Regulatory assets: | ' | ' |
Regulatory assets | $411.40 | $452.90 |
Less: Current portion | 40.9 | 70.3 |
Long-term regulatory assets | 370.5 | 382.6 |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 714 | 737 |
Regulatory liabilities | 714 | 737 |
Less: Current portion | 81.3 | 105.6 |
Long-term regulatory liabilities | 632.7 | 631.4 |
Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 411.4 | 452.9 |
Less: Current portion | 40.9 | 70.3 |
Long-term regulatory assets | 370.5 | 382.6 |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 714 | 737 |
Regulatory liabilities | 714 | 737 |
Less: Current portion | 81.3 | 105.6 |
Long-term regulatory liabilities | 632.7 | 631.4 |
Regulatory Tax Asset [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 67.2 | 67.2 |
Regulatory Tax Asset [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 67.2 | 67.2 |
Cost-Recovery Clauses [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 14.4 | 42.9 |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 49.4 | 73.9 |
Regulatory liabilities | 49.4 | 73.9 |
Cost-Recovery Clauses [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 14.4 | 42.9 |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 49.4 | 73.9 |
Regulatory liabilities | 49.4 | 73.9 |
Postretirement Benefit Asset [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 263.8 | 276.1 |
Postretirement Benefit Asset [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 263.8 | 276.1 |
Deferred Bond Refinancing Costs [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 8.3 | 9.2 |
Deferred Bond Refinancing Costs [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 8.3 | 9.2 |
Environmental Remediation [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 47.8 | 46.9 |
Environmental Remediation [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 47.8 | 46.9 |
Competitive Rate Adjustment [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 4.2 | 4.1 |
Competitive Rate Adjustment [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 4.2 | 4.1 |
Other [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 5.7 | 6.5 |
Other [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 5.7 | 6.5 |
Total Other Regulatory Assets [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 344.2 | 385.7 |
Total Other Regulatory Assets [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 344.2 | 385.7 |
Regulatory Tax Liability [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 13.7 | 14.6 |
Regulatory liabilities | 13.7 | 14.6 |
Regulatory Tax Liability [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 13.7 | 14.6 |
Regulatory liabilities | 13.7 | 14.6 |
Transmission and Delivery Storm Reserve [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 55.4 | 50.4 |
Regulatory liabilities | 55.4 | 50.4 |
Transmission and Delivery Storm Reserve [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 55.4 | 50.4 |
Regulatory liabilities | 55.4 | 50.4 |
Deferred Gain on Property Sales [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 2.3 | 3.4 |
Regulatory liabilities | 2.3 | 3.4 |
Deferred Gain on Property Sales [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 2.3 | 3.4 |
Regulatory liabilities | 2.3 | 3.4 |
Other [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 1.3 | 1 |
Regulatory liabilities | 1.3 | 1 |
Other [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 1.3 | 1 |
Regulatory liabilities | 1.3 | 1 |
Accumulated Reserve - Cost of Removal [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 591.9 | 593.7 |
Regulatory liabilities | 591.9 | 593.7 |
Accumulated Reserve - Cost of Removal [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 591.9 | 593.7 |
Regulatory liabilities | 591.9 | 593.7 |
Total Other Regulatory Liabilities [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 700.3 | 722.4 |
Regulatory liabilities | 700.3 | 722.4 |
Total Other Regulatory Liabilities [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 700.3 | 722.4 |
Regulatory liabilities | $700.30 | $722.40 |
Regulatory_Schedule_of_Regulat1
Regulatory - Schedule of Regulatory Assets and Regulatory Liabilities (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Regulatory Assets [Line Items] | ' | ' |
Amortization period | '5-year | '5-year |
Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Amortization period | '5-year | '5-year |
Regulatory_Regulatory_Assets_a
Regulatory - Regulatory Assets and Related Recovery Periods (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | $411.40 | $452.90 |
Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 411.4 | 452.9 |
Clause Recoverable [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 18.6 | 47 |
Clause Recoverable [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 18.6 | 47 |
Components of Rate Base [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 266.7 | 279.1 |
Components of Rate Base [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 266.7 | 279.1 |
Regulatory Tax Asset [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 67.2 | 67.2 |
Regulatory Tax Asset [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 67.2 | 67.2 |
Capital Structure and Other [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 58.9 | 59.6 |
Capital Structure and Other [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | $58.90 | $59.60 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Tampa Electric Company [Member] | TECO Guatemala [Member] | Minimum [Member] | Maximum [Member] | |||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' |
Statutes of limitations | ' | ' | '3 years | ' | '3 years | '4 years |
Income tax examination period | '1 year | ' | '1 year | ' | ' | ' |
Interest recognition associated with uncertain tax positions | $0.10 | $0.10 | ' | ' | ' | ' |
Penalties recognition associated with uncertain tax positions | 0 | 0 | ' | ' | ' | ' |
Unused foreign tax credits | ' | ' | ' | $22.60 | ' | ' |
Effective tax rate | 36.37% | 36.09% | ' | ' | ' | ' |
Employee_Postretirement_Benefi2
Employee Postretirement Benefits - Schedule of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $4.50 | $4.30 | $13.60 | $12.80 |
Interest cost on projected benefit obligations | 7.3 | 7.5 | 21.7 | 22.5 |
Expected return on assets | -9.6 | -9.3 | -28.8 | -27.8 |
Amortization of: | ' | ' | ' | ' |
Transition obligation | 0 | 0 | 0 | 0 |
Prior service (benefit) cost | -0.1 | -0.1 | -0.3 | -0.3 |
Actuarial loss | 5.1 | 3.9 | 15.4 | 11.5 |
Settlement cost | 1 | 0 | 1 | 0 |
Net pension expense recognized in the Consolidated Condensed Statements of Income | 8.2 | 6.3 | 22.6 | 18.7 |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.7 | 0.6 | 1.9 | 1.8 |
Interest cost on projected benefit obligations | 2.3 | 2.5 | 7 | 7.6 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of: | ' | ' | ' | ' |
Transition obligation | 0 | 0.4 | 0 | 1.3 |
Prior service (benefit) cost | -0.1 | 0.2 | -0.3 | 0.6 |
Actuarial loss | 0.2 | 0.1 | 0.7 | 0.1 |
Settlement cost | 0 | 0 | 0 | 0 |
Net pension expense recognized in the Consolidated Condensed Statements of Income | $3.10 | $3.80 | $9.30 | $11.40 |
Employee_Postretirement_Benefi3
Employee Postretirement Benefits - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 |
Tampa Electric Company [Member] | Tampa Electric Company [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | SERP [Member] | SERP [Member] | |||
Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term EROA | ' | 7.50% | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | ' | 4.20% | 4.20% | ' | 4.20% | ' | 4.18% | 4.18% | ' | 4.18% | ' | 4.96% | 4.96% |
Contributions to pension plan | ' | $32.90 | ' | $26.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of AOCI to net income as part of periodic benefit expense | 1 | 3.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of regulatory assets to net income as part of periodic benefit expense | 4.1 | 12.3 | 4.1 | 12.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net pension expense | ' | ' | ' | ' | ' | $5.40 | $4.50 | $16.30 | $13.70 | ' | $2.50 | $3.10 | $7.50 | $9.30 | ' | ' |
ShortTerm_Debt_Credit_Faciliti
Short-Term Debt - Credit Facilities (Detail) (USD $) | Sep. 30, 2013 | Feb. 15, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit Facilities | $675 | ' | $675 |
Borrowings Outstanding | 0 | ' | 0 |
Letters of Credit Outstanding | 1.5 | ' | 1.5 |
Tampa Electric Company [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit Facilities | 475 | ' | 475 |
Borrowings Outstanding | 0 | ' | 0 |
Letters of Credit Outstanding | 1.5 | ' | 1.5 |
Tampa Electric Company [Member] | 5-year Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit Facilities | 325 | ' | 325 |
Borrowings Outstanding | 0 | ' | 0 |
Letters of Credit Outstanding | 1.5 | ' | 1.5 |
Tampa Electric Company [Member] | 1-year Accounts Receivable Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit Facilities | 150 | 150 | 150 |
Borrowings Outstanding | 0 | ' | 0 |
Letters of Credit Outstanding | 0 | ' | 0 |
TECO ENERGY, INC. [Member] | 5-year Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit Facilities | 200 | ' | 200 |
Borrowings Outstanding | 0 | ' | 0 |
Letters of Credit Outstanding | $0 | ' | $0 |
ShortTerm_Debt_Credit_Faciliti1
Short-Term Debt - Credit Facilities (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Line of Credit Facility [Line Items] | ' |
Credit facility maturity date | 25-Oct-16 |
Tampa Electric Company [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility maturity date | 25-Oct-16 |
ShortTerm_Debt_Additional_Info
Short-Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Feb. 15, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | TECO ENERGY, INC. [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | |||
Maximum [Member] | 1-year Accounts Receivable Facility [Member] | 1-year Accounts Receivable Facility [Member] | 1-year Accounts Receivable Facility [Member] | Minimum [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees, percentage | ' | ' | 0.13% | 0.25% | ' | ' | ' | ' | 0.53% | ' | 0.53% | ' | ' | 0.13% | 0.25% |
Outstanding borrowings | $0 | $0 | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | $0 | ' | ' |
Credit facility | $675 | $675 | ' | ' | ' | $200 | ' | ' | $475 | $475 | $150 | $150 | $150 | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 'Feb. 14, 2014 | ' | ' | ' | ' | ' | ' |
Basis spread on federal funds rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | 0.50% | ' | ' | ' | ' |
Amended maturity date of credit facility | 25-Oct-16 | ' | ' | ' | ' | ' | ' | 25-Oct-16 | 25-Oct-16 | ' | ' | ' | ' | ' | ' |
Normal capitalization ratio | ' | ' | ' | ' | 0.65 | ' | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage bonds issued by certain regulated significant subsidiaries maximum principal amount | ' | ' | ' | ' | 66.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 01, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 01, 2013 | Sep. 03, 2013 | Mar. 15, 2012 | Mar. 26, 2008 | Sep. 30, 2013 | Sep. 01, 2013 | Sep. 03, 2013 | Mar. 15, 2012 | Mar. 26, 2008 | Sep. 30, 2013 | Mar. 01, 2011 | Mar. 01, 2011 |
Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | HCIDA Pollution Control Revenue Refunding Bonds [Member] | HCIDA Pollution Control Revenue Refunding Bonds [Member] | HCIDA Pollution Control Revenue Refunding Bonds [Member] | HCIDA Pollution Control Revenue Refunding Bonds [Member] | HCIDA Pollution Control Revenue Refunding Bonds [Member] | HCIDA Pollution Control Revenue Refunding Bonds [Member] | HCIDA Pollution Control Revenue Refunding Bonds [Member] | HCIDA Pollution Control Revenue Refunding Bonds [Member] | HCIDA Pollution Control Revenue Refunding Bonds [Member] | HCIDA Pollution Control Revenue Refunding Bonds [Member] | PCIDA Bonds [Member] | PCIDA Bonds [Member] | ||||
Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, carrying amount | $2,921.10 | ' | $2,972.70 | ' | $1,880.90 | ' | $1,932.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value | 3,178.10 | ' | 3,439.40 | ' | 2,031.40 | ' | 2,270.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase in lieu of redemption | $51.60 | $469.20 | ' | $75 | $51.60 | $460.90 | ' | ' | $51.60 | $86 | $20 | $232.60 | ' | $51.60 | $86 | $20 | $232.60 | $75 | $75 |
Interest at the initial term rate per annum | ' | ' | ' | ' | ' | ' | ' | 5.15% | ' | 5.00% | ' | ' | 5.15% | ' | 5.00% | ' | ' | 1.50% | 1.50% |
Other_Comprehensive_Income_Oth
Other Comprehensive Income - Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Unrealized gain (loss) on cash flow hedges, Gross | $1.10 | $2.50 | $0.70 | ($7.20) |
Reclassification from AOCI to net income, Gross | 0.1 | 0.2 | 1 | 0.5 |
Gain (Loss) Gain on cash flow hedges, Gross | 1.2 | 2.7 | 1.7 | -6.7 |
Amortization of unrecognized benefit costs, Gross | 1 | 0.8 | 3.2 | 2.3 |
Recognized benefit costs due to settlement, Gross | 2.6 | ' | 2.6 | ' |
Total other comprehensive income (loss) , Gross | 4.8 | 3.5 | 7.5 | -4.4 |
Unrealized gain (loss) on cash flow hedges, Tax | -0.4 | -0.9 | -0.3 | 2.7 |
Reclassification from AOCI to net income, Tax | 0 | -0.1 | -0.3 | -0.2 |
Gain (Loss) on cash flow hedges, Tax | -0.4 | -1 | -0.6 | 2.5 |
Amortization of unrecognized benefit costs, Tax | -0.4 | -0.3 | -1.2 | -1.2 |
Recognized benefit costs due to settlement, Tax | -1 | ' | -1 | ' |
Total other comprehensive income (loss) , Tax | -1.8 | -1.3 | -2.8 | 1.3 |
Unrealized gain (loss) on cash flow hedges, Net | 0.7 | 1.6 | 0.4 | -4.5 |
Reclassification from AOCI to net income, Net | 0.1 | 0.1 | 0.7 | 0.3 |
Gain (Loss) on cash flow hedges, Net | 0.8 | 1.7 | 1.1 | -4.2 |
Amortization of unrecognized benefit costs, Net | 0.6 | 0.5 | 2 | 1.1 |
Recognized benefit costs due to settlement, Net | 1.6 | ' | 1.6 | ' |
Other comprehensive income (loss), net of tax | 3 | 2.2 | 4.7 | -3.1 |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Unrealized gain (loss) on cash flow hedges, Gross | 0 | 0 | 0 | -8 |
Reclassification from AOCI to net income, Gross | 0.4 | 0.4 | 1.1 | 1 |
Gain (Loss) Gain on cash flow hedges, Gross | 0.4 | 0.4 | 1.1 | -7 |
Total other comprehensive income (loss) , Gross | 0.4 | 0.4 | 1.1 | -7 |
Unrealized gain (loss) on cash flow hedges, Tax | 0 | 0 | 0 | 3.1 |
Reclassification from AOCI to net income, Tax | -0.2 | -0.2 | -0.4 | -0.4 |
Gain (Loss) on cash flow hedges, Tax | -0.2 | -0.2 | -0.4 | 2.7 |
Total other comprehensive income (loss) , Tax | -0.2 | -0.2 | -0.4 | 2.7 |
Unrealized gain (loss) on cash flow hedges, Net | 0 | 0 | 0 | -4.9 |
Reclassification from AOCI to net income, Net | 0.2 | 0.2 | 0.7 | 0.6 |
Gain (Loss) on cash flow hedges, Net | 0.2 | 0.2 | 0.7 | -4.3 |
Other comprehensive income (loss), net of tax | $0.20 | $0.20 | $0.70 | ($4.30) |
Other_Comprehensive_Income_Acc
Other Comprehensive Income - Accumulated Other Comprehensive Loss (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized losses from cash flow hedges | ($8.10) | ($9.20) |
Total accumulated other comprehensive loss | -26.3 | -31 |
Pension Benefits [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Unrecognized other benefit loss, prior service (benefit) cost and transition obligation | -29.3 | -32.9 |
Other Postretirement Benefits [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Unrecognized other benefit loss, prior service (benefit) cost and transition obligation | 11.1 | 11.1 |
Tampa Electric Company [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized losses from cash flow hedges | -8 | -8.7 |
Total accumulated other comprehensive loss | ($8) | ($8.70) |
Other_Comprehensive_Income_Acc1
Other Comprehensive Income - Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized losses from cash flow hedges, tax benefit | $5.20 | $5.80 |
Pension Benefits [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Unrecognized pension and other benefit loss, prior service cost (credit) and transition obligation, tax expense (benefit) | 17.9 | 20.1 |
Other Postretirement Benefits [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Unrecognized pension and other benefit loss, prior service cost (credit) and transition obligation, tax expense (benefit) | 6.7 | 6.7 |
Tampa Electric Company [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized losses from cash flow hedges, tax benefit | $5.10 | $5.50 |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic earnings per share | ' | ' | ' | ' |
Net income from continuing operations | $62.90 | $90.20 | $155.70 | $200.40 |
Amount allocated to nonvested participating shareholders | -0.2 | -0.3 | -0.5 | -0.7 |
Income before discontinued operations available to common shareholders - Basic | 62.7 | 89.9 | 155.2 | 199.7 |
(Loss) Income from discontinued operations attributable to TECO Energy, net | -0.1 | -46.2 | 0 | -32.8 |
Amount allocated to nonvested participating shareholders | 0 | 0.1 | 0 | 0.1 |
(Loss) Income from discontinued operations attributable to TECO Energy available to common shareholders - Basic | -0.1 | -46.1 | 0 | -32.7 |
Net income attributable to TECO Energy | 62.8 | 44 | 155.7 | 167.6 |
Amount allocated to nonvested participating shareholders | -0.2 | -0.2 | -0.5 | -0.6 |
Net income attributable to TECO Energy available to common shareholders - Basic | 62.6 | 43.8 | 155.2 | 167 |
Average common shares outstanding - Basic | 215.2 | 214.5 | 214.9 | 214.2 |
Earnings per share from continuing operations available to common shareholders - Basic | $0.29 | $0.42 | $0.72 | $0.93 |
Earnings per share from discontinued operations attributable to TECO Energy available to common shareholders - Basic | $0 | ($0.22) | $0 | ($0.15) |
Earnings per share attributable to TECO Energy available to common shareholders - Basic | $0.29 | $0.20 | $0.72 | $0.78 |
Diluted earnings per share | ' | ' | ' | ' |
Net income from continuing operations | 62.9 | 90.2 | 155.7 | 200.4 |
Amount allocated to nonvested participating shareholders | -0.2 | -0.3 | -0.5 | -0.7 |
Income before discontinued operations available to common shareholders - Diluted | 62.7 | 89.9 | 155.2 | 199.7 |
(Loss) Income from discontinued operations attributable to TECO Energy, net | -0.1 | -46.2 | 0 | -32.8 |
Amount allocated to nonvested participating shareholders | 0 | 0.1 | 0 | 0.1 |
(Loss) Income from discontinued operations attributable to TECO Energy available to common shareholders - Diluted | -0.1 | -46.1 | 0 | -32.7 |
Net income attributable to TECO Energy | 62.8 | 44 | 155.7 | 167.6 |
Amount allocated to nonvested participating shareholders | -0.2 | -0.2 | -0.5 | -0.6 |
Net income attributable to TECO Energy available to common shareholders - Diluted | $62.60 | $43.80 | $155.20 | $167 |
Unadjusted average common shares outstanding - Diluted | 215.2 | 214.5 | 214.9 | 214.2 |
Assumed conversion of stock options, unvested restricted stock and contingent performance shares, net | 0.4 | 0.9 | 0.5 | 1.1 |
Average common shares outstanding - Diluted | 215.6 | 215.4 | 215.4 | 215.3 |
Earnings per share from continuing operations available to common shareholders - Diluted | $0.29 | $0.42 | $0.72 | $0.93 |
Earnings per share from discontinued operations attributable to TECO Energy available to common shareholders - Diluted | $0 | ($0.22) | $0 | ($0.15) |
Earnings per share attributable to TECO Energy available to common shareholders - Diluted | $0.29 | $0.20 | $0.72 | $0.78 |
Anti-dilutive shares | 0 | 0 | 0 | 0.6 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 138 Months Ended | 35 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 |
PGS [Member] | PGS [Member] | Tampa Electric Company [Member] | |
Plaintiff | Plaintiff | Plaintiff | |
Site Contingency [Line Items] | ' | ' | ' |
Number of commercial PGS customers filing on behalf of PGS customers | 2 | 2 | 3 |
Ultimate financial liability to superfund sites and former MGP sites | $37.20 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Letters of Credit and Guarantees (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Guarantor Obligations [Line Items] | ' |
2013 | $0 |
2014-2017 | 16.3 |
After 2017 | 98.3 |
Total | 114.6 |
Liabilities Recognized at Sep 30, 2013 | 7.6 |
TECO Coal [Member] | Guarantees for Benefit of Fuel purchase related [Member] | ' |
Guarantor Obligations [Line Items] | ' |
2013 | 0 |
2014-2017 | 1.4 |
After 2017 | 4 |
Total | 5.4 |
Liabilities Recognized at Sep 30, 2013 | 2.3 |
Other Subsidiaries [Member] | Guaranty Under Sale Agreement [Member] | ' |
Guarantor Obligations [Line Items] | ' |
2013 | 0 |
2014-2017 | 4.9 |
After 2017 | 0 |
Total | 4.9 |
Liabilities Recognized at Sep 30, 2013 | 4.9 |
Other Subsidiaries [Member] | Fuel purchase/energy management [Member] | ' |
Guarantor Obligations [Line Items] | ' |
2013 | 0 |
2014-2017 | 10 |
After 2017 | 94.3 |
Total | 104.3 |
Liabilities Recognized at Sep 30, 2013 | 0.4 |
Tampa Electric Company [Member] | Letters of Credit [Member] | ' |
Guarantor Obligations [Line Items] | ' |
2013 | 0.8 |
2014-2017 | 0 |
After 2017 | 0.7 |
Total | 1.5 |
Liabilities Recognized at Sep 30, 2013 | $0.30 |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $765.90 | $858.60 | $2,162.90 | $2,308.20 | ' |
Depreciation and amortization | 85.4 | 83.4 | 251.3 | 246.9 | ' |
Total interest charges | 41.5 | 44.6 | 126.6 | 140.8 | ' |
Internally allocated interest | 0 | 0 | 0 | 0 | ' |
Provision (benefit) for income taxes | 37.6 | 51.7 | 89 | 113.2 | ' |
Net income from continuing operations | 62.9 | 90.2 | 155.7 | 200.4 | ' |
Loss from discontinued operations attributable to TECO Energy | -0.1 | -46.2 | 0 | -32.8 | ' |
Net income | 62.8 | 44 | 155.7 | 167.6 | ' |
Total assets | 7,394.10 | ' | 7,394.10 | ' | 7,334.90 |
Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 765.9 | 858.6 | 2,162.90 | 2,308.20 | ' |
Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | 0 | ' | 0 | ' |
Sales to affiliates | 0 | ' | 0 | ' | ' |
Tampa Electric [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 556.4 | 575.2 | 1,477.30 | 1,528.60 | ' |
Depreciation and amortization | 62.2 | 60.2 | 182 | 177.2 | ' |
Total interest charges | 22.8 | 26.7 | 69.5 | 86.2 | ' |
Provision (benefit) for income taxes | 42.7 | 45.7 | 94 | 96.5 | ' |
Net income | 68.7 | 73.5 | 151.1 | 156.9 | ' |
Total assets | 5,885.50 | ' | 5,885.50 | ' | 5,760.40 |
Tampa Electric [Member] | Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 556.3 | 575.1 | 1,477 | 1,528.30 | ' |
Tampa Electric [Member] | Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | 0.1 | ' | 0.3 | ' |
Sales to affiliates | 0.1 | ' | 0.3 | ' | ' |
Tampa Electric [Member] | Reportable Legal Entities [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 556.4 | 575.2 | 1,477.30 | 1,528.60 | ' |
Depreciation and amortization | 62.2 | 60.2 | 182 | 177.2 | ' |
Total interest charges | 22.8 | 26.7 | 69.5 | 86.2 | ' |
Internally allocated interest | 0 | 0 | 0 | 0 | ' |
Provision (benefit) for income taxes | 42.7 | 45.7 | 94 | 96.5 | ' |
Net income from continuing operations | 68.7 | 73.5 | 151.1 | 156.9 | ' |
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | 0 | ' |
Net income | 68.7 | 73.5 | 151.1 | 156.9 | ' |
Total assets | 6,149.80 | ' | 6,149.80 | ' | 6,042.30 |
Tampa Electric [Member] | Reportable Legal Entities [Member] | Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 556.2 | 574.9 | 1,476.60 | 1,527.80 | ' |
Tampa Electric [Member] | Reportable Legal Entities [Member] | Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | 0.3 | ' | 0.8 | ' |
Sales to affiliates | 0.2 | ' | 0.7 | ' | ' |
Peoples Gas [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 83.4 | 95.2 | 307.1 | 300.2 | ' |
Depreciation and amortization | 13.4 | 12.7 | 39.6 | 37.7 | ' |
Total interest charges | 3.4 | 3.7 | 10.1 | 12.6 | ' |
Provision (benefit) for income taxes | 3.4 | 4.4 | 17.1 | 17 | ' |
Net income | 5.4 | 7 | 27.1 | 27 | ' |
Total assets | 979.1 | ' | 979.1 | ' | 970.9 |
Peoples Gas [Member] | Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 83.1 | 95.2 | 306.3 | 298.9 | ' |
Peoples Gas [Member] | Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | 0 | ' | 1.3 | ' |
Sales to affiliates | 0.3 | ' | 0.8 | ' | ' |
Peoples Gas [Member] | Reportable Legal Entities [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 83.4 | 95.2 | 307.1 | 300.2 | ' |
Depreciation and amortization | 13.4 | 12.7 | 39.6 | 37.7 | ' |
Total interest charges | 3.4 | 3.7 | 10.1 | 12.6 | ' |
Internally allocated interest | 0 | 0 | 0 | 0 | ' |
Provision (benefit) for income taxes | 3.4 | 4.4 | 17.1 | 17 | ' |
Net income from continuing operations | 5.4 | 7 | 27.1 | 27 | ' |
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | 0 | ' |
Net income | 5.4 | 7 | 27.1 | 27 | ' |
Total assets | 1,014.30 | ' | 1,014.30 | ' | 1,009.90 |
Peoples Gas [Member] | Reportable Legal Entities [Member] | Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 83.1 | 95.2 | 306.3 | 298.9 | ' |
Peoples Gas [Member] | Reportable Legal Entities [Member] | Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | 0 | ' | 1.3 | ' |
Sales to affiliates | 0.3 | ' | 0.8 | ' | ' |
Tampa Electric Company [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 639.4 | 670.3 | 1,783.30 | 1,827.20 | ' |
Depreciation and amortization | 75.6 | 72.9 | 221.6 | 214.9 | ' |
Total interest charges | 26.2 | 30.4 | 79.6 | 98.8 | ' |
Provision (benefit) for income taxes | 46.1 | 50.1 | 111.1 | 113.5 | ' |
Net income | 74.1 | 80.5 | 178.2 | 183.9 | ' |
Total assets | 6,847.90 | ' | 6,847.90 | ' | 6,744.60 |
Tampa Electric Company [Member] | Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 639.4 | 670.3 | 1,783.30 | 1,827.20 | ' |
Tampa Electric Company [Member] | Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | 0 | ' | 0 | ' |
Sales to affiliates | 0 | ' | 0 | ' | ' |
Tampa Electric Company [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | -0.4 | -0.1 | -1.1 | -1.6 | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 | ' |
Total interest charges | 0 | 0 | 0 | 0 | ' |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 | ' |
Net income | 0 | 0 | 0 | 0 | ' |
Total assets | -16.7 | ' | -16.7 | ' | 13.3 |
Tampa Electric Company [Member] | Consolidation, Eliminations [Member] | Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Tampa Electric Company [Member] | Consolidation, Eliminations [Member] | Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | -0.1 | ' | -1.6 | ' |
Sales to affiliates | -0.4 | ' | -1.1 | ' | ' |
TECO Coal [Member] | Reportable Legal Entities [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 123.7 | 186 | 370 | 474.1 | ' |
Depreciation and amortization | 9.3 | 10.2 | 28.5 | 31 | ' |
Total interest charges | 1.6 | 1.9 | 5 | 5.5 | ' |
Internally allocated interest | 1.5 | 1.7 | 4.8 | 5.2 | ' |
Provision (benefit) for income taxes | -1.2 | 6 | -2.2 | 13.2 | ' |
Net income from continuing operations | -1.4 | 17.4 | 2.3 | 39.4 | ' |
Loss from discontinued operations attributable to TECO Energy | 0 | 0 | 0 | 0 | ' |
Net income | -1.4 | 17.4 | 2.3 | 39.4 | ' |
Total assets | 339.3 | ' | 339.3 | ' | 356.6 |
TECO Coal [Member] | Reportable Legal Entities [Member] | Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 123.7 | 186 | 370 | 474.1 | ' |
TECO Coal [Member] | Reportable Legal Entities [Member] | Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | 0 | ' | 0 | ' |
Sales to affiliates | 0 | ' | 0 | ' | ' |
TECO Guatemala [Member] | Reportable Legal Entities [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 | ' |
Total interest charges | 0 | 0 | 0 | 0 | ' |
Internally allocated interest | 0 | 0 | 0 | 0 | ' |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 | ' |
Net income from continuing operations | 0 | 0 | 0 | 0 | ' |
Loss from discontinued operations attributable to TECO Energy | 0 | -42.6 | 0 | -28.6 | ' |
Net income | 0 | -42.6 | 0 | -28.6 | ' |
Total assets | 0 | ' | 0 | ' | 164.9 |
TECO Guatemala [Member] | Reportable Legal Entities [Member] | Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
TECO Guatemala [Member] | Reportable Legal Entities [Member] | Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | 0 | ' | 0 | ' |
Sales to affiliates | 0 | ' | 0 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 2.4 | 2.2 | 8.5 | 5.3 | ' |
Depreciation and amortization | 0.5 | 0.3 | 1.2 | 1 | ' |
Total interest charges | 13.7 | 12.3 | 42 | 36.5 | ' |
Internally allocated interest | -1.5 | -1.7 | -4.8 | -5.2 | ' |
Provision (benefit) for income taxes | -7.3 | -4.4 | -19.9 | -13.5 | ' |
Net income from continuing operations | -9.8 | -7.7 | -24.8 | -22.9 | ' |
Loss from discontinued operations attributable to TECO Energy | -0.1 | -3.6 | 0 | -4.2 | ' |
Net income | -9.9 | -11.3 | -24.8 | -27.1 | ' |
Consolidation, Eliminations [Member] | Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 2.9 | 2.5 | 10 | 7.4 | ' |
Consolidation, Eliminations [Member] | Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | -0.3 | ' | -2.1 | ' |
Sales to affiliates | -0.5 | ' | -1.5 | ' | ' |
Other & Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | ($109.30) | ' | ($109.30) | ' | ($238.80) |
Segment_Information_Schedule_o1
Segment Information - Schedule of Segment Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Internally allocated interest costs, pre tax rate | ' | ' | 6.00% | ' |
Capital structure assumption, debt to equity ratio | ' | ' | 50.00% | ' |
TECO Guatemala [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $0 | $31.50 | $0 | $100.40 |
Accounting_for_Derivative_Inst2
Accounting for Derivative Instruments and Hedging Activities - Derivatives Designated as Cash Flow Hedges (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current assets | $0.20 | $0 |
Long-term assets | 0 | 0.2 |
Total assets | 0.2 | 0.2 |
Current liabilities | 5.2 | 14.6 |
Long-term liabilities | 1.5 | 0.6 |
Total liabilities | 6.7 | 15.2 |
Tampa Electric Company [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current assets | 0.1 | 0 |
Long-term assets | 0 | 0.2 |
Current liabilities | 4.9 | 14.1 |
Long-term liabilities | 1.4 | 0.2 |
Diesel Fuel Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current assets | 0.1 | 0 |
Long-term assets | 0 | 0 |
Total assets | 0.1 | 0 |
Current liabilities | 0.3 | 0.5 |
Long-term liabilities | 0.1 | 0.4 |
Total liabilities | 0.4 | 0.9 |
Natural Gas Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current assets | 0.1 | 0 |
Long-term assets | 0 | 0.2 |
Total assets | 0.1 | 0.2 |
Current liabilities | 4.9 | 14.1 |
Long-term liabilities | 1.4 | 0.2 |
Total liabilities | 6.3 | 14.3 |
Natural Gas Derivatives [Member] | Tampa Electric Company [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current assets | 0.1 | 0 |
Long-term assets | 0 | 0.2 |
Total assets | 0.1 | 0.2 |
Current liabilities | 4.9 | 14.1 |
Long-term liabilities | 1.4 | 0.2 |
Total liabilities | $6.30 | $14.30 |
Accounting_for_Derivative_Inst3
Accounting for Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' | ' |
Collateral posted with or received from any counterparties | ' | $0 | $0 |
Net loss related to cash flow hedges and interest rate swaps in AOCI, after tax | 8.1 | 8.1 | 9.2 |
Net pretax losses expected to be reclassified from regulatory assets or liabilities | ' | 4.8 | ' |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Net loss related to cash flow hedges and interest rate swaps in AOCI, after tax | 8.1 | 8.1 | 9.2 |
Tampa Electric Company [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Collateral posted with or received from any counterparties | 0 | 0 | 0 |
Net loss related to cash flow hedges and interest rate swaps in AOCI, after tax | 8 | 8 | 8.7 |
Net pretax losses expected to be reclassified from regulatory assets or liabilities | ' | $4.80 | ' |
Accounting_for_Derivative_Inst4
Accounting for Derivative Instruments and Hedging Activities - Gross Amounts of Derivatives and Their Related Offset Amounts (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivative assets, Gross Amounts of Recognized Assets | $1.20 | $1 |
Derivative liabilities, Gross Amounts of Recognized (Liabilities | -7.7 | -16 |
Derivative assets, Gross Amounts offset on the Balance Sheet | -1 | -0.8 |
Derivative liabilities, Gross Amounts offset on the Balance Sheet | 1 | 0.8 |
Derivative assets, Net Amounts of Assets | 0.2 | 0.2 |
Derivative assets, Net Amounts of Liabilities | -6.7 | -15.2 |
Tampa Electric Company [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative assets, Gross Amounts of Recognized Assets | 1.1 | 1 |
Derivative liabilities, Gross Amounts of Recognized (Liabilities | -7.3 | -15.1 |
Derivative assets, Gross Amounts offset on the Balance Sheet | -1 | -0.8 |
Derivative liabilities, Gross Amounts offset on the Balance Sheet | 1 | 0.8 |
Derivative assets, Net Amounts of Assets | 0.1 | 0.2 |
Derivative assets, Net Amounts of Liabilities | ($6.30) | ($14.30) |
Accounting_for_Derivative_Inst5
Accounting for Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Detail) (USD $) | Sep. 30, 2013 | Jan. 10, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Current assets | $0.20 | ' | $0 |
Long-term derivative assets | 0 | ' | 0.2 |
Total assets | 0.2 | ' | 0.2 |
Current liabilities | 5.2 | ' | 14.6 |
Long-term derivative liabilities | 1.5 | ' | 0.6 |
Total liabilities | 6.7 | ' | 15.2 |
Diesel Fuel Derivatives [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Current assets | 0.1 | ' | 0 |
Long-term derivative assets | 0 | ' | 0 |
Total assets | 0.1 | ' | 0 |
Current liabilities | 0.3 | ' | 0.5 |
Long-term derivative liabilities | 0.1 | ' | 0.4 |
Total liabilities | 0.4 | ' | 0.9 |
Natural Gas Derivatives [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Current assets | 0.1 | ' | 0 |
Long-term derivative assets | 0 | ' | 0.2 |
Total assets | 0.1 | ' | 0.2 |
Current liabilities | 4.9 | ' | 14.1 |
Long-term derivative liabilities | 1.4 | ' | 0.2 |
Total liabilities | 6.3 | ' | 14.3 |
Derivatives Designated as Hedging Instruments [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total assets | 0.2 | ' | 0.2 |
Total liabilities | ' | 6.7 | 15.2 |
Derivatives Designated as Hedging Instruments [Member] | Diesel Fuel Derivatives [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Current assets | 0.1 | ' | 0 |
Long-term derivative assets | 0 | ' | 0 |
Current liabilities | ' | 0.3 | 0.5 |
Long-term derivative liabilities | ' | 0.1 | 0.4 |
Derivatives Designated as Hedging Instruments [Member] | Natural Gas Derivatives [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Current assets | 0.1 | ' | 0 |
Long-term derivative assets | 0 | ' | 0.2 |
Current liabilities | ' | 4.9 | 14.1 |
Long-term derivative liabilities | ' | $1.40 | $0.20 |
Accounting_for_Derivative_Inst6
Accounting for Derivative Instruments and Hedging Activities - Energy Related Derivatives (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current | $81.30 | $105.60 |
Long-term | 632.7 | 631.4 |
Regulatory liabilities | 714 | 737 |
Current regulatory assets | 40.9 | 70.3 |
Long-term regulatory assets | 370.5 | 382.6 |
Regulatory assets | 411.4 | 452.9 |
Tampa Electric Company [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current | 81.3 | 105.6 |
Long-term | 632.7 | 631.4 |
Regulatory liabilities | 714 | 737 |
Current regulatory assets | 40.9 | 70.3 |
Long-term regulatory assets | 370.5 | 382.6 |
Regulatory assets | 411.4 | 452.9 |
Energy Related Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current | 0.1 | 0 |
Long-term | 0 | 0.2 |
Regulatory liabilities | 0.1 | 0.2 |
Current regulatory assets | 4.9 | 14.1 |
Long-term regulatory assets | 1.4 | 0.2 |
Regulatory assets | 6.3 | 14.3 |
Energy Related Derivatives [Member] | Tampa Electric Company [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current | 0.1 | 0 |
Long-term | 0 | 0.2 |
Regulatory liabilities | 0.1 | 0.2 |
Current regulatory assets | 4.9 | 14.1 |
Long-term regulatory assets | 1.4 | 0.2 |
Regulatory assets | $6.30 | $14.30 |
Accounting_for_Derivative_Inst7
Accounting for Derivative Instruments and Hedging Activities - Effect of Hedging Instruments on Other Comprehensive Income and Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | $0.70 | $1.60 | $0.40 | ($4.50) |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | -0.1 | -0.1 | -0.7 | -0.3 |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | 0 | ' | 0 | -4.9 |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | -0.2 | ' | -0.7 | -0.6 |
Diesel Fuel Derivatives [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | 0.7 | 1.6 | 0.4 | 0.4 |
Location of Gain/(Loss) Reclassified From AOCI Into Income | 'Mining related costs | 'Mining related costs | 'Mining related costs | 'Mining related costs |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | 0.1 | 0.1 | 0 | 0.3 |
Interest rate contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | 0 | 0 | 0 | -4.9 |
Location of Gain/(Loss) Reclassified From AOCI Into Income | 'Interest expense | 'Interest expense | 'Interest expense | 'Interest expense |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | -0.2 | -0.2 | -0.7 | -0.6 |
Interest rate contracts [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | 0 | ' | 0 | -4.9 |
Location of Gain/(Loss) Reclassified From AOCI Into Income | 'Interest expense | ' | 'Interest expense | 'Interest expense |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | ($0.20) | ' | ($0.70) | ($0.60) |
Accounting_for_Derivative_Inst8
Accounting for Derivative Instruments and Hedging Activities - Derivative Activity for Instruments Classified as Qualifying Cash Flow Hedges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Fair Value Asset/(Liability) | ($0.30) | ($0.20) | ($0.30) | ($0.20) |
Amount of Gain/(Loss) Recognized in OCI | 0.7 | 1.6 | 0.4 | -4.5 |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | -0.1 | -0.1 | -0.7 | -0.3 |
Diesel Fuel Derivatives [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Fair Value Asset/(Liability) | -0.3 | -0.2 | -0.3 | -0.2 |
Amount of Gain/(Loss) Recognized in OCI | 0.7 | 1.6 | 0.4 | 0.4 |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | 0.1 | 0.1 | 0 | 0.3 |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Fair Value Asset/(Liability) | 0 | 0 | 0 | 0 |
Amount of Gain/(Loss) Recognized in OCI | 0 | ' | 0 | -4.9 |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | -0.2 | ' | -0.7 | -0.6 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Fair Value Asset/(Liability) | 0 | 0 | 0 | 0 |
Amount of Gain/(Loss) Recognized in OCI | ' | ' | 0 | -4.9 |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | ' | ' | -0.7 | -0.6 |
Interest Rate Swap [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Fair Value Asset/(Liability) | 0 | 0 | 0 | 0 |
Amount of Gain/(Loss) Recognized in OCI | ' | ' | 0 | -4.9 |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | ' | ' | ($0.70) | ($0.60) |
Accounting_for_Derivative_Inst9
Accounting for Derivative Instruments and Hedging Activities - Derivative Volumes Expected to Settle (Detail) | Sep. 30, 2013 |
gal | |
Diesel Fuel Derivatives [Member] | Physical [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Diesel Fuel Derivatives [Member] | Physical [Member] | 2013 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Diesel Fuel Derivatives [Member] | Physical [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Diesel Fuel Derivatives [Member] | Physical [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Diesel Fuel Derivatives [Member] | Financial [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 3,800,000 |
Diesel Fuel Derivatives [Member] | Financial [Member] | 2013 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 1,800,000 |
Diesel Fuel Derivatives [Member] | Financial [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 2,000,000 |
Diesel Fuel Derivatives [Member] | Financial [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | Physical [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | Physical [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | Physical [Member] | 2013 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | Physical [Member] | 2013 [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | Physical [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | Physical [Member] | 2014 [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | Physical [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | Physical [Member] | 2015 [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | Financial [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 50,700,000 |
Natural Gas Contracts [Member] | Financial [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 50,700,000 |
Natural Gas Contracts [Member] | Financial [Member] | 2013 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 9,800,000 |
Natural Gas Contracts [Member] | Financial [Member] | 2013 [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 9,800,000 |
Natural Gas Contracts [Member] | Financial [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 35,000,000 |
Natural Gas Contracts [Member] | Financial [Member] | 2014 [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 35,000,000 |
Natural Gas Contracts [Member] | Financial [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 5,900,000 |
Natural Gas Contracts [Member] | Financial [Member] | 2015 [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 5,900,000 |
Recovered_Sheet1
Accounting for Derivative Instruments and Hedging Activities - Fair Value of Overall Contractual Contingent Liability Positions (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Credit Derivatives [Line Items] | ' |
Fair Value Asset/ (Liability) | ($6.60) |
Derivative Exposure Asset/ (Liability) | -6.6 |
Posted Collateral | 0 |
Tampa Electric Company [Member] | ' |
Credit Derivatives [Line Items] | ' |
Fair Value Asset/ (Liability) | -6.3 |
Derivative Exposure Asset/ (Liability) | -6.3 |
Posted Collateral | $0 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | $0.20 | $0.20 |
Total Swap Liabilities | 6.7 | 15.2 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.2 | 0.2 |
Total Swap Liabilities | 6.7 | 15.2 |
Fair Value, Measurements, Recurring [Member] | Natural Gas Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0.2 |
Total Swap Liabilities | 6.3 | 14.3 |
Fair Value, Measurements, Recurring [Member] | Diesel Fuel Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0 |
Total Swap Liabilities | 0.4 | 0.9 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Natural Gas Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Diesel Fuel Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.2 | 0.2 |
Total Swap Liabilities | 6.7 | 15.2 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Natural Gas Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0.2 |
Total Swap Liabilities | 6.3 | 14.3 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Diesel Fuel Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0 |
Total Swap Liabilities | 0.4 | 0.9 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Natural Gas Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Diesel Fuel Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | 0 | 0 |
Tampa Electric Company [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0.2 |
Total Swap Liabilities | 6.3 | 14.3 |
Tampa Electric Company [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0.2 |
Total Swap Liabilities | 6.3 | 14.3 |
Tampa Electric Company [Member] | Fair Value, Measurements, Recurring [Member] | Natural Gas Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0.2 |
Total Swap Liabilities | 6.3 | 14.3 |
Tampa Electric Company [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | 0 | 0 |
Tampa Electric Company [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Natural Gas Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | 0 | 0 |
Tampa Electric Company [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0.2 |
Total Swap Liabilities | 6.3 | 14.3 |
Tampa Electric Company [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Natural Gas Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0.2 |
Total Swap Liabilities | 6.3 | 14.3 |
Tampa Electric Company [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | 0 | 0 |
Tampa Electric Company [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Natural Gas Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | $0 | $0 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | $0.20 | $0.20 |
Total Swap Liabilities | 6.7 | 15.2 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.2 | 0.2 |
Total Swap Liabilities | 6.7 | 15.2 |
Tampa Electric Company [Member] | ' | ' |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0.2 |
Total Swap Liabilities | 6.3 | 14.3 |
Tampa Electric Company [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0.1 | 0.2 |
Total Swap Liabilities | 6.3 | 14.3 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | 0 | 0 |
Level 3 [Member] | Tampa Electric Company [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 0 | 0 |
Total Swap Liabilities | $0 | $0 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Purchased power | $15.70 | $25.80 | $50.80 | $85.20 |
Agreement's expiration | 31-Dec-12 | ' | 31-Dec-12 | ' |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Purchased power | 15.7 | 25.8 | 50.8 | 85.2 |
Agreement's expiration | 31-Dec-12 | ' | 31-Dec-12 | ' |
Power Purchase Agreements [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Purchased power | ' | 13.1 | ' | 38.3 |
Power Purchase Agreements [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Purchased power | ' | 13.1 | ' | 38.3 |
Power Purchase Agreements [Member] | Variable Interest Entities [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Purchased power | 6.5 | 19 | 16.4 | 62.3 |
Power Purchase Agreements [Member] | Variable Interest Entities [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Purchased power | $6.50 | $19 | $16.40 | $62.30 |
Minimum [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Multiple PPAs range | ' | ' | 117 | ' |
Minimum [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Multiple PPAs range | ' | ' | 117 | ' |
Maximum [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Multiple PPAs range | ' | ' | 370 | ' |
Maximum [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Multiple PPAs range | ' | ' | 370 | ' |
Discontinued_Operations_Compon
Discontinued Operations - Components of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
(Loss) Income from discontinued operations | ($0.20) | ($27.40) | $0 | ($7.90) |
(Benefit) Provision for income taxes | 0.1 | -18.7 | 0 | -24.6 |
(Loss) Income from discontinued operations, net | -0.1 | -46.1 | 0 | -32.5 |
Less: Income from discontinued operations attributable to noncontrolling interest | 0 | 0.1 | 0 | 0.3 |
(Loss) Income from discontinued operations attributable to TECO Energy, net | -0.1 | -46.2 | 0 | -32.8 |
TECO Guatemala [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 31.5 | 0 | 100.4 |
(Loss) Income from operations | -0.2 | 3.8 | 0 | 23.3 |
(Loss) gain on assets sold, including transaction costs | 0 | -31.2 | 0 | -31.2 |
(Loss) Income from discontinued operations | -0.2 | -27.4 | 0 | -7.9 |
(Benefit) Provision for income taxes | -0.1 | 18.7 | 0 | 24.6 |
(Loss) Income from discontinued operations, net | -0.1 | -46.1 | 0 | -32.5 |
Less: Income from discontinued operations attributable to noncontrolling interest | 0 | 0.1 | 0 | 0.3 |
(Loss) Income from discontinued operations attributable to TECO Energy, net | ($0.10) | ($46.20) | $0 | ($32.80) |
Pending_Acquisition_of_New_Mex1
Pending Acquisition of New Mexico Gas Company - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | 25-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Bridge Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | Bridge Facility [Member] | New Mexico Gas Company [Member] | ||||
Minimum [Member] | Maximum [Member] | Bridge Facility [Member] | ||||||
Loans At Acquisition Date [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Purchase Price | $950 | ' | ' | $950 | ' | ' | ' | ' |
Senior Secured Notes at NMGC | 200 | ' | ' | ' | ' | ' | ' | ' |
Aggregate liability with respect to such indemnification obligations | ' | 30 | ' | ' | ' | ' | ' | ' |
Aggregate liability with respect to such indemnification obligations deductible | ' | 9.25 | ' | ' | ' | ' | ' | ' |
Credit agreement amount | ' | $675 | $675 | ' | $1,075 | ' | ' | $125 |
Maturity period | ' | ' | ' | '364 days | ' | ' | ' | ' |
Interest rate margin | ' | ' | ' | ' | ' | 0.25% | 2.00% | ' |
Increase on variable rate for each period that elapses after acquisition closing | ' | ' | ' | 0.25% | ' | ' | ' | ' |
Period after which company is subject to an increase in variable rate | ' | ' | ' | '90 days | ' | ' | ' | ' |
Total capitalization ratio | ' | ' | ' | 0.7 | ' | ' | ' | ' |
Normal capitalization ratio | ' | ' | ' | 0.65 | ' | ' | ' | ' |